SourceTrace Prepared for Aadhaar
SourceTrace Systems is creating the kind of infrastructure that India's Aadhaar Project will need to succeed. [more]
SourceTrace Featured on Bloomberg Innovators (Video)
SourceTrace Brings Mobile Banking to Bonanza (Video)
SourceTrace CTO Receives Lifetime Achievement Award
At 37, Dr. Sandeep Chatterjee is one of the youngest ever to receive this award from the organizers of WorldComp 2011. [more]
SourceTrace Hits Critical Patent Milestone
In a vital step for SourceTrace and its customers, the USPTO determined that all the claims in the company's application were novel, had an inventive step and had industrial applicability. [more]
Case Study: The ESE Solution for iPay Freedom
SourceTrace Systems' ESE™ (eServices Everywhere) platform enables domestic money transfers for the unbanked in rural Bangladesh. [more]
Case Study: The ESE Solution for Agriculture
SourceTrace Systems' ESE™ (eServices Everywhere) platform tracks crops, automates processes and provides real-time geolocational information for farmers. [more]
SourceTrace CTO to Speak at WorldComp 2011
Dr. Sandeep Chatterjee to deliver keynote discussing SourceTrace's use of technology to change the lives of the billions of poor and unbanked in Africa, Asia and Latin America. [more]
SourceTrace Systems will exhibit at the third edition of the Congreso Nacional de Microcredito (CONAMIC), May 12 and 13 in Mexico City
SourceTrace Systems, Inc. and its ESE™ solution will exhibit at the third annual CONAMIC, bringing the finest microfinance technology to Mexico....[more]
Sandeep Chatterjee, Co-Founder of SourceTrace Systems, Named Young Global Leader for 2011 by the World Economic Forum
The World Economic Forum announced that Sandeep
Chatterjee, co-founder of SourceTrace Systems, has been named a Young Global Leader for
2011. This honor, bestowed each year by the World Economic Forum, recognizes and
acknowledges the top leaders — all below the age of 40 — from around the world for their
professional accomplishments, commitment to society and potential to contribute to shaping the
future of the world....[more]
SourceTrace Systems Inc. Announces Series B Equity Financing Round of 10 Million U.S. Dollars
SourceTrace Systems, Inc., the leading independent
provider of remote transaction solutions for financial services, agricultural commodities,
healthcare and other organizations operating in emerging markets, today announced its Series
B equity financing round of US$10 million....[more]
SourceTrace Featured on Bloomberg TV's “Innovators”
SourceTrace's breakthrough technology to bring banking services and microfinance to the world's poor was featured on international financial news network Bloomberg Television....[more]
SourceTrace CTO Calls for National Solution in India
Sandeep Chatterjee, Ph.D., CTO and VP of SourceTrace Systems, is advising India's Finance Ministry on how to scale its financial inclusion projects up to a national level, the Business Standard of India reported....[more]
SourceTrace Links Microfinance and Agriculture for Govt of Mexico
SourceTrace, in conjunction with the Mexican government, is extending unprecedented resources to family farmers through its eServices Everywhere platform....[more]
SourceTrace Holds Global Workshops for FINCA
In Armenia, El Salvador and Uganda, SourceTrace executives are helping FINCA regional directors understand the opportunities of new microfinance tools with few infrastructure needs....[more]
SourceTrace Provides Financial Links for Rural India
SourceTrace is partnering with the World Bank and NABARD to create financial inclusion solutions for fifteen regional rural banks, the Economic Times of India reported....[more]
SourceTrace's “ESE for Agriculture” Module Tracks Mangoes
SourceTrace Systems’ eServices Everywhere (ESE) for Agriculture technology has been selected for a project in Mexico to track the sales and processing of mangoes.....[more]
SourceTrace CTO Awarded for Outstanding Achievement
Sandeep Chatterjee, Ph.D., CTO and VP of SourceTrace Systems, was presented with an award for Outstanding Achievement at WorldComp ‘09 for his leadership and research in the field of Web Services...[more]
SourceTrace CTO to Speak at WorldComp ‘09
Sandeep Chatterjee, Ph.D., CTO and VP of SourceTrace Systems, will deliver a keynote address and present a Web Services tutorial at WorldComp ‘09, the largest annual gathering of researchers in computer science and applied computing...[more]
SourceTrace CEO to Speak on the Future of Microfinance
SourceTrace CEO and co-founder Stephen Sellers will be speaking on the future of microfinance at the Weissberg Chair Conference at Beloit College. The subject of the conference this year is Empowering the Poor: The Role of Microfinance in Economic and Social Development....[more]
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
SourceTrace’s Technology Leverages India’s Ambitious Identification Project
KOLKATA, India — September 19, 2011 — SourceTrace Systems is prepared to make good use of India’s nascent Aadhaar Project, SourceTrace’s executives said today. As the ambitious project seeks to give each Indian resident a 12-digit unique identifier, or UID, SourceTrace is already implementing the remote banking infrastructure that Aadhaar-identified residents will need to use.
SourceTrace has partnered with the World Bank and the National Bank for Agriculture and Rural Development (NABARD) to allow unbanked, rural villagers to create bank accounts. NABARD’s Banking Correspondents conduct financial transactions throughout rural India. Each one uses a laptop computer, as well as a fingerprint reader for verification. SourceTrace’s eServices Everywhere™ (ESE™) technology enables them to conduct secure transactions over narrowband and intermittent mobile phone networks, helping villagers create bank accounts, deposit money and save for the future.
Sandeep Chatterjee, Ph.D., Chief Technology Officer and Vice President of SourceTrace, said there is a good fit between Aadhaar’s goals and SourceTrace’s methods. “With ESE, people keep their account number encrypted on a smart card and verify their identity using their fingerprint,” he said. “It’s bulletproof technology. This fingerprint is also how people will verify their Aadhaar UID. Further, to use Aadhaar, people will need to verify their UID against a central server in areas with low or no connectivity. This is exactly what our ESE technology is built to do and is already doing. So the ESE platform is just the kind of infrastructure that the Aadhaar project will need to succeed.”
SourceTrace’s ESE technology complies with the standards of the Reserve Bank of India’s Institute for Development and Research in Banking Technology (IDRBT), the same standards that the Aadhaar Project’s communications will use. Further, the smart card that SourceTrace and NABARD have distributed throughout rural India contains configurable data fields that can hold, among other things, Aadhaar’s UID number, putting all of an account holder’s essential information in one place.
“The smart cards that NABARD gives out have room to hold the UID, so it’s a perfect fit,” said Steve Sellers, co-founder and Chief Executive Officer of SourceTrace. “With this card, everyone who registers for Aadhaar will be able to access their bank accounts using ESE technology.”
As the Indian government collects sensitive personal information about more and more residents, some officials have raised privacy concerns. SourceTrace’s gold-standard authentication technology—including best-practices encryption protocols—ensures that personal identity data remains safe. “We use the same encryption methods that multinational banks use,” said Sellers. “So what’s supposed to be private stays private. And if the connection goes down, it is very clear what information was transmitted and what was not, allowing us to transmit financial transactions with absolute reliability.”
The Aadhaar Project and eServices Everywhere both seek to enfranchise the unbanked poor, help them save money, and increase the financial independence of those out of the reach of traditional bank branches. “SourceTrace’s secure, robust technology will work hand-in-hand with Aadhaar to bring financial inclusion to more and more Indian people,” said Chatterjee.
