Open Standards enable software to interoperate through open protocols as well as allow for the seamless exchange of data to occur between software and data stores. At Suade, we are proud to say that we follow and support the Open Standards principles and our Financial Regulatory (FIRE) Data Format is testament to this. We have developed a totally open source data format that defines a common specification for granular data used for regulatory reporting. FIRE is open source because we want to promote collaboration between coders, regulators and finance professionals and we want to increase transparency, which is at the core of Open Standards.
The Cabinet Office states:
Why you should use open standards
By using the Open Standards Principles for software interoperability, data and document formats, government bodies are supporting:
- equal access to government IT contracts for open source and proprietary software providers
- improved flexibility and ability when cooperating with other government organisations, citizens and businesses
- sustainable cost for government IT projects
In addition, open standards can be used to help:
- avoid vendor lock-in to a specific piece of technology, or supplier
- software interoperability
- reuse of software components built by others
- the sharing of data between services and systems
- reduce the overall cost of your digital service or technology programme
To see our FIRE Data Format and contribute, go here.
For more information on the Cabinet Office's Open Standards principles click here.