When we refer to ‘Open Source’, we usually stereotype it as something related to software (say Android or Python based application) especially when the context relates to a Financial Information Systems. However, Mozilla (the company behind the Firefox web browser) has managed to break this stereotype by making a low end smartphone that could prove to be a promising instrument in the world of finance based systems. Similarly, Allevo (a Romanian company) has put in a core banking transaction processing software in the market while UK’s OpenGamma is providing a risk analytics platform (a hot topic in a banking/ finance institution). But what does it take to make such a technology work ? There are a few must-haves for a financial system that aims to leverage open source technology –
- Accessibility
- Outreach for the Customer (using a Know Your Customer [KYC] system)
- Flexibility
- Open (should be based on Open APIs for new service providers)
- Complementary (Ability to combine services as needed)
But building an ecosystem adhering to the above stated requirements and expanding it across borders will take some effort even more so because the core requirement for this technology is a system that is – Open, Safe and Reliable.
Full Article – http://bankinnovation.net/2014/04/four-technologies-that-will-revolutionize-financial-services/