The OpenCBS story
OpenCBS origins go back to 2006, when we, as a team of passionate individuals working in the field of microfinance, realised that there was no affordable technical platform available for smaller scale financial institutions. As a result, most microfinance institutions were using manual processes, with many errors and a high potential for fraud, resulting in poor service quality and a certain lack of transparency for their end-customers. Micro-entrepreneurs and the low-income population in general were suffering from inadequate financial services, with consequences in terms employment and of economic growth in general.
Together, we decided to develop the first version of OpenCBS: a very easy to use, affordable software for microfinance. Over the years, we progressively refined the business model and product offer in order to make the venture profitable in the longer term.
OpenCBS is a Fintech company offering an affordable, scalable Cloud-based Core Banking System as well as other value-added digital transformation solutions for the financial services industry: a Tablet application for eKYC, Digital Field Application and appraisal, and a Loan Origination Solution.
OpenCBS products are ready for Open Banking and based on Open APIs.
Over the past few years, OpenCBS has been growing with its clients and has continuously developed its technical platform using agile methodology. OpenCBS products are now used by 15 live-clients, impacting above 400,000 end-clients. OpenCBS has also moved beyond the market of microfinance, our solutions are now also used by banks, digital lenders, funds and boutique finance companies.
We however remain loyal to our origins by making improvements to our products available to all our clients, including the smaller ones. By offering an affordable and simple platform that allows institutions to provide financial services in a transparent and efficient manner, OpenCBS contributes actively to financial inclusion and responsible financial services.
Open API approach
OpenCBS used to be an Open Source project, but we realised as we were redeveloping our products for the Cloud that the model was no more viable. We decided to focus instead of affordability, and bringing value to our clients by offering fully hosted and secure solutions for a very reasonable price.
We decided however to keep our architecture open by giving access to our APIs. All OpenCBS products are based on Open APIs, meaning that most of the records and functions can be accessed using standard RESTful APIs. Thus, our products are easily interoperable with 3rd party systems.
OpenCBS does not charge for API access, however OpenCBS requires to vet 3rd parties in countries where an Open Banking legal framework is not yet in place, so as to mitigate the risk of data leak.