The banks that most people use operate a mix of software. Over the years, there’s been a patchwork of upgrades and actual revolutions. The more modern banks use fintech platforms that are cloud-connected and have APIs — all that up-to-date stuff. But maybe, they’ve been chasing the wrong innovation all the time.
Current financial software systems are proprietary systems, permissioned and closed-source. They require specialists to modify them — and to get the bugs out as well. But, for more conservative institutions, there’s a certain comfort in that.
The thing is, there’s no certainty in keeping proprietary systems like that any more. Leaner, faster tech companies are using open source technology to innovate, and the banking system is firmly in their sights.
Banks sticking to closed-source software in hopes that its more secure should remember that their software is written by IT companies, not banks, and it’s the IT companies that are becoming their competitors.
At Tagion, we’ve embraced open source for several reasons, not least is that we can keep a better technology stack cheaper and with greater agility when something needs attention. But there’s another matter for us, and that’s transparency.
Put your money in a bank, and it goes from system to system, and you don’t really know what’s going on; you have no say in the systems by which your bank operates.
With Tagion, you can look inside. If it interests you, you can look at our source code on GitHub, and even make a suggestion or ask why we did things a certain way.
It’s your money. At Tagion, we believe that it should also be your financial system to the degree that interests you.
SOURCE:
https://tagionteam.medium.com/open-source-banking-its-your-money-b0aee5633351