SourceTrace Systems
With operations around the world, SourceTrace Systems is a global leader in facilitating mobile and fixed-line network-based transactions. SourceTrace offers robust, proven remote financial transaction software that utilizes mobile phones, point of sale devices and other wireless handsets operating over existing networks. SourceTrace has partnered with financial services organizations throughout Mexico, Central America, Asia and Africa to help enterprises serve vast new markets—without the expense of opening new offices or keeping a large staff in the field. When fully deployed, SourceTrace’s solutions will connect tens of millions of “unbanked” and other “unconnected” people, primarily “bottom of the pyramid” poor and low-income people in rural areas, with the companies that provide them services by making transactions easier, more secure and less expensive.
Aadhaar and the Unique Identification Authority of India (UIDAI)
The UIDAI's mandate is to issue every resident a unique identification number linked to the resident's demographic and biometric information, which they can use to identify themselves anywhere in India, and to access a host of benefits and services. The number (referred to until now as the 'UID') has been named Aadhaar, which translates into 'foundation', or 'support'. Read the New York Times article about Aadhaar here: http://www.nytimes.com/2011/09/02/world/asia/02india.html
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
Dr. Sandeep Chatterjee Presented with Lifetime Achievement Award by Global Expo
LAS VEGAS, Nevada — July 18, 2011 — Sandeep Chatterjee, Ph.D., co-founder, Vice President and Chief Technology Officer of SourceTrace Systems, was presented with a Lifetime Achievement Award at the 2011 World Congress in Computer Science, Computer Engineering, and Applied Computing (WORLDCOMP 2011), the largest annual gathering of researchers in computer science and applied computing from around the world. The organizers of the expo, which took place from July 18–21 in Las Vegas (U.S.A.), presented the award at Dr. Chatterjee’s keynote address “In Recognition of His Leadership, Entrepreneurship, and Outstanding Contributions to Information Technology and to Society.”
When asked about his feelings about receiving a lifetime achievement award at the age of only 37, Dr. Chatterjee responded: “This is a tremendous honor. To be recognized by the conference for my work is quite humbling.” Dr. Chatterjee's keynote address, “Changing Lives around the World: the Power of Technology,” described his work in Africa, Asia, Central America and Latin America with electronic services that deliver real value for the billions of people around the world who are disconnected from mainstream services by leveraging low-cost mobile handsets, ubiquitous telecommunications networks and properly architected electronic services. Dr. Chatterjee discussed applications and systems in the healthcare, financial services, agricultural commodities, and many other global markets.
In attendance at the conference were computer scientists, engineers, university professors and business professionals from many parts of the world, including Asia, Europe, the United States, Latin America and Africa, all regions where Dr. Chatterjee and SourceTrace have been working to use electronic services to foster development.
Dr. Chatterjee was also recently named Young Global Leader for 2011 by the World Economic Forum for his professional accomplishments, commitment to society and potential to contribute to shaping the future of the world.
SourceTrace Systems
With operations around the world, SourceTrace Systems is a global leader in facilitating mobile and fixed-line network-based transactions. SourceTrace offers robust, proven remote financial transaction software that utilizes mobile phones, point of sale devices and other wireless handsets operating over existing networks. SourceTrace has partnered with financial services organizations throughout Mexico, Central America, Asia and Africa to help enterprises serve vast new markets—without the expense of opening new offices or keeping a large staff in the field. When fully deployed, SourceTrace’s solutions will connect tens of millions of “unbanked” and other “unconnected” people, primarily “bottom of the pyramid” poor and low-income people in rural areas, with the companies that provide them services by making transactions easier, more secure and less expensive.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
Way Is Clear for National Phase Applications Worldwide
SAN FRANCISCO, California — June 21, 2011 — SourceTrace Systems, Inc., the leading independent provider of remote transaction solutions for financial services, agricultural commodities, healthcare and other organizations operating in emerging markets, today announced very strong results from the examination of its Patent Cooperation Treaty (PCT) patent application by the United States Patent & Trademark Office (USPTO) as the Examining Authority. The USPTO determined that all claims in the PCT patent application were novel, had an inventive step and had industrial applicability. The invention claimed in the PCT patent application was developed by SourceTrace’s co-founder, Vice President and Chief Technology Officer, Dr. Sandeep Chatterjee. SourceTrace will now file national phase applications based on this PCT patent application in over 40 countries around the world. The patents that result from these national phase applications will enable SourceTrace to be the only company in these countries to practice and implement the invention for up to 21 years from the priority date of the PCT application, which is July 23, 2009.
“This is a critical milestone for SourceTrace and for our customers,” said Dr. Chatterjee. “Our customers understand the need to quickly and efficiently evolve their end-to-end software solutions as their business needs, environment and strategies change. With this invention, we will be able to modify and customize the end-to-end solution to fully meet our customers’ changing needs almost instantaneously and with very little costs.” Dr. Chatterjee, who developed the invention, earned a Ph.D. in Computer Science from the Massachusetts Institute of Technology (MIT) in Boston, Massachusetts (U.S.A.), where his doctoral dissertation was selected as one of the most important inventions in computation, an honor he shares with Bill Gates, the founder of Microsoft, and Tim Berners-Lee, the inventor of the World Wide Web. After MIT, Dr. Chatterjee attended Harvard University where he studied business strategy and leadership. In 2011, Dr. Chatterjee was named a Young Global Leader for 2011 by the World Economic Forum.
“This result — having all claims found to be novel, having an inventive step, and having industrial applicability — is unusual, and reflects the strength and innovation represented by this invention,” said Peter Yim, a partner and head of the Electronics, Software, and Telecommunications Patent Group in the international law firm of Morrison & Foerster, which represents SourceTrace. Morrison & Foerster is working with local counsel in countries around the world to prosecute and then to enforce SourceTrace’s rights against companies that may infringe upon or interfere with those rights.
“We have been very successful in pursuing patent infringers and enforcing the rights of patent holders against companies that infringe those rights. And, with the very strong results from the patent office for this invention, we will aggressively pursue any company selling, using or enabling systems similar to the invention,” said Guy Bendaña of Guy José Bendaña-Guerrero & Asociados, a law firm in Nicaragua that is working with Morrison & Foerster to prosecute and enforce SourceTrace’s rights in Nicaragua. Similarly, law firms in Mexico, Costa Rica, Guatemala, Peru, Brazil, Colombia, Ghana, Kenya, India and many other countries will be working with Morrison & Foerster to protect and enforce SourceTrace’s rights.
SourceTrace Systems
With operations around the world, SourceTrace Systems is a global leader in facilitating mobile
and fixed-line network-based transactions. SourceTrace offers robust, proven remote financial
transaction software that utilizes mobile phones, point of sale devices and other wireless
handsets operating over existing networks. SourceTrace has partnered with financial services
organizations throughout Mexico, Central America, Asia and Africa to help enterprises serve
vast new markets—without the expense of opening new offices or keeping a large staff in the
field. When fully deployed, SourceTrace’s solutions will connect tens of millions of “unbanked”
and other “unconnected” people, primarily “bottom of the pyramid” poor and low-income people in rural areas, with the companies that provide them services by making transactions easier,
more secure and less expensive.
Morrison & Foerster LLP
Morrison & Foerster is one of the largest law firms in the world, with over 1000 lawyers in key
technology and financial centers in the United States, Europe and Asia. Founded in 1883,
the firm remains dedicated to providing its clients with legendary service. The company’s
attorneys share high standards and a commitment to excellence, and are leaders in each of
the areas in which it practices. These include litigation, financial services, intellectual
property and technology, and transactional work, such as corporate, capital markets and real
estate finance representations.
