Lerex’s open source game-changer

Lerex Technology, a provider of B2B payment solutions, revealed at Money20/20 this summer that its new open source user interface software is accessible to everyone, free of cost, and can be downloaded from its website.

Lerex provides fully managed systems including accounts, digital and physical cards, e-wallets, and several payment methods that are ready for the market. It offers services and technologies to start-up businesses looking to include financial elements into their goods and offerings.

Roberto Rivero, an advisor at Lerex Technology, welcomes the introduction of open source software (OSS) into the field of embedded finance and outlines some of the advantages it has over proprietary software and in-house projects.

Open source software: what is it?

“Computer software that is released under a licence in which the copyright holder grants users the rights to use, study, change, and distribute the software and its source code to anyone and for any purpose” is what is meant to be understood by the Wikipedia definition of open source software (OSS).

This indicates that, according to the license’s restrictions, the programme is distributed with source code that is viewable and editable by anybody.

Open Source Software (OSS) is frequently, but not invariably, produced and maintained collaboratively by its user community, with contributors offering their work for free to others.

Some of the most ground-breaking products in the technology sector, such as Apache, Mozilla Firefox, the Linux operating system, and even Google Chrome, were made possible by the long-standing use of open source software (OSS).

Benefits of software that is open source

Using open source software (OSS) in embedded finance can have many advantages, such as the following:

Savings on costs

The fact that open source software is typically free is by far its greatest advantage. However, as the list below shows, this is by no means the only benefit. It’s not always the most crucial one either.

Savings of time

The second biggest benefit of OSS is time savings. Even if the free stuff doesn’t meet all your needs, it’ll probably help you improve.

Saving money is rarely as important as getting your new product to market faster or freeing up resources to work on other projects.

This indicates that the most useful component of OSS is often its time-saving capabilities.

Collective

OSS contributions can motivate hundreds of brilliant programmers globally to improve software speed, safety, and quality. This helps many developers and software users.

Objectivity

OSS lets you inspect and evaluate source code. Commercial software cannot do this.

This opacity vs. transparency issue affects software performance and security, the next item on the list.

Command

You have far more control over open-source software (OSS) than you do over proprietary software. Users are able to carefully examine the code, alter the sections they find objectionable, and add functionality where it is required.

Swiftness

Your organisation can respond faster to changing requirements if you use OSS instead of proprietary software. You may develop the features you need instead of waiting for your provider to understand, prioritise, and offer them!

Self-reliance

The existence and continued value of OSS are independent of the state of affairs or operations of the firm that developed it. The programme can live on and develop in valuable ways even in the event that the company that created it shuts down.

In embedded finance, Lerex OSS

The aforementioned list makes it clear that open source software (OSS) offers a plethora of incredibly useful advantages to developers, businesses, and, once applied, their clients.

We firmly believe that the marriage of OSS and embedded finance will spur innovation and raise the value added by our sector. We are thrilled to see OSS join another thriving segment of the technology industry. What?

Three instances of its possible effects are as follows:

• The time it takes to create new digital solutions will be drastically shortened by OSS—from months to days.
• Programmers will be able to devote more time to the truly distinctive aspects of their goods, such as features with a high value-add, and on their true differentiations, by being relieved of the need to spend time on generic, repeated improvements.
• The minimum viable product (MVP) development process will take only a few literal days thanks to OSS. This will shorten the time it takes to start generating revenue and make it simpler to raise capital from investors.

To put it briefly, the “head start” that OSS offers will lower risks and upfront expenses while accelerating income creation.

Lerex is pleased to be leading this innovation and assisting the payment industry in creating digital solutions with quick time to market and reasonable prices.