The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Packaging and Deployment: There is Another Way

By: Stephen Wood, Global Head of Enterprise Deployment at OpenFin

Let’s say you’re running IT for a bank. You will own software. You could build software and, of course, you’ve got a choice of software-as-a-Service (SaaS) options from third-party vendors. But those vendors have to be vetted. Do they meet your firm’s security requirements? Will they still be around a year from now? Will they be supporting the product?

Security onboarding is a tangible, and time consuming concern, but that’s only the beginning. Once you’ve picked a vendor, there’s the install itself to consider. Quality assurance, functionality, fault and conflict testing are all time consuming processes as you work through the inevitable kinks before a platform is production ready. Then, you need to send it to your internal packaging team to ensure it works in your desktop environment and meets security requirements. Desktop apps are notorious for creating the largest footprint for cyber attack, so you have to be sure of what you’re getting yourself into.

Now, let’s say you’re a humble software vendor. Your resources may be hard-pressed to withstand the intensive and intrusive process of a large bank’s vendor risk assessment – penetration tests of your infrastructure, questions about your business continuity plan, information about your own risk compliance and processes, how you onboard your staff, and the wealth of documentation they require. And this is before you get to packaging.

Working with your client’s IT team, you’ll spend the next three months (but probably more) in a cyclical process of testing, iterating and packaging. In the meantime, you’re burning cash while your product is quarantined from the marketplace. Interestingly, your client is also burning cash, about $600,000 a year of internal costs to package platforms like yours. Never mind upgrade rollouts, which your new client might not even take because of the daunting nature of the packaging process.

Caught in the vortex of compliance, security issues and environmental complexity, this cycle creates friction for financial institutions and vendors alike. Lucky for everyone involved, there’s an easier way.

OpenFin streamlines desktop app deployment and completely eliminates the need for software packaging and costly security reviews. It looks like magic, but it’s actually quite straightforward. OpenFin enables developers to build web apps that look and feel like native desktop apps – multi-window, multi-monitor, push notifications, popups and everything else a native app can do.

With OpenFin OS, a desktop app is web deployed just like a website is deployed via a browser – instantly. OpenFin ensures desktop security in the same way (and using the same mechanism) that is used by a web browser. Of course OpenFin OS itself needs to be approved (just like a browser), but once that is done there is no need for desktop apps deployed via OpenFin to be packaged and security reviewed. OpenFin also provides IT security with tools to seamlessly update to new approved versions of the OS.

OpenFin OS is already approved and running in over 1,500 buy and sell-side firms in over 60 countries and there are already more than 1,000 applications in the ecosystem. So you can finally say goodbye to software packaging. There is a better way.

Related content

WEBINAR

Recorded Webinar: A new way of collaborating with data

Digital transformation in the financial services sector has raised many questions around data, including the cost and volume of reference data required by each financial institution. Firms want to pick and choose the reference data they need to fulfil their requirements. Emerging solutions with the potential to decrease the cost of data and increase flexibility...

BLOG

Bank of England Progresses Data Standards Plan to Improve Data Collection at Lower Cost to Industry

The Bank of England is pressing ahead with plans to deliver data standards for data collection based on its vision that ‘the bank gets the data it needs to fulfil its mission, at the lowest possible cost to industry’. It acknowledges the challenges of setting standards, such as coordinating collective action, and says it will...

EVENT

ESG Data & Tech Summit 2022

This summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

ESG Handbook 2021

A-Team Group’s ESG Handbook 2021 is a ‘must read’ for all capital markets participants, data vendors and solutions providers involved in Environmental, Social and Governance (ESG) investing and product development. It includes extensive coverage of all elements of ESG, from an initial definition and why ESG is important, to existing and emerging regulations, data challenges...