Technologists and Financial Leaders Gather in New York for Constructive Dialogue About How to Deliver Better Code, Faster to Institutions Undergoing Digital Change
NEW YORK, NY / ACCESSWIRE / September 25, 2019 / For the second time in the Big Apple, FINOS (Fintech Open Source Foundation), a nonprofit that promotes and enables the contribution of open source technology in financial services, will host the third annual Open Source Strategy Forum (OSSF) at New World Stages on November 20th. OSSF is a one-day conference where leaders across financial services, technology and the open source community come together to deepen collaboration and discuss successful open collaboration strategies, open standards and open source projects, best practices and policies accelerating innovation across the financial services industry.
As financial institutions undergo digital transformation, having a firm-wide open source strategy has become a CIO level concern. According to a recent CB Insights report, the open source services industry is set to exceed $17B in 2019, and expected to reach nearly $33B by 2022. Open source technology is a critical component that helps firms increase time to market and create greater efficiency. FINOS is a key driver of open source collaboration within the financial industry.
"Our impressive growth mirrors the accelerating adoption of open source across the financial services industry," said Gabriele Columbro, executive director of FINOS. "No longer an open secret, open source has broken through as an essential technology element to any financial institution's growth strategy. OSSF shines a light on collaborative and trailblazing approaches to solving common technology problems. We look forward to meeting with some of the most forward-thinking industry experts to find new ways to build efficiencies and increase innovation. Wall Street is ready for open source."
In addition to FINOS' strong group of member firms, the foundation is engaging several speakers outside of its already established core community, including Bloomberg and Two Sigma, to speak at OSSF. The two companies will speak about topics, such as open source adoption, open standards and the value of both for the industry.
"Open source continues to flourish and is critical to the growth of the financial sector," said Jim Jagielski, head of open source at ConsenSys, co-founder of The Apache Software Foundation and longstanding FINOS member-at-large. "OSSF will serve as a vital platform for innovators in the open source community to gather and share their insights on how we can continue to drive collaboration in financial services."
OSSF's program will center on three main themes: Strategy & Standards, Policy, Process & Tools and Code & Community. Participants will include C-level executives from many of the world's largest and most important financial services and technology firms as well as open source and enterprise thought leaders. World-class speakers will drive a dynamic conversation about leveraging open source as a key part of a corporate technology strategy. More than 400 participants are expected to attend the conference, which doubles the total from last year's London edition.
FINOS' membership has grown to 12 Platinum, 9 Gold and 10 Silver members, up 10 percent since the non-profit's founding in 2018. The foundation has also made an impact on the financial services industry this year by delivering the first version of the FDC3 standard, which enables plug-and-play interoperability and discovery on financial desktops. FDC3 has more than 100 participants from 40+ financial firms, representing major sell-side, buy-side, and vendor firms across the industry.
Additionally, at last year's OSSF in November 2018, FINOS announced the launch of JP Morgan contributing its open source data visualization engine, Perspective, which has seen increased involvement throughout the financial services industry. The project enables developers to quickly create more data analytics visualization tools helping financial professionals better address client needs.
The Fintech Open Source Foundation (FINOS) is an independent membership organization whose purpose is to accelerate collaboration and innovation in financial services through the adoption of open source software, standards and best practices. FINOS believes that global financial organizations that embrace open source software, together with common standards, will be best positioned to capture the growth opportunities presented by a quickly evolving technological landscape. FINOS has 11 programs driven by more than 30 financial services and technology members, 300+ community contributors and over 75 open source repositories. We enable collaboration in key areas of innovation for the industry including data, cloud, interoperability, and decentralized technologies. FINOS is a 501(c)(6) and is based in Burlingame, CA with an office in New York, NY. For more information, visit www.finos.org.
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