FINOS was featured yesterday in a Tearsheet article by Tanaya Macheel about last week's launch in New York City and the impetus for open source collaboration in Financial Services. Wrote Macheel:
Historically, the finance industry has a defensive patent-seeking reflex for its IP; whereas open source development makes software code freely available for anyone to use or modify. The industry is slowly saying goodbye to its old you-can’t-touch-this approach, which is evident in the participation of so many big-name banks in a new forum for collaboration on open-source projects called FINOS, or the Fintech Open Source Foundation.
The piece included some great quotes from our board members, including new Vice-Chair Alejandra Villagra of Citi about the "cultural shift" starting to happen and the support building within the industry:
“There is a cultural shift that is happening, or needs to happen, in our organizations to understand there is business value to be had from open source,” Alejandra Villagra, head of product development for Citi’s trading platform Velocity, said at a recent industry gathering at New York’s Nasdaq MarketSite. “We have a couple of pilots we’ll demonstrate to executives who may be skeptical or still learning what open source is about. Once we start to prove that out, the cultural adoption and changes will accelerate.”
Read the full article here.