About MyBanco
MyBanco is not only a free core banking solution, it is also open source. Having a core banking solution that is open source means that the source code must be of a high quality (high enough to pass the standards that are set by government organisations such as ASIC (Australian Securities and Investments Commision) and FDIC. It must also be well documented, so that it is easy for all people to look at the code, analyze it and look for bugs and possible loop holes in the source code.
Is my data safe with MyBanco?
Well, MyBanco will never, ever delete any data. This being said, things can always go wrong, so it is important that if using the MyBanco software in a live situation, the data must always be kept backed up. There are a few ways to do this, but here are a few of the recommended solutions.
- Always have at least two replicated copies of the MySQL database, and ensure that one is only used as a backup, not to do read-only queries.
- Always ensure that a database dump is done every 6-12 hours. This can be done automatically by having another machine pull all the data with an app like mysqldump
Is it really free?
Yes, MyBanco is a fully free Core Banking platform. The only string that is attatched is that any changes made to any of the modules listed must be shared with the author of the application. By sharing the code, all other people can benefit from your source code changes.
How do I install MyBanco?
As yet there is no official documentation (hey, we are working on it!) but for the time being, you can look at the article written by Tim Groeneveld; "Installing MyBanco with XAMPP on Windows". For ideas of things to do with a new install of MyBanco, look at the article written by the same author "So, I just installed MyBanco"