Open initiative to bring software and uniform standards to the banking industry

This goal can be achieved by means of reusable components development.
We work on a set of template specifications, codebase, test suits and instructions that make payments infrastructure uniform and accessible for many organizations.


The openbankIT initiative was created by a team of professional bankers, banking software developers, blockchain and security experts. Our primary goal is to significantly (by 90%) reduce the total cost of ownership (TCO) for the banking system that processes e-money and extend its functionality. Principles of openbankIT are the same as in traditional systems, but also utilize benefits of distributed ledger technology:

  • Digital currency issuance and distribution process should be fully controlled by the bank
  • Software should work on a dedicated infrastructure controlled by the bank or in a the private cloud
  • Only the bank staff should have access and full control over the system
  • Interface and business logic should be customizable and work over accessible API
  • There shouldn’t be any central point of failure
  • Owner and admins should not be able to change balance of the user without being noticed


  • Transaction engine

    Based on private blockchain

  • Ledger of accounts

    Access to account by a cryptographic key

  • Processing module

    For interbank payments and clearing

  • Backoffice

    Admin, currency, fee management, statistics

  • Exchange

    Buying e-money using local payment systems

  • Identity

    Registration, enrollments, limits, blocking

  • Mobile wallets

    Cross platform and native

  • Web wallet

    Accessible from any location

  • Merchant

    Web/mobile & Wordpress plugin, IPN, test shop

  • Invoice management

    Payment requests, expiration, statistics

  • Recharge cards

    Generation, QR code, printing, statistics

  • Key server

    Secure online & offline storage of keys

OpenbankIT Software Benefits

  • Financial

    • No license fees
    • Ability to review, modify, support the system internally
    • Latest technology
    • Compatible with conventional hardware and software
  • Transparency

    • Per-transaction audit
    • Cryptographically secured log of actions
    • Easy backups
    • All events are recorded in a blockchain
  • Security

    • Industry grade cryptographic algorithms
    • API calls are signed with digital signature, API can be completely open
    • No need to use expensive firewalls to protect the system
  • Speed

    • Fast payment confirmation (< 5 seconds)
    • Fast integration with other financial institutions that use the same technology