When market data solutions provider Xignite wanted to boost its offering by providing its fintech clients with support for real-time trading services, the SaaS provider selected Amplify Streams to build its cloud streaming platform.
Now, Xignite can offer real-time market data capabilities to its clients quickly and cost-effectively, and they’re cutting down on time to market for innovative services.
The next level of market data services
Born at the start of the fintech revolution, Xignite helps its customers build next-generation investment and trading services, serving up accurate, timely data on millions of financial instruments across all asset classes to fintech clients around the world. These clients are launching mobile-led services that aim to bring the speed and convenience of digital channels to new communities of consumers.
Many fintechs work to democratize financial services by empowering consumers to take control of their investments. Xignite’s Market Data Cloud is a cloud-native platform that provides clients with secure access to market data via APIs, and it’s powering a new generation of mobile services where customers can trade, manage, and monitor their assets and securities at the touch of a screen.
Since 2006, the company has developed more than 500 REST APIs, which deliver insights into global assets including equities, futures, options, and more. But a new, growing demand for real-time market data had Xignite looking for the best way to offer streaming APIs to its clients.
“When retail trading platforms began to take off, we recognized that clients’ usage of our API platform was set to shift significantly,” said Vijay Choudhary, VP, Product Management, Market Data Solutions, Xignite. “We knew that many fintechs would soon want to deliver real-time market data directly to their end customers’ mobile devices. For Xignite, the objective was to find the most reliable and efficient way of bringing these game-changing new services to market.”
The company saw that the traditional request/response approach for APIs — in which apps and services continually poll APIs for the latest data — would be unable to scale cost effectively to support thousands or even millions of mobile endpoints.
A streaming solution that frees you up to do what you do best
Xignite selected Axway’s Amplify Streams to support its new real-time advanced market data solution, named Xignite CloudStreaming.
With Amplify Streams, Xignite can now turn to some of its most in-demand APIs (such as equities, exchange-traded funds, indices, futures, options, bonds, foreign exchange, metals, and more) into real-time streaming events. Its clients’ applications can then consume them seamlessly online and on mobile, for example, sending the new price of an exchange-traded fund to an end-customer’s mobile device.
And because the entire Amplify platform is built on open standards, the company’s developers aren’t locked into any specific vendor and can hit the ground running. As Choudhary puts it:
“By choosing Amplify Streams, we get a product, not a project. As a result, we are free to focus on developing our offering for clients and can rely on Axway to enhance our streaming capabilities 24/7.”
Offering services faster and more efficiently
In addition to enabling game-changing services, Xignite is finding that Amplify Streams is allowing the company to onboard clients faster, which cuts time to market for new services, and reduces the total cost of ownership for its customers.
“Our Xignite CloudStreaming API ingests gigabytes of financial data per second and disseminates it efficiently to our clients,” says Choudhary. “With Amplify Streams, there was no need for us to change any of the back-end infrastructure. Most importantly, the work for our clients is also minimal, since the Xignite CloudStreaming adapters are almost identical to our existing APIs.”
The company can typically onboard a new client to Xignite CloudStreaming within a week: up to 96 percent faster than the six months of integration work for a traditional request/response API architecture deployment.
And for some of their larger clients, the total cost of ownership of Xignite CloudStreaming can be as much as six times lower, enabling fintechs to redirect investment into value-added customer services.
Xignite recently helped a financial services firm in Latin America enable its domestic consumers to trade in real time in the U.S. equity market. With Xignite CloudStreaming powered by Amplify Streams, the firm now delivers real-time streaming data to thousands of mobile users without costly infrastructure overheads.
What’s more, thanks to Xignite’s ultra-efficient streaming architecture, this client was able to scale from 20,000 to more than 500,000 active mobile users in a matter of months.
“Our mission is to make market data easy, and our partnership with Axway is a key enabler,” concludes Choudhary. As Xignite looks to the future and moves to the latest version of Amplify Streams, the company predicts it will unlock additional efficiencies, helping it to keep the cost of its services competitive while protecting its margins.
Learn more about the evolution beyond non-event-capable REST APIs and how streaming offers opportunities to enhance customer experiences.