Intacct extends contract on foreign exchange data with Oanda

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Intacct, which makes cloud-based financial management software, has extended its partnership with Oanda, a provider of multi-asset trading services and foreign exchange solutions. Default currency exchange rates within Intacct’s software are based on Oanda’s Exchange Rates API, and the new contract renews and extends the term of that agreement.

Oanda’s data integration into Intacct is useful for companies that need to automate conversions for transactions or need to report in multiple currencies internationally.

Intacct uses Oanda’s exchange rates to automatically create currency conversions and revaluations. The platform gives users access to information on currency gains and losses, and is designed to allow organizations to produce reports in their headquarters' currency or each entity's local currency. Companies can also access historical exchange rates for more than 38,000 currency pairs.

Oanda CEO Vatsa Narasimha described global organizations that need access to exchange rate information Intacct’s “fastest growing customer base.”

"Intacct is the cloud ERP system of choice for multi-entity, multi-currency environments. Our customers use Intacct to reduce their consolidation times from a hundred hours to seconds and present the results in a real-time dashboard with full multi-currency support," stated Intacct CEO Rob Reid. "Our partnership with OANDA is a key part of delivering this industry leading functionality that is core to the modern data-driven CFO.”

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