Canada-headquartered online trading brokerage and technology developer, OANDA Corporation, with global offices and product suites catering to diverse market segments, today announced that it has partnered with Netsuite to power its Enterprise Resource Planning (ERP) software and related products that are used by businesses that rely on current and historical foreign exchange (FX) rates.
The news appears to be significant for the broker as its FX rates product will help power a solution for one of the largest cloud-based providers of ERP and business management products that nearly 24,000 companies rely on – which includes mission – critical business processes globally in the cloud, according to a company description.
The app was made live where Netsuite platform users can install the OANDA Bundle through suiteapp.com, and use it together with the REST API key from OANDA, which can also be trialed with the 30 day demo.
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ERP needed even more as FX volatility affecting international trade
Especially in the wake of the increased FX market volatility already underway in 2016, the announcement mentioned how many companies have inadvertent exposure to exchange rates from – for example – international trade, and how monitoring such exposure is important as it can otherwise remain unnoticed until it is too late (such as realizing a huge loss that resulted from a forex rate change, months after an order or transaction is reconciled).
Whether hedging, anticipating or reconciling rates and foreign currency valuations, a scalable solution is often needed for data-intensive accounting or companies that have numerous transactions, and require an ERP solution.
One of the requirements for OANDA to be selected is that it had been approved as a Built for Netsuite (BFN) provider, and meeting certain requirements and Netsuite design best practices, among other criteria.
Netsuite Inc. trades on the NYSE under ticker symbol “N” and was up over 4% to nearly $60 per share around the time of publication. Finance Magnate reached out to OANDA for comments around the time of publication.
According to Natasha Lala, Managing Director of OANDA Solutions for Business, in a recent statement on the partnership to Finance Magnates, “Our Solutions for Business team, has been working with NetSuite for months in order to deliver the OANDA bundle on the SuiteApp platform. The bundle also has the BFN badge, which stands for ‘Built for NetSuite’. The OANDA Solutions for Business team is deeply committed to enabling users of all major ERPs such as Oracle, SAP, or Microsoft Dynamics, to have direct and automated access to the OANDA rates in a seamless and reliable way.”