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 <aphivantra...@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.
