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Open Bank Project to present at the Open World Forum

Public press posted on Wed, 29 Sep 2010 by Simon Redfern

Berlin, 29.09.2010 - The Open Bank Project (OBP), a European initiative aiming to raise the bar of financial transparency, collaboration and interoperability by using Open Source and Web 2.0 approaches will be presenting its ideas at the Open World Forum in Paris.

The Open World Forum is the world's leading summit meeting bringing together decision-makers and communities to cross-fertilize open technological, economic and social initiatives to build the digital future.
Simon Redfern, founder of the OBP, will be speaking in Paris on the 30th of September between 2pm and 4pm as part of the FLOSS vision track.
The six minute speech will be about the aim to create an Open Source, Open Standard API that will support and inspire a diverse range of software applications that make use of data currently locked behind closed banking IT systems: Mobile applications, fraud detection systems, m-payment, micro-credit and micro-finance systems, web communities / platforms and financial applications for both the banked and “unbanked” populations.
Simon will also be speaking about the long-term goal of the Open Bank Project and how it will create a radical ‘opening’ of banking transactions.

“I look forward to not only speaking at an important event like the Open World Forum but also to be able to network and exchange ideas with likeminded open source enthusiasts,” says Simon Redfern, MD of Tesobe and founder of the Open Bank Project.

About the Open Bank Project
The Open Bank Project is a European initiative to increase financial transparency and enable banks and their customers to securely and cost effectively adopt Web 2.0, Open Source and 3rd party tools, services and strategies. Its aim is to bring together Banks, Technical Research Institutes, Open Source Companies and Web 2.0 Supporters to develop a solution that opens up banking transactions, helping to easily and securely share information on financial transactions and therefore decrease fraud, misuse of government funds and corruption.

It will achieve this by allowing a diverse range of third-party software applications (including fraud analysis tools, web apps, mobile apps, social widgets and payment gateways) to access any bank account that supports the Open Bank Protocol and API. Once a bank supports the Open Bank Protocol, account holders could opt in to the protocol and choose which groups of users would have access to the account. Security will be assured by a combination of in-house security expertise and scrutiny from the open source community.

The Open Bank Project is looking to grow its consortium of European companies and financial institutions that will apply for EU funding.

The OBP is founded by TESOBE, a Berlin based IT company that specialises in Open Source consultancy and solutions. TESOBE focuses on web application development, databases, Linux and more recently, NoSQL and mobile technologies.

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