This short presentation was created for the Wearable Computing Solutions panel at the M-Enabling Summit 2016. It introduces some new and upcoming standards that could simplify ﬁnancial transactions and thus making them more accessible.
Willy Wonkas’ Chocolate factory is a great example of something done on a one-oﬀ basis. Anything’s possible, but the cost, interoperability, and expandability are greatly limited.
This chocolatier could be anywhere in the world. While the product is unique, the standardized techniques, tools, ﬂavors, and shapes give chocolate lovers a consistent and delightful experience.
Driving the Future
- Web Payments
- Nearby API
- Financial Data Services
W3C Web Payments
- How the W3C is trying to standardize payments on the internet
- Re-imagining payment network architectures
- Interledger – The protocol for connecting ledgers
- W3C Web Payments Interest Group
The current mode of payments involves a user sending money to a receiver via a third party (i.e. Visa) that transfers money from one account to another. This works, but gives the sender and receiver no ﬂexibility or competition for a better rate. Learn more at: The future of web payments (.pdf)
The Web Payments Standard proposes a method for consumers and businesses to choose their monetary style, their bank, their best cost/return, and escrow agency. But how do you make this scale?
A Network of Networks
The WebPayment standard includes details on how these networks work together, much like the internet. For more information on this, please visit the WWW2016 presentation by Adrian Hope-Bailie @ahopebailie The future of web payments(.pdf)
Google’s Nearby API is a proposed standard for letting devices discover and interact with each other.
It uses a combination of Bluetooth, Bluetooth Low Energy, Wi-Fi and near-ultrasonic audio to communicate a unique-in-time pairing code between devices.
- Automatic payments
- Discover landmarks
- Locate friends
- Share information
- Interact with other devices
Proximity detection and interactions open new possibilities. This is especially true as devices are able to work together with minimal interaction by the consumer.
For instance, a car would be able to pay parking or send money to a pizza restaurant as they pull into a parking space.
- Web Bluetooth API
- Directs user to a specially designed web site for app-like experience
- Dynamic content instead of a simple string/locator
Financial Data API
Intuit’s products simplify the user experience by making secure requests to various ﬁnancial institutions to get a user’s account data. Industry collaboration has made this
handshake possible. Now a consumer can process their tax return, check multiple account balances, apply for loans, and control their ﬁnances easily. Finicity provides account aggregation to other developers.
- Authenteq – networked identity veriﬁcation
- Ofﬂa – mobile payment fraud detection.
- Google Authenticator
- Analyze user interaction to avoid robots – TurboTax looks at how the user interacts with the product. It can detect a robot by the random activity and will trigger veriﬁcation. This prevents the human users from having to deal with CAPTCHA and other security checks.
- Greater ﬂexibility and account management
- Simpliﬁed Transactions
- Device to Device Interactions
- Proximity-based Transactions
- New Security Methods