OANDA Exchange Rates API: ERP Integration Series

OANDA Exchange Rates API:

ERP Integration Series

Integrating the OANDA API

with Workday

Proud Partners:

Integration:

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Executive Overview s

OANDA Exchange Rates API: Workday Integration

The OANDA Exchange Rates API easily integrates the most trusted currency

exchange rate data with your Workday Financial Management Application. Our

Rest API documentation and API Key test drive service are a great source of

information for IT departments who want to integrate the OANDA Rates with their

computing environments - or simply familiarize with our solution.

OANDA’s Exchange Rates API is congured according to your preferences for

schedule, currencies, cross-rates and rounding. The service is fully automated

– congure once and forget about it.

“

– IT Director

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.

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Business Benets

Workday needs OANDA currency exchange rates API to

automatically convert foreign currency transactions to the

base currency of each organization. Though Workday pro-

vides a screen to enter these rates manually, as part of the

standard product, this can become time consuming, even

if you only need a relatively small number of currencies. As

with any manual process, mistakes occur which can have

a major impact on your business:

• If rates are not entered on a particular day, then foreign

currency transactions cannot be entered for that day.

• If a rate is entered incorrectly, the impact may not be

noticed for weeks. For example, if a rate is entered

incorrectly the impact on your account balances at

month end will be signicant.

Using FXLoader to automate the load of daily rates provides

a number of benets:

• No user intervention is required.

• Rates are guaranteed to be accurate and up to date.

• Robust failure handling makes this a highly

reliable solution.

• Easy to install and technically simple – no les

are involved.

OANDA Exchange Rates API: Workday Integration

Solutions for Business

FXLoader queries exchange rates from

OANDA, which provides market rates

between 190+ currencies, precious metals

and is used by audit rms, tax authorities

and nancial institutions worldwide.

Source of FX Rates

You have complete control over the fre-

quency of rates load. Most choose daily,

but weekly, monthly, annually, based on

your accounting periods or any specic

dates are all available. You also have con-

trol over the time of day it runs.

Schedule

Congure which currencies you want

to query from OANDA. Flag base cur-

rencies to restrict which cross-rates are

generated. You can also query using

one currency code and load into Workday

using a different code –useful when your

ERP uses an old code such as MXP for

Mexico.

Currencies

OANDA Exchange Rates API: Workday Integration

You have the option to query all currency

rates from a single base currency from

OANDA, and then triangulate to create all

other currency pairs (cross-rates). Alter-

natively, you can query all currency pair

combinations directly from OANDA.

Triangulation

“

- Financial Analyst

“FXLoader has been a great tool

that has saved us time and er

ror-proofed our processes. Your

team has been outstanding, the

implementation was seamless,

and I am overwhelmingly pleased

with the results we are seeing!

Solutions for Business

OANDA Exchange Rates API: Workday Integration

FXLoader has a number of conguration

parameters to provide exibility in how

you run it. You can specify which rate type

you wish to load or query one date from

OANDA and load the data into a different

date. For example, you can load rates

into the next day to ensure the rates are

available to users at the start of each day.

You can also load a particular day into

a number of extra days forward. For

example, if you only want to load rates

monthly.

Flexibility

Rates are sent to Workday using the

web service provided within the

Financial_Management set of integration

APIs.

Load and Validation

If the rates web service or Workday

cannot be contacted for any reason,

FXLoader will re-submit itself to try again

later after a delay you specify. It will do

this however many times you specify. You

can specify up to ve email addresses to

be notied of the outcome, either for every

run or only in the event of a failure.

Failure Handling and Notications

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Technical Overview

FXLoader is hosted on an Oracle Platform as a Service

(PaaS) instance, the core of which is an Oracle database.

Oracle handles the availability and security, to the same

enterprise standards as their cloud applications (SaaS).

OANDA Exchange Rates API: Workday Integration

The communication with OANDA is via secure (HTTPS)

web services.

OANDA uses an API key to validate access. The web

services sending rates to Workday depends upon the URL

and tenant congured, plus a username and password

(encrypted within FXLoader) that has access to load rates

via the API.

Security

“

We loved your product – it worked beautifully.

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trademarks are owned by OANDA Corporation. FXLoader and all other trademarks appearing on this document

are the property of their respective owners.

FXLoader is an OANDA Integrations Partner.

OANDA Exchange Rates API is a subscription-based service.

You can choose among different packages based on your FX data needs and use

cases. The FXLoader connector and translator tool can be included in your offering, or

it can be purchased separately depending on the service package of your choice.

A 30-day free trial is also available.

Purchase Information

For more information, please contact our FX Integration Specialists :

[email protected]

1-800-826-8164

toll-free

+1-212-390-8735

international