201808 - An introduction to FINOS, the Fintech Open Source Foundation

finos.orgFintech Open Source Foundation
Confidential
Driving innovation
Enabling Collaboration
Gabriele Columbro
Executive Director
July 2018

The FINOS Community by the Numbers
19 Working Groups
300+ Contributors
8 Collaborative Programs
31 Member Organizations
finos.org/members
SILVER
MEMBERS
GOLD
MEMBERS
PLATINUM
MEMBERS
72 Open Source Repos
finos.github.io

WHAT?
The Golden Circle Of Open Source
WHAT
makes sense to contribute and what is
my strategic differentiator?
HOW?
HOW
should I effectively engage in open
source in a regulated industry?
WHY?
WHY
should I or my organization be doing open
source? What’s the business value?
Source: SIMON SINEK

Fintech Open Source Foundation
We Live In The Era Of Platforms
4
Source: Deepthi Rajan - http://www.thedigitaltransformationpeople.com/channels/strategy-and-innovation/why-banks-should-reinvent-banking-in-the-era-of-platform-economy
BANK-OWNED
APPS
FINTECH APPS
INDIE DEVELOPER
APPS
CORE BANKING
SYSTEMS
CRM
DATA
WAREHOUSE
DATA LAKES
API API API API API
SERVICE
PROVIDERS
Banking As
A Platform

Traditional solution oriented business models
5
PRODUCTION DISTRIBUTION MARKETING CONSUMER
In traditional business models
Value creation Is linear and one-way

Platforms thrive with open ecosystem
6
In Platform business models
Value creation is two-way and continuous
Logos are © and (™) of their respective owners
PLATFORM ECOSYSTEM
Finos.org

Community
Open Ecosystem
Openness enables organic platform ecosystems
7
THE OPEN PLATFORM
Value
Line
NETWORK CONTENT APP
Open Standards
(Open API)
PLATFORM VENDOR END USER / INTEGRATOR
,
Quasi-Open Ecosystem,
Lower CAC,
Reuse,
Easy integration
Interoperability,
alignment to business
requirements
influence by standards groups
Finos.org
Business Value
Open
Source
Community contributions,
Focus on Core Value/IP,
scalable GTM, resource pool
competitor commoditization,
No vendor lock-in,
lower TCO, talent retention,
influence by contribution,
trust but verify, give back
Open Standards ensure
high longevity for open
source software
Open Source enables
faster standard adoption
and iterations

Technology leaps come from Open Innovation
Google Opens
specs for
Map Reduce
2004
BIG DATA
Amazon launches
AWS based on
Xen, Linux,
Dynamo
2006
CLOUD
First release of
MongoDB
2007
NOSQL
Satoshi
releases 0.1
of Bitcoin
2008
BLOCKCHAIN
Facebook
contributes
Cassandra
to Apache
2009
NOSQL
Yahoo
contributes
Hadoop to
Apache
2011
BIG DATA
Node.js
joins the
Linux
Foundation
2015
MODERN
DEV
Google
open sources
TensorFlow
2016
MACHINE
LEARNING

Big Dollars Flowing Into Open Innovation
25+Unique venture
capital firms
investing in Open
companies last year
$2.4b
Venture dollars in
Open companies
2014*
200+Open technology
startups that raised
funding over the last
decade
11
Open companies
valued above $1b**
$2.4b
Venture dollars in
Open companies
2014**
*Black Duck OPENHUB Project Statistics
**Accel, Crunchbase, Mattermark, Traxn

FINOS is the trusted forum for fintech Open Innovation
FINANCIAL
ECOSYSTEM
INNOVATION
OPEN SOURCE
OPEN STANDARDS

Fintech Open Source Foundation 11
Transparent Governance
IP Cleanliness, Legal Defense
Software Quality and Security Standards
Technical Decision Making, Project Lifecycle
Collaboration Policies and Workflows
Best of Breed Developer Experience
Financial Services Focus
Community and Membership
Management
Events and Training
Advisory & Enablement
TRUST GROWTHEFFICIENCY
Finos.org
How FINOS supports Open Innovation

