[Openid-specs-fapi] Anniversary: Open Banking WALLET

[Anders Rundgren]

Dear FAPIers,
It was almost SIX years since I begun looking into the combination of Open Banking and payment wallets.

During this period the wallet concept has popped up on just about everybody's agenda, with Open Banking as a notable exception.

My "Saturn" proposal now address resilience to outages and cyberattacks, something that becomes more important for a world where "cash is no longer the king".
https://www.linkedin.com/posts/andersrundgren_elimination-of-payment-intermediaries-you-activity-7118158978806599680-0OVy

Anders


-------- Forwarded Message --------
Subject: After Open Banking - Open WALLET
Date: Fri, 24 Nov 2017 07:11:27 +0100
From: Anders Rundgren <anders.rundgren.net at gmail.com>
To: Financial API Working Group List <Openid-specs-fapi at lists.openid.net>

Dear FAPIers,

After seeing that the Norwegian Banks indeed intend taking their "Vipps" mobile payment system to Europe
https://www.linkedin.com/feed/update/urn:li:activity:6337907336706957312
I think it is fair claiming that the time have come for looking into a possible Open WALLET standard.

It is not a coincidence that "Vipps" is a Norwegian system.  The banks in the Nordics (modulo Finland) have been very successful establishing mobile phone based payment systems, while their counterparts in France, UK, and Germany currently rely on various third party solutions where none appear to have gained much traction.

How would such a system be architected? Well, unfortunately the world is quite divided on that point.  For obvious reasons the Nordic solutions build on their equally successful federated identity systems making enrollment a snap.  Personally, I have rather followed the trails of EMV; that is, betting on specific payment credentials, completely unrelated to identity.

Anyway, if there's anybody out there who is interested in such a death-defying mission, please don't hesitate dropping me a line!

Although starting with a blank sheet of paper is cool, some kind of "Input Specification" is probably better to get the discussion going
https://cyberphone.github.io/doc/two-visions-4-mobile-payments.pdf
even if it in the end only served as an example of what NOT to do :-)

Sincerely,
Anders Rundgren