January 06 2016
World’s leading banks choose Undo’s debugging technology to drive innovation within the financial services
Cambridge, UK, 6 January 2016 – Undo, the leading commercial supplier of next generation debugging solutions for Linux and Android developers, has today announced that it is one of 15 finalists participating in Accenture’s 2016 London FinTech Innovation Lab programme. The programme gives Undo valuable access to the financial services industry and will help the company to adapt and deploy its industry-leading next generation debugging technology within the banking sector.
The FinTech Innovation Lab brings senior bank executives and start-ups together to help early stage companies mature their offerings and build valuable relationships with technology decision makers and investors within the financial services industry. For twelve weeks, Undo will participate in a series of structured activities, mentorship sessions, and introductory meetings to understand how its technology can best meet the needs of the banking industry and its potential application within banks. If selected, it will be one of six start-ups which will present at an Investor Day in April 2016 where chosen start-ups will promote their businesses to a host of investors, media, bankers and government officials.
Undo was selected for the programme because its award-winning solutions significantly enhance software quality and security, while dramatically improving developer productivity. Its newest product, Live Recorder, voted ‘Best Software Product’ at the 2015 ARM Innovation Challenge, provides a unique ability to record programs very efficiently, producing recording files that can be subsequently replayed or analysed offline. Developers can create an exact copy of a specific issue as it occurred in production or in test environments, allowing them to find and fix difficult problems while giving them the ability to understand exactly what their program was doing at any point in its execution. Live Recorder can be used in conjunction with UndoDB, Undo’s reversible debugger, which enables developers to run and step their programs backwards, as well as forwards in time, allowing them to locate bugs much more quickly.
The financial services industry is particularly concerned about the risk posed by software bugs. Systems are becoming evermore complex and automated yet they must function in an increasingly regulated environment that demands the highest standards of software quality and reliability. Undo’s place on the FinTech programme demonstrates the importance of software quality to the world’s leading banks and that disruptive technologies such as Undo’s are being noticed in an era where code quality and security have never been more important.
‘The FinTech Innovation Lab is a fantastic programme and is a great opportunity for Undo’, said Greg Law, CEO and co-founder of Undo Software. ‘We are excited that our technology has been handpicked by leading banks to help drive innovation within the financial services sector. Software security and reliability are major challenges faced by banks today, and we know that our tools significantly improve the quality of code written in complex systems. The FinTech programme offers an ideal platform for us to better understand how we can meet the needs of the world’s leading banks and will hopefully drive product innovation and lead to long-term partnerships’.
Investment in disruptive technology that affects banking and financial services has surged in recent years, reaching $12.2 billion in 2014. Support for the FinTech programme is industry-wide with senior teams drawn from the world’s leading financial institutions, including Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, J.P.Morgan, Lloyds Banking Group, Morgan Stanley and others. In an interview with CNBC last year, Julian Skan, Accenture’s managing director overseeing the FinTech Innovation Lab London, said that these technologies could change the business models for the banking industry.
About The FinTech Innovation Lab
The FinTech Innovation Lab has been developed to help start-ups refine and test their business proposition with the support of the world’s leading financial firms. Held in a trusted, collaborative and non-sales environment, the innovative 12-week mentoring programme is an opportunity for start-ups to work with potential future customers and perfect their propositions, gain unique insights into the banking industry and build strong relationships. Now in its fourth year, the London FinTech Innovation Lab is run by Accenture in collaboration with a group of the UK’s leading financial service institutions, angel investors and venture capital firms. For more information, see www.fintechinnovationlablondon.co.uk.