The World's Foremost Mobile Financial Services Platform
Fundamo Enterprise Edition has been architected and developed as a 'Generation 2' platform, meeting the demands of a mainstream, high growth industry. It follows four previous major releases of the technology, so is inherently mature, harnessing over ten years of business and operational experience in many emerging markets with many different business models for both mobile network operators and banks.
The platform enables these institutions to launch services that meet both their immediate and long-term strategic goals. Its configurability supports the fast 'go-to-market' needs of the industry, whilst providing the security and scalability required in high volume financial transacting environments. It is feature and function rich and easily connectable to the ecosystem.
The Fundamo Enterprise Edition Mobile Money Platform provides a mobile accessible Demand Deposit Transactional Account to consumers who have mobile devices and typically transact in cash. This makes it the ideal platform to further financial inclusion in emerging markets where large parts of the population have access to mobile devices, but are unbanked or under-banked.
The Fundamo Mobile Money Platform includes the following capabilities:
Fundamo is among the first application providers to be certified on IBM's new family of expert integrated systems.
Based on 11 years of experience, the Fundamo platform is designed to help service providers achieve exponential growth in uptake and usage. This includes support for sophisticated agent hierarchy management and associated commission and fee management.
Fundamo's platform is highly scalable and expressly designed to enable accelerated service adoption. Enterprise Edition is available on a combination of hardware and software stacks, resulting in predictable behaviour under various load conditions. The behaviour is predictable since the proposed stacks have been performance tested with the supplying vendors.
Fundamo's platform is modular, application-driven and built on open APIs to enable easy development, integration, compliance with the latest regulations and rollout of new services. This means that Enterprise Edition can be configured to adapt to the consumer experience, while supporting variable operating models due to changing market conditions.
Besides the generic benefits entrenched inside Enterprise Edition, open APIs provide a quick and simple connection to other service providers. The platform offers remittance capabilities into existing hubs.
The Fundamo mobile-money platform is built on internationally recognised banking architecture principles. In addition, the platform has been constructed to utilise the inherent security of the mobile phone: Fundamo will always implement the best security possible within the constraints of the technology deployed.
In order to meet and surpass the criteria for a banking grade mobile financial services platform, the platform's architecture takes into account sound monetary control disciplines with banking grade administration and real time transaction processing with banks as well as interoperability between platforms providing connectivity to thefinancial services eco-systems.
The Fundamo Mobile Money Platform provides a mobile accessible Demand Deposit Transactional Account to consumers who have mobile devices, but who do not have access to financial services and transact using cash. This makes it the ideal platform to further financial inclusion in emerging markets where large parts of the population have access to mobile devices, but are unbanked or under-banked.
Mobile Financial services are developing as a result of having a geographical footprint defined by the reach of mobile networks and providing a means of transferring money in a safe, fast, and inexpensive manner. There are two primary paths to market with mobile financial services – mobile money and branchless banking. In order for a mobile financial service platform to be successful, market complexities need to be taken into consideration and the right agent distribution strategy must be set in place.
To offer a mobile money program, financial institutions, MNOs, and other mobile money operators (MMOs) typically operate a mobile money platform (MMP), which is a mobile-optimized transactional account and payments platform that provides a closed-loop ecosystem of agents and consumers who can perform the following closed-loop transactions either on their mobile phone or at agent locations:
Fundamo mobile banking delivers Additive Banking and is typically for banks and financial institutions wishing to provide mobile banking as an additional electronic channel to access existing accounts.
The platform's architecture ensures it can be configured to meet different mobile financial service needs globally. It can support multi-bank and multi-operator environments, as well as a single deployment.
The mobile money solution although primarily targeted at unbanked consumers, may also target consumers who are banked already but do not have mobile access to their bank accounts. This results in a so-called hybrid model through which mobile money and mobile banking are provided as part of the same mobile money scheme. Sophisticated UI’s and Smartphone applications may be required to provide this service and will be managed through the services of a partner.
In the Fundamo offering, a mobile banking transaction is one where the source and or destination account is hosted on an external account management system (external products) as opposed to the account being hosted internally (internal products) on the Fundamo platform. The Fundamo platform allows consumers to register for more than one product / account which can be a combination of internal and external products. Our platform provides product configuration with limit checks and fee calculators for clients who want to offer a mobile access channel to banked consumers. When consumers perform a transaction using their mobile phone and selecting an external account as the source of funds, we process the mobile message, calculate the fees, check the limits and convert the proposed entries into an ISO8583 message that is sent to the external account management system.
Consumers belong to the bank and their client data, system of record and account management is provided through the bank’s own core banking system. Consumers register with their own bank to enable access to their account through a mobile device. The mobile banking product will store mobile device detail and external account identifiers consumers. Consumers will be able to perform the following set of transactions using their mobile device as an access channel and their external bank account as the source of funds: