Mint.com Financial Account Aggregator

Mint.com website here at this link.

Banks don't like Mint.com according to this link:
  
Why banks want you to drop Mint, other 'aggregators' - Reuters

"Millions of people share their bank account passwords with third-party sites and apps that help them track their spending, but some of the biggest financial institutions, wary of hacking risks, are trying to scare people into not using them."

Banks worry about risk.  They worry about their own exposure and risk reduction.  They "worry" about the risk of others in any financial dealing to the extent of maximizing the risk to the other party.

Banking model:  Minimize Risk, Maximize Return.  ....Duh!

From the Reuters link:

"Federal banking rules known as Regulation E (here) sharply limit customers' liability for unauthorized electronic transactions from their accounts, provided they report the fraud promptly. "

Looks like a risk to the bank to me, unless they shift it to a third party insurer.  Banks are good at shifting risk.  However it does not pay if the insurance is costly.  Unless however the insurance is provided by the US Government in the form of no prosecution.

Banks better get their lobby to strike down Regulation E.  That is a risk reduction business plan:  Negate or repeal the government rule.

New bank business model:  Reduce Rules, Maximize Return.

Account Aggregation is described here by Wikipedia

A broader look at; Financial Account Aggregator, used as a Google search term here.

I like the concept and had not looked at it in the bigger picture frame.  It not only fits in the scheme of my Digital Monetary System, it is a critical tier player to which I should assign a Major Entity Identity in the "Account" Entity Class structure triad:  Currency, Account, and User.  Each is structured on the granular level unit discrete identity below which there is no child of the granular level identity.  The identifier of the granular unit in all cases.......... (for want of a better universal more elegant numbering system integrating things in the Information Age Internet of Things on the World Wide Web).........IpV6.

It is a network where base level granular nodes at the end of the line.

The end of the line being:

User:  A unique person or government registered financial entity.

Unit of Currency: A single dollar, unit of assigned value of one each.

Account: A single base level account below which there is no division of total funds or any portion in that specific account to a lower level account.  There may be earmarks of funds in the account but those earmarks are a solely owned attribute of the specific owning account to which they are related.

The identifier of the granular unit in all cases is.......... (for want of a better universal or more elegant numbering system integrating things in the Information Age Internet of Things on the World Wide Web).........is:........IpV6.  There are a lot of those unique numbers.  Enough for a lot of things on the IoT.  Currency, User and Account simply being things on the IoT.

That is the base level granular foundation.  Laid down repeatedly in this blog.  It is a bottom up oriented system structure assembly methodology.  Building an aggregation network relation from the bottom up.  A network structure can also be built from the top down.  Looking at the system object class "Account" from the top down it is composed of probable tiers of Child Classes and Child of Child Classes all the way to the Granular Unique Child.

Plodding in a linear step by step assembly fashion from bottom up design to the top is the brick layer approach when it comes time to build.  That is construction.  Construction is not possible unless the nature and properties of the bricks are established.  When it comes time to build then the brick layer can be hired.

I have satisfied myself that I have established by definition the nature of the basic bricks of a monetary system.  They are throughout this entire blog.  I should bring them all together in a Wiki,  blogged about that way back but it still is only in my head and scattered among all the entries of this blog.  The blog is only for my own self so the Wiki that draws it all together is still in my head.  Read the blog.  Nobody does.  Maybe one reader.

There is one very important entity however that is new to conventional thinking but what is old is new again.  That was a subject of a prior blog entry.

The new thing is that Currency once again takes on an identity as a unique object of unit of value that it once had as a single Greenback dollar bill with a serial number (denomination variable).  That was a good old physical dollar.  As a conceptual object in the digital money world the "New" digital dollar is reassigned a unique serial ID (IpV6) that it lost when it became a total on hand dollar value number in an account.  The new digital dollar of Currency is an independent Object Class.   It is extracted from Account but related and equal to the total dollar value of each/all Accounts.

Maybe another way to say the same thing is:

Currency is the accounting for dollars on the uniquely identified unit dollar level of one dollar each.  (less than one dollar has a plan but that is a sub-plan not explained at this point)

Account is accounting for dollars at the total level of the on hand balance dollar value of the account.

