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Posted to dev@fineract.apache.org by Paul Aphivantrakul <ap...@gmail.com> on 2020/12/29 06:44:18 UTC
Neo Bank Startup Company Using Fineract
Hello everyone,
My name is Paul Aphivantrakul, and I am a software developer currently
living in Thailand. Since living here for about a year, I have become
interested in the fintech market and came across the Fineract project. I
would like to start a fintech startup similar to a neo bank here in
Thailand that uses Fineract as the core banking system. However, I am still
a little confused about how to use Fineract for a purely online bank.
1. How do users create checking or savings accounts in my neo bank? Do I
have to create a website and call Fineract API endpoints? I am looking for
a way to create accounts automatically online and not manually.
2. How can Fineract know when a bank transfers funds to my neo bank? Let's
say a customer wants to deposit $100 from another bank into my neo bank.
How does Fineract know if my neo bank actually received $100 from the other
bank?
3. Similarly, if a customer wants to send $100 from my neo bank to their
other bank, how does Fineract know that $100 was actually sent and how does
it send it to the other bank?
I have gone to https://www.fineract.dev/ and have tested out the Fineract
system, but it seems that this system works best for bank tellers who work
in physical branch locations. Is there a more automated way to create
accounts and to accept and send out payments? Would this be done through
the API? If so, do we as Fineract users have to create our own websites to
allow customers to interact with these APIs?
Thank you,
Paul
RE: Neo Bank Startup Company Using Fineract
Posted by Allen Bailochan Tuladhar <al...@imperialcoop.com>.
Hi:
We have a cooperative bank, a remittance company for cross-border payments and a wallet in Nepal with the back side and run everything from a phonepp.
We are now connected to all the banks in Nepal for both depositing money as well as for cash out functions from our bank.
There has been challenges in using Fineract in the past 2.5 years that we have been using, but so far we have been able to get this connected to CRM with omni-channel, our remittance solution, connected with our own SMS server and now also pushing Firebase Cloud Messages from our platform.
In a nutshell if you have a dev team inhouse and get the great support from the community in this solution, it will work for your needs.
Regards,
Allen.
From: Paul Aphivantrakul <ap...@gmail.com>
Sent: Tuesday, December 29, 2020 2:44 PM
To: dev@fineract.apache.org
Subject: Neo Bank Startup Company Using Fineract
Hello everyone,
My name is Paul Aphivantrakul, and I am a software developer currently living in Thailand. Since living here for about a year, I have become interested in the fintech market and came across the Fineract project. I would like to start a fintech startup similar to a neo bank here in Thailand that uses Fineract as the core banking system. However, I am still a little confused about how to use Fineract for a purely online bank.
1. How do users create checking or savings accounts in my neo bank? Do I have to create a website and call Fineract API endpoints? I am looking for a way to create accounts automatically online and not manually.
2. How can Fineract know when a bank transfers funds to my neo bank? Let's say a customer wants to deposit $100 from another bank into my neo bank. How does Fineract know if my neo bank actually received $100 from the other bank?
3. Similarly, if a customer wants to send $100 from my neo bank to their other bank, how does Fineract know that $100 was actually sent and how does it send it to the other bank?
I have gone to https://www.fineract.dev/ and have tested out the Fineract system, but it seems that this system works best for bank tellers who work in physical branch locations. Is there a more automated way to create accounts and to accept and send out payments? Would this be done through the API? If so, do we as Fineract users have to create our own websites to allow customers to interact with these APIs?
Thank you,
Paul
Re: Neo Bank Startup Company Using Fineract
Posted by Ankit Muellner <an...@muellners.org>.
Hey Paul,
Fineract backend can be used to set up a neobank with the help of multiple
APIs such as Interop, financial products such as Loan, savings which can
create checking DDA type accounts too, these financial product's txn APIs
and self user APIs & so forth.
I admit that the Mifos X community app does show these features however as
the project is an offshoot of micro-finance, most of the functional
features and documentation make the use cases of MFIs and field officers
quite visible. This community is working on diversifying this documentation.
>>There are several neobank case studies which are harnessing the Fineract
platform as we speak to set up such fintech with diverse financial
offerings. Textbook case, you can set up a Payments bank too with Fineract
if the appropriate design principles are used.
>>The questions that you have are pertaining to a self user's Internet
banking facility or ability to check balances and operate on them. The $
amount transfers can also be tracked through the checking
accounts maintained in Fineract while the settlement/withdrawal/deposit
APIs can give you functionalities to maintain a granular level of IFRS
standard accounting. You should create your own interfaces to let your
account users interact with these APIs and txn processing beneath them.
All this is enough to launch a neobank provided that you also have some
sort of an event based sourcing service layer for further scalability.
Infact, our organisation has also delivered case studies such as yours for
banks in 2020.
You can also take help from several partners who built custom solutions on
top of Fineract.
I believe this derivative documentation which specifically points to such
use cases is here. https://docs.fineract.net.
If you have more questions, reach out further.
On Tue, Dec 29, 2020 at 7:44 AM Paul Aphivantrakul <ap...@gmail.com>
wrote:
> Hello everyone,
>
> My name is Paul Aphivantrakul, and I am a software developer currently
> living in Thailand. Since living here for about a year, I have become
> interested in the fintech market and came across the Fineract project. I
> would like to start a fintech startup similar to a neo bank here in
> Thailand that uses Fineract as the core banking system. However, I am still
> a little confused about how to use Fineract for a purely online bank.
>
> 1. How do users create checking or savings accounts in my neo bank? Do I
> have to create a website and call Fineract API endpoints? I am looking for
> a way to create accounts automatically online and not manually.
> 2. How can Fineract know when a bank transfers funds to my neo bank? Let's
> say a customer wants to deposit $100 from another bank into my neo bank.
> How does Fineract know if my neo bank actually received $100 from the other
> bank?
> 3. Similarly, if a customer wants to send $100 from my neo bank to their
> other bank, how does Fineract know that $100 was actually sent and how does
> it send it to the other bank?
>
> I have gone to https://www.fineract.dev/ and have tested out the Fineract
> system, but it seems that this system works best for bank tellers who work
> in physical branch locations. Is there a more automated way to create
> accounts and to accept and send out payments? Would this be done through
> the API? If so, do we as Fineract users have to create our own websites to
> allow customers to interact with these APIs?
>
> Thank you,
>
> Paul
>
--
Ankit Müllner
Muellners ApS
+4581929792
This mail is governed by Muellners® IT policy.
The information contained in this e-mail and any accompanying documents may
contain information that is confidential or otherwise protected from
disclosure. If you are not the intended recipient of this message, or if
this message has been addressed to you in error, please immediately alert
the sender by reply e-mail and then delete this message, including any
attachments. Any dissemination, distribution or other use of the contents
of this message by anyone other than the intended recipient is strictly
prohibited. All messages sent to and from this e-mail address may be
monitored as permitted by applicable law and regulations to ensure
compliance with our internal policies and to protect our business. E-mails
are not secure and cannot be guaranteed to be error free as they can be
intercepted, amended, lost or destroyed, or contain viruses. You are deemed
to have accepted these risks if you communicate with us by e-mail.
Re: Neo Bank Startup Company Using Fineract
Posted by Saransh Sharma <sa...@muellners.org>.
Sent from my iPhone
> On 29-Dec-2020, at 3:23 PM, Saransh Sharma <sa...@muellners.org> wrote:
>
> Technically right now the users delegation is loose in Fineract ie Self service and no proper service to service communication if you want to invest in building a layer two solution that works on top of Fineract you should do that or else create your own back end accordingly to your needs
>
> Fineract is fine but will not cater to all of your needs like how you want and you will see that you will end wiring up your own layer two on top of it.
>
> Most important thing to do is to focus on standardising your API and then just use those which you need.
>
> Logistically you will face talent scarcity also like there is hardly few here in the community who knows development on such standards.
>
> Another is NeO bank need more like a blockchain kind of payment rails solution go for that and build your API on top
>
> Thanks
>
>
> Sent from my iPhone
>
>>> On 29-Dec-2020, at 3:02 PM, Debbie Watkins | Lucy <de...@welucy.com> wrote:
>>>
>>
>> Hi Paul
>>
>> One thing worth mentioning here - to send money from your bank to another bank in-country, I think you'll probably need to connect your instance of Mifos to the national clearing and settlement switch. How the data is sent from Mifos to the switch will depend on the requirements of the switch (in most cases it's not an API call).
>>
>> Best regards, Debbie
>>
>> Debbie Watkins
>> CEO and Co-founder
>>
>> +65 6817 1160
>> debbie.watkins@welucy.com
>> Lucy | Turning the unbanked into the unstoppable
>> www.welucy.com
>>
>>
>>> On Tue, 29 Dec 2020 at 17:17, Saifudeen Khan <sa...@zucisystems.com> wrote:
>>> Greetings Paul
>>>
>>>
>>>
>>> We are a fintech startup ourselves based out of Chennai. We have delivered couple of Fineract deployments including customizations mapping to customer needs (micro finance companies). It is a great system with super flexibility.
>>>
>>>
>>>
>>> How do users create checking or savings accounts in my neo bank? Do I have to create a website and call Fineract API endpoints? I am looking for a way to create accounts automatically online and not manually.
