Payment Hub EE wins 2022 Banking Tech Award for Best Contribution to Economic Mobility in Banking & Finance
The Mifos Initiative is honored to have our Payment Hub Enterprise Edition (PH-EE) chosen by Fintech Futures as the Winner of the 2022 Banking Tech Award for Best Contribution to Economic Mobility in Banking & Finance. Awards were given out earlier this December at the 23rd annual Banking Tech Awards hosted by Fintech Futures at the Royal Lancaster Hotel in London.
It is as honor to have been selected from an impressive class of finalists including:
- Mcash Uganda Ltd – Mcash-MAAIF project (Highly Commended)
- TAG Fintech – TAG Fintech
- Standard Bank Group – Chama App
- Robocash Group – Robocash Group
This award recognizes projects using fintech/banking tech to champion financial inclusion and economic mobility. Examples include products/services for the underbanked communities and areas; products and services for specific demographics that are often overlooked, such as children and pensioners; innovative salary and benefits management tools; increasing financial literacy; promoting financial health etc.
This award builds off of our recognition in 2021 of Mifos X as the recipient of this same award as a catalyst for innovation by providing a core banking & account management platform delivered as open source building blocks to manage the store of value to embed financial services anywhere. For 2022, Mifos has now been recognized for our complementary open source payment orchestration engine, Mifos Payment Hub EE (PH-EE), which facilitates the movement of value by enabling institutions to seamlessly connect to any digital payment rail & enable the participation of the 3B underbanked in the digital economy. Payments are the gateway to financial inclusion with the means of transacting digitally as that first step towards financial health.
Mifos X, a catalytic foundation to manage wallets & accounts in the cloud is now coupled with Mifos Payment Hub EE, providing the capability for the entire industry to connect to digital rails including:
- Enabling MFIs/SACCOs to offer digital repayment/disbursements via seamless mobile money API integration
- Fintechs & financial institutions of any size to offer low cost, high volume, low value payments by connecting to & participating in instant interoperable payment systems like Mojaloop.
- Governments digitizing their bulk cash transfer programs/G2P schemes & rolling out CBDCs.
Payment Hub EE provides a highly scalable and extensible means to enable any institution to participate in a digital payment system regardless of size by:
- Abstracts the complexity of connecting via APIs through simple connectors
- Enables limitless participation in additional systems by simply building more connectors
- Low-cost deployment across shared cloud infrastructure via multi-tenancy
- Provides a highly configurable orchestration engine powered by Zeebe enabling the support for any use case and flow simply by creating new BPMN diagrams
- Rich user interface & monitoring for visibility into transactions and recourse on failed payments.
Payment Hub EE is now being actively deployed for a variety of use case across the globe including:
- Mobile money integration for agricultural loan repayments in East Africa
- Bulk payment pre-processing for G2P payment and social protection cash transfer programs.
- QR code merchant payments in Latin America
- Real-time payments integration with inclusive instant payment systems like Mojaloop.
- Instant and faster payments integration in Europe
- Cross-border remittances between the US and Asia
- Issuing gateway for Central Bank Digital Currencies in emerging markets.
Learn more about Payment Hub EE at https://payments.mifos.org.
You can view a list of all the winners and finalists.
About the Banking Tech Awards
The Banking Tech Awards recognise excellence and innovation in the use of IT in financial services worldwide, and the people who make it happen. 2022 was the 23rd year for these prestigious awards.
For banks and financial institutions, winning a Banking Tech Award showcases the value of their technology investments and showcases their skills, commitment, creativity and execution.
For software providers, a Banking Tech Award is a valuable recognition of the company’s products and services.
For individuals and teams, a Banking Tech Award is a prized acknowledgement of their skills, leadership, vision, inspiration and dedication to the industry’s betterment.
The 2022 awards ceremony took place on 1st December 2022 at the Royal Lancaster Hotel, London.
The Banking Tech Awards are owned and produced by FinTech Futures, the definitive source of news and analysis of the global fintech sector.