US-based foreign exchange broker Oanda is making a push in to data and payments services.
The business traditionally makes the majority of its revenue from trading but it’s expecting a significant proportion of its revenue could eventually come from data and payments.
“I don’t think of our platform as a trading platform, I think of it as a data platform. We record every trade and that’s valuable,” chief executive Ed Eger told City A.M.
Oanda claims it can provide cross-border payments faster and cheaper than traditional banks.
“A cross-border payment looks a lot like a one-way trade,” Eger added.
The planned revenue shift comes alongside the roll out of Oanda’s new trading system.
On the new platform trades are processed in as little as one millisecond, down from around six previously.
Eger, a former PayPal and Citibank executive, joined Oanda in 2013 to grow the payments and data side of the business.