CEO, Jalal Faour spoke to e-Forex Magazine about the firm’s recent launch of YOONIT, an all-inclusive cloud-based modular trading support platform providing a unique, comprehensive toolkit designed for retail brokers.
First Published by e-Forex News: January, 2020
Retail brokers of different sizes have long faced major operational challenges. How does YOONIT help them to address these?
What all forex brokers have in common is a desire to increase operational efficiency at a reasonable cost, and YOONIT can help companies of different sizes achieve that. It’s a centralized solution that connects different departments of a brokerage, providing a central dashboard for managing all types of clients at different life cycle stages.
At the core of YOONIT’s appeal are convenience and efficiency. It enables closer collaboration between departments such as Back office, Risk and Dealing Desks, Compliance and more. YOONIT modules can work together as a unified platform or independently, giving unparalleled flexibility to our clients.
Another key aspect is cost-efficiency, reflected in both our fee schedule and the time-cost concept. The latter, of course, is difficult to measure but is essential for running an FX brokerage business. YOONIT improves market access speed and risk control, and even junior employees can learn to operate the system in next to no time.
In terms of stability and scalability, we’ve conduced many press tests on the system during and post-development to simulate extreme scenarios, and I’m glad to say it passed each one with flying colors. Moreover, YOONIT allows clients to add resources at any time to prepare for upcoming load increases.
What were the key things you wanted to achieve when your team set out to design YOONIT?
We set out to offer a unique solution that would fulfill a wide range of client needs via one centralized system. Nowadays, most trading support tools on the market are autonomous. Brokers need to use different providers for each one, which often causes compatibility issues, inconvenience and high costs in the long run. As we understand these pressures and pain points, we knew that the Forex sector was hungry for a new concept and a fresh approach to FX trading technology.
Please tell us about the trading support modules that YOONIT is composed of and some of the key features and functionality that they offer.
YOONIT currently comprises six core modules, allowing each broker to construct their ideal FX operation system. Times of the one-size-fits-all approach have passed, and client requirements always evolve. YOONIT is an evolving product too, and the system’s capabilities are essentially unlimited – new modules are being developed as we speak.
The Dynamic Margin module is our flagship tool with no analogs on the market and is the most wanted product for many of the world’s largest brokers. It helps minimize their risk due to unexpected large volumes as well as minimize large gaps between the broker’s and Liquidity Provider’s margin utilization. It allows brokers to restrain clients with lower equities to have large exposures. The higher the exposure the lower the leverage.
MAM/PAMM is another powerful module, hugely popular among our clients. It supports eight allocation methods, can trigger thousands simultaneous trades at once, enables instant performance fee settlement and offers Copy Trading functionality. It’s the perfect all-round solution for brokers and their fund managers.
IB/Affiliate module is extremely practical when handling Southeast Asian retail businesses. It supports multi-tiered IB and commission schemes, instant payouts and comes complete with comprehensive reporting. It can also be integrated with CRM and 3rd party applications.
Traders & Operations module is ideal for managing end-user accounts. We’ve incorporated customizable signup forms and over 40 email templates. The system can easily handle 10,000+ accounts. It has also been integrated with 25 PSPs so far with more to come.
The On-boarding module is designed to streamline compliance, cutting document processing time by up to 70% and minimizing the potential for human error, with customizable KYC templates and automatic document renewal notifications.
And finally, there’s the Bonus Automation module, designed to boost client acquisition while preventing bonus abuse, complete with multiple promotion and account configurations.
How compatible is YOONIT with the wide range of trading platforms that are out there?
As you’d expect, YOONIT is fully compatible with both MetaTrader 4 and MT5 and we’re working on making it compatible with other platforms across the industry as well.
What are the key benefits for brokers of a centralized solution like YOONIT?
Yoonit gives brokers control via a centralized system, provides stability, and enables them to offer exceptional all-round service to generate higher profits, while significantly reducing operational costs. With easy to navigate, fast, feature-rich and flexible system for end-users, brokers can increase competitiveness and boost customer satisfaction.
What response have you had to YOONIT from firms that have started using it?
The feedback we’ve been getting so far has been phenomenal. Our clients are delighted with YOONIT’s advanced capabilities, the range of features, the dramatic improvements to operational flows and, most importantly, the decrease in operational costs. It’s essentially transforming how they do business.
Why do you believe that YOONIT represents a real change from the past and is the next stage of evolution in the retail FX Fintech market?
In a nutshell, YOONIT is an all-in-one platform that can be tailored to any business model, enabling institutions of all sizes to benefit from best-in-class technology. It’s a system that enables our clients to grow their businesses rapidly and sustainably. New modules will enhance its capabilities, enabling clients to merge additional operations for even greater efficiency.