E pluribus unum: Out of many, one. A phrase not limited to official seals and American currency.
For Louis Hernandez, Jr., chairman and CEO of Open Solutions, the phrase carries weight in core banking application development, as well. For him, Open Solutions newly-launched DNAappstore and DNAcreator bring community-based financial institutions and credit unions strength in numbers, through the creation of a "collaborative global marketplace" of core banking applications.
"What it now allows is this global collaborative network where information can happen anywhere and be shared everywhere immediately," Hernandez says.
Open Solutions wants its application creator and app store to do for core banking what the ability to create and share apps have done to revolutionize how consumers customize their experience on mobile phones such as those running Apple's iOS or Google's Android.
Open Solutions' DNAcreator and DNAappstore are built on Microsoft .NET and Visual Studio, the same architecture as its DNA core platform and Shared Application Framework. As banks, independent developers or vendor partners develop new applications for DNA, they share them among the collective through the DNAappstore. Hernandez says that, rather then limit a bank's flexibility, the system lends itself to innovation and natural growth.
"I think what this will do is usher in the next era of financial technology," Hernandez adds. "It’s going to alter the way that people work together."