>>>
>>>
>>> s@if >>> Fineract has de-coupled UI from busiess layer, everything is of API calls. All you need is to build a UI, make appropriate API Calls. I am not sure of neo bank as such, but creation of accounts/products/loans everything is definitely possible.
>>>
>>>
>>>
>>> How can Fineract know when a bank transfers funds to my neo bank? Let's say a customer wants to deposit $100 from another bank into my neo bank. How does Fineract know if my neo bank actually received $100 from the other bank?
>>>
>>>
>>> s@if>>> Again, API calls again. Your neo bank application will have to notify fineract about it and pass on details for it to maintain records
>>>
>>>
>>> 3. Similarly, if a customer wants to send $100 from my neo bank to their other bank, how does Fineract know that $100 was actually sent and how does it send it to the other bank?
>>>
>>>
>>>
>>> s@if >>> #refer 2
>>>
>>>
>>>
>>> regards
>>>
>>> s@if
>>>
>>>
>>>
>>>
>>> From: Paul Aphivantrakul <ap...@gmail.com>
>>> Sent: 29 December 2020 12:14
>>> To: dev@fineract.apache.org
>>> Subject: Neo Bank Startup Company Using Fineract
>>>
>>>
>>>
>>> CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.
>>>
>>>
>>>
>>> Hello everyone,
>>>
>>>
>>>
>>> My name is Paul Aphivantrakul, and I am a software developer currently living in Thailand. Since living here for about a year, I have become interested in the fintech market and came across the Fineract project. I would like to start a fintech startup similar to a neo bank here in Thailand that uses Fineract as the core banking system. However, I am still a little confused about how to use Fineract for a purely online bank.
>>>
>>>
>>>
>>> 1. How do users create checking or savings accounts in my neo bank? Do I have to create a website and call Fineract API endpoints? I am looking for a way to create accounts automatically online and not manually.
>>>
>>> 2. How can Fineract know when a bank transfers funds to my neo bank? Let's say a customer wants to deposit $100 from another bank into my neo bank. How does Fineract know if my neo bank actually received $100 from the other bank?
>>> 3. Similarly, if a customer wants to send $100 from my neo bank to their other bank, how does Fineract know that $100 was actually sent and how does it send it to the other bank?
>>>
>>> I have gone to https://www.fineract.dev/ and have tested out the Fineract system, but it seems that this system works best for bank tellers who work in physical branch locations. Is there a more automated way to create accounts and to accept and send out payments? Would this be done through the API? If so, do we as Fineract users have to create our own websites to allow customers to interact with these APIs?
>>>
>>>
>>>
>>> Thank you,
>>>
>>>
>>>
>>> Paul
>>>
>>> Disclaimer: "The contents of this e-mail and any attachments enclosed therein are intended solely for the addressee(s) and may contain confidential and/or privileged information. It may also be the sole intellectual and proprietary resource of Zuci Systems and therefore may be legally protected from disclosure. If you are not the intended recipient of this message, or if this message has been addressed to you by inadvertence, kindly alert the sender by email and then follow with its deletion. If you are not the intended recipient, you are hereby notified that any use, dissemination, copying, or storage of this message or its attachments is strictly prohibited and shall make you liable for consequences under applicable laws."
Re: Neo Bank Startup Company Using Fineract
Posted by Saransh Sharma <sa...@muellners.org>.
This is how i see it...
1. Creating accounts and client management is fine , I mean that's there
its most simple part but you might need to do the API wiring up and it
seems like Fineract does operate self service API but will they serve your
purpose?
2. So that can be problematic like for your 2nd trigger on that transaction
unless you and the other bank function on the same platform or use HTTP API
to hit your account (there it can be a bit an issue)
2.1 Why would other bank want to access your Fineract API directly to
transact in your Fineract based account (currently there is no way for any
one outside fineract can send like money and let fineract customer update
its balance)
3.There is no such function as of now.
So, in my opinion what you could do is build a network that does for you
like when fineract does send money outside you update a ledger, as simple
as that maintain your own ledger that does it for you from all side, that
means maintaining a separate ledger and based on that updating both sides
Problem in this approach is that you might have double spending occuring or
if a malicious actor is involved it can change your ledger then the whole
matrix is gone wrong .
I can think of building a middleware as i suggested earlier if you time and
patience for that
On Tue, Dec 29, 2020 at 4:09 PM Saransh Sharma <sa...@muellners.org>
wrote:
> Cross border transactions can happen over blockchain based solution if you
> license etc
>
> Sent from my iPhone
>
> On 29-Dec-2020, at 3:23 PM, Saransh Sharma <sa...@muellners.org> wrote:
>
> Technically right now the users delegation is loose in Fineract ie Self
> service and no proper service to service communication if you want to
> invest in building a layer two solution that works on top of Fineract you
> should do that or else create your own back end accordingly to your needs
>
> Fineract is fine but will not cater to all of your needs like how you want
> and you will see that you will end wiring up your own layer two on top of
> it.
>
> Most important thing to do is to focus on standardising your API and then
> just use those which you need.
>
> Logistically you will face taken scarcity also like there is hardly few
> here in the community who knows development on such standards.
>
> Another is NeO bank need more like a blockchain kind of payment rails
> solution go for that and build your API on top
>
> Thanks
>
>
> Sent from my iPhone
>
> On 29-Dec-2020, at 3:02 PM, Debbie Watkins | Lucy <
> debbie.watkins@welucy.com> wrote:
>
>
> Hi Paul
>
> One thing worth mentioning here - to send money from your bank to another
> bank in-country, I think you'll probably need to connect your instance of
> Mifos to the national clearing and settlement switch. How the data is sent
> from Mifos to the switch will depend on the requirements of the switch (in
> most cases it's not an API call).
>
> Best regards, Debbie
> [image: Your Company] <http://www.lucytribe.com/>
> Debbie Watkins
> CEO and Co-founder <https://www.linkedin.com/company/lucy-community>
> [image: T:] +65 6817 1160
> [image: E:] debbie.watkins@welucy.com
> *Lucy* | *Turning the unbanked into the unstoppable*
> www.welucy.com
>
>
> On Tue, 29 Dec 2020 at 17:17, Saifudeen Khan <sa...@zucisystems.com>
> wrote:
>
>> Greetings Paul
>>
>>
>>
>> We are a fintech startup ourselves based out of Chennai. We have
>> delivered couple of Fineract deployments including customizations mapping
>> to customer needs (micro finance companies). It is a great system with
>> super flexibility.
>>
>>
>>
>> 1. How do users create checking or savings accounts in my neo bank?
>> Do I have to create a website and call Fineract API endpoints? I am looking
>> for a way to create accounts automatically online and not manually.
>>
>>
>>
>> s@if >>> Fineract has de-coupled UI from busiess layer, everything is of
>> API calls. All you need is to build a UI, make appropriate API Calls. I am
>> not sure of neo bank as such, but creation of accounts/products/loans
>> everything is definitely possible.
>>
>>
>>
>> 1. How can Fineract know when a bank transfers funds to my neo bank?
>> Let's say a customer wants to deposit $100 from another bank into my neo
>> bank. How does Fineract know if my neo bank actually received $100 from the
>> other bank?
>>
>>
>>
>> s@if>>> Again, API calls again. Your neo bank application will have to
>> notify fineract about it and pass on details for it to maintain records
>>
>>
>> 3. Similarly, if a customer wants to send $100 from my neo bank to their
>> other bank, how does Fineract know that $100 was actually sent and how does
>> it send it to the other bank?
>>
>>
>>
>> s@if >>> #refer 2
>>
>>
>>
>> regards
>>
>> s@if
>>
>>
>>
>> *From:* Paul Aphivantrakul <ap...@gmail.com>
>> *Sent:* 29 December 2020 12:14
>> *To:* dev@fineract.apache.org
>> *Subject:* Neo Bank Startup Company Using Fineract
>>
>>
>>
>> CAUTION: This email originated from outside of the organization. Do not
>> click links or open attachments unless you recognize the sender and know
>> the content is safe.
>>
>>
>>
>> Hello everyone,
>>
>>
>>
>> My name is Paul Aphivantrakul, and I am a software developer currently
>> living in Thailand. Since living here for about a year, I have become
>> interested in the fintech market and came across the Fineract project. I
>> would like to start a fintech startup similar to a neo bank here in
>> Thailand that uses Fineract as the core banking system. However, I am still
>> a little confused about how to use Fineract for a purely online bank.
>>
>>
>>
>> 1. How do users create checking or savings accounts in my neo bank? Do I
>> have to create a website and call Fineract API endpoints? I am looking for
>> a way to create accounts automatically online and not manually.
>>
>> 2. How can Fineract know when a bank transfers funds to my neo bank?
>> Let's say a customer wants to deposit $100 from another bank into my neo
>> bank. How does Fineract know if my neo bank actually received $100 from the
>> other bank?
>> 3. Similarly, if a customer wants to send $100 from my neo bank to their
>> other bank, how does Fineract know that $100 was actually sent and how does
>> it send it to the other bank?
>>
>> I have gone to https://www.fineract.dev/ and have tested out the
>> Fineract system, but it seems that this system works best for bank tellers
>> who work in physical branch locations. Is there a more automated way to
>> create accounts and to accept and send out payments? Would this be done
>> through the API? If so, do we as Fineract users have to create our own
>> websites to allow customers to interact with these APIs?
