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THE BACKBONE OF NEXT GENERATION FINANCIAL SERVICESTHE FIRST EUROPEAN BANKING SERVICE PROVIDER
May 2015
figo for developers
Picture by: Kuster & Wildhaber Photography, flickr
What we believe in Disruption reaches banking
› Financial data is powerful › But banking in the right context is required!
› Traditional banks are not necessarily the best player to offer certain services
› Now is the right time for change
Problem No access for developers
Service
Banks
>500 days without figo
Existing financial interfaces are:
› Complex & Complicated
› Fragmented
› Differ significantly from each other
› Old-fashioned
As a result:
Service providers often forgo implementation!
Our solution Banking Service Provider
2 days
› Instead of connecting to every single financial source on your own, just use one powerful API for every source (Germany: >98% banks and financial service providers)
› Every type of data and every transaction
› Can be implemented in every service Service
Banks
figo Connect API
figo Connect API 3100+ sources
Credit cards
Saving accounts
Debit cardsWallets
FinTechs
Saving contracts
Securities
Loans
Current accounts
Cash accountsBrokers
Banks
FinTech
PayPal
Bitcoin
Massive number of use cases
Wallets
User verification
P2P Payments
Tax services
Credit scoring
Scan and Pay
Mobile Banking
Insurances
Apps
Wealth Mgmt
Toolkit for banks
Loyalty
SME tools
One API for lots of use cases
figo Connect API more than a simple API
Notifi
catio
nSync-API
Event-API
REST-API
Auth-API
SMS
Push
WebhooksHBCI/FinTS
WebScraping
Custom API 1 … n
XML / OFXImpo
rter
API-S
erve
rUser-Data Management Access-Data
SDKs
Ruby
PHP
Java
Python
node
.net
Hosting
3100+ sources
Credit cards
Savings account
Debit cards
Account transactions
Account owner
Historical transactions
Account balance
Massive number of use cases
User verification
P2P Payments
Switch bank account tool
Credit scoring
Scan and Pay
Mobile Banking
Wealth Mgmt
Toolkit for banks
Historical transactions
Different bank & account types
ExpensesCurrency
Quantity accounts BIC
Earnings
Account balance IBAN
Possibilities today A lot of opportunities
All types of account transactions
Bank transfer All kinds of TAN methods
Bank icon
Name of account owner(s)
Possible information to extract today
Possible functions to implement today
3100+ sources
Credit cards
Savings account
Debit cards
Account transactions
Account owner
Historical transactions
Account balance
Massive number of use cases
User verification
P2P Payments
Switch bank account tool
Credit scoring
Scan and Pay
Mobile Banking
Wealth Mgmt
Toolkit for banks
Direct debit
Scheduled transfers
Possibilities tomorrow* And more to come
Overdraft facility
Purpose codes
Name of payment partners
Qty. direct debit authorizations
Existing standing orders
Standing orders Collective transfers Scheduled transfers
Possible information to extract in the future
Possible functions to implement in the future
* These features will be implemented in the following months
Selected partners figo’s API creates new products and revenue streams for partners
Without figo Kontoalarm would have been required to invest an additional year of technical development.
Without figo Auxmoney would not be able to perform real time scoring.
Without figo Lendstar would not be able to operate with their existing model.
