[p2p-research] Fwd: agile-banking list posts - "open wallet"

Wed Jan 6 14:35:23 CET 2010

Very cool...if this took off, it could be a big deal...I could see it as
very complementary to many existing social network tools both public and
private...

Ryan

On 1/6/10, Michel Bauwens <michelsub2004 at gmail.com> wrote:
>
>
>
> ---------- Forwarded message ----------
> From: Dante-Gabryell Monson <dante.monson at gmail.com>
> Date: Wed, Jan 6, 2010 at 2:22 PM
> Subject: agile-banking list posts - "open wallet"
> To: opencc at googlegroups.com
> Cc: Bernard Lietaer <blietaer at earthlink.net>
>
>
> again, interesting post on agile banking list,
>
>
> related to "InterWallet" ( part of personal project history ),
>
>
> tool enabling " anti-fraud measures "
>
>
> and now "open wallet"
>
>
> http://www.openwallet.org/
>
>
> " OpenWallet.org is an Open Source Wallet Project with the aim to support
> Open Standards (such as, for now, OpenTransact, OSCurrency and OAuth). An
> initial implementation was developed using PHP, the Zend Framework, and
> PostgreSQL.
>
> An additional Open Standard I am working on, is the ability for the system
> to automatically detect financial details using private/public key
> encryption published via DNS TXT records, which also contain URL’s for
> automatic financial services discovery. "
>
>
> ----
>
>
> http://groups.google.com/group/agile-banking?hl=en&pli=1
>
>
>
> http://groups.google.com/group/agile-banking/browse_thread/thread/55a1c2c366be405e/5af6ff6b36fbf75a?hl=en#5af6ff6b36fbf75a
>
>
> also see founder of group :
>
>
>
> http://groups.google.com/groups/profile?hl=en&enc_user=p-9jmBAAAACFkDFanCw2ZBOWOUtJ43tb
>
>
> and other members ( if you have access ? after applying as member ? )
>
>
> http://groups.google.com/group/agile-banking/members?hl=en
>
>
>
>
>  // note : may also be complementary with current discussions on ripple
> list :
>
>
> http://groups.google.com/group/rippleusers
>
> ---------- Forwarded message ----------
> From: Count Zero <countz at gmail.com>
> Date: Sun, Jan 3, 2010 at 12:16 PM
> Subject: Re: New member introductions
> To: agile-banking at googlegroups.com
>
>
>
> Well, InterWallet was started with very little money. We were very sick of
> the whole VC world, and we thought we could do it with tiny amounts of
> money, and make our own decisions quickly, agile style, without much
> management overhead (At the time, VC did not really understand Agile - they
> are like sheep, going after the herd. If another VC is doing something, and
> it worked out well, only then they will copy that VC). This worked well, and
> we had a working product in around 9 month, without boring board meetings
> and without having to prepare financial projections and sales/marketing
> plans.
>
> The UI was very friendly, and used Ajax all over. At the time, it was quite
> revolutionary, and you could say it was much friendlier and easier to use
> than PayPal even with their current interface, and I take a lot of pride in
> that. It also had an amazing Ajax based Address Book where you could manage
> your relationship with merchants and friends/family/colleagues, and you
> could send them money directly from within the address book, very easily.
>
> InterWallet had two merchant accounts for credit card billing, one in the
> middle east and one in the USA. It also had a connection to Israeli banks
> for wire transfers to merchants during the pilot (Only Israeli merchants
> were accepted for the pilot). And it even had a connection to the credit
> card companies via something called "The Ring", which was basically a data
> collection and synchronization service non-profit organization setup by all
> Credit Card Companies & Banks in Israel, in association with the largest ISP
> (Bezeq). What they provided us, was the exact data from the credit card
> companies, and our company's bank account, after they were finished with
> their processing, so we could actually know when a credit card transaction
> was really REALLY complete ;-) (full cycle). We also had real-time
> chargeback/representation request notification thanks to that service, so
> everything was 100% automated.
>
> Money was held until the full cycle was complete (we did not want to take
> any risks because we didn't have huge money backing us up), so until the
> money for a transaction was actually received to our own bank account, the
> receiver of the funds could not use the money. However as soon as money
