FINOS (the Fintech Open Source Foundation) announced that Goldman Sachs is making a major open source contribution to the foundation: a logical modeling language, internally named PURE, along with a platform and visual model tool that generates PURE-based models, named Alloy.
“Open source technology is setting us on a path to greater collaboration and building mutual understanding,” said Neema Raphael, chief data officer at Goldman Sachs, in a statement. “PURE and Alloy have grown to become critical tools within our firm across the trade lifecycle that help us price; assess and evaluate risk; clear transactions; and perform regulatory reporting.”
“The open sourcing of Alloy, together with PURE, will have far-reaching impact on the banking industry,” said Gabriele Columbro, executive director at FINOS, in a statement. “Using Alloy, industry participants will be able to collaboratively build shared data models in a common language.”
Commonly developed models using PURE are expected to reduce system integration costs in bi-lateral and multilateral trading scenarios, for both sell-side and buy-side firms. Such models are also expected to lower compliance burden and complexity for both banks and regulatory agencies themselves. “Open source ‘compliance-as-code’ has the potential to change fundamentally how banks and regulators work together,” said Columbro in the statement.
FINOS is an independent membership organization whose purpose is to accelerate collaboration and innovation in financial services through the adoption of open source software, standards and best practices.