>>
>>
>>
>> Thank you,
>>
>>
>>
>> Paul
>> Disclaimer: "The contents of this e-mail and any attachments enclosed
>> therein are intended solely for the addressee(s) and may contain
>> confidential and/or privileged information. It may also be the sole
>> intellectual and proprietary resource of Zuci Systems and therefore may be
>> legally protected from disclosure. If you are not the intended recipient of
>> this message, or if this message has been addressed to you by inadvertence,
>> kindly alert the sender by email and then follow with its deletion. If you
>> are not the intended recipient, you are hereby notified that any use,
>> dissemination, copying, or storage of this message or its attachments is
>> strictly prohibited and shall make you liable for consequences under
>> applicable laws."
>>
>
--
Thanks and regards,
Saransh Sharma
Research Partner
This mail is governed by Muellners® IT policy.
The information contained in this e-mail and any accompanying documents may
contain information that is confidential or otherwise protected from
disclosure. If you are not the intended recipient of this message, or if
this message has been addressed to you in error, please immediately alert
the sender by reply e-mail and then delete this message, including any
attachments. Any dissemination, distribution or other use of the contents
of this message by anyone other than the intended recipient is strictly
prohibited. All messages sent to and from this e-mail address may be
monitored as permitted by applicable law and regulations to ensure
compliance with our internal policies and to protect our business. E-mails
are not secure and cannot be guaranteed to be error free as they can be
intercepted, amended, lost or destroyed, or contain viruses. You are deemed
to have accepted these risks if you communicate with us by e-mail.
Re: Neo Bank Startup Company Using Fineract
Posted by Saransh Sharma <sa...@muellners.org>.
Cross border transactions can happen over blockchain based solution if you license etc
Sent from my iPhone
> On 29-Dec-2020, at 3:23 PM, Saransh Sharma <sa...@muellners.org> wrote:
>
> Technically right now the users delegation is loose in Fineract ie Self service and no proper service to service communication if you want to invest in building a layer two solution that works on top of Fineract you should do that or else create your own back end accordingly to your needs
>
> Fineract is fine but will not cater to all of your needs like how you want and you will see that you will end wiring up your own layer two on top of it.
>
> Most important thing to do is to focus on standardising your API and then just use those which you need.
>
> Logistically you will face taken scarcity also like there is hardly few here in the community who knows development on such standards.
>
> Another is NeO bank need more like a blockchain kind of payment rails solution go for that and build your API on top
>
> Thanks
>
>
> Sent from my iPhone
>
>>> On 29-Dec-2020, at 3:02 PM, Debbie Watkins | Lucy <de...@welucy.com> wrote:
>>>
>>
>> Hi Paul
>>
>> One thing worth mentioning here - to send money from your bank to another bank in-country, I think you'll probably need to connect your instance of Mifos to the national clearing and settlement switch. How the data is sent from Mifos to the switch will depend on the requirements of the switch (in most cases it's not an API call).
>>
>> Best regards, Debbie
>>
>> Debbie Watkins
>> CEO and Co-founder
>>
>> +65 6817 1160
>> debbie.watkins@welucy.com
>> Lucy | Turning the unbanked into the unstoppable
>> www.welucy.com
>>
>>
>>> On Tue, 29 Dec 2020 at 17:17, Saifudeen Khan <sa...@zucisystems.com> wrote:
>>> Greetings Paul
>>>
>>>
>>>
>>> We are a fintech startup ourselves based out of Chennai. We have delivered couple of Fineract deployments including customizations mapping to customer needs (micro finance companies). It is a great system with super flexibility.
>>>
>>>
>>>
>>> How do users create checking or savings accounts in my neo bank? Do I have to create a website and call Fineract API endpoints? I am looking for a way to create accounts automatically online and not manually.
>>>
>>>
>>> s@if >>> Fineract has de-coupled UI from busiess layer, everything is of API calls. All you need is to build a UI, make appropriate API Calls. I am not sure of neo bank as such, but creation of accounts/products/loans everything is definitely possible.
>>>
>>>
>>>
>>> How can Fineract know when a bank transfers funds to my neo bank? Let's say a customer wants to deposit $100 from another bank into my neo bank. How does Fineract know if my neo bank actually received $100 from the other bank?
>>>
>>>
>>> s@if>>> Again, API calls again. Your neo bank application will have to notify fineract about it and pass on details for it to maintain records
>>>
>>>
>>> 3. Similarly, if a customer wants to send $100 from my neo bank to their other bank, how does Fineract know that $100 was actually sent and how does it send it to the other bank?
>>>
>>>
>>>
>>> s@if >>> #refer 2
>>>
>>>
>>>
>>> regards
>>>
>>> s@if
>>>
>>>
>>>
>>>
>>> From: Paul Aphivantrakul <ap...@gmail.com>
>>> Sent: 29 December 2020 12:14
>>> To: dev@fineract.apache.org
>>> Subject: Neo Bank Startup Company Using Fineract
>>>
>>>
>>>
>>> CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.
>>>
>>>
>>>
>>> Hello everyone,
>>>
>>>
>>>
>>> My name is Paul Aphivantrakul, and I am a software developer currently living in Thailand. Since living here for about a year, I have become interested in the fintech market and came across the Fineract project. I would like to start a fintech startup similar to a neo bank here in Thailand that uses Fineract as the core banking system. However, I am still a little confused about how to use Fineract for a purely online bank.
>>>
>>>
>>>
>>> 1. How do users create checking or savings accounts in my neo bank? Do I have to create a website and call Fineract API endpoints? I am looking for a way to create accounts automatically online and not manually.
>>>
>>> 2. How can Fineract know when a bank transfers funds to my neo bank? Let's say a customer wants to deposit $100 from another bank into my neo bank. How does Fineract know if my neo bank actually received $100 from the other bank?
>>> 3. Similarly, if a customer wants to send $100 from my neo bank to their other bank, how does Fineract know that $100 was actually sent and how does it send it to the other bank?
>>>
>>> I have gone to https://www.fineract.dev/ and have tested out the Fineract system, but it seems that this system works best for bank tellers who work in physical branch locations. Is there a more automated way to create accounts and to accept and send out payments? Would this be done through the API? If so, do we as Fineract users have to create our own websites to allow customers to interact with these APIs?
>>>
>>>
>>>
>>> Thank you,
>>>
>>>
>>>
>>> Paul
>>>
>>> Disclaimer: "The contents of this e-mail and any attachments enclosed therein are intended solely for the addressee(s) and may contain confidential and/or privileged information. It may also be the sole intellectual and proprietary resource of Zuci Systems and therefore may be legally protected from disclosure. If you are not the intended recipient of this message, or if this message has been addressed to you by inadvertence, kindly alert the sender by email and then follow with its deletion. If you are not the intended recipient, you are hereby notified that any use, dissemination, copying, or storage of this message or its attachments is strictly prohibited and shall make you liable for consequences under applicable laws."
Re: Neo Bank Startup Company Using Fineract
Posted by Saransh Sharma <sa...@muellners.org>.
Technically right now the users delegation is loose in Fineract ie Self service and no proper service to service communication if you want to invest in building a layer two solution that works on top of Fineract you should do that or else create your own back end accordingly to your needs
Fineract is fine but will not cater to all of your needs like how you want and you will see that you will end wiring up your own layer two on top of it.
Most important thing to do is to focus on standardising your API and then just use those which you need.
Logistically you will face taken scarcity also like there is hardly few here in the community who knows development on such standards.
Another is NeO bank need more like a blockchain kind of payment rails solution go for that and build your API on top
Thanks
Sent from my iPhone
> On 29-Dec-2020, at 3:02 PM, Debbie Watkins | Lucy <de...@welucy.com> wrote:
>
>
> Hi Paul
>
> One thing worth mentioning here - to send money from your bank to another bank in-country, I think you'll probably need to connect your instance of Mifos to the national clearing and settlement switch. How the data is sent from Mifos to the switch will depend on the requirements of the switch (in most cases it's not an API call).
>
> Best regards, Debbie
>
> Debbie Watkins
> CEO and Co-founder
>
> +65 6817 1160
> debbie.watkins@welucy.com
> Lucy | Turning the unbanked into the unstoppable
> www.welucy.com
>
>
>> On Tue, 29 Dec 2020 at 17:17, Saifudeen Khan <sa...@zucisystems.com> wrote:
>> Greetings Paul
>>
>>
>>
>> We are a fintech startup ourselves based out of Chennai. We have delivered couple of Fineract deployments including customizations mapping to customer needs (micro finance companies). It is a great system with super flexibility.
>>
>>
>>
>> How do users create checking or savings accounts in my neo bank? Do I have to create a website and call Fineract API endpoints? I am looking for a way to create accounts automatically online and not manually.
>>
>>
>> s@if >>> Fineract has de-coupled UI from busiess layer, everything is of API calls. All you need is to build a UI, make appropriate API Calls. I am not sure of neo bank as such, but creation of accounts/products/loans everything is definitely possible.
>>
>>
>>
>> How can Fineract know when a bank transfers funds to my neo bank? Let's say a customer wants to deposit $100 from another bank into my neo bank. How does Fineract know if my neo bank actually received $100 from the other bank?
>>
>>
>> s@if>>> Again, API calls again. Your neo bank application will have to notify fineract about it and pass on details for it to maintain records
>>
>>
>> 3. Similarly, if a customer wants to send $100 from my neo bank to their other bank, how does Fineract know that $100 was actually sent and how does it send it to the other bank?
