Banking Software

The Best 4 Free and Open Source Banking Software Solutions

The Best 4 Free and Open Source Banking Software Solutions

As banks continue to strengthen, there have been some incredibly intriguing tasks that they are achieving these days that were once thought next to impossible. Strategy, technologies, and operations of all banking business model are working together in a symphony. Banking tool is one of the core assets of a banking business model. Some of the best banking software are customer-led and facilitates intelligent, smart banking.

Although you can deploy any of these 4 best free and open source banking solutions discussed below, Turnkey Lender deserves a special mention. A global leader in unified lending management solutions and services, TurnKey is a one-stop solution for lending automation and credit risk management. Its enterprise-grade solutions are used worldwide for efficient loan servicing by many banking, finance, and retail organizations. Let us discuss its feature in detail:

TurnKey Lender

TurnKey Lender is a cloud-based and AI-powered robust banking tool that automates every step of the lending process. Its state-of-the-art lending software, proprietary technology, and AI-powered workflows help an array of industries to improve their loan books and customer base. Its robust machine learning module improves credit decision making and risk assessment accuracy. Banks and financial institutions can upgrade their loan disbursal and servicing processes by implementing TurnKey's customizable lending software solutions. 

TurnKey Lending software

(Source-TurnKey Lender)


  • Generate and process loan applications, automatic KYC and verification of borrower's credentials, documents, and creditworthiness
  • Its fraud detection module can detect mass filing of fake applications, forged documents, false personal information.
  • Provides sophisticated risk mitigation solutions 
  • Improves processes for debtor identification, creation of delinquency tickets, managing and tracking debtor accounts, and collection processes
  • Digital onboarding of borrowers with omnichannel access
  • Deep neural networks powered loan origination process
  • Fully-functional mobile app with Intuitive interface 
  • Solutions by business size, segment, and type

To continue forward the momentum and to understand what future banking might look like when free and open source technologies intervene with the banking process, do read the remaining part of the article.

The Best 4 Free and Open Source Banking Platforms

#1 Cyclos

Cyclos is a scalable and reliable free and open source banking solution that comes with a pack of powerful features. The software is also available as a free-to-use version, and is available in an Open Source version too, which creates space for improvement. The current version of Cyclos is 4.12.1

Developed by SOCIAL TRADE ORGANISATION (STRO), the software can be an ideal choice as it enables cost-effective and state-of-art banking.

Cyclos is one of the most secured, scalable, and flexible banking system available in the market today.

The software is ideal for set-ups like; microfinance institutions, retail banks, and complementary finance dealing systems.


                                                                         (Image Source: Cyclos)

Key Features:

  • Mobile banking
  • Online banking
  • Ecommerce
  • Pos & Cards
  • SMS service
  • Interactive Voice Response
  • Multiple Identifier support
  • Payment via QR code facility
  • Payment via NFC card
  • Supports multiple currencies
  • Supports multiple transaction types
  • Geolocation
  • CRM
  • Loyalty
  • Analytics
  • Customized reports
  • Flexible payment authorizations
  • Secured

#2 Myfos X

Myfos X is yet another powerful financial and banking system that allows banking business models to work with a wider array of services and be customer-centric. It allows users to create, configure, and launch new credits and deposits easily. Sharing across branches is very easy. The software enables quick and easy client response.

As a free and open source banking software, Myfos X is ideal for all type of financial services including; Banks, lending institutions, Credit Unions, SACCOs, Savings organization, and financial companies.

The software can be deployed in any environment like; cloud, on-premise, online or offline,

The software is completely available open via the Mozilla Public License 2.0.

Mifos software

                                                                            (Image Source: Myfos X)

Key Features:

  • Well designed dashboard
  • Operatives & core platform architecture
  • Responsive
  • Caters to both Mobile and web clients
  • Credit products
  • Mobile payments
  • Insurance
  • Savings products
  • No demographic boundaries
  • Multiple delivery channels
  • Multiple deployment environments
  • Reporting
  • Accounting
  • Cash management
  • Guarantor management
  • Client management
  • Entity management
  • Workflow management
  • Cash management
  • Support for multi-currency
  • Supports multiple languages

Mifox X is an extended platform for all type of financial services. The software is easy to download and work.

#3 MyBanco

MyBanco is again one of the most popular and powerful, free and open source core banking tool.  Banks or any other banking business model can save money by using this software.

MyBanco software

                                           (Image Source: MyBanco)

Key Features:

  • Quick and instant cross-communication via XBank – MyBanco’s cross-communication platform
  • Customer management
  • Deposits & withdrawals
  • Transactions management
  • Interest management
  • Payments & Transfers
  • Customer relationship management
  • Loan management
  • Accounts management

#4 OpenCBS

OpenCBS is an open source Core banking system. The software was originally referred to as Octopus Microfinance, a part of OXUS Development Network. The software is free to use and addresses areas like; microfinance, financial services, and collection, Loan management, and Customer Relationship Management.

OpenCBS software

                                                                           (Image Source: OpenCBS)

Key Features:

  • Client Management
  • Loan Management
  • Delinquency Management
  • Savings Management
  • Transaction tracking
  • Teller Management
  • Accounting
  • Analytics & Reporting
  • Security & Backup
  • Multi-currency
  • Multi-branch


Globally, some of the largest financial companies have transformed into institutions offering a wider range of financial services to markets without any boundary. With innovation and technology, banks are able to identify new business and markets and develop customized products and services. Banking solutions are the need of the hour.

We believe the perspective indicated in this article has been provocative and offers tactical actions you need to consider, and at the same time, even guide you with the right insight for tackling your future banking business.

Banks need to be readily accessible, powerful, and cost-effective to operate for customers of varied demographics.

Investing in the best Banking system that supports Cognitive Technologies & Artificial Intelligence can help in;

banking software

As we wait for the unveiling of what next in the banking technology category, what do you think should be the next for the banks to tackle the future demands? Share your thoughts in the comments section below. If you have worked with any of the banking system mentioned in this article, do share your feedback with us.

If you wish to refer to any other software category other than banking software, do look at our software directory.

Sophia Jayden
Sophia Jayden

Sophia Jayden is a senior writer and content marketing specialist. She has 10+ years’ experience in content writing and marketing. Currently, she is a staff writer at GoodFirms, a pioneering B2B research, review and rating platform. For more information about her work, you can reach out and start a conversation with her at [email protected]

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