Manifest
rebel stands for rapid electronic banking exchange layer.
It is a standard-embracing, decentralized, open banking protocol. rebel harnesses the power of established standards and currently delivers a subset of PSD2 in terms of usecases.
rebel tries to eradicate boundaries that have bottlenecked financial innovation for SME. It aims to provide data owners a low-cost, low-friction access to their financial data, and the possibility to share this data with third-party applications of their choosing.
Standardized
If I have seen further [than others], it is by standing on the shoulders of giants. (Newton, Isaac)
There are a number of specifications that aim to standarize access to data from financial institutions. rebel has no interest in devising its own data scheme. Where possible, data should be exchanged in standarized formats, and underlying technology should be chosen carefully to adapt existing best-practises.
Therefore, the following standards are chosen:
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OAuth 2.0 for Consent: The cornerstone of authorization over the web. It ensures that data owners can securely give consent to sharing their data with third-party applications, in a standardized manner.
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RESTful APIs: Facilitates seamless communication between systems, enabling them to speak a universal, industry-recognized language and ensuring compatibility and easy integration.
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ISO 20022: Financial messaging formatting standard, allowing for a consistent, structured, and easily interpretable representation of financial data and transactions.
These three core standards drive the rebel protocol.
Decentralized
Empowerment of individuals is a key part of what makes open source work, since in the end, innovations tend to come from small groups, not from large, structured efforts. (Tim O’Reilly)
rebel does not necessitate any kind of central entity. It is a protocol, that allows all involved parties to speak the same language and thus makes it easier for everyone to integrate their systems with each other. While a centralized and aggregated service could well be rebel-compliant, we encourage direct connections between participants such that financial data does not unnecessarily passes through uninvolved systems.
Additionally, you need no permission or onboarding to join rebel. By comitting to rebel, you are merely making sure that no unnecessary implementation effort is wasted in coming up with a joint specification.
Open
Once open source gets good enough, competing with it would be insane. (Larry Ellison)
We strongly believe protocols for the exchange of financial data should be open, developed jointly with all stakeholders involved, and tools and utilities written to leverage these protocols to be available as open and freely as possible. Joint development of shared tooling contributes to a higher standard of security, stability, and ultimately, value generated for all parties involved.
This is why rebel is developed in the open, making it possible for every person or business to contribute.
How do I become a rebel?
You have already made the first step, by reading this document. We will soon publish the necessary guidelines for service providers, service consumers and data owners.
Conclusion
The rebel protocol is a visionary step forward in Switzerland’s financial technology landscape. By bridging the gap between financial institutions and other applications, it creates a more connected, efficient, and user-focused ecosystem. This open banking approach, founded on international standards and robust security mechanisms, paves the way for innovative solutions that respond to modern financial challenges and opportunities.