FXLoader Cloud Service is a back end application running on Oracle’s Platform as a Service (PaaS). Web services are invoked to pull the latest rates from the chosen source(s) and process cross rates, etc. A scheduled job on the PeopleSoft side then pulls the resultant rates into the application, using the supported interface.
Choose from some of the most trusted sources of exchange rates; OANDA, XE, Xignite, Open Exchange Rates, Refinitiv, Bloomberg and over 60 Central Banks, including The European Central Bank. The subscription to some of these services can be included in your annual FXLoader subscription.
PeopleSoft provides extensive multi-currency functionality. It converts all transactions in foreign currency to your functional currency using a defined exchange rate – supplier and customer invoices and payments, GL journals, purchase orders, sales orders, etc.
The application provides a screen to manually enter daily rates, but using this can be time consuming and prone to error as with any manual process. The impact on the business can be significant:
If rates are not entered, foreign currency transactions will use inaccurate rates, or cannot be processed at all for that date
If rates are entered incorrectly, your account balances will be wrong but the problem may not become evident until weeks or months later.
FXLoader provides a fully automated interface to load rates from leading sources, directly into Peoplesoft. Set it up to run on a schedule you choose and it will load rates in the background – no user action or checking is required.
FXLoader Cloud Service is a separate cloud application, built on Oracle’s Platform as a Service (PaaS). Configuration is set up in this application; a scheduled job then gets rates from your chosen source(s), processes them according to your chosen options, and saves them in the PeopleSoft format.
Rates are loaded as the final step, via a scheduled process to pull the rates from the FXLoader Cloud Service and load into PeopleSoft using the MARKET_RATES Component Interface. The PeopleSoft software is provided by FXLoader.