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  1. Apache Fineract
  2. FINERACT-1331

Create Open Banking Layer for Fineract 1.x Self-Service Apps

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    • Improvement
    • Status: Open
    • Major
    • Resolution: Unresolved
    • None
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    Description

      Mentors

      Overview & Objectives

      Across our ecosystem we're seeing more and more adoption and innovation from fintechs. A huge democratizing force across the financial services sector is the Open Banking movement providing Open Banking APIs to enable third parties to directly interact with customers of financial institutions. We have recently started providing an Open Banking API layer that will allow financial institutions using Mifos and Fineract to offer third parties access to requesting account information and initiating payments via these APIs. Most recently the Mojaloop community, led by Google, has led the development of a centralized PISP API. We have chosen to the follow the comprehensive UK Open Banking API standard which is being followed and adopted by a number of countries through Sub-Saharan Africa and Latin America.

      Tremendous impact can be had at the Base of the Pyramid by enabling third parties to establish consent with customers to authorize transactions to be initiated or information to be accessed from accounts at their financial institution. This Open Banking API layer would enable any institution using Mifos or Fineract to provide a UK Open Banking API layer to third parties and fintechs.

      The API Gateway to connect to is still being chosen (WS02, Gravitee, etc.)

      Description

      The APIS that are consumed by the the reference Fineract 1.x mobile banking application have been documented in the spreadsheet below. The APIs have also been categorized according to whether they are an existing self-service API or back-office API and if they have an equivalent Open Banking API and if so, a link to the corresponding Open Banking API.

      For each API with an equivalent Open Banking API, the interns must: Take rest api, upload swagger definition, do transformation in OpenBanking Adapter, and publish on API gateway.

      For back-office and/or self-service APIs with no equivalent Open Banking API, the process is: Take rest api, upload swagger definition, and publish on API gateway.

      For example:

      Helpful Skills

      Android development, SQL, Java, Javascript, Git, Spring, OpenJPA, Rest, Kotlin, Gravitee, WSO2

      Impact

      By providing a standard UK Open Banking API layer we can provide both a secure way for our trusted first party apps to allow customers to authenticate and access their accounts as well as an API layer for third party fintechs to securely access Fineract and request information or initiate transactions with the consent of customers.

      Other Resources

      CGAP Research on Open Banking: https://www.cgap.org/research/publication/open-banking-how-design-financial-inclusion
      Docs: https://mifos.gitbook.io/docs/wso2-1/setup-openbanking-apis
      Self-Service APIs: https://demo.mifos.io/api-docs/apiLive.htm#selfbasicauth

      Reference Open Banking Fintech App:

      UK Open Banking API Standard: https://standards.openbanking.org.uk/

      Open Banking Developer Zone: https://openbanking.atlassian.net/wiki/spaces/DZ/overview

      Examples of Open Banking Apps: https://www.ft.com/content/a5f0af78-133e-11e9-a581-4ff78404524e

      See https://openmf.github.io/mobileapps.github.io/

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              edcable Ed Cable
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              Dates

                Created:
                Updated: