Microsoft, Corent, Mifos Initiative and LCUC Provide Core Banking

Corent Technology, a leader in technology in terms of cloud migration,  SaaS enablement as well as cloud optimization has formed a team with the Mifos Initiative at the LCUC (Large Credit Union Coalition) Hackathon Event in Toronto, June 11-13, to showcase Mifos X financial application as an entirely instrumented SaaS solution. The Mifos Initiative mission is to enable access to major banking services for the over 3 billion unbanked as well as underbanked world population, a main step towards eliminating extreme poverty in communities which are under-developed.

Created around a modern API-centred architecture, Mifos X Platform for Financial Inclusion is a modern, yet connected core banking system which is for responsible financial services organizations, who are supplying basic financial services to the poor as well as developing markets all around the world. It is very extensible, easy-to-integrate with third-party payments and systems networks. Client organizations include microfinance institutions as well as microfinance banks. They increasingly credit financial cooperatives and unions.

Typically, the Mifos software is  deployed by in-country partners who create commercial service offerings to back up multiple institutions. So many small financial institutions already gain from having access to the software.

The sponsorship of the LCUC Hackathon 2019 was by Microsoft, MNP, Adastra as well as Mifos. It had to do with teams in three days of intense collaboration to prototype fresh ideas, and take advantage of new technology for fintech solutions which could benefit all the member organizations.

Corent’s SurPaaS platform gives Mifos  the operations, optimization and commercial capabilities to supply the Mifos X application as an efficient, scalable SaaS (Software as a Service) offering.

Now Mifos partner organizations can provide the open source Mifos X application as fully managed SaaS in a way which is dramatically more efficient and cost-effective. By making use of Corent’s SurPaaS, these partners can become SaaS Providers instead of simply being hosters of Mifos X. Making use of the new SaaS-enabled Mifos X, partners can now seamlessly and efficiently go to the market to address additional customers and sections.

SurPaaS supplies all of the Tenancy, Operations and Commercial management capabilities needed for a scalable SaaS application, enabling the Mifos community to direct their core mission of building and supporting financial inclusion for all.

This project is a portion of Corent’s broader OpenSaaS Initiative which is revealing new possibilities for open source applications enterprise oriented by enabling them to be delivered as SaaS from the cloud, with all the efficiency which the SaaS delivery model has to provide in the absence of any programming. The OpenSaaS initiative mission is to take the benefits of the SaaS model to the open source community on a large scale.