Standard IT products for MFIs and other Financial Institutions

Need for the Technology: Technology, innovation, and knowledge have become the key drivers of economic growth today. A broad scan, across many industry verticals, suggests that much of the economic growth of the last decade has been facilitated by the existence of strong technology platforms. The effective absorption and utilization of data and information is extremely important for any sector at various developmental stages. However, the importance of data management becomes more pronounced at the advent of the growth stage when an industry is expanding and diversifying rapidly. This is the state in which the Microfinance Institutions (MFIs) are in today.

As part of this growth stage, microfinance in India and elsewhere, is undergoing rapid changes and discovering new challenges. Collecting money from scattered, remote clients, the cost of service delivery transactions in the “last mile”, effective information exchange at the institutional level, and effective growth management are just a few of the many challenges confronting MFIs. As a result, microfinance practitioners’ motivations to use technology interventions are the same as those for any other similar business model: technology’s ability to speed up the flow of information and capital, automate transactions, control and analyse data, improve customer experience, reduce transaction costs, and increase efficiency and customer outreach. Technology’s potential has, therefore, led Microfinance stakeholders to believe that technology can have a profound impact on their operations. As a result, technology’s promise and potential is being explored by both technology providers and microfinance institutions.

Solution Offered for IT&FT by BASIX:

Delphix Nano

BASIX Social Enterprise Group had initially developed a comprehensive financial solution called FAMIS plus to meet its own microfinance business requirement. This software was subsequently deployed in over 50 other microfinance institutions covering about 170 installations. Subsequently BASIX developed and oracle based ERP software “DELPHIX” to meet its substantial business growth. DELPHIX has been implemented and successfully served as the backend system for over a decade. Drawing from the rich features of both DELPHIX and FAMIS plus as well as the addition of the latest technologies, a newer version called DELPHIX Nano was introduced to cater to the ever changing needs of the microfinance industry. DELPHIX Nano has been evolved to provide a platform to maintain the field level operations in a systematic manner. This has successfully been installed at other MFIs across India as well as internationally.

Delphix Nano software caters to automation requirements of medium to large scale Microfinance Institutions. It is a user friendly comprehensive Micro-Finance operational software featured with both stand alone and web enabled multi-user and multi-function capabilities and can be loaded on any windows based network.

Some of the important features of the software are as follows:

  • Supports all microfinance models
  • Highly configurable and parameterized definition of products and its revisions
  • Comprehensive storage of customer information as per KYC norms
  • Multiple interest calculation methods such as flat and diminishing interest calculations
  • Automated loan repayment generation
  • Integrated to credit bureau systems
  • Comprehensive loan analysis such as demand collection, disbursement and repayment analysis, ageing analysis, Overdue analysis, First Time Over Due (FTOD) Reports
  • Financial statements
    • Cash book, Bank book and daily scroll reports
    • Trail balance, P & L statements and balance sheets
  • More than 200 customizable MIS reports

Delphix Nano has more than 100 installations in domestic and international markets. It is preferred by many small to medium scale MFIs as it is more compatible with their operations. BASIX provides technical assistance apart from installations to ensure that the software meets the needs of its customers.

 
Banksoft

Complete Technology Solution for Financial Institutions

BASIX in partnership with Processware Systems is presenting a core banking solution “Banksoft” to support the functionality of banks, microfinance institutions and cooperative societies. It is an integrated branch automation software that has been developed as a solution for banking application including savings and loans. The solution is user friendly and provides instant information about customers and their transactions. Banksoft enables banks to provide financial services to customers more effectively and efficiently. The software enables banks to deploy additional delivery channels such as mobile, internet, any branch banking and ATM services. It makes the whole banking experience easier for the customer by enabling transactions at any branch or ATMs.

Banksoft also maintains a strong Management Information System (MIS), through which the bank can generate necessary financial reports. With flexible product definition features, banks can define their own savings and loan products. The deployment of Banksoft will allow banks to introduce products and services faster which will provide them competitive capability to generate more revenues and profit. The software is easy to install and requires minimal training to operate. The functionality of Banksoft is in the following areas: interest calculation, cash credit, overdraft, locker, cashier, clearing, DD/PO, Bank Investments, Asset Liability Management, Query, MIS report and banking transactions.

Some of the main features of Banksoft software are:

  • Comprehensive storage of customer information as per Know Your Customer (KYC) norms
  • Electronic storage of photographs and signature of customers
  • Fully parameterized definition of products
  • One-click access to complete account information
  • Supports multiple currencies
  • Generation of statutory reports and audit logs
  • More than 300 in built reports including RBI and Income tax related reports

The software presently is installed in more than 300 installations across India and 2 installations in Papua New Guinea, leading MFI in Myanmar and being implemented in leading MFI in Mozambique. The software has been certified by Certified Information Systems Auditor (CISA) and the Reserve Bank of India (RBI).

