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 |
|---|---|---|
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 |
|---|---|---|
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 |