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.
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.
Allevo steps into the open source world by releasing FinTP, an application for processing payments and financial transactions specifically designed for banks, corporations, public administrations, microfinance institutions and any other types of financial institutions.
FinTP is a widespread platform for processing financial transactions, an open and affordable alternative to existing proprietary payment systems, for an industry common solution. FinTP provides the building blocks for those FIs willing to make the strategic move of implementing open source solutions for commoditized parts of their infrastructure. The adopters become members of a club unified by the mutual interest of of pushing the interoperability level of financial transactions processing to a more refined stage, while enjoying the benefits of a falling TCO.
Because nowadays IT is or should be perceived as an enabler for FIs, rather than a differentiator, the future of FinTP is to evolve into the basis of a new standardization layer.
Allevo has a continuous presence at Sibos, a prime event in the financial industry, as visitors since 1999 and exhibitor at Sibos for the 7th time in a row – at Boston in 2014.
During Sibos Dubai, Allevo experts were on site to meet financial industry leaders, to interact on the hot topics of 2013, to discuss market trends, to present Allevo’s solution portfolio and to state their opinion in conference panels.
Allevo has expanded the community built around its open solution for processing financial transactions (FinTP), has made good new connections, has established new strategic partnerships and has started talks with new customers.
Past experiences include:
Vienna 2008 | Hong Kong 2009 | Amsterdam 2010 | Toronto 2011 | Osaka 2012
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