THE META-BANKING project

Abstract : customers of banks, either corporate or individuals, face increasing complexity of management of their accounts, knowledge of cash position, optimization of balances. In addition to this multi-account issue, the world is becoming global requesting therefore a more holistic approach in order to take into account multiple currencies and multiple countries. This project proposes answers and brings some information about concrete product development underway.

Introduction

Number of bank accounts has grown by 700 million over last 5 years in order to reach 2 billion in 2016. With large discrepancies from one region to another as shown on the chart below, the average number of accounts per person in France range from 1,5 to 4 (source IFOP 2013).

Situation is far more dramatic for corporate accounts where the number of accounts is multiplied by the number of countries and the complexity is expended by the number of currencies managed. Furthermore, the recent venue of close to 900 currencies brings cash and asset management to a puzzling level of required expertise.

A simple aggregation tool for multi-banks customers ... and bitcoins

The first step done to reduce complexity is propose a simple tool to aggregate 2, 3, 4 or more accounts. Obviously, the need to do automatic cash transfer from one account to another comes first. In second, surveys done on issues show the need for global management of accounts: knowledge of global cash position, value of assets, historical visualization ... The first development of the front site along the back-office with API management coming from different banks is shown thereafter.

To build a solid distinctiveness, crypto-currencies like Iota, Ethereum, Bitcoin and 900 others altcoins have been taken in consideration and could be handled easily (at least for 20 main currencies accounting for 95% of crypto- currencies valued $100Bio at this beginning of June 2017). And transfer or exchange can be dealt directly on the platform from crypto-currencies to usual currencies.

An holistic corporate platform to manage accounts, currencies and countries

This integration of brand new currencies open doors to a new mindset: why not building a holistic tool to manage multiples accounts and multiple currencies and multiples countries ? This need appear far more frequently for corporation which operates in several countries and obviously with different currencies. In fact the initial situation of aggregating accounts could be represented by a line, an axis with several accounts called A,B, C ... as shown in following pictures.

img01

And then we can add a second axis which represents the currencies that are handled by these accounts. A surface is born on where each square represents activation by corporate clients but also needs for exchange management in addition of the initial simple cash management request.

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Obviously, large corporations operate in as many countries as 180 and needs the ability to manage operations in these countries. That's the third axis on the drawing. The result is a cube, at maximum. But very often, it will be like a Swiss cheese with holes. For example, dollar won't be of much use to operate in Europe with the exception of import -financial flows.

Handling emerging or add-hoc currencies

The systems mentioned above already exist in large companies but with solid legacies and difficulties to move toward new grounds without jeopardizing former architecture. The edge brought by this new platform is the unique ability to use specific crypto-currencies accounts to transfer money, either from one account to another or from one country to another. And potentially both of them.
Same process applies for other type of currencies like token in platforms in development in France to boost the old but revigorated idea of LETS (Local exchange trade systems). And therefore boost solidarity and circular economy at local levels.
Some recent examples met with energy companies point also the opportunity to include trade of CO2 tons. This is more important than ever given the rising price from last 3 years average of $5 euros per ton to an astonishing 50 euros target for year 2018 and then 100 euros for year 2020. Energy company or energy market place could be first clients of platform or system like that.

    Emergence of a new form of world wide cash management system

A singularity and distinctiveness of crypto-currencies is the ability to transfer money or value from one point of Earth to the other in a fluid and seamless and low cost way.
A broader approach could be made by having containers of supply chain shipped around the world, registered on the blockchain and insured (letter of credit) by a better sharing of information among players. In terms of cash management, this allows to have real time view of positions and subsequent optimizations or need for hedging that may be needed.

Development undertaken during hackathon and next steps

Following the product definition, the work was pretty intensive to define front end, insure responsiveness for mobile App, configure API to collect account data of different banks or exchange places (e.g. Kraken for bitcoins, ethers, litecoins ...), build database to manage this information, initiate forecasting models for monthly time pattern of cash position ... and prepare 3 minute pitch for BNP Fortis management team.

our team

A proud group of individuals who came together in a perfect unity to present you with this.

You never change things by fighting the existing reality.

100%
Happiness
Hard worker

To change something,build a new model that makes the existing model obsolete.
R. Buckminster Fuller