Open source non-profit FINOS expands with three new members in financial services and fintech
The Fintech Open Source Foundation (FINOS) has added three new leading financial services and technology companies to its membership roster already comprised of leading financial institutions, fintechs, and consultancies.
The three new Silver members are: Adaptive, a global financial technology consultancy; genesis, the low code application platform (LCAP) for capital markets; and Itaú Unibanco, Brazil’s largest bank.
FINOS is a non-profit whose mission is to foster adoption of open source, open standards, and collaborative software development practices in financial services.
“Over the past few months, we’ve been working closely with the teams at Adaptive, genesis and Itaú who share our vision for expanding open source in financial services,” says Gabriele Columbro, executive director of FINOS. “We’ve seen incredible progress with programs and projects, such as the recently launched Alloy and Perspective, and look forward to new endeavours with these new members. As FINOS expands its reach, so will the opportunities for more financial institutions to work collaboratively with powerful open source technology.”
Adaptive designs, builds and operates bespoke electronic trading platforms for clients across financial services, capital and commodity markets. As a technology solutions provider to the financial services sector, Adaptive will share its knowledge and expertise with the FINOS open source community. Adaptive will also actively participate in several FINOS projects, community and membership events and webinars. Recently, Adaptive has implemented interoperability workflows for its clients, and became a key contributor and participant in FINOS’ highly adopted FDC3 desktop project, which aims to establish open interoperability standards for the financial desktop. Riko Eksteen, Adaptive head of Desktop Strategy, is a member of the FDC3 Project Management Committee, and serves as co-chair of the FDC3 API and Intents and Context Data working groups.
Matt Barrett, CEO of Adaptive Financial Consulting says: “We are excited about the future of FINOS, and glad to be a bigger part of their growth as a new Silver Member. We fully support the foundation’s work in accelerating collaboration and innovation in financial services through the adoption of open source software and believe it is instrumental in revolutionising the broader industry.”
genesis is an LCAP for capital markets, with clients ranging from clearing houses, prime brokers, broker dealers, asset managers, through to wealth management firms. The genesis LCAP has been built to support the needs of capital markets on the core principles that solutions must be highly performant, resilient, robust, secure and compliant, and leverages a number of open source technologies in order to advance collaboration within this capacity. genesis intends to contribute to a number of the FINOS initiatives to change the way software is developed and deployed in capital markets.
Stephen Murphy, CEO of genesis, says: “We are excited to join FINOS at a time when the capital markets community is looking for greater collaboration to find smarter ways to deliver operational efficiencies and opportunities to end clients. We look forward to contributing to the FINOS initiatives to drive adoption of open source and develop intelligent technology to meet the needs of the industry.”
Itaú Unibanco, a large private sector bank in Brazil and one of the largest financial institutions in Latin America, consistently places ethics ahead of results and knows that collaboration is integral in fostering innovation in the financial industry that will ultimately benefit its customers.
“We look forward to growing our relationship with FINOS and to contributing to its already impressive reservoir of open source projects. We are confident that this is an integral step in continuing to grow our efforts around technological innovation and open source software”, says Thiago Charnet, technology director for Itaú Unibanco.
The announcement comes on the heels of FINOS becoming a Linux Foundation organisation, a move that enables the open source foundation to broaden its services and capabilities in the financial services industry. Also, FINOS announced three new members earlier in the year with the addition of EPAM Systems, NearForm and CloudBees. The foundation now counts 33 financial services, technology and services companies as members, each committed to expanding the adoption of open source technology in financial services.