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FXLoader Cloud ServiceWorkday IntegrationWhite PaperPage 1 of 5
Executive OverviewFXLoader Cloud Service integrates the most trusted currency exchangerate data with your Workday Financial Management Application.www.fxloader.comEmail: [email protected]: 44 (0)1420 87920FXLoader31A Church LaneHolybourneAltonHampshire GU34 4HDU.K.FX rates can be sourced from OANDA, Xignite, Reuters and over 16 centralbanks, including the ability to mix and match. The service is configuredaccording to your preferences for schedule, currencies, cross-rates androunding.The service is fully automated – configure once and forget about it.FXLoader resides on the secure and reliable Oracle Cloud Platform.Communication with rates sources and Workday is via secure webservices.Business BenefitsWorkday needs currency exchange rates to convert foreign currencytransactions to the base currency of each organization.Workday provides a screen to enter these rates manually as part of thestandard product. This can become time consuming, even if you onlyneed a relatively small number of currencies. As with any manualprocess, mistakes occur which can have a major impact on your business: If rates are not entered on a particular day, then foreign currencytransactions cannot be entered for that day. If a rate is entered incorrectly, the impact may not be noticed forweeks. For example, if a rate is entered the ‘wrong way round’ theimpact on your account balances at month end will be significant.“Honestly, this was theeasiest system installation wehave.”Using FXLoader to automate the load of daily rates provides a number ofbenefits: 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 configurePage 2 of 5
Service Description“This is a big win for ourFinance team. Not only willthis save time every month;but is a key processimprovement for our SOXinitiative”Source of FX RatesFXLoader queries exchange rates from the leading rates service providersOANDA, Xignite and Reuters, plus a number of central banks. OANDA provides market rates between all trade-able currencies(approximately 170) and is used by the ‘big four’ accounting firms,tax authorities and financial institutions worldwide. Xignite provides a market data cloud including market rates for alltrade-able currencies, plus central bank rates for over 15 countries. Reuters DSS provides market rates for all trade-able currencies. The European Central Bank provides official rates from the Euro toaround 33 major currencies, via a free XML-based service. Other official sources include UK HMRC and Bank of England.OANDA, Xignite and Reuters are paid subscription services. All are highavailability, authoritative services for up to date exchange rates. You canchoose the service that best fits your needs or use any combination ofservices. Many of our customers use a market source supplemented bycentral bank rates for certain countries to meet local statutoryrequirements.ScheduleYou have complete control over the frequency of rates load. Most choosedaily, but weekly, monthly, annually, based on your accounting periods orany specific dates are all available. You also have control over the time ofday it runs.Page 3 of 5
CurrenciesConfigure which currencies you want to query from each source.Flag base currencies to restrict which cross-rates are generated.You can also query using one currency code and load into Workdayusing a different code – useful when Workday uses an old codesuch as MXP for Mexico.TriangulationYou have the option to get currency rates from or to a single basecurrency, then triangulate to create all other currency pairs (crossrates). Thus the ECB Euro rates can be used to create ratesbetween all currencies, for example. This option can be used withOANDA and Xignite rates, or you can query all currency paircombinations directly from those services.“FXLoader has been a greattool that has saved us timeand error-proofed ourprocesses. Your team hasbeen outstanding, theimplementation wasseamless, and I amoverwhelmingly pleasedwith the results we areseeing!”FlexibilityFXLoader has a number of configuration parameters to provideflexibility in how you run it: Query one date from the source but load the data into adifferent date – for example load into the next day to ensurerates are available to users at the start of each day. Load a particular day into a number of extra days in thefuture, for example if you only want to load rates weekly ormonthly. Round rates using decimal places or significant figures, forall rates in a run or by currency, or even currency pair. Use the Bid or Ask rate for market rates, or use the midpoint.Load into WorkdayRates are sent to Workday using the web service provided withinthe Financial Management set of integration APIs.Average RatesFXLoader can calculate average rates from rates already loaded.Period averages can be based on monthly calendar periods or anycombination of 4/4/5-type periods. Quarter-To-Date (QTD), YearTo-Date (YTD) and Rolling averages are also available.Failure Handling and NotificationsIf the rates web service or Workday cannot be contacted for anyreason, FXLoader will re-submit itself to try again later after a delayyou specify. It will do this however many times you specify. Youcan specify up to five email addresses to be notified of theoutcome, either for every run or only in the event of a failure.Page 4 of 5
Technical OverviewFXLoader Cloud Service is hosted on an Oracle Platform as aService (PaaS) instance, the core of which is an Oracle database.Oracle handle the availability and security, to the same enterprisestandards as their cloud applications (SaaS).SecurityThe communication with rates sources and the ERPs is via secure(HTTPS) web services.“We loved your product - itworked beautifully”The paid rates sources use an API key to validate access.The web service to send rates to Workday depends upon the URLand tenant configured, plus a username and password (encryptedwithin FXLoader) that has access to load rates via the API.Purchase InformationFXLoader Cloud Service is available on a subscription basis, whichincludes full support during initial configuration and on-goingproactive support for the process.The OANDA and Xignite subscriptions can be purchased along withFXLoader. The European Central Bank and other official servicesprovided directly via FXLoader do not require a subscription.Further InformationFXLoader Cloud Service is available as a free 30-day trial.Please contact us for further information.www.fxloader.comFXLoader31A Church LaneHolybourneAltonHampshire GU34 4HDU.K.Email: [email protected]: 44 (0) 1420 87920Page 5 of 5
FXLoader Cloud Service integrates the most trusted currency exchange rate data with your Workday Financial Management Application. FX rates can be sourced from OANDA, Xignite, Reuters and over 16 central banks, including the ability to mix and match. The service is configured according to y
