FINOS Launches Open Regtech Initiative

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  • It also announced a codebase contribution from Deutsche Bank of the Symphony Java Toolkit
  • The FINOS board recently established the use of SIGs to bring together financial services stakeholders to define problem statements in specific areas that can be tackled through open source collaboration

FINOS (the Fintech Open Source Foundation), today announced the launch of its Open RegTech initiative. It aims to expand the successful open collaboration model built between financial institutions, fintech and technology firms to regulators and regtech companies. It also announced a codebase contribution from Deutsche Bank of the Symphony Java Toolkit as well as the OpenMAMA project, which is led by JPMorgan, Deutsche Bank and several other FINOS members.

Gabriele Columbro, executive director, FINOS said, “When we started the foundation two years ago, we couldn’t have predicted such a groundswell of support from the financial services industry for our community and are extremely proud of what we’ve accomplished. This is just the beginning. By establishing an open source model for the regulatory community, building a strong project portfolio and adding active contributions from financial institutions, we have a unique opportunity to tackle other long-standing industry challenges.”

Regulation Innovation SIG

The FINOS board recently established the use of SIGs to bring together financial services stakeholders to define problem statements in specific areas that can be tackled through open source collaboration. FINOS has created the “Regulation Innovation SIG”, led by AIR and supported by ING, for those interested in creating open source solutions for regulatory and compliance issues in financial services.

Tosha Ellison, COO, FINOS said, “The regulatory landscape is in need of a makeover, one that uses open source technology to help streamline regulatory interpretation and reporting through standardization and common approaches. FINOS believes that open source software and standards can change the way financial regulation is implemented, supervised and complied with, and is thrilled by the interest it has received from both regulators and the industry.”

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