Securing Fintech Apps Becoming a Top Concern

Synopsys Cybersecurity Research Center’s “The State of Software Security in the Financial Services Industry” report revealed FSI organizations test only about 34% of all financial technology in use for cybersecurity vulnerabilities.

The Mountain View, Calif.-based Synopsys, which helps development teams build secure, high-quality software, announced a partnership establishing an application security validation program for FusionFabric.cloud, the U.K.-based fintech provider Finastra’s open platform for developing, deploying and consuming financial applications. The program aims to ensure all applications offered via the FusionFabric.cloud FusionStore have passed thorough vigorous security testing assessments.

Because app vulnerabilities continue to plague organizations, security teams and software developers regularly have to do more in less time, meaning they are failing to assess their software for security vulnerabilities before release.

Through this partnership, Synopsys aims to:

• Validate the security posture of all applications onboarded to FusionFabric.cloud;
• Allow financial institutions to streamline the onboarding process for new applications and bring innovation to market faster; and
• Ensure applications published on the FusionFabric.cloud platform meet the highest standards of design, development and deployment for security.

“By partnering with Synopsys on our application validation program, we’re creating a win-win solution for financial institutions and fintech developers,” Nir Valtman, head of product and data security at Finastra, said. “Financial institutions can streamline the onboarding process for new applications and bring innovation to market faster, and fintech providers get third-party validation from an industry-leading application security company.”

FusionFabric.cloud is a scalable, open and collaborative development platform that enables fintech providers to create and bring applications to market faster. Synopsys will help validate the security posture of all applications onboarded to FusionFabric.cloud, using solutions that include static application security testing, software composition analysis, penetration testing and code reviews.

“In today’s dynamic threat landscape, security is a requisite component of innovation, especially in the fintech space,” Steve McDonald, co-general manager of the Synopsys Software Integrity Group, said. “The net result is that fintech providers can focus on delivering innovative solutions rapidly, and their financial services customers can rely on them with confidence.”

Early adopters of the platform, who have already completed the application validation program, include Allied Payment Network and Monotto.

“The FusionFabric.cloud platform has provided us with inroads to Finastra’s client base and has driven demand for the RoboSave app, our automated savings tool,” Christian Ruppe, CEO and Co-Founder of Monotto, said. Ruppe noted by going through Synopsys’ rigorous validation process, financial institutions have peace of mind that RoboSave meets the highest standards for security.