Deutsche Bank, a global leader in the foreign exchange market has partnered with FiREapps to offer its clients a powerful software solution to identify and manage their overall currency exposures. This multiyear agreement between the two firms is designed to help companies build a clearer picture of their global currency exposures and more confidently manage their currency risk.
FiREapps, a leading provider of FX exposure management solutions complements Deutsche Bank’s expertise in risk management and FX execution services and this partnership will add to Deutsche Bank’s comprehensive suite of electronic FX management solutions.
“In our on-going conversations with our corporate clients, a common challenge and frustration voiced by CFOs and Treasurers is the difficulty of gaining a complete and timely understanding of their FX exposure”, said Fabio Madar, Global Head of Corporate Foreign Exchange Sales. “FiREapps addresses this challenge head on by automating the aggregation of exposure data and providing robust analytics to help CFOs and Treasurers make rapid, informed and cost effective currency risk management decisions.”
FiREapps connects to a company’s enterprise resource planning (ERP) systems, increases accuracy, cleans and compiles exposure data so CFO’s and Treasurers are able to more accurately assess their exact FX exposure. The automation and analytics provided by FiREapps helps companies increase earnings predictability, improve processes and lower costs.
Frank Sassono, Director of International Treasury for Wyndham Worldwide says, “As a result of the partnership between FiREapps and Deutsche Bank, we were able to fast track our efforts to increase our ability to understand and manage our FX exposures. This innovative offering provided us access to best-in-class technology and expertise that otherwise would have been difficult for us to incorporate into our plans and budgets.” Sassano goes on to say,” Wyndham has measured benefits in terms of improved FX hedge score card metrics and through a more refined and analytical hedging approach.”
“The partnership between FiREapps and Deutsche Bank shows the smart evolution of bank platforms”, according to Joseph Neu, President and CEO of The Neu Group. “It brings together the deep resources of the leading FX bank with those of a fast-moving technology company to make best-in-class apps available to solve problems for clients.”
Wolfgang Koester, FiREapps CEO, said, “Our partnership with Deutsche Bank is a testament to our joint vision of finding innovative ways to provide market leading solutions to meet the complex needs of multi-national corporations. We started with a trial almost two years ago working together with the team at Deutsche Bank to ensure we understood and served the customer needs. Deutsche Bank is once again showing why it is the top corporate FX bank as it is the first bank to offer this type of service to its clients and we are excited to partner with them to continue this tradition of market leadership.”