Corent Technology, a technology leader in cloud migration, optimization and SaaS enablement, has teamed up with the Mifos Initiative to launch Mifos X financial application as a fully instrumented SaaS solution, 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 savings organizations and credit 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.