Open initiative to bring open-source 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.

Overview

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

Modules

  • 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

Benefits of Open-source Software

  • 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

Reference Implementation Alfa

Events & Meetups

OpenbankIT Asia tour, 2017
Date City Speakers Topic
12th of April Singapore Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
17th of April Jakarta Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
21th of April Hong Kong Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
24th of April Shanghai Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
25th of April Kuala Lumpur Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
OpenbankIT Europe tour, 2017
Date City Speakers Topic
11th of May Milan Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
12th of May Berlin Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
13th of May Istanbul Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
OpenbankIT USA tour, 2017
Date City Speakers Topic
25th of May New York Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
26th of May Los Angeles Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
30th of May Silicon Valley Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
2th of June San Francisco Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
OpenbankIT Europe tour, 2017
Date City Speakers Topic
14th of June Copenhagen Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event
16th of June Oslo Pavel Kravchenko, PhD OpenbnakIT FinTech Meetup Past event