14 DAY TRIAL // Intelligent Environments, the company that brought us emoji passwords, has launched another original product, a banking platform integrated with IoT devices working on the classic "If This, Then That" principle.
Called Interact IoT, the platform will allow developers to create smart products that interact with your bank account.
Intelligent Environments launched the platform yesterday with two integrations, one for the Pavlok wristband and another for Google's Nest thermostat.
Spend too much, and you'll receive a small electric shock
By far the most interesting and funny of the two is the Pavlok - Interact IoT integration. Pavlok is a smart wristband launched in 2014 that allows a user to receive electric shocks via the wristband.
The user can shock themselves using a mobile app, or let a friend shock them by providing them with access to their wristband via the mobile application. The reasoning behind this device was to allow people to receive "motivation" to achieve a certain goal.
Intelligent Environments says that Pavlok owners can use the Interact IoT platform to set thresholds in their bank accounts.
When the user goes on a shopping rampage, as they near the threshold, they'll receive a notification on their phone. If they pass this threshold, Interact IoT will send a ping to their wristband, and the account owner will receive an electric shock.
Spend too much, and your house will be as cold as a cave
The second integration Intelligent Environments touted was with Google Nest. As with the Pavlok, users can set thresholds in their bank accounts.
When the user overspends, the Interact IoT platform will automatically turn down their Nest thermostat a few degrees in order to save money. Research has proven that turning down heating by three degrees can help you save $370 per month.
"Both Pavlok and Nest Thermostat are opt-in services, so customers can decide whether to switch them on or not," said David Webber, Managing Director at Intelligent Environments. "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."
Since the world of IoT devices is known for poor security practices, Intelligent Environments has reassured customers that all Interact IoT communications take place over a secure and encrypted channel using AES 128-bit encryption and Transport Layer Security 1.2 (TLS 1.2).