A global leader in corporate and consumer foreign exchange solutions, OANDA recently released a new version of its trusted Exchange Rates API, which has been updated to include real-time currency rates. The rates available on the new API are updated every five seconds, providing a more accurate reflection of current market prices. In addition to providing live rates, the new API also offers 96 fixing rates daily – more than any other currency data feed on the market. Available at 15-minute intervals, each fixing rate provides bid, ask, and midpoint rates. Customers also have access to daily and period average rates aligned to their time zone and can now access open and close prices.
The new API aims to provide corporate treasurers and finance directors with a greater degree of visibility over the FX market, helping them mitigate risk, reduce currency exposure and improve cash flow. The API will also be of value to product managers and application developers who require reliable forex data to power their web services, pricing engines, and digital products. Simple to use, extensive API documentation is available on OANDA's website, including easy-to-follow instructions in order to ensure the seamless integration with ERP, TMS, billing software and more.
Vatsa Narasimha, President and Chief Executive Officer, OANDA Corporation, commented, "As an over-the-counter market, there is no central exchange for currency pricing, which can make it difficult to gauge accurate FX rates. However, because OANDA has been collecting FX data for more than 20 years, we are uniquely positioned to combine this knowledge with access to a full range of interbank liquidity, proprietary trading technology, and pricing algorithms in order to create an accurate market consensus across a wide range of FX instruments, including real-time foreign exchange rates. Trusted for accuracy and reliability, our rates are acknowledged by several tax authorities and governmental agencies around the world, and are widely considered to be the gold standard in exchange rate data."
The new API is already proving to be of value to OANDA clients. Keara Killian, Treasurer at AppNexus, a world-leading independent advertising technology company, explained, "Ad tech is becoming increasingly more sophisticated, and platforms must serve millions of buyers and sellers that transact in the billions of dollars. As such, we are always searching for opportunities to create efficiencies in the marketplace. In addition to connecting our platform to real-time FX market data, we leverage OANDA's API to enable currency options for our customers. As a result, our customers enjoy increased precision in our pricing models."
OANDA Exchange Rates API has long provided historical daily average rates to top audit firms, leading brands, and thousands of small and medium-sized companies around the world. These rates are used for financial reconciliation, tax and audit, as well as to power digital products, apps and pricing engines.