Innovative Currency Exchange Platform: Accessible and Secure
Langate has improved the performance and security of a platform that gives access to trade currencies with an extra flexible system.
Our team has implemented the FIX (Financial Information eXchange) Protocol to make the currency exchange fast, accurate, and secure according to high-competitive industry standards.
Work
- Improving admin console
- Inserting FIX protocol
- Creating GUI (Graphical User Interface) system
- Full-cycle manual and automated testing
Summary
To bridge the liquidity gap in NDFs (Non-Deliverable Forwards) and facilitate onboarding, 24 Exchange required a skilled team of experts to develop and debug an automated system using the FIX Protocol. We created a user-friendly UI system to streamline trading, enhance user experience, and increase profitability through efficient commission management.
Learn how Langate improved admin console, inserting FIX protocol. Implemented over 450 automated tests and developed complex automation framework from scratch.
To create a platform that effectively bridges the bifurcated pool of liquidity in NDFs (Non-Deliverable Forwards) through a unique workflow, and eliminates barriers to onboarding, a skilled team of Developers and QA Engineers is essential.
Langate ensured regular updates, introducing new features and bug fixes to maintain a seamless and efficient currency trading experience. FIX Protocol enables the exchange of real-time information, order instructions, and trade-related messages in a consistent and standardized format, ensuring efficient and reliable communication.
The Client
Our client operates a dynamic, emerging multi-dealer trading platform designed to facilitate cost-efficient exchange of financial assets for market participants. They offer a range of trading options, enhancing profitability for users across various trading workflows. The company provides options for foreign exchange spot and derivatives trading.
The Problem
The lack of FIX Protocol automation necessitates the development and debugging of an automated system. The main objective was to enable trading through a user-friendly UI system while generating revenue by increasing earnings through commission rates. By addressing these issues, the client aimed to streamline the trading process, enhance user experience, and maximize profitability through efficient commission management.
Primary Challenges
Crafting intricate trading scenarios to mirror real-time trading, tackling technical glitches stemming from multiple systems and interface gateways, regulatory compliance, and constantly managing multiple APIs. Align testing according to FIX protocol.
Multiple Systems
One of the primary challenges lies in the involvement of multiple systems that interact with each other through a diverse range of languages, gateways, and protocols. This complexity gives rise to a dynamic trading environment, demanding test cases and scenarios capable of capturing its intricate nature. In particular, the Financial Information eXchange (FIX) protocol, a widely used messaging standard in the financial industry, plays a crucial role in enabling communication between different systems and needs to be seamlessly integrated into the testing process.
Constant Adjustments
Our client requires the capability to adapt swiftly and accurately. Through weekly releases and diligent bug fixing, we ensure a well-designed infrastructure with reliable support, empowering our client to respond effectively to market challenges. Getting onboard, wiring funds, pausing accounts can all be handled digitally, thanks to automation framework.
The Process
Langate demonstrated remarkable success in updating the admin console and developing an innovative GUI for the trading platform. The project required expertise in both technical aspects and a deep understanding of the financial domain.
- With an agile development methodology, we swiftly iterated through design and implementation, ensuring seamless integration with the backend systems.
- Regular feedback sessions, workshops, and user testing allowed us to align the GUI with the traders’ needs, ensuring an intuitive interface for executing trades and analyzing market data.
- The fruitful work of the client-side team and Langate was built on mutual trust and a shared vision for the project’s success.
- Open lines of communication and active involvement of stakeholders on both sides fostered a strong partnership.
The Solution
Achievements and Future Plans
- The company processed $1.49 Billion in average daily FX NDF (Non-Deliverable Forwards) trading volume for its global institutional customers over the month and reached a historical record FX NDF trading volume of $1.89 Billion in February 2023.
- As they became leaders in Crypto Spot, Crypto NDF and FX NDF currencies, they are planning to thrive in FX Swap trading.
- Transferred data on several servers, one in NYC and another in London. That makes the platform faster and more secure.
- Our team continues to work on the project, and new technological solutions. Increasing in the number of users and the quality of service are ahead.
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