How the FX Industry Can Benefit from Outsourced IT

The Growing Popularity of Outsourced IT Services

Outsourcing has stood the test of time and remained the single-most cost-effective way for startups and SMEs to grow tenfold in their offering, improve their quality of service and remain competitive in fast-paced markets.

Similarly, large MNCs benefit daily from outsourcing anything and everything, from support, to marketing, to IT.

According to Deloitte’s 2016 Global Outsourcing Survey in which 85% of respondents account for organizations with over $1 billion in annual revenue, a substantial 75% were currently outsourcing their IT services.

The survey concluded that 59% of respondents were using outsourcing as a way of minimizing costs, while 57% found the main advantage of outsourcing was the freedom it gave their organization to focus their time and resources on their core business.

The equivalent study carried out by Deloitte in 2018, by which time the outsourcing industry had grown significantly, pinpointed cloud computing as a key player in emerging outsourcing technologies, with 93% of respondents “considering or adopting cloud solutions”.

Deloitte’s 2018 survey respondents, 63% of whom represent companies with over $5 billion in annual revenue, have embraced outsourcing far beyond its cost-cutting capabilities, as a strategy to gain competitive advantage with 64 and 63% respectively, responding that their objective in adopting cloud services has been to “catalyze IT innovation” and “improve their speed/time to market”, a trend particularly prevalent in the highly competitive FX industry.

Turnkey Technology Designed for Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Brokers

Leveraging cloud technologies in outsourced IT has meant both new and established Forex brokers can now serve more traders in more geographic locations, focusing on key regions, in a faster, more reliable and more secure way.

Selecting the most suitable services and the best provider for those services was a notable hurdle in the complete adoption of outsourced IT, as per Deloitte’s 2018 Global Outsourcing Survey, with 42% of respondents stating they aim to be more careful in their service provider selection in the future.

Turning this problem into opportunity, Cyprus-based ICT solutions and support provider, Chrisons Co. Ltd, launched FxCA, a turnkey technology solution designed specifically for Forex brokers, providing multiple services from a single vendor.

Established in 2005, Chrisons are a certified Microsoft Gold Partner who have been awarded competencies including ’Microsoft Partner of the Year’ in 2016, ‘Gold Cloud Productivity’, ‘Gold Cloud Platform’, and ‘Gold Data Center’ among others. Chrisons have years of experience delivering innovative solutions and support to the FX industry.

With a scope to encourage outsourced IT and empower digital transformation through cloud technologies, Chrisons have teamed up with leading cloud providers Microsoft, Equinix and Alibaba Cloud to develop a consolidated, low-latency IT infrastructure with global distribution.

Forex Cloud Architecture (FxCA) is favoured by brokers of all sizes, both new and established, for its scalability, compliance and excellent support, provided by expert technicians in each respective field.

FxCA offers implementation in as little as one week, depending on the size of company and product purchased and 24/5 support, including ongoing training both on-prem and in the cloud ensuring clients are fully capable of maximizing FxCA’s apps and services and all new updates, as they become available.

What can FxCA do for you?

As well as offering brokers the opportunity to expand to diverse regions, FxCA has been proven to reduce end-to-end latency by up to 30%. Similarly, FxCA’s hosted telephony provider, Omega Telecom, provides DIDs in over 70 countries while increasing calls answered by 30%, with support from Chrisons’ dedicated telephony department.

Built on Azure, the preferred cloud platform of over 95% of Fortune 500 companies, FxCA places great importance on cloud security, a growing concern in a mobile-first, cloud-first era.

Azure’s powerful set of tools are designed to make cloud compliance simple, protecting brokers from costly non-compliance fines imposed by regulatory bodies as well as the European Union, in light of the GDPR.

Azure Information Protection helps ensure data is identifiable and secure. Back office administrators can label, classify and protect data both on-prem and remotely with the ability to revoke access, manage encryption keys and distribute data.

Azure Key Vault enables users to safeguard cryptographic keys, certificates and passwords, while importing logs into Azure HDInsight allows for additional analysis and threat detection.

Not only does Microsoft provide a competitive compliance offering, they are the first global cloud services provider to have made public contractual agreements available to their clients, assuring key GDPR-related technical and organizational requirements are being met.

FxCA’s comprehensive list of services includes cloud Hosting Hosting Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Read this Term for trading servers & proxies, web hosting, email hosting, application hosting, document management & collaboration, monitoring & alerting, CRM and telephony.

FxCA comes in small, medium and custom packages offering scalability and competitive pricing in a host of services, customized to suit the growing needs and targets of each organization. Key benefits of FxCA are improved IT security, disaster recovery, and business continuity and increased customer satisfaction and customer retention.

To get a quote, visit https://fxca.cloud/

Don’t forget to follow #FxCA on social media to stay up to date on new services, upgrades and success stories.

Disclaimer: The content of this article is sponsored and does not represent the opinions of Finance Magnates.