FXpress Announces FIRST S7 Release

17 July 2007

Major enhancements include Regression Analysis and Cash Management functionality

FXpress Corporation, a market leading treasury software provider, today announced the release of FIRST S7, the latest version of the company’s web-based treasury solution for corporations worldwide. FIRST S7 enhancements benefit users through increased hedge accounting validation using regression analysis. FIRST users also have the ability to consolidate cash and bank account positions along with increased functionality related to foreign exchange, cash, debt and investment transactions.

The availability of regression analysis in FIRST S7 enables users to validate and justify hedging programs with a greater degree of certainty. By testing retrospectively and/or prospectively, FIRST will statistically analyze historical data according to the methodology defined and measure the correlation between the hedging instrument and the hedged item. Hedge effectiveness can also be tested and measured against a hypothetical derivative.

“FIRST S7 enhancements address the very latest and most stringent accounting standards,” said Darren Greway, FXpress Product Manager. “Through the system’s Regression Methodology, we now offer the most current hedge effectiveness functionality on the market, which helps our clients and prospective clients meet the demands and strict interpretations of their auditors.”

FIRST simplifies the complexities of regression and statistical analysis using a series of straightforward options to assist users in setting up a valid effectiveness test. Specific rules may be set up for each hedging program or type of derivative which allows for the flexibility to keep up with new hedging strategies and evolving auditor interpretations. Users may implement long-haul effectiveness testing across foreign exchange, commodities and interest rate risk using the FIRST integrated platform.

“FXpress has led the market with its breadth of foreign exchange risk management functionality for over 13 years,” said James Gilbert, FXpress Director of Business Development. “And now, FIRST has established a footprint beyond foreign exchange by providing comprehensive functionality to manage hedge accounting, commodities, debt, investment, interest rate derivatives and cash – the S7 version reinforces our commitment to provide scalable solutions to corporations worldwide.”

Additional S7 enhancements include foundational cash management functionality, added flexibility when managing foreign exchange trade requests across subsidiaries and managing lines of credit. The specific features are as follows:

Cash Management – Both operational and financial cash transactions (i.e. receipts, disbursements, and/or bank-to-bank transfers) can be entered directly into FIRST which are integrated into a common repository for consolidated cash positioning, reconciliation and reporting functions.

Foreign Exchange Trade Requests – Central treasury may review and net contract requests together across subsidiaries within the same currency pair, to execute one trade. This enhancement ensures the accuracy and integrity of transactions prior to contract execution. This functionality results in operational efficiencies through a reduction of the number of transactions and improved cash forecasting. Cost savings may also occur by receiving favorable rates due to larger trades and paying fewer spreads.

Intercompany & Managed Lines of Credit – In addition to supporting short-term borrowing activity via the existing Lines of Credit (LOC) function, users can now manage both short-term and structured line of credit borrowings for intercompany lending and borrowing via the enhanced line of credit facilities.

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