For EUvsVirus Hackathon, we've created BankIO as the first stepping point to support the COVID-19 cause immediately.

In our pandemic times, we noticed many good ideas about software that aims to help with financial support to businesses or to help with donations. All this ideas about fighting COVID-19 are looking to leverage open banking in all sorts of ways. We instantly realized that Open Banking needs to be free, instant and easily available to anyone in EU and maybe even the whole world.

BankIO can fix this

BankIO wants to be a software innovation company where software experts with innovative minds can support FinTechs, Banks, Financial Services Providers, Financial Institutions and especially startups to solve their open banking needs.

At BankIO we created the following:

  • The software for a working PSD2 compliant API aggregation platform that offers a single, open and secure point of access to diverse bank API networks throughout Europe;
  • A sample eCommerce furniture website on which, customers can checkout using their bank account with no need of any credit cards. This is done with Payment Initiation API;
  • A sample money dashboard web application in which you can add your bank accounts from multiple banks and get a single money overview. This is done with Account Information API;
  • A developer portal integrated with many banks offering a great experience for developers and a single playground where they can try the same API calls with different banks;
  • We initiated the authorization process with our national authority regarding PSD2 Third Party Providers. This is costly and time consuming but we need it to be able to integrate with even more banks;
  • A sample donations website similar with devpost.com where those in need of financial support can create a profile and donors can donate using Payment Initiation API and making sure that the money will go instantly and directly to the beneficiary. No more intermediates and no more fees. This website is not ready yet but we are considering to put some effort into it after the hackathon.

Why?

We don't like the question "why?" but we do like the question "what's the vision?".

If we help to make open banking simple and easily accessible we will empower thousands of startups to innovate even more and also well established businesses to become more efficient, to create jobs for software developers and keep the ones that already exist. Open Banking will require many of it's adopters to spend some money to get skilled professionals. This will make the economy to keep going with small steps.

Use Cases where BankIO can help with software, software development, outsourcing or consultancy.

Here are just a few:

  • API Aggregators
  • Money Dashboards
  • Alternative Payment Methods for any eCommerce websites
  • Accounting software connected to customer bank accounts
  • Donation platforms
  • KYC compliance processes
  • Micro payments for the gaming industry
  • Additional services for banks like loaning, insurances, and savings
  • Financial Data for European Commission to identify and respond fast when we will have other disasters
  • Help governments to collect taxes from it's citizens without the use of credit cards
  • Touch-less payment methods
  • Send money home systems, instantly and free
  • Pay salaries directly from the corporate ERP system
  • Mobile payments and digital wallets
  • e-invoicing and e-receipt systems

At BankIO we want to research a lot more by attracting other software professionals, continue to innovate, and create Proof of Concepts for all possible use cases and share them with the world.

Our main business model is to offer software development services targeting open banking innovation and implementation.

Challenges WE ran into

We noticed that from a technical point of view it is complex to work with the PSD2 APIs from the banks all around Europe. We noticed banks using different standards in multiple countries. Some banks required us to get authorized as a Third Party Provider just to access that banks sandbox API's. If you want to integrate with many bank's you need to signup on every bank developer portal, create an application, get access tokens, and so on. If you multiply with 1000 banks you will find yourself doing a lot of redundant work and it will become harder and harder to manage all those developer accounts. There are about 6 standards that banks are following but some banks don't follow any standards because it is not required by law hoping that the banks will compete and maybe add more services to its APIs like insurance, loaning, or saving services.

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