The Fintech Open Source Foundation hits important milestones and sets strategic initiatives for 2023

Open source in financial services to continue expanding rapidly in 2023

NEW YORK, NY / ACCESSWIRE / February 9, 2023 / FINOSthe Fintech Open Source Foundation and the financial services umbrella of the Linux Foundation, today announced their 2022 annual results, highlighting the growth of the open source movement in the financial services industry, along with their strategic initiatives for 2023. Led by the more than 2,100 contributors working on FINOS- projects and a 20% increase in new business members, FINOS experienced unprecedented growth in 2022. Overall, FINOS is now has 68 members leverages its open source collaboration forum, including recent additions from Wellington Management, American Express and Google Cloud, along with 8 more fintech and financial services organizations in the past year.

“Last year we reached a critical mass of more than 60 members worldwide, we hosted an increasingly mature landscape with 50+ projects in production across industries, and most importantly, as measured by our 2022- report, the industry itself has accelerated the pace at which it adopts, contributes to, and invests in open source strategically,” said Gabriele Columbro, CEO of FINOS. “So in 2023, we plan to unleash the ultimate power of the open collaboration model to solve some of the most pressing collective challenges in financial services and innovate financial technology for good.”

The financial industry also experienced great growth in open source code. According to FINOS’s second annual State of Open Source In Financial Services survey, the industry experienced significant positive momentum. Financial services are making more commitments (up 43% compared to 2021), enabling more contributions (up 75%), and more openly encouraging consumption (up 78%). The industry overwhelmingly recognizes the value of open source for the future of financial services, and it’s clear that OSPOs (Open Source Program Offices) are helping to make it all happen.

2022 KEY MILESTONES FOR FINOS

Open source in Finance Forum reaches new heights

FINOS held its annual Open Source in Finance Forum (OSFF) in London and New York, bringing together more than 900 open source and financial services leaders. OSFF NY saw a diverse group of attendees, representing 254 different organizations from 17 countries. Financial services was the most represented industry, with a total of 53% of participating organizations, and with more than 50 keynote and breakout sessions.

The New York event was the first time FINOS hosted a Project Expo at one of their Open Source in Finance forums. Community members showcased real-world implementations of FINOS projects to address specific business challenges, including demos of FDC3, TimeBase CE, Symphony WDKand CDM.

The strength of community on screen; FINOS selected to house CDM

In September, the International Swaps and Derivatives Association (ISDA), the International Capital Markets Association (ICMA) and the International Securities Lending Association (ISLA) chose FINOS as a depository for their Common Domani Model (CDM), which establishes a single digital representation of financial transactions and events. FINOS will oversee the maintenance of the code, the growth of the community around contributions, and the development of the CDM and help build awareness. In a breakout session at OSFF in New York, ISDA discussed the challenges in the derivatives market and how the Common Domain Model (CDM) can make regulation easier by offering a standard data model. Updates on the CDM and the progress made by FINOS, ISDA, ICMA and ISLA are expected during 2023.

The growth of FDC3 and desktop interoperability continues to flourish

The FDC3 desktop interoperability standards project, hosted by FINOS, continued to grow in 2022, with more developments on the horizon for 2023. At the recent OSFF conference in New York, Dov Katz talked about how NPM downloads of the project had increased by over 2000% during 2022 and FINOS announced the first results of its compliance program. Maintainers of three FDC3 Desktop Agents from Tick42, Finsemble and FINOS’ own FDC3-Sail took to the stage to collect their awards for compliance.

The same event saw presentations in several major FDC3 projects: Nick Kolba (Connectifi) and Seb Ben M’Barek (Norman and Sons) presented FDC3-Seil and showed how it was used FINOS’ FDC3 app directoryAaron Haines (Natwest Markets) and Tiago Pina (Kosaic) presented the recently contributed Backplane projectand Michael Lynch (Symfoni) and Leslie Spiro (Tick42) showed how their products work together over FDC3 to solve real use cases.

