Most products and services that are global require currency exchange information. There is no dearth of services that provide this capability and SAP’s own microservice – Market Rates Management has thrown its powerful hat into the ring.
The Market Rates Management package provides daily and historical currency market data for customer SAP S/4HANA systems. It includes the Market Data service, which is a customizable reuse service that allows you to import daily and historical currency market data. Even if you’re not an SAP S/4HANA user, you can use the service to make REST calls that fetch the data you need in an easily usable format.
Why should I use your service?
Several reasons. We’ll list them out for you.
- It’s a free trial service.
Market Rates Management is free for use with an SAP Cloud Platform Trial account. We provide free data sourced from the European Central Bank.
- Easy usability
Through the Market Data service, you can make REST calls that fetch the data you need in an easily usable format. This service allows you to input a pair of source and target currencies for a specific date or for a date range.
- Seamless usage with SAP S/4HANA
You can configure the Datafeed functionality on your SAP S/4HANA system so that the system calls the Market Data to retrieve the latest (or historical) exchange rates, using the transactions Request Current Market Data (TBD4) and Request Historical Market Data (TBDJ). If you want to use the APIs from your SAP S/4 HANA system, follow the configurations described in the SAP Note 2431370.
The exchange rates are sourced from the European Central Bank – a reliable external service provider.
- It’s powered by SAP Cloud Platform.
SAP Cloud Platform provides you with various options to subscribe to and consume services, including single and flexible subscription options. You can use Market Rates Management independently or along with all other trial services, depending on the agility of your organizational needs.
Intended Target Audience
The Market Data service is primarily intended for financial data managers who make high-level decisions about the business architecture. If you’re a consumer with a business need that necessitates the use of exchange rates, we’ve got you covered!
Additionally, the Market Data service is intended for system administrators who would want an easy way to plug a market data type into their code. As a system administrator, you’ll find that the this service integrates seamlessly with your SAP S/4HANA system.
How does it work?
The Market Data service allows you to input a pair of source and target currencies for a specific date or for a date range. You can configure an existing transaction like Request Current Market Data on your SAP S/4HANA system to use this data. The service imports market data from the European Central Bank (ECB), which is an external data provider.
I have some more questions. Whom do I contact?
You can reply to this blog or email us for any questions. For detailed information about using our service, you can read our administration guide here. If you want to know more, do get in touch and we’ll be happy to brief you or give you a quick demo.