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Exchange rate process

Figures converts global salaries to euros using Exchangerates API, syncing weekly for accurate benchmarks with data from 15+ sources.

Updated over 6 months ago

In Figures, compensation can be set in any currency. To ensure consistency in benchmarking, we convert all compensation values to a common currency - Euros.

To perform this conversion, we use the Exchangerates API, which provides real-time exchange rate data for over 170 currencies. Our system synchronizes exchange rates every weekend to ensure accurate and up-to-date conversions.

API Features

Data sources

The Exchangerates API aggregates data from over 15 sources, including commercial providers and global banks. These sources offer a high level of accuracy, particularly for major currencies, by reflecting real market trading conditions.

Endpoints

The API offers multiple endpoints, including functionalities for:

  • Retrieving the latest exchange rates for specific or all currencies.

  • Converting between currencies.

  • Accessing time-series data for one or more currencies.

  • Tracking daily fluctuations for more precise data insights.

Data Accuracy

The Exchangerates API uses a sophisticated validation and fallback algorithm to ensure data precision. Each exchange rate is cross-checked across multiple sources, with higher priority given to the most reliable data providers. If a source fails to deliver an accurate rate, the system automatically queries the next-best provider. This process allows for exchange rates to be delivered with up to six decimal places of accuracy.

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