"Technology has led to the emergence of new sources of liquidity. Alternative Trading Systems (ATS’) in the US and Canada, and multilateral trading facilities (MTFs) in Europe, and brokers’ internal crossing networks as well as lit and dark liquidity."- IOSCO
Financial services companies compete in a global business environment in which speed and differentiation must be achieved while constantly driving costs down. Market shifts, technological developments, and increasing regulatory and investor scrutiny are affecting the revenue growth and operating efficiencies of financial services industry. To perform efficiently in this continually challenging competitive environment, financial institutions need to increasingly harness new technologies to provide superior quality services and customer offerings.
Challenges in the Financial Services Sector
Financial Services are replete with numerous business and technical challenges. Some of these are:
- Customised domain architectures
- Geographically aligned regulatory frameworks
- Razor Sharp and complex functional requirements
- Highly diverse financial products and widely varying trading conventions
- Non functional attributes like speed, performance and security have a huge bearing on business performance
- Specialised and differentiated technology frameworks and protocols make it daunting for a technology / services provider
- Widely segmented and specialised customer offerings pose a unique challenge to technology implementation and testing
Our Offering: Financial Services DCG
Cigniti has worked on the most sophisticated Order Management Systems interlaced with Smart Order Routers and intricate Execution Management Systems. The SMEs have seen various types of markets starting from the specialist driven systems, to the completely anonymous and automated systems. Our domain expertise spreads over all the financial instruments starting from equity, derivatives, commodities, currencies, etc. Cigniti has also worked on the industry standard platforms / applications from leading technology vendors across Front, Middle, and Back Office.
Leveraging on its significant experience, Cigniti has developed a portfolio of services in specific areas, as outlined below:
- End-to-end application testing across the entire value chain from back-office to front-office.
- Front Office: Order management, trade execution and capture
- Middle Office: Position consolidation, P&L reporting and control, trade matching and confirmations, and market / credit risk management
- Back Office: Clearing and settlement, collateral management, cash management, billing and commission management
- Exchange Operations: Market data feeds and exchange gateways
- Helping clients in complying with regulatory requirements like those of MIFID II, RegNMS, and SEC / SEBI rules that have a redefining impact on the business model of the clients.
- Performance Testing, Failover and Recovery Testing, and Enabling Client certifications such as Fix certifications are some other areas where Cigniti has significant expertise and experience.
- Latency has been a buzz word in the Trading space, and Cigniti pioneers in offering solutions to monitor latency and availability of Financial Services applications.
- Financial services space is a cosmos of third party applications interlaced into several home grown applications that span across the entire functional spectrum. Cigniti offers time tested integration testing methodologies that ensure the workflows spread across these multi variate products operate seamlessly.
- Cigniti offers test automation services on various technology stacks and tools to achieve a much higher automation levels of complex applications. It offers several predefined frameworks that can readily be deployed.
Testing Services that transform BFSI
Nimble Money: Customer Testimonial Video
Cigniti nurtures dedicated Domain Competency Groups which concentrate on the training and development of resources within these domains, and towards testing complex real-time applications. Cigniti’s capital market initiatives are led by domain and technology experts, and backed by a team of high-caliber professionals. Cigniti resources are experienced in QA and testing services of various financial market applications, including exchange trading applications, order management systems, execution management systems, dark pool applications, risk management applications, back office systems and third party vendor applications.
Tools and Accelerators
Cigniti, with its acclaimed experience in the Financial Services space, has well tested tools and accelerators that can positively impact the effort involved and the time-to-market for its clients.
Cigniti’s Financial Services DCG has engineered Delimit-Ex, a one-step solution to decrypt and read complex financial files such as EFT and ABA. Delimit-Ex reduces the pain involved in decoding the financial files by automatically decrypting the files and exporting them in humanly readable format. This reduces the testing time by nearly 40%, leaving the tester to purely focus on finding defects, and not worry about reading the files.
The tool is also reverse-engineered to create test files in various formats and is embedded with basic auto validation capabilities.
Re-usable Test Artifacts
Cigniti has leveraged on its extensive experience of testing cutting-edge Financial Services applications and has come out with a generic ready-to-use Test Repository comprising of test scenarios for key standard business flows, resulting in high reusability and quick transition. This will enable testers to jumpstart their testing on new projects of a similar kind. We currently have around 3000 test cases encompassing various Capital Market modules like Order Management, Execution Management, Clearing and Settlement and Risk Management.
Cigniti’s Test Automation Framework (CTAF) is a tool agnostic framework and can be used across multiple applications / mobile devices with minimal re-work. Cigniti is also in partnership with HP and has delivered QA Automation solutions to over 30+ satisfied banking customers. This framework is reusable & modular (25% reduced efforts), and enables to jumpstart Test events (30% sooner), deliver faster solutions and realize greater ROI. The framework is pro-agile with CI tools such as Jenkins.
Cigniti, a Global Leader in Independent Testing Services, has successfully delivered testing services for over 15 years, implementing its Test Center of Excellence, delivering Managed Testing Services, and providing end-to-end testing services for leading banking companies across geographies. Our client testimonials and recognition by leading industry analysts stand witness to our reliability and capabilities.
More than 50% of our testing professionals are Certified Software Testing professionals with CSTE and ISTQB, and are equipped with relevant Industry certifications, while having in-depth domain expertise.
Benefits of engaging with Cigniti
- Cigniti has experience of testing applications across the functional spectrum of Capital Markets, ranging from Order Management and Execution Management to Market Data Systems.
- Cigniti is associated as testing partner with clients deploying cutting edge technology from leading Fintech vendors.
- Cigniti with its repertoire of proprietary tools, reusable artefacts and automation framework can positively impact your time to market significantly.
- With its in-depth domain understanding, Cigniti assures a consistently pleasant user-experience to your customers across all channels.
- With the best practices that are imbibed, Cigniti can ensure your cosmos of applications works seamlessly as a single enterprise, through effective integration.