Xignite, Inc. is the leading provider of market data cloud solutions. Xignite makes sourcing and integratingreal-time and reference market data into apps and devices easy and more cost-effective than alternative data feeds. The Silicon Valley-based company is helping fuel fintech innovation by powering web sites and apps for more than 1000 financial services, media, software and corporate clients, including fintech innovatorsWealthfront, Betterment, Personal Capital, Motif Investing, Robinhood, StockTwits, and Yodlee.
How do API’s factor into your company’s long-term growth strategy? Do you see your company becoming an “open platform” of integrations?
APIs are our strategy. 95% of our business is about delivering market data APIs. We are an open platform for market data integration. That’s what we do. That is who we are.
Are the growth of open API standards important to your industry?
Our industry has historically focused on delivery of data via terminals and fees. We were the first company to launch a REST-based market data API back in 2004. Delivery via APIs is the fastest growing segment of our industry today and therefore very critical to what we do. It still represent a small segment of the industry as a whole.
What are some ideas for apps or integrations that developers or startups could build on your API?
With more than 1000 firms and applications using our APIs today, we have already seen a very large and creative set of use cases for our data. Since we have more than 45 services and more than 1000 API calls, there really are no limits to what developers can do with them. We have some interesting stories, like that of the secure money transportation company who uses our real-time gold prices to evaluate, in real-time, how much insurance they need on their armored cars for the gold they transport. Another example is a private jet manufacturer who embeds our stock quotes API in their multimillion dollar planes.
What has your team learned about building scalable, accessible API’s? What advice can you give to other teams building their own API?
Our first APIs were released in 2003 so we were not only a pioneer in REST APIs but have also been building them and tuning them for longer than anyone else. Our APIs are notoriously scalable and easy to use. We have extensive guidelines on how to build good APIs and we have published on it as well. The net net is 1) Forget about your data and processes, just design with the developer in mind. 2) Throw away documentation. If the API is not intuitive by itself, rebuild it. And 3) Speed matters: build it on AWS and cache the hell out of everything.
Source: Dev Network
About the Author
Stephane Dubois is a recognized software and market data industry executive and innovator, who founded Xignite to pioneer market data in the cloud. Stephane Dubois is a well-known fintech thought leader and is frequently quoted in publications, including Forbes, MarketsMedia, WallStreet & Technology, Financial News, Bob's Guide, Inside Reference Data, and Venture Capital Journal. He has spoken at numerous fintech events around the world, including Finovate, FinDEVr, DKF, WFIC and The Money ConfeFollow on Twitter More Content by Stephane Dubois