The way we communicate is changing quickly. From emails to SMS to instant messaging to mobile apps, emerging technology is rapidly evolving the world of communication. But how private are all these products.
When discussing fragmented technology, our reporting has tended to focus on how having a multitude of operating systems such as Windows, Mac, Android and iOS, have made it difficult for developers to produce cross-platform products to fit the needs of all clients. Perhaps experiencing even greater fragmentation is the communication and messaging industry. While for years communication was voice driven and then evolved to email, it is now flooded with VOIP offerings such as Skype, enterprise chat solutions like Hipchat and Slack, as well as SMS and other mobile apps.
Within the financial industry the fragmentation represents a dual difficulty; compliance and security. In terms of compliance, firms are required to store records of physical, digital and in some jurisdictions, voice conversations with clients and within the company for up to seven years. This poses an added security issue during the multi-year data storage time for financial institutions to secure sensitive inside information and customer details. In addition, the advent of multiple devices being used to communicate with customers, colleagues and counterparties creates numerous points of vulnerability where confidential data can be hacked and stolen. Even firms with adequate security have no confirmation that stolen data wasn't sent to outside parties.
Providing a solution to the financial industry has been the emergence of several startups providing secure messaging services that are adaptable to the current fragmented technology we all use in our day to day communications. Among them is Wickr.
Beginning as a secure messaging mobile app targeted towards the consumer market, Wickr is a lot like Snapchat, WhatsApp and WeChat in that it provides person to person and group mobile messaging. In comparison to Snapchat, Wickr users can also send messages and images to each other which are erased from one’s phone after a short period of time. However, unlike Snapchat, where the erasing data is its core feature as mobile users don’t have to waste space storing images, with Wickr, it is part of its focus on data privacy and security. As such, app users are provided with additional control on how long messages will exist as well as other encryption features.
So What Is Wickr Doing in the Financial Space?
Launched as a consumer app, Wickr is in essence a technology play around its secure messaging platform. The product includes features such as end to end encryption where messages can only be accessed by devices owned by the sender and receiver, the abovementioned duration customization, group chats, as well as geolocation privacy. Therefore, the consumer app can be viewed as proof of a concept that shows the abilities of the messaging platform which can be adapted for the enterprise sector.
The creation of a financial services offering was solidified after Wickr raised $30Mln in series B funding in June. Among its investors was the CME Group which came on board as a strategic partner, with Wickr being the first investment from the firm’s new Strategic Investment Group unit which is tasked with making minority stake investments in early stage technology companies.
Speaking to Andy Caspersen, Wickr’s new Head of its Financial Services Division, he explained to Forex Magnates that Wickr is in the midst of creating a customized product of its messaging platform to meet the needs of the financial industry. Examples include features where communication can be stored and automatically erased once regulatory requirements of data storage expire, as well as compliance monitoring.
According to Caspersen, one of the problems of the industry is that technology being used to communicate revolves around antiquated protocols which lead to security vulnerabilities. With their messaging platform, Wickr is aiming to provide the financial industry with a messaging platform that can be used across platforms and with other firms to communicate in a method that meets the needs of compliance, security and ease of use requirements.
In terms of the CME Group, Caspersen related that they have been an accommodating strategic partner. Caspersen was unavailable to provide much in terms of details of how the CME would potentially use their product or specifics of their assistance as a strategic partner, but a possible use case would be the integration of Wickr’s messaging within the CME’s platforms for communication between members. In this regard, Wickr could be utilized as cross network messaging solution between brokers, banks and customers similar to that of Bloomberg’s messaging services, as well as an inter-company communication tool to replace old protocols such as email.
When discussing fragmented technology, our reporting has tended to focus on how having a multitude of operating systems such as Windows, Mac, Android and iOS, have made it difficult for developers to produce cross-platform products to fit the needs of all clients. Perhaps experiencing even greater fragmentation is the communication and messaging industry. While for years communication was voice driven and then evolved to email, it is now flooded with VOIP offerings such as Skype, enterprise chat solutions like Hipchat and Slack, as well as SMS and other mobile apps.
Within the financial industry the fragmentation represents a dual difficulty; compliance and security. In terms of compliance, firms are required to store records of physical, digital and in some jurisdictions, voice conversations with clients and within the company for up to seven years. This poses an added security issue during the multi-year data storage time for financial institutions to secure sensitive inside information and customer details. In addition, the advent of multiple devices being used to communicate with customers, colleagues and counterparties creates numerous points of vulnerability where confidential data can be hacked and stolen. Even firms with adequate security have no confirmation that stolen data wasn't sent to outside parties.
Providing a solution to the financial industry has been the emergence of several startups providing secure messaging services that are adaptable to the current fragmented technology we all use in our day to day communications. Among them is Wickr.
Beginning as a secure messaging mobile app targeted towards the consumer market, Wickr is a lot like Snapchat, WhatsApp and WeChat in that it provides person to person and group mobile messaging. In comparison to Snapchat, Wickr users can also send messages and images to each other which are erased from one’s phone after a short period of time. However, unlike Snapchat, where the erasing data is its core feature as mobile users don’t have to waste space storing images, with Wickr, it is part of its focus on data privacy and security. As such, app users are provided with additional control on how long messages will exist as well as other encryption features.
So What Is Wickr Doing in the Financial Space?
Launched as a consumer app, Wickr is in essence a technology play around its secure messaging platform. The product includes features such as end to end encryption where messages can only be accessed by devices owned by the sender and receiver, the abovementioned duration customization, group chats, as well as geolocation privacy. Therefore, the consumer app can be viewed as proof of a concept that shows the abilities of the messaging platform which can be adapted for the enterprise sector.
The creation of a financial services offering was solidified after Wickr raised $30Mln in series B funding in June. Among its investors was the CME Group which came on board as a strategic partner, with Wickr being the first investment from the firm’s new Strategic Investment Group unit which is tasked with making minority stake investments in early stage technology companies.
Speaking to Andy Caspersen, Wickr’s new Head of its Financial Services Division, he explained to Forex Magnates that Wickr is in the midst of creating a customized product of its messaging platform to meet the needs of the financial industry. Examples include features where communication can be stored and automatically erased once regulatory requirements of data storage expire, as well as compliance monitoring.
According to Caspersen, one of the problems of the industry is that technology being used to communicate revolves around antiquated protocols which lead to security vulnerabilities. With their messaging platform, Wickr is aiming to provide the financial industry with a messaging platform that can be used across platforms and with other firms to communicate in a method that meets the needs of compliance, security and ease of use requirements.
In terms of the CME Group, Caspersen related that they have been an accommodating strategic partner. Caspersen was unavailable to provide much in terms of details of how the CME would potentially use their product or specifics of their assistance as a strategic partner, but a possible use case would be the integration of Wickr’s messaging within the CME’s platforms for communication between members. In this regard, Wickr could be utilized as cross network messaging solution between brokers, banks and customers similar to that of Bloomberg’s messaging services, as well as an inter-company communication tool to replace old protocols such as email.
Devexperts Checks Off Type 2 SOC 2 Audit for Enhanced Data Security
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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