Too Nice To Fail: Can Moral Finance Save Your Bank?


Forbes Fintech For 25 years in the ballroom of the Hilton Hotel in midtown Manhattan, a sprawling, week-long conference you’ve never heard of shaped your financial life. It was called the Securities Industry Association Technology Conference, (later renamed SIFMA Tech) and it was where the largest technology firms came to pitch the biggest banks on everything from how your 401k got traded to how your bank let you access your money online. Of course, ‘you’ were merely a notional statistic at this four-day financial love-fest. The real name of the game was to help the banks get more profitable and give institutional traders an edge over their – equally institutional – competition.


But then 2008 happened and the financial world went to hell in a hand basket, taking the majority of SIFMA Tech with it. Not only did the banks suffer but public trust in banks plummeted to somewhere just slightly north of used car dealers.

Bank Trust Fintech

Financial services didn’t just take a beating during the financial crisis, the fundamental nature of finance needed a makeover. EnterFinovate. Finovate is like TechCrunch Disrupt for Finance, showcasing the best new innovations in financial and banking technology via short, fast-paced demos (no slides allowed) and high-quality networking.


Its location? The ballroom of the Hilton Hotel in midtown Manhattan.


Finovate Fintech


The Finovate conference, like the SIFMA show before it, still brings together financial bigwigs and technologists but ‘you’ – meaning the consumer: your hopes, dreams and desires – are now most definitely the center of the action. Walking through the halls of Finovate has a somewhat Twilight Zone quality about it. It’s like a version of Dickens’ ‘A Christmas Carol’ in which the financial industry wakes up after a terrible nightmare and resolves to change its miserly ways before it’s too late.


As Stephane Dubois, CEO of financial data company and regular exhibitor, Xignite points out: “There is an incredible irony to seeing Finovate held at the Hilton, the traditional home of the SIFMA Tech show. The energy and innovation demonstrated by these new companies at Finovate easily offsets the luster lost over the years by SIFMA and its traditional contingent of legacy financial providers. It’s like watching a phoenix being born out the ashes of old finance.”


So just who are these financial philanthropists?


Well there’s SaveUp, an app on a mission to help consumers rebuild their finances after five years of recession. Describing themselves as ‘the gummy vitamin of personal finance’, SaveUp blends traditional balance updates with gamification, encouraging consumers to pay down debt with the opportunity to win prizes and merchant-funded rewards.


In the same vein, an app called ImpulseSave from True Potential enables users to make “impulse deposits,” in small increments on their cellphones, smart watch and even Google Glass. The ideas is to make saving habitual and even fun.


“Traditional banks could never have approached saving this way” says Jeff Burrow, COO and Co-founder of FlexScore, another Finovate exhibitor and presenter. “The reality is that old-school financial institutions make their money on debt. They are not really incentivized to help consumers become debt free.”

Then there’s EverSafe, a financial monitoring platform designed specifically to protect seniors from fraud. “Isn’t this what the banks and credit bureaus are supposed to be doing?’ I ask. “You would think so” says Howard L. Tischler, EverSafe’s founder and CEO, with a wry smile “but we’re definitely filling a gap in the market!”


SIFMA Tech didn’t exactly get replaced with a bunch of financialMother Theresas but this brand of financial capitalism certainly comes in a different flavor. Even the less overtly benevolent exhibitors promote a democratization of finance that was scarce before 2008; giving consumers access to instruments and models previously the preserve of the institutional market alone.


HedgeCoVest, one of the most popular exhibitors at the show, is a platform which enables investors to make allocations to hedge fund strategies in their own brokerage accounts, thus giving mom and pop a taste of alternative assets and the higher returns they typically deliver.


Evan Rapaport, CEO of HedgeCoVest notes: “The individual investor has been locked out of this part of the market for too long. We believe that the most attractive investment opportunities should be available to everyone and not just institutions and the ultra-wealthy”


Patch of Land, does the same thing in property, using a peer-to-peer model and enabling the mass affluent in becoming savvy real estate investors with investments as low as $5000.


“The established principles of finance were overdue for a rethink” says Jeff Burrow of Flexscore. “For example, we created Flexscore because we believed that credit worthiness – the traditional gauge of a person’s financial wellbeing – was a useful but ultimately limited measure of overall fiscal responsibility. Students come out of college and the first thing they’re told to do is get a credit or store card and start establishing a credit history. If you think about it, that’s crazy: we’re telling kids who are probably already overloaded with college debt to go and start borrowing more money.” Flexscore, Financial Life Experience Score, by comparison, takes a more holistic view of the individual, gives them total financial clarity and helps them improve their financial standing.


This concept of clarity and accessibility permeates the halls of Finovate. Firms such as blooom (sic), for example, are attempting to make the complex world of 401ks more comprehensible for non-financial customers via neat, consumer-friendly visualizations.


