Symphony Software Foundation Sets Out to Build a New Fintech Innovation Model

Adds four new Silver Members: Arcontech, BankEX, Cloud9 Technologies and FinTech Studios

PALO ALTO, CA--(Marketwired - July 25, 2017) - Symphony Software Foundation (the Foundation), the nonprofit organization fostering innovation in financial services through open source software (OSS), continues to build on its 2016 growth, paving the path for a new fintech innovation model based on secure and compliant open collaboration.

Less than 20 months from its inception, the Foundation now counts more than 50 projects, 100 plus contributors, four active working groups, and 25 member organizations as part of the Symphony ecosystem; successes which lead to a notable Annual Members Meeting. For a full update on the 'State of the Source', read Peter Monks' latest blog post.

New Fintech Members Broaden Technology Spectrum

Since then, four new fintech organizations signed on as Silver Members: Arcontech, BankEX, Cloud9 Technologies and FinTech Studios. With these new members' experience in financial market data solutions, distributed ledger technology, voice trading and AI technologies, the Foundation continues to broaden the fintech diversity of its community.

Gabriele Columbro, executive director, Symphony Software Foundation said, "When done right, open source enables a degree of innovation which is simply not possible in proprietary development or solution-time collaboration models like open APIs or open standards. The growth of our community shows how these strategic benefits can outweigh legal, technical and frankly cultural aspects preventing effective innovation in financial services technology. We see our Foundation as the proven-to-be-trusted environment where fintech producers and consumers can collaborate on open source, industry-grade standard solutions, sparking innovation on common and new use cases that have the potential of reshaping Wall Street."

Matthew Jeffs, CEO, Arcontech, said, "Arcontech is very happy to join the Symphony Software Foundation. Communication and community is the very essence of the financial marketplace. The combination of Symphony and Arcontech as a provider of real-time market data solutions makes perfect sense. Working with the Foundation will allow us to contribute our knowledge in the processing and management of real-time market data whilst significantly enhancing our highly performant, vendor-agnostic desktop solutions to present a truly viable alternative to traditional market data terminals."