Apache Fineract has done it again with the release of its latest version, the 1.9. The 1.9 continues the constant evolution of the Apache Fineract open-source project, offering users better performance and solutions by leveraging the built-in support from its community of contributors. Always attuned to the needs and trends of the industry, the Apache Fineract 1.9 will prove to be a hit with FinTechs and innovators in the financial industry. Read on to find out what the 1.9 can do.
The Apache Fineract 1.9 comes packed with functional improvements and new features as well as a total of 57 fixed functional and non-functional bugs. The new features in this release will benefit FinTechs, specifically FinTechs who make transfers, due to the significant improvements in the way transaction details are stored and retrieved.
But it’s not just the features that were boosted in the 1.9, it’s the visuals, too; The new UI is not only faster but displays a modern design that works well on all screen sizes. With its adoption of the latest web app technologies, customers enjoy a future proofed version that is easier to use and contains no buffering on the initial loading of the login page.
Increased Developer Productivity
1.9 has succeeded in improving development productivity and eliminating some of the manual grunt work through increased support and automation features:
Lombok support: Developers’ lives have now been made easier by adding Lombok support to most of the modules. It is now simpler than ever to add new features, improve existing features and fix bugs. In addition, Lombok automates the generation of boilerplate code like setters and getters.
End of day processes grouping: Scheduler jobs that constitute end of day processes such as loan accrual, interest posting, etc. can now be grouped into a single process with each job priority ordered, thereby saving time, and increasing efficiency.
System admin determined business date: The 1.9 allows the system admin to determine the business date used to record end of day processes such as interest accrual. Prior to this update, the default system date was used, creating an impractical reality in large financial institutions rushing to finalize end-of-day processes by midnight. By allowing the system admin to determine the business date, this feature not only aligns Fineract with core banking standards but increases flexibility and practicality.
Scalability and high performance in a cloud-based environment
Feedback from the industry and the community was factored in when making these much-awaited improvements to scalability and performance:
Community app deprecated: Starting with version 1.9, the community app will be deprecated, maintaining compatibility only through the web app as the back-office web application. These improvements greatly contribute to making Apache Fineract not only scalable but highly performant in a cloud-based environment.
Sell loan: Lenders are yet another beneficiary of the release. Lenders’ customers can now sell loans to investors and third parties using the “sell loan” feature.
Springboot libraries upgrades: Platform libraries will now upgrade to the latest versions. This will improve the platform’s overall performance, stability, and security.
Security improvement: The store tenant database password is now run in encrypted format.
Performance improvements: Process retries have been moved to application properties. This will eliminate the need to call the database and boost configuration capabilities.
Better Integration
With Kafka being used by 7 out of the 10 largest Fortune 100 banks to manage their event streaming, Apache Fineract 1.9 brings big news for Kafka users! Integrating with Kafka is now that much easier with 1.9 support out of the box. Kafka support now includes seamless capabilities that allow connecting and posting messages to Kafka, as well as better event streaming with Kafka.
The 1.9 also offers better Postgres support. Various improvements have been made to further integrate the platform with Postgres DB.
Store & Search
Savings transaction detail storage: Savings transaction details can now be stored in data tables, allowing users to capture data that goes beyond the default field options.
Advanced search options: Search and retrieval of savings transactions stored in saving accounts and their associated data is now more advanced than ever with the new pagination, sorting, indexing, and filtering features.
Future Proof with Fiter
Fiter continues to provide the expertise and support needed to grow your business through the integration and leveraging of customized open-source solutions. With more features and flexibility than ever before in the Apache Fineract 1.9, Fiter can take your company to the next level and get you ready for the future today.
Simply reach out to us at https://fiter.io/contact-us to get started.