New members react to FINOS’ growth

With more than 68 members across the financial services ecosystem, FINOS gained the attention of buy-side organizations such as Wellington Management, which joined as a Platinum member, and Point72, a Silver member.

FINOS also welcomed Google Cloud, Société Générale, American Express, Mirantis, The Digital Dollar Project, REGnosys, Blockchain Technology Partners, ControlPlane, Luxoft, The RegTech Association, PeerNova and Mifos to the foundation; implement increased use of open source across a number of key industries throughout the ecosystem.

2023 STRATEGIC INITIATIVES FOR FINOS

As 2023 gets under way, the FINOS team looks forward to continuing this momentum into the new year and can expect further developments in strategic initiatives across the FINOS ecosystem. Each strategic initiative is sponsored by senior executives who are FINOS members and board representatives, emphasizing the business criticality of each of these efforts.

Open Source Software Enablement Initiative (Open Source Readiness)

As the financial sector evolves, open source participation and use has emerged as a key competitive differentiator for FINOS members and non-members alike. Understanding that each financial organization is at a unique stage of open source maturity, FINOS strives to drive forward open source readiness (OSR) and establish an Open Source Maturity Model (OSMM) to privately assess the level of open source adoption in each member organization.

With a focus on accelerating OSR, FINOS is doubling down in 2023 with several initiatives, including formalizing the OSR process and defining a clear OSMM, developing a comprehensive body of knowledge and evaluation criteria, and positioning FINOS OSR as a prominent fintech asset and FINOS members.

Open RegTech Initiative

At FINOS, we are convinced that open source software and standards have the potential to revolutionize the way financial regulation is enforced and monitored. This belief inspired us to launch Open RegTech Initiativeaimed at promoting open collaboration between financial institutions, technology companies, service providers and regulators.

Within Open RegTech In 2023, FINOS will embark on a journey of collaboration and awareness, embedding projects such as LCR, CDM, TRAC, Horizon Scanning, etc. into the Open RegTech framework, and encouraging and developing new RegTech-focused projects to expand the initiative’s impact, aligning existing FINOS projects with the RegTech Special Interest Group (SIG) to gather and implement requirements and use cases.

App Interoperability Initiative (FDC3)

In the realm of financial desktop applications, seamless interoperability is the driving force behind it Financial Desktop Connectivity and Collaboration Consortium (FDC3). Aiming to enable plug-and-play functionality without the need for up-front agreements, FDC3 set out to create open standards that promote the ability for applications in financial workflows to work together. This includes a standardized format for context data, standardized verbs for invoking actions between applications (intents), a REST-based App Directory standard, and standardized API operations for a Desktop Agent.

In 2023, FINOS doubles the mission of FDC3 with a focus on app interoperability. With the goal of consolidating FDC3 as the de-facto standard for desktop application communication in finance, FINOS will continue its progress in 2022 with the FDC3 Directory and Conformance Compliance Program, expand the reach of FINOS with more consumers, contributors and projects, and increase the use of FDC3 through various onboarding initiatives such as hackathons, webinars, training, in-person workshops and online certifications.

To learn more about becoming a member of FINOS, engaging with the community and collaborating on strategic initiatives, visit Member benefits page. To consume and contribute to FINOS projects, visit FINOS Projects Landscape.

About FINOS

FINOS (The Fintech Open Source Foundation) is a non-profit organization whose mission is to promote the use of open source code, open standards and collaborative practices for financial services software development. It is the hub for open source developers and the financial industry to build new technology projects that have a lasting impact on business operations. As a regulatory compliant platform, the foundation enables developers from these competing organizations to collaborate on projects with a strong propensity for reciprocity. It has enabled codebase contributions from both the buy-side and sell-side firms and counts over 50 major financial institutions, fintechs and technology consultancies as part of its membership. FINOS is also part of the Linux Foundation, the largest shared technology organization in the world. Get involved and join in FINOS as a member. To keep up to date with FINOS news, events, podcasts, blogs and more, sign up here.

Media contact:

Catharine Rybeck
Caliber Business Advisors
[email protected]

SOURCE: FINOS

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