OpenFin, a provider of application-agnostic operating systems created specifically for finance, has submitted its Financial Desktop Connectivity and Collaboration Consortium (FDC3) standards to the Fintech Open Source Foundation (FINOS).
Launched in October last year, the FDC3 initiative aims to establish universal connectivity and standards across the financial industry’s desktop applications, solving problems related to inter-system connectivity where end-users at banks and hedge funds use a combination of in-house and vendor applications, resulting in impeded productivity and increased operational risk.
“We selected FINOS because it is an independent and neutral, non-profit foundation, with strong governance procedures, whose mission is to expand the adoption of open source software and open standards in the financial services industry. FINOS has the explicit support and backing of most major banks and a growing number of industry providers, making it an ideal home for FDC3,” Adam Toms, CEO of OpenFin Europe, told The TRADE.
FINOS, a non-profit organisation promoting open innovation in financial services, was established in April this year from the Symphony Software Foundation.
“Creating interoperability among desktop applications is one of the most important open source initiatives in financial services,” said Brad Levy, chairman of FINOS. “The FDC3 program in FINOS provides the cross-industry governance framework and the large collaborative community required to advance innovation in the desktop arena.”
Adam Toms said that the contribution will ensure the future development of the initiative’s application interoperability standards will take place within an established governance framework and
“This will benefit FDC3 in two important ways,” he commented. “Firstly, it will encourage broader participation from the financial community, including those who have concerns getting behind a standard driven by a single platform like OpenFin. Secondly, it will ensure the long-term continuity of the FDC3 standards which are being fostered under the neutral FINOS umbrella.”