Configuration of automatic currency exchange synchronization

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Applies to version 2017.2; Author: Paweł Adamczuk 

Webcon BPS features an automatic currency exchange rate synchronization. In this article, you’ll learn to configure the software to automatically synchronize up-to-date currency quotations published by central banks and to create WEBCON data sources using the currency data.


 

Service configuration

Using WEBCON Designer Studio, you can enable currency exchange rate synchronization in four simple steps:

  1. Service role activation.
  2. Setting the synchronization start date and synchronization schedule.
  3. Selecting currency rate data source.
  4. Reloading service configuration.

After configuring the service and successfully completing the first synchronization, the currency exchange rates can be obtained from the ExchangeRates table in the BPS content database. You will learn how to create accompanying data sources shortly. Below, you will find a brief description of the two currency data sources available in Webcon BPS 2017.2 along with the data fields published by each of them. The names of the corresponding columns in the ExchangeRates table were put in square brackets:

  • National Bank of Poland – exchange rates published by NBP:
    • Average rate [EXC_AveragePrice]
    • Bid price [EXC_PurchasePrice] – available for the currencies in the rate table C
    • Ask price [EXC_SellPrice] – available for the currencies in the rate table C
    • Rate publication date [EXC_PublicationDate]
    • Rate effective date [EXC_EffectDate]
    • Localized, currency name in Polish [EXC_Name]
    • The multiplier – the number of foreign currency units being quoted [EXC_Conversion]
    • Average price data source [EXC_AveragePriceSource] – name of an associated file published by NBP
    • Ask and bid price data source [EXC_SellPurchasePriceSource] – name of an associated file published by NBP
    • Currency code [EXC_Code] – currency identifier in the ISO 4217
  • European Central Bank – exchange rates published by ECB:
    • Average rate [EXC_AveragePrice]
    • Rate effective date [EXC_EffectDate]
    • Currency code [EXC_Code] – currency identifier

Besides the parameters described above, every row in the table contains two fields, whose values are directly determined by the data source of the currency quotation:

  • Data source [EXC_DataSource]:
    • „1” for NBP
    • „2” for EBC
  • Quotation type [EXC_DirectQuotation]
    • „0” for indirect quotations (as published by ECB)
    • „1” for direct quotations (as published by NBP)

When performing automated currency conversions or other calculations involving exchange rate data, one must consider the quotation type of the used rates. “Direct” quotation is a quotation expressing the price of (or amount obtained by selling) a unit of foreign currency in domestic currency. An “indirect” quotation is the amount of foreign currency needed to buy (or obtained by selling) a unit of domestic currency. One consequence of this distinction is that the base currency of a currency quotation will not always be the domestic currency of the bank publishing the data. The following table contains two rates of the EUR/PLN currency pair published on October 6, 2017 by two banks using different quotation conventions. It illustrates the difference between the two quotation types:

Data source Base currency Counter currency Quotation type Rate
European Central Bank Polish zloty euro indirect 4.3039
Narodowy Bank Polski Polish zloty euro direct 4.2985

The types of the quotations stored in the BPS content database are consistent with the conventions used by corresponding banks when publishing the rates on their websites (see the links provided previously).


 

Data connection

To create exchange rate data sources, you will need a defined connection to your BPS content database. The following picture shows a sample configuration of such data connection.


 

Data sources

In order to use the currency exchange data synchronized by Webcon BPS in forms or actions, you should configure exchange rate data sources using Webcon Designer Studio. A few configuration examples follow:

Bid/ask exchange rates of convertible currencies published by NBP, effective today


 

Average exchange rates of nonconvertible currencies published by NBP, effective today


 

Average exchange rate of the EUR/PLN currency pair, published by ECB throughout the last month

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