Thanks to a new partnership between TradeIt and IBM Cloud for Financial Services, developers will find it that much easier to add universal brokerage functionality to financial apps, platforms, and websites. TradeIt announced this week that developers would be able to use TradeIt’s instant order management solution TradingTicket and its portfolio management product PortfolioView on the IBM Cloud in order to synchronize data and trading with most online U.S. brokers.
TradeIt’s technology connects retail investors to their brokers via the myriad financial services they interact with every day in their mobile banking apps and even social media. By enabling consumers to go seamlessly from reading a stock quote on a watchlist in their PFM app’s dashboard to making an actual investment with their online broker, TradeIt removes friction from the trading and investing process, improving the customer experience.
And by leveraging APIs, TradeIt is able to make these connections securely, maintaining the privacy of the user’s financial information. “Not only do APIs offer a more tailored solution where you essentially get only what you need,” TradeIt CEO Nathan Richardson said in an interview with eWEEK, “(but also) they create a huge potential for innovation.”
TradeIt demonstrated its universal mobile brokerage app at FinovateFall 2015. The app features a quick onboarding process that lets customers fill out an application using information from their government-issued identification and their LinkedIn profile. Online brokers then bid for the customer’s application, with the winning broker completing the application process. This gives trading and investing consumers choice, while online brokers benefit from signing on the accounts that are best fits for their businesses.
TradeIt has raised $12 million in funding and includes Valar Ventures and Newfund Capital among its investors. Founded in 2014, the company is headquartered in New York City. TradeIt’s partners include TheStreet, Marketwatch, Motley Fool, StockTracker, and iStockAlerts.