Companies doing business internationally, regardless of their size, have a business need for foreign exchange (FX) data. Reliable and timely currency information is key to maintaining accurate financial and accounting processes and pricing strategies. This is easier said than done.

The OTC (over-the-counter) nature of the FX market makes it opaque, decentralized and fast-moving, with trillions of dollars’ worth of transactions happening on a daily basis. This causes inconsistency in pricing and creates an environment that makes it difficult for corporations to access accurate FX data.

This problem has been addressed by the collaboration between OANDA and Dell Boomi to enable finance, accounting, product and development teams to easily integrate accurate foreign exchange data from a trusted provider into their various software systems (ERP, CRM, accounting, EPM, procurement and more).

To learn more about how the OANDA Exchange Rates API Connector can help your business, please attend our upcoming webinar, “OANDA – Dell Boomi Connector Review.”

Warning: Bad Data Ahead

Inaccurate currency data can hurt organizations in various ways. Data management products that are not consistently dependable or that do not update frequently can undermine operations and harm a company’s bottom line.

Also, untrusted sources, such as unproven data providers or rates aggregators, can also raise questions with tax or accounting auditors and ultimately result in penalties if the data proves to be inaccurate. When used for price localization, inaccurate currency data might have a negative impact on customers and their relationship with the brand.

If this wasn’t enough to justify implementing FX data best practices, consider that way too many companies today still rely on manual processes to input FX data into their systems. Spreadsheets, emails, instant messages and information flow through organizations in various non-efficient ways, which expose companies to the risk of manual errors regardless of the reliability of the data source.

Constructing Accurate Rates

Now available on the Boomi integration platform, the OANDA API offers the gold standard in exchange rates. As a Forex market maker, OANDA has access to real-time FX data from all major participants in the interbank market. OANDA trades billions of dollars per day directly with these entities and, in so doing, has a complete view of the tradeable data-sets on a real-time basis for the global FX market.

The key difference between rates aggregators and market makers is that rates aggregators do not construct their own accurate price but rather an indicative one, which may not accurately reflect the FX market. This can create inaccurate prices or “spikes” that wreak havoc if passed through to the end user. Market makers like OANDA actually create FX data based on real exchanges to ensure the most accurate data possible.

OANDA Exchange Rates API

The OANDA Exchange Rates API offers an extensive data set with exchange rates for 200+ currencies, precious metals, and 38,000+ currency pairs available. Customers can now access daily average rates on the Dell Boomi platform.

Daily average rates are most commonly used by accounting and tax professionals for financial reporting, various accounting and audit needs, and reconciling a company’s financial reports. Average rates are available in weekly, monthly, quarterly, yearly and custom timeframes.

The API also offers daily averages for 540 currency pairs from 25 different central banks across the globe, such as Reserve Bank of Australia, Bank of Canada, Banco de Mexico and more.

OANDA’s API on the Boomi Integration Platform

OANDA is the first foreign exchange rates provider with a connector on the Boomi integration platform. The recently released connector allows companies to query OANDA’s daily exchange rate data into their ERP (MSFT Dynamics AX/GP, SAP, Workday, Oracle E-business Suite, QAD, etc), CRM (Salesforce), procurement (Coupa), or EPM system (Anaplan).

Through this integration, companies can build sophisticated workflows and increase automation in their systems. The OANDA connector supports the query action to retrieve exchange rate data through the OANDA Exchange Rates API and simplifies the implementation for users by handling details of the connection request headers, error handling and more.

The connector is very easy to sign up for and implement. Companies already using the Boomi integration platform can start using the connector in just a few minutes, rather than taking weeks to months to integrate on their own. Learn more about how to set up the OANDA connector in the Boomi Community.

Upcoming Webinar: “OANDA – Dell Boomi Connector Review”

To learn more about how the OANDA Exchange Rates API Connector can help your business, please attend our upcoming webinar, “OANDA – Dell Boomi Connector Review.”

OANDA’s Greg Efstratis, A.J. Remlinger, Tomoyo Nagase and Dell Boomi’s Grady Drago will discuss how you can leverage the OANDA API and Boomi to integrate accurate and reliable foreign exchange data seamlessly with SaaS-based applications such as Workday, SAP, Oracle E-Business Suite, Microsoft Dynamics, Salesforce and more.

In this webinar you will learn:

• What sets OANDA’s exchange rates apart
• How they can help your business
• The set-up process for the Boomi connector
• The advantages of using the Boomi ecosystem

WEBINAR DETAILS

Date: Wednesday, March 21st, 2018

Times: 10am PT | 1pm ET– Save my Spot!

Duration: Approximately 45 minutes with Q&A

Presenters: Greg Efstratis, A.J. Remlinger, Tomoyo Nagase, OANDA; Grady Drago, Boomi

Can’t attend? No problem. Register for the session and you will receive a recording of the webinar after the event.