UBS and GitLab have signed a multi-year contract for strategic collaboration.

As members of the Fintech Open Source Foundation (FINOS), the global bank and DevOps lifecycle tool are aiming to address common industry challenges and drive innovation.

A statement from UBS said it uses Agile and DevOps methodologies to develop, test and deploy digital solutions.

Mike Dargan, head of UBS Group Technology, explained: "Agile and DevOps, in conjunction with our cloud journey, are the way to offer even more dynamic, higher quality, and more efficient software engineering."

The collaboration with GitLab is at the heart of DevCloud, which improves the bank's ability to cover the entire development process with just one DevOps platform.

This is expected to increase quality and decrease time-to-market significantly: UBS said it should be able to more than double the speed of software engineering by the end of 2021.

Dargan said: "With GitLab, we leapfrog many of our competitors and break the barriers between coding, testing, and deployment - in addition we expect this technology to enable us to engineer our cloud native applications as well as our traditional banking applications from one platform."

GitLab offers a single application for the entire DevOps lifecycle which aims to increase efficiency by eliminating communications between different tools, and decreases maintenance costs.

In addition to efficiency, strengthening UBS's stability and resilience is a major driver to implement one single DevOps platform. The automated cycle between coding, testing and deployment should be beneficial for the bank's applications.

The cooperation also aims to contribute to the standardisation and wider adoption of security frameworks and financial tools. These standards will be sharable with other financial industries and are expected to contribute to the overall development of banking of the future, as well as increase of efficiency and cooperation within the ecosystem.

Share Story: