OANDA, a global leader in online multi-asset trading services and currency data and analytics, has partnered with commercial insurance software provider AdvantageGo to provide real-time foreign exchange rate data through their Microservices architecture, helping insurers and reinsurers assess policy risk more accurately and efficiently.
Under the partnership, AdvantageGo’s 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 API enables rates automation, mitigating the risk of human error and improving visibility over business operations.
“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,” said Mohsin Siddiqui, Managing Director of the Americas at OANDA. He continued, “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.”
“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,” said Adrian Morgan, Executive Vice President and Head of AdvantageGo at NIIT Technologies. “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.”
The OANDA Exchange Rates API 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, and have traditionally been used for financial reconciliation, tax and audit purposes, as well as to power digital products, apps, and pricing engines.
The OANDA Exchange Rates API and related products are available through OANDA Global Corporation, which was acquired by CVC Capital Partners (CVC) Asia Fund IV in May 2018.