May 26, 2015
Symphony Communication Services LLC, a secure communication and workflow technology company, announced today the formation of the Symphony Foundation, the nonprofit counterpart of the company focused on open, collaborative community development of the platform's source code to further communication innovation.
The Symphony Foundation was established based on the belief that open-source development will empower community members to customize the platform and allow for choice amongst platform users. Through an open-source license, the Foundation will enable community members to make and share modifications that both serve the common interests of and will be used for the mutual benefit of the community. Additionally, the Foundation will influence the direction of the platform by incorporating elements such as enhanced security and increased functionality.
“Providing open-source access to the Symphony platform has been our goal since inception to further innovation," says David Gurle, chief executive officer at Symphony. "The operating source code offers full transparency and flexibility, while building trust within our community. Furthermore, we have the opportunity to hear from our users and community regarding how we can make the platform better and more efficient for them. The Symphony Foundation allows us to become better partners in building the communication ecosystem that best meets our customers' needs.”
The Symphony Foundation joins the growing number of technology companies that are embracing open-source licensing for better industry collaboration. The Symphony Foundation will use the Apache License 2.0, which allows for the broadest use and adoption of Symphony code adaptations, and will be open to the community in early 2016.
“The open-source community has revolutionized the way developers collaborate and contribute code, resulting in more efficient, effective and accessible solutions,” says Paul Walker, global co-head of Technology at Goldman Sachs—one of the initial investors in Symphony. “That’s why open-source software has become central to our operating environment and a powerful tool for our engineers.”
The Symphony Foundation is overseen by a board of directors, including Gurle as chairman and Symphony employees Mike Harmon, chief technology officer, and David M'Raihi, chief security officer. Also joining the Symphony Foundation are the following partners: BGC Partners, BlackRock, BNY Mellon, BofA Merrill Lynch, Citadel, Citi, Credit Suisse, Deutsche Bank, Dow Jones, FactSet (NYSE:FDS | NASDAQ:FDS), Goldman Sachs, HSBC, ICAP, Jefferies, J.P. Morgan, MarketAxess, Markit, Maverick Capital, McGraw-Hill Financial/S&P Capital IQ, Morgan Stanley, Nomura, Tradition, Tullett Prebon and Wells Fargo.
“We invested in Symphony because of our belief that through collaboration with communication technology experts and our financial industry peers, we will advance our industry and better serve our clients,” says Suresh Kumar, senior vice president and chief information officer at BNY Mellon. “Open source has been a major enabler as we build our own digital enterprise, and adding the open-source community to Symphony will positively impact the platform.”
Christophe Chazot, group head of Innovation at HSBC, says, "The launch of the Symphony Foundation is a welcome step forward for the platform. The firm and its partners are well-placed to benefit from the open, collaborative innovation of open-source development—a phenomenon which has underpinned some of the most exciting technological advances of recent years.”
“Symphony’s open source communication and collaboration service will provide the financial industry with a strong platform to help drive innovation and allow us to better serve ICAP’s clients,” said Dean Berry, global head of eCommerce, ICAP. “ICAP will play an active part in the ongoing development of the Foundation.”
“We view open source and open standards as drivers of technological innovation in capital markets. Our services benefit not only from open standards for collaboration among our large network of customers, but also from the creation of new software that enhances the utility and interoperability of our platforms. We are ready to begin contributing code for new workflows and applications to the Symphony Foundation to pool and leverage the collective expertise in the open-source community,” says Brad Levy, managing director and head of Processing at Markit.
“Communication forms the backbone of the financial services industry,” says Dan Marcus, global head of Strategy and Business Development at Tradition. “We welcome the opportunity to be a member of the Symphony Foundation and enhance communication and workflow through co-operative innovation.”
For more information to join and receive updates on the Symphony Foundation, visit http://www.symphony.foundation.
Symphony is an open-source, secure communication and workflow platform that aims to improve workplace productivity and connects users to their community. Leading financial institutions have invested in Symphony to develop a scalable, cloud-based and highly secure collaboration platform that will address the enterprise and compliance requirements for the financial services industry.
Financial institutions, as well as other firms looking for a secure enterprise communication platform, that wish to join the Symphony community can contact Symphony at Interest@symphony.com.