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Red Hat prides itself in leading the way in community-based innovation and associated best practices for enterprise consumption. This is why we are thrilled to announce that we have joined the Fintech Open Source Foundation (FINOS). FINOS is a nonprofit organization promoting open innovation in the financial services community. Red Hat OpenShift is providing the underlying technology for FINOS’ Open Developer Platform (ODP), one of the leading venues for community development within the financial services community.
FINOS enables collaboration through an ecosystem of community driven projects and working groups that are focused on delivering solutions for banking. FINOS is also dedicated to governance by implementing an open, inclusive and meritocratic model. By having Red Hat power the ODP, FINOS is providing a truly open platform for collaborative problem solving. Red Hat is trusted to provide reliable open source software. We believe a hardened platform coupled with a diverse and open community will accelerate innovation within financial services. We are excited to be at the forefront of the movement and have the opportunity to collaborate with and learn from fellow foundation members.
The financial services industry is in the midst of a seismic shift based on rapid technical advancement. In order to effectively respond, organizations must be able to deliver sophisticated capabilities quickly and securely on a reliable platform. Collaborations, such as the relationship between FINOS and Red Hat, enable organizations to harness the power of the community while minimizing costly delays due to remediating security risks.
Red Hat has a long history of involvement in open source projects in the banking industry. In 2004, JP Morgan Chase started a project called the Advanced Message Queue Protocol (AMQP), which is an open, international standard for message-oriented middleware. We were instrumental in turning AMQP into an OASIS standard that advanced a vendor-neutral and platform-agnostic protocol to offer organizations an easier, more secure approach to passing real-time data streams and business transactions. Red Hat joined the project to create an open source reference implementation for the protocol standardization effort called Apache Qpid. This has since become the open source project that is at the core of Red Hat AMQ, Red Hat’s enterprise messaging product. Red Hat has also participated, through Qpid, in the Linux Foundation project OpenMama, which is an open messaging API to source market data that builds on top of the AMQP messaging middleware platform. Red Hat is also a founding member of Hyperledger, a Linux Foundation project dedicated to the Blockchain, where we have taken a leadership role in the creation of the performance and scale working group. As such, we are proud to continue our work with leading open source initiatives, especially those that are specific to financial services.
Red Hat is working to transform the financial services industry with technologies to improve quality and reduce time to market and risk. After providing leadership in community-based innovation and associated best practices for enterprise, Red Hat believes it can offer the same opportunity to the FINOS community.
More information on the newly unveiled FINOS can be found here. Also take a look at the announcement press release.
About the author
Alessandro Petroni leads the business and technology strategy to accelerate the adoption of Red Hat open source technologies in the FinServ/FinTech industry working with customers, technology and service partners across product management, engineering, marketing and sales. In this role, he leads Red Hat in assisting banks and other financial services firms in the go-to-cloud journey, adopting DevOps, influencing Red Hat R&D to focus on solving Finserv line of business' challenges developing open source reference architectures and open collaborative environments.
Prior to Red Hat, Petroni spent sixteen years serving top financial institutions including Lehman Brothers, Merrill Lynch Bank of America, Societe Generale, Citicorp and Deutsche Bank. He has covered leading roles as consultant covering engineering, operations, software development, and consulting. As banking IT director, he has implemented distributed solutions for capital markets and retail banking, managing large international teams. He graduated with a Master of Computer Engineering and Business Administration from the University of Trento, Italy and lives in New York.