Hello everyone, Thank you for taking the time to write back to me. It looks like Fineract has a very supportive community. My current understanding is that for automatic and online creation of savings and checking accounts, building a frontend website to call backend Fineract APIs is the way to go. However, I am still unclear about how to actually send funds to other banks and how to receive funds from other banks. I think Debbie Watkins gave the closest answer about having to connect Fineract with the national clearing and settlement switch, but I am still not 100% clear on this. It seems to me that Fineract is a great backend, record-keeping software, but my question about how actual money gets transferred from one bank to another is still unclear to me. If anyone has experience with this, I would very much appreciate your input.
Thank you again and Happy New Years, Paul On Wed, Dec 30, 2020 at 12:13 AM Victor Romero < [email protected]> wrote: > Hi Paul, > > I think you have to check the local regulation about becoming a Neo > Bank. And if your Use cases are suitable for Fineract, Fineract CN, > Mifor Payment Hub or Mojaloop. > > It is a complex task (not imposible) to build a bank. The ecosystem > around the solutions can be used in a micro finance institution to a > worldwide bank for serving from hundred to millions of customers. > > Take a look at > > http://fineract.apache.org/ > > https://mifos.gitbook.io/docs/payment-hub-ee/overview > > https://cwiki.apache.org/confluence/display/FINERACT/Mojaloop+Integration > > https://mifos.org/blog/mifos-mojaloop/ > > https://mojaloop.io/ > > Regards > > Victor > > On 29/12/20 0:44, Paul Aphivantrakul wrote: > > Hello everyone, > > > > My name is Paul Aphivantrakul, and I am a software developer currently > > living in Thailand. Since living here for about a year, I have become > > interested in the fintech market and came across the Fineract project. > > I would like to start a fintech startup similar to a neo bank here in > > Thailand that uses Fineract as the core banking system. However, I am > > still a little confused about how to use Fineract for a purely online > > bank. > > > > 1. How do users create checking or savings accounts in my neo bank? Do > > I have to create a website and call Fineract API endpoints? I am > > looking for a way to create accounts automatically online and not > > manually. > > 2. How can Fineract know when a bank transfers funds to my neo bank? > > Let's say a customer wants to deposit $100 from another bank into my > > neo bank. How does Fineract know if my neo bank actually received $100 > > from the other bank? > > 3. Similarly, if a customer wants to send $100 from my neo bank to > > their other bank, how does Fineract know that $100 was actually sent > > and how does it send it to the other bank? > > > > I have gone to https://www.fineract.dev/ and have tested out the > > Fineract system, but it seems that this system works best for bank > > tellers who work in physical branch locations. Is there a more > > automated way to create accounts and to accept and send out payments? > > Would this be done through the API? If so, do we as Fineract users > > have to create our own websites to allow customers to interact with > > these APIs? > > > > Thank you, > > > > Paul >
