Overview

CPQi were asked to assist an FX company in the development of a new technology, including the creation of their platform and app.

The FX company designs Foreign Exchange (FX) solutions to optimize settlement times and liquidity management, as well as increase transparency, reduce risk, and lower costs for participants. As a result, the solutions and support provided by CPQi had to address not only the technological needs of the company’s projects but also the financial regulatory requirements.

The Challenge

The FX company needed an MVP that utilized blockchain technology to support FX spot transactions for same-day settlement. This MVP would be presented to various stakeholders including ECN and Custodian Banks. The BRD (Business Requirements Document) for this project was written previously by professionals not involved in the development phase.

This MVP required the building and development of an application that included a variety of features that offered key FX and blockchain benefits to users. To meet the demands of this project, the CPQi team needed an agile and flexible approach.

Additionally, many key technologies would need to be incorporated into this project including AWS, Dynamo DB, Node JS, and Jira.

CPQi’s Development Approach

To begin working on this application, CPQi first had to establish the proper team setup. The final team consisted of 4 key players:

  • 2 Back-End Developers
  • 1 Front-End Developer
  • 1 Project Manager/Scrum Master

This team embraced the Scrum framework for the development process. The Scrum methodology places the focus of a project on both progress visibility and value, prioritizing client satisfaction through a high level of transparency and communication.

For the Scrum framework to be successful, the CPQi team had to uphold the 5 core Scrum values:

  1. Commitment: Each member of the team must practice a high level of personal commitment towards the shared goals of the team.
  2. Focus: The team must be united under a shared focus on the sprints of the Scrum methodology.
  3. Openness: The team must be in agreement with the stakeholders and client to be as transparent as possible throughout the development process, including when key challenges occur.
  4. Respect: Each team member must respect each other’s independence and professional capability, trusting one another to complete the necessary tasks.
  5. Courage: Each team member must exert the courage to face challenges head-on, seeking to find the right solution for all parties involved.

With the team players in place, daily Scrum meetings were held, with sprint releases occurring every three weeks. The team also worked closely with the client’s team which included a Product Owner.

Results

The final MVP was delivered by CPQi to the client in October 2021. The client used this MVP to compete in the Global Open Finance Challenge. The Global Open Finance Challenge included 91 teams across 19 different countries and was hosted by Itaú, NatWest, CIBC, and NAB.

The quality and functionality of the MVP led to the client winning the “Most Innovative Customer Experience for Business and Corporates” challenge in this global competition.

Key features of the MVP that allowed for this success included:

  • Parties Creation: Lenders, Dealers, Price Takers, ECNs, and Custodian Banks
  • Token Balance Dashboard: Total balance of the tokens minted in the blockchain.
  • FX Transaction Dashboard: Information about the FX Transactions sent by an ECN
  • Bank Transaction Dashboard: Information about the Bank Transactions sent by a Custodian Bank
  • Capacity Module: Information about the credit limit of each participant

Conclusion: Ongoing Development & Testing

CPQi is providing ongoing development, support, and testing for this product. Two key features currently under development include Reconciliation and Billing modules within the application.

Additionally, CPQi is providing further support via:

  • Implementing automation testing
  • Creating production environments for futures pilots with stakeholders
  • Implementing DevOps for the improvement of UAT & PROD environment deliveries

The partnership between CPQi and their client has proven to be highly productive and successful. These partners will continue to improve and evolve the application to offer the FX industry high-level innovation and solutions.

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