Retail FX broker OANDA has partnered with commercial insurance software provider AdvantageGo in order that its Currency Services will be powered by OANDA’s Exchange Rates API, providing clients with easy access to reliable, accurate exchange rates for more than 200 currencies in real time.
The deal will help insurance companies mitigate policy risk by providing real-time foreign exchange rate data through their Microservices architecture. The API enables rates automation, mitigating the risk of human error and improving visibility over business operations.
Mohsin Siddiqui, Managing Director of the Americas at OANDA, said:”OANDA Rates are trusted by the world’s leading audit firms, taxation authorities, and global corporations, but until recently they have been primarily used for financial reconciliation, tax and audit purposes. The AdvantageGo partnership represents OANDA’s first direct platform integration designed to help insurance companies better manage their policy risk. We’re excited to combine our deep-seated knowledge of the FX industry with AdvantageGo’s proven track record for innovation in the global insurance sector.”
Adrian Morgan, Executive Vice President and Head of AdvantageGo at NIIT Technologies, said:”Companies that trade internationally are at the mercy of global currency fluctuations. They need access to real-time data that will enable them to make confident, better-informed decisions to mitigate risk. As a leading provider of cloud-based insurance software dedicated to helping companies mitigate insurance policy risk, we wanted to partner with an organization that truly defines the gold standard in foreign exchange data services. OANDA is a reputable company that is trusted by millions of individuals and leading global brands. As such, they were a natural choice.”
OANDA Global Corporation, a subsidiary of CVC Capital Partners (CVC) Asia Fund IV since May 2018, owns the OANDA Exchange Rates API, which provides historical daily average, real-time spot and forward FX rates to top audit firms, leading brands, and thousands of small and medium-sized companies around the world. These rates are sourced directly from OANDA’s proprietary retail trading platform, which processes billions of dollars in FX transactions daily.
The company has recently announced that CEO Vatsa Narasimha stepped down from the position for personal reasons, but will continue to serve in the Board of the Company as a non-executive director. Having joined as Chief Strategy Officer in 2013, Vatsa was promoted to CEO of the company within three years of joining.
