The Fintech Open Source Foundation onboarded seven new members, including hyperscaler AWS, market infrastructure provider DTCC and chipmaker Intel, the organization announced Wednesday. By Matt Ashare.
“Financial services value streams are rapidly evolving and driving greater specialization in capabilities,” David Tomljenovic, principal research director at Info-Tech Research Group, told CIO Dive. “As a result, there is a movement towards composable systems and a movement away from integrated monolithic systems.”
AWS joined its hyperscale competitors Microsoft and Google Cloud in the FINOS alliance. The nonprofit organization has membership support from numerous financial services companies, including Capital One, Citi, Goldman Sachs, JPMorgan Chase and Morgan Stanley, as well as from technology providers Red Hat, Databricks and CloudBees.
Open source software needs buy-in across providers and businesses to deliver on its promise of reducing cost, shoring up security and limiting vendor lock-in. Adding the largest hyperscaler to its ranks brings the growing FINOS alliance one step closer to achieving that goal. Interetsing read!
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