Reportedly, the platform will assist the banks and insurance companies to do away with overspending on proprietary platforms. It also ensures to help the start-ups, if they choose to become implementation partners.

“FINAL will be available free of cost to banks and financial institutions as a basic infrastructure platform on Linux,” said V Kamakoti of Reconfigurable Intelligent Systems Engineering Lab, Department of Computer Science and Engineering, IIT Madras.

The BFSI institutions may have to invest about one-tenth the expense of a proprietary product for customising FINAL to their requirement.

The banks are free to customise the module either through with its own team or with the assistance of implementation partners, he said. By having the code, banks will have more control over their data than depending on vendors he said.

The code generated will enable the banks to sustain more control over their data than depending on vendors he said.

The owner of the source code will be IIT Madras, he s aid.

“A start-up can use FINAL free of cost, and execute projects for a bank or financial company. A training course on Massive Open Online Course through NPTEL will be launched soon. This will help a bank to use its in house employees implement the software,” he said.

“We will release enhanced versions on regular basis,” he said.