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WealthTech Open APIs: shapes, colors and focus

Xignite

Article by Efi Pylarinou

In May I wrote about The API movement in the robo-advisory space, and found that those with API offerings were companies in the brokerage business (which is severely disrupted as we speak) and not that much in businesses with robo-advisory offerings (without brokerage and custody).

At the time (6 months ago), I checked the APIs listed on the Programmable Web directory in the Financial category, Payments, e-commerce (see May figures here). Today, the Financial category and e-commerce show a 10% increase each; the Payments category on the other hand, a 30% increase (Government 2% increase).

The Financial category isn’t easily dissected; therefore, one can view it mostly around consumer banking type of functions. Large incumbent institutions are starting to have some type of API offering (starting form ATM locations, credit cards, payments etc). You can sample them in the live conversation on the Fintech Genome Let’s build a List of Banking APIs (created by Konstantin Rabin, Kontomatik) and Open Bank Project & JB Financial Group Launch Global FinTech Hackathon in South Korea (created by Ismail Chaib, TESOBE / Open Bank Project). Those include BBVA, OCBC, BNP Paribas, JB Financial Group. If there are more that are joining the party, add them to the conversation.

Open APIs in WealthTech

The ones already mentioned on the Fintech Genome are:

Xignite – Xignite – a wind intensifying the Fintech fireworks

Hedgeable  – Hedgehogs have one simple trick and Hedgeable too 

Saxo Bank  – The FX broker transformed into a Fintech scale-up in the multi-asset investment space – Saxo Capital Markets – with an Open API offering along side its white label multi-asset trading offering. (Disclosure: Saxo Capital Markets is a client of Daily Fintech Advisers).

Xignite has a data focus; Hedgeable is a next generation investment platform (including Bitcoin and private equity) that could be integrated (to create more products or to distribute products in a cheaper, faster way); Saxo Markets offers the full stack of the investment process and could be used to create and distribute more products (leveraging the Saxo Markets access to global markets).

Addepar, the other Fintech scale-up that just surpassed $500billion in AUM, has been focused mainly on RIAs in the US but is targeting asset managers and family offices. They provide an integrated solution for transactions, holdings, securities, tax lots and related metadata. They just announced the new Addepar Open API that invites innovation on their platform.

IBM Watson is entering the WealthTech API segment also targeting Financial advisors, fact that nobody can afford to ignore. The IBM Wealth management offering – Client Insight for Wealth Management powered by IBM Watson – was presented, much like a startup, at FinovateSpring 2016 and is the first API –based the IBM cognitive predictive analytics offering. IBM is leading the Cognitive era movement which has multiple possible use cases.

Symphony, B2B Wall Street-backed sweetheart and Bloomberg competitor, has also opened up its API. The announcement is just two weeks old: Symphony Software Foundation (the Foundation), is a nonprofit organization fostering open innovation around the Symphony secure messaging platform with a corporative approach. The Open Developer Platform will be launched before Christmas and will provide access to the Symphony platform.

And last but not least, the #FintechRevolution API ecosystem that was created by Xignite a year ago. It is a membership organization open to fin vendors, data providers, accelerators etc. Its mission is to create a select API offering that is simple and usable, so that more APIs are created. The members range from Nasdaq, StockTwits, Quantconnect, Estimize etc.

Fintech API rev.png

Open API colors and forms in WealthTech

Open API offerings come in various forms of “openness”; private access or public access on the Github.

More importantly, they can play different roles on the financial value chain. We mentioned above businesses with an Open API offering that enables communication or access to Financial Data or information, to Asset management services with alternatives, to the Full stack investment cycle, to Cognitive Predictive analytics.

We also highlighted two industry wide foundation initiatives (by Xignite and Symphony).

