Use Cases

These are the common use cases that OpenTransact should support.

Simple Transfer

User needs to transfer funds to another account holder of the same asset type.

1. logs into Asset site
2. clicks Transfer/Pay button
3. enters recipient, amount and description
4. presses pay button
5. funds are transfered to recipient

Simple Website Payment

User makes a one off purchase on a website.

1. hits checkout button on website
2. is presented with checkout screen
3. selects an asset provider from one of websites supported providers
4. is redirected to asset providers payment page
5. is displayed a payment confirmation page with amount, description and recipient from checkout screen
6. presses confirm payment button
7. funds are transfered to websites account
8. asset provider makes callback to website to verify that payment has been made
9. user is redirected to website

Subscription Payment

User subscribes to a web service paying $20/month.

1. user hits signup button on service
2. user enters personal details and selects plan
3. user selects one of web services supported asset providers
4. user submits page
5. web service creates a request token on asset providers setting the limit to $20 and frequency to 1 transaction/month
6. web service redirects user to OAuth token authorization page at Asset Provider
7. user is asked if he/she wants to authorize web service to transfer $20/month
8. user hits Authorize button
9. user is redirected back to web service
10. web service exchanges request token for access token and stores it in database
11. web service uses REST API to create a transaction to them selves for $20 using accesstoken
12. every month thereafter web service creates another transaction similar to above.

Payment Card

User signs up for a new OpenTransact compatible VISA card.

1. user orders card and receives it in mail
2. user logs onto card issuers website to activate
3. user picks an asset provider from issuers supported list
4. user selects daily payment limit (eg. $300)
5. card issuer creates a request token on asset providers website setting a daily limit to $300
6. card issuer redirects user to OAuth token authorization page at Asset Provider
7. user is asked if he/she wants to authorize issuer to transfer $300 a day
8. user hits Authorize button
9. user is redirected back to card issuer

User makes payment in restaurant using VISA card

1. user pays bill in restaurant for $45
2. card issuer receives payment request via VISA network
3. card issuer uses access token to issue a payment to own account for $45
4. card issuer returns OK (or whatever) over VISA network

Asset Exchange Marketplace

Bob wants to buy $400 of Nubux for 40 shares of IntelliBank using an asset exchange.

1. Bob enters asset exchange web site
2. Bob looks at current price of IntelliBank shares
3. Bob enters order for 40 shares of Intellibank at a max price of $10/share
4. asset exchange creates a request token on Nubux site for $400 single transaction that expires in one day
5. asset exchange redirects Bob to Nubux site’s authorization page
6. NuBux asks if Bob wants to pay $400 to asset exchange
7. Bob authorizes and is redirected to asset exchange

Bill wants to sell 40 shares of IntelliBank using an asset exchange

1. Bill enters asset exchange web site
2. Bill looks at current price of IntelliBank shares
3. Bill enters order to sell 40 shares of Intellibank at a min price of $10/share
4. asset exchange creates a request token on Intellibank’s share register for a 40 share single transaction that expires in one day
5. asset exchange redirects Bill to Intellibank’s share register site’s authorization page
6. Intellibank’s share register asks if Bill wants to transfer 40 share’s to asset exchange
7. Bill authorizes and is redirected to asset exchange

Asset exchange matches orders and performs exchange

1. asset exchange uses super smart algorithm to match Bill and Bob’s order
2. asset exchange creates transfer of $400 to own account from Bob’s Nubux account
3. asset exchange creates transfer of 40 shares to own account from Bill’s IntelliBank Share account
4. asset exchange transfers $400 from own Nubux account to Bill
5. asset exchange transfers 40 shares of Intellibank Shares to Bob

[Held Funds]