Global banks back project to strengthen open source resilience

Major global banks are teaming up to protect the digital infrastructure that powers modern lending and payment systems. Through a new alliance called OSERA, the industry is moving to secure 'open source' software. This is the free, shared code that most consumer financing platforms use to run their applications. For retailers and operators, this news matters because it addresses the growing risk of system outages and security breaches that can halt your ability to process credit applications. When a major software component fails or gets hacked, it can take down financing portals across multiple industries simultaneously. This initiative seeks to create a 'safety net' for that code. By centralizing the way banks and fintechs manage this software, the industry aims to ensure that the tools you use for BNPL, credit checks, and payment processing are more stable and less prone to sudden technical failures. While you won't see a new product on your dashboard tomorrow, this move creates a more reliable environment for the digital tools your customers rely on to make purchases. It reduces the likelihood that your financing partner's system will go dark due to a bug in a shared piece of global software code.

Source: Finextra

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