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October 14, 2017 08:00 pm

How Open Source Software Helps The Federal Reserve Bank of New York

Long-time Slashdot reader Esther Schindler quotes Hewlett Packard Enterprise:When you handle trillions of dollars a year in transactions and manage the largest known vault of gold in the world, security and efficiency are top priorities. Open source reusable software components are key to the New York Fed's successful operation, explains Colin Wynd, vice president and head of the bank's Common Service Organization... The nearly 2,000 developers across the Federal Reserve System used to have a disparate set of developer tools. Now, they benefit from a standard toolset and architecture, which also places limits on which applications the bank will consider using. "We don't want a third-party application that isn't compatible with our common architecture," said Wynd. One less obvious advantage to open source adoption is in career satisfaction and advancement. It gives developers opportunities to work on more interesting applications, said Wynd. Developers can now take on projects or switch jobs more easily across Federal Reserve banks because the New York Fed uses a lot of common open source components and a standard tool set, meaning retraining is minimal if needed at all." Providing training in-house also creates a more consistent use of best practices. "Our biggest headache is to prove to groups that an application is secure, because we have to defend against nation state attacks."

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