Leading foreign exchange (FX) management platform Kantox has successfully processed $100 million worth of transactions in just six months through the company’s unique API.
The influx of activity on the platform takes Kantox’s total transaction volume to over $3.2 billion since launch in 2011.
Kantox, which provides online hedging and risk management services in 34 currencies across 103 countries, launched its API in beta in late 2015. With global economic volatility on the rise, following events such as the UK’s decision to leave the EU, strict FX management is crucial to ensuring the stability of international enterprises. The API enables clients to plug the Kantox platform directly to their in-house Enterprise Resource Planning (ERP) or TMS (Treasury Management System), allowing Kantox to completely automate the entire FX management process.
This includes a Dynamic Hedging solution, allowing clients to set clear FX rules and providing ongoing real-time management to enterprises with even the most complex, multi-faceted currency requirements. As a result, clients, particularly those in the travel and e-commerce industries, can cut back on time-intensive manual processes and actively manage their risk exposure as a result of currency fluctuations.
Following the successful beta launch, Kantox is now set to release the API to its customer base of over 2,000 small, mid-cap and large enterprises. These customers will have access to the full suite of Kantox’s services available via the API, such as spot and forward transactions, market orders and international payments. In addition, clients can benefit from the newly launched Payments Hub, through which clients can make one sole transfer in a single currency to Kantox and have funds dispatched to numerous beneficiaries in multiple currencies.
Philippe Gelis, CEO and co-founder Kantox commented: “The huge up-take in our API during the beta launch indicates that Kantox is delivering genuine added value by offering finance departments headache-free automation of currency management and execution of customised FX rate hedging strategies.
“We have a strategy of ensuring our financial software developments are driven by our clients’ needs. The feedback from our beta launch is loud and clear and we look forward to rolling out our unique API to our full client base.”