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 <aphivantra...@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.rom...@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. 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