Using Robotic Process Automation for International Currency Conversion

Using Robotic Process Automation for International Currency Conversion

As the global business community expands more and more, countries are increasingly engaging and competing in international trade. Throughout history there have never been such large volumes of cross-currency transactions as there are today. This has been facilitated in part by the introduction of online banking and trading, which has provided small, independently run businesses access to the international market. Consequently, numerous FOREX (foreign exchange) start-ups have sprung onto the scene promising to offer the best rates available. This has led to a saturated market and a swamp of unreliable and misleading information. Consistent, unbiased, and cross-referenced information is not readily available from any single service provider. What’s needed is a tool that can perform these duties on behalf of the end user without charging a premium for the service or providing unreliable information.

This doesn’t necessarily just relate to B2C or B2B business, but also encompasses FOREX trading, internal accounts, and supply chain. Companies that are directly involved with the FOREX market who trade currency to generate revenue can benefit from this tool just as much as an automobile manufacturer which has production hubs spread across the world, or a major web service provider with a global reach. All these scenarios involve the exchange of monies across borders and between currencies, and therefore all will rely on reliable exchange rate information to ensure the company is not unnecessarily losing money.

AccelerateRPA, being a global provider of RPA consultancy services, also experiences these challenges when it comes to invoicing international clients. This is why we have extended UiPath’s feature set by making custom activities for converting amounts between different currencies and for fetching exchange rates. These activities are simple to use in automations and remove the complexity that is usually required to set up API calls to the Fixer.IO service.* Typical robotic process automations like invoice processing, data analysis, money transfer, etc. can now be created quickly and efficiently with the ability to handle a multitude of different currencies.

We’ve even made the projects open source: github.com/AccelerateRPA/FixerUipath

If you would like to get involved or maybe an update is needed, we encourage you to contribute or create branches of your own. We would also love to hear your feedback – please feel free to contact us at: info@acceleraterpa.com with any questions or to hear any more information about AccelerateRPA.

*A Fixer.IO accounts offers exchange rates from 170 currencies and a free account gives you 1000 API calls per month. https://fixer.io/