Muellners launches banking as a platform, supported with open banking & Apache Fineract
Muellners today launched Finscale- a financial suite of Core banking system with Open banking API middleware. This will be pegged as Muellner Internet’s new offering for financial institutions in India.
Finscale is touted as India’s first ’banking as a platform’. It is inspired by regulatory developments in Indian banking industry.
‘This product release is akin to Europe’s PSD 2 reforms and what followed as a digitization. However unfortunately in India, the push is more stronger from within the market forces & banking consumers than the regulators’, said Ankit Muellner, Managing Partner via a press release from Copenhagen, Denmark.
In the run up to organise CIO Meetup 2020, Muellner, a technology company based in India and Europe, released a stable demo version of Finscale.
Finscale is a financial suite of APIs supported with open source, ”Openbanking APIs”. The platform is also supported with ’Apache Fineract’, another open source technology. Apache Fineract is formerly Mifos X, which is an offshoot of Grameen Foundation since 2007. Muellners will be launching the hybrid cloud version of this platform with IBM powered cloud infrastructure.
Muellners hopes to compete against incumbent core banking system companies such as Oracle’s Finnone with it’s Finscale.
Consumers of this product will likely be tier 2 & tier 3 banks in India as well as a growing fin tech ecosystem.
Naturally, the company is in talks with few banks in India to deploy a digital transformation strategy with Finscale prior to it’s CIO Meet 2020. The pricing models are collaborative & strategic subscription commerce that sets it apart from nascent banking platform companies, said a company official.