FINOS in the News - Open Innovation in Financial Services: An Interview With FINOS

September 24, 2019

The FINOS team was recently interviewed by Adeva - an exclusive developers' network that helps companies scale engineering teams on demand.

"Organizations that adopt open-source software have the highest chances to grow in an ever-evolving technological landscape. FINOS is helping to make that happen."

Here's one of the questions Adeva asked that highlights FINOS' role as a neutral third party that allows innovation and collaboration, using open source, across members who might even be direct competitors:

"Question: Your programs empower FinTech companies to collaborate in developing open-source technologies that will support the general growth of the industry. Yet, there are organizations among your members that are direct competitors to each other. How do they keep their competitive edge when they open their source code?

Answer: We encourage openness and collaboration while recognizing that firms can, and should guard code that provides a competitive advantage. However, firms shouldn’t try to reinvent the wheel. In our experience, there is a significant amount of software within and across financial services firms that do not confer a competitive advantage. In fact, everyone can benefit from more collaboration. This includes sharing excellent charting tools and blotters to improve desktop interoperability. They can also work together to meet regulatory requirements, leveraging the experience and knowledge across firms. Finally, open-source does more than just give technologists the opportunity to customize existing code to suit their environments and needs. It also fosters collaboration through a “give and take” approach with contributions, so all parties can receive the full value of the code sharing."


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