How banks are exploring cloud computing


Article by Derryl Yu

Pressure on the IT systems of financial institutions (FIs) is on the rise as financial transactions are increasingly executed electronically.

According to BBVA research, the US alone has more than US$122 billion non-cash transactions yearly and is predicted to grow significantly over the next several years. The rapid move into electronic transactions has put FIs in a precarious situation attempting to fulfill the IT needs of their clients yet at the same time looking to keep operating costs low. One type of solution FIs have flirted with is cloud computing. In general cloud computing involves data being stored in an external server that is accessed through the internet. At the moment most FIs are using the cloud for non-core uses such as human resources, e-mail, customer analytics etc.

Several banks have taken it a step further and have moved their internal processes onto the cloud. European banks such as Robeco Direct N.V. have moved their retail-banking platform to the cloud. In Asia, DBS announced this summer that it would work with Amazon Web Services (AWS) for its own cloud solution.

The potential benefit of cloud for FIs is essentially speed and convenient access to important data. “We jumped on the cloud very early on in 2007. You can leave the data in the cloud and whenever you need it you can just take it,” explains Stephane Dubois founder and CEO of market data provider firm Xignite that uses cloud technology to get real-time financial information.

For Dubois it’s only a matter of time before most FIs look to forge additional partnerships with cloud providers. “Our vision is that market data will eventually be on the cloud. Exchanges will also run on the cloud too they won’t be able to keep doing what they are doing, so everything will be on the cloud all the data will be there,” he highlights. “The economics are so compelling so it’s happening. I can save huge amounts of money on the infrastructure.”

In spite of the impact cloud computing can offer FIs, financial regulators such as the MAS (Monetary Authority of Singapore) have urged banks to be mindful of the type of data they send to the cloud.

“Many years ago FIs weren’t sure if they should adopt cloud services they were doubts that cloud services are secure enough. There were doubts that cloud services were reliable,” reflects Chris Yao, deputy director, technology risk supervision at the MAS. “The MAS is not against cloud services this means that FIs are free to use cloud services. You need to be able to pick up your data from everyone else’s data and fence up your data.”

Yao suggests that one good way is to protect your data is to encrypt or tokenize it before it is sent to the cloud. Adhering to the cloud demand Alibaba Cloud the cloud computing arm of the Alibaba Group reported that it would open four new data centers by the end of 2016. Perhaps soon we will start seeing Chinese banks opting to use the cloud similar to their peers elsewhere around the globe.

Source: The Asset


In the foreign metal market and the world of international rates, currencies play the crucial role of acting as the medium of exchange in the transactions that take place.

Currencies like the United States dollar, the Euro, or the British Pound are commonly used around the world in order to get a metal rate. Some companies that offer precious metal live and historical rates have exposed their APIs (Application Programming Interfaces) to allow developers to integrate current and historical metal rates, currency conversion, or other capabilities into their applications.

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.

Read the article Top 3 Alternatives for Barchart Precious Metals Rates


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.

Read article on Bobsguide


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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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 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 or follow on Twitter @xignite