SoFi Uses Xignite to Instantly Alert Members of Changes in the Market
Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, received a patent for methodology that provides real-time user alerts based on defined stock market conditions. The patented technology is used in Xignite’s CloudAlerts REST API, which lets fintech developers build functionality into their web or mobile apps to automatically notify users by SMS, email or on screen of virtually any type of market condition, for any stock, such as price movements, volume triggers and historical level breakouts.
First filed in December 2016 and awarded by the United States Patent and Trademark Office (USPTO) in March 2020, Xignite's methodology is unique as it enables the massive scalability of market data-driven user alerts. Building a market alert infrastructure for large numbers of users has historically been complex and time-consuming. Not only must fintech platforms manage huge quantities of investor preferences, but they must also reliably handle the processing of millions of exception conditions occurring on massive real-time data streams.
Xignite’s patented technology uses an object-oriented approach particularly suited for large scale deployment in native cloud microservices. By using powerful concepts such as message-queuing and separating the detection of market alerts from their evaluation and their processing, Xignite makes the concept of market alerts infinitely flexible and scalable.
Digital personal finance company SoFi, uses Xignite CloudAlerts in its’ free SoFi Invest consumer investing service. The service offers stocks, ETFs, and robo-advising, with no commissions or SoFi management fees
“We have set up a rule that if any stock in a member’s holdings or watch list goes up or down 5% to send a text alert or email to the member,” said Samuel Nofzinger, Trading and Investment Manager at SoFi. “SoFi saw record investing activity last week during the coronavirus outbreak and that really tested our alerts system. Our customers value the alerts because they help them invest and protect their money better, especially in today’s volatile market.”
The Xignite inventors include Dr. Qin Yu, Vice President of Engineering, Vijay Choudhary, Vice President of Product Management, Pooya Soleimany Nezhadian, Engineer, and Al Chang, former CTO.
“The challenge for any type of market alert functionality is scalability,” said Yu. “It's easy to create market alerts on GOOG and a couple of big tech stocks, the challenge is to do it on hundreds of thousands of instruments globally for potentially millions of users. That's the problem we tried to solve and that is the technology that our patent covers."
Xignite offers CloudAlerts APIs for delayed quotes for equities, ETFs and other exchange traded instruments.
Xignite Makes Market Data Easy. Xignite is leading the disruption of the market data industry with its AWS-based financial data distribution and market data management solutions. Xignite’s Market Data Cloud Platform provides market data managers full transparency on the usage of a firm's first-level real-time and reference data - making it easy for data owners to entitle, control consumption, comply with licensing requirements, allocate costs, and resolve vendor audits or invoice discrepancies. Xignite also powers financial data-driven robo-advisors, online brokerages, and investing apps with its real-time, delayed and historical pricing data offered via 500+ REST Cloud APIs. Visit http://www.xignite.com or follow on Twitter @xignite.