New FX Exposure Management System Improves ERP FX Data Integrity
Visionary Multinationals Already Achieving Unprecedented Improvements in Their Ability to Manage FX Volatility as an Enterprise Risk
SCOTTSDALE, AZ — May 27, 2008
FiREapps, the leading provider of foreign currency exposure management software, announced today that it has released a new software suite that helps multinational companies identify and resolve foreign exchange data integrity issues within existing ERP and G/L systems. With FiREapps Enterprise, treasurers, controllers and CFOs can now have confidence that the data they use to identify, analyze and manage FX exposures is accurate, complete and compliant.
“After talking with over 100 multinational companies, we found widespread and justified concerns about the integrity of data used to manage foreign currency exposures, and that aggregating and validating complete and accurate exposure data is often nearly impossible,” said FiREapps CFO/COO Corey Edens. “FiREapps Enterprise streamlines the foreign exposure management pre-trade process, while vastly improving the completeness and accuracy of the exposure data treasurers use for making risk management decisions.”
“FiREapps is truly unique in its ability to provide automation and analytics for FX exposure management” said Yahoo! Director of Corporate Treasury Karthik Chandran in a recent statement. “It has helped us gain better visibility into the nature and sources of our FX exposures on an enterprise basis.”
FiREapps Enterprise enables treasurers to aggregate transaction data from multiple accounting systems, find accounting and remeasurement inconsistencies, and ensure revaluation rules within the accounting systems are being properly applied for the whole enterprise from a single interface. The system then validates the data, calculates an exposure, provides analysis of the root causes of exposure, and provides business rule-driven recommendations for ways that companies can eliminate exposures and reduce risk.
“Most companies are unaware of the issues they have with their FX data,” said FiREapps CEO Wolfgang Koester. “We have yet to find one without significant issues gathering, analyzing, or making effective decisions about their foreign exchange exposures. Those issues can make the difference between being profitable or not, in a given quarter.”
FiREapps, a subsidiary of Rim-Tec, Inc., is the leading provider of foreign currency exposure management software. The company provides technologies and services that help corporations optimize foreign exchange processes. These solutions help customers mitigate risk while increasing profitability and operational efficiencies. FiREapps has offices in Scottsdale, Arizona, Boston, Massachusetts and Portland, Oregon.
Dara Sklar or Britt Gottlieb
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