A Company's Journey with Dividend Payouts & Allocation
Dividend allocation is an essential process of every financial market, Direct Market Access and Forex Trading business, but it can also be a time-consuming even for companies with a large team and not to mention an error-prone task. One of our customers, a trading firm in the Gulf region which provides both Meta Trader 4 & 5 platform access, was using a manual process to allocate dividends, relying on Excel sheets and a software that did the allocation manually. They were looking for a way to streamline and automate their business, to improve efficiency and introduce a scheduling to do the allocation, that's where we come in.
We took the customer's idea and implemented an automated multi-user software that employees could enter indices into, with their prices, allocation time, dividend amounts, and more. The software also includes a server backend application that checks dividends regularly and automatically allocates the dividends. This not only helped the customer reduce human error but also saved them a significant amount of time.
The new software allowed multiple employees to enter and access data simultaneously, increasing efficiency and reducing the potential for errors. The server backend application also ensured that dividends were allocated in a timely manner, so the customer never missed out on any potential returns.
The customer was thrilled with the results and has seen a significant increase in efficiency and accuracy since implementing the new software. The software has helped them to streamline and automate their business, making it easier for them to focus on other important tasks.
In a nutshell, automating the dividend allocation process is a no-brainer for forex trading firms. It saves time, reduces errors and increases efficiency. The way it works is by accessing the MetaTrader 5 Manager API, to fetch transactions made by customers for a specific Index instrument and then goes through the list to allocate the dividends to each individual based on the index price, time trigger and values. It works in a multi threading approach which runs the allocation on all the indices at the same time, because as you know, the investment market is very time sensitive.
Our customer is living proof of that. They were able to streamline their business and focus on more important tasks thanks to the new software we implemented for them. If you're in the trading business and still doing things manually, it's time to consider automating. Trust us, you won't regret it. Let us help you make the switch and take your business to the next level.
The technology behind the software was built with C# for both the desktop applications and web services. This allows for a secure and reliable back-end that can handle multiple users and large amounts of data. By using C#, we were able to create a user-friendly interface that employees could easily navigate. Web services allowed for seamless integration with the server backend application, ensuring that dividends were allocated in real-time.
Another important aspect of the technology is the use of JSON Web Tokens (JWT) for authentication and authorization. JWT tokens are a standard for securely transmitting information between parties. They are often used in web applications and APIs to authenticate and authorize users.
By implementing JWT tokens, we were able to ensure that only authorized users could access the software. Each user is issued a unique token upon successful login. This token is then sent with each request to the server. The server then verifies the token and grants access to the requested resources only if the token is valid.
JWT tokens also enhance security by being digitally signed. This means that the server can verify that the token has not been tampered with by checking its signature. This prevents malicious actors from modifying the token and gaining unauthorized access to the software.
JWT tokens are stateless, which means that they do not require the server to keep track of the user's session. This reduces the risk of session hijacking and improves scalability.
To further enhance security and performance, we decided to host the web services on Microsoft Azure. Azure is a cloud computing platform that provides a range of services, including virtual machines, storage, and networking. By hosting on Azure, we were able to ensure that the software was always available, even during high-traffic periods.
To store and manage the data, we used Microsoft SQL Server. SQL Server is a powerful and reliable database management system that can handle large amounts of data. By using SQL Server, we were able to leverage its performance and scalability to ensure that the software could handle large amounts of data with ease.
Overall, the technology behind the software is robust, reliable, and secure. By using C#, web services, Azure, SQL Server and JWT Tokens, we were able to create a software that could streamline and automate the customer's business, reducing human error and increasing efficiency.
If you're looking for a similar solution for your business, we can help you implement the same technology stack and achieve great results.
To contact our team, you can get in touch here.