Fintech Open Source Foundation (FINOS) has joined Linux Foundation to accelerate the adoption of open-source software, standards and best practices in the financial services industry.

The Linux Foundation is a not-for-profit organisation focussing on mass innovation through open collaboration.

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FINOS is also a non-profit organisation which focusses on accelerating the adoption of open-source software.

As per the terms of the agreement, the Linux Foundation will acquire operating assets of the FINOS.

Following the deal, the Linux Foundation will look to position FINOS as its umbrella project.

Headed by executive director Gabriele Columbro, the FINOS team will join the Linux Foundation.

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Linux Foundation executive director Jim Zemlin said: “In less than two years FINOS has become the go-to foundation for open source collaboration in financial services. With this sector’s focus on technology-driven solutions, we feel the time is right to bring our two communities together to enable the next stage of innovation for our projects.”

Columbro added: “The FINOS community’s passion and dedication to applying open-source practices to address concrete, pressing topics — in areas such as cloud computing, financial modelling, desktop interoperability, messaging, tooling, and data technology — has established the transformative potential of open source within financial services.

“We are thrilled to join forces with the Linux Foundation to accelerate this growth and welcome an even more diverse set of members and projects under the FINOS umbrella.”

FINOS is an assorted community of developers, financial and technology industry leaders which focusses accelerating adoption of open source in the financial services sector.

It currently has over 30 member organisations, 300 plus contributors and many open source projects.