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
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.
Founded in 1996, OANDA was the first company to share exchange rate data free of charge on the Internet, launching an FX trading platform that helped pioneer the development of web-based currency trading five years later. Today, the firm provides online multi-asset trading, currency data and analytics to retail and corporate clients, demonstrating an unrivalled expertise in foreign exchange. With regulated entities in six of the world’s most active financial markets, OANDA remains dedicated to transforming the business of foreign exchange. For more information, please visit oanda.com or follow us on Twitter, Facebook, or LinkedIn.
AdvantageGo is the innovative commercial insurance and reinsurance product family from NIIT Technologies. It harnesses the power of proven, functionally-rich core solutions and augments it with the energy and culture of being an InsurTech leader. AdvantageGo enables insurers and reinsurers around the world to fuse the traditional with digital, helping them to rapidly adapt, drive change and succeed with agile software and microservices. For further information, please visit www.AdvantageGo.com.
About NIIT Technologies
NIIT Technologies is a leading global IT solutions organization, enabling its clients to achieve real-world business impact through unparalleled domain expertise working at the intersection of emerging technologies. The Company focuses on three key verticals: Banking and Financial Services, Insurance, Travel and Transportation. This domain strength combined with leading-edge capabilities in Analytics, Cloudification, Cognitive automation, and Digitalization, helps clients innovate business, automate processes and industrialize AI. With over 9,500 people serving clients across Americas, Europe, Asia, and Australia, NIIT Technologies fosters a culture that promotes innovation and constantly seeks to find new yet simple ways to add value for its clients. Learn more about NIIT Technologies at www.niit-tech.com.
OANDA provides reliable, accurate FX data trusted by finance professionals at Google, Disney, KPMG, Tesla, and Twitter. Save time and automate FX conversion with this popular API FX data solution. Start your Free trial today.