Rivkin
Following significant client growth after the global financial crisis, Australian broker Rivkin enlisted Saxo to develop a corporate app so it could upscale its advisory services.
Fintech
40 employees
Sydney, Australia
Fintech start-up OpenMarkets quickly established itself as one of Australia’s top 10 broking organisations based on volume. Providing an innovative cash-at-bank model, its clients can trade using funds held with their existing banks and settle cash post-trade.
However, because of its local engagement model, clients could only trade locally listed Australian securities with dedicated holder identification numbers, via the CHESS system.
In effect, clients required two platforms: one for local trading, and a second for global market access. OpenMarkets saw a gap within the market and sought a solution which would open its model – and clientele – to global markets.
Challenge: Find a partner to create a cost-effective solution
OpenMarkets aimed to become one of the first players to offer a consolidated solution through which clients could settle all trades via one linked cash account. But providing clients with true global market access would be a significant undertaking. OpenMarkets required a partner that would enable it to bypass the traditional significant costs and development times associated with such solutions.
Rick Klink
Co-founder, OpenMarkets
Solution: Leverage Saxo’s open banking suite
Before delivering a customer-centric solution, Saxo provided OpenMarkets with a highly hands-on consultation. Desired results, project possibilities and success criteria were clearly defined. The end solution is tailored toward retail traders and investors, consisting of a third-party platform which connects to a proprietary backend system and leverages the entirety of Saxo’s open banking solution.
Results
OpenMarkets has become a much more visible player within its market, as it has a more competitive international offering. It has widened its client base from catering primarily for the retail segment, to becoming a considerate party for independent advisors and institutional firms.
Andrea Marani
CEO, OpenMarkets
Based on the strength of the solution and the growth stories it has provided, OpenMarkets has secured additional venture capital funding. Although this revolutionary approach hadn’t been attempted before, it’s been a highly successful functioning project.
About OpenMarkets
Founded in 2013, OpenMarkets offers a digital trading platform to retail investors, traders, advisers, robo-advisers, brokers and financial intermediaries. With an open philosophy, the firm sets itself apart by integrating with third-party providers and solutions to create new opportunities for its clients. Based on trading volume, the company has consistently been ranked as one of the top 15 Australian brokers and continues to grow rapidly. In 2016, OpenMarkets received a 5-star Canstar rating for outstanding value in share trading.
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