/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.

Finos adds seven members

Source: The Fintech Open Source Foundation

The Fintech Open Source Foundation (Finos), the financial services umbrella of the Linux Foundation, today announced the addition of seven new corporate members, which include REGnosys, Blockchain Technology Partners (BTP), ControlPlane, Luxoft, The RegTech Association, Peer Nova and Mifos.

FINOS now works directly with 64 contributing members, driving the global open source movement across the financial services industry.

In addition to FINOS’ larger community, these new members will join together in New York City on December 8th for the annual Open Source in Finance Forum (OSFF).

The continuous addition of new members on a global scale signifies FINOS’ surmounting position as the leading proponent of the open source movement and driver of unified standards across financial institutions, regulators, technology providers, blockchain, security companies, and more. These organizations play a critical role in fueling key efforts across regtech, financial inclusion, data connectivity and IT development, signifying the growing role of open source for all industry constituencies.

From startups to established entities around the world, FINOS maintains a 30% increase in new members year-over-year, facilitating an ecosystem of over 1500 contributors. Following the announcement of the Linux Foundation Europe, which is being led by FINOS’ Executive Director Gabriele Columbro, FINOS continues to enable growth of open source adoption across western institutions. The addition of new regulatory members reinforces key initiatives across Open RegTech, the ISDA Common Domain Model (CDM), and the Compliant Financial Infrastructure.

“We are thrilled to see the continued momentum in our growing ecosystem of diverse members, both domestically and internationally,” said Jane Gavronsky, Chief Technology Officer of FINOS. “Over the course of the last year, we’ve dedicated an abundance of resources to increasing support and contribution across essential areas like Open RegTech and the ISDA CDM. As an organization, we are proud to welcome these members and further our work toward global collaboration.”

Meet the new members

REGnosys, a collaborative low⁠-⁠code platform for regulatory reporting, joins as a Silver member based in London and will focus on the contribution of its Rosetta platform, as well as support to other FINOS projects.

“We’re proud to be the first RegTech software business to become a FINOS member,” said Leo Labeis, CEO at REGnosys. “Our Rosetta platform has been supporting the development of the Common Domain Model, of which FINOS will become the custodian, and the ground-breaking Digital Regulatory Reporting (DRR) programme. DRR is fully aligned with the work of the FINOS Regulation Innovation Special Interest Group, which is leveraging open source to streamline the interaction between regulators and regulated firms, and REGnosys is committed to continue to contribute to that group.”

The RegTech Association, a non-profit organization that supports growth of the regulatory sector and accelerates regtech adoption, joins from Australia as an Associate member and will work with FINOS to drive global innovation across the regulatory space through collaboration.

“The RegTech Association is delighted to join the FINOS community,” said Deborah Young, CEO of The RegTech Association. “Collaborations such as these are integral to the RTA’s commitment to accelerating the adoption of RegTech globally ensuring trust and transparency. We look forward to exploring with the FINOS team, meaningful ways in which we can work together to deliver on our shared strategic priorities. Watch this space.”

ControlPlane, an organization based in London which secures Kubernetes from supply-chain and runtime attacks with a zero-trust, continuous security approach, joins as a Silver member and continues to expand FINOS’ European presence.

“The use of open source in financial services unlocks the promise of developer productivity and operational efficiency necessary to develop the banking platforms and digital capabilities of the future, today,” said Andres Vega, Vice President of Operations, North America at ControlPlane. “ControlPlane is excited to participate in FINOS as it reaffirms our commitment to raise the bar of trust, safety, and assurance while reducing risk in the production and consumption of open source in critical and highly regulated environments."

Another testament to the international recognition of the open source movement, FINOS welcomes Luxoft, the design, data and development arm of DXC Technology, providing bespoke, end-to-end technology solutions for mission critical systems, products and services, and BTP, an enterprise blockchain company, as Silver members.

"We are excited to join FINOS, as we see great opportunity for the adoption of distributed ledgers and associated technologies in financial services, especially when it comes to establishing the provenance of assets," said Csilla Zsigri, VP Strategy at BTP. "This nicely complements our support for other key Linux Foundation initiatives, including CNCF, GraphQL Foundation, Hyperledger Foundation, LF Energy, and LF Europe."

Across the United States, FINOS continues to see collaboration become a key focus for a multitude of organizations. Among the new members, US representation consists of Mifos, a non-profit initiative that stewards the global community that builds the Mifos X and Fineract platform – an open source core banking platform for financial inclusion used by financial services providers worldwide, and Peer Nova, a platform enabling users to monitor data quality metrics, identify high-impact exceptions, and perform faster root-cause analysis across internal and external datasets in real-time. Peer Nova joins as a Silver member, and Mifos as an Associate member.

“Over the past two decades, Mifos has built a vibrant ecosystem of fintechs and financial service providers building innovative solutions for retail consumer financial services powered by an open core,” said Ed Cable, President & CEO of Mifos. “As an associate member, we’re eager to collaborate with FINOS to cross-pollinate our communities and enable greater consumption and contribution to open source amongst fintechs globally.”

“We are excited to join the FINOS community and collaborate with its members,” said Gangesh Ganesan, PeerNova Founder and CEO. “Currently, interoperability continues to be challenging as firms re-platform their risk technologies. We believe that collaborating with organizations like FINOS improves innovation and addresses these industry-wide challenges.”

As the global financial services and related industries continue to recognize the boundless use for open source to improve the modern economy on a grand scale, the addition of new Silver and Associate members plays a critical role in fostering collaboration to deliver requisite solutions to the FINOS community and beyond.  

Comments: (0)