this post was submitted on 17 Nov 2023
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Free and Open Source Software

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What's stopping banks from creating FOSS (or atleast open-source) banking solutions (apps)? (fost.hu)
submitted 1 year ago* (last edited 1 year ago) by nIi7WJVZwktT4Ze@fost.hu to c/foss@beehaw.org
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Let's say, I create a bank with the caveat that all of my banking phone apps and webapps are FOSS (or if they depend on non-free components — banks probably do to communicate with each other —, then just OSS). Am I going to be behind the competition by doing this?

If the most secure crypto algorithms are the ones that are public, can we ensure the security of a bank's apps by publicizing it?

Are they not doing this because they secretly collect a lot of data (on top of your payment history because of the centralized nature of card payments) through these apps?

EDIT: Clarifying question: Is there a technical reason they don't publicize their code or is it just purely corporate greed and nothing else?

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[–] ceiphas@feddit.de 17 points 1 year ago (1 children)

[–] squaresinger@feddit.de 4 points 1 year ago

Like, literally. That's their job description.