Building any financial apps, websites or applications will require access to data feeds from various sources such as exchanges and data providers such as FactSet and Morningstar. In the past, the data often have to be downloaded onto the local computers before they could be analysed. It takes a lot of storage. Moreover, different types of data come from different providers with different input interface. Now thanks to the APIs from Xignite, the whole process now becomes much easier. I am delighted to hear from Stephen Dubois, founder and CEO of Xignite at Finovate Asia 2016 on November 8, which is part of the Fintech Week in Hong Kong.
Xignite is a market data provider based in California. It has licensed different types of data including quotes, valuations, earning estimates and fundamental data from different sources. Users can thus access their data through APIs. It offers two major advantages: all the data are cloud based, this means that the cost of storage is eliminated. Not only that, it facilities the writing of mobile apps which use data from the cloud. Secondly, the APIs for different asset classes have been standardised to make them easier to deploy. The data have been cleaned up and standardized. It significantly cuts down the development time.
Today, more than 1,000 companies from 55 countries are using Xignite’s technology to run their applications. They include well established players such as Bank of Montreal, BlackRock and Charles Schwab as well as start-ups such as robo-advisor firms Wealthfront and Betterment. Xignite estimated that this year they will serve 1.6 trillion API requests.
Xignite has received many awards including Forbes’ FinTech 50 and KPMG FinTech 100. Stephen himself was nominated as the Fintech Person of the Year by FTF News.
As Kerry Langstaff, the Chief Marketing Officer of Xignite, explains, the key advantage of her firm is customization. The user only pays for specific asset class and specific frequency. The fact that the data is stored on cloud make developing mobile apps very easy. Undoubtedly APIs make writing financial applications easy.