 
Mobile based

IT Products – Latest Technologies

ViTran SP

BASIX Sub-K iTransactions Limited, one of the group entities of BASIX Social Enterprise Group, developed a virtual transaction platform (ViTran SP) which works on mobile based application for branchless banking solutions. ViTran SP is integrated to core banking solutions and other third party services providers’ platform to perform different types of transactions through mobile.mobile base

This wireless platform can give various financial services such as cash deposit services, remittance, banking, fund transfers. The availability of this latest wireless technology has enabled the local village level outlets to act as Business Correspondence Agents (BCOs), reducing the need for travelling to the nearest bank branch to avail the services.

Sub-K Technology uses the principles of “simplifying” the implementation and experience while developing this mobile based platform. These are the highlighted by:

  • Online/Offline integration with DDFC core banking system, thereby eliminating the complex processing of reconciliation and cash management, that otherwise is required for any other offline solutions, such as handhelds and smart-cards
  • Use of Android mobile phones/Tablet/POS device and Thermal printers to act as Micro-ATM kits in the hands of DDFC staff/agents in the field for ease of reach and transactions.
  • Finger-print and PIN based authentication facilities ensure that the customer always has two possibilities for validation, and thereby significantly reducing the possibility of denial of service.
  • A unique float management principle “Integrated Transaction Fund Management” helps to avoid the risk and fraud overheads for the bank as well the customer.
  • A loan management module will integrate to DDFC systems and will help your field staff to perform loan recovery and will update the information in DDFC systems on real time basis.

Key Features of ViTran SP:

FeaturesCloud Based ArchitectureParameterized CodeAbstracted Business Logic at ServerCentralized ArchitectureHighly ScalableData Centre
Plug and Play Plug More Services Easy change management Remote monitoring Modular scaling of no limit Deployed in Ctrl S Tier IV Data Centre, Hyderabad,
Low Infrastructure Cost   Easy maintenance Easy deployment and maintenance Distributed Architecture 10 mbps dedicated leased line to internet
Scalability   Powerful analytics possible     Disaster Recovery is at Bangalore, Trimax Data Centre
Interoperable          

Sub-k has become the Business Correspondence Agent for 13 banks which include large public sector banks such as State Bank of India (SBI), Syndicate Bank and also for non-bank companies such as Bajaj Allianz, Reliance Life Insurance. The wireless and branchless banking technology has enabled Sub-K to reach 1.5 million households through its banking and payment services. The BCOs are operating in over 300 districts covering 28 states and union territories of India through 4000+ outlets.

 
ERP Solution

Enterprise Resource Planning (ERP) Solution for FPOs & SMEs

ERP system is an IT solution that helps organizations to achieve enterprise wide integration which results in faster access to accurate information required for decision making. Today, an ERP system is considered as basic minimum for running a business. BASIX SEG has promoted over 300 Farmer Producer Organizations (FPOs) and works with many small and micro-enterprises which need ERP solutions that suit their business operations. BASIX is in the process of developing the ERP solution for FPOs and SMEs and will soon launch these products for the benefit of these organizations.

 
FMS

Farm Management Solutions (FMS)

India is seeing a growing number of large scale farmers’ organizations, in form of producer companies, Federations of Self Help Groups (SHGs), Co-operatives etc. Many of these organizations are involved in input and output trading of Agricultural and Agri-allied (such as diary) activities. An efficient database of the members of these institutions, their land particulars, crops sown, inputs required, harvesting schedule is required for efficiently servicing the members. BASIX identified these issues and has partnered with two Farm Management Solution (FMS) providers to provide ready made solutions.

Farm Management Solution (FMS) automates the full gamut of farm related activities and processes. Firms/Institutes/People involved in large scale commercial farming are already using such solutions. FMS companies are also interested in taking this solution to Farmer Producer Companies (FPCs). FMS requires each farmer and farm (e.g. those coming under FPCs) to be registered in the system and do beginning-to-end tracking of the farm related crop. Such solutions also needs package of practices (POP) for each planned/sown crop to be fed into the system so that system can generate associated notifications and alerts.

FMS Features:

BASIX is collaborating with two organizations that have cloud based PMS which is also a mobile based technology. These are CropIn Technologies, Bangalore and SourceTrace Systems, Coimbatore. The data to their software is fed into system by smartphone carrying trained staff who micro-manage end-to-end farm management practices and processes.

FMS from CropIn Technologies:

The solution allows:

  • FPCs to connect to their farms and monitor farm management fms pic
  • Platform covers end-to-end farm related activities, starting from farmer, and farm registration, uploading of package of practices (POP) for a crop, alerts based on defined package of practices, crop traceability, marketplace integration etc.
  • Platform allows extensive data collection and has built in data analytics/business intelligence support.
  • It is mandatory to geo-tag each field and do end-to-end tracking of various stages of crops sown in all the fields as per defined package of practices.

FMS from SourceTrace Systems

The solution allows:

  • Farmer Enrollment and Farm data registration and geo tagging of farm
  • Farm level input distribution and calculate cost of production
  • Farmer level procurement
  • Farm photo capture
  • SMS based communication
  • Traceability

BASIX in partnership with CropIn and SourceTrace proposes to offer FMS services to BASIX promoted Farmer Producer Companies (FPCs) across 17 states and currently pilot is being undertakes in few FPCs in Telangana and Uttar Pradesh.