Open Source Core Banking

From Open Risk Manual


Open Source Core Banking is the provision of a range of basic (core) banking services using Open Source Financial Software and / or based on open standards and API's. While there is no formal definition of what constitutes core banking, core banking functions typically include payments, current accounts, deposits and loans

NB: The descriptions below are as provided by the various initiatives themselves

Software Platforms

  • Cyclos is a feature-rich online banking solution that is easy to use and maintain, flexible, secure and highly customisable. Cyclos comes with a range of banking and payment options, a complete e-commerce system and high and low end mobile access channels. The mobile channel offers a scalable and cheap opportunity for banks to enlarge their outreach and to offer branchless banking. Cyclos is used by local banks, C3 networks, MFI’s, barters, community currencies and time banks. The dynamic structure of Cyclos allows organisations to ‘build’ a dedicated payment system from scratch just by changing the configuration (without the hassle to make code changes). Developed by the SOCIAL TRADE ORGANISATION (STRO), the software can be an ideal choice as it enables cost-effective and state-of-art banking.
  • MIFOS / Fineract. Fineract is an open technology platform for financial inclusion that provides the core functionality needed to deliver financial services to the 2 billion poor and unbanked. Mifos X is the standard distribution containing the platform, web client, and mobile client on Fineract. It can be deployed in any environment: cloud or on-premise, on or offline, mobile or PC

Standards and API's

  • BIAN. The Banking Industry Architecture Network is created to establish, promote and provide a common framework for banking interoperability issues and to become and to be recognized as a world-class reference point for interoperability in the banking industry.
  • FIBO. The Financial Industry Business Ontology (FIBO) is the industry standard resource for the definitions of business concepts in the financial services industry. It is developed and hosted by the Enterprise Data Management Council (EDMC) and is published in a number for formats for operating use and for business definitions.
  • Open Bank Project. The Open Bank Project enables banks to offer an ecosystem of 3rd party Apps and services to their customers. They provide banks with an open API (for partners and 3rd party developers), an app store (through which end-customers discover the Apps made available by the bank) and a strong community of 3rd party developers already familiar with the API.

See Also

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