Automating FX currency conversion in Oracle ERP with FXLoader & OANDA

Global businesses operating within Oracle ecosystems face a distinct set of challenges when managing foreign exchange (FX) data. Oracle Enterprise Resource Planning (ERP) systems, such as E-Business Suite, JD Edwards, Oracle Cloud (Fusion), and Peoplesoft, require robust multi-currency functionality to meet the needs of financial reporting, reconciliation, accounting, taxation, and audits.

Although Oracle ERPs include built-in tools for FX currency conversion, these systems still depend on manually updated FX rates. Manual processes are not only time-consuming but also prone to errors and omissions, which can negatively impact ERP functionality, compromise the quality of financial reporting, and ultimately affect the company’s bottom line.

For global organisations with multiple locations or offices, it’s essential to rely on a single, consistent source of FX data to ensure enterprise-wide accuracy and consistency. Without automation, maintaining reliable FX data across systems is an uphill battle.

So, how can businesses streamline and automate FX currency conversion directly within their Oracle ERP systems?

FXLoader, from insightsoftware, a global leader in solutions for the office of the CFO, provides a seamless solution to automate currency conversion in Oracle ERP systems. By integrating directly with OANDA’s trusted FX data, FXLoader eliminates the need for manual intervention, offering a reliable and automated way to upload exchange rates into Oracle ERP systems.

The integration with OANDA enables businesses to automatically source accurate and up-to-date exchange rates for over 200 currencies, commodities, and precious metals. These rates, trusted by global corporations such as Chipotle, GE Healthcare, and Pandora, are sourced from 25 central banks and provide data for 38,000+ currency pairs.

Key features of FXLoader and OANDA integration include:

• Customizable Configuration: Clients can define their preferred schedule, currencies, cross-rates, and rounding settings for exchange rate updates.
• No User Intervention Required: The fully automated process eliminates manual work and ensures consistency.
• Secure API: OANDA’s Exchange Rates API supports HTTPS and Fixed IP solutions to deliver data securely, with a 99.99% uptime, redundant servers, and compliance with standards like SSAE16 (SOC-1 and SOC-2 Type II) and ISO 27001.

Robust Failure Handling: The system is designed for reliability, ensuring data integrity even in the event of system interruptions.

Companies leveraging FXLoader and OANDA experience significant improvements in their ERP functionality, financial reporting accuracy, and operational efficiency. By automating FX currency conversion, businesses free up valuable time, reduce errors, and ensure consistent, accurate FX data across the enterprise.

Insightsoftware is a global provider of comprehensive solutions for the Office of the CFO. We believe an actionable business strategy begins and ends with accessible financial data. With solutions across financial planning and analysis (FP&A), accounting, and operations, we transform how teams operate, empowering leaders to make timely and informed decisions. With data at the heart of everything we do, insightsoftware enables automated processes, delivers trusted insights, boosts predictability, and increases productivity. Learn more at insightsoftware.com.

With a 7-day free trial available, businesses can quickly evaluate the seamless integration of OANDA’s exchange rates and experience the benefits firsthand.

To learn more about OANDA’s Exchange Rates API, visit www.oanda.com/fx-for-business/contact-us.