[WSO2 Integration Summit New York 2019] "Opening" Fintech and Wall Street: Myths, Opportunities and a Call for the Community

ﬁnos.orgFintech Open Source Foundation
“Opening” Wall Street:
myths and opportunities for
you and your organization
Gabriele Columbro
Executive Director
WSO2 Integration Summit, 9/24/2019

ﬁnos.github.io
Meet the Fintech Open Source Foundation
ﬁnos.org/members
SILVER
MEMBERS
GOLD
MEMBERS
PLATINUM
MEMBERS
105 Open Source Projects and
Working Groups
10 Community Programs
300+ Contributors
32 Member Organizations

“Let’s join forces
and build an
Open Source
alternative for
traders comms”
~ 2014
“Maybe we
should be
broader in scope
than just open
source on
Symphony
platform?”
DB Plexus
contribution
Late 2017
FINOS launches
as independent
entity with 8
programs
9th Program,
Data
Technologies
Program
Approved
Summer
2018
April 24, 2018
Data Analytics
Visualization and
Decentralized
Ecosystem
Growth Programs
Approved
Symphony
Software
Foundation
Created
GS
Livecurrent
Contribution
October
2018
2016
Symphony
Communications
created by GS
and other banks
2015
FDC3 1.0
launched
April 2019
PerspectiveJS
contribution by
JPMC into DAV
March
2019
Where We Came From

Key Takeaways
Financial Services is ready for Open
Source Fintech
Open Source Fintech is an
opportunity for you and your
organization
1
2

Government
+ Open Source

Financial
services future
will be open
source and real
time.”
Chris Skinner
(The Finanser)
Photo & Quote: BBVA 2017
“

Source:: Deepthi Rajan
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
The new Fintech landscape

Financial
Institutions
Individuals
Regulators
COSS (Fin)Tech
companies

Individuals

OSS is good for your health
Finserv developers can (and want to) solve
problems beyond the “four walls”
OSS Developers get access to highly
remunerated employment opportunities
Industry decision makers get to stop
reinventing the wheel and build on their
previous achievements
We the people will gain a more transparent,
fairly competitive and user centric set of
services

Financial
Institutions

Top line growth is not
what it used to

Effects of Increased
regulatory costs

Cost of MIFID II
2.1B
Source:
`

Commits355,508
Repos44,996
24,751 Committers
Source:

Visionaries
So where is OSS in the industry?
Ad-hoc
Consumption
Controlled
consumption
Ad hoc
Contribution
Strategic
contribution
No OSS(*)
Innovators Early Adopters Early Majority Late Majority Laggards

Regulators

Why should regulators care?
Talent crunch makes it extremely difficult for
regulators to keep up with technology
Efficiency in regulatory code inspection
when open standards and open source are
used
Automation of runtime verification could be
largely automated when DevOps-y
immutable CI/CD pipelines are fully used
Transparency by design in the financial
services complex

OSS
Regulation
as Code

Mutualize
Digital
Transformation

Avg. cost of KYC
48M
Source:
`

OSS (Fin)Tech
companies

Fintechs in
COSS Index(*)
0%

And that’s where
FINOS comes in.
Programs
Stewardship
Open Source
Readiness
Open Developer
Platform

FINOS Programs at a Glance
FDC3
Financial
Desktop
Collaboration
& Connectivity
HAD
Hadouken Ecosystem
SYM
Symphony
FDX
Financial Delivery Accelerator (including Open Source Readiness)
FOS
Financial
Objects
Standardization
PLEXUS
Plexus Interoperability
VOICE
Voice Technology
Foundational &
Infrastructure
Middleware
platforms
Data layer
Application Layer
DT
Data Technology
DAV
Data Visualization
Open Standards
DEG
Decentralized
Ecosystem
Growth

The Open Developer Platform (ODP)
METRICS & REPORTINGWEB CONFERENCINGMAILING LISTSWIKI
SYMPHONY
(ReST API)
SYMPHONY
(Extension API)
FINTECH
OPEN DATA
High Productivity Turnkey Developer Experience
SOFTWARE
CONTRIBUTORS
SOFTWARE
CONSUMERS
SYMPHONY
(Integration webhooks)
Biz & Legal Peace Of Mind - We Do The Hard Part!
FINTECH
OPEN APIS
CLOUD
OPEN APIS
CODE
HOSTING
Github Travis CI
CONTINUOUS
INTEGRATION
CONTINUOUS
DELIVERY
Openshift
RELEASE
PUBLISHING
Maven central,
NPM, NuGetWhitesource
SECURITY, QUALITY,
IP COMPLIANCE
Atlassian Conﬂuence Google Groups WebEx
Hosted Platforms
Development Infrastructure
Collaboration Services
Future partnerships and contributions
Bitergia

Call to action
Individuals contributing code, sweat equity and
thought leadership to our Community
Financial Services ﬁrms to continue investing in
“Open” strategies and contribute non differentiating
tech to OSS
Regulators to promote OSS as a superior way to
implement regulatory requirements and mutualize
costs
OSS Firms to contribute to OSS to disrupt the
current technology and vendor landscape in the
industry

https://opensourcestrategyforum.org

Thank you and Q/A
Learn more at
finos.org
github.com/finos
wiki.finos.org
Open Core Summit, September 20th 2019

[WSO2 Integration Summit New York 2019] "Opening" Fintech and Wall Street: Myths, Opportunities and a Call for the Community

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