SMS

The Cyclos mobile banking services are build for (regional) banks, microfinance institutions, remittances, barter systems and complementary currency systems to stimulate local trade and development. 

Mobile banking features

• Sign-up by SMS
• Payment to other users or administration
• Payment request (two-way payment)
• Retrieve account information (optional browse through pages)
• Info texts (texts managed in Cyclos can be retrieved by sending an SMS with a specific words/alias)
• Notifications & alerts (personal alerts and general alerts & notifications)
• Mailings (from administration and agents)
• Bank and Telecom provider independent
• Custom operations (programming interface that allows adding new operations)

The following mobile bankings are supported, or being worked on:

• SMS banking  Banking operations via SMS messaging
• Smart phone app  For Android, Iphone, Windows and Blackberry phones
• IVR (Interactive Voice Response)  Operations for mobile phones and landlines
• USSD module  Menu based operations supported by high and low end mobile phones

New banking sytem introduced in Africa

Cyclos offers a complete on-line banking system with additional modules such as e-commerce and communication tools. Cyclos is currently available in ten languages and used worldwide by many organizations and communities. The Cyclos platform permits a de-centralization of banking services that can stimulate local trade and development. With the latest version it is possible to roll out mobile banking services using mobile channels such as SMS.
The objective of the project is to develop open source complementary currency software that is easy to use and maintain, flexible, secure, and highly customizable. The Cyclos structure is entirely dynamic. This means that it is possible to 'build' a monetary system from scratch. Organizations that want a standard system can use the default database that comes with basic configurations and can be easily enhanced. Cyclos is used for mutual credit systems like LETS, Barter systems, administration of Micro credits or remittances, Time banks and backed currency systems such as a C3 (consumer and commerce circuit). Cyclos just started to be used as a back-end for mobile banking services in Africa