OpenFin joins Symphony Software Foundation to “drive fintech standardisation”
New York-based OpenFin, a provider of HTML5 runtime technology for the financial industry, has joined Symphony Software Foundation.
The foundation, described as “a non-profit organisation fostering open innovation around the Symphony secure messaging platform”, already has powerful members on its list, including BNY Mellon, Citadel, Citi, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley and Wells Fargo.
California-based Symphony was set up a few years ago to challenge Bloomberg and Reuters, which currently lead in instant communications.
In 2014, Goldman Sachs merged its in-house messaging product with Symphony – and 14 other financial firms invested $70 million to get it going.
Earlier this year, Symphony joined forces with IHS Markit to promote Collaboration-Platform-as-a-Service (CPaaS).
“We believe strongly in an open platform for communications within the financial industry. OpenFin joining the Symphony Software Foundation is a testament to our effort in helping the industry drive fintech standardisation,” states Mazy Dar, CEO at OpenFin.
He adds that OpenFin customers include a number of Symphony investors and foundation members, “of which many have expressed interest in an integration between OpenFin and Symphony”.
Gabriele Columbro, executive director of the Symphony Software Foundation, observes that OpenFin’s HTML5 container is “highly complementary to the core Symphony messaging platform and widely adopted by Symphony’s members”.
Set up in 2010, OpenFin has grown to have 250 buy-side and over 40 sell-side customers worldwide, the world’s largest banks and trading platforms among them.