Exchange Rates

 

With 170+ Currencies (supported currencies) as default in your Sippy Softswitch, build your customer base as locally or disperse as you require, and as your business demands.  Choose to manually regulate your Currency value or use one of the third party implemented Currency exchange services to manage the Currency conversion process.  This article will 

 

About 3rd party integrations.

If you opt to use one of our third party integrations to manage your exchange rates its important to note that these are maintained by the third party and not Sippy Software.  This means changes to their application may negatively impact your business and our support and development teams might not be aware of any problems until the occur.

We will try to maintain two free options for currency exchanges going forward in the event that a third party integration discontinues their exchange rate services so you will always have more than one option for live data.

 

Adding a new Exchange Rate

  • Navigate to the Exchange Rate window on your Sippy User Interface. Your current list of selectable currencies will be listed in the table, such as Australian Dollar (AUD), Canadian Dollar (CAD) and Euro (EUR) in the image below. Click Add to configure additional currencies.



  • When adding additional Exchange Rates, select required Currency Unit from the drop-down menu. Manually configure the rate as listed, or change Source to Alpha Vantage or Currency Layer.  If you opt to use Currency Layer then an API Access Key will also need to be saved.  More details on how to get a Currency Layer API key is described later in this article.



 



NOTE: When exchange is set as automatic through these web source their displayed balances will change with the market value of each currency, depending on your base currency setting.  This may have a minor change in invoicing.


  • Select Save & Close to add your newly configured currency to your Exchange Rates list. The Afghan, Afghani currency has now been added and will populate your Currency drop down boxes for your Customers, Accounts and Payment Processors.

  • The Timestamp column displays date and time of last rate update. Sippy automatically updates exchange rates at set intervals.  Alpha Vantage updates every 15 minutes.  Currency Layer updates hourly using the free Subscription.

  • All Currencies displaying a    are not currently assigned to an entity, and therefore can be deleted.



Get Exchange Rate using External Script


Exchange rates can be set using external custom script. The script should be created (or uploaded) on the server as /home/ssp/private/scripts/xrate_update_custom.sh. When the script is available on the server, customers can set source of exchange rate update as Custom Script. 


The script gets 2 arguments: 

currency (string)

base_currency (string)


and returns: 

rate N base_currency units per 1 currency unit (float)


Here is an example of custom script. It get the rate from Google Online Converter and scales it by 1.05: 



#!/bin/sh


#

# To activate custom exchange rates feature

# copy this script into /var/envX/scripts/xrate_update_custom.sh

#


#

# Scale Google Finance rate.

#

# Input arguments:

#base currency

#currency

# Returns:

#exchange rate


SCALE=1.05


SCRIPT="/home/ssp/scripts/xrate_update.py"


RATE=`/home/ssp/scripts/python_exec.sh "${SCRIPT}" GoogleFinance "${@}"`


echo "scale=12; ${RATE} * ${SCALE}" | /usr/bin/bc -q



Notes about Currency Layer - (Version 5.1 and later)

Currency Layer is a new Exchange rate service brought in to replace google finance when the API service was deprecated.  Currency layer requires you to sign up for an API key and select subscription plan.  You will need to create an account here.


The free option comes with some minor caveats.  Users are limited to 1000 requests for exchange rate data a month and the base currency used for conversion will be USD.  On the request side a single API key will be sufficient as at a polling rate of 1 per hour the switch will likely only reach 744 requests in a month (minus any additional requests that may take place if you are doing some intensive testing.  The free version also requires USD to be selected as your base currency.


The $10 USD plan offer some additional flexibility for customers.  Any supported currency could be used as a base currency.  Requests to Currency Layer is also handled through https instead of http and is more secure as a result.  Currency Layer will update currencies one per hour.  Paid subscriptions should be enabled on the Softswitch side if you are paying for this service.  There currently is not a way Sippy can determine a paid API key from a free API key.