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Estonian company brings the first open-source core banking engine in Europe

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Since the dawn of mankind, grand things were achieved through the power of collaboration

In light of that philosophy, LifeUp decided to mark the start of a beautiful friendship with Mifos, one of the most innovative organizations in the area of core banking. 

This friendship didn’t form out of nowhere. LifeUp’s team members have spent hours upon hours testing the platform and pondering the potential benefits it could provide to our clients. These benefits range from the effective cost cutting it brings our clients, to the top-notch technological innovation and support of Mifos’ platform.

So, who is MIFOS?

Meet Mifos, a non-profit initiative from the USA, which was created with the goal of battling worldwide poverty through the power of readily accessible and inclusive finance. Mifos X, as their brainchild platform is called, is the first of its kind – an open API-driven platform that champions financial inclusion across the world.

 

It has been created as a set of open-source microservices which support core providing set of various financial products like loans, deposits, shares and so on. This way, the platform allows any vendor to select, enhance, and extend the Banking Core to build their own solution and provide continuous innovations on top of the framework.  

If you want to deliver innovative and adaptable financial products and services—while reducing cost, complexity and risk, the Mifos X is the right choice for this.

 

Mifos has developed an extraordinary reputation around the world in a short time. And there’s no better proof than the 2 billion users from thousands of financial institutions. In the beginning, small firms were the early adopters, but nowadays, more and more mid-size and large banks switch to utilizing Mifos to revolutionize their services.  

LifeUp combines efforts

It’s easy to see why we’d decide to join forces with this wonderful, powerful initiative. Not only is the cause and the mission of Mifos philanthropic, but the platform they steward is a truly impressive piece of technology. 

We see hundreds of ways it could be utilized by our clients to improve and expand the services they have to offer.

Because of that, we brought the decision to team up with Mifos, and become their platform solution partner.

In fact, LifeUp is the only partner Mifos currently has in the Baltic region. We intend to use and utilize the core Mifos X platform in our projects, either as a foundation, a module, or an integrated part of another system.

Benefitting the Small & Medium Enterprises (SME)

Throughout the process of teaming up with Mifos, we kept reminding ourselves of our core goal – the benefit and prosperity of LifeUp’s SME clients.
In fact, we see a great potential for growth in this friendship. We believe Financial institutions can benefit greatly from our partnership with Mifos, because it allows us to offer amazing opportunities for technological advancement – one that comes with high standards and without pitfalls from hiding costs (licensing renovation, updating, etc) and black-boxes technologies.

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Let’s make something more

We are ready to invest in the first steps of your digital transformation! 

Our key consultants can help you to build a successful digital transformation roadmap.

What will you receive:

  • Set of workshops to map your services, requirements and needs.
  • Tailor-made TO BE vision of your services, processes and operations.
  • Step-by-step changes implementation plan.