FXpress has released First F8, the latest version of its Web-based software-as-a-service (saas) treasury software for corporations, which includes support for straight-through processing of foreign exchange payments.
FXpress says it has extended the STP capabilities by interfacing to financial institutions to electronically settle FX and commodity contracts using Swift messages. This allows companies to more efficiently settle their derivative instruments while reducing the potential for processing errors.
“True STP requires a comprehensive, automated workflow and with the addition of Swift payment generation for FX and commodities, First has completed that workflow,” says Darren Greway, director of product development. “First now has automated workflow for exposure capture, hedge creation, confirmation management, hedge accounting and payments.”
First F8 also adds to the daily treasury processes of the interest rate, cash and commodities modules by supporting enhanced management of revolving lines of credit, incremental parsing of bank statements, analysis of prior day and current day reporting, upload of changes to commodity exposure and additional flexibility in commodity contract pricing, say officials.
In addition, the new release provides support for FAS 161 required disclosure reporting. FAS 161 will become effective for fiscal periods beginning 1 December 2008. The statement follows similar guidance issued in IFRS 7, which requires a company to disclose the nature, volume and affect on its balance sheet and earnings statements of its derivatives positions.
“Now that mandatory reporting for FAS 161 compliance is approaching, First clients can rely on FXpress to provide support for additional compliance requirements prior to the actual deadline,” says Jason Halpern, product manager at FXpress. Support for FAS 161 will be in addition to existing support for FAS 52, FAS 133/138, IAS 39, FAS 157 and FAS 159.