>>
>>
>>
>> s@if >>> #refer 2
>>
>>
>>
>> regards
>>
>> s@if
>>
>>
>>
>>
>> From: Paul Aphivantrakul <ap...@gmail.com>
>> Sent: 29 December 2020 12:14
>> To: dev@fineract.apache.org
>> Subject: Neo Bank Startup Company Using Fineract
>>
>>
>>
>> CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.
>>
>>
>>
>> Hello everyone,
>>
>>
>>
>> My name is Paul Aphivantrakul, and I am a software developer currently living in Thailand. Since living here for about a year, I have become interested in the fintech market and came across the Fineract project. I would like to start a fintech startup similar to a neo bank here in Thailand that uses Fineract as the core banking system. However, I am still a little confused about how to use Fineract for a purely online bank.
>>
>>
>>
>> 1. How do users create checking or savings accounts in my neo bank? Do I have to create a website and call Fineract API endpoints? I am looking for a way to create accounts automatically online and not manually.
>>
>> 2. How can Fineract know when a bank transfers funds to my neo bank? Let's say a customer wants to deposit $100 from another bank into my neo bank. How does Fineract know if my neo bank actually received $100 from the other bank?
>> 3. Similarly, if a customer wants to send $100 from my neo bank to their other bank, how does Fineract know that $100 was actually sent and how does it send it to the other bank?
>>
>> I have gone to https://www.fineract.dev/ and have tested out the Fineract system, but it seems that this system works best for bank tellers who work in physical branch locations. Is there a more automated way to create accounts and to accept and send out payments? Would this be done through the API? If so, do we as Fineract users have to create our own websites to allow customers to interact with these APIs?
>>
>>
>>
>> Thank you,
>>
>>
>>
>> Paul
>>
>> Disclaimer: "The contents of this e-mail and any attachments enclosed therein are intended solely for the addressee(s) and may contain confidential and/or privileged information. It may also be the sole intellectual and proprietary resource of Zuci Systems and therefore may be legally protected from disclosure. If you are not the intended recipient of this message, or if this message has been addressed to you by inadvertence, kindly alert the sender by email and then follow with its deletion. If you are not the intended recipient, you are hereby notified that any use, dissemination, copying, or storage of this message or its attachments is strictly prohibited and shall make you liable for consequences under applicable laws."
Re: Neo Bank Startup Company Using Fineract
Posted by Debbie Watkins | Lucy <de...@welucy.com>.
Hi Paul
One thing worth mentioning here - to send money from your bank to another
bank in-country, I think you'll probably need to connect your instance of
Mifos to the national clearing and settlement switch. How the data is sent
from Mifos to the switch will depend on the requirements of the switch (in
most cases it's not an API call).
Best regards, Debbie
[image: Your Company] <http://www.lucytribe.com/>
Debbie Watkins
CEO and Co-founder <https://www.linkedin.com/company/lucy-community>
[image: T:] +65 6817 1160
[image: E:] debbie.watkins@welucy.com
*Lucy* | *Turning the unbanked into the unstoppable*
www.welucy.com
On Tue, 29 Dec 2020 at 17:17, Saifudeen Khan <sa...@zucisystems.com> wrote:
> Greetings Paul
>
>
>
> We are a fintech startup ourselves based out of Chennai. We have delivered
> couple of Fineract deployments including customizations mapping to customer
> needs (micro finance companies). It is a great system with super
> flexibility.
>
>
>
> 1. How do users create checking or savings accounts in my neo bank? Do
> I have to create a website and call Fineract API endpoints? I am looking
> for a way to create accounts automatically online and not manually.
>
>
>
> s@if >>> Fineract has de-coupled UI from busiess layer, everything is of
> API calls. All you need is to build a UI, make appropriate API Calls. I am
> not sure of neo bank as such, but creation of accounts/products/loans
> everything is definitely possible.
>
>
>
> 1. How can Fineract know when a bank transfers funds to my neo bank?
> Let's say a customer wants to deposit $100 from another bank into my neo
> bank. How does Fineract know if my neo bank actually received $100 from the
> other bank?
>
>
>
> s@if>>> Again, API calls again. Your neo bank application will have to
> notify fineract about it and pass on details for it to maintain records
>
>
> 3. Similarly, if a customer wants to send $100 from my neo bank to their
> other bank, how does Fineract know that $100 was actually sent and how does
> it send it to the other bank?
>
>
>
> s@if >>> #refer 2
>
>
>
> regards
>
> s@if
>
>
>
> *From:* Paul Aphivantrakul <ap...@gmail.com>
> *Sent:* 29 December 2020 12:14
> *To:* dev@fineract.apache.org
> *Subject:* Neo Bank Startup Company Using Fineract
>
>
>
> CAUTION: This email originated from outside of the organization. Do not
> click links or open attachments unless you recognize the sender and know
> the content is safe.
>
>
>
> Hello everyone,
>
>
>
> My name is Paul Aphivantrakul, and I am a software developer currently
> living in Thailand. Since living here for about a year, I have become
> interested in the fintech market and came across the Fineract project. I
> would like to start a fintech startup similar to a neo bank here in
> Thailand that uses Fineract as the core banking system. However, I am still
> a little confused about how to use Fineract for a purely online bank.
>
>
>
> 1. How do users create checking or savings accounts in my neo bank? Do I
> have to create a website and call Fineract API endpoints? I am looking for
> a way to create accounts automatically online and not manually.
>
> 2. How can Fineract know when a bank transfers funds to my neo bank? Let's
> say a customer wants to deposit $100 from another bank into my neo bank.
> How does Fineract know if my neo bank actually received $100 from the other
> bank?
> 3. Similarly, if a customer wants to send $100 from my neo bank to their
> other bank, how does Fineract know that $100 was actually sent and how does
> it send it to the other bank?
>
> I have gone to https://www.fineract.dev/ and have tested out the Fineract
> system, but it seems that this system works best for bank tellers who work
> in physical branch locations. Is there a more automated way to create
> accounts and to accept and send out payments? Would this be done through
> the API? If so, do we as Fineract users have to create our own websites to
> allow customers to interact with these APIs?
>
>
>
> Thank you,
>
>
>
> Paul
> Disclaimer: "The contents of this e-mail and any attachments enclosed
> therein are intended solely for the addressee(s) and may contain
> confidential and/or privileged information. It may also be the sole
> intellectual and proprietary resource of Zuci Systems and therefore may be
> legally protected from disclosure. If you are not the intended recipient of
> this message, or if this message has been addressed to you by inadvertence,
> kindly alert the sender by email and then follow with its deletion. If you
> are not the intended recipient, you are hereby notified that any use,
> dissemination, copying, or storage of this message or its attachments is
> strictly prohibited and shall make you liable for consequences under
> applicable laws."
>
RE: Neo Bank Startup Company Using Fineract
Posted by Saifudeen Khan <sa...@zucisystems.com>.
Greetings Paul
We are a fintech startup ourselves based out of Chennai. We have delivered couple of Fineract deployments including customizations mapping to customer needs (micro finance companies). It is a great system with super flexibility.
1. How do users create checking or savings accounts in my neo bank? Do I have to create a website and call Fineract API endpoints? I am looking for a way to create accounts automatically online and not manually.
s@if >>> Fineract has de-coupled UI from busiess layer, everything is of API calls. All you need is to build a UI, make appropriate API Calls. I am not sure of neo bank as such, but creation of accounts/products/loans everything is definitely possible.
1. How can Fineract know when a bank transfers funds to my neo bank? Let's say a customer wants to deposit $100 from another bank into my neo bank. How does Fineract know if my neo bank actually received $100 from the other bank?
s@if>>> Again, API calls again. Your neo bank application will have to notify fineract about it and pass on details for it to maintain records
3. Similarly, if a customer wants to send $100 from my neo bank to their other bank, how does Fineract know that $100 was actually sent and how does it send it to the other bank?
s@if >>> #refer 2
regards
s@if
From: Paul Aphivantrakul <ap...@gmail.com>
Sent: 29 December 2020 12:14
To: dev@fineract.apache.org
Subject: Neo Bank Startup Company Using Fineract
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe.
Hello everyone,
My name is Paul Aphivantrakul, and I am a software developer currently living in Thailand. Since living here for about a year, I have become interested in the fintech market and came across the Fineract project. I would like to start a fintech startup similar to a neo bank here in Thailand that uses Fineract as the core banking system. However, I am still a little confused about how to use Fineract for a purely online bank.
1. How do users create checking or savings accounts in my neo bank? Do I have to create a website and call Fineract API endpoints? I am looking for a way to create accounts automatically online and not manually.
2. How can Fineract know when a bank transfers funds to my neo bank? Let's say a customer wants to deposit $100 from another bank into my neo bank. How does Fineract know if my neo bank actually received $100 from the other bank?
3. Similarly, if a customer wants to send $100 from my neo bank to their other bank, how does Fineract know that $100 was actually sent and how does it send it to the other bank?
I have gone to https://www.fineract.dev/ and have tested out the Fineract system, but it seems that this system works best for bank tellers who work in physical branch locations. Is there a more automated way to create accounts and to accept and send out payments? Would this be done through the API? If so, do we as Fineract users have to create our own websites to allow customers to interact with these APIs?
