Reval, a leading provider of risk management and regulatory compliance services to corporations, today released the fifth enhancement to its web-based derivative hedging management application. Reval is delivering new financial products, improved market data access, navigation, and reporting tools, and solutions to the latest modifications in Financial Accounting Standards Board (FASB) derivative accounting standards (FAS 133).
"Reval’s ability to stay ahead of the complex and rapidly changing demands of the financial, accounting and technology markets is what sets us apart from our competitors in the software world," said Phil Pettinato, Chief Operating Officer of Reval. "Not only can we develop critical functionality to meet client and market needs, but we can deliver it to our clients via our application service provider (ASP) model literally overnight without any operational requirement on their part."
Release v1.50 includes new foreign exchange (FX) functionality. Specifically, the release:
-expands Reval’s FX product suite to include non-deliverable foreign exchange forwards and FX forward point amortization
-provides the capability for clients to meet the recently revised reporting requirements of Issue H15 under FAS 133 for hedging of forecasted foreign currency transactions
-provides FX translation offset (under FAS 52) and meets the requirements.
Other functionality to reinforce Reval’s market leadership in managing the requirements of FAS 133 and financial and operational risk management includes:
-portfolio hedging and management under FAS 133
-enhanced system auditing to be able to view historic changes to trades
-new reporting features including notional balance report and drilldown capabilities
-hedge designation archiving
"Given recent volatility of world markets and the long-overdue emphasis on transparency in financial reporting, we expect proven financial risk management solutions like Reval’s to become increasingly important to corporate CFOs," said Jiro Okochi, Co-founder and CEO of Reval. "Our value proposition and the ease of solution adoption are unparalleled in corporate treasury risk management and regulatory compliance. This release is part of continued investment in extending the full range of the risk management coverage for compliance."
Industry Analyst and Market Advisory Services’ President Paul Mahady tated: "The non-invasive and non-disruptive nature of the Reval ASP offering enables the corporate treasury to be in immediate compliance with FAS 133. The ownership cost and implementation risk are low in comparison to current manual desktop tools or major extensions of current corporate treasury systems. Unlike in-house developed or ISV solutions, new releases are immediately deployed."