Powered by Fiorano ESB, Commercial Bank of Africa revolutionizes mobile-banking
M-Shwari logs 40,000 customers per day crossing Ksh1 billion
in transactions a month with core banking integration from Fiorano
PALO ALTO, California, February 19, 2013 Fiorano Software, a leader in enterprise integration and messaging middleware solutions, announced today that Fiorano ESB, Enterprise Service Bus has been deployed by Commercial Bank of Africa (CBA) to enable M-Shwari, an innovative and revolutionary mobile savings and loan service product.
M-Shwari, considered a “game-changing” banking product is offered by CBA exclusively to 17 million users of Kenyan mobile operator, Safaricom’s mobile payment system, M-PESA. CBA has been the custodian of M-PESA funds since inception and these customers can now get access to full banking services without ever having to walk into a branch. This is seen as the perfect customer attraction and retention tool by CBA.
Fiorano ESB, Enterprise Service Bus works as an integral part of the Core banking Integration Framework used by CBA, which moves integration from a one-to-one approach in CBA’s core banking solution into a many-to-many integration hub which seamlessly supports the enterprise nervous system.
According to a joint statement from Safaricom and CBA, M-Shwari is seeing 40,000 Kenyans signing up daily. With customer deposits of over KSh 3 billion, it’s one of the most successful new financial services products in the African market in recent years.
“We are overwhelmed at how well the product has picked up and the show of confidence from our customers. This product will clearly change the game in the local financial sector,” CBA’s CEO Jeremy Ngunze told the Nation in a recent interview.
Fiorano’s code-free integration approach dramatically reduces implementation time so banks can bring new capabilities to market faster. All M-Shwari’s mobile banking transactions including verifications from the Government databases are routed to a web service hosted on a CBA server. Using the Fiorano SOA platform (Service Oriented Architecture) CBA has developed web service flows to expose these Core Banking transactions.
Among other benefits, the Fiorano Enterprise Service Bus (ESB) allows CBA’s core banking system to be integrated with any third-party application in a zero-coding environment via point and click tools. Fiorano Enterprise Service Bus (ESB) is an agent-based, peer-to-peer, distributed event-driven asynchronous middleware platform infrastructure that supports intelligently-directed communication and mediated relationships between loosely coupled (Service Oriented Architecture) and decoupled (EDA) business components.
About Commercial Bank of Africa (www.cbagroup.com)
Founded in 1962 Commercial Bank of Africa Ltd (CBA) is one of East Africa’s largest privately owned banks and has operations in Kenya and Tanzania.
Founded in 1995, Silicon Valley based Fiorano is a USA (California) Corporation with proven leadership in enterprise middleware and peer-to-peer distributed systems. Fiorano's innovative event-driven SOA (Service Oriented Architecture) platform integrates applications and complex technologies into an enterprise nervous system, increases business process performance, yields higher message throughput and enhances availability through agent-basedvisual composition that bridges the capability gap between business models and their implementation - the model is the application, ready to run.
Global leaders including ABN AMRO, Boeing, British Telecom, Federal Bank, McKesson, NASA, POSCO, Rabobank, Schlumberger, US Coast Guard and Vodafone have deployed Fiorano to drive innovation through open, standards-based, event-driven SOA applications yielding unprecedented productivity.