Thank you,
Paul
Disclaimer: "The contents of this e-mail and any attachments enclosed therein are intended solely for the addressee(s) and may contain confidential and/or privileged information. It may also be the sole intellectual and proprietary resource of Zuci Systems and therefore may be legally protected from disclosure. If you are not the intended recipient of this message, or if this message has been addressed to you by inadvertence, kindly alert the sender by email and then follow with its deletion. If you are not the intended recipient, you are hereby notified that any use, dissemination, copying, or storage of this message or its attachments is strictly prohibited and shall make you liable for consequences under applicable laws."
Re: Neo Bank Startup Company Using Fineract
Posted by Saransh Sharma <sa...@muellners.org>.
I would suggest that deploy a local version and try API there
Sent from my iPhone
> On 31-Dec-2020, at 9:34 AM, Paul Aphivantrakul <ap...@gmail.com> wrote:
>
>
> Hello everyone,
>
> I am having trouble calling the REST API on the Fineract demo website https://www.fineract.dev/
>
> I am using Postman to send my GET request. My request is to get the list of all the clients as detailed here https://demo.mifos.io/api-docs/apiLive.htm#clients_list
>
> URL:
> https://www.fineract.dev/api/v1/clients
>
> Response:
> and I am getting a 404 response
>
> <h1>404</h1>
> <p><strong>File not found</strong></p>
>
> <p>
> The site configured at this address does not
> contain the requested file.
> </p>
>
> Any help would be much appreciated.
>
> Thank you,
>
> Paul
>
>
>
>
>
>
>
>> On Wed, Dec 30, 2020 at 2:22 PM Saransh Sharma <sa...@muellners.org> wrote:
>> If you are planning to store actual money on behalf of your consumer, you can but for that you need a certain license and once you do that you have the right to transfer using payment service or electronic transfers system that are in place which is quite general across the world , these services will provide you interfaces one eg is Asia Pay .
>>
>> Ideal approach is to become a fintech that can collect and transmit actual money in thailand, there are banks who provide sub-license for you to do that but then you actually become a Payment processor now choice is your , you can choose an existing tech integrator or become one.
>>
>> Like partner with a payment processor then store digital balance in fineract based on the money collected in your partner (Payment Processor Account) then transmit using their API.
>>
>> Apart from that if you want to pave a path for becoming a neo bank that is a long route.
>>
>> Thanks
>>
>>> On Wed, Dec 30, 2020 at 12:03 PM Paul Aphivantrakul <ap...@gmail.com> wrote:
>>> Hello everyone,
>>>
>>> Thank you for taking the time to write back to me. It looks like Fineract has a very supportive community. My current understanding is that for automatic and online creation of savings and checking accounts, building a frontend website to call backend Fineract APIs is the way to go. However, I am still unclear about how to actually send funds to other banks and how to receive funds from other banks. I think Debbie Watkins gave the closest answer about having to connect Fineract with the national clearing and settlement switch, but I am still not 100% clear on this. It seems to me that Fineract is a great backend, record-keeping software, but my question about how actual money gets transferred from one bank to another is still unclear to me. If anyone has experience with this, I would very much appreciate your input.
>>>
>>> Thank you again and Happy New Years,
>>>
>>> Paul
>>>
>>>> On Wed, Dec 30, 2020 at 12:13 AM Victor Romero <vi...@fintecheando.mx> wrote:
>>>> Hi Paul,
>>>>
>>>> I think you have to check the local regulation about becoming a Neo
>>>> Bank. And if your Use cases are suitable for Fineract, Fineract CN,
>>>> Mifor Payment Hub or Mojaloop.
>>>>
>>>> It is a complex task (not imposible) to build a bank. The ecosystem
>>>> around the solutions can be used in a micro finance institution to a
>>>> worldwide bank for serving from hundred to millions of customers.
>>>>
>>>> Take a look at
>>>>
>>>> http://fineract.apache.org/
>>>>
>>>> https://mifos.gitbook.io/docs/payment-hub-ee/overview
>>>>
>>>> https://cwiki.apache.org/confluence/display/FINERACT/Mojaloop+Integration
>>>>
>>>> https://mifos.org/blog/mifos-mojaloop/
>>>>
>>>> https://mojaloop.io/
>>>>
>>>> Regards
>>>>
>>>> Victor
>>>>
>>>> On 29/12/20 0:44, Paul Aphivantrakul wrote:
>>>> > Hello everyone,
>>>> >
>>>> > My name is Paul Aphivantrakul, and I am a software developer currently
>>>> > living in Thailand. Since living here for about a year, I have become
>>>> > interested in the fintech market and came across the Fineract project.
>>>> > I would like to start a fintech startup similar to a neo bank here in
>>>> > Thailand that uses Fineract as the core banking system. However, I am
>>>> > still a little confused about how to use Fineract for a purely online
>>>> > bank.
>>>> >
>>>> > 1. How do users create checking or savings accounts in my neo bank? Do
>>>> > I have to create a website and call Fineract API endpoints? I am
>>>> > looking for a way to create accounts automatically online and not
>>>> > manually.
>>>> > 2. How can Fineract know when a bank transfers funds to my neo bank?
>>>> > Let's say a customer wants to deposit $100 from another bank into my
>>>> > neo bank. How does Fineract know if my neo bank actually received $100
>>>> > from the other bank?
>>>> > 3. Similarly, if a customer wants to send $100 from my neo bank to
>>>> > their other bank, how does Fineract know that $100 was actually sent
>>>> > and how does it send it to the other bank?
>>>> >
>>>> > I have gone to https://www.fineract.dev/ and have tested out the
>>>> > Fineract system, but it seems that this system works best for bank
>>>> > tellers who work in physical branch locations. Is there a more
>>>> > automated way to create accounts and to accept and send out payments?
>>>> > Would this be done through the API? If so, do we as Fineract users
>>>> > have to create our own websites to allow customers to interact with
>>>> > these APIs?
>>>> >
>>>> > Thank you,
>>>> >
>>>> > Paul
>>
>>
>> --
>> Thanks and regards,
>>
>> Saransh Sharma
>> Research Partner
>>
>> This mail is governed by Muellners® IT policy.
>> The information contained in this e-mail and any accompanying documents may contain information that is confidential or otherwise protected from disclosure. If you are not the intended recipient of this message, or if this message has been addressed to you in error, please immediately alert the sender by reply e-mail and then delete this message, including any attachments. Any dissemination, distribution or other use of the contents of this message by anyone other than the intended recipient is strictly prohibited. All messages sent to and from this e-mail address may be monitored as permitted by applicable law and regulations to ensure compliance with our internal policies and to protect our business. E-mails are not secure and cannot be guaranteed to be error free as they can be intercepted, amended, lost or destroyed, or contain viruses. You are deemed to have accepted these risks if you communicate with us by e-mail.
Re: Neo Bank Startup Company Using Fineract
Posted by Paul Aphivantrakul <ap...@gmail.com>.
Hello Binny,
Thank you, your suggestion works. Thank you again.
Paul
On Thu, Dec 31, 2020 at 2:08 PM Binny Gopinath Sreevas <
binny.gopinath@gmail.com> wrote:
> Hi Paul,
>
> The GET URL should be:
> https://demo.fineract.dev/fineract-provider/api/v1/clients
>
> The headers should also include "Fineract-Platform-TenantId" with value
> as "default".
> And Basic authentication is to be set on Postman with user id and password.
>
> Hope this helps.
>
> Thanks
> Binny
>
>
>
> On Thu, Dec 31, 2020 at 9:34 AM Paul Aphivantrakul <
> aphivantrakul@gmail.com> wrote:
>
>> Hello everyone,
>>
>> I am having trouble calling the REST API on the Fineract demo website
>> https://www.fineract.dev/
>>
>> I am using Postman to send my GET request. My request is to get the list
>> of all the clients as detailed here
>> https://demo.mifos.io/api-docs/apiLive.htm#clients_list
>>
>> URL:
>> https://www.fineract.dev/api/v1/clients
>>
>> Response:
>> and I am getting a 404 response
>>
>> <h1>404</h1>
>> <p><strong>File not found</strong></p>
>>
>> <p>
>> The site configured at this address does not
>> contain the requested file.
>> </p>
>>
>> Any help would be much appreciated.
>>
>> Thank you,
>>
>> Paul
>>
>>
>>
>>
>>
>>
>>
>> On Wed, Dec 30, 2020 at 2:22 PM Saransh Sharma <sa...@muellners.org>
>> wrote:
>>
>>> If you are planning to store actual money on behalf of your consumer,
>>> you can but for that you need a certain license and once you do that you
>>> have the right to transfer using payment service or electronic transfers
>>> system that are in place which is quite general across the world , these
>>> services will provide you interfaces one eg is Asia Pay .
>>>
>>> Ideal approach is to become a fintech that can collect and transmit
>>> actual money in thailand, there are banks who provide sub-license for you
>>> to do that but then you actually become a Payment processor now choice is
>>> your , you can choose an existing tech integrator or become one.
>>>
>>> Like partner with a payment processor then store digital balance in
>>> fineract based on the money collected in your partner (Payment Processor
>>> Account) then transmit using their API.
>>>
>>> Apart from that if you want to pave a path for becoming a neo bank that
>>> is a long route.
