Community Blog

In the engaging session at the FINOS Open Source in Finance Forum 2024, panelists explored the transformative impact of AI on financial services. Cara Delia introduced the discussion, emphasizing AI readiness as a key strategic initiative for FINOS. Emily Prince highlighted the challenge of making data more accessible for end users, while Ian Micallef discussed overcoming legacy system hurdles and regulatory compliance.

Collin Eberhardt noted the need for new frameworks to handle AI's non-deterministic nature and ethical concerns. The panel concluded with insights into the future of AI, stressing the importance of balancing innovation with robust regulatory practices.

To unlock the full potential of open-source software, as it is with any modern-day software, it must have an integrated ecosystem of complementary solutions that add value. 

That is the aim of the FINOS Tech Sprint 2024, which kicked off on July 16th with a gathering of existing FINOS projects and new teams creating new value (code, tests, documentations, GH issues, etc.) using existing solutions in the FINOS ecosystem and beyond. 

In the financial services landscape, where payments, transfers, trades, and numerous transactions take place every day, data sits at the financial system’s core and enables its operation. And where there is data, there is potential room to leverage models that learn from it and can help to optimize the operation. Such models within the machine learning realm have become critical tools for tackling tasks (to name a few) such as fraud detection, customer segmentation, sentiment analysis, and risk assessment. Creating these models has become easier in recent years. However, the same can’t be said about deploying and maintaining these models in production environments. This is where MLOps (Machine Learning Operations) comes into play, offering a set of practices and, hopefully,  standards that combine machine learning, DevSecOps, and data engineering to develop, deploy, and maintain ML models more reliably and efficiently.

In the vibrant setting of the FINOS Open Source in Finance Forum 2024, industry leaders gathered to discuss the future of financial technology and open source collaboration.

Gabriele Columbro, FINOS Executive Director, along with special guests Rhyddian Olds from Citi and Madeleine Dassule from Wellington Management, and Emily Kei Kei Cheung from UBS, presented key initiatives and welcomed new members to the community.

At interop.io, we are thrilled to announce our elevation to Gold Membership status within the Fintech Open Source Foundation (FINOS). This milestone is a testament to our unwavering commitment to FDC3, open source collaboration, and innovation within the financial services industry. Our journey with FINOS began in 2017, and today, as a Gold member, we intend to further our contributions and leverage the extensive benefits included in the Gold membership.

Summary of Previous Calls and Meetings: 

• 29th of May: FINOS kicked off the FINOS LLM Exploration Project, looking to identify areas of collaboration for Financial Services Institutions to build and fund collaborative research and infrastructure. The call was well-attended with a high level of engagement. 
• 12th of June: the feedback received during the kick-off call - “Don’t try to solve the world!” - was embedded in the presentation. In the second half of the call, the following “prior art” was presented: 
  • FinBen (Financial Benchmarking), by Yanglet (Columbia University) 
  • OS-Climate Data Commons, by Cara Delia (RedHat) 
  • Zenith Open Data Repository, by Keith O'Donnell (Feynic Technology)

The Why

How prepared do Financial Services Institutions (FSIs) feel regarding cloud native threat detection and response? 

As part of its continuous effort to identify and address challenges across its member base, the Fintech Open Source Foundation (FINOS) and Silver member ControlPlane decided to focus on cloud native incident response readiness and address that question pragmatically and engagingly.