Memberships signal growth of open source readiness across financial services; 64% of organizations maintain at least one open source software project, according to FINOS survey data
NEW YORK, NY – March 1, 2023 – The Fintech Open Source Foundation (FINOS), the financial services umbrella of the Linux Foundation, today announced the addition of three new Gold members: Discover, Lloyds Banking Group, and Temenos, as well as turntabl as a Silver member. Welcoming these new members from different areas of the industry is yet another sign of the business value open source delivers to financial services at large, as evidenced by FINOS’ continued momentum as it nears 70 members across the globe. Additionally, FINOS grows its senior representation on its Governing Board, with the additions of Camille Fournier, Managing Director & Head of Engineering and Architecture, J.P. Morgan Corporate & Investment Bank; Aric Rosenbaum, Chief Technologist, Global Financial Services at Red Hat; John Mark Walker, Director, Open Source Program Office at Fannie Mae; and Andrew Aitken, GM & Global Open Source Leader, Wipro Ltd. FINOS also welcomes Rhyddian Olds, Head of Citi’s Open Source Program Office (OSPO), as Vice Chair of the Governing Board.
As FINOS continues to build both its community of global members and the diversity of its Governing Board, the organization will be able to continue investing in strategic areas of open source collaboration in 2023, such as Open Source Readiness, FDC3, and Open RegTech.
“After an unprecedented year of growth for the FINOS community and the open source in financial services movement, we are energized to see this trend continue by welcoming not only another group of influential organizations pledging a sizeable commitment to open source, but also our new Governing Board representatives and Vice Chair that will further our impact at the leadership level and in the C-suite,” said Gabriele Columbro, Executive Director of FINOS & General Manager of Linux Foundation Europe. “Open Source is counter cyclical in nature, so it’s fantastic to see organizations across the whole value chain doubling down their investments in a period of economic turmoil, because only by garnering this broad industry support will we be able to create a truly open ecosystem to open up new markets and unprecedented opportunities for all financial industry participants, large and small, established or just coming to the global stage.”
The deep level of participation in the open source community from key players across financial services, software companies, and banking technology platforms allows FINOS to continue to expand its reach and deliver collaborative solutions throughout the ecosystem. Between these new members of both the community and Governing Board, collaboration in interoperability, data connectivity and standardization, security, regulation, open source readiness, and more will continue to flourish and transform the industry at an accelerated pace.
New Members React
“Joining the Fintech Open Source Foundation (FINOS) is an important step for Discover. Delivering innovative, reliable, secure, and industry-leading technology is at the heart of our mission to build a brighter financial future for our customers. Today, we see innovation happening in the open — in robust communities like the one that has come together around FINOS. We look forward to many years of collaboration and development within the community, and we invite the community to learn how our people, processes, and technology come together at the Discover Technology Experience.” - Angel Diaz, Vice President, Technology Capabilities and Innovation
"Lloyds Banking Group is on a journey to transform our relationship with Open Source Software. Partnering with FINOS will empower our talented engineers to give back to the Open Source Community while supporting our purpose of Helping Britain Prosper.” - Allan Woodcock, Engineering Services Director, Lloyds Banking Group
"Temenos is a proven leader that has been pioneering in banking technology for almost 30 years. We wanted to bring that expertise and that passion for innovation to the FINOS community. By working with FINOS and its members, we can further deliver on our mission to build the future of banking. We look forward to cross-pollinating ideas, collaborative problem-solving, and molding formal standards with the FINOS community." - Tony Coleman, CTO, Temenos
“After successfully collaborating with FINOS sponsors on open source projects, we’re excited and proud to join FINOS itself. Not only are we both passionate about social initiatives, giving back to communities, and changing the industry from within, but FINOS’ benchmarks for open source excellence and innovation are inspiring and essential. There’s no better steward for global FinTech software standards to grow with, and this opens the door for our people and other Ghanaian engineers to take FinTech’s global open-source community to new heights.” - Sam Moorhouse, CEO and Founder turntabl
New Governing Board Members React
"At Citi, in realizing the tremendous benefits of open source within financial services, we have also recognized that these go hand-in-hand with giving back to the communities that have become essential to our success. We have seen the benefits of collaboration through projects like FDC3 which promises to directly connect our services to client applications and beyond. Through our OSPO we are committed to strengthening our connections with communities by making open source a central pillar of engineering excellence at Citi. As FINOS' Vice Chair of the Governing Board, my goal is to further drive the value of open source at the leadership level.” - Rhyddian Olds, Head of Citi’s Open Source Program Office (OSPO)
“I’m honored to be joining the FINOS Governing Board. Open source software is a foundational enabler of rapid innovation in the technology industry and investment in this space by financial services companies will lead to greater modernization.” - Camille Fournier, Managing Director & Head of Engineering and Architecture, J.P. Morgan Corporate & Investment Bank
“When Fannie Mae launched its open source program, we saw immediate value in working with our industry peers to meet the challenges of standardizing on open source usage and increasing contributions to upstream projects. I look forward to building on that work, helping FINOS drive emerging technology trends using open source ecosystems.” - John Mark Walker, Director, Open Source Program Office at Fannie Mae
“At Red Hat, we’ve spent more than two decades collaborating on community projects and protecting open source licenses so we can continue to develop software that pushes the boundaries of technological ability. Red Hat believes using an open development model helps create more stable, secure, and innovative technologies. FINOS is a strategic investment for Red Hat as it provides an ecosystem of community driven projects and working groups, especially around open source readiness that are focused on delivering value for financial service firms.” - Aric Rosenbaum, Chief Technologist, Financial Services, Red Hat
“Wipro has many thousands of developers that leverage and contribute to the open source ecosystem whose aim is to deliver cutting edge solutions and products that drive innovation. Our commitment to upskilling helps to ensure that our developers are at the forefront of next generation innovation and meet the current and future demands of our global, enterprise customers. FINOS has become the epicenter of open source and open standards in financial services, and our participation in the foundation and on the Governing Board demonstrates our commitment to industry leadership. Wipro actively participates and contributes to FINOS and the open source projects it guides. We created the Open Source Maturity Model (OSMM), a unique model that helps organizations understand where they are on their open source journey and how to reach their target stage, to the FINOS Open Source Readiness Project. We will continue to steward this project and deepen our overall engagement with FINOS in 2023 and beyond.” - Andrew Aitken, GM & Global Open Source Leader, Wipro Ltd
As reinforced by the recent open sourcing of the CDM, FINOS has now established itself as the primary venue for open source collaboration at a technology and business level across a diverse assortment of financial institutions, regulators, IT companies, cloud service providers, and more. Not only does FINOS see the number and active participation of each of its members continue to grow, but also casts a wider net geographically in firms recognizing the value of unification through open source.
To learn more about joining FINOS as a member, visit the Member Benefits page.
FINOS (The Fintech Open Source Foundation) is a nonprofit whose mission is to foster adoption of open source, open standards and collaborative software development practices in financial services. It is the center for open source developers and the financial services industry to build new technology projects that have a lasting impact on business operations. As a regulatory compliant platform, the foundation enables developers from these competing organizations to collaborate on projects with a strong propensity for mutualization. It has enabled codebase contributions from both the buy- and sell-side firms and counts over 50 major financial institutions, fintechs and technology consultancies as part of its membership. FINOS is also part of the Linux Foundation, the largest shared technology organization in the world. Get involved and join FINOS as a Member. To stay up to date on FINOS news, events, podcasts, blogs, and more, sign up here.
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