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
