Announcing Formance Platform

Building an Extensible Financial Core System

June 25, 2024

When we incorporated Formance, we kickstarted our journey with a bold statement and an opinionated piece of new technology: our open-source, programmable core ledger. While building this critical foundation is—in essence—a humbling undertaking, we can now say that we have indeed pulled it off.

But ledgers do not live in isolation. They are subtle pieces of machinery, sitting at the intersection of multiple teams (engineering, product, accounting, finance, operations, risk) and tasked with ambitious, critical missions (real-time balances, record-keeping, financial data analytics, reporting) that cannot fail.

Building on this foundation, we are now thrilled to introduce the Formance Platform: a comprehensive suite of agnostic infrastructure services, designed to enable you to build and operate bespoke flows of funds with the partners of your choice. We precision-engineered the Formance Platform to meet the most demanding needs of platforms and financial institutions when it comes to core financial infrastructure: providing ownership, control, flexibility and seamless integration capabilities.

The Formance Platform extends the Ledger, and now comes with three new services: Connectivity, Flows, and Reconciliation. Each service integrating seamlessly with one another, providing a scalable and extensible financial core system.

Announcing the Formance Platform

Extensible Financial Core

The Formance Platform goes beyond Ledger and connectivity with payment rails to offer a comprehensive financial foundation featuring four composable, seamlessly integrated services. This foundation is fully agnostic, ensuring it meets the fundamental needs of any platform providing and composing one or several financial services, e.g. balancing accounts and reconciling ledgers automatically and at scale.

  • Ledger: now coming with built-in bi-temporality features, and capabilities for comprehensive financial tracking, offering enhanced accuracy and transparency.
  • Connectivity (formerly “Payments”): a networks connectivity layer for seamless and real-time integrations, supporting a wide range of payment rails and financial partners.
  • Flows: customizable flow-of-funds orchestration for dynamic financial operations and transactions, enabling you to automate and streamline complex financial processes, across your different financial providers.
  • Native Reconciliation: integrated account-based reconciliation, providing automated monitoring of funds under management in a ledger vs their accurate and exact existence on a financial partner through time.

Composable Product Architecture

Large enterprises and regulated businesses have specific environments requiring custom and tailored product architecture. These needs guided our design of the platform from the ground up, driving modularity and composability up and to the right — effectively maximizing ownership and control.

The Formance Platform lets you choose the right hosting option to balance control, efficiency, and scalability according to your technical, regulatory and compliance constraints.

  • Formance Cloud: to reduce infrastructure overhead with deployment hosted and managed by Formance, allowing you to focus on your core business activities without worrying about infrastructure management.
  • CloudPrem I: hybrid deployment where the control plane is managed by Formance, and the data plane is self-hosted, providing you with a balance of control and convenience — more information.
  • CloudPrem II: fully self-hosted deployment with both the control and data planes managed on your infrastructure, offering maximum control and customization — more information.

Enterprise-Grade Capabilities

Security, compliance, and reliability are critical when building and operating a financial core. To address these needs, we provide a suite of enterprise features specifically designed to secure and enhance your deployment, meeting the highest standards for the most demanding environments.

  • Role-Based Access Control (RBAC): precise permission management with fine-grained access control, ensuring that only authorized personnel have access to sensitive data and operations.
  • Audit Logs: comprehensive activity monitoring with auto-sync to your Security Information and Event Management (SIEM) system, providing a detailed and continuous record of all platform activities.
  • Events Stream: react to platform events and trigger custom backend logic, allowing for real-time responsiveness and automation in your financial workflows.
  • Single Sign-On (SSO): simplify access with a single login using your organization's identity management system, enhancing security and user convenience.

Additional Features and Benefits

Formance Platform is designed not just to meet your current needs but to grow with you. With continuous updates and enhancements, our platform ensures you stay ahead of industry trends and regulatory requirements. When you build on the Formance Platform, you are building on a foundation already exposed to billions of transactions in global production environments.

Let’s chat: Our dedicated team is ready to help you seamlessly implement and operate the Formance Platform.