Steve Kirsch, founder of open banking platform Token, contrasts Token's cryptographic signing with standard bank API security protocols.
0:00 / 0:07exact quote · 7.9s
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“Whereas most banks are using, for their own APIs, they're using OAuth too, which is Just horrible from a security perspective.”
quote is from the automated transcript, cleaned for reading:
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More from Steve Kirsch
Insight
Kirsch: Blockchain consensus is inappropriate for low-latency financial systems
“There's no real need for that in a lot of financial applications and for something that needs to perform really quickly meaning super low latency and very high throughput. The technology for blockchain is just not appropriate because you just don't have the ti…”
Steve KirschAug 26, 2017▶ 5:21763: He's Raised $18.5m To Help Banks Use Open API's, Makes Money From # of API Calls
AssertionSupported
Kirsch: Most Banks Lack Open APIs for Moving Money
“The problem is that most banks don't have an open API where you can do things like move money.”
Steve KirschAug 26, 2017▶ 3:01763: He's Raised $18.5m To Help Banks Use Open API's, Makes Money From # of API Calls
AssertionPartly supported
Kirsch: Bank of England's Ethereum trial yielded five transactions per second
“The Bank of England did an experiment with Ethereum, and they found that they could get, like, five transactions a second.”
Steve KirschAug 26, 2017▶ 5:43763: He's Raised $18.5m To Help Banks Use Open API's, Makes Money From # of API Calls
PredictionNot checkable as stated
Kirsch predicts US open banking adoption will snowball from European demand
“I think the same thing will happen here is that there's a big stick that causes the European banks to get on board the system. Once that happens, the apps get written and then the apps only work with European banks. Ooh. So if I want to move money instantly fr…”
Steve KirschAug 26, 2017▶ 10:47763: He's Raised $18.5m To Help Banks Use Open API's, Makes Money From # of API Calls
Disclosure
Token monetizes by charging developers for free bank API calls
“So we charge for API calls, and we basically get those calls typically for free from the bank, and so we make money on the difference.”
Steve KirschAug 26, 2017▶ 8:07763: He's Raised $18.5m To Help Banks Use Open API's, Makes Money From # of API Calls
AssertionNot checkable as stated
Kirsch: Token is currently integrated with roughly five banks
“It's a pretty small number. Like five? Yeah, it's on that order.”
Steve KirschAug 26, 2017▶ 12:12763: He's Raised $18.5m To Help Banks Use Open API's, Makes Money From # of API Calls
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