Meet market requirements
▪ Your software must inter operate with best of
breed OSS software
▪ Your customers prefer or require OSS
▪ Provide a no vendor lock-in offering
▪ Regulators require transparency in your
technology
Reduce software TCO
▪ Mutualize development and maintenance costs of
non differentiating / competitive IP
▪ Reduce maintenance costs with support of the
open source community
▪ Leapfrog into best of breed available open source
solutions to consolidate platform proliferation
Technology-centric firms OSS strategic Value
Use or Drive innovation
▪ Best in class software in some areas is OSS
▪ Collaborative development allows rapid evolution
▪ Community as faster medium for test and
incubation of new capabilities
▪ Create “open” ecosystems without bilateral
agreements
Gain Market Advantage
▪ Drive a de facto standard in the Market
▪ Cheaper and effective go-to-market strategy
▪ Undermine a competitor by commoditizing their
offering
▪ Facilitate partnerships at low friction / low cost
1
2

The Financial Services firm
Deutsche Bank contributes Plexus,
production ready interoperability
framework part of Autobahn
Business value
Reduce TCO through mutualization of non
differentiating IP
Listen to customer requirements and move
past single dealer platforms
Access an engaged community and
compliant OSS infrastructure
A diverse Community is engaging with FINOS
The Fintech provider
OpenFin contributes to FINOS
Hadouken, the open source version
of the OpenFin platform
Business value
Reduce concerns for vendor lock-in
Achieve interoperability with other
vendors, e.g. driving FDC3 standard
Leverage FINOS governance and legal
support to enable banks contributions
1
3
The Open Source vendor
In 2017 Red Hat begins offering
Openshift as part of FINOS
Open Developer Platform
Business Value
Offer a best of breed developer
environment to fintech developers
Position its technology as part of the
reference architecture for fintech OSS
Improve product collecting financial
services industry requirements

FINOS Community Governance
CORPORATE
GOVERNANCE,
STRATEGY
Reports To
MEMBERS
Approves Propose /
Sponsor
NEW PROGRAMS
Each program decides
scope and composition
COMMUNITY
GOVERNANCE
OPERATIONS
SteersReports To
Board of Directors & Cmtees
Made up of representatives from
member firms and classes
Steers
Approves &
Steers
Reports To
PROGRAM A
PROJECTS
WORKING
GROUPS
PROGRAM A PMC
PROJECTS
WORKING
GROUPS
PROGRAM B
Approves &
Steers
Reports To
PROGRAM B PMC

The Open Developer Platform
15
SYMPHONY
(ReST API)
SYMPHONY
(Extension API)
RELEASE
PUBLISHING
Maven central, NPM,
NuGet
CONTINUOUS
INTEGRATION
Travis CI
FREE for all our open source contributors!
finos.org/odp
FINTECH
OPEN DATA
High Productivity Turnkey Developer Experience
OPEN SOURCE
DEVELOPER
SOFTWARE
CONSUMER
SYMPHONY
(Integration webhooks)
Biz & Legal Peace Of Mind - We Do The Hard Part!
CODE
HOSTING
Github
SECURITY, QUALITY,
IP COMPLIANCE
Whitesource
A SECURE AND COMPLIANT DEVELOPER ENVIRONMENT
FOR OPEN SOURCE FINTECH COLLABORATION
Finos.org | 4.13.18
FINTECH
OPEN APIS
CLOUD
OPEN APIS
CONTINUOUS
DELIVERY
Openshift

What are FINOS Programs?
Reports To
A Program is a cohesive set of open
collaborative initiatives aimed to solve a
common business problem for the financial
services industry.
Programs are proposed solely by Members,
And composed of Open Source Projects and
Working Groups open for anyone to join.
Programs are operated transparently and
independently under the oversight and
steering of the Board of Directors.
Steer
s
Reports To
Board of Directors
Made up of representatives from
member firms and classes
Steer
s
Approves &
Steers
Reports To
PROGRAM A
PROJECTS
WORKING
GROUPS
PROGRAM A PMC
PROJECTS
WORKING
GROUPS
PROGRAM B
Approves &
Steers
Reports To
PROGRAM B PMC

FINOS Programs at a glance
FDC3
Financial Desktop Collaboration & Connectivity
HAD
Hadouken Ecosystem
SYM
Symphony Ecosystem
FDX
Finserv Developer Experience
OSR
Open Source Readiness
FOS
Financial Objects Standardization
PLEXUS
Plexus Interoperability
VOICE
Voice Technology
Foundational
Infrastructure
Middleware platforms
Interoperability
standards
Applications
DT
Data Technology
WIP

