AgnostiPay

Open Source, Open Access, Open Banking, Open Gardens

Open-source technology, informed by the principles of the EU's PSD2, our software propels Open Banking worldwide, granting individuals enhanced autonomy over their financial services while fostering more direct and richer relationships between financial institutions and their customers.

In our current digital day and age, everyone should be able to exchange financial assets at will without being confined in the closed ecosystems of their financial service providers. In our Vision paper we explain more about these ‘walled gardens’. AgnostiPay aims to build open-source technology to open this up - and create ‘open gardens’. We will empower any type of digital value transfer between anyone, anywhere and at any time. We don’t do this by creating a new financial service, but by openly connecting users to their providers, allowing them to have full control of their assets.

The AgnostiPay A2A/Agnostic transaction

For basic understanding of the AgnostiPay protocol take a look at the following example:

AP SDK: The AgnostiPay SDK

The above process shows a basic 'Agnostic' transaction between two peers that have the AgnostiPay SDK running client side. But there are many more possibilities. E.g, the SDK could also run server-side and communicate with an application within the same tech stack or company. This makes Agnostic Transactions possible for merchants and their clients without the need for the client to install the AgnostiPay SDK.

So, what can we do with this?

Use cases: Booking a vacation online

Step 1: Booking process

A person is booking a vacation. Most processes happen automatically in the background, only the once's with the user icon are representing actual interactions with the user.

In this example: The user has an account at the 'Travel Organisation', and has connected his bank account via the AgnostiPay SDK that is running on the users client-side of the Travel Organisation's smart-phone app.

When the users books the vacation: The Playbook is signed in the background using RSA singing principles.

Just in this example (can differ per scenario): the singed playbooks are uploaded to the relevant providers (provider-hosted-playbooks principle)

And that's it: vacation is booked

Step 2: Execution process

As pre-defined in the playbook (see image below), the user automatically pays 500,- (SEPA 1) after 14 day's to the Travel Organisation (see timer icon in 'Bank Person A'). In the meantime, the user is able to cancel. The AgnostiPay ecosystem can be enriched with federated services that for example are facilitating escrow services that can be used in this scenario to hold the funds for these 14 days. A service like this provides guarantees for for the Travel Organisation that the user is able to pay.

The SEPA 2 transaction is initiated when the user arrives at a pre-defined location (e.g. the Hotel the user booked). As defined in the Playbook, the user is able to approve the final transaction if the hotel is to its liking.

The Playbook

The playbook accept interface, with UX-standardized interface inside the merchant app

EU only: Same example, scenario without direct Bank integration

If one of both banks do not have a direct integration with the AgnostiPay protocol, the same scenario is still possible via a PSP partner. In the EU the PSP's can access bank accounts via the PSD2 api's.