>>>
>>> Thanks
>>>
>>> On Wed, Dec 30, 2020 at 12:03 PM Paul Aphivantrakul <
>>> aphivantrakul@gmail.com> wrote:
>>>
>>>> Hello everyone,
>>>>
>>>> Thank you for taking the time to write back to me. It looks like
>>>> Fineract has a very supportive community. My current understanding is that
>>>> for automatic and online creation of savings and checking accounts,
>>>> building a frontend website to call backend Fineract APIs is the way to go.
>>>> However, I am still unclear about how to actually send funds to other banks
>>>> and how to receive funds from other banks. I think Debbie Watkins gave the
>>>> closest answer about having to connect Fineract with the national clearing
>>>> and settlement switch, but I am still not 100% clear on this. It seems to
>>>> me that Fineract is a great backend, record-keeping software, but my
>>>> question about how actual money gets transferred from one bank to another
>>>> is still unclear to me. If anyone has experience with this, I would very
>>>> much appreciate your input.
>>>>
>>>> Thank you again and Happy New Years,
>>>>
>>>> Paul
>>>>
>>>> On Wed, Dec 30, 2020 at 12:13 AM Victor Romero <
>>>> victor.romero@fintecheando.mx> wrote:
>>>>
>>>>> Hi Paul,
>>>>>
>>>>> I think you have to check the local regulation about becoming a Neo
>>>>> Bank. And if your Use cases are suitable for Fineract, Fineract CN,
>>>>> Mifor Payment Hub or Mojaloop.
>>>>>
>>>>> It is a complex task (not imposible) to build a bank. The ecosystem
>>>>> around the solutions can be used in a micro finance institution to a
>>>>> worldwide bank for serving from hundred to millions of customers.
>>>>>
>>>>> Take a look at
>>>>>
>>>>> http://fineract.apache.org/
>>>>>
>>>>> https://mifos.gitbook.io/docs/payment-hub-ee/overview
>>>>>
>>>>>
>>>>> https://cwiki.apache.org/confluence/display/FINERACT/Mojaloop+Integration
>>>>>
>>>>> https://mifos.org/blog/mifos-mojaloop/
>>>>>
>>>>> https://mojaloop.io/
>>>>>
>>>>> Regards
>>>>>
>>>>> Victor
>>>>>
>>>>> On 29/12/20 0:44, Paul Aphivantrakul wrote:
>>>>> > Hello everyone,
>>>>> >
>>>>> > My name is Paul Aphivantrakul, and I am a software developer
>>>>> currently
>>>>> > living in Thailand. Since living here for about a year, I have
>>>>> become
>>>>> > interested in the fintech market and came across the Fineract
>>>>> project.
>>>>> > I would like to start a fintech startup similar to a neo bank here
>>>>> in
>>>>> > Thailand that uses Fineract as the core banking system. However, I
>>>>> am
>>>>> > still a little confused about how to use Fineract for a purely
>>>>> online
>>>>> > bank.
>>>>> >
>>>>> > 1. How do users create checking or savings accounts in my neo bank?
>>>>> Do
>>>>> > I have to create a website and call Fineract API endpoints? I am
>>>>> > looking for a way to create accounts automatically online and not
>>>>> > manually.
>>>>> > 2. How can Fineract know when a bank transfers funds to my neo bank?
>>>>> > Let's say a customer wants to deposit $100 from another bank into my
>>>>> > neo bank. How does Fineract know if my neo bank actually received
>>>>> $100
>>>>> > from the other bank?
>>>>> > 3. Similarly, if a customer wants to send $100 from my neo bank to
>>>>> > their other bank, how does Fineract know that $100 was actually sent
>>>>> > and how does it send it to the other bank?
>>>>> >
>>>>> > I have gone to https://www.fineract.dev/ and have tested out the
>>>>> > Fineract system, but it seems that this system works best for bank
>>>>> > tellers who work in physical branch locations. Is there a more
>>>>> > automated way to create accounts and to accept and send out
>>>>> payments?
>>>>> > Would this be done through the API? If so, do we as Fineract users
>>>>> > have to create our own websites to allow customers to interact with
>>>>> > these APIs?
>>>>> >
>>>>> > Thank you,
>>>>> >
>>>>> > Paul
>>>>>
>>>>
>>>
>>> --
>>> Thanks and regards,
>>>
>>> Saransh Sharma
>>> Research Partner
>>>
>>> This mail is governed by Muellners® IT policy.
>>> The information contained in this e-mail and any accompanying documents
>>> may contain information that is confidential or otherwise protected from
>>> disclosure. If you are not the intended recipient of this message, or if
>>> this message has been addressed to you in error, please immediately alert
>>> the sender by reply e-mail and then delete this message, including any
>>> attachments. Any dissemination, distribution or other use of the contents
>>> of this message by anyone other than the intended recipient is strictly
>>> prohibited. All messages sent to and from this e-mail address may be
>>> monitored as permitted by applicable law and regulations to ensure
>>> compliance with our internal policies and to protect our business. E-mails
>>> are not secure and cannot be guaranteed to be error free as they can be
>>> intercepted, amended, lost or destroyed, or contain viruses. You are deemed
>>> to have accepted these risks if you communicate with us by e-mail.
>>>
>>
Re: Neo Bank Startup Company Using Fineract
Posted by Binny Gopinath Sreevas <bi...@gmail.com>.
Hi Paul,
The GET URL should be:
https://demo.fineract.dev/fineract-provider/api/v1/clients
The headers should also include "Fineract-Platform-TenantId" with value as
"default".
And Basic authentication is to be set on Postman with user id and password.
Hope this helps.
Thanks
Binny
On Thu, Dec 31, 2020 at 9:34 AM Paul Aphivantrakul <ap...@gmail.com>
wrote:
> Hello everyone,
>
> I am having trouble calling the REST API on the Fineract demo website
> https://www.fineract.dev/
>
> I am using Postman to send my GET request. My request is to get the list
> of all the clients as detailed here
> https://demo.mifos.io/api-docs/apiLive.htm#clients_list
>
> URL:
> https://www.fineract.dev/api/v1/clients
>
> Response:
> and I am getting a 404 response
>
> <h1>404</h1>
> <p><strong>File not found</strong></p>
>
> <p>
> The site configured at this address does not
> contain the requested file.
> </p>
>
> Any help would be much appreciated.
>
> Thank you,
>
> Paul
>
>
>
>
>
>
>
> On Wed, Dec 30, 2020 at 2:22 PM Saransh Sharma <sa...@muellners.org>
> wrote:
>
>> If you are planning to store actual money on behalf of your consumer, you
>> can but for that you need a certain license and once you do that you have
>> the right to transfer using payment service or electronic transfers system
>> that are in place which is quite general across the world , these services
>> will provide you interfaces one eg is Asia Pay .
>>
>> Ideal approach is to become a fintech that can collect and transmit
>> actual money in thailand, there are banks who provide sub-license for you
>> to do that but then you actually become a Payment processor now choice is
>> your , you can choose an existing tech integrator or become one.
>>
>> Like partner with a payment processor then store digital balance in
>> fineract based on the money collected in your partner (Payment Processor
>> Account) then transmit using their API.
>>
>> Apart from that if you want to pave a path for becoming a neo bank that
>> is a long route.
>>
>> Thanks
>>
>> On Wed, Dec 30, 2020 at 12:03 PM Paul Aphivantrakul <
>> aphivantrakul@gmail.com> wrote:
>>
>>> Hello everyone,
>>>
>>> Thank you for taking the time to write back to me. It looks like
>>> Fineract has a very supportive community. My current understanding is that
>>> for automatic and online creation of savings and checking accounts,
>>> building a frontend website to call backend Fineract APIs is the way to go.
>>> However, I am still unclear about how to actually send funds to other banks
>>> and how to receive funds from other banks. I think Debbie Watkins gave the
>>> closest answer about having to connect Fineract with the national clearing
>>> and settlement switch, but I am still not 100% clear on this. It seems to
>>> me that Fineract is a great backend, record-keeping software, but my
>>> question about how actual money gets transferred from one bank to another
>>> is still unclear to me. If anyone has experience with this, I would very
>>> much appreciate your input.
>>>
>>> Thank you again and Happy New Years,
>>>
>>> Paul
>>>
>>> On Wed, Dec 30, 2020 at 12:13 AM Victor Romero <
>>> victor.romero@fintecheando.mx> wrote:
>>>
>>>> Hi Paul,
>>>>
>>>> I think you have to check the local regulation about becoming a Neo
>>>> Bank. And if your Use cases are suitable for Fineract, Fineract CN,
>>>> Mifor Payment Hub or Mojaloop.
>>>>
>>>> It is a complex task (not imposible) to build a bank. The ecosystem
>>>> around the solutions can be used in a micro finance institution to a
>>>> worldwide bank for serving from hundred to millions of customers.
>>>>
>>>> Take a look at
>>>>
>>>> http://fineract.apache.org/
>>>>
>>>> https://mifos.gitbook.io/docs/payment-hub-ee/overview
>>>>
>>>>
>>>> https://cwiki.apache.org/confluence/display/FINERACT/Mojaloop+Integration
>>>>
>>>> https://mifos.org/blog/mifos-mojaloop/
>>>>
>>>> https://mojaloop.io/
>>>>
>>>> Regards
>>>>
>>>> Victor
>>>>
>>>> On 29/12/20 0:44, Paul Aphivantrakul wrote:
>>>> > Hello everyone,
>>>> >
>>>> > My name is Paul Aphivantrakul, and I am a software developer
>>>> currently
>>>> > living in Thailand. Since living here for about a year, I have become
>>>> > interested in the fintech market and came across the Fineract
>>>> project.
