Open Bank

Welcome to the Open Block Open Bank project, the home of Web3 Enterprise (Web3 E) banking commons.

Introduction
What is Open Bank
Open Bank Features
Open Bank Technology
The Movement

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Introduction

The Open Bank project is a collaborative community effort to develop enterprise Web3E oriented blockchain based non-custodial, decentralized, banking that enables dApps hosted on public blockchains and their associated decentralized organisations to innovate and naturally scale.

Why non-custodial banking

The ethos of Web 3 has been a strong focus on self custody starting with wallets and progressing to Decentralized Exchanges and beyond. This ethos is not lost in Web 3 Enterprise. Decentralized Autonomous Organizations need to the ability to manage their funds in ever more innovative ways to keep up with changes in community culture and working practices. With the added need for far better financial performance given innovations in DeFi, a custodial approach to banking in Web 3 Enterprise is a less optimal proposition.

Why decentralized banking

Digital culture and the metaverse know no boundaries. In Web 3.0 Enteprise this is the same. As organisations such as DAOs gravitate towards work by avatar, where individual location and identity are obscured behind an online persona the need for Web 3 E banking to support this style of work is clear. Web 3 dApps and DAOs are no longer restricted to the working day of web 2.0 and the 20th century and hence banking in Web 3 E needs to adopt similar flexibility to support the fast pace of business operation and market change.

What is Open Bank

Open Bank is a pluggable on chain dApp that enables Web 3 E banking. It enables organisations to adopt more advanced payment and treasury management capabilities that can integrate with existing Web 2.0 and Digital Enterprise infrastructure. The diagram below illustrates a typical deployment of Open Bank.

Fig 1 - Example Open Bank Deployment

As a pluggable Web 3 E infrastructure, Open Bank enables Web 3 dApps to acquire Enteprise grade banking facilities without the need to rebuild or share keys. This enables the organisation to fundamentally change the way it operates enabling for example real-time staff and supplier payments based off live revenue performance, something next to impossible in web2.

Open Bank Business Features

Open Bank provides the following businsss enablers:

Open Bank Features

Pay In Pay Out Pay Out Multi Nominee Deposit Nominee Withdrawal Request Debit

Pay In

In an Enterprise context the ability to recognize and code for payments is vital to ensuring successful corporate accounting. Open Bank provides the organisations with the ability to Pay In. This enabler allows for external dApps, communities, and partners to permissionlessly make payments to the organisation on chain. The possibilities that arise are that the organisation can establish sophisticated treasury management behaviours that allow it to take advantage of DeFi innovations in a way hitherto impossible.

Pay Out

The Open Bank Pay Out Enabler allows an organisation to make direct payments to external parties utilising the organisation's governance hierarchy. This hierarchy supports execution without the need for sharing corporate keys amongst personnel. With this ability, dApps, and business internal organisations can directly trigger payments from Open Bank enabling exciting possibilities in areas such as corporate transfer pricing and supply chain management.

Pay Out Multi

With Pay Out Multi Web 3 E dApps and internal Enterprise Digital services can trigger payments to multiple locations simultaneously from Open Bank. This allows for faster, more accurate settlement of complicated multi-party Enterprise Business Processes. This also brings an interesting dynamic to how commercial contracting is managed in Web3E.

Nominee Deposit

The Nominee Deposit enabler gives organisations to credit Open Bank with funds in a governed manner and separate from other forms of payment. This feature enables the introduction of funds into Open Bank by a specific nominee without confering additional priviledges to other functions within Open Bank. This is especially useful during cryptocurrency onboarding processes, and priming for bulk payment runs.

Nominee Withdrawal

The Nominee Withdrawal enabler gives organisationss the ability to specify a specific nominee responsible for typically large withdrawals from Open Bank. This feature is particularlly important in Cash management and Risk Management processes allowing for the creation of automated withdrawals that keep Open Bank fund management within organisational risk tolerance.

Request Debit

Request Debits are an enabler that gives organisations the ability to permissionlessly establish governed direct debit relationships with Open Bank. With an approved Request Debit an organisation can request a fixed sum of funds from Open Bank at pre-agreed intervals. This feature transcends the function of a wallet in that payments can be securely requested and paid permissionlessly, non-custodially, and transparently on chain.

Open Bank Technology

As a Web 3 Commons the goal of the Open Bank project is to provide Web 3 E banking support across as many Web 3 architectures and blockchains as feasible. The table below lists the currently supported blockchains. More will be added as the project grows.

Supported Blockchains

Blockchain Languages Supported Features Supported Github
Ethereum Solidity
  • Pay In
  • Pay Out
https://github.com/Block-Star-Logic/open-bank/tree/main/blockchain_ethereum
NEAR RUST
  • Pay In
  • Pay Out
  • Pay Out Multi
  • Nominee Deposit
  • Nominee Withdrawal
  • Request Debit
  • Roles
https://github.com/Block-Star-Logic/open-bank/tree/main/blockchain_near

The Movement

Banking is an essential part of our everyday lives, from paying bills to traveling on holiday. The Open Bank project seeks to create a Web 3 Enterprise Banking Commons that enables communities to embrace the benefits of Web 3 based banking with the freedoms they have today free of the custodial restrictions common throughout the 21st Century. As a contributor you can help change the face of banking, with dramatic impacts on seemingly unrelated areas such as climate change.

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