A purposefully designed core banking system engineered and developed for African microfinance institutions

Transcription

1 A purposefully designed core banking system engineered and developed for African microfinance institutions

2 Introducing XCORE FlexBank Despite the recent advances in technology, many MFIs, especially in Africa, continue to face significant challenges in managing operations and information. Two key reasons for this situation are the unavailability of suitable MIS applications for microfinance in Africa and the high cost of existing IT solutions. Following extensive consultations and the partnerships developed with more than 20 MFIs in Africa, Microlynxe is proud to introduce XCORE FlexBank, an integrated multi-branch centralised core banking system. Whether the client is a microfinance bank, S&L, rural bank or a MFI, all of them can rely on Microlynxe s XCORE technology to help maximize growth, increase productivity and mitigate risk. Full-house MIS with cutting-edge technologies such as branchless banking system (smartphone and POS) and SMS banking included as standard features. A practical, powerful and superior MIS, XCORE FlexBank comes standard with Microlynxe s own XCORE e-alert and XCORE x-reporting platforms, making it the most suitable and comprehensive microfinance MIS on offer on the African continent. 2

3 XCORE FlexBank s Advantage Microlynxe is the sole custodian of the innovative XCORE (Extreme Concentration On Reality Engineering and Automation) technology, which is an acronym encapsulating our philosophy that operations should drive IT instead of IT driving business. XCORE is engineering based on analysing the reality of MFI s daily activities, developing systems that fully capture all pertinent issues faced by the MFIs. Complete pack, full suite of modules and features for a fixed price, designed to meet all MIS requirements of the microfinance bank. In addition to deposit and loan account processing, XCORE FlexBank addresses financial institutions needs in the areas of accounting/general ledger, data access and integration, lending, payment and trust solutions. Local team for round-the-clock, rapid response support to ensure the client maximises the solution and fully integrates it into its operations. On the ground presence, constant engagement with local MFIs and banks enables Microlynxe to be in tune with developments and trends and changing client needs. XCORE FlexBank is cost effective, functional & flexible, reliable, simple, scalable and fully integratable; a solution developed to meet the needs of growing and continually transforming African microfinance institutions. 3

4 Key features of XCORE FlexBank XCORE FlexBank features Web based online access via internet or intranet and Desktop access via a local area network. An environment where branch procedures are easy to control. The system is designed not to allow input that is outside the specified rules that have been set using customized parameterised values. A complete audit trail. A complete track down to date and time of transactions and the identity of the user is retained. All transactions can be retrieved online. An easy to use graphical transaction processing and information retrieval interface. It is no longer necessary to navigate tediously through menu structures oriented by service application to get from one service function to the other. Defined interfaces through ODBC, to software products such as spreadsheets and other office automation products. This allows information to be transferred, messaged and displayed quickly and easily. An extensive reporting functionality which allows timely and accurate reporting of information to officers, managers and executives within the institution as well as external users. Multi currency and multilingual for cross-border institutions Branchless banking system (smartphones and POS) CRM module: with all customer information adequately captured, better CRM is possible with our SMS Banking and e-alert system Customised home screen and user interface XCORE FlexBank s home screen is designed to be customised to each user specific information requirements, using our integrated x-reporting tool to allow for summarised reporting that constantly flows from different sources, providing a clear overview of key performance metrics just at a glance. This single view enables users to make quicker and more informed decisions. Thanks to our innovative XCORE technology, FlexBank provides a unique user interface experience designed to be user-friendly, seamless and efficient. 4

5 Modules CORE MODULES Customer Maintenance Account Maintenance Product Maintenance G/L Maintenance Loan Management Deposits Management Treasury Management Transaction Definition Transactions Account Classification Bank Holidays User Access Rights System Auditing & matching System Administration & Processing Reporting Collateral Management SUPPORTING MODULES Branchless banking SMS Banking E-alerts X-reporting ENTERPRISE-ENABLING MODULES Fixed assets Finance Human Resources Compliance 5

