Happy Birthday, Open Bank Project!
Why isn’t YOUR bank part of this project?
More than ten years ago, I met one of the founders of the Open Bank Project. Back then, I observed that if banks adopted Open Bank, we would need less Wikileaks.
This month, Open Bank celebrates its eleventh birthday, and I invite everybody to join the celebrations. Here are just some of the reasons why you should:
- [with traditional banking] a company may publish yearly aggregated financial statistics online, but this information might not be timely or automatically posted and it may hide or modify crucial information. This is what makes corruption possible (and this is one of the main problems Open Bank wants to solve, via open standards and software for banking)
- since the launch of the project “regulatory authorities around the world became quickly intrigued by this transformative trend. They reached out [to give advise] in designing, testing and implementing their own open banking frameworks and API standards”.
- Open Bank has organized 60 hackathons (gatherings of programmers) all over the world, in which thousands of participants have co-developed over 1300 solutions to speficic problems that the Open Bank software should solve
- Today, the Open Bank Project is supported by a community of over 11,000 developers…
- and its software platform covers several regulatory standards, offering over 350 management, banking and open finance software interfaces
For even more reason to celebrate Open Bank, and to know how to support the project (or how to ask your bank to join it!), read the original post.