Open Source in Finance Forum New York 2024

There’s a growing interest around FDC3, the open standard for financial application interoperability. FDC3 was designed to make it as easy as possible for apps to integrate, but if you’re new to FDC3, it can be daunting to know where to start. In this presentation, we will take you through how to introduce FDC3 into the code base. We will cover common decision points, as well as providing code examples and sample JIRA stories that work for both product and development managers.

In this session, you will learn how we have enabled AI Agent Navigation across our financial desktop platform.

Well-defined FDC3 intents can enable generative navigation, improving the Copilot experience on our platform, Connect Coach. FDC3 standards have enhanced interoperability between financial applications, allowing seamless communication and data sharing. However, discovering specific actions or operations (intents) remains challenging, causing friction in user experiences. Our Connect Platform has over 500 intents based on user navigation patterns and demands. We have integrated Large Language Models (LLMs) into the intent discovery process to increase user efficiency. LLMs can interpret user needs expressed in natural language and determine the most relevant intents.

Learn more about how we did this and our vision to use FDC3 to enable a "self-driving" experience for our users.

At the end of this thirty minute hands-on walkthrough, we will have created an enterprise grade FDC3 application. It will look amazing and demonstrate true value to a front office user. We will show that FDC3 is nothing to be intimidated by and that your existing web development skills will enable to you build something fantastic without a massive learning curve. FDC3 is an exciting technology which promises to revolutionise how capital market users consume software. The basic concepts of FDC3 are relatively simple but developers are sometimes put off by the myriad of vendors, libraries and swathes of documentation. Engineers recently introduced to FDC3 can find the learning curve frustrating compared to more familiar front end technologies. In this session, we will take participants through the process of building a simple but useful FDC3 compliant component using the Genesis platform. We will then show how that component can be used to compose a realistic capital markets application.

Following the "share identity with FDC3" proof of concept at the FINOS Hackathon in May 2023, and the work done over the past year by the "Identity & Threat Modelling" workgroup, this session will demonstrate and explain how two applications can use encrypted channels to securely share information over FDC3, without needing to trust either the desktop agent or any other intermediary

As its adoption increases, CDM will become central to the opportunity for Capital Markets to use standards to drive operating efficiency. It is no surprise that the result of shared common data and event modeling will reduce complexity whether in terms of operations or technology support. Our session explores how to realize these efficiencies with a proposed microservices based reference architecture that leverages the standard internally and externally and aligns with modern database technology. The result will be a new collaborative distributed processing model. In addition, since firms are likely to utilize their own proprietary data models for specific use cases, a critical component of this architecture is the ability to transform back and forth between those internal models and the standard. To facilitate navigating and aligning to those internal models, we leverage an LLM trained in CDM to simplify the identification of relevant data elements and support their bi-directional mappings. The key intent is to use the LLM to understand the structure of CDM vs internal models and, thereby, create mappings either directly or by generating code and assisting software engineers.

Open corporate digital identity standards play a pivotal role in combating financial crime. They provide a framework for secure and reliable identification processes. These standards help to establish trust and ensure that individuals and entities are who they claim to be, which is essential for preventing fraud, money laundering, and other financial crimes. By adhering to open corporate digital identity standards, financial institutions can more effectively detect and prevent suspicious activities. For instance, consistent and reliable corporate identity verification processes help to create comprehensive audit trails, making it easier to trace transactions and identify potential illicit activities. This session will delve into how open standards support corporate identity verification and how these standards have improved effectiveness and cost efficiencies for the financial service industry. The discussion will address mechanisms for authentication, data protection, and regulatory compliance - all essential elements in the fight against financial crime.