FOREIGN EXCHANGE RATE UPDATE BASED ON SOA
FOREIGN EXCHANGE RATE UPDATE BASED ON SOA

Summary/Abstract: In the broadest sense, the exchange rate refers to the ratio of the value of domestic currency and the foreign currency in which the short-term loans are expressed, and strongly influences the cross-border economic transactions. Trade, investment, finance, tourism, migration and other economic areas are all deeply influenced by national monetary policy. The paper proposes a solution to the gap of using the forex (foreign exchange rates) used in the banking systems in North Macedonia using SOA model.The proposed platform reduces risks of valuation and mispricing products (Value at Risk discovery), considering the fact that most banks do not update rates more than 2-4 times a day and rate falls 15% within a few seconds; this is especially true for the smaller banks that are not scrapping prices. Next, the model ensures that there is centralized monitoring of failed jobs and there is an overall centralized oversight of various banking systems data exchanges being driven through a single system.

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