SunGard provides support to Grameen Foundation's microfinance solution

by CXOtoday Staff    Aug 19, 2010

SunGardGrameenSunGard has established a dedicated team of technology and consulting professionals from its Global Services business to provide strategic support to Grameen Foundation’s ‘Mifos’ team and its customers. Mifos is an open source technology platform for accelerating microfinance. According to SunGard, it has been instrumental in benchmarking and scaling the capacity of Mifos to help enable microfinance institutions (MFIs) to serve millions of clients.

Through this collaboration, SunGard and Grameen Foundation will also help improve the understanding of technology-enabled microfinance and its impact on accelerating development and alleviating poverty in the world’s poorest regions.

“We set out to use open technology as an enabler to satisfy the enormous demand for microfinance,” said George Conard, executive director of Grameen Foundation’s Technology for Microfinance Initiative. “SunGard’s support, know-how and leadership can help Mifos more effectively scale and penetrate the market.”

Over the past three years, SunGard has built test environments, procedures and quality assurance to benchmark Mifos’ scalability and extensibility as a portfolio management platform. This work has already delivered direct value to Mifos customers such as Grameen Koota, an MFI operating in Karnataka and other parts of India.

In addition, SunGard’s Global Services staff have teamed up with Mifos field professionals to bring enhanced services in data migration, reporting and implementation management to other MFIs such as Adhikar in Orissa, India and Kabalikat para sa Maunlad na Buhay, Inc. (KMBI) in Valenzuela City, Philippines.

“The commitment of SunGard and our employees to make a positive social impact combined with our deep expertise in financial technology and our global reach position us well to complement Grameen Foundation’s technology initiatives,” said Mack Gill, president of SunGard Global Services.

Mifos, an advanced software platform for microfinance institutions, was launched in 2006, is offered as an online hosted service (Mifos Cloud), and a downloadable open source edition called ‘Mifos Community’ for on-premise use.