BNZ And Adminis Sign API Agreement To Streamline Foreign Exchange In NZ Banking First

In a move to enhance access to foreign exchange markets, Wellington-based fintech Adminis has signed an API agreement with BNZ—the first bank in New Zealand to offer an FX dealing API.

An API, or Application Programming Interface, is a secure tool that allows different software programmes to connect and share information automatically. With this agreement, Adminis customers can access BNZ’s comprehensive foreign exchange services directly from the Adminis platform.

Customers can exchange currencies in real-time and execute transactions almost instantly, lock in future rates to protect against market volatility, and put their funds to work quickly and securely, without delays from manual processing.

The agreement also provides continuous access to international markets, operating 24 hours a day, 5.5 days a week - from the opening of the Wellington market to the close of New York. This means Adminis customers can trade currencies and manage risks even when local markets, such as those in New Zealand, are closed overnight. This access spans major FX markets across the USA, Europe, and Asia.

Adminis CEO, Matan Gan-El, says, "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. 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.

“The API integration will not only make it easy to automate foreign exchange transactions based on predefined criteria, but also facilitate locking in exchange rates through Forward Exchange Contracts, improving the speed and accuracy of deal booking while managing currency fluctuation risks.”

BNZ's General Manager of Markets, Philippa Fourbet, says, “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.

“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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