Automated FX currency rates integration with Workday - FXLoader

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Workday

Integration with Workday Financial Management

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.

Currency Rates in Workday

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.

The Challenge

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.

The FXLoader Solution

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.

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we loved your product – it worked beautifully
Russell Taylor, Business Analyst, Vignette
This is a big win for our Finance team. Not only will this save time every month; but is a key process improvement for our SOX initiative
Finance Business Analyst, a large US software company
FXLoader keeps all our FX rates up to date, every day from the sources we need. It should be an automatic choice for anyone using Oracle ERP Cloud.
Dee Marwaha, Head of Financial Operations, Perform Group
Honestly, this was the easiest system installation we have. I am really glad that we found you.
Finance Analyst, International Data Center Solutions Provider
FXLoader has been a tremendous addition to our Oracle ERP configuration. It runs seamlessly each night loading 500 + currency pairs.
Kevin Brownlie, Sr. Director, Information Systems, Hologic
Your help during implementation was incredible and I will always recommend your product and support. Lack of failures and problems tells everything – we are very satisfied.
Karol Kalinowski, Senior Enterprise Application Engineer, GE Healthcare
After talking to our finance team the feeling on FXLoader is “It just works”.
Kevin Brownlie, Sr. Director, Information Systems, Hologic
I have to say that FXLoader was by far the "easiest" ERP process I've come across. It's a no-brainer!
Bernard Rojo, Artesyn Embedded Technologies
The product was very easy to implement. It runs without issues.
Bill Wilcox, Senior Oracle Applications Consultant, Uponor
We’ve been very satisfied with the service we are getting from FXLoader. The interface works extremely well.
Roy Dilig, Director of IT, Bal Seal Engineering
I really did appreciate your quick responses and willingness to work with us on our schedules and within our processes!
Business Analyst, Silicon Graphics
FXLoader has been a great tool that has saved us time and error-proofed our processes. Your team has been outstanding, the implementation was seamless, and I am overwhelmingly pleased with the results we are seeing!
Annetta Story, CPA, CFE, Accounting Manager, AOC, LLC
I think it is a brilliant product. Installation and implementation process are superb and very quick.
Johan Van Heerden, Head Finance Systems, Atlas Mara
The fast and easy set up, coupled with first class customer support easily makes FXLoader the best choice for Oracle Cloud Applications.
Paul James, Oracle Application Manager, Perform Group
The interface is working very well – we have encountered no issues since enabling.
Chadd Fowble, Manager, Datacard Group
FXLoader is running great and doing exactly what we need. It is working perfectly…we are glad we found it.
Katie Mayer, Senior Manager, Global Cost Analysis, AAM – American Axle & Manufacturing