Program Seeks Industry Input and Adoption to Promote Standardization and Solve Common Problems Within Financial Services
September 25th, 2018, New York, NY --- FINOS (the Fintech Open Source Foundation) today announced a public call for contributions of financial models and working group participation in support of the foundation’s public launch of its new Financial Objects program.
The purpose of the Financial Objects (“FO”) program is to define new standards as well as drive adoption of existing Financial Object Standards across the financial services industry bringing together both creators and users. The adoption of common standards (newly developed or existing such as FIX, ISDA, SWIFT, ISO, etc.) via the FO program creates value for financial services firms by lowering integration and transaction costs, and simplifying data processes across organizational boundaries. FINOS members driving this FO program include Citi, J.P. Morgan, FactSet, Goldman Sachs, Thomson Reuters and many more.
“We’ve seen program standards emerge across the financial industry for years now, and having the opportunity to set those standards and promote adoption is a great benefit to our entire team” said Jim Adams, Head of CIB Engineering and Architecture, J.P. Morgan. “With FINOS facilitating the program’s development, we hope to have consistent definitions that are used across organizational boundaries, improving efficiency across industry processes.”
The Financial Objects program is actively looking for both increased engagement with relevant subject matter experts and suggestions of additional financial objects and workflows for which new standards will create value in the financial services marketplace. The program also seeks to engage with organizations interested in adopting these standards.
“With a constant breaking news cycle, our clients need quick access to fundamental data, portfolio analytics and trade execution. Often this takes place in separate systems and users need to spend time and effort inputting data in the correct format in each application. Financial Objects and open data standards will provide FactSet clients with the means to act on any market event faster. We are pleased to be working with FINOS to bring more efficiency to our clients,” said Don Nilsson, FactSet’s Senior Director and Head of Product Development.
“Our goal at FINOS is to ensure we’re connecting the dots across the buy-side, sell-side and technology space to establish and evolve common standards and solutions for the broader financial services industry,” said Tosha Ellison, Director of Member Success at FINOS. “Improvements in standardization in the way financial objects are defined, catalogued, and shared can readily help firms work under a common industry process.” Rob Underwood, Director of Programs at FINOS added “Adoption, use, and real world relevance of these object definitions is what ultimately matters most to our members, our foundation community, and the wider financial services industry”.
The FO program will be discussed at FINOS' next Open Source in Fintech Event Series taking place Thursday, October 4th, at 6:00pm at Thomson Reuters, 3 Times Square in New York. Panelists include representatives from Citibank, J.P. Morgan and Reuters who have been involved with the program. The event is open to the public with registration here.
For more information on the Financial Objects program, interested contributors can join the program working groups and contribute existing models by emailing firstname.lastname@example.org for additional details.
This news follows the expanded contribution from GreenKey Technologies to the FINOS Voice Program as well as a call for contributions to two other FINOS programs, Open Source Readiness ("OSR"), and Financial Developer Experience ("FDX").
Caliber Corporate Advisers
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 www.finos.org.