MyBanco is free, open source software for banks to handle customers’ accounts. It is an alternative to commercial banking software.

Their target public of MyBanco are banks, who normally have to acquire or pay for the use of proprietary software to do what this open source package does – handle customer accounts. MyBanco apparently only handles normal (core banking) operations, not foreign exchange or investment.

The developer, Tim Groeneveld, says his system is faster than others and is scalable to a bank’s needs, that the code is fully open source and that every transaction is logged so no trace of money transferring from one place to another can ever be lost. The system also doubles as a cross-bank messaging system, allowing messages between banks.

MyBanco’s source code is licensed under the GNU Affero General Public License. Customers can change the code with the only provisio, that changes have to be shared so it is possible for them to be incorporated into future releases of the program.

If you are a programmer, whether working for a bank or not, and are interested in participating in the development up to public release of the software – presently the software is in alpha release – you can find more information of Tim Groeneveld’s blog.

Sam Rose adds few thoughts (via ohloh):

http://www.ohloh.net/p/mybanco

Mostly written in PHP
(Sam adds: for financial applications, this means more work is necessary to make the application secure)

Short source control history (Sam adds: last commit was Apr 2009)

Only a single active developer