SunGard today announced that it is offering foreign exchange (FX) exposure monitoring as part of its strategy to deliver value-added services to new and existing customers in the corporate commercial ecosystem.
SunGard's AvantGard FX Management is using FiREapps, a provider of on-demand FX exposure management solutions, to help corporations manage their FX risk, reduce costs and increase profits through optimized FX processes.
Movements in foreign currency markets can substantially impact revenue, income and earnings, resulting in economic risk to corporate value. To manage this risk effectively, organizations require up-to-date enterprise-wide views of FX exposure. With SunGard's AvantGard FX Management, customers can leverage a Web-based FX exposure management platform that helps them cut costs and reduce economic risk related to FX exposure. SunGard's AvantGard customers will have the full scope of functionality from FiREapps while maintaining one line of support via their SunGard relationship.
"SunGard's AvantGard and FiREapps are key components of our treasury operations," said Google treasurer Brent Calinicos in a recent Web conference event on Treasury and FX Exposure Management. "With these systems in place, we're much better off from a decision-making standpoint. We get better data, more quickly. In this market that's not just a nice to have-you've got to have it. On all the measures we had around each of the systems, they have paid for themselves multiple times over in a very short period of time."
"Demand for a more holistic approach to treasury automation has led to successful connectivity between FiREapps and SunGard solutions at customer sites. We've created a relationship that presents a single face to the customer, helping us quickly deliver and support technology to help our customers cut costs and reduce risk," said Wolfgang Koester, chief executive officer of FIREapps.
Scott Coffing, chief operating officer of SunGard's corporations business, said, "Our strategy is to help corporations gain connectivity, transparency and efficiency across the corporate commercial ecosystem. By combining SunGard AvantGard's treas's treasury and FX exposure management capabilities with FiREapps' ability to help uncover, consolidate and analyze FX exposures from across the enterprise, we can help our customers reduce earnings impact due to FX volatility."