Red Hat is excited to once again be attending Sibos, an annual financial services industry conference exhibition and networking event that is hosted by SWIFT. This year, the event is being held in London, England from September 23rd through 26th. Red Hat will be attending to sponsor a number of activities and discuss how and why enterprise open source technologies offer innovative capabilities that can help firms thrive in their digital journeys.
Tell us more about the role of Red Hat in financial services. What do we need to know? And what has Red Hat been up to recently?
Open source technology and tools are becoming more and more prominent in industries that are traditionally highly regulated, such as financial services. Open source tools and technologies offer a flexible, open way to innovate faster and manage IT complexity.
Red Hat works as part of open source communities, developing features and bringing them back into its products. Through Red Hat's work, open source projects are developed into products that are ready to be implemented in the enterprise, with backing from Red Hat's product security team, technical support, and knowledge from Red Hat experts. This turns open source into enterprise open source, products with known and predictable life cycles, with documentation and often access to in-place upgrades.
For financial services institutions, having enterprise ready open source software and the support that comes with it means that they can focus on providing innovative services to customers on top of an enterprise open source platform.
It should not be surprising that 100% of banks in the Fortune Global 500 already rely on Red Hat1. Red Hat helps provides financial services with greater ability to adapt to changing markets and customer needs with flexible and agile technologies. We like to summarize this by saying that we help our customers build for change.
Without open source solutions, many of what customers have come to expect out of their banking experiences would not be as seamless—or even possible. Take open banking, for example, it is no secret that to remain competitive and to participate in banking platforms - and even having an edge over other options consumers have, mastering open banking capabilities with automation, management and cloud native options provide an advantage.
Red Hat Open Banking solutions
Red Hat recognizes that working with developer communities and partners, like TESOBE, to provide the supporting infrastructure needed for open banking API ecosystems. Bringing together key, necessary capabilities—we released the Red Hat open banking solution at last year’s Sibos event. We love discussing how our customers have been successful with open banking, and the journey they took to get there—so please, ask us more about this if you visit at our booth.
We recently introduced the Red Hat operational efficiency solution, which can help financial services companies drive higher returns on investment through modernization of back-office servicing systems. With a focus on process automation, embedded AI/ML, event streams, APIs and decisioning - we provide resources for firms to become more operationally efficient while renewing legacy systems for improving return on expense.
How to find us at Sibos
Red Hat experts will be holding down our booth, Y135. Please consider this an open invitation to stop by, say hello, ask any questions you may have and of course, pick up some swag.
Red Hat will also be speaking in the Open Theatre 2, on Monday September 23rd from 9:00 to 9:30 am. The topic is on key considerations to pursue an open ecosystem for banking and payments. More information on the speaking session can be found on our Red Hat at Sibos 2019 page.
Not able to attend the show this year, but still interested in learning more about our offerings for the financial services? Be sure to take a look at these resources to learn more.
Red Hat's FSI blog
About the author
Described as a pioneer and one of the most influential people by CRMPower, Fiona McNeill has worked alongside some of the largest global organizations, helping them derive tangible benefit from the strategic application of technology to real-world business scenarios.