Avaloq vs Mifos X
Avaloq
avaloq.comMifos X
mifos.orgSide by side
| Figure | Avaloq | Mifos X |
|---|---|---|
| Price from | — | Free |
| Free plan | — | Yes |
| Free trial | — | Yes |
| Open source | — | — |
| Web | Yes | Yes |
| iOS | Yes | — |
| Android | Yes | Yes |
| API | Yes | Yes |
| Self-hosted | Yes | Yes |
| Plans published | 1 | 2 |
| Spec score · Core Banking Software | 8.2 (#3) | 7.9 (#6) |
| Deployment | Avaloq offers SaaS Go, software as a service, platform as a service and on-premises deployment options. | Mifos X can be deployed in the cloud or on premises, and the maker describes use on or offline and on mobile or PC. |
| Founded | Avaloq says it was founded in 1985 as BZ Informatik, an IT subsidiary of BZ Bank. | 2011 |
| Headquarters | Avaloq Group Ltd. identifies itself as a Swiss company registered at Allmendstrasse 140, 8041 Zurich, Switzerland. | United States |
| Integrations | The Avaloq ecosystem connects clients with over 200 fintechs and providers and offers more than 7,500 REST API endpoints. | The platform exposes APIs and webhooks for integrations, and its SMS bridge includes an out-of-the-box connection with Twilio. |
| Purpose | Avaloq provides a comprehensive banking and wealth management platform for complex financial institutions. | Mifos X is a core banking platform built on Apache Fineract for delivering financial services and financial inclusion. |
| Support | Avaloq advertises 24/7 support with continuous monitoring, fast issue resolution and dedicated global support through its managed services. | Certified local partners can assist with implementation, hosting, and support, while community mailing lists and Slack offer trial setup and configuration troubleshooting. |
Plans
In their own words
Avaloq
Avaloq provides banking and wealth management technology for financial institutions with complex operations. Its platform covers more than 100 financial products across front- and back-office processes, including client and investment management, trading, lending, payments, treasury, risk, compliance and data analytics. Digital channels deliver more than 100 banking features through web and mobile experiences, with biometric authentication by face or fingerprint. Trading capabilities cover order management through settlement for exchange-traded, OTC and crypto assets. Payment support includes major networks and schemes, ISO 20022, instant payments, standing orders, direct debits and card processing. Deployment choices include SaaS Go, software as a service, platform as a service and on-premises options. APIs, data streaming, standard interfaces and third-party components support integration. Avaloq describes an ecosystem of more than 200 fintechs and providers, with more than 7,500 REST API endpoints. Pricing is available on request. Founded in 1985, the company is headquartered in Zurich, Switzerland.
Mifos X
Mifos X is a core banking platform built on Apache Fineract for financial institutions delivering financial services. It manages client information and loan and savings portfolios, with support for credit, savings, mobile payments and transfers, and insurance. Loan products can be configured for repayment schedules, interest methods, payment application, grace periods, and arrears. Integrated accounting, financial control, and social and financial reporting are included. The platform can run in the cloud or on premises, and is described for mobile or PC use, online or offline. APIs and webhooks support integrations, and the SMS bridge includes a Twilio connection. Security controls include searchable audit trails, role-based permissions, maker-checker controls, OAuth2, HTTPS, and two-factor authentication. The open-source platform has no license costs and is released under the Mozilla Public License 2.0; Apache Fineract is under Apache 2.0. A cloud sandbox trial is free for up to three months, with active use and feedback required.