Deutsche Bank Partners with FiREapps on Currency Risk
Deutsche Bank is partnering with FiREapps to offer its clients a software solution to identify and manage their overall currency exposures.
The bank and the foreign exchange (FX) exposure management solutions provider said their multiyear agreement is designed to help companies build a clearer picture of their global currency exposures and more confidently manage their currency risk.
“In our on-going conversations with our corporate clients, a common challenge and frustration voiced by chief financial officers [CFOs] and treasurers is the difficulty of gaining a complete and timely understanding of their FX exposure,” said Fabio Madar, Deutsche Bank’s 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 companies can more accurately assess their exact FX exposure and thereby increase earnings predictability, improve processes and lower costs.
“The partnership between FiREapps and Deutsche Bank shows the smart evolution of bank platforms,” commented Joseph Neu, president and chief executive officer (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, added, “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 multinational 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.”