Continuous technological innovation is crucial for today’s Capital Markets organisations, particularly those operating in global financial hubs, like London. However, talent shortages and sky-high commercial rents can prove prohibitive when it comes to expanding internal tech teams.
In turn, while offshoring to countries such as India, China and Malaysia can provide cheaper labour options for London companies, it can impede the necessary collaboration, communication and engagement required to deliver projects successfully. It’s for this reason that organisations are increasingly opting for nearshoring software development solutions in a bid to overcome challenges and continue innovating.
One location that’s firmly established itself as a world-leading technology hub is Belfast, which boasts a thriving tech sector employing more than 60,000 people. Belfast is also home to Neueda’s headquarters where we work with some of the leading names in global finance, helping them to evolve their technology assets in the competitive electronic trading, exchange and regulatory landscape.
Here, we explore Neueda’s partnership with one London-based company involved in FX post-trade reconciliation, credit management and monitoring, and the challenge that nearshoring to our Belfast team helped them to overcome.
What They Needed
With approximately $6 trillion traded daily, FX is the world’s largest market and continues to grow at a rapid rate, with London the highest centre by geographic location.
This London-based client re-engineered post-trade FX workflows from the ground up to reduce cost and risks for all FX market participants. The team identified a further opportunity to significantly reduce costs in the FX post-trade space by offering participants the ability to conduct post-trade reconciliation, credit management and monitoring on a shared platform. This would mean eliminating the need and associated cost for participants to maintain their equivalent in-house solutions.
To take advantage of the significant growth in the FX market, the business wanted to work with a technology specialist that was located close to its London base and could build a custom platform from the ground up.
That’s Where Neueda Came In…
Our team in Belfast assembled an agile development team to build this bespoke solution. Such proximity ensured that we could work closely with the team in London to obtain a real understanding of their unique business and technology requirements and collaborate on crucial architectural and design decisions to ensure the platform met their needs.
Regular contact and site visits were crucial to ensure the success of this project. This ranged from daily standup calls to weekly planning and review meetings, as well as fortnightly demos of the new features.
Neueda helped the company create a new microservices-based platform to deliver its offering to clients in the FX trading space. It uses the latest microservice and continuous delivery approaches and is designed with high-availability and redundancy in mind from inception.
Crucially, the platform can be scaled for future growth in FX trading flows, and enhanced to offer new value-add services, so this London-based business can always remain ahead of the curve.
Find Out More
Stay tuned to our nearshoring blog series to learn about all of the benefits of nearshoring and some of the world’s emerging hotspots. Can’t wait that long? Download our free guide: