With the successful launch of the Open Source Strategy Forum, a major finance industry-wide conference on open source collaboration, the expansion of its Open Developer Platform to include services from OpenShift and WhiteSource, and Deutsche Bank’s contribution of a major interoperability framework, the Symphony Software Foundation (the Foundation) acts as the venue of choice for financial services firms to collaborate on open source software.
The Open Source Strategy Forum, the first event of its kind, brought together industry leaders from financial services, open source, and enterprise software to establish a shared vision for open source collaboration in a highly regulated industry. Speakers from JP Morgan, Goldman Sachs and BNY Mellon, among others, discussed the critical role open source engagement will play in the future of blockchain, quantum computing and fintech innovation. Deutsche Bank showcased a major new open source contribution to the Foundation, the Plexus Interop framework for inter-bank, inter-application communication.
The Foundation also announced two new services available to users of its Open Developer Platform (ODP), an open source fintech sandbox supporting secure, compliant software development for Foundation projects. Red Hat OpenShift continuous delivery support gives ODP developers access to a wide array of enterprise-ready open source packages that can be deployed in a rapid and secure manner. With WhiteSource support, those involved with Foundation projects can continuously verify that their code is free of known security vulnerabilities and complies with open source licenses.
“With the addition of OpenShift and WhiteSource services, the ODP gives Foundation members access to a service-based infrastructure with the tools for developing, building, publishing, and analyzing high quality, open source software throughout the entire project lifecycle,” said Peter Monks, VP of Technology, Symphony Software Foundation. “Our members expect Foundation projects to be enterprise grade and ready for deployment in a highly regulated environment. The ODP helps them meet that high bar.”
Alessandro Petroni, Director, Head of Financial Services Strategy and Solutions, Red Hat, said, “For financial services institutions to remain competitive, they need to build applications that are secure, dependable, innovative and efficient, which are increasingly influenced by open source software. As open-source leaders Red Hat knows what it takes to provide an enterprise-grade open source collaboration platform that respects all the constraints of this highly regulated industry. Open Source fuels innovation, and this is why we brought our OpenShift offering to the Symphony Software Foundation. Together, our people, technologies, products and services will drive this industry revolution."
“While open source has been a driving force across industries, enabling organizations to increase innovation, agility and accelerate software development pace, the financial industry has been slow to adopt open source due to regulation. I believe the Symphony Software Foundation is bringing down those barriers and opening a new era for banks and financial services companies,” says Rami Sass, CEO, WhiteSource. “We are excited to take part in this innovative initiative and offer the Foundation community a safe environment that encourages collaboration in this highly regulated space. WhiteSource's automated enforcement of policies on open source licenses, security vulnerabilities and quality issues, works to ensure that the high standards required by industry leaders are upheld, enabling all parties to work with full confidence.”
“We live in the era of platforms and this has fundamentally changed the way technology creates value: a platform's value lies in connecting producers and consumer in a thriving open ecosystem. What we are witnessing today, is financial services technology becoming an ever increasingly open ecosystem, as disruptive open source platforms like blockchain drastically reshape our industry, enabling new channels and markets,” said Gabriele Columbro, Executive Director, Symphony Software Foundation. “Open source provides an unprecedented platform for innovation. We see our Foundation as a trusted enabler of this ecosystem and open collaboration: the success of OSSF and the ever-growing support from the industry are positive signs. We look forward to expanding our Community even further in 2018 by welcoming new firms and contributions to benefit the whole industry.”