The Fintech Open-Source Foundation (FINOS) expanded its membership with the addition of seven new members, announced on Wednesday. Among them are AWS, a leading hyperscale, market infrastructure provider DTCC, and chipmaker Intel. This move further solidifies FINOS’s position as a key consortium driving collaboration and innovation in financial services technology standards.
AWS joins FINOS alongside competitors Microsoft and Google Cloud, marking a significant step in enhancing the financial services industry’s technology ecosystem through open-source initiatives. Gabriele Columbro, Executive Director of FINOS and GM of Linux Foundation Europe, emphasized the importance of broad industry buy-in to realize the benefits of open-source software, including cost reduction, improved security, and reduced vendor lock-in.
The addition of AWS and other new members strengthens FINOS’s role as a hub for industry-wide cooperation in developing common technology standards. This aligns with the organization’s mission to foster innovation and reduce technical debt in the financial sector through collaborative open-source projects.
In addition to expanding its membership, FINOS has been active in several key initiatives. These include the development of the FinOps Open Cost and Usage Specification framework (FOCUS) and projects like the Common Cloud Controls for compliance, the Financial Desktop Connectivity and Collaboration Consortium (FDC3), and initiatives in AI governance.
The integration of AWS’s high-performance computing solution, HTC-Grid, into FINOS’s portfolio underscores the consortium’s commitment to advancing technology solutions in finance. Moreover, FINOS has expanded its focus to include sustainability initiatives, incorporating open-source climate projects aimed at standardizing ESG reporting in banking and finance.
Overall, FINOS continues to play a pivotal role in driving industry-wide collaboration and innovation through open-source initiatives, positioning itself as a crucial player in the evolving landscape of fintech and financial services technology.
