FINO using Flexcube for microfinance institutions

i-flex solutions announced that Financial Information Network and Operations (FINO) is using its core banking product, Flexcube to help microfinance institutions address the challenges they face in processing large volumes of low value transactions.

In India, FINO's pay per use model allows microfinance institutions to use its sophisticated back office infrastructure to reduce transaction costs, scale their operations quickly and extend their reach.

i-flex solutions have a strategic alliance with FINO to provide a reliable and scalable processing engine. "With i-flex solutions and Flexcube we have a partner and a core banking solution that is leaders in the field. With Flexcube, FINO can provide microfinance institutions a range of services and products that can easily be customized to meet special requirements. In addition, Flexcube's capability to handle millions of small-value transactions means we will be able to grow with microfinance institutions as they expand the scale of their operations," said Manish Khera, CEO, FINO.

Flexcube has been configured to meet the special needs of microfinance institutions. For instance, it supports lending to self help groups or joint liability groups and can handle disbursements and or repayments for an entire group of borrowers as a single transaction. It is also able to handle daily, weekly or other interest repayment schedules to cater to the needs of hawkers and small businesses.

Added on December 21, 2007 Comment

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