OANDA to Stream its FX Feed to Power Netsuite ERP Solution

Canada-headquartered Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term 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.

Test your knowledge, win a prize! Take the Finance Magnates quiz...

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.

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 Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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."