Connector Details
Type
SaaS & APIs
Runs on
Google Cloud Platform
Last Update
24 October, 2024
Category
Big data, Analytics, DevOps
Fluentax Exchange Rates API Connector
Overview
Unlock seamless currency conversion with the Fluentax Exchange Rates API Connector, designed to simplify global financial compliance for businesses. This powerful connector integrates with 92 leading central banks and tax authorities including the Saudi Central Bank, European Central Bank (ECB), Reserve Bank of Australia (RBA), and Central Bank of Nigeria (CBN) spanning 9 regions and 130 countries across Europe, GCC, MENA, APAC, and LATAM. Access real-time and historical exchange rates to ensure compliance with VAT/GST regulations, streamline multi-currency invoicing, and enhance financial reporting and auditing. With secure, encrypted API access, automated conversion workflows, and real-time currency fluctuation alerts, this connector empowers businesses to make data-driven decisions with confidence. Whether you’re a small business or a global enterprise, the Fluentax Exchange Rates API Connector delivers reliable, accurate, and compliant exchange rate on daily, biweekly, weekly and monthly based and data to elevate your financial systems.
Integration Overview
This documentation outlines the integration process for the Fluentax Exchange Rates API Connector, providing detailed information about how to retrieve real-time and historical exchange rates, configure API access, and leverage the functionality for automated currency conversion.
- Exchange Rate Retrieval: Retrieves exchange rates on daily, weekly, biweekly and monthly basis from multiple banks for various currencies.
- Currency Conversion: Perform currency conversions for VAT/GST-compliant invoicing and accounting.
- Real-Time Notifications: Receive updates on currency fluctuations via webhooks.
Detailed Integration Documentation
Exchange Rate Retrieval
Purpose
Allows users to retrieve real-time and historical exchange rates for financial reporting, auditing, and multi-currency invoicing.
Input Details
- Currency Pair: The currency pair for which you want to retrieve the exchange rate (e.g., USD/EUR, AED/SAR).
- Bank: Specify the bank or financial institution from which to retrieve the exchange rate. Supported banks include the Saudi Central Bank, Central Bank of the UAE, and others.
- Date Range: Optionally, specify a date range for historical exchange rates.
Authentication
Requires API credentials and an API key specific to the country and bank.
Output Details
- Success: Returns the exchange rate for the specified currency pair and bank.
- Failure: Returns an error response with the issue description (e.g., invalid currency pair, missing parameters).
Success Response
The exchange rate for the specified currency pair from the specified bank, including the date of the exchange rate.
Failure Response
Error message describing the issue (e.g., invalid API credentials, unsupported bank).
Currency Conversion
Purpose
Perform automated currency conversions to ensure accurate multi-currency invoicing, accounting, and tax compliance.
Input Details
- Amount: The amount in the source currency to be converted.
- From Currency: The currency you are converting from.
- To Currency: The currency you are converting to.
- Bank: The bank from which to retrieve the exchange rate for conversion.
Output Details
- Success: Returns the converted amount based on the real-time exchange rate.
- Failure: Returns an error if the conversion fails (e.g., invalid input or unsupported currencies).
Success Response
The converted amount, based on the real-time exchange rate from the specified bank.
Failure Response
Error message describing the issue (e.g., unsupported currency pair).
Real-Time Notifications
Purpose
Receive real-time updates on currency fluctuations via webhooks.
Configuration
Set up a webhook to receive notifications whenever there are changes in exchange rates for the specified currency pair or bank.
Output
Real-time updates on changes in the exchange rate for the specified currency pair.
Integration Setup
API Access Configuration
Authentication
API credentials and a specific API key for the country and bank are required. Ensure proper configuration of the authentication system to securely access the Fluentax Exchange Rates API.
Rate Limiting
Fluentax’s API may impose rate limits. Monitor your usage to avoid hitting the limits, and ensure your system handles retries appropriately.
Integration Example
Here’s an example of how you can integrate Fluentax’s Exchange Rates API into your system:
Step 1
Obtain an API key and configure the API credentials for the relevant country and bank.
Step 2
Make a GET request to retrieve the exchange rate between two currencies.
Step 3
Use the currency conversion endpoint to convert amounts between different currencies..
Step 4
Set up webhooks to receive real-time updates for exchange rate changes.
Expected Benefits
Regulatory Compliance
Ensures VAT/GST-compliant multi-currency invoicing and accounting.
Real-Time Currency Conversion
Provides accurate and real-time exchange rates for all supported currencies.
Global Coverage
Access to exchange rates from 92 banks across 9 regions, covering 130 countries.
Seamless Integration
Effortlessly integrate exchange rates into invoicing, accounting, and reporting systems.
Webhooks for Instant Updates
Receive real-time notifications on currency fluctuations.
Conclusion
The Fluentax Exchange Rates API Connector is a powerful tool for retrieving accurate and up-to-date exchange rates while ensuring regulatory compliance for multi-currency invoicing and accounting. By leveraging this connector, organizations can streamline currency conversion processes, improve financial reporting, and ensure tax compliance across regions.
Pricing
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