Daily Rates – load from OANDA, Xignite, Reuters and Central Banks

Most organizations using Oracle E-Business Suite require some multi-currency functionality. Oracle 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.

These exchange rates are known as Daily Rates in Oracle and are shared by all modules of E-Business Suite.

The Challenge

Oracle provides a screen to manually enter Daily 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 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 a choice of sources – OANDA, Xignite, Reuters, ECB, UK HMRC, Bank of England – directly into Oracle EBS. 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.
Rates are loaded using Oracle-supported APIs and extension standards.

Rates Data Source

FXLoader loads rates from a range of trusted subscription-based sources and some free sources. You can choose which source to use, or even use more than one to load into different rate types for use in different parts of your organization.

OANDA is a market maker and a trusted source for currency data. Rates are obtained using their Exchange Rates subscription service which provides full support and extremely high availability. Market rates are available between almost all tradeable currencies – 170+. We are OANDA partners and can provide their service bundled with FXLoader.

Xignite are a pure cloud provider of market data. Their Market Data Cloud sits on an enterprise-class delivery platform. The currency rates subscription service provides market rates between 170+ currencies. They also publish rates from central banks around the world; Canada, Mexico, Australia, Europe, Russia, Poland, Romania, Hungary, Chile and Czech. FXLoader are Xignite partners, enabling us to provide their service with FXLoader.

The Reuters DSS service provides web service access to Reuters currency rates data. You will need to sign up to this service directly with Reuters.

The ECB provide a free exchange rates service between the Euro and around 33 major currencies. The service is also reliable and provides the official central bank rates required for some reporting for companies based in the Eurozone.

The UK HMRC (UK tax authority) publish rates once a month, with weekly updates for certain currencies, between the British Pound (GBP) and almost all other currencies. This is a free service.

The Bank of England provide a free service including rates from GBP and USD to around 26 major currencies.

Key Features of Daily Rates Load
Scheduled within your existing E-Business Suite environment
Handles communication with rates service directly from your database
Full validation and load using Oracle-supported API
Load rates daily or monthly between all currencies you need
Option to triangulate from a base currency or load rates for all combinations
Uses the most reliable services providing trusted exchange rates
Robust failure handling including automatic re-tries