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Currency Exchange Rate Sources

Which rates source should I choose?

There are a multitude of sources available for currency rates; we have chosen our sources based on reliability of service, authenticity of rates and strength of automation.

OANDA, Xignite and Reuters provide market rates via a paid subscription service. All are extremely reliable, enterprise grade services with availability in excess of 99.9%. They provide rates to almost every tradable currency – over 170 in total, using multiple sources for these market rates.

The central bank sources provide a free service with rates between the local currency and a number of others. Note that some of these are available directly from FXLoader, where others come from Xignite and so require a subscription to their service.

Most clients opt for the guarantee provided by a paid subscription.

A common model is to use market rates as the core, then selective central bank rates as needed for local statutory requirements in certain countries.

Do the sources provide Ask and Bid rates?

The main market rates are available as Ask or Bid rates, which reflects the spread between the buying and selling rate of a currency pair.

Midpoint rates, which are half way between Ask and Bid, are also provided – most of our clients choose to use these Mid rates for accounting purposes.

Central banks do not provide Ask and Bid rates, just a single rate.

Can I use more than one source for different parts of my business?

Yes. A typical use case  is to obtain the majority of rates via market rates then specific currencies or pairs via one or more central banks to meet local statutory requirements.

You can either overwrite specific market rates with central bank rates, or vice versa. In Oracle E-Business Suite and Oracle ERP Cloud, you also have the option to load rates from these different sources into different rate types, then configure your application to use these rate types where they are needed (e.g. by operating unit).

How are cross-rates populated?

Cross-rates are rates between your non-core currencies. For example if your only core currency is USD, then you would load rates between USD and all other currencies you need. Cross-rates are rates such as GBP>EUR.

You have the option to load all cross-rates directly from the rates source, as you do for your core currency rates. However, you can also choose to use the FXLoader triangulation function to create the cross-rates. For example, this would create the GBP>EUR rate from a calculation involving the USD>GBP rate and USD>EUR rate that came from the source. Most of our clients choose to use triangulation, but some prefer to get all combinations directly from the source.

Do I need to subscribe separately to the rates provider?

We are partners with OANDA and Xignite, so we can resell their subscription services along with FXLoader.

You will need to subscribe directly to other subscription services that we cannot resell.

The central bank sources are generally free so do not require a subscription.

How often are rates updated and at what time?

Rates for accounting purposes in ERP applications are generally loaded daily or less frequently. There is no need, or ability, to load rates more frequently than daily.

OANDA market rates are updated once per day between 7pm and 10pm US Eastern Time.

Xignite market rates are updated every hour, so you can choose a ‘fix time’ to use according to what time of day you want to load the rates.

Central bank rates are generally updated daily, at different times depending on the bank.

How can we load rates into the current day before the start of the day?

ERP applications usually need rates available for the current day in order to process transactions for that day. However, many of the rates sources don’t publish rates until a cut-off time at the end of the day.

To get around this, FXLoader allows you to take the previous day’s rates and load them as the current day into your ERP. In fact, you can load any day into any day; occasionally it is necessary to load two days in advance for companies with users in time zones well ahead of the US, for example.

What happens if the rates service or network is unavailable?

The rates services have extremely high levels of reliability, but occasionally a network issue may mean FXLoader cannot contact the service.

FXLoader has a configurable feature to automatically retry in the event of a connection failure. It will retry after any interval you specify, as many times as you specify.

What if I am using an old currency code not available from the rates sources?

Currency codes change from time-to-time. For example, the Mexican Peso changed from MXP to MXN and Turkish Lire from TRL to TRY. However, it is not easy to switch from one code to another in your ERP application.

To resolve this, FXLoader allows you to load rates for the new currency code from the rates source, against the old currency code in your ERP.


Average Rates

How does FXLoader calculate period average rates?

Period average rates are often needed for accounting functions such as translation.

FXLoader can calculate average rates from the daily rates you have already downloaded from your chosen source. This can be done based on the periods you define in your accounting system, e.g. calendar months or 4/4/5. It can also be scheduled to run automatically each period.

Are other types of averages available?

Yes, FXLoader can calculate and load PTD (Period-To-Date), QTD (Quarter-To-Date) and YTD (Year-To-Date) averages on a schedule you choose. It can also create rolling average rates based on a number of days of past rates.

What if some daily rates are missing when I calculate the average?

FXLoader offers a number of validation options to check that the source daily rates exist before calculating the average.

You can select to check the source daily rates exist for ALL days in the period, or for just the LAST day in the period. Or you can choose to ignore this and just load the average of whichever rates are found.


Oracle E-Business Suite Integration

Where is FXLoader installed?

FXLoader for Oracle E-Business Suite is installed as a custom extension within your EBS application. This follows all Oracle rules and guidelines for third party applications, such as installation under the custom application FXLoader (XXFXL).

This has been verified by Oracle a number of times for our clients who are hosted by Oracle themselves.

How difficult is the installation process?

We provide a single installation script per product that installs all objects needed for FXLoader – database objects and application objects (concurrent programs, value sets and descriptive flexfields).

The reference manual(s) have step-by-step procedures for install and configuration. Configuration involves setting the concurrent program parameters and descriptive flexfields to match your requirements.

The technical install can be run in 5 minutes. The configuration options can be understood, reviewed and altered as necessary in around 30 minutes.

How are rates transferred from the source service?

The FXLoader concurrent program connects to your chosen rates service over HTTP/HTTPS directly from the database. We use web services exclusively – there are no files being moved around.