The old is new again.

It is simply me going on a surprise basis down to my Disbursing Officer's safe and saying "Surprise!"  Show me how much money is on your accounting record then lets count each dollar bill (various denominations) in the safe.  The only difference in the conceptual rebirth of the dollar bill as it is "reborn" again in its new digital conceptual domain is that it no longer needs a related denomination amount.  They are all just one each.  Computers count fast.  Digital dollars have no mass or weight like they did when we had to carry a bag full of money with a float attached while in a small boat going out to the ship.

I remember fondly the old days of paying in MPC.

Jumping to the top down break down Monetary System level design:

All Currency is in a Master Vault (Cloud).  Each single unit of currency has a value of one and is uniquely identified.  Currency never leaves the vault.  It accounts for itself internally because each "conceptual" unit of one dollar has a physical electronic binary representation counterpart.  That is how computers work.  For any given range of sequential identification of dollars there must be an equal range of logically addressed and binary electronic one for one equality and presence.

After all this beating around the bush and re-statement to get my thinking in order again the point of this blog entry to to exclaim:  Hey! An Account Aggregator is a great idea!!!  This is the next step down in the top down breakdown of the parent Class:Account.  An Aggregator responsible for all accounts held by all Accounting Entities registered and authorized by the government to do currency accounting for cash currency funds.  This covers public and private accounting entities.  The Government and Banks and other authorized bank like function institution entities.

With a given protocol for all Accounts of registered cash transaction accounting entities there is a standard numbering system for all accounts.  Suggested: IpV6.

Any authorized User of the Monetary Currency System (all currency is digital) may have any number of accounts held by any number of authorized accounting entities.  It is a Free Private Enterprise free-for-all.

However all accounts of all authorized Currency Transaction Accounting Entities maintaining customer cash accounts must be aggregated and connected to a single Account Aggregator that is the interface between the Account domain of the Digital Currency System and the Currency domain.

This would place the Financial Account Aggregator in the role of a clearing house between all accounts in the Account Domain and all Currency in the Currency domain.  Currency transactions between any accounts would be passed from the accounting agencies is accordance with the present existing Clearing House system.  Public and private systems.

Then the Financial Account Account Aggregator would pass related transaction information to the Currency System Cyber Cloud Vault.  The Vault would change ownership of each dollar unit of the total account transaction value from current owner of each and every single unit of one dollar value identified by its known relationship to current owner involved to new (now the current) owner relationship.

A confirming crypto secure message from the Currency System to the Financial Account Aggregator and that Aggregator's message to the Accounting entity completes the transaction.

Users may go directly to the Financial Account Aggregator to see all transactions and balances in any or all of their Accounts with their chosen Account managers, Public and Private sector.

Works for me.  Plain and simple just like balancing the cash book with what is really on hand in the vault.  There is a security procedure called the Two Man Rule.  I used it for a highly secure item in the navy.   Either or both may now be a woman.  New navy.  That is good. 

In effect this sets up a Two Man Rule for Currency.  Any authorized entity may do the accounting.  Only one, the Financial Account Aggregator may deal with the Cyber Cloud Vault custodian to enter the Cyber Cloud Vault and make changes from current owner to new owner ownership of Cyber Cash Greenback Dollars in the vault.

How's that work for ya Mr. Bankster.  You are no longer trusted to keep Digital Currency.  You only maintain the Account record for it.  You, Mr. Bankster do not even create Digital Currency out of nothing.  That is done for you by the Sovereign Currency Creation entity and changes to Currency in the Cyber Vault are accomplished by an trusted cyber virtual employee of the Sovereign Currency creator and a trusted cyber virtual employee of the Financial Account Aggregator.

Those two virtual cyber employees are actually the two men in the "Two Man Rule" but in this modern age of gender identity they are neither a man or a woman but a System entity, consider it a gender neutral robot creation of ours to handle our currency transactions in a modern Digital Currency system.

Does that work for ya Bankster?

Of course not!  You would not like it.

It introduces the element of Accountability to the system of Accounts.