6 Core modules key functions Customer Maintenance Account Maintenance Product Maintenance G/L Maintenance This module is designed to uniquely identify a customer with a single identification number irrespective of the number of accounts or branch offices or meeting points where these accounts may exist. This is done to avoid account duplication which is a real challenge for MFIs. This module allows the user to create accounts for existing customers with valid identification numbers has created using the Customer Maintenance module. The new account can be created for any product that has been defined in the system. Account enquiries can also be done using this module. This module is used to create products of all categories in the system. The module allows the parameterization of product features including interest rates, frequency, interest calculation type, GL Control account, interest receivable and interest received etc. It applies to loans, savings and deposits. This is the main module used to define and create G/L accounts. The account created can be assigned as an asset, liability, income or expense. Statement for various transactions affecting any G/L account can be viewed and printed using this module. Accounts can be restricted as required. Loan Management Deposits Management Treasury Management Transaction Definition This module is carefully designed to automate the reality of loan management in the banking industry. It is designed such that no one person can apply for a loan and also approve it. Sub modules include: Loan application, Loan approval, Loan disbursement, Loan repayment. This module is designed and parameterized such that deposits ( savings and term ) applications can conform to the exact agreement as discussed with the customer. Interest rates, term or duration can be overridden during application providing the flexibility of negotiable terms with customers. This module is designed to allow microfinance banks to carry out two basic functionalities in the money market. Lending, i.e. placement of excess funds with commercial banks and borrowing in times of liquidity shortage from the commercial/investment banks. This module allows rural and community banks, microfinance institutions, savings and loans companies and banks to set different customized transaction codes anytime with customized definitions and also specify either the code should be used for credit transactions or debit transactions. 6

7 Core modules key functions Transactions Account Classification Bank Holidays User Access Rights Cash Transactions Internal Transfer Batch Internal Transfer Inter branch or meeting point cash transactions Inter branch or meeting point transfer Outward Credit Inward Credit Different classification categories have been created in the system using this module. However, the organization can create more classes as per own requirement. Example: a class called Customer Meeting Point can be created with sub classes as Meeting Point A and Meeting Point B. Various dates which are holidays and on which the institution is closed to the public will be marked as nonworking days using this module such that the system will not schedule any loan repayment or allow any transaction and start of day procedure to be executed on those dates. This module is used to define the system users (each with a username and password), the access rights and required permissions including posting limits, PAR monitoring where for instance the branch manager see all loan officers the performance when individual officers are limited to only seeing their own. System Auditing Matching This is a special module designed to assist the audit department. The processes under this module will check for differences in the accounting system and report them. Identified differences can optionally be corrected by a click of a button, or further investigated to ascertain its origin. System Administration & Processing Close of Business Processing End of Day Processing Start of Day Processing End of Month Processing End of Financial Year Processing End of Calendar Year Processing Reporting Loan reports Transaction register General Ledger reports including Trial Balance, Balance Sheet and Profit & Loss Regulatory reports Customised reports for investors and partners Social performance reports Collateral Management The module is designed to manage various collaterals received from customers as guarantee for their loans. The value of the collateral, force sale and depreciation parameters can be captured using this module. The system automatically calculate depreciation and appreciation of collateral s 7

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9 The next generation banking system Using modern programming language and technologies, Microlynxe has designed an innovative software solution to bring secure, simple and reliable automation of microfinance banking operations. Thanks to Microlynxe s unique and cutting-edge XCORE technology, FlexBank comes with a mobile/branchless banking system that enables the MFI to carry out complete banking transactions at the customer s place of business, under complete real-time monitoring by the office supervisor using smartphones. Field agents enter data that is pre-validated only once. It also eliminates the possibility of manipulating data or unauthorized lending by field agents. Field agents can also sign up new clients, provide quotes, sell products as well as provide transaction history to customers. Customers get immediate notification (sms/mobile print) for cash transactions. MFIs manage field agents in real-time, know how much they have collected or paid out even before they get back to the office. These solutions help microfinance banks to meet business needs like streamlining operations, introducing new products, reducing costs, improving efficiencies and customer service, and ultimately increasing revenues while reducing risk. MFIs can now easily extend services to new areas through partnerships using a smartphone and quickly deploy new products such as microinsurance that require large network. Secure, robust, reliable, scalable and fully integratable to meet the future challenges of modern microfinance operations. 9

10 A good and appropriate MIS lowers transaction cost, increases productivity, reduces risk of failure, and pushes the boundaries beyond bricks and mortar infrastructure to carry out business. Exactly what a growing African financial institution needs today. 10

11 technology you can trust Ellis Avenue Apino-Plaza Ahodwo, Kumasi P.O. Box 4252 Adum, Kumasi, Ghana 7 Matekula Country Estate, Dickens Road Barbeque Downs, Johannesburg, South Africa Telephone: ; address: info@microlynxe.com 11