Even in the most arcane areas of the institutional market, such as fixed income, new players like Algomi (which I heard referred to at the show as “Facebook for Bonds“) are borrowing tools pioneered in social media to bring an openness to the financial markets.


At the end of the first day I spoke to Mike Laven, CEO of Currency Cloud, another new financial provider and regular Finovate attendee. Unlike many of the presenters at the show, however, Mike is an industry veteran – having held multiple C-suite positions at financial technology firms since the early 90s. I asked him why, after all that time at the top of large, well-established providers he chose to launch a scrappy start-up. ‘Taking another CEO role at a major firm would certainly have been the easier choice” he concedes, “but there’s a financial technology revolution happening today and I want to be on the right side of history.”


Source: Forbes


Partners with ESG Book to Drive Investor Sustainability Engagement

, April 12, 2022 /PRNewswire/ -- Xignite, Inc., the leading provider of market data APIs to brokers and wealth managers, announced the launch of a new Environmental, Social and Governance (ESG) data API in partnership with ESG Book, a global leader in ESG data and technology. Xignite's brokerage, wealth, and media customers can now increase user engagement and retention with state-of-the-art sustainability trading products.

As ESG investment has gone mainstream, today's digital investors, institutional investors, and corporations alike require ESG data to help them answer questions that range from a company's workforce diversity to its commitment to a net zero future. In this context, brokers and wealth managers can use ESG data to increase client engagement around their portfolios and differentiate their offerings in a very fragmented marketplace.

"We are thrilled to extend our highly scalable and advanced API platform to include ESG Book's real-time sustainability dataset. With the recent SEC announcement of proposals for climate disclosure, the momentum for sustainability data in the U.S. just keeps on building. If you do not offer ESG data and portfolio analytics to your clients today, you will run into growth and retention challenges," said Stéphane Duboi, the CEO of Xignite.

Dr Daniel Klier, CEO of ESG Book, said: "As capital markets transition towards a more sustainable, net-zero future, demand for accessible, comparable and transparent ESG data has never been higher. We are delighted to be partnering with Xignite, a global leader in API solutions, to deliver our real-time ESG data products to clients at both speed and scale through the latest cloud technology."

Xignite's new ESG API is designed to fast track the launch of ESG powered products. Transparent, well-structured and easy to understand ESG datasets eliminate the need for robust in-house ESG expertise. Advanced screener endpoints further simplify development by eliminating the need to maintain a database.

XigniteGlobalESG API covers a comprehensive universe of public companies domiciled in North America, EMEA, APAC, and Latin America. In addition to ESG scores, this API provides Global Compact scores, involvement data, temperature scores, and raw emissions data.

About Xignite

Xignite is the leading provider of market data API solutions to brokers, wealth managers, and the tech firms who serve them. Xignite has been disrupting the market data industry from Silicon Valley since 2003 when it introduced the first commercial REST API. Today, more than 700 firms use Xignite's APIs more than half a trillion times a month to deliver high-value data to digital investors. Visit or follow us on Twitter @xignite.

About ESG Book

ESG Book is a global leader in sustainability data and technology. Through a cloud-based platform, ESG Book makes sustainability data more widely available and comparable for all stakeholders, enables companies to be custodians of their own data, provides framework-neutral ESG information in real-time, and promotes transparency. It counts many of the world's leading financial organisations among its clients, which collectively manage over $120 trillion in assets.


Sales Up 50%. API Volumes Now Exceed Half a Trillion per Month.

Xignite, Inc., the leading provider of market data APIs to brokers and wealth managers, announced that 2021 was a banner year for its business. Xignite experienced more than 50% growth in new client bookings over 2020. Most of this growth was fueled by heavy demand from new brokerage and wealth management applications as more firms entered the business. Xignite also saw a 53% increase in API consumption to a whopping half a trillion requests a month - driven mainly by increased activity from digital investors as they consumed more and more data during the pandemic.

The Digital Investor Revolution was created by the convergence of zero-cost trading, fractional shares, working from home, the pandemic, and the emergence of a new and more powerful generation of retail investors. This has created significant momentum in trading and wealth management, primarily US-based equity and options trading. And it has fueled the entrance of a considerable number of new prominent players in the field, especially embedded finance providers. It all came to light in early 2021 with the Reddit and Gamestop phenomenon. But it has not proven to be short-lived. The transformation could be profound. Indeed Xignite saw its momentum accelerate in Q4-2021, with bookings growth exceeding 310% over the same quarter in 2020.

“Xignite is one of the oldest and most scalable commercial API infrastructures globally. It’s not a surprise that our clients have grown to rely on us for their mission-critical business needs,” says Stephane Dubois, Xignite’s CEO and Founder. “It’s not only the mind-numbing volumes that we have to deal with,” adds Dubois, “It’s also the 4-nine+ level of availability we deliver day in and day out coupled with the awesome market data quality and the high touch responsiveness of our support teams. These metrics matter to large embedded finance firms entering the business or legacy firms migrating to the cloud. They spend tens of millions of dollars entering the business. They don’t want to see it evaporate because of poor data quality or API availability.” 

