OANDA Corporation to launch new Currency Converter in January

FinanceFeeds spoke to OANDA Corporation about the sunsetting of their existing and widely renowned Currency Converter in preparation for a whole new one in January 2019.

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Among retail FX brokerages, there are really only a small number that provide a reliable and industry-recognized currency converter for traders to gain a real time access to spot FX rates on any currency worldwide.

Among retail FX brokerages, GAIN Capital’s retail division, FOREX.com which provided an integration solution along with FinanceFeeds to integrate its Currency Converter into FinanceFeeds retail automated actionable content division FXTraderHub.com represents one available service, others being provided by FXPro, and of course OANDA Corporation.

After several years as a mainstay among retail traders, OANDA Corporation is completely revising its Currency Converter and is set to launch a totally new version in January 2019.

OANDA Corporation’s technological advantage has often been that the Currency Converter is available with a built-in embed code so that white label partners, retail FX websites and affiliates can easily place the Currency Converter into their own websites, however currently OANDA Corporation has suspended this, and has done so from September this year until the release of the new system in January.

Speaking to OANDA Corporation’s R&D division on this matter recently, the company explained to FinanceFeeds that “We currently are working on developing an entirely new Currency Converter and in the mean time are not facilitating any integrations into third party websites, as the existing Currency Converter will be sunset.”

Sunsetting is software development terminology for intentionally phasing out or terminating a piece of currently available technology. Products and services are often sunsetted when they are no longer sufficiently profitable or when a company decides to change its focus. Software vendors usually sunset older versions of their products when one or more newer version is available. In that context, sunsetting usually means that the product is no longer supported.

OANDA Corporation has not elaborated on its reason for sunsetting the existing Currency Converter which is widely recognized as a reliable measure of spot prices in the retail and deliverable FX market, and has not yet formally announced a date of release for the new Currency Converter, or explained its differentiating factors from the existing one.

In October this year, OANDA Corporation explained to FinanceFeeds “we are actually a month or so away from having a shiny new currency converter that everyone can use and that can be embedded into third party websites” however subsequent to that notice, it was explained that this has been delayed until January.

OANDA Corporation’s Currency Converter is of specific interest to the wider financial technology and financial services industry as it has been recognized as a reference point for far more categories than retail FX.

The company’s Historical Currency Converter provides access to up to 25 years of historical exchange rates for over 38,000 currency pairs and download them in a convenient CSV format and is used by CPAs, tax professionals, and anyone who needs accurate, authoritative historical exchange rate data for spot checking, analysis and reporting including company auditors and legal personnel.

FinanceFeeds will endeavor to provide further updates on the development and release of the new version once the information has been provided by OANDA Corporation.

 

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