NextPlane Blog

End of an Era: Changes to Yahoo Messenger Force Oil Traders to Look Elsewhere for Messaging Services

Aug 31, 2016 4:07:20 PM

For nearly two decades, a countless amount of oil traders, brokers and analysts stationed all around the world have relied on Yahoo Messenger as their primary communication tool.

Thanks to recent changes in the platform that have knocked it out of compliance with industry standards, oil professionals are now forced look elsewhere for their communication needs. The service officially stopped working on Aug. 31 for folks in the industry.

In the 1990s, traders from across the globe flocked to Yahoo Messenger because it was free to use—which meant anyone, from the self-employed to those who worked at enormous firms, could easily connect in real time with their business partners. This functionality made it a whole lot easier for industry professionals to find information, shop prices, and close deals. It also enabled folks who worked with each other on a daily or near-daily basis—but had never met in the flesh—to get to know each other by chatting and cracking jokes in real time.

While the messaging service wasn’t the only one in use, industry pundits have said folks couldn’t possibly be traders if they didn’t have some sort of a presence on Yahoo Messenger.

Unfortunately for fans of the service, Yahoo recently decided to overhaul its messaging platform. Users of the new version can now “unsend” messages if they wanted to—which doesn’t exactly jive with banks and regulators interested in seeing exactly how an order was placed. What’s more, Yahoo is adding encryption to its chat sessions, making it that much more difficult for conversations to be logged internally—a big no-no in a heavily regulated industry.

While spokesmen have said the company hopes to keep all users—including oil traders—on Yahoo Messenger, workers who have relied on the platform for years can’t exactly wait around for the service to be brought back into compliance, assuming it ever is. Millions of barrels are traded every day, after all. Don’t expect any oil traders, analysts or brokers to put their careers on hold due to what appears to be an oversight.

So where will oil traders wind up next? Some suggest they might resort to an old friend: the telephone.

nCore: A Modern Messaging Service for Oil Traders

In today’s age of rapid technological advancements, does it really make sense to go back to a technology that was discovered in the 1800s?

We don’t think so. Just because Yahoo Messenger is going away doesn’t mean oil traders have to give up the power of real-time communications.

If you find yourself in search of a new business messaging service, consider nCore, a real-time communications platform with built-in federation functionality engineered by NextPlane. nCore brings instant messaging, group chat, presence, voice, video, file-sharing and desktop-sharing capabilities together under one roof.

Need some more convincing? nCore is:

  • Platform-agnostic. You can use nCore to communicate with other nCore users. Thanks to its built-in federation functionality, you can also use nCore to communicate with users on a ton of other platforms, including Microsoft Skype for Business, Cisco WebEx Messenger, AOL Instant Messenger, IBM Sametime and more. Browse our Connections to see which companies are already using the platform.

 

  • nCore is incredibly easy to use. You’ll be able to get up to speed on the platform’s capabilities in a matter of minutes.

 

  • A web-based app, you can access nCore from any connected device. This enables you to communicate with your business partners whether you’re at your home office, waiting for a flight at the airport or heading to a conference in an Uber.

 

  • nCore was engineered with security and privacy top of mind. Messages are encrypted via TLS, while voice and video calls are encrypted via SRTP. Users also benefit from FIPS 140-2 compliance and AES 256 encryption for content. Chat messages are logged, so banks and regulators will have no problem finding the conversations they’re looking for in the event they need to.

 

  • Just like Yahoo Messenger, nCore is free to use for instant messaging and chat purposes. Additional functionality (e.g., desktop sharing and voice and video call capabilities) is available through premium packages, which start at $3/user/month.

We believe that nCore is the exact platform oil brokers, traders and analysts have been looking for to replace the legacy Yahoo Messenger service. To learn more about nCore, please visit our website. Better yet, sign up for free! We look forward to helping make your job easier.