About Xignite

Xignite powers the investing apps and services that enable millions of people to manage their portfolios and trade stocks from a phone or tablet with the industry’s best financial market data APIs. We help more than 700 fintech trading, investment, and analytics firms like Robinhood, SoFi, and Betterment provide digital investors with the market data they need, such as real-time stock prices and company news. Visit or follow on Twitter @xignite.


Xignite, Inc., the leading provider of market data APIs to brokers and wealth managers, announced the launch of a new cryptocurrency data API. Xignite’s brokerage, wealth, and media customers can now increase the value and stickiness of their services to digital investors by taking advantage of the depth and breadth of data offered by this API.

Investment in cryptocurrencies has increased dramatically over the last few years and has proven to draw new investors into the world of trading. As a result, brokerage companies are trying hard to make buying, selling, and holding Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and other cryptocurrencies as easy as possible for their clients. The XigniteCrypto API is the first to bring together a vast universe of cryptocurrency information alongside the equity, ETF, and option data brokers and fund managers need to offer high-quality services to their clients. It also provides the depth of functionality required for them to engage customers and drive trading activity

“Cryptocurrencies tend to operate in their own world,” said Stephane Dubois, CEO, and Founder of Xignite. “This means that if you want to offer integrated equity, option, and crypto trading or analytics for your clients, you are going to have to cobble up a lot of heterogeneous data from many disparate sources, and that’s a pain,” adds Dubois. “With our new crypto API, you get the depth of coverage, the quality, and the reliability across all asset classes you need to grow your business - all in one integrated solution.”

Xignite’s new cryptocurrency API, XigniteCrypto, provides real-time and historical quotes for over 900 cryptocurrencies, including coins and tokens. It includes unique API endpoints that help firms engage digital investors, using the data and tools they need to make crypto trading decisions, including price alerts, historical charting, currency conversion, and cryptocurrency news.

About Xignite

Xignite is the leading provider of market data API solutions to brokers, wealth managers, and the tech firms who serve them. Xignite has been disrupting the market data industry from Silicon Valley since 2003, when it introduced the first commercial REST API. Since then, Xignite has continually taken advantage of new technologies to help its clients grow their business and serve their customers better by using financial market data effectively. Today, more than 700 firms use Xignite’s APIs more than half a trillion times a month to deliver high-value data to digital investors. Visit or follow on Twitter @xignite.



Xignite, Inc., a cloud-based market data distribution and management solutions provider for financial services and technology companies, announced a new Vendor of Record service for clients subscribing to real-time and delayed market data. The new service vastly simplifies the administration and reporting required by exchanges and often eliminates the need to pay redistribution fees, potentially saving clients thousands of dollars a month.

As an approved Vendor of Record, also called a Service Facilitator, Xignite can redistribute real-time and delayed equities and options pricing data from Nasdaq, New York Stock Exchange (NYSE), Options Price Reporting Authority (OPRA), OTC Markets (OTCM), and the Toronto Stock Exchange (TSX). 

Adhering to the complex compliance guidelines required by exchanges is extremely difficult for investment advisers, financial advisers, or order management software providers that need to display real-time or delayed data. Each exchange has its own unique set of regulations and compliance requirements, and clients need to prove that they have control over who receives the data, in what format, and for what use case. Xignite’s Vendor of Record service eliminates the administrative burden of tracking these complex compliance requirements.

The new service utilizes Xignite’s cloud-native Entitlements and Usage Microservices to give firms complete control and transparency of their data consumption and usage. Xignite provides data entitlements, usage tracking, and exchange reporting across various data sets, users, and applications to ensure exchange compliance. Xignite’s new service sometimes eliminates the need to pay expensive redistribution fees. Exchange fees for display data, regardless of the number of users, can cost upwards of $10,000 per month. These high fees are especially difficult for smaller financial firms with just a few real-time data users.  

“Maneuvering through the maze of required compliance policies, entitlements, usage tracking, and reporting requirements, and being subjected to frequent audits is no easy feat,” said Vijay Choudhary, Head of Product for Xignite. “Xignite’s mission is to “Make Market Data Easy.” Today’s announcement is another step towards this. We are taking away the administrative burdens and complexity of licensing market data and allowing our clients the freedom to focus on their investment and trading strategies and building innovative products.”

Xignite’s Vendor of Record service is available for professional users with internal and display-only use cases. The service is available now as an add-on service for subscribers of our real-time and delayed equities and options pricing data APIs. These include:






About Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2003 when it introduced the first commercial REST API. Since then, Xignite has continually refined its technology to help Fintech and financial institutions get the most value from their data. Today, more than 700 clients access over 500 cloud-native APIs to build efficient and cost-effective enterprise data management solutions. Visit or follow on Twitter @xignite.