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October 2014
Allevo Newsletter

We dedicated this issue to Allevo's presence at Sibos in Boston this month and to how our new concept BOOST - Banking On Open Source Technologies was received by the financial elite there. Both at the session we have organized on the topic and at the Open Theatre debate.
If you want to find out more, we also present our coverage of the event : Day 1, Day 2, Day 3 and Day 4.
As for the FinTP Idea Contest we announced last issue, the winning idea was: " Push EBICS to Eastern Europe".

BOOSTing (Banking On Open Source Technologies) the public sector’s payment services

There is a smaller adoption rate of open source software at the application level in the financial industry compared to other critical industries such as health care, education, automotive or utilities. Still, Allevo banks on the chance that market players (both solution providers and beneficiaries) will evaluate how they can architect their operations based on the freely available FinTP, the financial transactions processing application published into open source. Another important driver relates to financial institutions’ (FIs) business model. If, for instance, financial inclusion is their core business, than commodity solutions become instrumental in achieving the right level of accessibility.


BOOST - Banking On Open Source Technologies

What if open source software and principles were used more extensively in FinTech? Imagine a bank powered by an IT infrastructure made up of free open source software. How would this differentiate them from a financial institution that buys licenses from vendors who provide proprietary state of the art software that needs to be integrated, kept aligned to standards and regulations, and operated flawlessly with the rest of the applications that form the system?

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