OSS
VALUE
(Why?)
OSS
CHALLENGES
(How?)
DECISION MAKERS ENABLEMENT
LINE OF BUSINESS ENABLEMENT
WHY
OPEN SOURCE?
Business Value of
OSS Engagement
WHAT TO
OPEN SOURCE?
Identity “Value Line”, OSS
Commercialization Tactics
LEGAL
Contribution Policy,
CLAs, License
CULTURAL
Cultural,
Community RoE
TECHNICAL
OSS Supply Chain
DevOps Workflow
Open Source in regulated industries is not easy
Member Success
initiative
Open Source Readiness
Program
Open Developer Platform
World-Class OSS
legal and Technical Experts
HOW CAN FINOS HELP?

The FINOS Open Source Readiness Program
Ad Hoc
Consumption
No Contribution
Ad Hoc
Tracked
consumption
No Contribution
Tracked
Tracked
consumption
Minor contribution
Managed
Tracked
Consumption and
Contribution
Minor
contributions
Small proprietary
contributions
Standardized
Consume Contribute Lead
Automated rule
based
consumption
All level of
contributions
including
managing own
open source
software
Strategic
Open Source
Readiness
Assessment
helps you
identify
where you
are on the
maturity
scale.
Awareness (People)
Policy (Process)
Technology (Tools)
OSS Readiness
Assessment
Benefits & Business
Value of OSS
Whitepaper
Open Source
Engagement
Strategies
Reference FOSS
policy for FinServ
OSS Decision-maker
Councils
How to set up OSS
Program Office
Surveillance solutions
for open source
engagement
OSS events & basic
trainings
Compliant OSS
engagement
infrastructure
FinServ OSS program
office knowledge
sharing
Continuous IP
compliance / security
validation tools
Compliant
infrastructure for
FINOS projects
Open source license
guidance
Open source project
governance guidance
Programs Community
Self-Promotion tools

5 Stages of Community Engagement
20
EVALUATE CONSUME PARTICIPATE CONTRIBUTE LEAD
What the
Foundation offers
the FinServ
developer
The Foundation’s
open source projects
or
open standards
In existing Programs
or Events hosted by
the Foundation
A new project or
working group to
the Foundation
A program, project or
working group
hosted by the
Foundation
Engage with our Community at
finos.org/programs

And Consi of Membership
INDUSTRY
NETWORK
Engage with industry
leaders
Collaborate with technology and business leaders with extensive expertise
and the vision to drive the future of Open Source in Financial Services.
Head of
Innovation
CIO Global
Markets
Director of
Data Science
Head of
Strategy &
Solutions
Head of
Platform
Director Cloud
Infrastructure
Head of Client
Technology
MEMBER
SUCCESS
Focus on achieving
member goals
Benefit from our member-only initiative dedicated to maximizing
member value from all stages of engagement with FINOS.
OSS strategy
High-value
opportunities
Policy advice
Readiness
assessment
Member OSS
metrics
Training
sessions and
workshops
Bespoke
member
reports
Exert significant influence over the strategic direction of
FINOS programs and future focus areas.
STRATEGIC
DIRECTION
Steer Programs and
focus areas Open Data
Distributed
Ledgers
Common
financial
objects
Signals and
Hashtags
Voice enabled
technology
Bots, bots and
more bots
Application
interop

Member benefits
Member organizations get several
benefits in addition to
contributors:
▪ Access to FINOS Board
▪ Propose new programs
▪ Influence Foundation strategy
and corporate governance
▪ Attract talent through brand
positioning with Foundation
▪ Access member only events
and resources
▪ Faster value through Open
Source with our proactive
Member Success initiative

finos.org
1117 So. California Avenue
Palo Alto, CA 94304
+1 650.665.9773
info@finos.org
Join our Community and
become a Member today!
finos.org/programs
finos.org/become-a-member
https://finosfoundation.atlassian.net/wiki/x/4oCl
B
finos.github.io
twitter.com/finosfoundation
announce@finos.org

201808 - An introduction to FINOS, the Fintech Open Source Foundation

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201808 - An introduction to FINOS, the Fintech Open Source Foundation