Article by Laura Matthews
The data provider will supply FX rates to customers on Oracle Marketplace to enable more accurate global financial reporting.
Web service data provider Xignite is offering foreign exchange rates to the Oracle Cloud Marketplace to help corporates achieve consistency across their data gathering and more accurately fulfil global financial reporting requirements.
Through its XigniteGlobalCurrencies API, the firm will supply both real-time and historical FX quotes for more than 170 countries and 29,000 currency pairs to customers of Oracle Enterprise Resource Planning (ERP) Cloud. The API automatically updates FX rates, so global financial reporting correctly reflects exchange rates.
"I think what most organisations require is a consistent approach to the data they source," says Stephane Dubois, founder and chief executive of Xignite. "What you don't want to do is one day pull data from source A and the next day from source B, and switch it around from one day to the next. You're just going to raise a lot of regulatory flags."
“Consistency is the key. Switching FX sources to make the numbers look better or not could be an issue.”
- Stephane Dubois, Xignite
"Organisations want to make sure the process by which this data is collected and curated is a quality process, and that it is consistent," he adds. "Consistency is the key. Switching FX sources to make the numbers look better or not could be an issue. We have been used by thousands of enterprises for that purpose, so we have been proven and tested."
Many multinational companies find it challenging to constantly adjust for regional currency rates to manage their accounting, inventory and procurement operations. While large firms have the capability to automate currency updates, their smaller counterparts tend to spend hours manually calculating daily exchange rates and creating formulas to aid their reporting, making Xignite's decision a boon for small firms in the Oracle system. Xignite's FX data API can be integrated into web, mobile or corporate apps.
"By being part of the Cloud Marketplace, we make it a lot simpler for clients to source the data and integrate it," says Dubois. "So if you are a project manager and you work on the Oracle implementation inside an organisation, you have to sort the data and integrate it. It's not something you do on a regular basis. The integration will be very painless – they will be able to build that integration very quickly."
Source: FX Week