About the Bank
The bank is one of the world’s largest financial services and banking organisations. They serve millions of customers in over 62 countries and territories in Asia, Europe, North America, the Middle East and Africa.
A More Cost Efficience Licensing Model and Higher Service Reliability
When one of the leading global banks sought to replace its incumbent global FIX solution, it had a number of specific connectivity and infrastructure criteria that had to be met by a new solution. Chief amongst these was a desire to eradicate significant and spiralling costs from the session-based charging associated with the existing license model.
The bank also had a number of challenges relating to service reliability and high availability. Other core requirements were that the solution should be fully integrated within and across the bank’s global transaction processing infrastructure operating model and that it must offer ‘follow the sun’ vendor support aligned with its global trading activity.
Chronicle FIX: Proven High-Performant Low Latency and Expertise
A primary motivation in the selection of Chronicle to replace this bank’s legacy FIX technology was its in-depth FIX expertise and proven high-performant, low-latency FIX engine software, already implemented by multiple market-leading banks and institutions. Another key factor was Chronicle’s innovative business model – in this case, providing the client with FIX engine source code on the basis of a single, annual and global user license.
The real clincher for this client was, however, the opportunity to collaborate directly with Chronicle’s software experts in London, Melbourne, Sydney and the Americas to refine, adapt and enhance its FIX solution.
The bank leveraged the power of Chronicle FIX with a single global user license. The focused, low-latency solution was designed to satisfy the bank's demanding use case applications.
Moreover, the client engaged Chronicle on a consultancy basis (equivalent to c.60 days a year over 4 years) to take advantage of Chronicle’s specialist knowledge and thought leadership. In turn, the client’s software development team contributed its own expertise to major, value-adding changes to the FIX solution that enhanced the bank’s own capabilities and also the user experience of all Chronicle's FIX engine clients.
The business model with Chronicle's software, augmented by access to dedicated developers with unparalleled FIX expertise, supports smart and nimble client-side integration.
Global, Consistent, High-performing FIX Experience
Further, by rolling Chronicle’s FIX software out globally in multiple locations, this bank now enjoys a consistent, high-performing, microsecond latency FIX experience with thousands of their clients, globally, with no legacy technology burden and low ongoing support costs.
As this client observed: “By ‘owning’ the source code, internal development resources have direct access on a day-to-day basis to keep it operating effectively within our global enterprise model. At the same time, our ongoing collaborative engagement with Chronicle’s specialist developers ensures that the solution is enhanced and refined continuously.”