Guy José Bendaña-Guerrero & Asociados
Guy José Bendaña-Guerrero & Asociados is the leading intellectual property law firm in
Nicaragua. Founded in 1907, the firm maintains the highest standards of client service and
performance. The firm’s distinguished client list includes many household names and
multinational companies, and the firm enjoys long-standing relationships with its clients and
attorneys worldwide.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
Dr. Sandeep Chatterjee to Deliver Keynote Discussing SourceTrace's Work around the World
BERKELEY, Calif. — June 11, 2011 — Sandeep Chatterjee, Ph.D., Chief Technology Officer and Vice President of SourceTrace Systems, will speak at WorldComp ‘11, the largest annual gathering of researchers in computer science and applied computing. At the expo, to be held July 18-21 in Las Vegas, Dr. Chatterjee will deliver a keynote address describing the solutions that SourceTrace is creating across the globe.
Dr. Chatterjee's keynote address, “Changing Lives around the World: the Power of Technology,” will describe the speaker’s work worldwide—in Africa, Asia and Latin America—with electronic services and cloud computing systems that deliver real value for the billions of people around the world who are disconnected from mainstream services, by leveraging low-cost mobile handsets, ubiquitous telecommunications networks and properly architected electronic services. The author will discuss applications and systems in the healthcare, financial services, agricultural commodities and many other global markets.
Dr. Sandeep Chatterjee was recently named Young Global Leader for 2011 by the World Economic Forum for his professional accomplishments, commitment to society and potential to contribute to shaping the future of the world. He is a seasoned technology expert and business professional with over a decade of contributions as a thought leader, technologist and consultant.
With operations around the world, SourceTrace Systems is a global leader in facilitating mobile and fixed-line network-based transactions. SourceTrace offers robust, proven remote financial transaction software that utilizes mobile phones, point-of-sale devices and other wireless handsets operating over existing networks. SourceTrace’s solutions promise to connect tens of millions of “unbanked” and other “unconnected” people—primarily “bottom of the pyramid” poor and low-income people in rural areas—with the companies that provide them services by making transactions easier, more secure and less expensive.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems, Inc
SourceTrace Systems and its eServices Everywhere™ (ESE™) solution will exhibit at the third edition of CONAMIC, bringing the finest technology to Mexican microfinance.
With its products, SourceTrace brings banking to the most remote places, minimizing operating costs and maximizing profits. Source Trace offers a wide range of flexible and user-friendly solutions to the traditional banking sector, communal banks, financial institutions, as well as micro insurance and microfinance institutions
The range of products to be presented at CONAMIC include:
ESE™ Server: This middleware connects mobile devices and the core banking system (CBS) of the institution. It also interconnects other systems such as Credit Card Processing, Credit Scoring Systems and others.
ESE™ Remote: This software runs on a wide range of devices such as Smartphones, POS devices, tablets, netbooks, notebooks and more, from which you can:
ESE™ Switch: This middleware sets the channel between remote devices and multiple back-end systems for utilities. ESE Switch enables you to:
ESE™ Enrollment: This application enables you to register new prospects (potential customers) and gather information about products that prospects may be interested in. With this application you can:
SourceTrace Systems is your strategic partner in innovative technology solutions, with the highest safety standards worldwide, and at an affordable cost.
Meet SourceTrace at CONAMIC.
http://www.congresocredito.com/eventos2011/conamic/zp_home.html
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems, Inc
GENEVA, Switzerland — March 9, 2011 — 
The World Economic Forum announced that Sandeep
Chatterjee, co-founder of SourceTrace Systems, has been named a Young Global Leader for
2011. This honor, bestowed each year by the World Economic Forum, recognizes and
acknowledges the top leaders — all below the age of 40 — from around the world for their
professional accomplishments, commitment to society and potential to contribute to shaping the
future of the world.
The Young Global Leaders for 2011 include 190 honorees chosen from 65 countries and from all stakeholders of society, including leaders from business, government and the media. The 2011 honorees represent all regions of the world: East Asia (50), South Asia (18), Europe (42), Middle East and North Africa (13), sub-Saharan Africa (14), North America (37) and Latin America (16). The 2011 honorees will become part of the broader Forum of Young Global Leaders community that currently comprises 668 outstanding individuals from around the world, including Mette-Marit, Crown Prince of Norway; Keisuke Tsumura, Member of the House of Representatives, Japan; Tero Ojanpera, Member of the Executive Board, Nokia Corporation; Michael Drexler, Managing Director, Barclays PLC; Tadhg Flood, Managing Director, Deutsche Bank AG; Peter Lacy, Managing Director, Accenture; Susan Athey, Professor of Economics, Harvard University; Tony Fadell, Advisor to the CEO, Apple Computer; and Mark Zuckerberg, Founder and Chief Executive Officer, Facebook. “The World Economic Forum is a true multi-stakeholder community of global decision-makers in which the Young Global Leaders represent the voice for the future and the hopes of the next generation,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.
Sandeep Chatterjee started the work that ultimately became the basis for SourceTrace Systems almost a decade ago when the United States government appointed him to research and develop a wireless technology solution to deliver secure banking and related services to the almost 4 billion people in the world who do not have access to such services. Currently, Chatterjee is the Chief Technology Officer, Vice President and a Director of SourceTrace Systems, Inc. (U.S.A.), as well as the President of SourceTrace Systems Nicaragua, S.A. and the Managing Director of SourceTrace Systems India Pvt. Ltd. SourceTrace offers robust and proven transactioning software and services utilizing mobile phones, point-of-sale devices and other wireless and fixed line handsets working over existing telecommunications networks, for the financial services, agricultural commodities, healthcare and other industries. SourceTrace’s technology has been used in Mexico, Central America, South America, Bangladesh, India and Africa.
Chatterjee was born in Calcutta, India, and emigrated, when he was 5 years old, together with his family, to San Francisco (U.S.A.), where he still lives. He earned a Bachelor of Science (B.S.) degree in Electrical Engineering & Computer Science from the University of California at Berkeley, and Master of Science (M.S.) and Doctorate (Ph.D.) degrees in Computer Science from the Massachusetts Institute of Technology (MIT) in Boston, Massachusetts (U.S.A.). While at MIT, Chatterjee invented a mobile technology solution that is preserved in a time-capsule as one of the most important inventions in computing, an honor Chatterjee shares with Bill Gates, founder of Microsoft, and Tim Berners-Lee, the inventor of the World Wide Web.
“Changing the world — for the better — will take creativity, deep thinking, global dialog, and most importantly, teamwork,” said Chatterjee. “I am honored to have been selected as a 2011 Young Global Leader, and to be included in this group of extraordinary individuals who, working and thinking together, will certainly have significant and positive impact around the world.”
As a Young Global Leader, Chatterjee becomes part of the World Economic Forum, and will participate in the Forum’s meetings and events, including the Annual Meeting of the World Economic Forum in Davos, Switzerland, the Annual Meeting of the New Champions in China, and the Forum’s regional meetings throughout the world.
SourceTrace Systems
With operations around the world, SourceTrace Systems is a global leader in facilitating mobile and fixed-line network-based transactions. SourceTrace offers robust, proven remote financial
transaction software that utilizes mobile phones, point-of-sale devices and other wireless
handsets operating over existing networks. SourceTrace has partnered with financial services
organizations throughout Mexico, Central America, Asia and Africa to help enterprises serve
vast new markets — without the expense of opening new offices or keeping a large staff in the
field. When fully deployed, SourceTrace’s solutions will connect tens of millions of “unbanked” and other “unconnected” people, primarily “bottom of the pyramid” poor and low-income people in rural areas, with the companies that provide them services by making transactions easier, more secure and less expensive.
