FINOS Welcomes Seven Financial Services and Technology Leaders, Accelerating AI, Cloud and Interoperability Strategic Initiatives

Landmark additions of DTCC, FactSet, Intel, JSCC, AWS, Provectus, TestifySec consolidate FINOS pivotal role as a neutral hub for open collaboration in financial services

NEW YORK, NY / ACCESSWIRE / June 26, 2024 / The Fintech Open Source Foundation (FINOS), the financial services umbrella of the Linux Foundation, is proud to announce the addition of new members to its ecosystem: DTCC, FactSet, Intel, Japan Securities Clearing Corporation (JSCC) have joined as Gold members, and Amazon Web Services (AWS), Provectus, and Testify Sec have joined as Silver members. Additionally, interop.io has elevated its commitment from Silver to Gold Membership. These companies join FINOS to contribute to open collaborations that benefit the entire financial services industry's value chain, like the recently announced AI Strategic Initiative.

"I couldn't be more thrilled to welcome so many globally recognized organizations to the FINOS community," said Gabriele Columbro, Executive Director of FINOS and GM of Linux Foundation Europe. "Not only does the increased commitment of existing contributors like FactSet and interop.io demonstrate once more the value our most established projects like FDC3 are delivering across the industry, but the additions of JSCC, AWS, Provectus and Testify Sec strengthen our position as "the commons" for financial services and will undoubtedly fuel our strategic initiatives in 2024 and beyond "

New Members React

DTCC, the premier post-trade market infrastructure for the global financial services industry, has joined the FINOS community as a Gold member.

"DTCC is excited to join the FINOS community and collaborate with other industry leaders to help advance innovation across the financial technology landscape. Given our position as a highly regulated entity in the global financial markets, we look forward to sharing our knowledge and experience, as well as participating in FINOS' strategic initiatives that align with DTCC's focus areas including the responsible governance and use of Artificial Intelligence and Common Cloud Controls and the Common Domain Model (CDM)," stated Johnna Powell, Managing Director, Global Head of Technology, Research and Innovation, at DTCC.

FactSet, a global financial digital platform and enterprise solutions provider, joins FINOS to leverage OSFF and the member only AI Readiness SIG.

"A key pillar of FactSet's strategy is to create a flexible ecosystem for customers by facilitating the integration of datasets and interoperability of applications and systems. We see this as a way to unlock true efficiency for our customers and the financial industry. For several years, FactSet has been involved with FINOS through contributions to FDC3 (Financial Desktop Connectivity and Collaboration Consortium), and we are excited to officially join FINOS as members and expand our contribution to even more critical workstreams they support. AI Readiness is a topic of great importance to us, our clients, and the financial industry, and we look forward to sharing our expertise and collaborating with clients and peers to solve our biggest challenges collectively," said Kate Stepp, Chief Technology Officer at FactSet.

Intel is a technology industry leader, creating world-changing technologies that enable global progress and enrich lives. Intel is also one of the largest software organizations in the world and a leader in the development of open source technology and AI.

"We are pleased to join FINOS and its members in working together to meet the challenges facing the financial services industry as it transforms with the power of artificial intelligence. As one of the largest software organizations in the world, and a leader in enterprise edge AI deployments, we truly believe open source ecosystem collaborations foster innovation for success. Aligned with our initiatives to bring AI everywhere, FINOS and its members have the capacity to bring the flexibility, agility, speed, and cost-effectiveness of open source technology to power the future of the financial services industry," Renee Torres, VP and General Manager of Solutions and Services, Intel.

Japan Securities Clearing Corporation (JSCC) is a clearing house (CCP) within the Japan Exchange Group, providing clearing services for Equities, Japanese Government Bonds, Listed Derivatives, and OTC Derivatives.

"As a first step, we plan to further research the Common Domain Model and explore opportunities to serve the financial community in our future-oriented efforts towards realizing global cross-market and cross-product standardization within an open source ecosystem," said Kei Miyazato, Head of Strategic Planning for Clearing IT Innovation department, JSCC.

interop.io, a long standing FINOS member and lead maintainer of the FDC3 project, has upgraded to Gold Membership to leverage the extensive training, certification and software conformance benefits offered by FINOS.

​​"We've been an active participant and member of FINOS since 2017 and are proud to be upgrading to a Gold membership. As a firm, we continue to invest heavily in open standards and lead the FDC3 working groups. FINOS is the key that unlocks collaboration across open source and open standards inside the financial services industry," said Dan Schleifer, President and Co-Founder at interop.io.

AWS, a leading cloud service provider (CSP), joins FINOS to contribute its High Throughput Computing-Grid (HTC-grid) project to the open source community. The AWS HTC-Grid-project aims to provide scalable, secure, and efficient computing solutions for the financial services industry.

"Financial services institutions are facing immense computational demands and the pressing need for modernization," said Adam Honoré, Head of Financial Services Service Development, at AWS. "That's why we open sourced the HTC-Grid project in 2022 to help any customer handle massive volumes of short and long-running tasks with unparalleled throughput, low latency, and seamless infrastructure orchestration. We're thrilled to join FINOS and donate HTC-Grid to the foundation, allowing us to collaborate with a broad community of financial services institutions and technology providers so the whole industry can benefit."

Provectus, a recognized provider of AI-first business transformation consulting services, brings expertise in artificial intelligence, machine learning, and data engineering to the FINOS community. Their commitment to open source and innovation aligns perfectly with FINOS' mission to foster the adoption of open source software, standards, and best practices in financial services.

"Provectus is thrilled to join FINOS and contribute to the advancement of open source solutions in the financial services industry," said Stepan Pushkarev, CEO of Provectus. "We believe that open collaboration is crucial for fostering innovation and addressing complex challenges in the continuously evolving finance sector. With our expertise in AI, machine learning, and data engineering, we are well-positioned to actively engage in FINOS' strategic initiatives, particularly in the responsible adoption of AI and cloud computing. We are eager to join forces with other industry leaders to shape the future of finance through open source collaboration".

TestifySec, a leader in software supply chain security, also joins FINOS to get involved with the AI Readiness SIG.

"We are thrilled to join the Fintech Open Source Foundation. At TestifySec, we believe in the power of collaboration and innovation in open source communities. Joining FINOS aligns perfectly with our mission to enhance AI and application security across the financial services industry. We look forward to contributing to and growing with this vibrant ecosystem, advancing secure and compliant software practices together," said Cole Kennedy, CEO and Co-Founder at TestifySec.

For more information about FINOS, its strategic initiatives, and how to get involved, please visit the website.

To learn more about joining FINOS as a member, visit the Member Benefits page.

Meet the new FINOS members in person at the Open Source in Finance Forum (OSFF) today, June 26th in London and New York on September 30th & October 1st.

About FINOS

FINOS (The Fintech Open Source Foundation) is a nonprofit whose mission is to foster the 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.

Media Contacts:

Julia Telford
Stanton Communications, Inc
jtelford@stantoncomm.com
+1 (716) 796-8313

Patrick Doherty
FINOS
patrick.doherty@finos.org
+1 (206) 245 8574

SOURCE: FINOS / The Linux Foundation