ORCA Dashboard is an API solution which enables the aggregation of financial data from multiple sources and connecting it into a unified, customizable, user-friendly interface. These include various terminals of financial information, such as bank deposits, checking accounts, insurance, utility providers, trading platforms, leases, mortgages, subscriptions, memberships or other similar accounts.
||Application Program Interface (API)|| (noun) — a set of routines, protocols, and tools for building software applications. Basically, an API specifies how software components should interact with one another.
Data aggregation combined with analysis tools and deep learning algorithms will provide ORCA users with real time suggestions on best financial management strategies — all done through the ORCA Dashboard. Personalized suggestions will be driven by actual market rates and based on user satisfaction ratings.
Why is ORCA building an Open Banking platform?
The magnitude of the European payment market is so huge that it’s hard to wrap your head around it. For example, official payment statistics of the European Central Bank indicate that in 2016 a total of 54 billion transactions were processed by retail payment systems in EU — amounting to a staggering 41.8 trillion Euros. And that’s only retail payments. Even crumbs of the market pie are worth a fortune and recently a radical shift occurred which will open up the payment industry for competition.
Following the enforcement of PSD2, the innovative concept of Open Banking is making its way to the heart of European financial market — commercial banks. Since January of 2018, European banks are required by law to provide third-party providers access to client data. According to WIRED, “it could transform the way we move and use money”.
Traditional financial service providers have a decision to make: either increase efficiency and consumer appeal or lose out on revenue and market share to more flexible enterprises like ORCA.
ORCA Dashboard: a selection of basic and sophisticated use-cases
ORCA Dashboard will be implemented in two stages — initial development stage to ensure underlying platform connectivity, and advanced development stage to provide diverse solutions.
Initial development will enable ORCA users to aggregate all payment accounts on to a single display and initiate transactions through the platform. Most importantly, it will allow to bypass the need of logging into separate accounts whenever payments are due. You will be able to do it all through ORCA Dashboard. Pretty neat, right? That’s Open Banking in a nutshell.
What is more, ORCA Dashboard will notify and alert the user every time funds are moved. Some functional examples of the initial ORCA platform include:
- Flash snapshots of financial position, account balances and outstanding liabilities;
- Automated transactions of recurring payments — rent, leases, memberships, subscription services, etc.;
- Support of everyday financial transactions (i.e. buying airplane tickets, splitting the bill in a restaurant, ordering travel insurance);
- Notifications about changes in account balances, reminders to put away savings and other customizable alerts.
Meanwhile, the advanced development stage will be oriented towards users with apt knowledge of financial markets. By using ORCA tokens to unlock additional functions, platform users will enjoy access to a plethora of sophisticated services tailored to suit financial goals, reduce risk and adapt to individual preferences.
To make the Dashboard even more attractive and useful, ORCA is integrating various opportunities offered by the crypto-economy into the platform. ORCA aims to offer individuals fund management alternatives which are in sync with the changing market sentiment. The way society thinks about personal finance management is being transformed. We at ORCA want to empower people and equip them with the right tools to achieve financial independence.
“When we first started discussing crypto services, initially we thought of establishing a crypto-bank, but after a while it seemed as a step backwards from the concept of decentralization. Open Banking however, is a definite step ahead towards an integrated future. Thanks to PSD2, ORCA will be able to combine traditional financial services and the crypto-economy under one roof in a user-friendly way.” — Natan Avidan, CEO of ORCA Alliance.
More information about crypto services available in ORCA App Center and advanced development stage of ORCA Dashboard will be discussed in following articles.
Obstacles to ORCA evolution
ORCA is taking on major task of reshaping the way how regular consumers are handling everyday financial operations. We aim to achieve our goals in an efficient and convenient way, however it would be naive of us not to expect obstacles along the way.
„Heavy regulations, unwillingness to cooperate, slow implementation of PSD2 and the lack of universal standards on how should the banks open up client data may be factors slowing down our progress. Anything else will be a testament of our dedication and hardwork“ — Dmitrij Radin, Chief Technical Officer of ORCA Alliance.
There are many challenges to overcome along the way, but ORCA is calibrating itself for the breakthrough. We seek to become a widely adopted platform for personal finance management of both traditional and crypto currencies. Our goal is to create an easy-to-understand system and facilitate crypto adoption and the transition to Open Banking throughout Europe and beyond.