BMFN: Sharing Development Experience by Boston Merchant Financial
written by Paul Belogour. May 20, 2020
Quick facts about the business project
Boston Merchant is a leading financial institution that offers access to financial markets worldwide. BMFN is a multimillion-dollar trading venue that hosts an enormous record of trading operations daily. The company has its presence worldwide covering all continents directly and through its subsidiary companies and brands.
BMFN has one of the largest technical inventories on the market. That includes trading platforms, client onboarding software, compliance verification services, financial software, marketing network, educational, and analytics software.
BMFN gained its popularity among the investors by offering a convenient trading environment, a vast selection of trading instruments, competitive spreads, and customer support services.
Currently, BMFN is leading the investment market among the top forex brokers.
Boston Unisoft has been a technical partner servicing BMFN for years now. The initial goal set by BMFN management was to build a business that is driven by technical innovations. We saw this as a complex approach and divided the strategy into the following components:
The power of design, everything starts with a design…
Design is the most important part of any product that is sold now. A product with a good design can outperform competitors with more solid features at the start. What is considered to be a good design for customers in Dubai, UAE may not be even acceptable for consumers in Shanghai, China, and vice versa. It is difficult to imagine, but it is almost impossible to design software products that will be equally suitable for people with different cultural backgrounds. To solve this issue, Boston Unisoft cooperated with designers from different continents. The unified corporate design concept is the result of this creative collaboration. Currently, it represents BMFN products for the major part of the world, while Asian businesses got their design and logic.
By investing in a proper design, you guarantee the future success of your product.
The importance of client onboarding process and electronic services
Conducting a paper-based legal onboarding process used to be mainstream for financial companies. It forced the client to print the application form, sign and scan it and then, wait days for compliance verifications before the actual deposit and trading can occur. BMFN approached its clients with an innovative client onboarding system that gathered all the necessary features in one place. BMFN was among the first broker to offer a fully electronic customer onboarding process.
The requirement lied in developing a software vehicle that would handle BMFN’s business from the client-side to partner and back-office parts. The system’s logic had to simplify the account opening procedure with just three simple steps: open an account, deposit, and start trading within minutes after registration.
BMFN private cabinet has it all. It offers online application, document uploading, online payments, education, and analytic services. BUT developed electronic signature software that replaced the traditional “paper sign-scan-send a copy” way of signing documents. The company’s operational employees got benefits by using automated compliance checkups and reports. The business vehicle developed by Boston Unisoft successfully runs the business for BMFN and its partners for years now.
The convenient and fast business onboarding process is always a competitive advantage.
With the rise of the mobile industry, the demand for mobile services guaranteed the leadership to financial institutions that offered mobile extensions to their investors. Online payments have become closer than ever. Fast deposits become the key factor for any business to offer their products on mobile platforms. BUT acquired the team of outstanding iOS and Android developers specifically for the BMFN project, who made the complex things available for the clients. Financial apps require special algorithms and technologies to deliver stable performance and proper security. With the constant updates of the mobile devices and operating systems, delivering quality services on thousands of devices worldwide is challenging.
Now, mobile apps serve as business cards for any business. A brighter mobile appearance gives better deposits to your bank account.
Hardware park maintenance and technical support
The barebone of any online trading venue is its trading software. BMFN has been building its services around renowned MetaTrader 4 trading software. Trading servers require special setup and support. As financial markets operate 24/7, 6 days a week, the selection of devices should meet the requirements in terms of security and reliability. Special attention should be paid to network accessibility. Services that work well for customers in Moscow, Russia might not really work well in Mumbai, India. Achieving low latency access to the trading servers is the most important task for any financial business.
A large software inventory requires the person that can maintain such a technological park. This is one of the key reasons why Boston Unisoft focuses on software support services. Every complex software requires skilled personal to run it. Personal has to be educated and prepared for the job. In the case of Boston Merchant, we created a support team capable of running 24/6 financial business, provide multilingual support, help customers to understand investment techniques, and perform other vital things for this business.
Technical support is what makes the customers happy.
At Boston Unisoft we set our goals not only to create the product as per the legal contract but to create the business vehicle that runs your business from A to Z. From financial businesses to online stores, success comes in the form of a creative approach. Every project we run gets a qualified personal – people with remarkable skills. We prize combination of the specialization and multitasking logic and we have real results to admit. BMFN project is a great example of the collaboration between finance and IT. Our goal at Boston Unisoft is to deliver excellence to every project we run.