… and more than 160 other developers and partners
Banking app Scan & Pay app Scoring, identify & money transfer
Account switch service Banking & customer identification
Open position management
Portfolio and multi-banking P2P payment POC platform
Christopher Kampshoff, CEO Lendstar
Raffael Johnen, CEO Auxmoney
Bernd Storm, CEO Kontoalarm
Best practice: Kontoalarm Smart banking to identify non-required subscriptions based on figo Connect API
Bankathon - Banking Hackathon 90 developers, 15 banks and 15 existing FinTech startups
26-28 APRIL 2015 // FRANKFURT AM MAIN
› Bankathon brought hackers, banks and API providers into one room to “code the future of FinTech”
› Bankathon showed the relevance of bank data and APIs
› figo was often used as a quick start for new products
› Out of 27 ideas 20 used the figo API for various use cases
› More information: www.bankathon.net
figo is a Banking Service Provider
› European Union is currently regulating third party access to bank accounts (PSD II - “Access to bank accounts”)
› figo provides a conformable to PSD2 service which allows third party services to connect to customer bank accounts through the figo financial ID
› Developers are able to focus on their core product while figo takes care of the access to bank account
› What Payment Service Providers are to e-commerce companies, Banking Service Providers will become for banking related companies
Third Party Services
Banks
Banking Service Provider
Regulation figo is more than just a banking API
Security Safety and data protection are guaranteed
› Login data is stored separately from any other data
› All data concerning individuals will remain anonymous
› A256-bit AES encryption
› SSL encrypted data transfer
› Infrastructure is fully hosted in a German bank data center
› End users decide which partner can access his data
› End users decide if banking credentials should be saved or not
Pricing We know our partners very well and our offering is tailored to their needs
› No fees for single developers (non-commercial use) › Fees for commercial use either based on API call or
per user (monthly flat)
Tailored
For e
very
size
per user< 1 € per user/month (*)
per API call< 0,25 € per call (*)or
+minimum fee per month
(>100 €/month)
(*) price depends on number of user/transactions and required functions
How to get started? Test our API!
‣ Overview of your possibilitieshttp://figo.io/
‣ figo Connect REST API documentation http://docs.figo.io/ (including demo access)
Information
‣ You can receive a Client ID for the full use of our API
‣ Free of charge and without obligation!
‣ Just contact [email protected]
Developer Key
‣ figo Connect SDKshttp://docs.figo.io/
‣ For different programming environments: PythonRubyNode.js PHPJava.net
IntegrationGoing live Start
‣ Who needs to pay for the use of our API?
Only partners who are using the API in a commercialise way need to pay a certain monthly fee (and only if the service is live). Developers can use the API with an own Client ID free of charge!
‣ How many banks and financial services are connected to figo?
In Germany we are connected to over 99% of all relevant banks and financial service providers. Furthermore, first foreign banks (AUT) are implemented as well.
‣ How can I access the figo API?
Depending on your use case you will have different ways (web, mobile, offline, …) to access our API. Please refer to http://docs.figo.io/#authentication to find an overview of what your possibilities are.
‣ Does figo automatically updates transactions in its finIDs (=figo accounts)?
Yes, all finIDs (=figo accounts) are being updated multiple times per day.
‣ Do I need to use my own bank account credentials for testing the API?
No, you can use our “demobank”. Just enter the bank rooting number 90090042 while adding a new bank account, and you will find all required information.
FAQ
Who we are - the team Over 30 years experience in FinTech
André M. Bajorat Joachim Penk Lars Markull Sebastian Tiesler
› Exec. consultant in finance & payment › VP Product Marketing, CEO
at NumberFour › Managing Director at giropay and Star
Finanz
› Freelance Software Developer › Co-Founder (CTO) fwd.io › Co-Founder (CTO) Mikestar
› Shortcut Ventures › SumUp
› Head of Mobile Solutions at Star Finanz a Company of Savings Banks Finance Group
› Senior Account Manager at Star Finanz
› G&J Multimedia Ventures
Heiko Rahlfs
› Consultant for Organization, Processes & Finance
› Successful projects for Deutsche Telekom, O2, ProSiebenSat1, Lufthansa
› Relationship Manager Corporate Finance at Dresdner Bank AG
CEO Technology Business Dev & DevCom Product & Sales Finance & Operations
Lars MarkullE-Mail: Mobile:
[email protected] +49 151 50 580 510
Address figo GmbH Burchardstr. 21 20095 Hamburg
Web www.figo.io http://docs.figo.io/ @figoAPI
Let’s change the way we bank today!