FinSys

Open Financial System

FinSys is a robust, secure and cost effective digital, community and agency banking platform with modular service-oriented architecture that provides a comprehensive range of functionalities required to deliver financial inclusion.

Built on the Apache Fineract engine, FinSys supports multi-entity, multi-currency and multi-lingual capabilities. It has a complete range of independent business modules which operate within an integrated framework. This allows financial institutions to rollout new financial services in a most cost-effective way.

FinSys supports lending, investment account with support for fixed and recurring deposits, savings and current accounts, standing instructions, account transfers and provide support for a mix of deposit and credit products, teller services. Flexible interest, charges and fees management.

FinSys provides a comprehensive agency banking modules with functionalities that includes agent management, till management, fees,charges and commission management, transaction manager that support micro-loan, transfer, bill payment, ewallet etc.

Salient Features

Multi-Entity Management

  • FinSys provides comprehensive support for different business structures for the use of various financial institutions.

  • It provides support for financial institutions including Country > Regional > Zone > Cluster > Branch operating structure.

  • FinSys provides platform capabilities that allows configuration of different business structures up to 5 levels.

  • It provides support for a broad range of financial services providers i.e. – Retail Focused Banks, Credit Unions, SACCOs, Cooperatives, Credit Societies, Microfinance Institutions, Savings Groups, Peer to Peer Lenders, Market Place Lender and Asset Financers.

Customer Management

  • The system provides full support for the regulatory Know Your Customer – KYC requirements.

  • The system allows seamless capturing and secured storing of customer’s photos, signatures and identity documents.

  • The system allows the identity documents to be properly catalogued and also searched using unique customer ID identifiers.

  • The system provides a comprehensive CRM capabilities for an efficient client management that includes 360-degree view of customer engagement across different line of business.

  • The system provides a single point of engagement with the customer that includes new account creation of existing customer, and administering all existing accounts etc.

Lending

  • FinSys provides functionalities that support different lending products i.e. Mortgage loans, Agriculture loans, Education loans, Automobile loans, Personal loans (unsecured), Revolving loans (line of credit).

  • The system provides robust functionalities that allows the processing and management of collection activities on impaired accounts, allowing the financial institution to closely track bankruptcies, repossessions, foreclosures and charge-offs, significantly reducing the impact of delinquencies.

  • The system fully support various group lending methodologies including Grameen-style group loans (single loan to entire group with a common amount).

  • The system allows group loan with individual monitoring (loan to entire group but ability to track individual amounts) and joint liability group loan (individual loans amongst members of a group but with a collective guarantee) to be tracked in loan cycle counter; supporting an efficient management of clients, minimizing loan default.

Risk Management

  • Integrating with credit scoring system/platform, FinSys enables proactive tracking of client behaviours to identify potential risk areas and a seamless configuration of customer credit rating and scoring for decision making.

  • The system supports an automated provisioning of bad debts/underperforming loans based on a predefined classification i.e. Standard, Sub-Standard, Doubtful Loan, and Loss.

  • The system allows 3rd party systems integration especially for machine-learning and algorithm-based credit analysis engines.

  • The system admin can define the number of days a loan is overdue or is in arrears, the percentage of the overdue amount that gets provisioned into the loan loss account, and the specific general ledger accounts that get debited and credited for each loan loss provision.

General Ledger and Accounting

  • The system support both cash and accrual accounting, following the financial best practices.

  • The system provides a configurable chart of accounts with the flexibility to customize and streamline the entire general ledger to meets the specific business requirements.

  • The system’s General Ledger module provides capabilities that allows user definable, multi-currency parameters and supports unlimited levels for account consolidation.

  • The system provides period-based accounting and general ledger reports incorporating period adjustments.

  • The system supports the setup and configuration of advanced accounting rules and allows mapping of transactions (by specific payment type, mapping fees and penalties) to different income accounts, and more.

  • The system provides a streamlined period closure capability that enables zeroing of all income and expense GL items at the end of a defined period, and recognition of profit or loss.

Security & Internal Control

  • The system provides comprehensive audit trail of all historical system actions and transactions that have been executed or attempted to be performed.

  • The system provides robust entity search capability to perform necessary audits, internal control procedures, roll back and edit data accordingly.

  • The system provides a full audit trail capabilities enabling entity search using the following parameters: ID, User, Date, Resource ID, Status, Action, Entity, and Office.

  • The system provides a role based access to the system users.

  • The system ensure that it is not possible to override permission on a per-request basis, all permissions are stateless, so every request determines the roles/permissions a user is granted.

  • In addition to this granular role-based permissioning, the system provides maker-checker (4 eyes) capabilities to ensure proper access to data all throughout the organization.

Agency Banking (Financial Inclusion)

FinSys provides a comprehensive system capabilities to drive the financial inclusion value proposition of a financial institution, FINTECH and Telco company. The functionalies provided includes;

  • Customer Onboarding / Account

  • Creation.

  • Fund Transfers

  • Cash deposit

  • Merchant purchases

  • Account balance queries

  • Loan application

  • Loan repayments

  • Bill payment (utility bills, government fees, taxes, fines etc.)

  • Prepaid top-up voucher sale

  • Prepaid top-up (voucher-lease)

Current and savings account

  • FinSys provides support for a complete range of both current and savings accounts.

  • The system allows a streamlined and parameter driven configuration of various current and savings products i.e.min and max interest, balance, or balance for interest.

  • The allows the savings accounts to be define at the group and or center level.

  • The system allows definition of the dormancy and inactive settings to be configured and automatically managed.

  • The system provides support for a full range of standing instructions to automate transactions on a periodic basis (daily, weekly, monthly, or yearly) with options that include; Client’s own current and savings account, Savings to savings transfers between clients across the entire financial institution, Loan repayment from a savings account on the repayment due date System must allow that Standing instructions to be assigned varying levels of priority for order of execution.

  • The system allows configurable interest rate bands based on the maturity term of the deposit product should be defined and set up for different period of time.

  • The system provides functionality that ensure recurring deposits follow the same design with the ability to specify a deposit frequency.

  • The system provides variety of account management tools for managing recurring deposit, standing instructions, interest calculation, dividend calculation, charges/fees management etc The system must ensure that overdraft facilities can be configured on current accounts that allow the Bank to define overdraft limits and charge interest on the balance.

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