One of the most interesting trends of late has been the collaboration of the gaming and financial technology (fintech) industries. Gaming and fintech are among the most rapidly growing industries of recent times.
The gaming industry has levelled up from regular games to features such as online multiplayer systems, in-game transactions, and even virtual economies. Gamers are now engaging in all forms of transactional activities such as buying and selling of virtual goods and currencies, along with betting and trading activities.
Forex trading games represent one unique case study of innovation from the harmony between the gaming and forex industries. These are designed to teach a player about forex trading while he is entertained. Such a game needs to use strong back-end systems that will simulate real market conditions.
This brings us to the point of this article – Forex back-office software and how they can be adopted in the game development process.
Forex Back Office Software
Forex back office software is designed to support administrative operations for forex trading. They provide the necessary infrastructure to execute such vital tasks as managing clients’ accounts, maintaining liquidity, processing transactions, tracking trades, monitoring compliance, and performing other similar tasks. By relieving them of these tasks, forex back office software helps smooth the operations of brokers, ensuring minimal risk and maximum operational efficiency.
Key Features of Forex Back Office Software
Some of the most salient features of Forex back office software are:
- Transaction Processing: The software is competent to process trades smoothly, right from the order execution process up to settlement. It also generates reports and reconciles financials.
- Account Management: The software is in charge of maintaining the accounts of several clients, reconciling their account balances, and even managing deposits and withdrawals of the clients efficiently.
- Compliance and risk management: Forex Back Office is able to monitor the level of compliance with regulatory standards. They verify that all trades are regulatory compliant. They also monitor the risks the business can be exposed to and mitigate market volatility risks.
- Reporting: The back office of Forex applies analytics to market and user data for reporting on insights such as financial performance, trading activities, and other useful information to drive strategic decisions.
Application areas of Forex Back Office to Game Development
The following are the areas where game developers can adapt some of the unique features and infrastructure of the Forex back office software
Simulation of Real-world Trading
Developers usually attempt to simulate real-world trading activities and market conditions in their trading games. A successful simulation in the virtual world will require sophisticated infrastructure to support large-scale transactions. This infrastructure can be made possible with the integration of Forex back office software. It allows developers to provide features like liquidity management, automated settlement, and margin trading. These features help to make the gaming user experience more immersive and fulfilling because of their realism.
Currency management
Many online games use virtual currencies or assets valued in the real world, with in-app purchases. There are those games that have a trading aspect, and such need appropriate currency management. Through Forex back office software, it’s possible to manage such currencies by collecting data in real time, monitoring the assets, accounting for them, and reconciling the balances. This further allows transaction tracking and fraud, manipulation, or inflation/deflation to be traced in the game. Finally, the software allows the developers to provide an interchange feature where players within one game are able to exchange currencies.
Regulatory Compliance
It is already designed to handle regulatory concerns and provides tools for AML procedures, KYC protocol, and other compliance management-related matters. It ensures that game developers are adhering to legal requirements and local laws.
Security
The real-world simulated transactions in trading games often expose users to hacking, fraud, and other similar financial crimes.
Security options include advanced encryption, multi-factor authentication, and other security protocols that are available in this Forex back office software.
