Delivered an Open-Source Financial Engine as SaaS
Mifos project is a part of Corent’s broader SurPaaS® OpenSaaS™ Initiative that is opening new possibilities for enterprise oriented open-source applications by enabling them to be delivered as SaaS on Cloud. The OpenSaaS™ Initiative’s mission is to bring the benefits of the SaaS model to the open-source community at large.
Mifos is a 501(c)3 non-profit initiative and a FinTech pioneer guiding the community developing the Mifos X and Apache Fineract platform for financial inclusion. It is an open-source financial service engine providing a Cloud-based API-driven architecture for scaling digital financial services to the world’s 3 billion poor and unbanked.
Mifos is a multitenant application with documented tenant provisioning process that should be executed with manual intervention.
To transform into a SaaS system, Mifos should have new ways for monitoring the health of SaaS system, billing tenants based on usage, and making strategic business decisions.
SurPaaS® automated the provisioning capability of the application and enabled the tenants to self-provision an application account themselves.
SurPaaS® provided the capability to add custom streams for monitoring infrastructure components of the application with alerts configured for defined threshold limits.
Usage of application features were monitored at per-tenant level using SurPaaS®. It is used to analyze customer behaviors and in turn derive business insights.
SurPaaS® enabled usage-based billing by aggregating and metering the consumption of application features by individual tenants.
Corent’s SurPaaS® platform provides Mifos with the operations, optimization and commercial capabilities to deliver the Mifos X application as an efficient, scalable SaaS offering. Utilizing the new SaaS-enabled Mifos X, partners now easily and efficiently can go to market addressing additional segments and customers.