FINOS Shoulders 'Open Source Movement' in Finance and Beyond by Expanding Reach Across Professional Services, Technology and Nonprofit Sectors
NEW YORK, NY / ACCESSWIRE / March 25, 2021 / The Fintech Open Source Foundation (FINOS) today announced Accenture (NYSE:ACN), a global professional services company, will join the organization as a platinum member, along with prominent open source technology company, Armory as a silver member, and InnerSource Commons (ISC) as a nonprofit associate member. FINOS' growing membership base, which now over 40, reflects the foundation's expansion into various industries that are committed to its core mission of promoting the adoption and implementation of open source technology in financial services.
"Our business model has always been based on the notion that it's essential to build a diverse community of members, technologists, consultants and developers for us to succeed," said Gabriele Columbro, executive director of FINOS. "Accenture has long been committed to open source technology based on its cloud and digital initiatives in areas such as financial services and we are excited about the possibilities of working more closely together. In addition, with commercial and nonprofit open-source members we see great potential to enhance existing projects and build new ones for the benefit of the entire community -- from financial services to fintech to our developers."
Accenture to Help Steward Open Source Projects
With a strong legacy in open source technology, and as one of the world's largest professional services organizations, Accenture works with open source as a strategic and foundational tool to drive enterprise transformation. According to the company's survey research, the acceleration of technological adoption in financial services is widely apparent. 92 percent of C-suite executives surveyed are accelerating investments in digital transformation and 74 percent "plan to completely rethink their processes and operating models to be more resilient" as a result of the burdens of the pandemic. Accenture will also contribute to the existing FINOS projects and initiatives like Open RegTech, and explore synergies in the digital currency space.
"Open source technology has an important role to play in driving digital transformation and the pandemic has accelerated investment in this space over the past year. Accenture has had a long-term strategic focus in this area to help our financial services clients get products and services to market faster and help solve challenges facing the industry," said David Treat a senior managing director who leads technology for Accenture's Capital Markets industry group. "We are proud to join FINOS and continue building out a broad base of open source initiatives as well as collaborating closely with member institutions, fintechs and the broader community of developers to shape the future of open source solutions in financial services."
Open Source Continuous Delivery Software Company Armory to Collaborate with FINOS Community
Armory, the open source continuous delivery software company for enterprises at scale, is joining FINOS to bring new products and services to the forefront of financial services. Armory aims to provide policy-driven deployments from the beginning of software delivery to increase security and speed. With FINOS, Armory will continue to bring technical expertise and enterprise-grade software to the broader continuous delivery community.
"We are excited to join FINOS and the broader financial services open source community," said Lee Faus, Field CTO, Armory. "Our Spinnaker open source, multi-cloud platform has enabled development teams to release software changes with high velocity and confidence, and collaborating with FINOS will only further the adoption of open source and cloud-based solutions within financial services."
InnerSource Commons to Further Collaboration Within Fintech Organizations
The world's leading community for InnerSource practitioners, InnerSource Commons Foundation is a nonprofit organization whose goal is to create and share knowledge about the use of open source methods and practices inside organizations. InnerSource helps reduce technical silos within organizations and can often be an important step on the path to practicing open source. With the guiding principle of open collaboration at the center of the organization, InnerSource Commons will work with FINOS to promote and document best practices for implementing InnerSource within financial organizations. It initiated the InnerSource Special Interest Group (SIG) with FINOS, which gathers industry professionals within the community who wish to accelerate their InnerSource implementations. The InnerSource SIG is led by InnerSource Commons and executives from several large financial institutions, including Deutsche Bank, Capital One, Morgan Stanley and RBC.
"With FINOS, we look to support financial services organizations in their InnerSource journey. It can reduce bottlenecks, enable internal collaboration and innovation, accelerate new engineer on-boarding, and identify opportunities to create efficiencies within organizations," said Danese Cooper, Founder and President of InnerSource Commons. "We look forward to accomplishing great things and are excited to contribute to the open source movement that FINOS is building in financial services with leading technology-centered organizations of every stripe."
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 40 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.
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