Today, Vantage is launching Currency Management for Managed Service Providers (MSPs). MSPs can now set their own exchange rates between currencies and manage the currencies their managed accounts see their cloud costs in at scale.

Previously, Vantage users could access in-product currency conversion based on exchange rates collected from public data, and set that on an individual account basis. This posed challenges for MSP cloud resellers, who not only must manage display currencies for tens to hundreds of accounts, but are also prescribed specific conversion rates from cloud providers at time of invoicing. When Vantage's conversion rates differed from those applied by providers like AWS or Azure, it caused discrepancies between costs displayed in Vantage and what MSPs actually invoiced their customers. Additionally, MSPs had to configure the display currency for each managed account separately, making it difficult to scale across numerous customers. These challenges resulted in misalignment between internal dashboards and actual billing, while also creating additional operational overhead.

Now, with Currency Management, MSPs can manage the display currency of their managed accounts at scale, as well as configure their own exchange rates for specific billing periods. Using the new Currency Management page, users with the Owner role can define exchange rates between currencies and specify the billing periods it applies to. Users can also designate the display currency of each managed account, including bulk actions to set the currency of multiple managed accounts simultaneously, ensuring costs are presented in the correct currency and rate for Cost Reports, Active Resources, PDF Invoices, and more. If a custom rate is not provided, Vantage will use its own exchange rates.

Currency Management is available today in Partner Settings. For more information, see the Currency Conversion section in the Vantage for MSPs documentation.

Frequently Asked Questions

1. What is being launched today?

Vantage is launching Currency Management for MSPs, allowing MSP Owners to manage displayed currencies and set their own exchange rates for their end customers at scale.

2. Who is the customer?

This feature is designed for MSPs using Vantage to manage multiple customer accounts in a mix of local currencies.

3. How much does this cost?

There is no additional cost for using Currency Management.

4. How do I set up a custom currency conversion?

Within Partner Settings, users with the Owner role can navigate to the Currency Management page, and use the Conversion Rates tab to view and manage exchange rates between currencies. Vantage will list all custom currency conversions that are currently being utilized. Users can create new currency conversion entries by uploading a CSV through the “Upload CSV” button in the upper right. This CSV requires the following columns:

• original_currency (three-letter currency symbol)
• display_currency (three-letter currency symbol)
• conversion_rate (numeric conversion rate with up to 10 decimal digits)
• billing_period (ISO 8601 formatted date, i.e., YYYY-MM-DD)

We encourage you to use the “Download Template” button to download a sample template for creating and uploading exchange rates.

5. How do I set the currency of my managed accounts?

Within the Managed Accounts tab of the Currency Management page, users will see a list of all managed accounts, whether they are having their currency managed, and the currency each end account is configured to present. Here, users can update individual accounts, or bulk select multiple accounts and update the currency based on end user preference. This will set the currency for all workspaces of the managed account.

6. If I don’t set an exchange rate between an ingested currency and a chosen Display Currency for any billing periods, what happens?

If you set a display currency that does not have a set custom conversion rate for a specific billing period, Vantage will fall back to using its own currency conversion for that period. Vantage uses exchange rates collected from public data. For more information, see our documentation.

7. Where in my managed accounts will I be able to view converted currency?

Converted currency is currently available on Cost Reports (including forecasts), Provider Resources, Kubernetes Efficiency Reports, Financial Commitment Reports, Budgets, and any invoices generated for a managed account.

8. Once I set a custom Currency Conversion, how long does it take to be displayed in my managed accounts?

Data must be reprocessed in order to display costs in your updated currency. While some updates will be shown immediately, updates to all parts of the Vantage console may take up to 15 mins.

9. Can I set exchange rates via the API?

Exchange rate upload is not available via the API at the time of launch, but will be available soon.

10. Can I set the currency of my managed accounts via the API and Terraform?

Terraform support for managing display currencies of managed accounts is not available at the time of launch, but will be available soon.

11. What currencies does Vantage support setting exchange rates for?

Vantage supports currency conversions for any currency that is present in incoming cloud provider data.

12. How will my preferred currency affect my tier limit for the Vantage subscription?

All accrued costs will be converted to USD to calculate your tracked spend in order to calculate your Vantage account tier.

13. Can managed accounts manage their own display currency?

If a management account sets a currency for a managed account, they will be unable to set their own currency. Currencies set by a management account apply to all workspaces within a managed account. Users of managed accounts should reach out to their MSP if there are questions about the display currency.

14. Is there an Audit Log of currency exchange change events in Vantage?

Audit Log events for custom currencies and setting of display currencies are not available at the time of launch, but will be available soon.

15. What if I change the currency of a month that has had an invoice generated?

If you change the currency for a month that has had an invoice generated, you will have to regenerate the invoice in order for the new exchange rate to be applied.