Xignite, an established provider of market data distribution and management solutions for Fintech firms, has acquired a patent for methodology that enables real-time user alerts – which are reportedly based on defined stock market conditions.
The Fintech company’s patented technology is used in its CloudAlerts REST API, which allows financial technology developers to add functionality into their web or mobile-based applications, in order to send automatic notifications to users via text messages, email, or on screen of the latest stock market conditions.
The service is available for any stock, and can report their price movements, volume triggers and historical level breakouts.
Xignite had submitted its patent application back in December 2016. It was reportedly awarded the patent by the US Patent and Trademark Office (USPTO) last month.
As noted in a release, Xignite’s methodology is unique as it allows the “massive scalability” of market data-driven user alerts.
Developing a reliable market alert infrastructure that can accommodate a large group of users has been a time-consuming and complicated process. That’s because Fintech platforms have to handle many different investor preferences. They also need to reliably facilitate the processing of millions of exception conditions which take place on large real-time data streams.
SoFi, a leading digital personal finance firm, uses Xignite CloudAlerts for its Invest consumer investing service. The service reportedly offers stocks, exchange-traded-funds (ETFs), and robo-advising services, without charging any fees.
Samuel Nofzinger, trading and investment manager at SoFi, stated:
“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.”
“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.”
Xignite has been developed by Dr. Qin Yu, the firm’s vice president of engineering; Vijay Choudhary, VP of product management; Pooya Soleimany Nezhadian, engineer; and Al Chang, the company’s former chief technical officer.
“The challenge for any type of market alert functionality is scalability. 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 provides CloudAlerts APIs for delayed quotes for equities and ETFs.