Led by BMO Financial Group, FINOS Adds 6 Members to its Growing Community Dedicated to Open Source Technology Adoption Across Financial Services
Latest Class of Members Underscores the Development of a Modernized Financial Technology Landscape and its Commitment to Open Source TechnologyNEW YORK, NY / ACCESSWIRE / November 10, 2021 / FINOS, the Fintech Open Source Foundation, announced today …
Latest Class of Members Underscores the Development of a Modernized Financial Technology Landscape and its Commitment to Open Source Technology
NEW YORK, NY / ACCESSWIRE / November 10, 2021 / FINOS, the Fintech Open Source Foundation, announced today at its annual Open Source Strategy Forum in New York, six new corporate members, bringing its membership to 55 members. BMO Financial Group (BMO) joins as a Platinum member, with Kim Prado, CIO, US - BMO Capital Markets, joining the FINOS governing board. WhiteSource joins as a Gold member, Synechron as a Silver member, and EDM Council (EDMC), International Securities Lending Association (ISLA) and the Mojaloop Foundation as Associate members.
FINOS added 27 corporate members in the last 15 months, a nearly 50 percent increase, evidence of the growing central role open source is playing within financial institutions, consulting companies, open source companies and industry consortia. The open source movement has been rapidly growing since the beginning of 2021, demonstrated by the contribution of 10 new projects to FINOS in the same period.
"The adoption of open source technology in financial services is a way to bridge the gap across all firms in the financial ecosystem and power the next wave of developer-driven innovation," said Gabriele Columbro, executive director of FINOS. "A reflection of our community, each of these industry leaders come from diverse backgrounds and strengthen the corporate diversity of our support as we continue to provide a level playing field for every constituent in the industry. We also expect to bring more fintechs and regtechs into our community, given the tremendous commercialization and go-to-market potential of our projects."
BMO, the 8th largest bank by assets in North America, is on a customer-led shift to digital maturity that is changing the business of banking. It joins FINOS as the newest Platinum member. Kim Prado, former Governing Board Member and Vice-Chair of FINOS, re-joins the FINOS Governing Board.
"Rather than reinvent the wheel over and over, financial firms have an opportunity to sustain innovation and build efficiency with open source technology development and operations," said Kim Prado, CIO, US - BMO Capital Markets. "The FINOS Governing Board is providing essential leadership to help foster an open and collaborative community, bringing together all players of the financial services industry. I'm excited to rejoin the community in my new role."