In the financial market, reducing the total cost of ownership (TCO) of IT is a major industry trend leading to adopt mobile business, to personalize customer experience and to shorten the supply chains. The BOOST (Banking On Open Source Technologies) project, launched by Allevo, aims to empower small & medium enterprises (SMEs) to capitalize on all these trends to efficiently perform their financial operations.
With BOOST, Allevo shifts its business model from proprietary licensing of financial software products to open source. In particular, Allevo will distribute its financial transaction processing software application “FinTP” under an open software licensing frame and will make the switch to selling services rather than licenses. This way, the TCO of the software is reduced, an important enabler for SMEs to increasing financial inclusion and to further widen the scale of financial interoperability.
The BOOST project is the core of Allevo’s strategy and it relies on three pillars:
(1) developing, delivering and maintaining an open source product – FinTP,
(2) migrating the Allevo organizational structure and business model to accommodate work in a fully open source environment, and
(3) nurturing a vibrant open source community – FINkers United.
FINkers United is an open source community that consistently hosts shared innovation and a development environment to enable progress in processing financial transactions, in compliance with the global banking standards and practice. FINkers United offers a virtual space of collaboration for financial experts. It provides a transaction processing application that can be scaled from individual mobile services up to central processing and can be deployed from new financial models to any supply chain model.
It is our strong belief that FinTP provides ways to allow customers to enhance standardization of financial transactions at semantic level and to improve cross-industry financial interoperability. These ambitious tasks are supported by FINkers United, a community open to all financial enthusiasts – from IT developers to financial experts, professionals or students.
Allevo holds long lasting experience in providing software for processing payments and financial transactions and realizing the BOOST project is a part of its broader business innovation strategy.