Apr 07, 2020
Congratulations to Xignite inventors Dr. Qin Yu, Sr. Vice President of Engineering, Vijay Choudhary, Vice President of Product Management, and Pooya Soleimany Nezhadian, Engineer, for their patent award. The Xignite team received the 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.
The 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.”
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