ALISO VIEJO, Calif.--(BUSINESS WIRE)--Corent Technology, a technology leader in cloud migration, optimization and SaaS enablement, has teamed up with the Mifos Initiative at the LCUC (Large Credit Union Coalition) Hackathon Event in Toronto, June 11-13, to demonstrate Mifos X financial application as a fully instrumented SaaS solution. The Mifos Initiative mission is to facilitate access to core banking services for the over 3 billion unbanked and underbanked world population, a major step toward eliminating extreme poverty in under-developed communities.
"We are pleased to support the Mifos Initiative - a leader in financial inclusion and microfinance technology - in their mission to enable financial institutions to bring responsible financial services to the over 3 billion people who are without effective access today," stated Feyzi Fatehi, CEO of Corent Technology.
"Such a bold mission, serving potentially thousands of smaller financial institutions, requires a SaaS solution that is highly automated and scalable and that can be easily deployed, efficiently delivered and affordably managed. By powering the Mifos X Platform with the SaaS-enablement capabilities of SurPaaS, we are pleased to be a part of empowering this global initiative," added Fatehi.
Built around a modern API-centric architecture, Mifos X Platform for Financial Inclusion is a modern, connected core banking system for responsible financial services organizations who are bringing basic financial services to the poor and developing markets globally. It is highly extensible, easy-to-integrate with third-party systems and payments networks. Client organizations include microfinance institutions and microfinance banks, and increasingly credit unions and financial cooperatives. The Mifos software is typically deployed by in-country partners who build commercial service offerings to support multiple institutions. Hundreds of small financial institutions already benefit from having access to the software.
“We are pleased to team up with Corent and value their support of this global initiative. Corent provides the ability to efficiently deliver Mifos X as SaaS, enabling our partners around the world to offer our platform in a much more cost-effective manner, and opening up new opportunities for our customers,” said Ed Cable, President & CEO of Mifos Initiative.
“Our LCUC Hackathon events have been a driver for new ideas and financial innovation for our members and we are delighted to have Mifos and Corent showing how their focus on democratizing financial inclusion and democratizing SaaS aligns with the community focused mission of Credit Unions and opens up new possibilities for delivering services to the underserved, efficiently and cost effectively,” says Drew Wilczynski, Managing Director, LCUC.
The LCUC Hackathon 2019 was sponsored by Microsoft, MNP, Adastra and Mifos and involved teams in three days of intense collaboration to prototype new ideas, and explore new technology for fintech solutions that could benefit all the member organizations.
Corent’s SurPaaS® platform provides Mifos with the operations, optimization and commercial capabilities to deliver the Mifos X application as an efficient, scalable SaaS (Software as a Service) offering. Now Mifos partner organizations can offer the open source Mifos X application as fully managed SaaS in a dramatically more efficient and cost-effective way. By using Corent’s SurPaaS® these partners can become SaaS Providers rather than simply hosters of Mifos X. Utilizing the new SaaS-enabled Mifos X, partners now easily and efficiently can go to market addressing additional segments and customers.
SurPaaS® provides all of the Tenancy, Operations and Commercial management capabilities required for a scalable SaaS application, allowing the Mifos community to focus on their core mission of developing and supporting financial inclusion for all.
This project is a part of Corent’s broader OpenSaaS™ Initiative that is opening new possibilities for enterprise oriented open source applications by enabling them to be delivered as SaaS from the cloud, with all the efficiency that the SaaS delivery model has to offer – without any programming. The OpenSaaS™ initiative mission is to bring the benefits of the SaaS model to the open source community at large.
“We at Corent are proud to be a partner and supporter of Mifos Initiative’s great mission and community around the globe," said Fatehi.
About Corent Technology:
Corent Technology, Inc. is the provider of SurPaaS platform - the emerging platform for Cloud migration, management, optimization and SaaS enablement. Corent is managed by a team of Silicon Valley veterans from Microsoft, IBM, HPE, Cisco, EMC, Oracle, and VMware among others. For more information about Corent, please visit: www.corenttech.com and to contact Corent please drop a note to firstname.lastname@example.org.
About Mifos Initiative:
The Mifos Initiative is a 501(c)3 non-profit and FinTech pioneer guiding the community developing the Mifos X and Apache Fineract platform for financial inclusion, an open source financial service engine providing a cloud-based API-driven architecture for scaling digital financial services to the world’s 3 billion poor & unbanked. For the past fifteen years, Mifos has been leading groundbreaking open source innovation to transform the delivery of digital financial services. The Mifos Initiative leads the global ecosystem and network of more than 100 partners supporting 300 financial institutions & fintech innovators using digital banking solutions powered by our open APIs to reach more than 10 million clients. The Mifos Initiative is supported by DIAL, Google, VMware Foundation, IBM, HP, and Microsoft among others.
For more information please see mifos.org.
About LCUC (Large Credit Union Coalition)
To use our collective knowledge and national presence to provide technology leadership and innovation to enrich the financial lives of our members and strengthen the competitiveness of Canadian credit unions.
● Spearhead critical technologies with a strategic fit
● Share knowledge and reduce risk for the credit union industry as a whole
● Leverage our combined buying power
● Leverage common units of work
● Adopt and drive standard platforms and architecture across the industry