While the banking industry is finally just waking up to open source software, for the past 16 years, the Mifos project has staked out a position of 100% open source for a full banking application. Committed to developing a platform that supports the unbanked around the world, the Mifos Initiative contributed its Mifos X platform to the Apache Software Foundation as Apache Fineract in 2016. Although the company started in the underserved market of microfinance banks and microcredit programs, it has seen a recent uptake by major payment companies and larger banks.
Ed Cable and James Dailey share case studies on banks and fintech startups from four different continents that built on top of the Apache Fineract core banking platform, accelerating their innovation, lowering their costs, and transforming them from consumers to contributors of open source. For each case study, Ed and James highlight the sales cycle in getting senior management at enterprise financial institutions to explore and embrace open source, the impact to the bottom line and culture of the organization, and the challenge in convincing leadership to become members of the open source community. Along the way, they detail lessons learned in pitching open source to banking and payment corporations, the widespread effects of adopting it, and transforming banks from consumers to contributors.
Case studies include:
Ed Cable is the president and CEO of the Mifos Initiative, a nonprofit initiative and global open source community building fintech solutions for the unbanked. A passionate change maker helping fuel poverty alleviation through financial inclusion, open source technology, and the power of community, Ed is a pioneer in catalyzing community growth and financial inclusion innovation.
James Dailey is a social entrepreneur with expertise in startups, payment systems, climate change advocacy, open source models, logistics, and energy innovations. He consults on payment systems with the Gates Foundation as a member of the Modulor LLC team. James envisions a world where poverty solutions and climate solutions intertwine. He cofounded and built to scale MicroEnergyCredits.com, a social enterprise platform for carbon credits from microfinance clients in emerging markets, and is a founder and board member of open source banking platform the Mifos Initiative.
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