How to auto-update currencies easily?
Updated: Apr 15
With over 180 currencies traded in the world, exchange rates fluctuate constantly. Small business owners and individuals with exposure to financial markets find updating currency rates manually a challenge. It is inconvenient, time consuming and inadvertently prone to errors.
In this blog, we will share how vaultbox tracks all your assets and liabilities in multiple currencies, and automatically updates with latest market rates every time you log in.
A note about the security architecture within vaultbox
The information you enter in vaultbox is encrypted before leaving your computer. When you login to your vaultbox account, your information is retrieved to your computer and then decrypted. This level of security is exceptional and one of the features that makes vaultbox unique.
Multiple currencies on vaultbox
vaultbox has integrated Open Exchange Rates API which provides a simple, lightweight and portable JSON API. The currency data is algorithmically tracked and blended from various credible sources, ensuring fair and unbiased consistency. At present, Open Exchange Rates API supplies vaultbox with live foreign exchange (forex) rates for over 180 currencies traded worldwide.
Upon logging into your account, vaultbox automatically connects to the API to retrieve and update your currencies to the latest market rates. To check the updated rates, click the Settings cog on the left of the screen, then select Exchange rates:
You can also set/change your base currency here, click the edit button next to your Base Currency to load the following screen:
Type the currency you want, then click Save.
How is this securely done?
We take security seriously. Security is in the fabric of the vaultbox’s architecture and culture. When valuing assets and liabilities in foreign currencies, vaultbox needs to connect externally to obtain the forex rates. In order to do this securely and anonymously, the requests to Open Exchange Rates are made from a central back-end service which does not give away any identifying information that could be used to try to determine for whom the underlying request is being made. Once the relevant rates have been obtained, they are stored in the database and then passed to the client to be used for valuations. The user’s vaultbox does not pass any information about the Registry outside of the client browser in order to do the calculation.
vaultbox is encrypted in Amazon Web Services (AWS) cloud servers in Singapore. It applies zero access, meaning that no one without pre-authorisation – including the vaultbox administrator – can see what users have stored in their vaultbox accounts. The web application uses multi-factor authentication, SSL encryption as well as bank-grade SHA-256 encryption when connecting to you to ensure the transmission remains private and secure. All data is encrypted on your browser before being uploaded to vaultbox.
What is vaultbox?
Having a safe and easily accessible platform for all your important information has never been more important and vaultbox can solve some of your issues.
vaultbox provides a digital solution for financial and legacy planning. We strive to help you manage and protect everything that matters in one place. vaultbox also ensures that your data is secure and private, so private that even we do not have access to the data you have stored on your vaultbox. However, you can choose your family members, friends or appoint selected professional deputies to have access to your vaultbox account.
Try vaultbox now for free with a 30-day trial.