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Background
Background
The objective of this project is to enhance and build upon the Mifos platform to deliver a comprehensive, unified banking solution that includes Core Banking, Microfinance, Online Banking, Mobile Banking, and e-Commerce functionalities. This solution aims to replace manual banking processes with a fully automated, efficient, and user-friendly system that aligns with international standards like ISO 8583 and Payment Card Industry Data Security Standards (PCI DSS).
The final solution will integrate various banking functions (Core Banking, Microfinance, Online/Mobile Banking, e-Commerce) into a single, unified platform, designed to support all stakeholders, including OrosCapital customers, administrators, and partners.
Project Scope and Features
Project Scope and Features
Core Banking Solution (CBS):
Core Banking Solution (CBS):
Design and development of the Core Banking Solution (CBS) platform tailored for OrosCapital.
Integration of Mifos with the Core Banking Solution to extend its features to include microfinance banking functions.
Unified platform with modules for loan processing, asset management, treasury management, and more, ensuring ease of use and automation.
Online Banking Solution (OBS):
Online Banking Solution (OBS):
Development of an Online Banking Solution to integrate seamlessly with the Core Banking Solution.
Creation of a transactional and interactive website to support customer transactions and integrate with the CBS and OBS.
Support for Escrow and Barter services within the online platform.
Mobile Banking Solution:
Mobile Banking Solution:
Design and development of a Mobile Banking Solution integrated with CBS and OBS.
Features include online and mobile e-commerce, mobile POS integration, and business intelligence tools.
Enable customers to access banking services via mobile devices with location tracking using Google Maps (for identifying agents, retailers, merchants, and customers).
Card Management Solution (CMS):
Card Management Solution (CMS):
Development of a Card Management Solution for managing debit/credit cards (Visa, MasterCard).
Compliance with ISO 8583 standards and PCI DSS for secure card management.
Integration of Near Field Communication (NFC) for online/mobile POS, ATMs, and mobile payments.
Business Intelligence (BI) and Enterprise Resource Planning (ERP):
Business Intelligence (BI) and Enterprise Resource Planning (ERP):
Integration of third-party BI and ERP solutions to improve operational insights and business decision-making.
BI and ERP features to be extended to all modules, including Core Banking, Mobile Banking, and e-Commerce.
Delivery Channels and API Integration:
Delivery Channels and API Integration:
Support for delivery channels such as ATMs, POS systems, and mobile platforms.
Third-party API readiness for integration with correspondent banks, credit bureaus, asset management systems, payroll, and HR systems.
Key Functionalities and Modules:
Key Functionalities and Modules:
Escrow Service Integration: Unified platform with online and mobile escrow capabilities.
Treasury Management: A treasury module integrated into CBS to streamline financial operations.
Payment Gateway Integration: Ability to integrate SMS gateways and payment processors (OrosCapital to cover any third-party licensing fees).
Standard Reports and Compliance:
Automated Central Bank report generation.
Highmark Credit Bureau integration.
SaaS Offering: The platform will be designed to function as a SaaS product, enabling other microfinance banks to adopt it.
Design and User Experience:
Design and User Experience:
A user-friendly dashboard modeled after Mifos but more intuitive.
Loan processes and workflows tailored to OrosCapital's MFS System requirements.
Seamless adoption of users from the existing OrosCapital system with full data migration.
Security and Compliance:
Security and Compliance:
Adherence to PCI DSS for data security.
Secure data handling for card transactions and banking operations.
Capability to support version upgrades for all modules.
Additional Requirements:
Additional Requirements:
Tracking Framework: Google Maps integration for geolocation-based tracking of agents, merchants, and delivery agents.
Paid Third-Party Tools: If OrosCapital opts for paid third-party solutions (e.g., SMS gateway), AIZ Solutions will handle the integration.
Open Source vs. Paid Tools: Recommendations will be provided for open-source tools, with flexibility for OrosCapital to opt for premium versions as needed.
Deliverables:
Deliverables:
Core Banking Solution (CBS) tailored to OrosCapital's requirements.
Fully integrated Online Banking Solution (OBS) and transactional website.
Mobile Banking Application for Android and iOS platforms.
Escrow and Barter Services integrated into CBS and OBS.
Card Management Solution (CMS) with NFC support and PCI DSS compliance.
Integrated BI and ERP solutions for advanced insights and operations.
Seamless data migration and onboarding of current users.
API-ready system for third-party integrations (credit bureaus, asset management, etc.).
Automated Central Bank reporting and compliance tools.
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