Article: Powering new banking business models with open banking platforms

Money, Open Governance

Powering new banking business models with open banking platforms

While the concept of Open Banking has been around for some years, the industry mostly espoused it for the sake of regulatory compliance. However, in the wake of the pandemic, there has been a definitive and rapid uptake of open banking approaches and adoption globally. For instance, in Covid’s devastating aftermath, many beleaguered borrowers – especially small businesses and individuals – have found the Open Banking ecosystem to be an easier source of credit.

By authorizing their banks and various other institutions to share their data with third-party providers in real-time, the borrowers are able to tap a wider supply of credit on more favorable terms. And this is just one of the many forces driving the accelerated adoption of Open Banking that has made it a key transformational lever of our world today.

Read Full Article

Article: Microsoft Build and the Hidden Benefits of Open Source

Innovation, Open Source, Open Space

Microsoft Build and the Hidden Benefits of Open Source

At Microsoft Build 2021, I was struck by how different the company was from when I first started covering it in 1994 during the ramp up to Windows 95.  Back then, Microsoft, just like Apple and IBM, was particularly proprietary and fiercely competitive.

But in the early 2000s, Microsoft started to change its external behavior. Instead of challenging interoperability, they embraced it. Instead of challenging open source and Linux, they became one of the biggest advocates. And last week at Microsoft Build, it was clear that this has also had a positive impact on the company.  Microsoft is a company folks want to work in tech.

Read Full Article

Article: The Five Ways To Build Machine Learning Models

Free, Language, Libre, Open Data, Open Software

The Five Ways To Build Machine Learning Models

Machine learning is powering most of the recent advancements in AI, including computer vision, natural language processing, predictive analytics, autonomous systems, and a wide range of applications. Machine learning systems are core to enabling each of these seven patterns of AI.

In order to move up the data value chain from the information level  to the knowledge level, we need to apply machine learning that will enable systems to identify patterns in data and learn from those patterns to apply to new, never before seen data. Machine learning is not all of AI, but it is a big part of it.

Read Full Article

Article: Digital Currency: The Future Of Your Money

Money, Open Governance, Standards

Digital Currency: The Future Of Your Money

Digital currency has the potential to completely change how society thinks about money. The rise of Bitcoin, Ethereum and thousands of other cryptocurrencies that exist only in electronic form has led global central banks to research how national digital currencies might work.

Digital currency is any currency that’s available exclusively in electronic form. Electronic versions of currency already predominate most countries’ financial systems. In the U.S., for instance, the physical U.S. currency in circulation is only about one-tenth of the overall money supply; the remainder is held in various bank deposits in electronic form.

Read Full Article

Article: How Banks Need To Be Using Fintech Post-Pandemic

Money, Open Governance

How Banks Need To Be Using Fintech Post-Pandemic

Thanks to COVID-19, companies are facing tough decisions about how to operate and what they want to become. For banks, this means looking closely at the relationship they have with fintech and considering what kinds of integrations or partnerships make sense. To continue offering the most value to both investors and customers, banks will likely need to embrace open banking and marketplace operations far more than they currently have.

Over the past 10 years, the bank-fintech relationship has been based on fear, curiosity, or pragmatism, at various points in time. The main concern banks had at first was that fintech would offer the same services banks do, which would lead customers to turn to fintech businesses instead of banks.

Read Full Article

Article: Why open banking APIs are so different

Money, Open Governance

Why open banking APIs are so different

Open banking comes with a lot of expectations and promises, such as democratization of Access to Account (X2A), increased competition between banks and fintech’s, and provision of better control to end-customers over their financial data and payments.

To facilitate the adoption of open banking, several API standards incentives were created including Open Banking UK, Berlin Group, STET in France, Polish API, CDR in Australia, and so on. Also, a process of collaboration between API groups has been initiated. However, in the real world of open banking, APIs’ consumers, including fintech’s and banks themselves, have faced a lot of challenges while integrating those APIs into unified product propositions. Why? Because APIs are so different.

Read Full Article

Article: MacStadium offers free cloud-based Mac mini for open source developers

Code, Open Software, Open Source

MacStadium offers free cloud-based Mac mini for open source developers

Qualifying iOS and macOS developers can now remotely build software on a Mac mini, provided by MacStadium specifically to support the creation of open source apps.

Hosting company MacStadium has already helped developers move to Apple Silicon, such as the team behind macOS utility HomeBrew, and now it wants to extend that help to more people. Developers working on open source projects, and not funded by other companies, can apply to use MacStadium’s services for free.

Article: How Railsbank can provide new financial opportunities in Australia

Money, Open Governance

How Railsbank can provide new financial opportunities in Australia

London-based Railsbank has partnered with Australian neobank Volt and the former plans to improve and provide fintech opportunities in the country. Railsbank wants to use Volt’s banking-as-a-service platform to distribute various products, such as cards and payments. This is a partnership that will contribute to Railsbank’s expansion in the Asian region.

Open banking got a slow start in Australia, but by adding cards in summer 2020, the country also contemplates adding more financial services this year. The concept of online banking has been rising in recent years, and Australia is no exception.

Read Full Article

Article: Pilot Program Offers NYU Students and Faculty Instant Access to 150,000 Ebooks Via App

Access, Open Decision-Support, Open Software, Open Source

Pilot Program Offers NYU Students and Faculty Instant Access to 150,000 Ebooks Via App

NYU Libraries and ProQuest launch pilot program to offer the NYU community an additional, user-friendly option for accessing and reading ebooks. NYU Libraries and ProQuest have launched a pilot project that will make over 150,000 scholarly titles available to students and faculty via their mobile devices. NYU users can access coursebooks, ebooks, and reference works from major publishers through an e-reader app called SimplyE.

Available on both Apple and Android devices, SimplyE is a free-to-use service that allows library users to browse, borrow and read ebooks on their phones or tablets. Based on open-source technology and developed through a non-profit collaboration between the New York Public Library (NYPL) and LYRASIS, SimplyE is widely used in public libraries.

Read Full Article

Article: Advances in open source CAD software, new open source project aims to bring Linux to Apple, and more

Free, Libre, Open Software, Open Source

Advances in open source CAD software, new open source project aims to bring Linux to Apple, and more

FreeCAD 0.19’s migration from Python 2 to Python 3 and Qt4 to Qt5 is complete. This newest major feature release includes updates to its navigation cube, dynamic properties, backup file handling, and more. FreeCAD 0.19 includes several new features, as well.

Icon theme management, a dark stylesheet, a WebGL exporter, Arch Fence, and Arch Truss tools are just a few of the update’s new additions. Want to learn more? Visit the FreeCAD wiki for project updates and to learn how you can contribute.

Read Full Article