Currency Management within iVectorOne

Here's how Currencies are handled in iVectorOne currently

 

The base currency you would like iVectorOne to request is set up at an account level:

What this is instructing iVectorOne to do is that if the supplier supports currencies to be requested at search, then iVectorOne will request GBP at search to be returned

There is a further refinement to this - you can also request a currency in the search request 

The only time you would need to specify a currency code here is when you are asking for a currency to be returned that is different from the currency you have set up against the account.

 

So for example, if you have GBP set up against the account, but want Euros to be returned by the supplier, you would use the Currency Code parameter to request EUR.

 

This saves you from having to have multiple accounts to request different currencies. However this will only work if the supplier supports currencies to be requested at search, this is not universally supported by all suppliers.

 

The other consideration is deduping. iVectorOne dedupes search results by converting the total cost to a base currency, and then working out the cheapest lead in using a common denominator.

 

iVectorOne will still return the costs in the currency that the supplier returns. The exchange rates for these costs are manually managed on an ad-hoc basis, these don't get updated from an automated service, like xe.com.

 

This will depend on the supplier's support for currencies at search, if the suppliers you use support currency codes at search, and we've implemented this capability into the iVectorOne implementation of the supplier API, then you can use a single supplier account. If this is not the case then yes, you will need multiple accounts
- If so, do I need multiple iVectorOne account logins?

The mapping of iVectorOne accounts to Supplier accounts is 1 to 1, so yes if multiple supplier accounts are needed, then so will multiple iVectorOne accounts be needed, too.
- However, I know with some suppliers that you can vary the currency on a per search basis, is this possible?

Yes, iVectorOne supports a currency code search parameter, this can be used to request variable currency codes on a per search basis, as long as the supplier supports it.
- I see you have currency code in your search request and response, what does this do?

The currency code in the search request is used to request a currency other than the default currency that is set up against your iVectorOne account. The currency code in the response is the currency that the supplier passes back to iVectorOne within their search response. Warning, this can differ from the requested currency if the supplier doesn't support currency codes at search. Also note that iVectorOne does not do any currency conversion of the results.