Money.Net joins community of firms building on OpenFin to accelerate innovation and collaboration across the industry
NEW YORK and LONDON: Money.Net, the disruptive, web-based platform for financial data, news and analysis, today announced that it has selected OpenFin technology to quickly and seamlessly onboard, deploy and deliver Money.Net software at scale, particularly within global financial institutions.
OpenFin is the secure desktop operating system built specifically for the high-performance needs of capital markets and used by more than 50 of the world’s largest banks, buy-side institutions and trading platforms to launch and realize their digital transformation strategy.
OpenFin standardizes the operating environment for hundreds of industry applications on financial desktops, allowing seamless deployment, interaction and interoperability between apps to enhance workflows and increase efficiency. Banks, brokers, asset managers and hedge funds now use OpenFin to unify a fractured ecosystem of financial applications to build their own unique desktop environment, selecting the very best applications necessary for each end user’s workflow. The OpenFin roster of applications includes hundreds of apps that can now be leveraged by Money.Net.
“Using OpenFin to provide interoperability among desktop applications is one of the most requested features we have seen,” said Morgan Downey, CEO of Money.Net. “Additionally, market data administrators like the seamless updates which OpenFin enables, and users love the ability to save windows without borders and remember the position of multiple windows on their desktop. Money.Net’s multi-window web-based desktop apps do not require a download and OpenFin’s technology makes the Money.Net app look and feel just like natively installed app.”
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At the same time, Money.Net announced that it is becoming a member of the Fintech Open Source Foundation (FINOS), a nonprofit foundation promoting open innovation in financial services and its FCD3 (Financial Desktop Connectivity and Collaboration Consortium) initiative, which is driving and defining industry-wide standards for desktop application interoperability.
Initially launched by OpenFin in October 2017, the FDC3 initiative has garnered the support of 50 major financial industry players across banks, asset managers, hedge funds and cross-industry vendors representing financial data, trading and communications. The FCD3 initiative was incorporated into FINOS’ open source governance framework in May 2018, to support the long-term growth and adoption of the FDC3 standards by the fintech community.
Deploying Money.Net through OpenFin addresses the need for a universal collaboration tool across the financial services industry that meets stringent security and compliance standards while accommodating modern communications preferences. Using Money.Net over OpenFin will introduce the following new features to Money.Net:
1) Secure, seamless installation and updates;
2) Borderless multi-screen windows;
3) Memory of window position on screens;
4) Interoperability with other applications running on OpenFin;
5) Native application experience for web-based apps not requiring any download.
“We’re thrilled to welcome Money.Net as a partner on OpenFin,” says Mazy Dar, OpenFin’s CEO. “We are now present on more than 145,000 financial desktops globally and we constantly look to our partners to improve the collaboration experience with relevant, high-quality content. We are passionate about enabling innovation and we want to make it as easy as possible for FinTech firms, banks, buy-side firms and hedge funds to build and deploy new applications quickly and efficiently, directly onto permissioned desktops.
He adds: “When a user adds Money.Net to their workflow, they’re getting real-time content that informs better decision-making and ultimately drives better performance. And that translates to the kind of results customers expect in the future of work.”
“Joining the OpenFin ecosystem affords us an opportunity to sell content directly to customers on the OpenFin platform, an entirely new channel to deliver and monetize innovations to some of the world’s largest companies. By presenting Money.Net content through a secure and compliant platform, we’re becoming part of the workflow for the modern worker.” said Morgan Downey, CEO of Money.Net.
The Money.Net desktop application, Excel add-in, MATLAB integration and mobile apps provide multi-asset class (equities, commodities, FX, fixed income) global coverage at 1/15th the cost of a legacy terminal.