FiREapps, a provider of foreign exchange (FX) exposure management software, has introduced a new suite of capabilities that has been tested for FX trade management and derivative accounting solutions to complement its FX exposure analytics and management solutions.
As a result of successful test marketing during the past several months with a select group of shared clients, FiREapps is partnering with HedgeTrackers. With this partnership, FiREapps is leveraging Hedge Tracker’s cloud-based Capella Foreign Currency software, which provides proven solutions for FAS 133 (ASC 815) hedge accounting, trade management and reporting to extend the capabilities of the FiREapps suite of FX exposure management solutions.
“We are very excited to bring this proven suite of hedge accounting and trade management capabilities to the market,” said Wolfgang Koester, chief executive officer (CEO) of FiREapps. “We have seen a growing frustration in the market from corporate treasury departments that have been required to deal with expensive and lengthy FX hedge accounting solution implementations. Our offerings, powered by Hedge Trackers’ Capella are deployable in a mere fraction of the time and cost of the hedge accounting solutions we commonly see in the market today.”
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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