The Fintech Open Source Foundation builds on the success of FDC3, its most adopted open source project to date
NEW YORK, NY / ACCESS CABLE / July 13, 2022 / The Open Source Fintech Foundation (FINE), the financial services umbrella of the Linux Foundationannounced today during its Open Source in Finance Forum (OSFF) London launching FDC3 2.0. FDC3 supports efficient, optimized desk interoperability between financial institutions with enhanced connectivity capabilities.
The global FDC3 community is growing rapidly and includes application providers, container providers, a large presence of sell-side firms, and a growing share of to buyAll sub-companies collaborate together in advancing the standard.
You can check all the community activity here: http://fdc3.finos.org/community
The latest version of the standard offers universal connectivity to the financial industry desk applications with a significant evolution of the four parts of the standard: the Desktop Agent API, the application directory that provides access to applications, and the intent and context messages they exchange.
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FDC3 2.0 significantly streamlines the API for both application developers and desktop agent vendors, refining the contract between these two groups based on the last three years’ work with FDC3 1.x. Desktop agents now support bidirectional data flow between applications (both single transactions and data sources), working with specific instances of applications and providing metadata about the source of the messages, through an API that has been refined through feedback from the entire FDC3 community. This updated version also redefines the concept of “App Directory”, simplifying the API, greatly improving the app registration and discovery experience for users, and making App Directory fit for years to come (and the future). explosion of vendor interest that FDC3 is currently experiencing.) Finally, FDC3 2.0 includes a host of new standard contexts and intents, which define and standardize message exchanges for a variety of very common workflows, including interoperability with CRM, communication applications (emails, calls, chats), data visualization tools, research applications and WHO/EMS/IMS systems This is one of the most exciting developments as it represents various parts of the healthcare industry. financial services software working together across the standard.
Helps manage information overload. Finance is an information-dense environment. Traders will typically use several different screens to be able to keep track of multiple sources of information at once. FDC3 helps with this by sharing “context” between multiple applications so that they collectively keep track of what the user is focusing on.Work faster. FDC3 standardizes a way to call actions and exchange data between applications (called “intents”). Applications can contribute intents to each other, extending each other’s functionality. Instead of the user copying and pasting bits of data from one app to another, FDC3 makes sure that intents have the data they need to seamlessly transition activity between apps.Platform-agnostic. As an open standard, FDC3 can be implemented on any platform and in any language. All that is required is a “desktop agent” that supports the FDC3 standard, which is responsible for coordinating application interactions. FDC3 is successfully running on web and native platforms at financial institutions around the world.Put an end to the nightmare of integration. By providing support for FDC3, vendors and financial organizations alike can avoid the bi- or trilateral integration projects that plague desktop application deployment, cause vendor lock-in, and result in slow change in the Financial Services desktop. .
“It is very gratifying to see the recent growth of the community around FDC3,” said Jane Gavronsky, CTO of FINOS. “More and more diverse participants in the financial services ecosystem are recognizing the key role that a standard like FDC3 plays in achieving a truly open financial services ecosystem. We are really excited about FDC3 2.0 and the potential to create concrete, business-driven use cases that it enables.”
What this means for the community
“The wide adoption of the FDC3 standard shows the relevance of the work that FINOS does. At Symphony we are supporters and promoters of this standard. This latest release, FDC3 2.0, and its enhancements demonstrate substantial progress on this work and its growing importance to the financial services industry,” said Brad Levy, CEO of Symphony.
“The enhancements to the Application Directory and its ramifications for market participants and vendors are innovative enough to demand everyone’s attention: large vendors with large IT departments, small asset managers who rely on vendor technology and the providers themselves. said Jim Bunting, Global Head of Partnerships, Cosaic.
“FDC3 2.0 offers many useful additions for software providers and financial institutions alike. Glue42 continues to offer full support for FDC3 in its products. For me, the continued growth of the FDC3 community is the most exciting development,” said Leslie Spiro, CEO, Tik42/Glue42. “For example, recent contributions led by Symphony, SinglePoint and others have helped extend common data contexts to cover chat and contacts; this makes FDC3 even more relevant and strengthens our fundamental goal of “no prior knowledge required between applications” interoperability.
“Citi is a huge supporter of FDC3 as it has enabled us to simplify the way we create smart, streamlined internal workflows and partner with strategic clients to improve their overall experience by integrating each other’s services. The new FDC3 standard opens up even more opportunities for innovation between Citi and our clients,” said Amit Rai, chief technology officer of the Markets Digital & Enterprise Portal Framework at Citi.
“FDC3 has allowed us to build interoperability within our internal application ecosystem in a way that will allow us to do the same with external applications as they begin to incorporate these standards,” said Bhupesh Vora, European Head of Capital Markets Technology. , Royal Bank of Canada. “The next evolution of FDC3 will ensure that we continue to build richer context sharing capabilities with our internal applications and bring greater functionality to our strategic customers through integration with the financial application ecosystem for a more cohesive experience overall.”
“Interoperability allows the commercial team to take control of their workflows, allowing them to reduce the time it takes to market. Additionally, they can generate alpha by being able to quickly sort through multiple and vast data sources,” said Carl James, global head of fixed income trading at Pictet Asset Management.
As FINOS sees continued growth and contribution to the FDC3 standard, the implementation of FDC3 2.0 will allow more leading financial institutions to take advantage of enhanced desktop interoperability. The contribution of continuous updates also represents the broader overall adoption of open source technology, as reported in last year’s report. 2021 State of Open Source in Financial Services annual survey. to get involved in this year’s surveyvisit https://www.research.net/r/ZN7JCDR to share key information about the growing landscape of open source in financial services.
Improve your skill in FDC3 by taking the free Linux Foundation FDC3 Training Courseor contact us at https://www.finos.org/contact us. Hear from Kris West, Cosaic Principal Engineer and FDC3 Maintainer in the FINOS Open Source in Finance podcastwhere he explains why it was important to change the FDC3 standard to keep up with the growing number of use cases that end users are contributing to the community.
FINE (The Fintech Open Source Foundation) is a non-profit organization whose mission is to foster the adoption of open source, open standards, and collaborative software development practices in financial services. It is the hub for open source developers and the financial services industry to build new technology projects that have a lasting impact on business operations. As a compliant platform, the foundation allows developers from these competing organizations to collaborate on projects with a strong propensity for mutualization. You have enabled codebase contributions from both the to buy– and sales firms and has more than 50 major financial institutions, fintechs and technology consultancies as part of its membership. FINOS is also part of the Linux Foundation, the world’s largest shared technology organization.
Caliber Corporate Advisors for FINOS
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