Creates or updates a currency scheme.
A currency scheme is an entity for managing the value of currencies over time. Each currency scheme defines the exchange rate between various currencies and a single anchor currency at different points in time. Each of these snapshots of the currency scheme is called a currency scheme vintage.
Currency schemes enable tenant organizations to quickly convert the value of projected losses between currencies of different vintages, i.e. the value of that currency based on the exchange rate at at particular point in time. See Currency Conversion API.
This operation supports both adding new currency schemes and updating existing currency schemes. If the optional currencySchemeId is specified in the request, the operation updates an existing currency scheme. Otherwise, this operation creates a new currency scheme.
Currency scheme structure
A currency scheme currency scheme (called currency scheme vintages) are defined by the effective date of the exchange rate. Each currency vintage maps one or more currencies to an exchange rate value that specifies the rate of exchange between that currency and the anchor currency. For example, the US dollar is represented by the code USD.
Currency Scheme
├── currencySchemeCode
├── anchorCurrencyCode
├── updateIntervalInDays
└── Currency Scheme Vintages
└── Currency Scheme Vintage
├── effectiveDate
└── Currency Exchange Rate
└── exchangeRates
├── currencyCde
├── exchangeRate
└── IsDerived
RMS Default currency scheme
The RMS Default currency scheme defines currency exchange rates for over 200 currencies using the US dollar as an anchor currency.
The RMS Default currency scheme consists of multiple currency scheme vintages dating back over a decade. Each currency scheme vintage specifies currency exchange rates at the time of a different RiskLink release. For example, the RL25 currency scheme vintage defines the exchange rate for currencies that are effective May 28, 2025.
All currencies in the RMS Default currency scheme are identified using a three-letter code that is consistent with the ISO 4217 standard.
The RMS Default currency scheme is available to every Intelligent Risk Platform tenant.
Permissions
To perform this operation, a principal must belong to a group that has been assigned the appropriate role-based permissions. The table identifies the roles with permission to perform this operation.
Underwriter Technical Underwriter Risk Analyst Portfolio Manager Cat Modeler X X To learn more about role-based permissions, see Roles.