J.P. Morgan will seed the Program with its open source data visualization framework, Perspective
November 13, 2018 - LONDON AND NEW YORK – FINOS (the Fintech Open Source Foundation), a non-profit foundation promoting open innovation in financial services, today announced the launch of its new Data Analytics Visualization Program. FINOS Member J.P. Morgan Chase will initially lead the Program and will contribute its open source data visualization engine, Perspective, to the Program.
Financial professionals and end users today have higher expectations of flexibility, speed, visualization, and usability, particularly when it comes to financial technology as digesting disparate data in a visual format becomes paramount. At the same time there has been a proliferation of new and varied frameworks, tools and solutions, making it challenging for developers in financial services to know what to use to meet client demands.
The Data Analytics Visualization Program helps address these challenges by supporting open collaboration on technology and tools focused on user driven data analytics and visualization. The Program will aim to consolidate the technological foundation across a wide range of common data structures, including time series, tabular, order book, and complex object structures, found across financial services, in both static and streaming forms.
J.P. Morgan’s Perspective engine allows developers to more quickly create data analytics visualization tools to meet the growing needs of financial professionals as well as end users and brings its existing contributors to the growing FINOS community.
“We are committed to actively contribute to the open source community, as shown most recently when we created an enterprise Click to Call (C2C) voice feature that is now available in FINOS to benefit the 320,000 Symphony user community. We are also excited to contribute our data visualization engine, Perspective, as the seeding project within the new FINOS Data Analytics Visualization program. Perspective will drive innovation in real time analytics and visualization, and is integrated with many popular open-source frameworks. We are pleased that these will be facilitated and driven by FINOS, which has quickly become a vital part of the financial services industry,” said Mike Grimaldi, CIO Corporate & Investment Bank, J.P. Morgan Chase.
The Perspective contribution is the third major contribution to FINOS from a financial institutions, following the contribution of Minuet from Goldman Sachs in 2016 and Plexus from Deutsche Bank in 2017, reinforcing FINOS positioning as the Foundation of choice for the financial services industry to safely engage in open source in full regulatory compliance.
“The financial end user and developer experience has a massive opportunity to benefit from open source, given the potential for consolidation, reuse and faster innovation,”added Gabriele Columbro, Executive Director at FINOS. “We are thrilled to provide a collaborative environment for the industry to truly enter a very necessary phase of harmonization. “I want to personally thank J.P. Morgan for their leadership in this area and I look forward to participation from other large institutions, in the true collaborative spirit that drives our open source community.”
This Data Analytics Visualization program launch continues the series of announcements expected around the upcoming Open Source Strategy Forum, taking place November 14-15 in London. The Data Analytics Visualization Program is actively seeking contributions from individuals and companies across the industry, and contributors are encouraged to get in touch.
This news follows other recent FINOS Program launches including Data Technologies (“DT”), Open Source Readiness ("OSR"), FinServ Developer Experience ("FDX"), and Financial Objects. (“FO”), as well as the expanded contribution from GreenKey Technologies to the FINOS Voice Program.
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The Fintech Open Source Foundation (FINOS) is an independent nonprofit organization focused on promoting open innovation during a period of unprecedented technological transformation within financial services. FINOS believes that organizations that embrace open source software development and common standards will be best positioned to capture the growth opportunities presented by this transformation. The Foundation offers an Open Developer Platform (ODP), a compliant Open Source Readiness Program and The Open Source Strategy Forum (OSSF), the leading global event for financial executives and technologists dedicated to open innovation. Foundation OSS Projects are Apache 2.0 licensed and available on GitHub. For more information, visit https://www.finos.org.