Partnership is expected to streamline clients’ foreign exchange transactions
Adminis, a Wellington-based fintech company, has signed a groundbreaking agreement with the Bank of New Zealand (BNZ) to integrate a foreign exchange (FX) dealing Application Programming Interface (API) into its platform. According to a news release, this collaboration marks BNZ as the first bank in New Zealand to offer such an API, providing Adminis clients with seamless access to foreign exchange markets.
The API, a secure technology that enables different software systems to automatically connect and exchange information, will allow Adminis customers to directly access BNZ’s comprehensive foreign exchange services. With this integration, customers can trade currencies in real-time, secure future rates to mitigate market risks, and expedite transactions without the delays of manual processing.
The agreement extends access to international FX markets 24 hours a day, five and a half days a week, covering major markets in the United States, Europe, and Asia. This continuous access enables Adminis clients to manage currency trades and risks even when local New Zealand markets are closed overnight, the news release noted.
Enhanced control over transactions
“We are excited to work with BNZ to bring this innovative solution to our platform, which supports over $11 billion in funds under administration for our clients,” said Adminis CEO Matan Gan-El. “This agreement will enable our clients to streamline their foreign exchange transactions, optimise risk management, and make more informed decisions when investing and rebalancing their portfolios.”
Gan-El noted the API integration offers enhanced automation of FX transactions, including the ability to lock in exchange rates through Forward Exchange Contracts, improving both the speed and accuracy of deal execution while managing currency fluctuation risks.
Philippa Fourbet, BNZ’s general manager of markets, expressed her enthusiasm for the collaboration. “We’re proud to be the first bank in the country to offer an FX dealing API. Since 2018, BNZ has been at the forefront of API development in the banking sector, with more than 250,000 customers already benefitting from innovative products and services unlocked by this technology,” she said.
“This collaboration reflects our focus on using the latest technology to deliver tangible benefits for New Zealanders and businesses. We’re thrilled to be making it easier for businesses to manage their FX transactions, saving them valuable time and resources.”
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