Actually, yes. I know it is being used in at least one financial institution, but not for managing banking... for internal procurement (if I remember right). In other words, it wasn't very far out of the normal strong points for OFBiz and certainly not for managing account balances or investments or any sort of financial WMD. There is some of that functionality included in OFBiz, like managing balance accounts (called financial accounts in OFBiz), but AFAIK those are only currently used by retailers (and at least one media company) for gift certificates and pre-pay accounts and such.
Of course, the bank using OFBiz (Citibank) is one of the rather defunct ones that is now partly owned by good old Uncle Sam since it was "too big to fail." Hopefully the use of OFBiz was in no way to blame. I guess the use of free software (plus consulting fees) to save money on internal procurement is not enough to overcome massive losses on bad loans. Of course, over 90% of the money for those bad loans came from the Fed (ie near zero interest loans as part of fractional reserve banking), and much of that money is being replaced by the Fed to prop up their balance sheets (in addition to the money from the US Treasury from the bailouts)... so who really lost the money? Maybe that's a topic for a different forum... but anyway the point is I think we can safely say that the failure of that business had nothing to do with OFBiz. :)
-David
On Jan 21, 2010, at 4:51 PM, Chris Snow wrote:
> On a serious note David, do you know of ofbiz being used in banking or investments? I expect it would most likely be seen in a hedge fund management type company as they have usually more flexibility in what they build.
>
> David E Jones wrote:
>> You're right, those banking and stock market management companies are sure having a hard time these days and they really need some help. Free software could help their public looting and larceny operations be much more efficient, and of course that'll make the banks and markets more stable so the government doesn't have to steal money from all of us to keep on saving them (through taxes or through creating and loaning money through a central sanctioned bank). I'd love to work for free to help these guys get the six to eight figure bonuses they deserve! Where can I sign up?
>>
>> Sorry, I tried to be subtle... but I think I failed. ;)
>>
>> In all fairness... maybe I misunderstood your comment. Could you elaborate?
>>
>> -David
>>
>>
>> On Jan 21, 2010, at 4:04 PM, x x wrote:
>>
>>
>>> hello
>>> i want to suggest to ofbiz team to develop more finacial features like bank and stock market. In this way Ofbiz will be real completed.
>>>
Locked