World Economic Forum
The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. The Forum is funded by its 1,000-member companies, with each member company having annual revenues of at least five billion U.S. dollars and ranking amongst the top companies within its industry and/or country. The Annual Meeting of the World Economic Forum in Davos is host to the Chief Executive
Officers of the largest companies in the world as well as to Prime Ministers and Presidents of
countries around the world.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems, Inc
NEW YORK, New York — February 4, 2011 — SourceTrace Systems, Inc., the leading independent provider of remote transaction solutions for financial services, agricultural commodities, healthcare and other organizations operating in emerging markets, today announced its Series B equity financing round of US$10 million of preferred stock and warrants from an investor group led by the Soros Economic Development Fund and Gray Matters Capital.
“We appreciate our investors’ confidence in us,” said Steve Sellers, co-founder and Chief Executive Officer of SourceTrace Systems. “This round demonstrates the success that we have had in our markets to date and also provides us the ability to expand aggressively in our current markets and in new geographies.”
SourceTrace offers robust and proven transactioning software and services utilizing mobile phones, point-of-sale devices and other wireless and fixed line handsets working over existing telecommunications networks. SourceTrace’s solutions work for the financial services, agricultural commodities, healthcare and other industries. SourceTrace’s technology has been used in Mexico, Central America, South America, Bangladesh, India, Africa and around the world.
SourceTrace’s patent-pending, award-winning technology was initially developed by the company’s co-founder, Vice President & Chief Technology Officer, Dr. Sandeep Chatterjee, who holds a Ph.D. in Computer Science from the Massachusetts Institute of Technology (MIT) in Boston, Massachusetts (U.S.A.). While at MIT, Dr. Chatterjee invented a mobile technology solution, portions of which are used by SourceTrace, that is preserved in a time-capsule as one of the most important inventions in computing, an honor Dr. Chatterjee shares with Bill Gates, founder of Microsoft, and Tim Berners-Lee, the inventor of the World Wide Web. In 2010, international financial news network Bloomberg Television’s “Bloomberg Innovators” showcased how SourceTrace’s secure, scalable, turnkey technology is shaping the future of banking around the world.
“This Series B financing will allow SourceTrace to serve more customers around the world, and to continue to innovate our already best-of-breed technologies and services,” said Dr. Chatterjee. “As an early pioneer in this market with almost 10 years of experience — and the sixth generation of SourceTrace’s eServices Everywhere (ESE) technology platform — we are very proud that this marquee investment group has decided to support us.”
“Our investment in SourceTrace helps bring cutting-edge technology and new economic opportunities to underserved communities around the globe,” said Stewart Paperin, President of the Soros Economic Development Fund, a nonprofit investment fund that works to alleviate poverty and community deterioration. “We look forward to working with the SourceTrace team to help connect poor and working families to markets and financial institutions, thereby building sustainable growth.”
SourceTrace Systems
With operations around the world, SourceTrace Systems is a global leader in facilitating mobile and fixed-line network-based transactions. SourceTrace offers robust, proven remote financial transaction software that utilizes mobile phones, point-of-sale devices and other wireless handsets operating over existing networks. SourceTrace has partnered with financial services organizations throughout Mexico, Central America, Asia and Africa to help enterprises serve vast new markets—without the expense of opening new offices or keeping a large staff in the field. When fully deployed, SourceTrace’s solutions will connect tens of millions of “unbanked” and other “unconnected” people, primarily “bottom of the pyramid” poor and low-income people in rural areas, with the companies that provide them services by making transactions easier, more secure and less expensive.
Soros Economic Development Fund
The Soros Economic Development Fund (SEDF) is a nonprofit private foundation that is part of the Open Society Foundations, a network of charitable foundations created by investor and philanthropist George Soros. SEDF supports economic development in post-conflict countries and in nations transitioning to democracy. We promote economic opportunities and access to information, products and services for underserved populations. SEDF invests in sustainable businesses or initiatives that strive to alleviate poverty by creating jobs and
revitalizing deteriorating communities. Established in 1997, SEDF has over $200 million in
investment capital and employs 13 people in New York, Budapest, Freetown, Johannesburg
and Nairobi.
Gray Matters Capital
Gray Matters Capital is an independently funded philanthropic organization affiliated with Gray Ghost. Gray Ghost changes lives by investing in transformational, entrepreneurial solutions. Gray Ghost empowers low-income communities in emerging markets through innovative initiatives which have a tangible, positive impact, changing millions of lives since 1996. Having invested more than $100 million in catalytic, early-stage investments, Gray Ghost has created opportunities for underserved people around the world.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
Financial Program Recognizes Company's Breakthrough Financial Technology
NEW YORK, New York — November 13, 2009 — SourceTrace Systems was featured on international financial news network Bloomberg Television starting tonight, in the cutting-edge program “Bloomberg Innovators.” The program focuses on SourceTrace's breakthrough technology to bring banking services and microfinance to the world's poor.
People in remote areas and previously unreachable by banks or lenders can make use of SourceTrace's eServices Everywhere (ESE) technology, the program shows. SourceTrace enables point-of-sale (POS) devices, cell phones and other wireless handsets to communicate with banks hundreds of miles away, securely and robustly. When customers lack driveable roads, the program shows that even a donkey can carry the remote banking technology to underserved customers. The program demonstrates that SourceTrace's ESE platform can reach virtually anyone.
Vice President and Chief Technology Officer Sandeep Chatterjee describes the technology's power on Innovators, saying, “With the technology, they're able to deposit the 50 to 100 rupees directly to the bank, so it's a win-win for the bank—they're able to collect the capital—and it's a win-win for the women as well.” Women in developing countries are the overwhelming majority to start their own businesses through microfinance.
When asked about the clients that SourceTrace serves, Chatterjee says, “To date, SourceTrace's technology platform has been used successfully by approximately 25 banks and other financial institutions around the world, including in Mexico, Central and South America, India, and Africa. By early 2010, SourceTrace expects to have over 50 banks or other institutions using its patent-pending technology platform. When fully deployed, this technology will have touched the lives of over 20 million customers.”
Bloomberg Television says of Friday's program, “From traders on Wall Street to peasants in India, financial technology holds the keys to their economic future. It's a world where a difference of nanoseconds can mean millions in profits and losses, and where bandwidth is the name of the game.”
The program will air in the United States, Great Britain and parts of Asia tonight through Monday, and can be seen online at bloomberg.com/innovators starting Monday.
SourceTrace Systems is a global leader in facilitating remote banking transactions and promoting financial inclusion among the world's rural poor. SourceTrace offers robust, proven remote financial transaction software that utilizes mobile phones, point of sale devices and other wireless handsets over existing networks. SourceTrace has partnered with financial services organizations not only in India, but throughout Central America and Africa to help banks serve vast new markets—without the expense of opening new offices or keeping a large staff in the field. This secure, scalable, turnkey technology is shaping the future of banking around the world.
Bloomberg Television has reporters in over 135 countries around the globe. Millions rely on the network every day for breaking financial news, analytics and market-moving insights.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
Company's “India Inclusion Card” Serves as Model
KOLKATA, India — September 18, 2009 —Sandeep Chatterjee, Ph.D., Chief Technology Officer and Vice President of SourceTrace Systems, participated today in a high-level meeting with Union Finance Minister Pranab Mukherjee to strategize how to scale up current financial inclusion projects to a national level, the Business Standard of India reported today.
