AI Automation: Exchange Rate Updates

AI Automation: Exchange Rate Updates

πŸ“Œ Before vs. After

Before

  • Teams had to manually check multiple bank websites or APIs for FX rates.

  • Risk of delays or outdated rates being used in transactions.

  • Manual entry into systems created chances of error.

  • To reduce workload, teams often limited themselves to lower frequency of updates, which meant rates weren’t always current.

Now (with Fr8Labs automation)

  • The system automatically pulls exchange rates on a schedule.

  • Sources can include:

    • Global currency APIs (we use https://currencyapi.com/)

    • Local or regional bank websites (both website scrapes or APIs preferably)

  • AI validates that the extracted data β€œlooks like rates” before applying.

  • Notifications are sent via email if validation fails β€” so nothing silently breaks.

βœ… Benefits

  • Accuracy – rates are pulled directly from trusted sources.

  • Efficiency – no manual checking or data entry required.

  • Consistency – all users see the same base rates across modules.

  • Flexibility – schedule updates daily, weekly, or even more frequently for volatile currencies.

  • Confidence to update more often – automation removes the manual workload barrier, so you don’t need to limit yourself to infrequent updates.

βš™οΈ What Can Be Configured

At this stage, the Fr8Labs team configures the automation on your behalf. Options include:

  1. Schedule – e.g., weekly every Monday 8am, or daily.

  2. Source – choose between global APIs or local banks relevant to your market.

  3. Currencies – which currencies do you usually deal with?

  4. Email recipients – who should be notified when rates are updated or if validation fails.

  5. Rate type mapping – Whether to map to buy, sell or mid market rates. See more at Master Data - Exchange Rates

  6. Markup rules – optional adjustments to raw rates (e.g., add a margin or rounding logic).

πŸ’‘ Implementation Considerations

  • Start internally – send results to your team first before applying to live pricing.

  • Validate first – run a trial period to confirm the pulled rates match expectations.

  • Phase rollout – move to automatic application once confident in accuracy.

  • Adjust frequency strategically:

    • Weekly for general reporting.

    • Daily for operational job pricing.

    • More frequent only for highly volatile currencies.

🚧 Important Note

Currently, this automation is configured in Fr8Labs’ backend portal.

  • To enable or adjust it, please reach out to the Fr8Labs team.

  • Self-service controls (where you can manage sources and schedules directly) are on our roadmap.

Existing Sources

International https://currencyapi.com/

Singapore UOB - https://www.uob.com.sg/online-rates/foreign-exchange-rates-against-singapore-dollar.page OCBC - https://www.ocbc.com/business-banking/foreign-exchange-rates MAS (Monetary Authority of Singapore) API - https://eservices.mas.gov.sg/Statistics/msb/ExchangeRates.aspx

Malaysia CIMB - https://www.cimb.com.my/en/business/help-and-support/rates-charges/forex-rates.html BNM - https://apikijangportal.bnm.gov.my/openapi?category=Rates and Volumes Public Bank - https://www.pbebank.com/pbe/rates-charges/forex/ OCBC - https://www.ocbc.com.my/business-banking/rates/foreign-exchange-rates RHB - https://www.rhbgroup.com/treasury-rates/foreign-exchange/index.html

Indonesia Bank Mandiri - https://www.bankmandiri.co.id/kurs Keputusan Menteri Keuangan - https://datacenter.ortax.org/ortax/kursmk/list Bank Indonesia - https://datacenter.ortax.org/ortax/kursbi/list

Philippines Metrobank - https://www.metrobank.com.ph/articles/forex

Thailand Bank of Thailand - https://www.bot.or.th/en/statistics/exchange-rate.html

Documentation owner: Fr8Labs Customer Success. Formatting reviewed: 21 September 2026; product behaviour not reverified in this formatting pass.