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Open Source Community Responds to Rapid Adoption of Tech in Financial Services as FINOS Announces New Fintech Members

Three New Silver Members Deliver Technology Expertise to Foundation’s Growing Community

In the News:

FINOS

New York, NY -- February 4, 2020 -- FINOS (Fintech Open Source Foundation), a nonprofit whose mission is to foster adoption of open source, open standards, and collaborative software development practices in financial services, today announces the addition of three established fintechs to its already growing membership roster of prestigious financial institutions, technology companies and global consultancies. The companies include: EPAM Systems, Inc. (NYSE: EPAM), a product development, digital platform engineering, and digital and product design agency; NearForm, an open source solutions design and delivery company; and CloudBees, a provider of DevOps solutions.

“New technology, especially open source, is no longer an additive to the financial services industry--it’s something that firms, large and small, must fully embrace in order to stay competitive,” said Gabriele Columbro, executive director of FINOS.  “These new members, EPAM, NearForm and CloudBees, deliver innovation via open source technology, and will be key additions in helping FINOS further open source adoption in the industry.”

Institutions have long recognized the need to adopt new technologies in order to stay relevant in a rapidly changing landscape and are now acknowledging the necessity of leveraging open source to achieve this. According to a 2019 BDO study, 97 percent of financial services firms are making significant progress on digital transformation, and 21 percent of companies list developing a digital transformation strategy as their top digital priority. As a result, open source has become center stage as banks, capital markets institutions and others recognize the value in its ability to improve efficiency and reduce costs.

EPAM Knows Open Source is Critical to the Future of Finance

EPAM, a leading global provider of digital platform engineering and software development services, officially joined FINOS in October 2019. The firm provides deep digital banking transformation expertise to a variety of financial services companies through its business consulting, UX design, enterprise architecture and software engineering capabilities. As a top open source contributor, EPAM understands the importance of open source, especially in the financial services industry, as many platforms developed for digital banking are based on open source software engineering libraries and systems.

“As the financial services sector faces increasing regulatory pressures, rising customer expectations and digital disruption, open source solutions can help financial services companies accelerate time-to-market while freeing up resources to focus on innovations that provide a unique business value,” said Balazs Fejes, Executive Vice President, Co-Head of Global Business, EPAM.” As a FINOS member, we will continue to share the benefits of open source software with our financial services customers with a common goal of driving digital transformation.”

NearForm are on a mission to drive forward global contributions to Open Source

Joining in November 2019, NearForm are the single biggest contributor to the Node.js Runtime and are leading experts on Javascript performance - they are responsible for over 1 billion module downloads each month from NPM. NearForm develops and maintains popular performance-oriented tools, such as ClinicJS and libraries such as Fastify and Pino.

NearForm sees a major opportunity to grow global contributions to open source by helping the financial services industry understand how to contribute to and support the movement. NearForm is now helping organizations transform their technology through InnerSource programs.

Cian Ó'Maidín, CEO and Co-Founder of NearForm commented: "We are really excited to join FINOS. We believe that our work with FINOS will help foster greater contribution to open source and will greatly benefit financial institutions across the globe.”

CloudBees has Open Source in its DNA

CloudBees enables developers to focus on what they do best: Build stuff that matters while providing peace of mind to management with powerful risk mitigation, compliance and governance tools.  Joining in December 2019, CloudBees believes that open source is a core tenet of the future of technology and finance, and their passion to revolutionize how technologists operate strongly aligns with FINOS’ philosophy of developer empowerment. CloudBees’ FINOS membership ensures that they will continue to contribute to the devops, financial and open source communities.

Open source has become critical to building effective infrastructure for financial institutions, and the addition of these three fintechs to FINOS is emblematic of a new commitment to addressing industry-wide technology needs with the power of open source solutions.

“The conversation around open source used to be a sensitive one, as many firms were skeptical of its true ability to drive innovation and increase overall collaboration," added Gabriele Columbro at FINOS. "Now, that rhetoric has almost entirely dissipated - the discussion has changed to, ‘how can I become even more involved in open source?’”

FINOS added 7 new members in 2019 taking total membership to 33 financial services, technology and services companies that are committed to growing open source in financial services.


About EPAM Systems

Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its software engineering expertise to become a leading global product development, digital platform engineering, and top digital and product design agency. Through its ‘Engineering DNA’ and innovative strategy, consulting, and design capabilities, EPAM works in collaboration with its customers to deliver next-gen solutions that turn complex business challenges into real business outcomes. EPAM’s global teams serve customers in more than 30 countries across North America, Europe, Asia and Australia. As a recognized market leader in multiple categories among top global independent research agencies, EPAM was one of only four technology companies to appear on Forbes 25 Fastest Growing Public Tech Companies list every year of publication since 2013 and was the only IT services company featured on Fortune’s 100 Fastest-Growing Companies list of 2019. Learn more at www.epam.com and follow us on Twitter @EPAMSYSTEMS and LinkedIn.

About FINOS

The Fintech Open Source Foundation (FINOS) is an independent membership organization whose purpose is to accelerate collaboration and innovation in financial services through the adoption of open source software, standards and best practices. FINOS believes that global financial organizations that embrace open source software, together with common standards, will be best positioned to capture the growth opportunities presented by a quickly evolving technological landscape. FINOS has 10 programs driven by more than 30 financial services and technology members, 300+ community contributors and over 75 open source repositories. We enable collaboration in key areas of innovation for the industry including data, cloud, interoperability, and decentralized technologies. FINOS is a 501(c)(6) and is based in Burlingame, CA with an office in New York, NY. For more information, visit www.finos.org.

Forward-Looking Statements

This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

The original article can be found here.