FiREapps, the leading provider of foreign exchange exposure management software, announced today that it has released a new version of its Software as a Service solution to help multinational companies make timely, informed decisions to protect balance sheets and forecasted cash flows from foreign currency fluctuations - even in times of unprecedented volatility.
Using FiREapps 4.3, multinational companies can reduce the time required to calculate foreign exchange exposures and take action in a single day instead of days or weeks, reducing the impacts of market volatility by up to 90 percent. New enhancements in FiREapps 4.3 provide additional analytical tools, including the ability to gain insight into FX exposures prior to the close of a period, or to forecast exposures 30-90 days out.
"FiREapps interacted quickly and easily with our data sources to provide us with centralized and constant access to all foreign currency exposure data throughout our business units," said Brent Callinicos, VP & treasurer for Google, Inc. "We can now devote our time to strategically managing exposures."
FiREapps 4.3 enables treasurers to benchmark FX gain/loss performance, so they can refine their FX exposure calculations, optimize operational effectiveness of hedging programs, and analyze past performance or project future FX gain/loss results. Treasurers also can use FX gain/loss analysis to look at historical trends.
New analytics in FiREapps 4.3 allows treasurers to target the greatest contributors to FX exposure quickly and easily. By displaying summary and detailed views of currency balances with the associated exchange rate for translation, treasurers can ensure that they have accurately accounted for sources of exposure within their organization.
"At a time when corporations are struggling to ensure liquidity and manage risk, FiREapps provides a solution that provides timely and complete visibility into their foreign exchange exposure, helping them to protect balance sheets and cash flows from the risk of FX volatility," said FiREapps CEO Wolfgang Koester. "The analysis and reporting tools within FiREapps empowers treasurers to proactively demonstrate to creditors, company executives, corporate boards and ultimately, investors and analysts, that they fully understand and can manage their FX risk."
"Companies that wait days, weeks or even a month after period close to analyze and mitigate foreign exchange impacts will always be behind the curve," said Koester. "Only timely access to all of their foreign currency exposures (both G10 and non-G10 currencies) will allow them to effectively reduce exposure and manage risk."