In designing the Photon Financial Hub to focus on the Financial Markets, we have been afforded the time, market knowledge and the latest technology to support the new breed of Crypto products with systems modifications to support them.
Adam Hill (Founder and CEO) said “being a best of breed Subledger means that we can focus on making sure we get functionality like crypto right from the start. We needed to design into the system the ability to handle 18 decimal places, to store the results accurately and to ensure there were no rounding errors. In Finance there is no room for inaccuracy. We also had to ensure that details like the wallet, the transaction hash and other details are kept appropriately. We have been clear from the start that we don’t want our customers to have to customise the software in order to handle these products, which is why we have built the functionality into the native design of the Financial Hub.”
Co-Founder Paul Newton, also commented, “I have seen over the years how generic solutions have come into the Financial Markets and tried to retro fit say multi-leg derivative products (e.g. FX Swaps) and have created some real problems for the Banks who believed the vendor that they could in fact support these instruments. Crypto will be the same, trying to retrofit the value fields both in the UX and the database to store 18 characters after the decimal place or various other changes will be a huge piece of work for legacy platforms. Otherwise trying to work around it by creating custom “crypto amount” fields is another dangerous path to go down.
We’re excited to be part of the SAP business architecture, designed to support crypto currency natively and to be able to offer a functionally rich crypto subledger which will enable the CFO office to analyse the high-volume granular data created by these instruments. Gaining insights like profitability by product, FX pair, customer etc, as well as analysis of fees generated according to the different custody, trading and transactional fee types needed.”
