Riksbank's exchange rate service updates
Timeline
27 November, 2023
Riksbank is transitioning from Nasdaq to ECB (European Central Bank) as its data source. This change involves adjustments in publication time, published currencies, and currency units.
27 May, 2024
The Swedish central bank’s SOAP API is phased out in favor of the new REST API.
Changes
Moving from Nasdaq to ECB as the new exchange rate source
Riksbank has implemented changes to its “Search Interest Rates and Exchange Rates” service, transitioning from Nasdaq to the ECB as the new source for exchange rates. The modifications, effective from November 27, 2023, include a later publication time of around 16:15 on all Swedish banking days. The decision to adopt ECB’s exchange rates aims to align with EU practices for continuity and calculation quality.
Frequently Asked Questions (FAQs) address concerns about the timing, frequency, and details of these changes. Notably, the publication time shift is due to the ECB’s rate-setting schedule. The Riksbank will now publish exchange rates against the Swedish krona based on the ECB’s rates, with the same units for all currencies. Historical data will remain accessible, and users can retrieve exchange rates automatically, albeit at the adjusted publication time.
Phasing out SOAP API for new REST API
As of May 27, 2024, the current SOAP API will be replaced by the new REST API, necessitating businesses that rely on automation to make adjustments to their implementations.
In a nutshell
| Previously | From 27 November | |
|---|---|---|
| Source | Nasdaq | ECB (European Central Bank) |
| Publication time | 12:10 | 16:15 |
| Published currencies | 27 currencies | 30 currencies Removed:
Added:
|
| Currency units | Different foreign currency units (1 or 100) | 1 Swedish krona against 1 unit of the foreign currency |
| API | SOAP API | REST API, SOAP API (phased out on 27 May 2024) |
Impact
If you presently rely on Sveriges Riksbank’s exchange rates for foreign-currency invoicing or VAT accounting, it’s advisable to assess whether your current integration effectively accommodates these changes. Adjusting the update schedule and eliminating any hardcoded currency units in your invoicing or ERP system may be necessary.
As the central bank’s SOAP API is set to be phased out within the next six months, and the new REST API is already accessible, it is recommended to commence the transition process.
If you utilize the Fluentax Exchange Rates API, you can rest assured that we manage background updates like this, allowing you to seamlessly access the most up-to-date exchange rates without any interruption or additional implementation efforts on your part.
How can Fluentax help?
With our Exchange Rates API, you have the capability to fetch exchange rates from over 50 central banks and tax authorities, aligning with local VAT/GST and invoicing regulations. The API consistently delivers data in a unified format, regardless of the source. Changes like these are seamlessly managed in the background by us, ensuring you can relax, confident that you stay in compliance without requiring any implementation adjustments on your part.
Reach out to us to enhance your foreign currency conversion experience.
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