The meeting, comprised of academicians, technology vendors, senior bankers and government officials, took stock of the diverse approaches to increased banking access in India and sought ways to integrate these approaches into a coherent, country-wide solution. Dr. Chatterjee, a known expert on the subject, is simultaneously preparing a report on how to scale up financial inclusion in India, to be presented to the National Bank for Agriculture and Rural Development (NABARD), the Reserve Bank of India (RBI) and the Finance Ministry by the end of the year.
Remote financial services, conducted on handheld devices such as mobile phones or point of sale devices rather than at bank branch offices, have the potential to reduce banking costs almost to nothing, the financial newspaper said. Dr. Chatterjee's analysis points out a major obstacle to realizing this promise: technology that works in one village but is unsupported in neighboring villages. He notes that SourceTrace's India Inclusion Card surmounts this problem. As the Standard reported, the card "uses biometrics for recognition, but also has a magnetic stripe which can enable users swipe the card at ATMs or points of sale (POS)."
"The problem with most other solutions,” Dr. Chatterjee was quoted as saying, “is that when villagers migrate to cities or other villages, they have to trash the smart cards. Thus, the villagers lose interest in such schemes. My analysis reveals the need for a technology platform which gives us a card that can be used all across India.”SourceTrace Systems is a global leader in facilitating remote banking transactions and promoting financial inclusion among the world's rural poor. SourceTrace offers robust, proven remote financial transaction software that utilizes mobile phones, point of sale devices and other wireless handsets over existing networks. SourceTrace has partnered with financial services organizations not only in India, but throughout Central America and Africa to help banks serve vast new markets—without the expense of opening new offices or keeping a large staff in the field. This secure, scalable, turnkey technology is shaping the future of banking around the world.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
New Opportunities Seen for Family Farmers
MEXICO — September, 2009 — SourceTrace Systems, working in conjunction with ECOM/AMSA, is linking the ability to track sales of agricultural products in the global south with unprecedented access of small family farmers to microfinance facilities. The project, which is being funded by FIRA (Fidecomisos Instituidos en Relacion con la Agricultura en el Banco de Mexico) and ECOM/AMSA, has two goals. First, ECOM/AMSA will use SourceTrace’s eServices Everywhere (ESE) system to track both purchases of coffee from the group of family farms as well as compliance with a group of different certification regimes (e.g., organic, Fair Trade, Rainforest Alliance). Second, FIRA will take advantage of the interoperability of the ESE system to provide microfinance facilities to the same family farmers. In doing so, FIRA hopes to open up new opportunities to create small businesses for families that often struggle to find money-making projects when they are out of the harvest season.
The project is one of the first to develop new tools and new processes to extend the reach of microfinance further into rural and agricultural regions of the global south.
Agroindustrias Unidas de Mexico S.A. de C.V. (AMSA), ECOM’s overall commodity operating company, has been involved in the coffee industry since 1979. In addition to its head trading office in Mexico City, AMSA also operates divisional offices, warehouses, and wet and dry mills throughout Mexico and in each of the principle coffee growing regions – Chiapas, Oaxaca, Veracruz, Puebla and Nayarit. Through this complex network of over 15 offices and processing facilities, AMSA maintains solid control over the quality of its coffee. AMSA offers an array of coffees and services, including decaffeination and blending, to its customers. Both Arabica and Robusta, as well as organic and specialty coffees, are offered for export and domestic consumption. With a wide variety of regional coffees available, AMSA is able to cater to its clients’ needs by creating new brands and specialty marks that they may request. For more details, visit the AMSA website.
Fideicomisos Instituidos en Relación con la Agricultura en el Banco de México (FIRA) was established in 1954 and is the Government of Mexico’s apex agricultural development bank. FIRA channels refinancing loans (descuentos) through commercial (to 80%) and retail development banks (20%). Major retail financial institutions are the Sistema BANRURAL (dev. banks) and five commercial banks (BANCOMER, BITAL, BANAMEX, BANCRECER, BANCO SANTANDER). The loans are granted for short-term (crédito de avío) and long-term (crédito refaccionario) purposes. FIRA provides credit exclusively to agriculture, forestry, agroindustry and fisheries. Other activities include the provision of guarantees to small-scale producers and technical assistance (SATI).
SourceTrace Systems, Inc., is a global leader in facilitating microfinance transactions. SourceTrace offers robust, proven remote financial transaction software that utilizes mobile phones, point of sale devices and other wireless handsets over existing networks. SourceTrace has partnered with financial services organizations throughout Central America, Asia and Africa to help MFIs serve vast new markets—without the expense of opening new offices or keeping a large staff in the field. This secure, scalable, turnkey technology is shaping the future of microfinance around the world.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
Regional FINCA Staff Learn About Remote Technologies
YEREVAN, Armenia — September 18, 2009 — SourceTrace Systems CEO Steve Sellers presented a workshop here to regional FINCA International directors and staff, helping them to understand the options new technologies have made available to them to help with expanding the reach of their microfinance networks.
This was the third of three talks given by SourceTrace senior staff to their counterparts in FINCA’s global network of affiliates. In similar events in Uganda and El Salvador, SourceTrace’s CTO, Sandeep Chatterjee, and its Director of Operations for Latin America, Bernal Blanco, made presentations to help FINCA’s global affiliates become aware of the new tools that are available to them to go beyond urban centers with microfinance.
With virtually zero infrastructure needs, SourceTrace’s eServices Everywhere (ESE) platform is an excellent tool that enables microfinance organizations, banks and other financial institutions to bring the world-changing impact of microfinance to previously unreachable rural populations. Given the fact that 70% to 80% of the people in the Global South live in rural and agricultural areas, this kind of technology is critical for groups like FINCA to be able to bring microfinance to the majority of the people who need it.
FINCA, a financial services organization dedicated to helping businesses started by the world’s poorest, is gearing up to offer their clients the latest in low-infrastructure microfinancial transactions. To that end, they have enlisted the help of SourceTrace, a proven leader in remote hand-held transactional technologies.
SourceTrace Systems is a global leader in facilitating microfinance transactions. SourceTrace offers robust, proven remote financial transaction software that utilizes mobile phones, point of sale devices and other wireless handsets over existing networks. SourceTrace has partnered with financial services organizations throughout Central America, Asia and Africa to help MFIs serve vast new markets—without the expense of opening new offices or keeping a large staff in the field. This secure, scalable, turnkey technology is shaping the future of microfinance around the world.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
Company Set to Enable Pilot Program for 15 Regional Banks
KOLKATA, India — August 6, 2009 — SourceTrace Systems is partnering with the World Bank and India’s National Bank for Agriculture and Rural Development (NABARD) to create financial inclusion solutions for fifteen regional rural banks, the Economic Times of India reported today.
SourceTrace has helped empower rural banks in Latin America and Africa and is now taking its proven model to India. SourceTrace’s IT solution requires no infrastructure in the field and is easily customized by the users. The pilot project is the first effort by the World Bank to assist India in increasing financial inclusion for its rural banks.
The program spans 14 states, including Bihar, Gujarat, Kerala, Maharashtra, Madhya Pradesh, Orissa, Rajasthan, Uttar Pradesh and West Bengal.
Utkarsh Patel, SourceTrace’s Regional Director, is working to mobilize the World Bank’s assistance for all fifteen banks involved in the project. He spoke to the paper about the forward-looking nature of the program: “We call this an R&D project because we are going to use IT solutions in remote areas with no automation at the back end,” the Times quoted Mr. Patel as saying.
