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FinDEVr Live: Mifos Presents an Open-source Application Framework for Digital Financial Services

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MifosLogoThe Mifos Initiative is the open-source developer community that builds and guides the world’s first open-source financial services platform, reaching more than 3.5 million account-holders worldwide. We are a flourishing ecosystem of more than 50 development partners, global volunteers, and Silicon Valley corporate sponsors that builds and supports fintech solutions for more than 120 financial institutions in 40 different countries. Each year, 80 million transactions and $791 million dollars flow through our platform. Our next generation is LibreFinance, an open-source application framework for digital financial services that will catalyze a new era of digital, interoperable, financial services.

LibreFinance—rapid application development for digital financial services
We will present the architectural concept of LibreFinance, an open-source application-framework for digital financial services, highlighting the two main use-cases: account management and transaction interoperability. LibreFinance offers a set of lightweight, scalable, and value-added components to create consumer-focused digital financial services solutions without the need to build common features and infrastructure again and again. Components are available to allow easy integration in every scenario, from a generic integration, e.g., security, accounting, via specialized modules, e.g., tiered KYC, FARM, transaction processing, to fully integrated solutions.

Key takeaways:

  • Rapid application development using an open-source application-framework specifically
    designed to meet the needs of digital financial services (DFS)
  • The essential DFS use-cases should be delivered as value-added, lightweight, service-oriented, scalable open-source components
  • Don’t waste time/money on the infrastructure; keep the focus on customers, products, UX, marketplace agility and go-to-market strategy

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Presenter: Markus Geiss, CTO & Chief Architect
mgeiss@mifos.org