FXPRESS ENHANCES FUNCTIONALITY TO SUPPORT LATEST FASB GUIDELINES

FXpress Corporation, a market leading treasury software provider, today announced the release of FIRST F7, the latest version of the company’s web-based treasury solution for corporations worldwide. FIRST F7 enhancements address the upcoming FAS 157/159 guidelines associated with fair value measurement and increased automation in the areas of trade requests, back office confirmations and bank statement imports.

“FXpress keeps pace with FASB to offer the latest and most comprehensive technology to address complicated accounting standards such as FAS 157 and 159,” said Darren Greway, FXpress Product Manager. “Best practices are defined and implemented within FIRST based on input from accounting firms, consultants and our clients.”

FAS 157 requires that non-performance risk should be included in the computation of fair value. Therefore, a counterparty’s risk of default should be used to value an asset and the company’s own credit risk should be used to value a liability. In addition, new disclosures on the extent to which fair values are based on unobservable inputs are required. FASB affirmed this week that the implementation of FAS 157 will not be delayed and will be required for fiscal years beginning after November 15, 2007.

The issuance of FAS 159 allows companies the option to value instruments at fair value. This enables decreased accounting complications for financial instruments and volatility of earnings resulting from measuring relevant liabilities and assets unequally. With FIRST, users can simply select a checkbox in order to measure contracts at fair value regardless of the associated accounting rule or hedge relationship.

Additional FIRST F7 enhancements include automation features that are critical for users to achieve 100 percent straight-through-processing (STP).

Trade Requests Approval Workflow – FIRST allows clients to separate the functions of entering, submitting and approving foreign exchange trade requests to allow for better internal control over centralized hedging processes, improved workflow and auditing of the request changes and full compliance with Sarbanes-Oxley.

Back Office Electronic Confirmation Automation – FIRST confirmations can be automated with straight-through-processing and integration into both the Misys and FXall settlement systems. This includes generating electronic confirmations for all three trade categories including CMS/FXall Forward & Spots, Options and CLS Forwards & Spots. Additionally the import of electronic counter-confirmation files can also be automated.

Bank Statement Import – SWIFT MT940/MT950 and MT942 – FIRST now fully supports BAI2 and SWIFT current and prior day message formats; these formats enable users to have better cash visibility for both real-time and historical bank reported data. SWIFT file downloads and imports/uploads can be automated via FIRST.