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Hub Culture and Partners Propose Architecture for Faster Payments

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2nd May 2016

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Hub Culture, the global collaboration platform operating the Ven digital currency, HubID digital identity system and OAI blockchain open audit initiative, in collaboration with technical development partner Synechron, rules partners ECCHO, Xalgorithms and review partners including Dun & Bradstreet, R3CEV, Ethereum/Consensys, Accenture, Dwolla, DATA (Digital Asset Transfer Authority), the World Economic Forum, CONIX, and Kalypton has submitted a comprehensive proposal to the Federal Reserve Faster Payments Taskforce for a secure and faster payments network service utilizing a mix of advanced and new core technologies.

Hub Culture is an online collaboration network managing a set of digital tools to enable human progress. As a founding member of the Federal Reserve Faster Payments Taskforce, Hub Culture and partners have been involved with the taskforce development process, development of faster payments effectiveness criteria, and participated in the Federal Reserve s Capability Showcase to aggregate solutions for faster payment solutions.

Hub Culture offers technical capabilities to enable collaboration among potentially allied members within and outside the network, and the capability to collate vertical and ad hoc solutions into a grander vision for capability consideration by the QIAT the independent group set to provide qualitative review of providers supplying capabilities to the proposal review process.

In March 2016 Hub Culture invited companies and groups to join RAIN the Realtime Asset Interchange Network, a group of members developing technologies for node to node asset interchange using a variety of technologies, including blockchains. The initial focus of RAIN has been to collaborate on a coordinated Task Force proposal for real time ubiquitous payments. The proposal is built around RAIL the Realtime Asset Interchange Ledger, a technology suite setting capability parameters for a new, secure digital payment rail.

The first rule of RAIL is that anyone can build and anyone can ride , providing a template for an open standard platform. The members of RAIN will develop the RAIL to co-exist with centralized and decentralized ledgers (including block chain and crypto oriented technologies) with a series of on-ramps and off-ramps built by participants within the community according to their own needs, with a system of universal access points for accessing various technologies that emerge to support and enhance the RAIL.

As part of the proposal, Hub Culture provided three open ended capabilities to be included in the proposal: the Ven digital currency, HubID digital identity system, and OAI open audit initiative, a blockchain reporting process now in development.

Following the submission process, additional financial services and technologies will be invited to participate with an aim to contributing technology. Meanwhile, RAIN members will work together to build, link and enhance technology capabilities showcased in the proposal in order to prepare advancements and feedback related to the QIAT process that will be undertaken through the summer.


Hub Culture is a global collaboration platform founded in 2002. It offers open technologies that can be adapted to form part of RAIN and RAIL. In addition to open social formats for the Web and SMS around value transactions and profile identity, Hub Culture operates Ven, a global asset backed digital currency that can serve as a template for MBA (master base assets) in the RAIN system, as well as the architecture for the network itself via Ven Loop, a currently in development exchange network for institutional network participants. Ven is a good candidate for machine-to-machine (bot) trading, where globalization and nano-payments argue for non-fiat value markers.

HubID, (http://hubid.me) a scalable digital identity system that together with Dun & Bradstreet is set to offer 250 Million + profiles for AML/KYC basis, and capabilities for identity networks across persons, entities and the bots (IoT). HubID can be a contributor to the USI system outlined in the proposal.

The OAI, Open Audit Initiative, (http://oai.io) draws a template for the RAIL with a combination of Ethereum blockchain and other ledger technologies as contributing platform technologies for distributed, cryptographic secure, immutable and verifiable receipts and ledgers.

ECCHO is a not-for-profit clearinghouse that provides rules for private sector, interbank, image exchange that is vendor independent and solution agnostic. ECCHO Rules fully allocate liability among the various parties. The rules are flexible enough to allow ECCHO members to interact with their customers as they wish, as well as use technology to achieve their business objectives as appropriate while ensuring both the consistency and safety of check payments.

ECCHO chaired the Faster Payments Legal Work Group and participated in the Faster Payments Task Force. ECCHO has experience with developing rules from the inception of a payment system.

Synechron, one of the fastest-growing digital, business consulting & technology services providers, is a $350 million firm based in New York. Since inception in 2001, Synechron has been on a steep growth trajectory. With 5,000+ professionals operating in 16 countries across the world, it has presence across USA, Canada, UK, France, The Netherlands, Switzerland, Luxembourg, Serbia, Germany, Italy, UAE, Singapore, Hong Kong, Japan, Australia and Development Centers in India.

Xalgorithms Foundation is a new not-for-profit corporation backing the Xalgorithms Alliance. The Alliance is a contract-based association of member organizations and individuals designing, implementing and distributing free/libre/open source software components to enhance the network-based automation of rules.

Xalgorithms Alliance and the wider community are working to create and share working proof-of-concept software. Work-in-progress is updated regularly online at: https://github.com/Xalgorithms for free/libre/open source distribution under the Apache 2.0, GNU GPL 3.0, and Creative Commons Attribution 4.0 licenses. A prototype system will be available in June 2016.