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figo Banking API: A Banking Service Provider for FinTech Startups

figo is offering a quick and easy to implement banking API. With our API our partners can implement financial sources into their service and make use of it in very different ways. We are defining ourselves as a Banking Service Provider: our offering is not just the banking API but we also take care of account management, regulation and so forth.

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figo Banking API: A Banking Service Provider for FinTech Startups

  1. 1. THE BACKBONE OF NEXT GENERATION FINANCIAL SERVICES THE FIRST EUROPEAN BANKING SERVICE PROVIDER May 2015 figo for developers Picture by: Kuster & Wildhaber Photography, flickr
  2. 2. 1. figo in a nutshell 2. Use cases 3. Relevant facts for developers 4. Contact
  3. 3. 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
  4. 4. 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!
  5. 5. 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
  6. 6. figo Connect API3100+ sources Credit cards Saving accounts Debit cardsWallets FinTechs Saving contracts Securities Loans Current accounts Cash accountsBrokers Banks h PayPal Bitcoin Massive number of 
 use cases Wallets User verification P2P Payments Tax services Credit scoring Scan and Pay Mobile Banking Insurance Apps Wealth Mgmt Toolkit for banks Loyalty SME tools One API for 
 lots of use cases
  7. 7. figo Connect API more than a simple API Notification Sync-API Event-API REST-API Auth-API E-Mail SMS Push WebhooksHBCI/FinTS WebScraping Custom API 
 1 … n XML / OFX Importer API-Server User-Data Management Access-Data SDKs Ruby PHP Java Python node .net Hosting
  8. 8. ards ount cards tions wner ns lance Massive us P2P Switch ban Credit scor Scan and P Mobile Bank Wealth Mgm Toolk 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
  9. 9. ards ount cards tions wner ns lance Massive us P2P Switch ban Credit scor Scan and P Mobile Bank Wealth Mgm Toolk 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
  10. 10. 1. figo in a nutshell 2. Use cases 3. Relevant facts for developers 4. Contact
  11. 11. 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
  12. 12. Best practice: Auxmoney Real time scoring based on figo Connect API
  13. 13. Best practice: Kontoalarm Smart banking to identify non-required subscriptions based on figo Connect API
  14. 14. Best practice: Scan and pay your bill with one single app based on figo Connect API
  15. 15. 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:
  16. 16. 1. figo in a nutshell 2. Use cases 3. Relevant facts for developers 4. Contact
  17. 17. 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
  18. 18. 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
  19. 19. How to get started? Test our API! ‣ Overview of your possibilities
 ‣ figo Connect REST API documentation (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 us Developer Key ‣ figo Connect SDKs
 ‣ For different programming environments: 
 .net Integration Going liveStart
  20. 20. ‣ 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 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
  21. 21. 1. figo in a nutshell 2. Use cases 3. Relevant facts for developers 4. Contact
  22. 22. 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) › 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
  23. 23. Lars Markull E-Mail: Mobile: +49 151 50 580 510 Address figo GmbH Burchardstr. 21 20095 Hamburg Web @figoAPI Let’s change the way we bank today!