I have been asked to write an article for the first Allevo newsletter of 2016. Then I got a wealth of friendly advice on how to do it – comply KISS (Keep It Simple Sorin – to just paraphrase their saying), be positive, don’t address uncomfortable themes, and lot more. Here I go and hope to be sufficiently alive to publish the extension of this post – discussing the risks related to OSS.
Allevo’s FinTP software application suite is available under GPL V3 licensing frame in two distributions: 1. community free unconstrained full featured and 2. Allevo guaranteed one. FinTP is a real-time middleware for financial instruments, standards and regulations compliant, bridging the communication between external channels, protocols and services, and an institution’s resources, operations and business systems.
Lately I’ve been hearing the following question: is FinTP a disruptive software application development project?
Considering the widely agreed criteria to discern Disruptive Innovation* cases, it should:
* As summarized by Maxwell Wessel (a venture capitalist at Sapphire Ventures) in his article “How Big Data is Changing Disruptive Innovation”, published in Harvard Business Review, January 27,2016
I would venture to say FinTP meets all these criteria: it is a disruptive project and a disruptive software application. All that remains is for the market to confirm it.
The natural next question to address is if disruptive and innovative features of FinTP make a real difference to adopters?
I’ll build the rest of this post on this premise – a disruptive innovative FinTP – and will approach the uncomfortable comments collected in the recent past. For instance, how does the value delivered by an open source software application distributed under company’s guarantees compare to a controlled IP distributed one?
Bottom-line is that it’s a matter of balancing between the two models of distribution, based mostly by the organizational given culture and the cultural trend envisioned.
Most certainly it will, in both available distributions. While for the company’s guaranteed distribution the SLA is a pretty good control of deliverables (source code and ancillary services) consistency and quality, for the community distribution the contribution commitment constraints play the quality assurance watchdog role. It obviously remains a matter of consideration the degree to which the community becomes self-sustainable. The community self-sustainability directly depends on product traction, which hopefully will evolve along consolidating the market awareness of the product.
I would say that open source applications deliver even more than that, because they embed explicit and complete application concept documentation, the source code itself, the explanation on how additional customized financial instruments or operational and business flows can be added, how specific data mapping can be handled, how new intelligent reporting can be generated etc. Summarizing, the open source distribution provides explicit self-sufficient documentation, along the optional services to assist the customer to define and implement new specifications.
Open source software in itself is based on tight and transparent collaboration (during the entire software lifecycle) between the adopters (demand side) and the providers (supply side). All these parties play a role in the community, they witness and contribute to product enrichment and consolidation (new specifications, new design, improved coding and testing, better support processes, better and more clear documentation), while direct and virtual gatherings fuel more effective experience sharing.
To conclude, I am executing the ‘sit’ command (the single one my dog unmistakably associates with sweet treats): I stop writing; I await my reward – which if convenient, will make me come back with open source software risk related comments. To all those who will hate me receiving candies, my advice is to pray that I’ll wait in vain for my reward.
Author: Sorin Guiman, Allevo Co-Founder
What a great start of the year for Allevo who continues the tradition of being among the winners at the e-Finance Awards Gala, held this year on January 26th in Bucharest. At the 13th edition of this important competition in Romania dedicated to IT&C and financial and banking industry we have received the e-payments award prize for initiating the TOSS (Treasure on Open Source Software) project in 2015, our financial transactions centralized processing solution for corporations.
The project that Allevo initiated last year comes in the context of the SEPA Regulation that says starting October 2016, in non-euro countries, corporations must also align to SEPA standards. To help in this process, Allevo solution will be integrated in the IT infrastructure of the corporations, between their back-office application and the communication interfaces with their partner banks, transforming in what we call a “unique processing window”.
The annual awards of the e-Finance Magazine recognizes industry leaders that in 2015 have demonstrated excellence in new projects, partnerships, products, services, innovation or new initiatives. The event gathered personalities of the IT&C and financial and banking industry.
Is for the 8th year in a row , Allevo was awarded at the e-Finance Awards Gala and we surely will not stop further improving our products and services. We will gladly help our partners and customers with much pleasure and passion providing solutions that fit with their needs!
Many thanks e-Finance for this award and also to our customers that encourages us to be better each day.
Author: Adriana Costea, Allevo Marketing Specialist