SourceTrace Systems is a global leader in facilitating banking transactions and promoting financial inclusion. SourceTrace offers robust, proven remote financial transaction software that utilizes mobile phones, point of sale devices and other wireless handsets over existing networks. SourceTrace has partnered with financial services organizations throughout Central America, Asia and Africa to help banks serve vast new markets—without the expense of opening new offices or keeping a large staff in the field. This secure, scalable, turnkey technology is shaping the future of banking around the world.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
New Technology Records Transactions in the Most Remote Environments
MEXICO — August 20, 2009 — SourceTrace Systems’ eServices Everywhere (ESE) for Agriculture technology has been selected for a project here to track the sales and processing of mangoes. The project, which is being funded by Development Alternatives, International (DAI) through its AFIRMA project (jointly funded by the United States Agency for International Development, USAID) is focused on ensuring the traceability of mangoes grown by small family farmers in Mexico as they move through the stages of processing necessary to make them ready for export to the US, Canada and Europe.
The project takes advantage of the ESE’s ability to record transactions in the most remote environments, and then to continue to track agricultural commodities as they undergo different types of processing to make them export-ready. As consumers demonstrate their desire to know more about the origins of their food – and their willingness to pay more if they can know this with assurance – the ESE technology is becoming a standard for helping companies to provide this knowledge. The ESE has a unique ability to capture and record various types of transactions at their source, regardless of how remote that spot may be.
AFIRMA is designed to help build an inclusive, sustainable microfinance sector in Mexico as a means to increase access to a range of financial services and contribute to local economic development. It promotes the expansion of financial services to underserved and rural markets by providing targeted technical assistance, training, and grants to financial institutions. The project’s objective is to expand retail operations of financial services companies serving these markets, especially remittances services. In addition, DAI is working to build the capacity of key government agencies that support the industry and to improve the legal, regulatory, and supervisory framework in Mexico through regulatory reform and policy dialogue.
DAI’s mission is to make a lasting difference in the world by helping developing nations become more prosperous, fairer and more just, cleaner, safer, healthier, more stable, more efficient, and better governed. Its work is focused on nurturing and combining four basic strengths:
Backed by comprehensive, sure-footed project management systems and on-the-ground presence worldwide, DAI’s technical specialists reach freely across sectors to deploy these basic strengths and bring all of its resources to bear on solving problems for its clients and achieving its mission.
SourceTrace Systems, Inc. is a global leader in facilitating microfinance transactions. SourceTrace offers robust, proven remote financial transaction software that utilizes mobile phones, point of sale devices and other wireless handsets over existing networks. SourceTrace has partnered with financial services organizations throughout Central America, Asia and Africa to help MFIs serve vast new markets—without the expense of opening new offices or keeping a large staff in the field. This secure, scalable, turnkey technology is shaping the future of microfinance around the world.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
Dr. Sandeep Chatterjee Presented with Outstanding Achievement Award by Expo
BERKELEY, Calif. — July 16, 2009 —Sandeep Chatterjee, Ph.D., Chief Technology Officer and Vice President of SourceTrace Systems, was presented with an award for Outstanding Achievement at WorldComp ‘09, the largest annual gathering of researchers in computer science and applied computing. The organizers of the expo, which took place from July 13–16 in Las Vegas, presented the award at Dr. Chatterjee’s keynote address, “in recognition of his leadership, outstanding research and technical contributions to the field of web services.”
“This is a tremendous honor,” Dr. Chatterjee said of the award. “To be recognized by the conference for my work in Web Services is quite humbling.”
Dr. Chatterjee's address, “eServices Everywhere,” surveyed the electronic services and mobile/wireless infrastructure revolution that have made it possible to deliver services everywhere organizations and their customers are. Touching on uses in vertical markets such as banking and agriculture, Dr. Chatterjee also described enabling technologies.
In attendance at the conference were computer scientists and engineers from many parts of the world, including India, Latin America and Africa, regions where Dr. Chatterjee and SourceTrace have been working to use Web Services to foster development.
Dr. Chatterjee was a member of the Expert Group that defined the global standards for mobile and wireless Web Services. He literally “wrote the book” on Web Services, as the co-author of Developing Enterprise Web Services: An Architect's Guide (published by Prentice Hall). He is a seasoned technology expert and business professional with over a decade of contributions as a thought leader, technologist, and consultant.
SourceTrace Systems is a global leader in developing and delivering electronic services throughout the world. SourceTrace has proven experience implementing Web Services. It is one of the few companies with expertise in enterprise-class IT and software systems together with experience in successfully implementing, customizing, and managing these systems within the environmental constraints of developing countries. SourceTrace designs transaction solutions systems for companies working in critical sectors of developing companies: financial services, agriculture, and clean water.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
Dr. Sandeep Chatterjee to Deliver Keynote, Conduct Web Services Tutorial
BERKELEY, Calif. — February 25, 2009 — Sandeep Chatterjee, Ph.D., Chief Technology Officer and Vice President of SourceTrace Systems, will speak at WorldComp ‘09, the largest annual gathering of researchers in computer science and applied computing. At the expo, to be held July 13-16 in Las Vegas, Dr. Chatterjee will deliver a keynote address as well as a tutorial session on “Developing Enterprise Web Services and Mobile/Wireless Systems.”
Dr. Chatterjee's keynote address, “eServices Everywhere,” will survey the electronic services and mobile/wireless infrastructure revolution that has made it possible to deliver services everywhere organizations and their customers are. Touching on uses in vertical markets such as banking and agriculture, Dr. Chatterjee will also describe enabling technologies.
Dr. Chatterjee's tutorial will address how fundamentally Web Services technologies are changing the software industry, giving enterprise IT organizations a far more strategic role.
“Web services are simply a platform, however,” says Dr. Chatterjee. “How companies implement a solution using this new technology will determine their success, and ultimately their return on investment.” In his tutorial, Dr. Chatterjee will provide an overview of the fundamental topics, industry standards, and technologies in the development of Web services as well as emerging mobile enterprise environments and the challenges they present. Dr. Chatterjee will focus on the design, development, deployment, and maintenance of enterprise applications based on Web services, particularly with state-of-the-art J2EE application servers and associated technologies.
Dr. Chatterjee was a member of the Expert Group that defined the global standards for mobile and wireless Web Services. He literally “wrote the book” on Web Services, as the co-author of Developing Enterprise Web Services: An Architect's Guide (published by Prentice Hall). He is a seasoned technology expert and business professional with over a decade of contributions as a thought leader, technologist, and consultant.
SourceTrace Systems is a global leader in developing and delivering electronic services throughout the world. SourceTrace has proven experience implementing Web Services. It is one of the few companies with expertise in enterprise-class IT and software systems together with experience in successfully implementing, customizing, and managing these systems within the environmental constraints of developing countries. SourceTrace designs transaction solutions systems for companies working in critical sectors of developing companies: financial services, agriculture, and clean water.
Contact:
Dayna Clark
Marketing Director
SourceTrace Systems
Stephen Sellers to discuss the role of technology in enabling the next generation of entretpreneurs
Beloit, WI — March 23, 2009 — SourceTrace CEO and co-founder Stephen Sellers will be speaking on the future of microfinance at the Weissberg Chair Conference at Beloit College, on Saturday, March 28, 2009. The subject of the conference this year is Empowering the Poor: The Role of Microfinance in Economic and Social Development. Sellers will be speaking on New Directions in Microfinance: Financial Inclusion, Housing, Technology, Post-Conflict Resolutions. This afternoon conference is held in conjunction with the 2009 Weissberg Chair Residency of Elisabeth Rhyne, Managing Director of the Center for Financial Inclusion at ACCION International, and a leading expert and researcher in the field of microfinance.
