SOURCE: Corent Technology

Corent Technology

June 11, 2014 06:00 ET

Corent SaaS-Enables Mifos X Open Source Financial Inclusion Platform to Deliver Core Banking "as a Service" in Developing Countries

New "Software as a Service" Option Provides Microfinance Institutions, Savings Institutions and Credit Cooperatives With an Affordable Cloud-Based Platform to Manage Their Operations

ALISO VIEJO, CA--(Marketwired - Jun 11, 2014) - Corent Technology today announced that its award-winning SurPaaS® platform has been used to create a SaaS (Software as a Service) version of the Mifos X Platform for Financial Inclusion -- an open source platform to accelerate adoption of financial services around the globe. SurPaaS is a "Platform as a Service" that rapidly transforms software applications into fully instrumented, scalable, multi-tenant SaaS offerings that can be delivered efficiently "as a service" on any Cloud. With SurPaaS, Mifos partners in developing countries can now easily deploy and operate localized versions of the Mifos X Platform "as a service" and efficiently support large numbers of local and regional financial institutions.

"We are pleased to support the Mifos Initiative in their mission to enable financial institutions to bring responsible financial services to the nearly 3 billion people who are without access today," stated Feyzi Fatehi, CEO of Corent Technology.

"Such a bold mission, serving potentially thousands of smaller financial institutions, requires a SaaS solution that is highly automated and scalable and that can be easily deployed, efficiently delivered and affordably managed. By powering the Mifos X Platform with the SaaS- enablement capabilities of SurPaaS, we are pleased to be a part of empowering this opportunity," added Fatehi. 

By using SurPaaS to manage important SaaS functions such as self-provisioning, on-boarding and management of clients and their users, automated cloud infrastructure operations management, seamless integration with different billing systems and complementary solutions, and flexible deployment across different cloud environments, software providers can focus on the core functionality of their software, while Corent provides them the capabilities to deploy, deliver, manage and monetize their software "as a Service" on the cloud of their choice.

"While the new Mifos X Platform has been designed to support multi-institution deployment, the original version of Mifos was not," stated Craig Chelius, Executive Director of the Mifos Initiative.

"Using Corent's SurPaaS Platform, our in-market partners can now uniformly support both versions in the cloud while providing a clear upgrade path," Chelius added.

"The integration with SurPaaS also opens-up new opportunities for partners who have developed adjunct systems. They can now bundle Mifos and their proprietary software into a single 'Software as a Service' offering and manage it uniformly as such. A great example is partners who have created mobile payments solutions, and who can now bundle them with an advanced core banking system to create a broader market presence," Chelius explained.

Built around a modern API-centric architecture, the new Mifos X Platform for Financial Inclusion is a modern, connected core banking system for responsible financial services organizations who are bringing basic financial services to the poor globally. It is highly extensible, easy-to-integrate with third-party systems and payments networks, and can be deployed on-premise or in cloud/SaaS models that support multiple institutions. Client organizations include microfinance institutions and microfinance banks, and increasingly savings organizations and credit cooperatives. The Mifos software is typically deployed by in-country partners who build commercial service offerings to support multiple institutions.

"The Mifos Initiative is a leader in financial inclusion and microfinance technology, and we at Corent are proud to be a partner and support its great mission and community around the globe," said Fatehi. 

About Corent Technology, Inc. 
Corent Technology is a leading provider of rapid SaaS-Enablement and software delivery "as a Service" platform. Corent's SurPaaS® is a software platform that runs on any cloud and delivers software applications as elastic, scalable, and fully instrumented SaaS (Software as a Service) -- in days, without rewriting the applications. The Gartner Group recently named Corent a top PaaS (Platform as a Service) vendor for 2014. Corent's SurPaaS has been in production on major public clouds including on IBM SoftLayer, Microsoft Azure, Amazon Web Services, Rackspace, Dimension Data, and NephoScale. Corent is managed by a team of Silicon Valley veterans from companies such as Apple, IBM, HP, Oracle, Sun and SAP.

For more information about Corent, please visit: www.corenttech.com or contact info@CorentTech.com

About the Mifos Initiative
The Mifos Initiative is a US-based charitable foundation that stewards the development of the open source Mifos X Platform for Financial Inclusion and its global ecosystem of volunteers and donors, technology partners and client financial institutions. Its mission is to empower financial institutions in developing countries to bring affordable, responsible financial services to the nearly 3 billion people on the planet who currently do not have formal access. It delivers on its mission by leveraging the knowledge and capabilities of its community to create a modern banking system which it provides for free under a permissive open source license. Part NGO, part technology start-up, the Mifos Initiative is a recognized leader in the Humanitarian Free Open Source Software (HFOSS) and Information and Communications for Development (ICT4D) communities.

For more information, please visit: www.mifos.org or follow us on Twitter at: @Mifos

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