Building a Fintech Application
Finscale is an open source financial technology platform for embedded finance. You can use Finscale's RESTful API resources and its unique micro services design to develop financial applications use cases.
Currently, we are aiming for Finscale to be a low code platform. Having said that, you can deploy beautiful web and mobile applications with Finscale, with relatively easier development efforts. Ease of development also comes with freedom of writing your use case in any programming language of your choice.
The Finscale project is completely open source. Finscale is also made up of multiple components and resources derived from other related open source libraries, source codes and design frameworks. Therefore, each component also comes with its own open source licensing. For exact open source license of each component, please check the Readme.md of our repository that you access.
We are building many reliable partnerships with Cloud providers like IBM, Google Cloud Platform. Currently, you can start building your applications in your hosting environment. We are going to start offering cloud native deployments with our cloud service providers and partners soon.
Finscale acts as a middle ware for transactional processing in the banking industry. A developer codes an easily deployable financial workflow application with its own logic and presentation layer. This application communicates with Finscale architecture, consuming its capabilities of modularity and composable banking.
What Finscale provides with its architecture, is a faster and reliable ability & response mechanism for you to address changing regulatory requirements of financial services industry.Your existing banking solutions are monolithic and tough to change and hence, any new regulations puts burden on your IT to move up with their game. With Finscale, you can build and deploy a revised financial application, addressing the regulatory change.
We have introduced blockchain based security framework for each inter queue messaging that takes places b/w different micro-services, b/w your legacy processor and Finscale or b/w Finscale and any front end application(that you write). So basically, this is as secure as it can get for modern banking needs.
With its cloud native development approach, easy to build and manage loosely coupled micro-services design, Finscale can offer massive scalability. Scalability factor is also enhanced because of seamless inter service exchange.
If you are using a legacy core banking system, you are already looking at ways to better it, make it more non monolithic and open banking oriented. Finscale provides the capabilities to do so. Your traditional core banking system or transactional processor is connected to Finscale via a messaging queue system. Your job is now to only write beautiful and consumer centric workflow applications.
If you are using a monolithic core lending system, it does not automatically guarantee a seamless inter services exchange. Your core lending system may also have provisions for REST APIs, however this does not mean it satisfies your requirements of modularity and scalability. With Finscale, you break these barriers.
Finscale can be used for creating smart payments applications. It can be any interface, UI/UX that you have in mind. For core transaction processing, you use Finscale's Transactions service. For more info, please see the Solutions>Payments page.
Finscale is simply a tech platform. We are backed by a technology company. We are not supposed to be a banking regulated entity. It is advisable that you seek all necessary regulatory approvals from Central bank of your jurisdiction when you start a financial services business.
You can join the open community around Finscale project and seek a community level support. If you are a mid to large scale financial institution or financial service provider, you can seek Muellners Service Delivery team for an enterprise implementation.
We are launching the Developer Console so that technical teams in fintechs, banks, neobanks can get to manage their deployment, resources and configurations.The Developer Console is also used for managing multiple third party integrations that your use case demands.
It actually should take seconds of computing time to deploy your resources, create and build a simple financial application. But technology transition and business logics are a careful process driven exercise. Therefore, an enterprise implememntation usually takes 3-6 months.