Steve Sellers has over 20 years of experience in the for-profit, non-profit and governmental sectors, with over 12 years spent starting and building companies. Through partnerships between SourceTrace and banks in Mexico and Nicaragua, he has enabled microfinance institutions (MFIs) to spring up in remote rural areas of those countries, far from economic or telecommunications infrastructure. He has spent the last three years working to increase opportunities for microfinancial entrepreneurs in Latin America, Africa, and India.
SourceTrace Systems is a global leader in facilitating microfinance transactions. SourceTrace offers robust, proven remote financial transaction software that utilizes mobile phones, point of sale devices and other wireless handsets over existing networks. SourceTrace has partnered with financial services organizations throughout Central America, Asia and Africa to help MFIs serve vast new markets—without the expense of opening new offices or keeping a large staff in the field. This secure, scalable, turnkey technology is shaping the future of microfinance around the world.
The Weissberg Chair was established in 1999 at Beloit College by Washington, D.C. retired real estate developer and internationalist Marvin Weissberg, to support an on-campus residency for a distinguished individual who has made an important contribution to international understanding.
News archives by year:
SourceTrace Featured On Bloomberg TV'S “Innovators”
SourceTrace Systems was featured on international financial news network Bloomberg Television starting tonight, in the cutting-edge program “Bloomberg Innovators.” The program focuses on SourceTrace's breakthrough technology to bring banking services and microfinance to the world's poor.
SourceTrace CTO calls for national solution in India
Sandeep Chatterjee, Ph.D., Chief Technology Officer and Vice President of SourceTrace Systems, participated today in a high-level meeting with Union Finance Minister Pranab Mukherjee to strategize how to scale up current financial inclusion projects to a national level, the Business Standard of India reported today.
SourceTrace Links Microfinance and Agriculture for Mexico
SourceTrace Systems, working in conjunction with ECOM/AMSA, is linking the ability to track sales of agricultural products in the global south with unprecedented access of small family farmers to microfinance facilities.
SourceTrace Holds Global Workshops for FINCA
SourceTrace Systems CEO Steve Sellers presented a workshop here to regional FINCA International directors and staff, helping them to understand the options new technologies have made available to them to help with expanding the reach of their microfinance networks.
SourceTrace Provides Finanical Links for Rural India
SourceTrace Systems is partnering with the World Bank and India’s National Bank for Agriculture and Rural Development (NABARD) to create financial inclusion solutions for fifteen regional rural banks, the Economic Times of India reported today.
SourceTrace's “ESE for Agriculture” Module Tracks Mangoes
SourceTrace Systems’ eServices Everywhere (ESE) for Agriculture technology has been selected for a project here to track the sales and processing of mangoes.
SourceTrace CTO Awarded for Outstanding Achievement
Sandeep Chatterjee, Ph.D., Chief Technology Officer and Vice President of SourceTrace Systems, was presented with an award for Outstanding Achievement at WorldComp ‘09, the largest annual gathering of researchers in computer science and applied computing. The organizers of the expo, which took place from July 13–16 in Las Vegas, presented the award at Dr. Chatterjee’s keynote address, “in recognition of his leadership, outstanding research and technical contributions to the field of web services.”
SourceTrace CTO to Speak at WorldComp ‘09
Sandeep Chatterjee, Ph.D., Chief Technology Officer and Vice President of SourceTrace Systems, will speak at WorldComp ‘09, the largest annual gathering of researchers in computer science and applied computing. At the expo, to be held July 13-16 in Las Vegas, Dr. Chatterjee will deliver a keynote address as well as a tutorial session on “Developing Enterprise Web Services and Mobile/Wireless Systems.”
SourceTrace CEO to Speak on the future of Microfinance
SourceTrace CEO and co-founder Stephen Sellers will be speaking on the future of microfinance at the Weissberg Chair Conference at Beloit College, on Saturday, March 28, 2009. The subject of the conference this year is Empowering the Poor: The Role of Microfinance in Economic and Social Development. Sellers will be speaking on New Directions in Microfinance: Financial Inclusion, Housing, Technology, Post-Conflict Resolutions. This afternoon conference is held in conjunction with the 2009 Weissberg Chair Residency of Elisabeth Rhyne, Managing Director of the Center for Financial Inclusion at ACCION International, and a leading expert and researcher in the field of microfinance.
Major International MFI Player to Extend Its Reach to Rural Customers
Berkeley, Calif. — November 17, 2008 — SourceTrace Systems, a leading provider of remote applications for the microfinance industry, today announced that FINCA International, a global leader in microfinance, has selected SourceTrace Systems as its preferred remote information technology provider in the area of Mobile and Remote Software Applications and Services. The selection was made through a joint effort of FINCA Mexico and FINCA International's New Business Development Services Strategic Initiatives team. SourceTrace Systems was chosen from a field of applicants that responded to the competitive request for proposals issued by FINCA.
The implementation of SourceTrace’s eServices Everywhere (ESE) platform for microfinance will enable FINCA Mexico — the microfinance provider’s flagship program in Latin America — to strategically manage its geographically dispersed microfinance agents, in order to extend the frontier of financial services into remote areas.
“FINCA is committed to reaching out to rural, hard-to-reach microfinance customers,” said FINCA’s Senior Manager for Strategic Initiatives Scott Graham. “We are committed to reaching out to rural areas, where the majority of potential consumers for microfinance live. The ESE system that SourceTrace provides will enable us to do that.”
SourceTrace's ESE solution is designed to provide FINCA Mexico with the ability to improve the operations of its current microfinance sites, and to expand rapidly to provide services in over 1000 rural locations during the next three years. Deployment of the ESE solution is currently scheduled to begin later this year.
“Having a large-scale, internationally-respected microfinance institution of FINCA's stature as a client validates the applicability of the SourceTrace solution to reach remote customers, and to connect them in a cost-effective manner with FINCA's global microfinance system,” said Frank Hicks, SourceTrace's Vice President for Strategy and Field Operations. “FINCA's extensive experience in microfinance, its established presence and aggressive growth plans in Mexico and its well-developed international network make the organization an ideal partner for us.”
About FINCA
FINCA is a leading international micro-finance organization that provides financial services to the world's lowest-income entrepreneurs so they can create jobs, build assets and improve their standard of living. For more than twenty years, FINCA has been committed to breaking the cycle of poverty by providing community-based credit and savings opportunities. Currently, FINCA operates with a distinctive, integrated business model that accepts donations and investment dollars, an approach that leverages available capital and promotes greater transparency, sustainability and higher standards of business practices. This has allowed FINCA to achieve balanced financial and social performance unmatched in its industry while opening the path to socio-economic development for the lowest-income citizens of the world. Based in Washington DC with local operations across 21 countries serving more than 725,000 clients, FINCA's outreach is among the broadest and most comprehensive of today's microfinance networks. For more information, please visit www.villagebanking.org.