>>>> > I would like to start a fintech startup similar to a neo bank here in
>>>> > Thailand that uses Fineract as the core banking system. However, I am
>>>> > still a little confused about how to use Fineract for a purely online
>>>> > bank.
>>>> >
>>>> > 1. How do users create checking or savings accounts in my neo bank?
>>>> Do
>>>> > I have to create a website and call Fineract API endpoints? I am
>>>> > looking for a way to create accounts automatically online and not
>>>> > manually.
>>>> > 2. How can Fineract know when a bank transfers funds to my neo bank?
>>>> > Let's say a customer wants to deposit $100 from another bank into my
>>>> > neo bank. How does Fineract know if my neo bank actually received
>>>> $100
>>>> > from the other bank?
>>>> > 3. Similarly, if a customer wants to send $100 from my neo bank to
>>>> > their other bank, how does Fineract know that $100 was actually sent
>>>> > and how does it send it to the other bank?
>>>> >
>>>> > I have gone to https://www.fineract.dev/ and have tested out the
>>>> > Fineract system, but it seems that this system works best for bank
>>>> > tellers who work in physical branch locations. Is there a more
>>>> > automated way to create accounts and to accept and send out payments?
>>>> > Would this be done through the API? If so, do we as Fineract users
>>>> > have to create our own websites to allow customers to interact with
>>>> > these APIs?
>>>> >
>>>> > Thank you,
>>>> >
>>>> > Paul
>>>>
>>>
>>
>> --
>> Thanks and regards,
>>
>> Saransh Sharma
>> Research Partner
>>
>> This mail is governed by Muellners® IT policy.
>> The information contained in this e-mail and any accompanying documents
>> may contain information that is confidential or otherwise protected from
>> disclosure. If you are not the intended recipient of this message, or if
>> this message has been addressed to you in error, please immediately alert
>> the sender by reply e-mail and then delete this message, including any
>> attachments. Any dissemination, distribution or other use of the contents
>> of this message by anyone other than the intended recipient is strictly
>> prohibited. All messages sent to and from this e-mail address may be
>> monitored as permitted by applicable law and regulations to ensure
>> compliance with our internal policies and to protect our business. E-mails
>> are not secure and cannot be guaranteed to be error free as they can be
>> intercepted, amended, lost or destroyed, or contain viruses. You are deemed
>> to have accepted these risks if you communicate with us by e-mail.
>>
>
Re: Neo Bank Startup Company Using Fineract
Posted by Paul Aphivantrakul <ap...@gmail.com>.
Hello everyone,
I am having trouble calling the REST API on the Fineract demo website
https://www.fineract.dev/
I am using Postman to send my GET request. My request is to get the list of
all the clients as detailed here
https://demo.mifos.io/api-docs/apiLive.htm#clients_list
URL:
https://www.fineract.dev/api/v1/clients
Response:
and I am getting a 404 response
<h1>404</h1>
<p><strong>File not found</strong></p>
<p>
The site configured at this address does not
contain the requested file.
</p>
Any help would be much appreciated.
Thank you,
Paul
On Wed, Dec 30, 2020 at 2:22 PM Saransh Sharma <sa...@muellners.org>
wrote:
> If you are planning to store actual money on behalf of your consumer, you
> can but for that you need a certain license and once you do that you have
> the right to transfer using payment service or electronic transfers system
> that are in place which is quite general across the world , these services
> will provide you interfaces one eg is Asia Pay .
>
> Ideal approach is to become a fintech that can collect and transmit actual
> money in thailand, there are banks who provide sub-license for you to do
> that but then you actually become a Payment processor now choice is your ,
> you can choose an existing tech integrator or become one.
>
> Like partner with a payment processor then store digital balance in
> fineract based on the money collected in your partner (Payment Processor
> Account) then transmit using their API.
>
> Apart from that if you want to pave a path for becoming a neo bank that is
> a long route.
>
> Thanks
>
> On Wed, Dec 30, 2020 at 12:03 PM Paul Aphivantrakul <
> aphivantrakul@gmail.com> wrote:
>
>> Hello everyone,
>>
>> Thank you for taking the time to write back to me. It looks like Fineract
>> has a very supportive community. My current understanding is that for
>> automatic and online creation of savings and checking accounts, building a
>> frontend website to call backend Fineract APIs is the way to go. However, I
>> am still unclear about how to actually send funds to other banks and how to
>> receive funds from other banks. I think Debbie Watkins gave the closest
>> answer about having to connect Fineract with the national clearing and
>> settlement switch, but I am still not 100% clear on this. It seems to me
>> that Fineract is a great backend, record-keeping software, but my question
>> about how actual money gets transferred from one bank to another is still
>> unclear to me. If anyone has experience with this, I would very much
>> appreciate your input.
>>
>> Thank you again and Happy New Years,
>>
>> Paul
>>
>> On Wed, Dec 30, 2020 at 12:13 AM Victor Romero <
>> victor.romero@fintecheando.mx> wrote:
>>
>>> Hi Paul,
>>>
>>> I think you have to check the local regulation about becoming a Neo
>>> Bank. And if your Use cases are suitable for Fineract, Fineract CN,
>>> Mifor Payment Hub or Mojaloop.
>>>
>>> It is a complex task (not imposible) to build a bank. The ecosystem
>>> around the solutions can be used in a micro finance institution to a
>>> worldwide bank for serving from hundred to millions of customers.
>>>
>>> Take a look at
>>>
>>> http://fineract.apache.org/
>>>
>>> https://mifos.gitbook.io/docs/payment-hub-ee/overview
>>>
>>> https://cwiki.apache.org/confluence/display/FINERACT/Mojaloop+Integration
>>>
>>> https://mifos.org/blog/mifos-mojaloop/
>>>
>>> https://mojaloop.io/
>>>
>>> Regards
>>>
>>> Victor
>>>
>>> On 29/12/20 0:44, Paul Aphivantrakul wrote:
>>> > Hello everyone,
>>> >
>>> > My name is Paul Aphivantrakul, and I am a software developer currently
>>> > living in Thailand. Since living here for about a year, I have become
>>> > interested in the fintech market and came across the Fineract project.
>>> > I would like to start a fintech startup similar to a neo bank here in
>>> > Thailand that uses Fineract as the core banking system. However, I am
>>> > still a little confused about how to use Fineract for a purely online
>>> > bank.
>>> >
>>> > 1. How do users create checking or savings accounts in my neo bank? Do
>>> > I have to create a website and call Fineract API endpoints? I am
>>> > looking for a way to create accounts automatically online and not
>>> > manually.
>>> > 2. How can Fineract know when a bank transfers funds to my neo bank?
>>> > Let's say a customer wants to deposit $100 from another bank into my
>>> > neo bank. How does Fineract know if my neo bank actually received $100
>>> > from the other bank?
>>> > 3. Similarly, if a customer wants to send $100 from my neo bank to
>>> > their other bank, how does Fineract know that $100 was actually sent
>>> > and how does it send it to the other bank?
>>> >
>>> > I have gone to https://www.fineract.dev/ and have tested out the
>>> > Fineract system, but it seems that this system works best for bank
>>> > tellers who work in physical branch locations. Is there a more
>>> > automated way to create accounts and to accept and send out payments?
>>> > Would this be done through the API? If so, do we as Fineract users
>>> > have to create our own websites to allow customers to interact with
>>> > these APIs?
>>> >
>>> > Thank you,
>>> >
>>> > Paul
>>>
>>
>
> --
> Thanks and regards,
>
> Saransh Sharma
> Research Partner
>
> This mail is governed by Muellners® IT policy.
> The information contained in this e-mail and any accompanying documents
> may contain information that is confidential or otherwise protected from
> disclosure. If you are not the intended recipient of this message, or if
> this message has been addressed to you in error, please immediately alert
> the sender by reply e-mail and then delete this message, including any
> attachments. Any dissemination, distribution or other use of the contents
> of this message by anyone other than the intended recipient is strictly
> prohibited. All messages sent to and from this e-mail address may be
> monitored as permitted by applicable law and regulations to ensure
> compliance with our internal policies and to protect our business. E-mails
> are not secure and cannot be guaranteed to be error free as they can be
> intercepted, amended, lost or destroyed, or contain viruses. You are deemed
> to have accepted these risks if you communicate with us by e-mail.
>
Re: Neo Bank Startup Company Using Fineract
Posted by Saransh Sharma <sa...@muellners.org>.
If you are planning to store actual money on behalf of your consumer, you
can but for that you need a certain license and once you do that you have
the right to transfer using payment service or electronic transfers system
that are in place which is quite general across the world , these services
will provide you interfaces one eg is Asia Pay .
Ideal approach is to become a fintech that can collect and transmit actual
money in thailand, there are banks who provide sub-license for you to do
that but then you actually become a Payment processor now choice is your ,
you can choose an existing tech integrator or become one.
Like partner with a payment processor then store digital balance in
fineract based on the money collected in your partner (Payment Processor
Account) then transmit using their API.
Apart from that if you want to pave a path for becoming a neo bank that is
a long route.
