Financial institutions and fintech vendors are amongst the larger producers of software and employers of highly talented developers worldwide. Yet while Wall Street has been consistently increasingly consumption open source, this interactive-by-nature ecosystem has been largely missing out on the opportunities of open collaboration, participation and contribution open source projects. But in the context of a massive generational and technological evolution, with cloud and decentralized technologies taking over the industry, the opportunity for an open fintech is huge for financial institution decision makers, for developers and generally for each one of us, downstream users of the financial services complex. In this deck, Gab, Executive Director of the Fintech Open Source Foundation, discusses the state of open source in financial services, discussing trends, opportunities, concrete examples of collaboration and extending a call for contribution to the extended OSS community.

1. 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

2. finos.orgFintech Open Source Foundation
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

3. finos.orgFintech Open Source Foundation
“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

4. finos.orgFintech Open Source Foundation
Key Takeaways
Financial Services is ready for Open
Source Fintech
Open Source Fintech is an
opportunity for you and your
organization
1
2

5. finos.orgFintech Open Source Foundation
Government
+ Open Source

6. finos.orgFintech Open Source Foundation

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

8. finos.orgFintech Open Source Foundation
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

9. finos.orgFintech Open Source Foundation
Financial
Institutions
Individuals
Regulators
COSS (Fin)Tech
companies

10. finos.orgFintech Open Source Foundation
Individuals

11. finos.orgFintech Open Source Foundation
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

12. finos.orgFintech Open Source Foundation
Financial
Institutions

13. finos.orgFintech Open Source Foundation
Top line growth is not
what it used to

14. finos.orgFintech Open Source Foundation
Effects of Increased
regulatory costs

15. finos.orgFintech Open Source Foundation
Cost of MIFID II
2.1B
Source:
`

16. finos.orgFintech Open Source Foundation

17. finos.orgFintech Open Source Foundation

18. finos.orgFintech Open Source Foundation

19. finos.orgFintech Open Source Foundation
Commits355,508
Repos44,996
24,751 Committers
Source:

20. finos.orgFintech Open Source Foundation
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

21. finos.orgFintech Open Source Foundation
Regulators

22. finos.orgFintech Open Source Foundation
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

23. finos.orgFintech Open Source Foundation
OSS
Regulation
as Code

24. finos.orgFintech Open Source Foundation
Mutualize
Digital
Transformation

25. finos.orgFintech Open Source Foundation
Avg. cost of KYC
48M
Source:
`

26. finos.orgFintech Open Source Foundation
OSS (Fin)Tech
companies

27. finos.orgFintech Open Source Foundation

28. finos.orgFintech Open Source Foundation
Fintechs in
COSS Index(*)
0%

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

30. finos.orgFintech Open Source Foundation
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

31. finos.orgFintech Open Source Foundation
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

32. finos.orgFintech Open Source Foundation
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

33. finos.orgFintech Open Source Foundation
https://opensourcestrategyforum.org

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