The Bank of New Zealand (BNZ) has signed a “NZ-first” API agreement giving users of the Adminis wealth management platform direct access to BNZ’s foreign exchange services.
The function, enabled through an Application Programming Interface (API), embeds BNZ’s forex services within Adminis’ wealth management and investment platform, which currently services more than 45,000 investor clients.
Through the new capability, BNZ said Adminis customers will be able to exchange currencies in real-time and execute transactions almost instantly, lock in future rates, and avoid manual processing.
The agreement, BNZ said, also provides Adminis platform users 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,” BNZ wrote.
Adminis chief executive Matan Gan-El said the agreement would “streamline [its clients’] 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,” he said.
Based in New Zealand, Adminis provides services for wealth managers, fund managers, self-directed investment platforms, and high net worth individuals. The firm currently administers around $11 billion in client funds.
BNZ general manager of markets Philippa Fourbet said the bank was “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.”
