The Collaborative Software Initiative released an XML Schema and Web Application to help banks reduce risk, protect their financial data and increase operational efficiency under the BITS Shared Assessments Program. BITS member banks include Bank of America, The Bank of New York Mellon, Citi, JP Morgan Chase and Wells Fargo & Co.
This project is a first for open source development in the financial services industry. It goes way beyond phase one – the widespread adoption of Linux and the development of commercial projects to support it – all the way to banks using resources collaboratively to remain compliant, manage risk and improve operational efficiency.