The value that will be created through these Open API initiatives (to be determined in 2017) may focus on three main areas:

  • Creating new products
  • Integration of the new financial services
  • Distribution of third party products 

Source: Daily Fintech

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In order to know about precious metals live and historical rates, there’s a lot of APIs available online, and if you want to try one, Barchart is going to be one of your first options. But if you take a look at what else is in the market, you’ll find alternatives so many great alternatives:

Xignite Market Data Cloud Platform

Xignite Market Data as a Service was one of the first market data services built to run in AWS and they are one of the few vendors that is an AWS Advanced Technology Partner with a Financial Services Competency.

With more than a decade of cloud expertise in building, scaling and operating cloud-based market data technology, it is no surprise that leading financial services and capital markets firms rely on this company to empower their journey to the cloud. Their Metals API Service offers real-time prices and quotes for metals including Gold, Silver, Palladium, Platinum and other base metals. In addition to real-time precious metals prices, the service provides daily London Fixing prices as well as historical precious metal prices and metal news. 

Xignite Cloud APIs are sourced from leading providers such as FactSet and Morningstar as well as Xignite’s own curated, high-quality data.

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02/25/2021

Each year, Bobsguide asks the market to vote for fintech companies they believe stand out from the competition – those who have gone the extra mile in terms of development and servicing their clients. Xignite is proud to be listed as the "Best API Management" vendor on the Bobsguide 2020 Rankings.


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01/26/2021

Web services data provider Xignite captured the AFTAs judges’ attention on the infrastructure front with its release of Xignite Enterprise Microservices in July 2020, a suite of cloud-based microservices for data management, storage and distribution in the cloud, designed to help financial firms migrate from monolithic legacy data architectures to more agile and less expensive cloud services and data sources.

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01/25/2021

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, today revealed the results of its collaboration with StockCharts, a leading technical analysis and financial charting platform for online retail investors. The collaboration involved a move from an on-premise market data provider to Xignite’s cloud-native technology hosted in Amazon Web Services (AWS). Download the case study containing the full results.

StockCharts requires vast quantities of financial data to power its visualization, charting and tracking tools, which investors use to analyze the markets to help with investment decisions. The company was frustrated by the limits of its on-premise market data center, which was forcing the team to make architectural decisions based on what its data center could handle in terms of speed and storage, not on their technology. Its previous market data provider was just starting to build out some cloud offerings, but they were far away from what the business required. StockCharts decided to migrate its infrastructure to the AWS cloud and partner with Xignite to gain access to endlessly scalable market and financial data delivered through innovative cloud APIs.

The collaboration made an immediate impact as StockCharts was able to expand its offerings and customer base by pursuing growth strategies enabled by Xignite’s cloud-based approach, which provides easy access to data and eliminates architectural limits on storage and speed.

The pandemic provided further validation. Seattle-based StockCharts was in one of the first areas hit by COVID-19 and was forced to quickly shut down its office. Pandemic-driven market volatility followed and StockCharts customers wanted to visualize what was happening. The company’s ability to scale quickly and accommodate a high volume of new requests would not have been possible without Xignite.

“The move to the AWS cloud and Xignite has unlocked tremendous new potential for us in a lot of architectural ways, and has given us a lot of data options that we could not even consider before,” said Grayson Roze, Vice President of Operations at StockCharts. “It relieved us of the burden of figuring out how to source things. Instead, we know exactly where we need to go to get the data and can access it instantly. That is a huge, huge benefit for our business.”

“We are proud to have played a role in transforming how StockCharts approaches data,” said Stephane Dubois, CEO and Founder of Xignite. “The events of this year unleashed a massive spike in retail trading and a host of other unexpected forces that reinforced the need for financial services firms to leverage the cloud. Despite the disruption of this year, StockCharts was positioned for success, and we look forward to continuing to deliver our financial and market data solutions to the industry at large.”

Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2006 when it introduced the first commercial REST API. Since then, Xignite has been continually refining 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 and leverage a suite of specialized microservices-delivered modules to build efficient and cost-effective enterprise data management solutions. Visit http://www.xignite.com or follow on Twitter @xignite

01/12/2021