BOSTON, March 7, 2024 — Tidelift, a provider of solutions for improving the security and resilience of the open source software powering modern applications, today announced it has joined the Fintech Open Source Foundation (FINOS), the foundation of open innovation in financial services and part of The Linux Foundation. By participating in FINOS, Tidelift hopes to help bring open source maintainers to the forefront of the effort to improve open source security and resilience in the financial services industry.
Tidelift is the only company that partners directly with open source maintainers and pays them to implement industry-leading secure software development practices and validate the practices they follow so organizations can have the same confidence in the security of their open source that they have in their own code. Through Tidelift, maintainers also contractually commit to continue these practices into the future so that organizations can confidently make long term investments in the packages they use.
Identified as one of the most valuable technologies used by the financial services industry, open source software has become an integral and relied upon tool to help organizations innovate quickly. In the wake of high profile security incidents impacting open source software such as Log4Shell, open source software supply chain security has become a critical issue.
“Tidelift is pleased to join FINOS and support its important work of advancing the adoption of open source software in financial services,” said Donald Fischer, CEO and co-founder, Tidelift. “Our financial services customers have implemented Tidelift’s unique model of partnering with and paying independent open source maintainers to ensure they use enterprise-grade secure software development practices and have reduced open source related risk and improved productivity in the process. We look forward to working with the entire FINOS community to improve the security and resilience of the open source we all rely on.”
With a mission of investing in strategic areas of open source collaboration, FINOS comprises forward-thinking organizations across the entire financial services industry. FINOS has enabled codebase contributions from both buy- and sell-side firms and counts over 79 major financial institutions, fintechs, and technology consultancies as part of its membership.
"As financial services embrace an ever more active posture in open source supply chain security and sustainability, I couldn’t be more excited to welcome Tidelift to the FINOS community," said Gabriele Columbro, Executive Director of FINOS. "By connecting maintainers and users in the financial services sector, I see Tidelift playing a fundamental role advancing the security posture of open source components this industry so critically depends on, not only reducing risks for financial institutions but in turn creating a systemically safer global financial system.”
About Tidelift
Tidelift helps organizations improve the health and security of the open source powering their applications. Tidelift partners with leading open source maintainers to provide the only source for human-validated data about the secure development practices followed by the world’s most critical open source projects. This enables organizations to use open source with confidence, so they can create more incredible software, even faster. https://tidelift.com/
About FINOS
FINOS (The Fintech Open Source Foundation) is a nonprofit whose mission is to foster adoption of open source, open standards and collaborative software development practices in financial services. It is the center for open source developers and the financial services industry to build new technology projects that have a lasting impact on business operations.
Read FINOS press release on six new members joining, including Tidelift.
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