Major firms rally around software standardisation

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Major firms rally around software standardisation

The new OpenFin operating system, designed for use in finance houses, has gained considerable support for an initiative to bring universal connectivity and standards to the financial industry’s desktop applications. The group, known as the Financial Desktop Connectivity and Collaboration Consortium or FDC3, is committed to addressing the increasingly fractured software landscape of capital markets. FDC3 standards are expected to enable faster decision-making, improve productivity and streamline workflow. OpenFin has contributed the open-source code that serves as the cornerstone for this new initiative.

Jim Adams, managing director for CIB Technology at JP Morgan said, “Our Corporate and Investment Banking staff can use anywhere between 5-15 applications in their daily workflow. Interoperability would allow this workflow to become seamless across applications and platforms, ultimately making our employees more productive and informed when talking to internal and external clients.”

Applications connectivity is a major issue for financial services firms (see OMS p.58) and consequently manual intervention and workarounds can hamper productivity and create operational risk. The FDC3 initiative is attempting solve the problem by creating common software and standards across industry applications.

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