FDC3 2.0 promotes desktop interoperability in the financial services ecosystem
The Fintech Open Source Foundation builds on the success of FDC3, its most adopted open source project to date
NEW YORK, NY/ACCESSWIRE/July 13, 2022/ The Fintech Open Source Foundation (FINOS), the financial services umbrella of the Linux Foundationannounced today at its Open Source in Finance Forum (OSFF) London the launch of FDC3 2.0. FDC3 supports efficient and streamlined desktop interoperability between financial institutions with enhanced connectivity capabilities.
The global FDC3 community is growing rapidly and includes application vendors, container vendors, a strong presence of sell-side companies, and a growing participation of buy-side companies all working together to advance the standard.
You can view all community activity here: http://fdc3.finos.org/community
The latest version of the standard provides universal connectivity to desktop applications in the financial industry with a significant evolution of the four parts of the standard: the Desktop Agent API, the application directory providing access to applications and the messages of intent and of context that they exchange.
FDC3 2.0 significantly streamlines the API for application developers and desktop agent vendors, refining the contract between these two groups based on the last three years of working with FDC3 1.x.
Desktop agents now support bi-directional data flow between applications (both single transactions and data streams), working with specific instances of applications and providing metadata about the source of messages – through an API that has been refined through feedback from the entire FDC3 community.
This updated version also redefines the concept of “App Directory”, simplifying the API, dramatically improving the App Record and discovery experience for users, and making the App Directory fit for purpose for years to come ( and the explosion of interest from FDC3 vendors is currently experiencing).
Finally, FDC3 2.0 includes a host of new standard intents and contexts, which define and standardize message exchanges for a range of very common workflows, including interoperability with CRMs, communication applications (emails, calls, chats), data visualization tools, search applications and OMS/EMS/IMS systems. This is one of the most exciting developments as it represents various parts of the financial services software industry working together through the standard.
Helps manage information overload. Finance is an information-rich environment. Typically, traders use multiple different screens so they can track multiple sources of information at once. FDC3 contributes to this by sharing the “context” between several applications, so that they collectively follow the subject on which the user is focusing.
Work faster. FDC3 standardizes a way to call actions and exchange data between applications (called “intents”). Applications can bring intents to each other, extending each other’s functionality. Instead of the user copying and pasting bits of data from one app to another, FDC3 ensures that intents have the data they need to transition seamlessly between apps.
Independent platform. As an open standard, FDC3 can be implemented on any platform and in any language. All that is required is a “desktop agent” that supports the FDC3 standard, which is responsible for coordinating application interactions. FDC3 works successfully on web and native platforms in financial institutions around the world.
End the onboarding nightmare. By supporting FDC3, vendors and financial organizations can avoid bilateral or trilateral integration projects that hinder desktop application deployment, lead to vendor lock-in, and result in a slow pace of change on the financial services desktop. .
“It is very gratifying to see the recent growth of the community around FDC3,” said Jane Gavronsky, CTO of FINOS. “More and more diverse participants in the financial services ecosystem recognize the key role that a standard like FDC3 plays in achieving a true open financial services ecosystem. We are really excited about FDC3 2.0 and the potential to create concrete, business-focused use cases that enable it.”
What this means for the community
“The wide adoption of the FDC3 standard shows the relevance of the work carried out by FINOS. At Symphony, we are supporters and promoters of this standard. This latest version, FDC3 2.0, and its improvements demonstrate substantial progress in this work and its growing importance. to the financial services industry,” said Brad Levy, CEO of Symphony.
“The improvements to the App Directory and its ramifications for market players and vendors are game-changing enough to demand everyone’s attention: big vendors with big IT departments, thin asset managers who rely on vendor technology and the vendors themselves,” said Jim Bunting, global head of partnerships at Cosaic.
“FDC3 2.0 offers many useful additions for software vendors and financial institutions. Glue42 continues to offer full support for FDC3 in its products. For me, the continued growth of the FDC3 community is the most exciting development,” said said Leslie Spiro, CEO, Tik42/Glue42. “For example, recent contributions led by Symphony, SinglePoint and others have extended common data contexts to cover chat and contacts; this makes FDC3 even more relevant and reinforces our founding goal of interop’ without require prior knowledge between applications”.
“Citi is a big supporter of FDC3 because it has allowed us to simplify how we create smart, streamlined internal workflows, and partner with strategic customers to improve their overall experience by integrating each other’s services. The new FDC3 standard opens up even more opportunities for innovation. between Citi and our customers,” said Amit Rai, technology manager of Digital & Enterprise Portal Framework Markets at Citi.
“FDC3 has allowed us to build interoperability within our internal application ecosystem in a way that will allow us to do the same with external applications as they begin to incorporate these standards,” said Bhupesh Vora, Head of European Capital Markets Technology, Royal Bank of Canada. “The next evolution of FDC3 will allow us to continue to develop richer context sharing capabilities with our internal applications and bring greater functionality to our strategic customers through integration with the financial application ecosystem to a more cohesive overall experience.”
“Interoperability allows the trading team to take control of their workflows, which allows them to reduce the time it takes to get to market. Additionally, they are able to generate alpha by able to quickly sift through large and multiple data sources,” said Carl James, Global Head of Fixed Income Trading, Pictet Asset Management.
As FINOS sees continued growth and contribution to the FDC3 standard, the implementation of FDC3 2.0 will allow more leading financial institutions to take advantage of improved desktop interoperability. The contribution of continuous updates also represents the broader overall adoption of open source technology, as noted in last year’s report State of Open Source in Financial Services 2021 annual survey. get involved in this year’s surveyvisit https://www.research.net/r/ZN7JCDR to share key insights into the ever-changing open source landscape in financial services.
Skills on FDC3 by taking the free Linux Foundation FDC3 Training Courseor contact us at https://www.finos.org/contact us. Hear from Kris West, Principal Engineer at Cosaic and FDC3 Maintenance Manager on the FINOS Open Source in Finance podcastwhere he explains why it was important to modify the FDC3 standard in order to keep up with the growing number of use cases that end users are contributing to the community.
FINOS (The Fintech Open Source Foundation) is a nonprofit organization whose mission is to drive the adoption of open source, open standards, and collaborative software development practices in financial services. It is the hub for open source developers and the financial services industry to build new technology projects that have a lasting impact on business operations. As a regulatory-compliant platform, the foundation allows developers from these competing organizations to collaborate on projects with a strong propensity for pooling. It has enabled code base contributions from buy-side and sell-side companies and counts more than 50 major financial institutions, fintechs and technology consultancies among its members. FINOS is also part of the Linux Foundation, the world’s largest shared technology organization.
Caliber Corporate Advisers for FINOS
THE SOURCE: FINOS
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