OANDA, a provider of online multi-asset trading services, currency data and analytics, announced on Tuesday that it has joined forces with AdvantageGo to provide real-time foreign exchange (forex) rate data.
The provision of real-time forex rate data aims to help both insurers and reinsurers assess policy risk more effectively and will be available through AdvantageGo’s microservices architecture.
OANDA and AdvantageGo Collaboration to Provide Exchange Rates for 200+ Currencies
Under the agreement, OANDA’s Exchange Rates API will power AdvantageGo’s Currency Services. This collaboration will give clients access to accurate exchange rates for more than 200 currencies, the statement said.
Commenting on the partnership, 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.”
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“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.”
AdvantageGo provides commercial insurance and reinsurance software. The company is part of NIIT Technologies, a global IT solutions organisation which focuses on Banking and Financial Services, Insurance, Travel, and Transportation.
“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,” added 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,” he continued.