Exclusive: Tradesmarter Launches Backpack Spin-Off Focusing on RegTech

Backpack provides turnkey back office solutions built in accordance with the best practices in the capital markets industry.

Tradesmarter, a binary options trading technology provider, today announced the launch of Backpack, the new regtech spin-off of Tradesmarter’s backend fintech products.

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Industry participants will already be accustomed to Tradesmarter which provides webtrader front end technology, together with the launch of its auto trading 3rd party app “Social Radar” which was reported by Finance Magnates earlier this year.

The introduction of Backpack means there will now be a complete back office solution for capital markets. The decision by Tradesmarter to separate the two and manage them separately ensures a neutral platform and neutral industry.

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Yoni Avital, founder of Backpack and CEO of Tradesmarter, commented: “The technology utilized by Backpack has been built fully from bottom up to support our regulated companies over the years. Our multifaceted approach through our array of products, which include Backpack CRM, Backpack Reporting, Backpack Pay, Backpack Compliance, Backpack API Marketing, and Backpack BI, enables a turn-key solution for the financial industry.”

Regtech companies often use works like automation and efficiency to discuss processes but this approach only solves one piece of a larger puzzle for those looking to improve and comply with the demand for tighter regulation.

Additionally, these companies will have spent a large amount of money integrating everything from top to bottom in the belief that it will make everything faster, more effective and more connected, but problems tend to arise due to the integrated nature of any IT infrastructure.

Backpack resolves these issues by connecting all the parts and having one solid solution built to cut costs that improves processes.

Avital continued: “Backpack truly stands apart from other RegTech companies searching to achieve similar results. We’re looking forward to using our unique approach to continue to rise above our competition, and to merge and acquire several technologies within our space to become the strongest and leading company with the vast expertise and reputation, providing unparalleled service and solution.”

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