Fineract Connector Approach
This page discusses the possibility of fineract connecting with external Legacy core banking system or even COBOL based transaction processors for data migration and transition purposes.
Purpose
Fineract has a modern file management system compared to transaction processors or Core banking systems used by bank from traditional times. These systems have been defined as legacy core banking systems.
The purpose of this document is to understand Fineract Native supporting external calls to legacy Core Banking Systems.
The objective of this approach is to extract information using a middleware and importing the files accounts, transactions and data structure for the accounts/records such as loan, savings, transactions data in the compatible format as supported by fineract.
This document describes at a higher non-technical level, the work that needs to take place to import data feeds from legacy CBS - transaction processors into an instance of Fineract.
The use cases of this project applies to:
Fineract instances for Self-Service project for Internet Banking (IB).
Credit decisioning and risk portfolio activities on Fineract Instances.
Data migration for historical records.
Securitization Events in Financial Institutions.
Data Records Classification for Import Processes.
All end client Records: All customer records are all end client records - both closed and active.
Marking of Customer status as Active, Inactive or Closed is required.
Historical Records not requiring updates
Closed Loan Data, closed Checking account data or any other product data which has completed its banking cycle.
Closed Transaction Data, fullfilled payment transaction data such as Deposit transaction, Loan Repayment Transaction, Disbursal of Loan transactions,Withdrawals, one account to another account transfer and paid Payment Status.
Dormany Product level Account Tracking
Records requiring recurring updates:
Active Loan Data, active Checking accounts data or any other product data which has incomplete banking cycle.
Active Transactions Data, non fullfilled payment transaction data such as Deposit transactions in suspense, Loan Repayment Transaction for ongoing loan cycles, announced Disbursals of Loan transactions, Withdrawals in suspense, one account to another account transfer in escrow, payable charges data, unpaid payment statuses.
Accounting Records:
All accounting records take place coresponding to Transaction postings. You MUST create a baseline approach to handle accounting posting with respect to all the above classifications.
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