Most of our rates services support HTTP and HTTPS. There is no sensitive data being transferred, just currency codes and rates, so many of our clients determine HTTPS is not necessary. However, if you prefer to use HTTPS, we can provide the appropriate certificates and instructions to install them in your Oracle Wallet.

Do we need to make any changes to our firewall?

The only access needed is from your database server to the chosen rates service over HTTP (port 80) or HTTPS (port 443). This is outbound only, so most clients do not need to change their firewall rules.

There is an option to use a proxy server to access the services.

We have a few clients who have needed to open the firewall to allow HTTP outbound. A few of those require it to be opened for a fixed IP address. OANDA offers a fixed IP address option for their service.

Is FXLoader certified by Oracle?

FXLoader has been verified by Oracle a number of times for our clients who are hosted by Oracle themselves.

The software follows all Oracle rules and guidelines for custom/thrird-party extensions, such as installing under a separate application and schema, plus using the supported open interface to import rates.

How does FXLoader know which currencies to load rates for?

By default, rates are loaded between all your enabled currencies. However, you can exclude certain currencies, or load from a different currency code, using the descriptive flexfield provided with FXLoader.

How have period rates changed between release 11 and release 12?

From R12 onwards, period rates are no longer stored separately in Oracle E-Business Suite. Instead, daily rates are used for revaluation and translation.

When you set up your Ledgers in R12, you specify which rate type should be used for period end and period average rates. You can often use your transactions daily rate type for period end. However, Oracle does not calculate the period average rate for you, so you will need a separate rate type to hold these.

FXLoader offers the ability to calculate this average for you and store it in a separate rate type in R12.

Does FXLoader support period end and period average rates in R12?

Yes.

For period average, FXLoader can calculate the average and store it in a separate rate type.

For period end, you could just use the same rate type as you load daily rates into, if this contains the rate needed for the last day of the period. Otherwise, you can just schedule a separate run of the daily rates program to load a different rate type on the last day of each period.

Does FXLoader support period end and period average rates in R11?

Yes. FXLoader has a separate program to calculate the period average and period end from your daily rates and load into the period rates table in R11.

What format are the reports available in?

The reports use XML Publisher (also known as BI Publisher) and so can be output in any format used by XML Publisher – Excel, PDF, RTF, etc. However, they are primarily designed to be output to Excel.

How is the inquiry web page accessed?

The web page is part of your Oracle E-Business Suite application. It is built using Oracle Application Framework (OAF) and following Oracle’s standards for extensions to E-Business Suite.

However, users do not need to log into Oracle to access the page – so anyone in your organisation can inquire on the rates you have loaded into Oracle. This is achieved following Oracle’s standards for such pages.

Can the inquiry web page be customized?

As the page is built using OAF standards, Oracle personalizations can be applied as they would to any other page in E-Business Suite. This allows you to hide fields or columns, change prompts and make other user interface changes.


Oracle ERP Cloud Integration

Where is FXLoader installed?

Our Oracle ERP Cloud integration uses FXLoader Cloud Service, which sits on its own cloud platform. All configuration and functionality sits on this platform and rates are sent to ERP Cloud as the final step via a web service.

Nothing is installed within ERP Cloud itself.

What platform does the FXLoader Cloud Service use?

Our cloud service sits on an Oracle Cloud Platform as a Service (PaaS), meaning that you get the same level of reliability and security as you do with Oracle SaaS applications.

Can FXLoader integrate with other Oracle Cloud SaaS applications?

All the Oracle Cloud applications (SaaS) that share the Fusion foundation share the currency exchange data. Therefore  you can use our cloud service to populate rates in Oracle Sales Cloud, for example.

How are rates transferred from the source service?

Rates are loaded from your chosen source via web services, over HTTPS.

How are rates loaded into Oracle ERP Cloud?

Oracle ERP Cloud provides a web service to allow currency rates to be loaded. FXLoader Cloud Service uses this to send the rates to your ERP Cloud instance. You configure the URL of your instance and a username/password that has access to create rates.

Is FXLoader Cloud Service certified by Oracle?

FXLoader Cloud Service was the first application to be listed on the Oracle Cloud Marketplace for Financials applications. This doesn’t mean Oracle guarantees the service, but it does require some validation from Oracle.


JD Edwards Integration

Where is FXLoader installed?

Our JD Edwards integration sits within the FXLoader Cloud Service, the same platform as used for Oracle ERP Cloud integration.

In addition, there is a very small piece of software to install on your JD Edwards instance.

How are rates loaded into JD Edwards?

The FXLoader Cloud Service takes care of all the configuration and functionality, such as scheduling, downloading rates, rounding and triangulation. The resulting rates are then available via a simple REST web service within the platform.

We provide a very simple piece of JD Edwards software which gets these rates and populates the relevant table(s).

The reason we do it this way is so that your JD Edwards instance only needs HTTPS outbound access to our cloud service.

Is FXLoader available for JD Edwards World?

No, at this stage we only support JD Edwards Enterprise One.


Pricing

How is FXLoader pricing structured?

FXLoader for Oracle E-Business Suite can be purchased in two ways – a perpetual license or a subscription. The perpetual license is a one-off charge for the software license, plus an annual charge for support and the rates service subscription. The subscription is an annual charge to use the software, including support and the rates service subscription.

FXLoader Cloud Service, which integrates with all other ERPs including Oracle ERP Cloud and JD Edwards, can only be purchased as a subscription.

Do I need to pay extra for assistance during installation?

No, all support during install and testing is included in the purchase price. If you are using the free 30-day trial in advance of a purchasing commitment, such support is provided free with the trial.