By WalkingTree  May 26,  2021

Apache Fineract as an on-demand financial core

What’s better than deploying a tool that automatically manages the financial core and back-office system for your financial organization?

Apache Fineract is open-source software that deploys financial services while providing reliable, affordable, and robust solutions. The core takes care of – portfolio management, the functionality of CRM, and accounting processes for your financial institution. This software is now used in several countries for a huge range of financial sectors as the wallet, core banking platform, transaction engine, and also as the mobile money agent management system.

In the next few years, Apache Fineract will benefit the organizations both as a foundational digital public good and also as a disruptive open-source core banking platform. This scalable, wallet and account management platform is the critical foundation for:

  • Fueling mobile innovation (both as a consumer and delivery channel)
  • Enabling real-time payment adoptions.
  • Helping the government digitize large-scale cash transfers. 
  • Leveraging data science’s power to deliver more impactful financial services.

While Fineract continues to push the agenda of open source for financial service offerings, it not only spans accounts and portfolio management but also AI for credit scoring, consumer-facing QR transaction initiation, and mobile money wallets, The financial services industries have already started to adopt Open Banking Standards and ISO standards are part of their tech talks. It is quite possible to demonstrate that Fineract is going to greatly accelerate the journey of large system providers in the long run.

Read on to know more about Apache Fineract and its future scope as financial software.

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