FXLoader Cloud Service fully automates the load of FX rates into your Workday Financial Management cloud application, for converting foreign currency transactions.
FXLoader Cloud Service is a back end application running on Oracle’s Platform as a Service (PaaS). A web service is invoked to pull the latest rates from the chosen source, process cross rates and load them via another web service into Workday.
Choose from some of the most trusted sources of exchange rates; OANDA, Xignite, Reuters, XE and 40+ Central Banks, including The European Central Bank. The subscription to these services is included in your annual FXLoader Cloud Service subscription.
Workday Financial Management provides multi-currency functionality. Workday will convert foreign currency financial transactions to your company’s base reporting currency. This is done using exchange rates entered or loaded into Workday. The rates entered are stamped with an effective date/time and so are valid until a more recent record is entered for that currency pair and rate type.
Workday provides a screen to manually enter currency rates, but 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 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 your Workday application, identified by the URL and tenant name. 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 process then gets rates from your chosen source(s) and loads them into Workday.
Rates are loaded as the final step, using the Workday-provided web service.