The Convergence of Two Thriving Tech Sectors: Open Source Software Revolutionizes Embedded Finance
In a groundbreaking announcement at Money20/20 this summer, Lerex Technology, a B2B payment solutions provider, introduced its new open-source user interface software, available for free download from their website, as outlined in The Fintech Times. Lerex is renowned for offering fully managed solutions that cater to the next generation of digital payment solutions, encompassing accounts, digital and physical cards, e-wallets, and various payment methods. Their services are designed to empower entrepreneurial organizations seeking to embed financial features into their products and services.
Roberto Rivero, an advisor at Lerex Technology, expounds on the advantages of open-source software (OSS) when compared to in-house developments and commercial, closed-source software. He also enthusiastically welcomes the advent of OSS in the realm of embedded finance.
Open source software, as defined by Wikipedia, is «computer software that is released under a license in which the copyright holder grants users the rights to use, study, change, and distribute the software and its source code to anyone and for any purpose.» This definition implies that OSS is distributed with its source code readily accessible for anyone to view and modify, subject to the license’s constraints.
Moreover, OSS is often developed and maintained collaboratively by its user community, with contributors freely sharing their work with others. This collaborative approach has led to the creation of transformative products in the tech industry, including Apache, Mozilla Firefox, the Linux operating system, and Google’s Chrome.
The integration of OSS into embedded finance offers numerous benefits, including:
- Cost Savings: OSS is typically free, but its value extends beyond its price tag.
- Time Savings: OSS can expedite development efforts significantly, providing a head start for projects.
- Community: Open contributions to OSS engage skilled programmers worldwide, enhancing software quality and security.
- Transparency: The ability to inspect source code aids in evaluating software quality, which is not possible with commercial software.
- Control: OSS grants users more control, allowing modifications and enhancements as needed.
- Agility: Utilizing OSS enables organizations to respond swiftly to new requirements without relying on external suppliers.
- Independence: OSS remains viable even if its creating organization ceases to exist, ensuring longevity and evolution.
The introduction of OSS into embedded finance promises a wealth of practical benefits for developers, companies, and ultimately, their customers. Lerex is enthusiastic about the synergy between OSS and the technology industry’s vibrant corner, embedded finance, believing it will drive innovation and enhance the industry’s value proposition.
Three key impacts of OSS adoption in embedded finance include:
- Rapid Development: OSS drastically reduces development time, transforming months of work into mere days.
- Focused Innovation: Liberated from routine tasks, programmers can concentrate on unique product features and high-value additions.
- Accelerated Growth: OSS expedites the development of minimal viable products (MVPs), facilitating investor funding and faster revenue generation.
OSS provides a crucial «head start» that reduces risks, upfront costs, and accelerates revenue generation. Lerex is proud to lead the charge in embracing this innovation, facilitating the payment market’s journey towards cost-effective, time-efficient digital solutions.