In the post covid era, the need of treasurers to automate their FX processing lead to faster, more transparent, and accurate foreign exchange transactions.
This eliminates human error and treasury professionals are not concerned anymore with filling in FX rates for hundreds of individual transactions but instead focusing on real value tasks.
Initially FX updating was done manually, and following the lockdown, many treasurers spent a lot of time manually completing the rates related to payments and working capital in multiple currencies, remotely. This is seen as time wasted when everything turns to digital.
In a recent TMI (Treasury Management) research study conducted in collaboration with Barclays entitled “Is your Treasurer fit for the Challenge,” 42% of respondents state that FX volatility is of primary concern.
The focus of businesses in transactional FX gave a boost to faster deployment of technology tools that can help transform FX payment and improve sales.
|Automation in FX allows banks and their corporate clients make transactions safer, faster and more profitable with limited FX exposures and real time position and profit monitoring.|
Imagine how more efficient the work of Treasurers can be when the bank is utilising APIs as well as cloud technology having connectivity of treasury, finance and commercial business platforms with banking solutions, thus making it more competitive and secured.
The changing technology patterns also create opportunities for businesses to embrace technology, leading to greater automation and efficiency for FX risk management.
Companies are intensifying their focus on digital to create competitive advantage and achieve their commercial ambitions. Embracing digital is also changing the shape and nature of the interaction with banks to deliver a differentiated experience to their customers and suppliers with speed.
With these in mind Profile’s Treasury platform, Acumennet, has been enriched to incorporate automated electronic FX rate updates and forex STP processing that help treasurers (Banks and Corporate) optimise their time for the benefit of the business.
Acumennet eFX solution is uniquely designed to support banks’ agents, branches, digital channels and clients accessing and managing their Foreign Exchange risk quickly and effectively. Acumennet has been enriched with a powerful client-centric solution to help both Treasurers and their clients to manage risk and integrate with existing banking platforms.
It can be deployed as stand-alone or as part of the award-winning Treasury platform Acumennet on-premises or in the cloud. It offers users all the functionality required on a single platform with a single infrastructure, and a responsive UI supporting omni-device access, as well as API enabled connectivity using cutting-edge technology.