Thanks
On Wed, Dec 30, 2020 at 12:03 PM Paul Aphivantrakul <ap...@gmail.com>
wrote:
> Hello everyone,
>
> Thank you for taking the time to write back to me. It looks like Fineract
> has a very supportive community. My current understanding is that for
> automatic and online creation of savings and checking accounts, building a
> frontend website to call backend Fineract APIs is the way to go. However, I
> am still unclear about how to actually send funds to other banks and how to
> receive funds from other banks. I think Debbie Watkins gave the closest
> answer about having to connect Fineract with the national clearing and
> settlement switch, but I am still not 100% clear on this. It seems to me
> that Fineract is a great backend, record-keeping software, but my question
> about how actual money gets transferred from one bank to another is still
> unclear to me. If anyone has experience with this, I would very much
> appreciate your input.
>
> Thank you again and Happy New Years,
>
> Paul
>
> On Wed, Dec 30, 2020 at 12:13 AM Victor Romero <
> victor.romero@fintecheando.mx> wrote:
>
>> Hi Paul,
>>
>> I think you have to check the local regulation about becoming a Neo
>> Bank. And if your Use cases are suitable for Fineract, Fineract CN,
>> Mifor Payment Hub or Mojaloop.
>>
>> It is a complex task (not imposible) to build a bank. The ecosystem
>> around the solutions can be used in a micro finance institution to a
>> worldwide bank for serving from hundred to millions of customers.
>>
>> Take a look at
>>
>> http://fineract.apache.org/
>>
>> https://mifos.gitbook.io/docs/payment-hub-ee/overview
>>
>> https://cwiki.apache.org/confluence/display/FINERACT/Mojaloop+Integration
>>
>> https://mifos.org/blog/mifos-mojaloop/
>>
>> https://mojaloop.io/
>>
>> Regards
>>
>> Victor
>>
>> On 29/12/20 0:44, Paul Aphivantrakul wrote:
>> > Hello everyone,
>> >
>> > My name is Paul Aphivantrakul, and I am a software developer currently
>> > living in Thailand. Since living here for about a year, I have become
>> > interested in the fintech market and came across the Fineract project.
>> > I would like to start a fintech startup similar to a neo bank here in
>> > Thailand that uses Fineract as the core banking system. However, I am
>> > still a little confused about how to use Fineract for a purely online
>> > bank.
>> >
>> > 1. How do users create checking or savings accounts in my neo bank? Do
>> > I have to create a website and call Fineract API endpoints? I am
>> > looking for a way to create accounts automatically online and not
>> > manually.
>> > 2. How can Fineract know when a bank transfers funds to my neo bank?
>> > Let's say a customer wants to deposit $100 from another bank into my
>> > neo bank. How does Fineract know if my neo bank actually received $100
>> > from the other bank?
>> > 3. Similarly, if a customer wants to send $100 from my neo bank to
>> > their other bank, how does Fineract know that $100 was actually sent
>> > and how does it send it to the other bank?
>> >
>> > I have gone to https://www.fineract.dev/ and have tested out the
>> > Fineract system, but it seems that this system works best for bank
>> > tellers who work in physical branch locations. Is there a more
>> > automated way to create accounts and to accept and send out payments?
>> > Would this be done through the API? If so, do we as Fineract users
>> > have to create our own websites to allow customers to interact with
>> > these APIs?
>> >
>> > Thank you,
>> >
>> > Paul
>>
>
--
Thanks and regards,
Saransh Sharma
Research Partner
This mail is governed by Muellners® IT policy.
The information contained in this e-mail and any accompanying documents may
contain information that is confidential or otherwise protected from
disclosure. If you are not the intended recipient of this message, or if
this message has been addressed to you in error, please immediately alert
the sender by reply e-mail and then delete this message, including any
attachments. Any dissemination, distribution or other use of the contents
of this message by anyone other than the intended recipient is strictly
prohibited. All messages sent to and from this e-mail address may be
monitored as permitted by applicable law and regulations to ensure
compliance with our internal policies and to protect our business. E-mails
are not secure and cannot be guaranteed to be error free as they can be
intercepted, amended, lost or destroyed, or contain viruses. You are deemed
to have accepted these risks if you communicate with us by e-mail.
Re: Neo Bank Startup Company Using Fineract
Posted by Paul Aphivantrakul <ap...@gmail.com>.
Hello everyone,
Thank you for taking the time to write back to me. It looks like Fineract
has a very supportive community. My current understanding is that for
automatic and online creation of savings and checking accounts, building a
frontend website to call backend Fineract APIs is the way to go. However, I
am still unclear about how to actually send funds to other banks and how to
receive funds from other banks. I think Debbie Watkins gave the closest
answer about having to connect Fineract with the national clearing and
settlement switch, but I am still not 100% clear on this. It seems to me
that Fineract is a great backend, record-keeping software, but my question
about how actual money gets transferred from one bank to another is still
unclear to me. If anyone has experience with this, I would very much
appreciate your input.
Thank you again and Happy New Years,
Paul
On Wed, Dec 30, 2020 at 12:13 AM Victor Romero <
victor.romero@fintecheando.mx> wrote:
> Hi Paul,
>
> I think you have to check the local regulation about becoming a Neo
> Bank. And if your Use cases are suitable for Fineract, Fineract CN,
> Mifor Payment Hub or Mojaloop.
>
> It is a complex task (not imposible) to build a bank. The ecosystem
> around the solutions can be used in a micro finance institution to a
> worldwide bank for serving from hundred to millions of customers.
>
> Take a look at
>
> http://fineract.apache.org/
>
> https://mifos.gitbook.io/docs/payment-hub-ee/overview
>
> https://cwiki.apache.org/confluence/display/FINERACT/Mojaloop+Integration
>
> https://mifos.org/blog/mifos-mojaloop/
>
> https://mojaloop.io/
>
> Regards
>
> Victor
>
> On 29/12/20 0:44, Paul Aphivantrakul wrote:
> > Hello everyone,
> >
> > My name is Paul Aphivantrakul, and I am a software developer currently
> > living in Thailand. Since living here for about a year, I have become
> > interested in the fintech market and came across the Fineract project.
> > I would like to start a fintech startup similar to a neo bank here in
> > Thailand that uses Fineract as the core banking system. However, I am
> > still a little confused about how to use Fineract for a purely online
> > bank.
> >
> > 1. How do users create checking or savings accounts in my neo bank? Do
> > I have to create a website and call Fineract API endpoints? I am
> > looking for a way to create accounts automatically online and not
> > manually.
> > 2. How can Fineract know when a bank transfers funds to my neo bank?
> > Let's say a customer wants to deposit $100 from another bank into my
> > neo bank. How does Fineract know if my neo bank actually received $100
> > from the other bank?
> > 3. Similarly, if a customer wants to send $100 from my neo bank to
> > their other bank, how does Fineract know that $100 was actually sent
> > and how does it send it to the other bank?
> >
> > I have gone to https://www.fineract.dev/ and have tested out the
> > Fineract system, but it seems that this system works best for bank
> > tellers who work in physical branch locations. Is there a more
> > automated way to create accounts and to accept and send out payments?
> > Would this be done through the API? If so, do we as Fineract users
> > have to create our own websites to allow customers to interact with
> > these APIs?
> >
> > Thank you,
> >
> > Paul
>
Re: Neo Bank Startup Company Using Fineract
Posted by Victor Romero <vi...@fintecheando.mx>.
Hi Paul,
I think you have to check the local regulation about becoming a Neo
Bank. And if your Use cases are suitable for Fineract, Fineract CN,
Mifor Payment Hub or Mojaloop.
It is a complex task (not imposible) to build a bank. The ecosystem
around the solutions can be used in a micro finance institution to a
worldwide bank for serving from hundred to millions of customers.
Take a look at
http://fineract.apache.org/
https://mifos.gitbook.io/docs/payment-hub-ee/overview
https://cwiki.apache.org/confluence/display/FINERACT/Mojaloop+Integration
https://mifos.org/blog/mifos-mojaloop/
https://mojaloop.io/
Regards
Victor
On 29/12/20 0:44, Paul Aphivantrakul wrote:
> Hello everyone,
>
> My name is Paul Aphivantrakul, and I am a software developer currently
> living in Thailand. Since living here for about a year, I have become
> interested in the fintech market and came across the Fineract project.
> I would like to start a fintech startup similar to a neo bank here in
> Thailand that uses Fineract as the core banking system. However, I am
> still a little confused about how to use Fineract for a purely online
> bank.
>
> 1. How do users create checking or savings accounts in my neo bank? Do
> I have to create a website and call Fineract API endpoints? I am
> looking for a way to create accounts automatically online and not
> manually.
> 2. How can Fineract know when a bank transfers funds to my neo bank?
> Let's say a customer wants to deposit $100 from another bank into my
> neo bank. How does Fineract know if my neo bank actually received $100
> from the other bank?
> 3. Similarly, if a customer wants to send $100 from my neo bank to
> their other bank, how does Fineract know that $100 was actually sent
> and how does it send it to the other bank?
>
> I have gone to https://www.fineract.dev/ and have tested out the
> Fineract system, but it seems that this system works best for bank
> tellers who work in physical branch locations. Is there a more
> automated way to create accounts and to accept and send out payments?
> Would this be done through the API? If so, do we as Fineract users
> have to create our own websites to allow customers to interact with
> these APIs?
>
> Thank you,
>
> Paul