TransferTo and Fern Software Receive Grant from UN Capital Development Fund

 

 

 

 

 

Cross-border mobile payments network TransferTo and banking software provider Fern Software have both been awarded a grant as a part of the United Nations Capital Development’s Shaping Inclusive Finance Transformation (SHIFT) Challenge Fund.

The goal of the SHIFT Challenge Fund is to leverage remittances to improve the economic power of women in Cambodia, Lao PDR, Myanmar, and Vietnam. TransferTo and Fern Software have been summoned to deliver seamless money transfer solutions to underbanked individuals in this region. The two will use the funds to combine TransferTo’s global network, which links mobile operators, money transfer operators, digital wallet providers, financial institutions, NGOs, and merchants, with Fern Software’s global microfinance solution software. Ultimately, the companies plan to accelerate TransferTo’s entry into Cambodia, Lao PDR, Myanmar, and Vietnam and enable microfinance institutions to become money transfer recipients on TransferTo’s cross-border money transfer network.

TransferTo CEO, Peter De Caluwe said that the company is “fortunate” to bring its payment system into the new regions. “Our goal is to enable access to digital financial services, especially for women who represent over 50% of the population in these markets, yet lack access to traditional banking … we can drive financial inclusion and women’s economic empowerment across the region, and globally,” he said.

Fern Software Managing Director APMEA, Debbie Watkins said, “The valued support of UNCDF in connecting the TransferTo Network to ours will enable migrant workers for the first time to send transfers directly to microfinance institution loan or savings accounts, giving them control in how their hard-earned salaries are put to use and increasing accessibility for their family members.”

TransferTo most recently demonstrated its Mobile Money Hub at FinovateFall 2015. Earlier this month, the company was selected by driver service Grab to power real-time earnings payouts for Grab drivers. In June, TransferTo partnered with the MallforAfrica to provide African shoppers with access to retailers in Europe and the U.S. TransferTo was founded in 2005 and has raised $6.5 million.

Founded in 1979, Fern Software demoed BayTree, a scalable “Pay as you Grow” API Banking CRM software service, at FinovateFall 2015. Earlier this year, the company made its platform available in Russian. Eamon Scullin is CEO and founder.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Fern Software Opens Cloud Platform to Third Parties in the U.K. and Ireland

Core banking software provider Fern Software has opened its Abacus HUB Cloud platform to third parties in the U.K. and Ireland, reports Tanya Andreasyan at Banking Technology (Finovate’s sister company).

“End users can now build a customized core banking system from the library of apps available,” the vendor said.

According to Fern, “this is the first time APIs have been made available in this way to third parties to offer new and disruptive apps to credit unions and other financial services providers in the U.K. and Ireland.

“This open approach to collaboration is unique to this market.”

Pictured (left to right): Fern Software CEO Eamon Scullin and Software Architect Adam Stirtan demonstrating BayTree, a scalable, “Pay as you Grow” API Banking CRM software service at FinovateFall 2015.

Eamon Scullin, CEO and founder of Fern, observed that the changing technology and business needs of credit unions require “all key players to collaborate across payments, mobile and online services”.

The vendor is “working with selected fintech partners to deliver a complete integrated solution”. Third party apps will be available via the AbacusStore portal.

John McGucken, GM at Fern, described Abacus HUB as “the future of credit union financial services software”. It will reduce the credit unions’ costs, increase flexibility and facilitate innovation and open collaboration, he explained.

Among Abacus users in the UK is Liverpool-based Enterprise Credit Union (ECU). Its manager, Karen Bennett, supported Fern’s latest venture, saying “we are confident we can offer more services, maintain growth and streamline current processes for all involved”.

According to Scullin, Abacus HUB has already been deployed in three sites.

Fern Software was set up in 1979. Its flagship core processing system, Abacus, is aimed at “inclusive financial institutions”, such as MFIs, credit unions, SME lenders and development banks.

The solution has 300 installations in 35 countries, predominantly across Africa, Latin America, Asia and Eastern/Central Europe. It is available in English, Arabic, French, Russian and Khmer.

Fern Software demonstrated its “Pay as you Grow” API banking CRM software service, Baytree, at FinovateFall 2015.

Finovate Alumni News

On Finovate.com

  • BizEquity Brings Business Valuation Data to Wall Street Journal Pro.
  • Fern Software Opens Cloud Platform to Third Parties in the U.K. and Ireland.

Around the web

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Fern Software Presents its API Banking CRM Software Service, BayTree

Fern_SoftwareThis post is part of our live coverage of FinovateFall 2015.

Midway through our final session of the day, here is the team from Fern Software.

BayTree is a developer-friendly, plug-and-play banking/CRM system for existing software to consume and work with the Fern data. With BayTree, Fern is introducing a new web application that offers limitless flexibility and customization options. The platform has a low barrier of entry for pricing while allowing for scaling up through the integration first and third-party modules to add functionality.

Presenters: Eamon Scullin, Fern’s CEO and founder; Adam Stirtan, software architect

 

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Product Launch: August 2015

Metrics: Privately held company with 60+ employees globally
Product distribution strategy: Direct to business (B2B); certified partners

HQ: Australia, Canada, India, Ireland, Singapore, United Kingdom
Founded: December 1979
Website: fernsoftware.com
Twitter: @fernsoftware