The non-compliant use of messaging platforms has led to billions in regulatory fines. Symphony helps enable seamless compliant messaging with clients via WhatsApp, WeChat and SMS
Enable surveillance and recordkeeping of clients’ preferred messaging platforms
Enable maintenance of SMS communication records for regulatory compliance
The only fully open, scalable, and secure collaboration platform purpose-built for global markets – enabling efficient workflows and compliant communication
Suite of modular collaboration capabilities accelerates communication
Leverage Symphony’s capabilities in your platforms and portals
Secure, compliance-enabling framework meets the stringent needs of markets
Compliance-enabling and scalable voice technology maximizes efficiency by defragmenting communication and connecting traders and trader-adjacent teams instantly
Eliminate communication silos and provide instant voice connectivity
Cross-organizational solution native to Symphony and built for speed
Trader-adjacent connectivity with global intercom across internal teams
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Facilitate productivity, collaboration and effective co-working with leading video conferencing platforms integrated alongside Symphony chats and rooms
Keep collaborating in Symphony while joining or hosting Zoom meetings
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Connect your everyday systems to Symphony to improve efficiency, reduce context switching and mitigate manual tasks
Enterprise software bi-directionally integrated with Symphony
415+ apps and 2K+ bots to help streamline and automate workflows
This year’s Digital APAC Hackathon had a total of 29 participants from 8 teams competing for the Most Cutting-Edge Technical Development, Most Impactful Business Automation and Best Work From Home Workflow awards.
Participants represented a wide range of organizations including financial institutions and software vendors. The solutions presented also covered a wide range of use cases across sales, onboarding, asset management, compliance, technology and operations functions.
Citi won the Best Work From Home Workflow award with Citi PSDS (Price Shock Detection System), which was designed to leverage artificial intelligence to stream in data from social media channels, microblogs and chat forums when market-moving events of interest start developing, and deliver the relevant information to traders. These events are defined by the traders who input a set of indicators or keywords to monitor. The updates can be received as a “push” where notifications are sent periodically, or a “pull” where a user can request an update.
The bot was conceptualized due to the challenge that commodities traders face when gathering breaking price-affecting intelligence from a variety of sources such as Bloomberg, Google News alerts, brokers and those mentioned above. All of these sources can be difficult to consume, validate and aggregate.
To that end, PSDS offered a consolidated, fast and accessible way to access multi-language, multi-source event data from social media platforms, message boards and blogs that affect commodities prices in order to generate near-perfect information.
When asked about their participation in the event, Citi’s hacker-in-residence for Citi PSDS, Agrim Singh, had this to say: “Hackathons are a great way to learn about new tools by building for them and Symphony’s APAC hackathon delivered exactly that. Our team had previously utilized the tool as a communication platform, especially so during WFH [Work From Home], but the hackathon gave us the opportunity to not only learn about the Developer platform but also gave us a glimpse of the potential it could possibly unlock across our projects and the organization. We are incredibly grateful to the organizers for hosting this ‘decentralized’ hackathon without hiccups and for the exemplary developer support throughout the event to make building for Symphony a breeze.”
Team Valuefy, representing Lighthouse Canton, won the Most Impactful Business Automation award with their WealthFY bot. The need for this bot was brought about through the cycle time to process an order being too long, non-digital and manual which has a direct impact on efficiency and revenue.
WealthFY addresses this challenge and aims to simplify/digitize the whole order management process across three parties. The bot leverages Symphony’s WhatsApp solution to bring relationship managers, clients and traders into one seamless process. Team Valuefy has also used Symphony to create a notification bot that sends out alerts on daily portfolio movements and transaction alerts, as well as a Q&A bot so advisors can know the portfolio details of the clients they manage by a button click.
When asked about the difference this bot would make, Team Valuefy partner Shrikant Tiwari said “This functionality of tri-party secure connectivity is a game changer in the boutique wealth management space. It opens a realm of possibility which was previously only available to the interbank market. The HNI client can now receive a real time idea from their advisor for consideration and then see it executed almost instantly. All this happens in the client’s favourite app – WhatsApp or WeChat. Through connectivity, a different level of trust is established between advisors and clients. Trust is crucial in the wealth management and private banking space. Think about Uber’s business model and how transparency has inspired so much trust. If we can bring this same level of transparency and connectivity into private banking it could bring about the same level of trust”.
Team Alligator from NatWest Markets won the award for Most Cutting-Edge Workflow with their Project Automation bot, which was built to automate workflows that require large-scale coordination activities (like power shutdowns). It handles task assignments, tracking and collation structured using Symphony elements. Punyabrata Dev. at NatWest Markets had this to say about the functionality of the bot: “The simplicity of the bot is incredible and has no complex requirements from the user. I can imagine it streamlining the audit trails for any big sequential events like PowerDown, DR Test etc.”
A big congratulations to all those who won! Thank you to all who participated. We can’t wait for the next Symphony hackathon!
More than ever before, business success depends upon an organization’s ability to communicate quickly and effectively. It’s clear that the “workplace” has radically changed. This new landscape demands three things from every company’s communication tools:
In December of 2021, SIFMA, ICI and DTCC called for the shortening of the settlement cycle in the U.S. financial markets from T+2 (transaction date plus two days) to T+1 (transaction date plus one day) within the first half of 2024. Their report indicates that accelerating the settlement process will “reduce risks and costs for the industry while building upon the benefits achieved in the successful move to T+2 in 2017.” This is in line with the Securities and Exchange Commission’s announcement on Feb 9, 2022 of a proposed rule to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (“T+2″) to one business day after the trade date (“T+1″), while soliciting comments regarding challenges and possible approaches to achieving settlement by the end of trade date (“T+0″).
In our journey building an event mesh, we face the challenge of reconciling with Symphony’s engineering history. Specifically, we are transitioning from a single-tenant, monolithic architecture to a multi-tenant, microservice architecture. And critically, due to the nature of our business, this shift must be both progressive and smooth.
