The open-source Apache Software Foundation (ASF) has many different processes, including one for how a new project can be incubated, mature and eventually graduate to become a Top-Level Project.
Today the ASF announced that the Fineract banking platform has achieved the milestone of graduating from the Apache incubator and is now officially a Top-Level project. The Fineract project is an open-source Financial Technology (FinTech) platform that enables a core banking platform.
"Fineract provides a reliable, robust, and affordable solution for entrepreneurs, financial institutions, and service providers to offer financial services to the world’s 2 billion underbanked and unbanked," the Fineract project page states.
The latest release of Fineract is version 0.6.0 and the platform can be deployed in multiple types of environments, including on-premises or cloud, with the ability to run on both desktop and mobile devices.
"For any organization, big or small, it will provide the client data management, loan and savings portfolio management, integrated real time accounting, and social and financial reporting needed to bring digital financial services in a modern connected world," the project page states.
The Fineract project entered the Apache Incubate in December 2015 and was submitted by its creators at the Micro Finance Open Source (Mifos) Initiative. Mifos itself is a spin-off from the Grameen Foundation, which got started in 2004 as an effort to build micro-finance applications.
"Core banking software is one of the oldest applications of digital electronic computing. Apache Fineract's graduation as a Top-Level Project is an important next step for Open Source into applications that affect us all," said Myrle Krantz, Vice President of Apache Fineract, in a statement.
Sean Michael Kerner is a senior editor at EnterpriseAppsToday and InternetNews.com. Follow him on Twitter @TechJournalist.