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*NEWS: Tech Company’s Innovation Facilitates Banking Services for Un-Banked and Under-Banked; Corent Technology Teams Up with Mifos Initiative…

An innovative initiative by an Aliso Viejo tech company is opening new possibilities for enterprise-oriented, open-source applications, by enabling them to be delivered via the Software-as-a-Service (SaaS) model from the cloud, without any programming.

Corent Technology’s “OpenSaas” initiative’s goal is to bring the benefits of the SaaS model to the open-source community at large.

Corent, which specializes in cloud migration, optimization and SaaS enablement, has teamed up with the Mifos Initiative to launch the Mifos X financial application.

This app facilitates access to core banking services for the more than 3 billion un-banked and under-banked around the world, with the goal of eliminating extreme poverty in under-developed communities.

Built around modern architecture, the Mifos X platform is a connected, core banking system for responsible financial services organizations that are bringing basic financial services to the poor and developing markets globally.

The company said in a press release that its platform “is highly extensible, easy-to-integrate with third-party systems and payments networks.”

Client organizations include microfinance institutions and microfinance banks, as well as savings organizations and credit cooperatives.

The Mifos software is typically used by in-country partners that build commercial service offerings to support multiple institutions.

Hundreds of small financial institutions are now using the software, according to Corent.

The Mifos Initiative is a fintech non-profit, which is guiding the community developing the Mifos X and Apache Fineract platform for financial inclusion, an open-source financial service engine providing a cloud-based architecture for scaling digital financial services to the world’s 3 billion poor and un-banked.

The Mifos Initiative includes a network of more than 100 partners supporting 300 financial institutions and fintech innovators using digital banking solutions that reach more than 10 million clients.

The Mifos Initiative is supported by DIAL, Google, VMware Foundation, IBM, HP, and Microsoft, among others.

The Mifos project was originally launched by the Grameen Foundation in 2006 to provide a cost-effective software system to operate micro-finance institutions, and thereby help them more efficiently and effectively deliver financial services to the poor.

As one of the initial projects of the Seattle-based Grameen Technology Center, Mifos was part of the foundation’s dual vision of combating poverty through technology and micro-finance.

For its first five years, Mifos was at the intersection of these two programs, developing into an award-winning, industry-renowned software system for micro-finance.

Feyzi Fatehi is the CEO.

About The Author

Deirdre Newman is a long-time journalist, who's covered OC startups for a few years.

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