Consortium to Leverage XBRL to Improve and Expand Delivery of Cost Effective Insurance to the Poor
Redwood City, CA — October 15, 2008 — Today, seven organizations including leading players in the micro-insurance industry launched the Micro-insurance Data and Workflow Standardization (MDWS) Consortium to explore the benefits of establishing a new XBRL-based taxonomy and information hub designed to streamline and standardize information exchange in the micro-insurance industry. The goal of the MDWS Consortium is to reduce the cost of providing insurance to poor communities around the world. Participants of the consortium include Gradatim IT Ventures, IBEX Project Services, Micro Insurance Academy (MIA), Micro Insurance Agency Holdings, LLC, Microcare Insurance Ltd, SourceTrace Systems (STS), Sun Microsystems Inc, and UBmatrix, the leading provider of XBRL information exchange solutions.
“By establishing a set of reporting standards and providing the technology for financial information exchange, the consortium is paving the way for increased micro-insurance business and lower premiums for the poor. One of the key issues in the micro-insurance industry is the cost and ease of exchanging information between the various players. XBRL has already shown that it can provide a cost-effective platform for reducing cost in the microfinance industry,” said Eric Gerelle, Director, IBEX Project Services.
MDWS Consortium Project
The project will develop a standard for micro-insurance data and workflow using XBRL (eXtensible Business Reporting Language). The consortium will also explore the idea of establishing an XBRL information hub, along the lines of the Microfinance Information eXchange (http://www.ubmarix.com/casestudies/mix_page.htm), which will allow data to be efficiently exchanged between micro-insurance stakeholders, as well as with industry regulators. Expected benefits include:
XBRL: Driving Standards Adoption, Lowering Barriers to Information Exchange
XBRL (Extensible Business Reporting Language) is fast becoming the open standard for developing financial reporting and information exchange — and has already been adopted by the MiX to help improve information flows for the Microfinance industry.
XBRL offers a standards-based method of articulating the information requirements for the exchange of data between different players in a market. Use of XBRL has been accelerating as Government and Industry regulators look to improve the cost-effectiveness of their systems. The FDIC adopted XBRL as the standard for reporting from its 8,000 member banks; the European Union Central Banks have adopted XBRL for Basel II reporting; and the SEC has announced a phased implementation of XBRL for all company filings.
“UBmatrix is excited to contribute to the Micro-insurance Industry Consortium and furthering access to insurance for poor communities. XBRL is a powerful technology that has proven that it can be used effectively to improve transparency and exchange of information — and its application in the micro-insurance industry should be of broad benefit,” said Steve Levine, Chief Marketing Officer, UBmatrix.
Key Consortium Deliverables
The consortium’s initial task is to establish a framework to support the community’s development and ongoing maintenance of the XBRL taxonomy for the microinsurance industry. The consortium members have a wide knowledge of the requirements and will provide the key input into the scope and coverage, while UBmatrix has been involved and led many of the major XBRL taxonomy initiatives around the world. A key part of the consortium’s objectives and plans is to deliver programs to help the adoption of the standard and enable knowledge transfer to the microinsurance institutions.
With the standard and the taxonomy as a foundation, the consortium will review the establishment of a shared XBRL Information hub which will further enable the sharing of common data formats, workflow procedures and interfaces, along the lines adopted by the MiX. The information hub will also provide a platform for industry benchmarking and reporting to help microinsurance units track their performance, improve transparency and confidence in the microinsurance industry and hence stimulate investment.
Micro-insurance Data Workflow Standardization (MDWS) Consortium Members
In addition to UBmatrix, consortium members include:
About UBmatrix
UBmatrix, Inc. is the leading provider of XBRL-based information exchange solutions for global organizations and enterprises allowing them to more efficiently and effectively address the challenges of business and financial information management, exchange and reporting. XBRL is rapidly becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven at the SEC, FDIC and the European Central Bank Supervisors. UBmatrix XBRL solutions increase operational efficiency and financial transparency, and ensure reporting accuracy and reporting compliance. UBmatrix is based in Silicon Valley with development centers in Bellevue, WA and New Delhi, India. For further information, visit www.ubmatrix.com.
SourceTrace CTO Speaks at WorldComp '08
Dr. Sandeep Chatterjee Will Outline SolutionsFor New Standard: Web Services
BERKELEY, Calif. February 22, 2008 Sandeep Chatterjee, Ph.D., Chief Technology Officer and Vice President of SourceTrace Systems, will be speaking at WorldComp’08, the largest annual gathering of researchers in computer science and applied computing. Dr. Chatterjee will address the state of Web Services technologies and the impact of service-oriented architectures on the enterprise, focusing on how to develop real-world applications for the Internet and corporate intranets.
Dr. Chatterjee was a member of the Expert Group that defined the global standards for mobile and wireless Web Services. He literally “wrote the book” on Web Services, as the co-author of Developing Enterprise Web Services: An Architect's Guide (published by Prentice Hall). He is a seasoned technology expert and business professional with over a decade of contributions as a thought leader, technologist, and consultant.
SourceTrace Systems is a global leader in developing and delivering electronic services throughout the world. SourceTrace has proven experience implementing Web Services. It is one of the few companies with expertise in enterprise-class IT and software systems together with experience in successfully implementing, customizing, and managing these systems within the environmental constraints of developing countries. SourceTrace designs transaction solutions systems for companies working in critical sectors of developing companies: financial services, agriculture, and clean water.
Web Service technologies are fundamentally changing the software industry, making the role of enterprise IT organizations more strategic, and recasting the software vendor-consumer relationship. CEOs, CIOs, and CTOs are all hailing Web Services as the next-generation vehicle for driving topline growth and controlling bottom lines. Dr. Chatterjee will show that simply jumping on the Web Services bandwagon is not enough for corporate success: Web Services are only a platform; how companies implement a solution using this new technology will determine their return on investment (ROI) and their success.
HP Partners with SourceTrace for Global Wireless Transactioning
PALO ALTO, CA, USA A consortium of organizations headed by Hewlett-Packard has chosen SourceTrace Systems to provide the technology for its next-generation global wireless transactioning platform. Using its unique technologies and its expertise in enterprise services and integration, SourceTrace Systems will build the end-to-end system as well as manage it in key global markets.
USAID Selects SourceTrace as IT Partner for Developing Countries
KAMPALA, UGANDA and WASHINGTON, DC, USA The United States Agency for International Development (USAID) selected SourceTrace Systems to advise and train its staff on using IT properly for developing countries. SourceTrace is one of the few companies that have expertise in implementing enterprise-class systems within the environmental constraints of developing countries.
South Korean Government Chooses SourceTrace as IT Training Partner
SEOUL, SOUTH KOREA The South Korean Government, together with the Korean Ministry of Information and Communications, select SourceTrace Systems to train members of the country's elite universities, leading technology companies, and government agencies on becoming more globally competitive by leveraging key advances in information technology, including Web Services and wireless systems.
SourceTrace CTO Expert Witness in Web Services Case
WILMINGTON, DE, USA SourceTrace Systems CTO, Dr. Sandeep Chatterjee, has been selected as the expert witness and consultant for a landmark intellectual property litigation case regarding Web Services and service brokers.
Computer Society of India Names SourceTrace CTO as Guest Editor
NEW DELHI, INDIA The Computer Society of India (CSI), the largest association of IT professionals in India, taps SourceTrace Systems CTO, Dr. Sandeep Chatterjee, as the guest editor of CSI's 2006 journal on enterprise integration.
IT World interviews SourceTrace CTO
BOSTON, MA, USA ITWorld magazine interviews SourceTrace Systems CTO, Dr. Sandeep Chatterjee, on the state of Web Services technologies, the impact of service-oriented architectures on the enterprise, and on Dr. Chatterjee's new book on developing enterprise Web services.
