Introducing FOXI - Patrick Gruban - Pirates of Banking, Fidor Developer Day 2014, Munich
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Transcript of Introducing FOXI - Patrick Gruban - Pirates of Banking, Fidor Developer Day 2014, Munich
FOXI
FIX (Financial Information eXchange)
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Good: • You can do a trade by using FIX • It’s Standard used by many financial
institutions • It’s better than using a telephone
(that’s why it was invented in 1992)
Bad: • It’s complicated: 1000+ pages of
documentation • It’s made for machines, not humans • It’s only for the narrow domain of
trading
Introducing FOXI
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{!! "process_id": "22",!! "input": [!! ! { "1": "100.00" }!! ! ]!}
POST /account/12345/orders
Buy USD for 100 EUR for the account 12345
Define it!
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Bank Account
GMT USA
Buy USD
SEPA Transfer
Pay Bill for XYZ
USD
Buy EUR
Send to user
Define a product
Define a process
No need for separate documentation
FOXI Communications
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Product Provider Platform Application
Provider
User
Product- and Processdefinitions
Order
Product- and Processdefinitions
Order
Provide an easy way to integrate with your product
Easily integrate with many products on the platform
Provide Regulation, Security, Userbase, Marketplace
FOXI Standard
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Product Definition
Process Definition
Input Definition
Account
Order
Transaction
Rate
Category
Definition of products and interactions
Interactions between financial systems
How to create an order is defined in the process definition plus form field definitions
An process definition is based on products it can be used for
Order Definition
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Type Open, Buy, Sell, Debit Note, Order etc.
This Product The type of products that are needed for this order (e.g. Checkings Account)
Other Product Product you can buy or order
Processing Is it processed in realtime, how long will the money be blocked, do you need a onetime password?
Endpoints Webservice-URLs for orders, quotes, rates
Requirements Which KYC status, balance, score etc. is required?
Fees How are fees calculated?
Payment Accounts Accounts that are used for settlements and fees
Form Fields All Fields that can/must be filled out in the order
Product Definition
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Type e.g. Savings, Loan, Currency, Commodity
Categories List of categories
Schema Version of this description, published on date, depreciation date
UI Elements Texts and Graphic-URLs
Endpoints Webservice-URLs for Accounts and Transactions
Attributes Name, Unit, Interest Rate, Interest Frequency, Interest Plan, Duration, Provider, Issuer
Fees Frequency, Amount
Order Definition List of available order definitions
Examples of Endpoints
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GET /account/12345/order_definitions List of all possible orders for this account, including form field and product definitions GET /product_definitions List of all products with order definitions GET /account/12345/orders List of all orders for this account, including transactions GET /account/12345/transactions List of all transactions for this account, including orders