Mifos X

Mifos X is a free and open-source technology platform for financial inclusion of the poor which is developed and maintained by Mifos, a US-based non-profit. It is a standard distribution containing the platform, web client, and mobile client on Fineract. Fineract is an open technology platform for financial inclusion that provides the core functionality needed to deliver financial services to the 2 billion poor and unbanked.
Mifos X can be deployed in any environment: cloud or on-premise, online or offline, mobile or PC; it is extensible enough to support any organizational type or delivery channel, and flexible enough to support any product, service, or methodology. For any organization, big or small, it will provide the client data management, loan and savings portfolio management, integrated real-time accounting and social and financial reporting needed to bring digital financial services in a modern connected world.
It is a lightning-fast, cleanly designed, responsive app that supports the most common financial inclusion methods. Customers can use it out of the box, partners can resell it as is or can modify and localize it to fit their region. Hence, there are a wealth of opportunities to build and distribute new products and solutions on top of the Mifos X platform.
One of the most innovative features of Mifos is the bulk update of collection sheets. Mifos generates a scheduled payment collection sheet for each group meeting. The loan officer need only note the exceptions to the scheduled payments from the group - which are minimal - and then Mifos records all the payments for the entire group in one action. Mifos users rave about this feature and the significant time saving it generates for loan officers.
The Mifos X platform contains all the core functionality needed to deliver financial services to the poor - all these services are exposed as RESTful APIs so you can easily integrate with or extend Mifos X.
Features
1. Rapid Product Creation - The user can respond to client demand in no time - once the changes are made in Mifos X, new products are available for any clients across any branch. The user can also configure the product mix to ensure clients can only take out a responsible amount of loan at one time.
2. Multiple Lending Methodologies -
The Mifos X API supports:
• Individual lending
• Grameen Joint Liability group lending
• Multi-tranche loans
• Variable Installment loans for Agriculture
• Floating Interest Rate loans
• Standing instructions for automated payments
• Co-op lending
3. Interest, penalties, and fees - Mifos X supports calculation of interest balance on daily or average daily balance with the ability to specify the compounding period daily or monthly and the posting period monthly, quarterly or annually.

4. Responsible Client Management -
Mifos X provides:
• Client relationship management tracking
• Client identity and document management so that the user can fully know his/her customer
• Social performance measurement
• Client credit scores provided by the integration of partner solutions

5. Social Performance Management - The flexible architecture of Mifos X allows the users many ways of measuring their clients’ progress out of poverty. The community app includes full integration with the Grameen Foundation’s Progress out of Poverty Index.

6. Robust Accounting -
Mifos X has robust accounting functionality.
• Cash or Accrual accounting
• Custom chart of accounts
• Automated portfolio posting
• Advanced automated account posting
• Full support for manual journal entries
• Configurable accounting rules
• Streamlined financial reporting

7. Risk Management - Mifos X give the users complete control over the activities of their employees. Work processes can be broken down into required steps and all activities can be recorded and searched. Work roles can be defined with very specific permissions allowing them to define and manage user access to information and decision-making and user passwords & log-in can be controlled.

8. Business Insight - Mifos X includes both a robust set of built-in reports and connectivity to world-class reporting and business intelligence suites. The Community app includes:
• Standard built-in reports
• Stretchy reporting with SQL queries
• Embedded dashboards
• Pentaho reporting integration
User Interface
The Mifos X user interface is renowned for its simplicity and ease of use. Based on years of field-use feedback, the Mifos X user experience provides staff the ability to quickly get a comprehensive cover of their client and perform their day to day tasks with ease.
Mifos X User Interface incorporates advanced search and navigation features, including:
• Consistent dashboard views
• Drill down and breadcrumb navigation
• Live search
• Action-based, keyboard shortcuts
• Wizard UI for Entity Checks for Data Tables
• Ad Hoc Query UI
Major Releases
• Mifos X Platform 1.0 -
Mifos X Platform 1.0 is the first official release of the completely re-architected and re-written codebase that the Community for Open Source Microfinance has been working on since the transition of Mifos from the Grameen Foundation.

• Mifos X 1.25: WebHooks, Accrual Accounting, Declining Balance with Interest Recalculation -
Released on Oct 27, 2014. This release delivers on some must-have financial and accounting features with support for periodic accrual accounting with point-in-time accruals, true declining balance with interest recalculation with support for configurable rest periods and compounding settings, the ability to pre-pay loans, bulk JLG loan applications, and a whole range of usability enhancements. On the architectural side, it has been built out a WebHooks framework with a proof-of-concept Twilio SMS integration, shipped our Batch APIs for improved performance, and an Executable WAR for quick installation of Mifos X.

• Mifos X 1.26: Improved Guarantor Management, Teller Cash Management, Configurable Account Prefixes and more -
Released on December 23, 2014. It provides a range of new functionalities across the suite of lending and savings products as well as a number of usability enhancements and bug fixes. Major new features include support for capturing guarantee requirements for loans and blocking/holding funds on guarantor accounts, a beta version of our teller cash management module, new statuses for client life cycle, the ability to map liability accounts to fees, ability to update deposit amounts for active recurring deposits, support for capture client images from a linked webcam, and functionality to configure account prefixes on client, loan and savings accounts. With the range of bug fixes and UI enhancements, there are more than 75 tickets fixed in this release.

• Mifos X 15.03: Mandatory Savings, Individual Collection Sheets, OAuth 2 Support, Context-Sensitive Help -
Released on April 06, 2015. It contained a great deal of new technology and security enhancements, functional improvements to the loans and accounting module, as well as some improved usability. OAuth 2 Support, as well as stricter password configuration policies, will provide more robust authentication mechanisms. The loans module now allows for fixed loan product parameters, configurable working days, multiple options for interest calculation on pre-closure, greater flexibility during the approval and disbursal process for multi-tranche loans, and improved rounding off rules for EMI repayments. For the accounting module, one can now migrate opening balances as well as configure fees to be mapped to liability accounts. Last but not least, Mifos X now has a significant amount of context-sensitive help including tooltips and dynamic help menu links.

• Mifos X 16.01: Loan Rescheduling, Loan Loss Provisioning, Floating Interest Rates, Variable Installments & Self-Service APIs -
Released on January 13, 2016. Major new features were added which expand the breadth of the loan product offerings, improve risk management and monitoring of your portfolio, and enable your clients to take control of their financial services through self-service channels.
Major new features include:
1. Loan Rescheduling
2. Loan Loss Provisioning
3. Floating interest rate loans
4. Variable Installment Loans
5. Self-Service APIs
6. OAuth/HTTPs toggling

• Mifos X 18.03: Two-Factor Authentication, Data Import Tool Integration, Notifications, Wizard UI -
Released on April 10, 2018. This release includes several features and enhancements completed by Google Summer of Code students in 2017. It also contains numerous bug fixes and minor enhancements.
At the Fineract platform level major new features include support for two-factor authentication, enhancement and integration of the data import tool, enhancement and integration of the notifications framework for staff notifications, support for adding notes to savings deposits and withdrawal transactions, UI for making ad-hoc reporting queries, and additional self-service APIs to support our mobile and online banking apps and extend our SMS campaigns module.
License
Fineract is distributed under the Apache 2.0 license and Mifos X under the Mozilla Public License 2.0.
Mifos X has the Mozilla Public License 2.0 to provide third parties with the ability to build their own or integrate their existing products with Mifos X while still ensuring the core platform remains open-source.

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