Software Development for Financial Trading Platform

Introduce your business and what you do there.

I’m the CEO of Maxfin Partners Limited based in London.

What challenge were you trying to address with INOXOFT?

We spent a number of years developing algorithms in standard database formats such as Excel. We wanted a partner to turn our Excel sheets, plans, and designs into a more robust and speedier package that included correct risk controls and disaster recovery. We needed a more robust programming product for production.

What was the scope of their involvement?

INOXOFT built a data solution that sticks the heavy computational tasks into databases on the cloud. It’s incorporated on a need by need basis. Their team took the heavy workload off of our frontend. It was a complete package.

Our services are calculation heavy. At the end of each hour, we take in data about the previous hour’s trading and price activities from third-party providers. Then, we run through a series of calculations. Based on the last hour, there may be thousands and thousands of calculations to perform quickly. These calculations asses how we proceed in the next hour such as adjusting our levels or extracting ourselves from any particular position.

Their team used cloud-based and web-based technologies. They created functions to alert us if a process hasn’t run correctly. They put in catch-all alerts around our space such as if data wasn’t collected or a fixed connection failed, or an API connection went down. Alerts are sent via e-mail, text, and phone calls.

They also incorporated many elements from third-party service providers as well as bespoke elements. Their team also created a usable front-end, which is web-based but private. We can log in to our web portal to can see an overview of the activity.

The product went live and INOXOFT’s developing it. Their team’s following up with enhancements and deviations from the initial platform.

What is the team composition?

We generally work with a team of four, which includes three developers and one QA. We also work with a project manager who has worked on this project since day one. As well, we work with a more senior project manager who is an access point for us in terms of dialogue and discussion.

How did you come to work with INOXOFT?

We found INOXOFT through a mutual connection that recommended INOXOFT. We spent time speaking with them. Then, we met with them at their Ukraine office. We spent a week mapping out the project and getting to know them, which was important to us. We needed to know we could get along with them. We came back from Ukraine and decided to work with them.

There were a number of different factors in our decision including price. It wasn’t a natural fit but once we met them and saw their portfolio, I quickly realized they had a good hold of their work.

They were also located in Lviv, Ukraine. The city includes four IT-focused universities. If they wanted to expand or needed new skill sets, they could cherry-pick the best people from the four universities. They were also personable and understood their products.

How much have you invested in them?

We've spent approximately $620,000 USD on their services so far.

What is the status of this engagement?

We started working together around April 2018, and our partnership’s ongoing.

What evidence can you share that demonstrates the impact of the engagement?

Our entire business is built around the software INOXOFT produced. Without the software, our business wouldn’t be able to operate. We wouldn’t be able to onboard new clients.

We’re a revenue generating business. It would be impossible for us to generate revenue without the software and package that INOXOFT put together. Our business wouldn’t exist or survive without the technology.

INOXOFT is there for us 24/7 to protect our program and clients. They’re always there if we need them.

On top of that, we had two close associates with development and technology requirements. We pushed them towards INOXOFT because they’re very good. We will be working with them for the considerable future, at least the next couple of years.

How did INOXOFT perform from a project management standpoint?

During the day, we communicate with them via Skype chat. We can pick up the phone or send messages back and forth. If they have any queries, they post them on Skype chat. We also use Google Docs to share documentation. It works well and is perfectly secure.

INOXOFT’s cautious and careful. The project manager’s absolutely outstanding. He understands our product and assigns the right people to the project. They take criticism well, so it’s become a proper working relationship rather than just a client relationship. It works well for us.

Their team was keen to break into the financial services industry, so there was initial pressure on them. With their previous work, there weren’t the same pressures on time and accuracy. They steered even more towards accuracy, which is especially important in financial services.

Their team adjusted their mentality quickly. They had to become more inquisitive in terms of what we wanted as a client. They wanted to talk about the project face to face to understand what we wanted to achieve. They’ve worked with us every step of the way.

What did you find most impressive about them?

Their most impressive quality is the number of hours they put into a project. When we initially went to them, we told them we had a big project that wasn’t really in their wheelhouse at the time. They undertook the challenge in a compressed time period, which was impressive.

Even today, they’re willing to work on weekends if they feel behind. Their work ethic’s their most impressive characteristic. I’ve never seen a company quite like them. 

Are there any areas they could improve?

This isn’t a negative quality, but they’re proud. At times it may be difficult for them to say they don’t understand. There have been moments when if they asked, I could’ve helped them better understand a task.

Do you have any advice for potential customers?

The key to our relationship was the time we spent together in person. It made all the difference to me. I was skeptical about the relationship because of the distance. It wasn’t until I spent time with the INOXOFT team that I understood our project was a priority to them.