British technology company Intelligent Environments has launched what claims to be the 'world’s first Internet of Things banking platform'.
Called Interact IoT, it enables smart devices such as the Nest Learning Thermostat and the Pavlok training wristband to be linked with a bank account.
The company says a Pavlok device integrated with Interact IoT could deliver an electric shock if a customer goes over a self-imposed spending limit.
Alternatively, customers could program their Nest Thermostat to turn down the heating if their bank account balance dropped below a certain level.
The Interact IoT platform is not yet being offered by any financial providers, although Intelligent Environments says it “anticipates many discussions with banks and credit card companies in order to bring the Interact IoT platform to their customers in the near future.”
David Webber, Managing Director at Intelligent Environments, said “With cashless payments like contactless, direct debits, and Apple Pay, it’s unsurprising we lose track of spending, so we decided to solve this by enabling smart devices to manage our overspending for us. This means customers can now get complete control and oversight of their finances without having to lift a finger. Both Pavlok and Nest Thermostat are opt-in services so consumers can decide whether to switch them on or not. However, with the Pavlok integration users have told us they love it. They think it’s much better to get a little shock now, instead of a nasty one later.”