Add alternate sources for currency exchange rates

 

Problem

FOLIO currently retrieves currency exchange rates via API from the European Central Bank. These exchange rates can be overridden on a per-POL basis. Currencies not supported via the ECB API must also be entered on a per-POL basis. Many libraries are required to use (or prefer to use) a different exchange rate based on their own financial processing rules. To this end, libraries should be able to specify alternate means of fetching exchange rates.

Use cases and requirements

Requirement

Status

Use case

Requirement

Status

Use case

Library should be able to update currency exchange rates via API from library-defined sources

pending

Institution’s financials rely on a relationship with an external financial institution, which provides exchange rates via API. Library should be able to configure FOLIO to use that API

When library is using a library-defined API, the default ECB integration should be disabled

pending

Institutions updating exchange rates via third-party integration should not have those exchange rates updated by the native API.

Library should be able to specify exchange rate update frequency

pending

Libraries may only need to update exchange rates on a periodic basis (weekly, monthly, etc.), or may incur costs associated with queries, so will want or need to limit the frequency at which exchange rates are updated.

Support for file uploads

pending

Some providers make exchange rates available via downloadable file in csv or JSON format. In some instances it may be desirable to be able to upload a csv or JSON file rather than use an API.

Approach

 

Questions

Question

Status

Response

Question

Status

Response

Should alternate integrations be hard-coded or manually configured?

pending

 

In an ECS environment, should the exchange rate load be global or per tenant?

pending

 

Is there a use case where a library might want or need multiple integrations?

pending

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