New York-based OpenFin, a provider of HTML5 runtime technology for the financial industry, today announced that it has contributed code to the Symphony Software Foundation, which offers secure collaboration and workflow technology. The integration brings secure and compliant messaging to OpenFin’s operating system.
The collaboration with Symphony allows users to communicate and distribute content directly from the ecosystem of applications already running on OpenFin. Currently in beta testing, communications can be initiated by the trader, or automatically based on a specific market event or situation, which ensures seamless deployment and the interoperability of Symphony.
Symphony Software Foundation is a nonprofit organization that has helped push open innovation via its secure messaging platform solutions. The Symphony Software Foundation now counts more than 50 projects, 100 contributors, four active working groups, and 25 member organizations. Overall, the primary impetus behind Symphony is to foster the adoption of opensource technology within financial services.
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Earlier in 2016, Symphony added OpenFin as a Foundation Member, joining the ranks of other companies in the FinServ space. The collaboration between the two venues helped enable OpenFin and other member organizations to push fintech standardization, thereby contributing to the Symphony platform.
Set up in 2010, OpenFin has grown to serve more than 45 of the world’s largest banks and trading platforms including BNP Paribas, Citigroup, HSBC, ICAP, JP Morgan and RBS, which now use OpenFin to deploy applications both in-house and to over 250 buy-side and over 40 sell-side customers. OpenFin OS is also licensed across more than 125,000 desktops and is used to deploy hundreds of applications to over 400 major banks and buy-side firms.
Mazy Dar, CEO of OpenFin, commented: “A commitment to open source software has been a core guiding principle at OpenFin and we’ve always strongly supported the Foundation’s efforts to bring that ethos to finance. By enabling Symphony to run on the OpenFin operating system, we are making it easy for our mutual customers to unify the Symphony desktop experience with their other OpenFin-based apps.”
Gabriele Columbro, executive director, Symphony Software Foundation, added: “I am particularly thrilled to see OpenFin leveraging open source and open standards to integrate with another Member’s platform. By embracing open source, vendors can benefit from each other’s ecosystems, enabling each firm’s best-in-class technology to reach the widest number of developers. And by leveraging open standards, they can ensure high longevity integration to their customers, resulting in a positive-sum game for the entire industry. It’s through efforts like these, under the transparent and independent forum of our Foundation, that we are sparking innovation on new, high-value collaborative solutions which have the potential of reshaping Wall Street.”