Microbanking Software as a Service
Outsourcing specific, non-core businesses and services is paramount in today’s businesses as customers are becoming very price sensitive and the competitive landscape gets more intense. The MTN XaaS – Microbanking Software as a Service enables institution to effectively reduce the cost, hassles and issues relating to managing applications / software and its accompanying services.
Benefits: With MTN XaaS – Microbanking Software as a Service, customers are assured of:
- Lower Total Cost of Ownership (TCO) - Using this service , an organization will have a reduced total cost of ownership from the purchase of licenses for applications and servers, payment of the annual maintenance fees, building data centres and the accompanying human resources required to manage these IT resources .
- Improved Operational Profit Margins and Competitive Prowess - The cost savings generated will indirectly offer better pricing margins to customers and also enable them compete favourably with each other and retail banks.
- Focus on your business – By outsourcing, companies can focus on their core business
- One stop, end to end Service Provider - Besides provision of the banking application as a service, MTN will also host, back up and provide connections to all branches and offices as required. This essentially frees the organisation from the management of different service providers and Vendors.
- The MFIs can now serve as pay outlets for government and institutions - This can be achieved due to their high availability and accessibility to their customers everywhere in the country.
With the MTN XaaS – Microbanking Software as a Service, you get the following technical benefits:
- Application performance & monitoring - Strict SLAs ensure that the performance of the application (relating to uptime, promptness) all to make sure that the applications meets or exceeds the expectations of your staff.
- Preventative Measures - Include IT disaster recovery solutions off-site backup to ensure that the data on the server is always recoverable
MTN XaaS – Microbanking Software as a Service
“A service platform that efficiently enables micro-finance banking operations and financial intermediary collaborations without the cost and complexity of ownership”
MTN XaaS - Micro Banking Software as a Service has the standard banking application features and will be optimised for additional security; some of these features will come as core modules and others as Value added services:
- Customer Services: The module is designed to enhance the level of customer satisfaction. It automates the process of the provision of service to customers as they interact with microfinance banks. Areas covered are Account Opening, offline statement rendition and customer enquiries.
- Credit Risk Management: A tool used in managing credit data for analysis, calculation of current and potential risk exposures, managing the entire lifecycle of a loan.
- Fixed Deposit: It automates the processing and management of taking deposits from customer.
- Cheque Book Management: It allows microfinance banks to manage different cheque books easily. From cheque request, allocation to accounts, delivery to customers and adequate income capture per cheque book.
- Cheque clearing: This application allows automation of clearing cheque Management according to prior setup by the users. The application takes care of withdrawal towards unclear effect, return cheque reversal, etc.
- Authorisation: Approvals at various authorisation levels can be effected through Microbanking Saas. The authorisation module makes use of the inbuilt workflow system, which enables intelligent routing of authorisation request to designated officer.
- Parameter Setup and Security: The user with the administrator role of the system can setup parameters through this module and control the extent to which data can be captured and processed on the system. One security/control feature of this system is that users can only see functions they are allocated in the system.
- Interests and Charges: This module automates the processing of interests and charges on transactions, including handling of accruals.
- Fixed Asset Depreciation: This module enables the bank automate the monthly depreciation of their fixed assets till the asset has been fully paid for.
- Reports: Management information system (MIS) reports can be generated based on business requirement. However, Microbanking Saas comes with standard banking application reports which can be used as is or modified to suite specific requirements of Microfinance bank. In addition, MTN XaaS- Microbanking Software as a Service has Digital Dash Board, by which top executives can monitor operational activities.
- Electronic Financial Analysis Surveillance System (EFASS): This module is a web-enabled, analytical and validation tool that enables MFIs to be compliant with CBN report rendition requirements. It is a Risk-Based Management Supervision Program which places emphasis on the risk confronting banks, and how they can be mitigated with direct collaboration with the CBN and other regulatory authorities.
Value Added Services
In additional to the standard modules listed above, MFI’s may want to take advantage of other modules that can be bundled with Microbanking Saas, these are:
- Short Messaging Service (SMS): SMS Alert solution would integrate with the GSM SMS network available in the country. At low cost, solution would enable MFIs send SMS to alert customers of the transactions on their accounts. Monthly statement alert is also available on MTN Microbanking Saas.
- Integration of MFI card services into the e-Payment infrastructure: This module enables MFIs to issue their cards which can be used on existing ATMs and other e-infrastructure either through the corresponding bank or as direct interface to the e-payment infrastructure. These cards can also be used to consummate purchases on Point of Sale (PoS) terminals.
- Extended Branch Banking Service: This is a novel industry class action which helps the MFI achieve a unique form of branchless banking. This allows the MFIs use the branches of their correspondent banks as their branches and get a real time effect on their customers’ balances.
- Mobile Tellering: This Application integrates with POS Terminals, this equips MFIs for real time deposit mobilization on the field. Receipts are issued to customer and banking host is updated with new customer balance real time. Mobility applications can also be integrated into this banking application which makes deposit and withdrawal entries by the field officers real time.
- Agency Banking/Mobile Money: MFIs that serve as Mobile money agencies can now integrate their mobile money application with their banking application; this allows their customers make transfer from the bank account to their e-wallet and vice versa.
- Mobile Money wallet: Customers of MFIs can get an automatic creation of a Mobile wallet when their MFI accounts are opened, which can be used to purchase e-money.
All computing, network, security and software services shall be hosted in the MTNN Virtual Data Centre. Customer access to the services will be via web or Internet access.