> arrived, we released the funds. The minimum wait time was a few days, and
> the maximum wait time was almost 1 month, because of the way credit card
> companies credit merchants in Israel (twice per month, on the 2nd and on the
> 8th of the month).
>
> The system supported credit card transactions, wire transfers, transfer to
> and from debit cards, scratch cards (prepaid), issuance of scratch cards for
> merchants, with specific amounts, flexible scratch cards (with a variable
> amount, like cheques), internal transfers (like paypal), and even Western
> Union style transfers (with a code similar to MTCN, etc). The system even
> had some unique features to combat fishing, which I am only now starting to
> see happening elsewhere. It was also multilingual and even had "in-place"
> Ajax translation facility, so you could translate the system to your
> language while working on it ;-)
>
> Transactions were like small "programs", with rollback functionality. The
> rollback did not have to be 100% symmetrical (some money you can give back,
> some of it was hard expenses, so you can't give back, etc). There were money
> buffers (Money in "Limbo"), and if you want I can elaborate more on this.
>
> At our peak we were 4 developers, it was a lot of fun, and many interesting
> investors came and wanted to either buy us completely or invest in us, but
> the condition with my partner did not allow any of that to happen, and the
> rest is history ;-)
>
> And now I am back at it again with OpenWallet.org and I am really excited
> to be touching this scene again. We have a very interesting partner in
> Jordan, and I believe it's a pretty good place to start the business again
> because regulation is flexible and relaxed, and the local partner over there
> already has all the authorities informed, and the license to engage in the
> planned activity.
>
>
> On Jan 3, 2010, at 2:47 AM, Pelle Braendgaard wrote:
>
> > Thanks. I've got an interest myself in third world countries. Can you
> > talk about how InterWallet worked?
> >
> > P
> >
> > On Sat, Jan 2, 2010 at 6:59 AM, Count Zero <countz at gmail.com> wrote:
> >> Will introduce myself briefly, then. I began my "finance" related
> ventures with a very cool anti-fraud system I developed in 1999~2000
> together with a team of very talented developers. That company still
> operates to this day, a very large billing operation with highly successful
> anti-fraud measures for all its merchants.
> >>
> >> I then created an online "Wallet" called InterWallet.com, between 2003 ~
> 2005, which was intended for third world countries (where regulation is
> relatively scarce or relaxed). The system had a successful pilot for a bit
> over a year (served around 50 select merchants, and around 15,000 customers
> were billed), at which point we stopped the pilot, and began pursuing
> regulatory procedures to get a real live system up in several countries.
> However I originally partnered with a very eccentric individual, and our
> partnership went sour two years into the venture, so I gave up the IP and
> sold him my part for 25 cents. He of course didn't know what to do with it,
> and the company went bust 1 month later.
> >>
> >> And now, after a few more years of creating online trading systems, I
> find myself attracted again to the world of online wallets, transactions,
> virtual money, virtual currencies, and their potential to change the world
> in very radical ways.
> >>
> >> I believe in Open Standards, Open Source, and that they are extremely
> powerful forces that can really change the world, by achieving wide adoption
> around the globe, thanks to being open to scrutiny and peer review.
> >>
> >>
> >> --
> >>
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> >>
> >>
> >>
> >
> >
> >
> > --
> > http://agree2.com - Reach Agreement!
> > http://extraeagle.com - Solutions for the electronic Extra Legal world
> > http://stakeventures.com - Bootstrapping blog
> >
> > --
> >
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> >
> >
>
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>
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>
>
>
>
>
>
> --
> Work: http://en.wikipedia.org/wiki/Dhurakij_Pundit_University - Think
> thank: http://www.asianforesightinstitute.org/index.php/eng/The-AFI
>
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-- 
Ryan Lanham
rlanham1963 at gmail.com
Facebook: Ryan_Lanham
P.O. Box 633
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