Submission + - How the Federal Reserve Bank of New York is using open source
Esther Schindler writes: 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.
But the advantages are more than technical. Among them: "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."