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Xignite Receives Patent for Stock Market Alerts Technology

klangstaff@xignite.com

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.

About Xignite

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.

 

 

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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. 

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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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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.

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“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.”

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