By Shobha Prabhu-Naik.
Money.Net, a provider of live streaming financial market data, has selected desktop operating system OpenFin to deploy and deliver its software at scale, particularly to global financial institutions.
The company has also become a member of the OpenFin established, Fintech Open Source Foundation (FINOS), a non-profit foundation promoting open innovation in financial services, and OpenFin’s Financial Desktop Connectivity and Collaboration Consortium (FCD3) initiative, which aims to drive standards for desktop application interoperability.
OpenFin standardises the operating environment for hundreds of industry applications on financial desktops, allowing seamless deployment, interaction and interoperability between applications.
It aims to deliver a native desktop experience but with all of the benefits of web deployment. Liquidity-type platforms including Trumid, OpenDoor and Algomi, as well as many analytic platforms and any internal applications that a company builds can be deployed on the operating system by allowing the increasing number of applications which exist to help traders and portfolio managers make the right trading decisions to work simultaneously.
Adam Toms, CEO of OpenFin Europe, argues that the connectivity between applications, together with the use of one OpenFin platform, allows these applications to interoperate and share information seamlessly by eliminating the need for traders to re-key the same information into the different applications in their workflow. The CEO maintains that this significantly reduces the human error that can come with traders inputting information into disparate systems.
“[This connection is] in itself is a huge saver for an increase in productivity, really making sure that people are offering the best service to their clients,” says Toms. “It can lower operational risk and it can absolutely increase the effectiveness of compliance controls inside organisations. For me that is incredibly powerful and that is indeed how major banks and asset managers are using OpenFin today”.
He believes that the initiative, which allows Money.Net applications to talk to other applications on a desktop, “gives a very nice, contextually aware and very work space driven environment to end users. So it’s very, very empowering for them”.
Money.Net, which claims to provide data ‘at 1/15th the cost of a legacy terminal’ has also become a member of FINOS and its FCD3 initiative, initially launched by OpenFin in October 2017. The initiative aims to drive standards for desktop application interoperability and has garnered the support of 50 major financial industry players across banks, asset managers, hedge funds and cross-industry vendors.
“Joining the OpenFin ecosystem affords us an opportunity to sell content directly to customers on the OpenFin platform, an entirely new channel to deliver and monetise innovations to some of the world’s largest companies,” said Morgan Downey, CEO of Money.Net. “By presenting Money.Net content through a secure and compliant platform, we’re becoming part of the workflow for the modern worker.”
The FCD3 initiative was incorporated into FINOS’ open source governance framework in May 2018, to support the long-term growth and adoption of the FDC3 standards by the fintech community.