The record growth is attributed to an even greater demand for FIRSTâ¢, the companyâs Web-based system to manage exposures, derivatives and hedge accounting. The volatility in the foreign exchange and commodities markets has put an emphasis on automated, auditable workflows. FIRST enables corporate treasuries to effectively manage their exposure, trading and accounting processes while remaining in compliance with tighter regulatory standards.
âWe have consistently maintained a leadership position in the treasury software space by offering a highly flexible hedge accounting system that has over 15 years of proven performance and a client base of premier Fortune 1000 corporations,â said Jim Gilbert, Vice President of Sales and Marketing. âFXpress has experienced tremendous growth and that momentum is continuing. The demand for our product remains strong and once again, we are setting pace to have another record-breaking year.â
FIRSTâs features that have driven this growth include comprehensive workflows to ensure compliance with FASB standards; bank connectivity and basic cash management tools; and enhanced commodity hedging and intercompany lending workflows within the system. In addition, the increased adoption of the Software-as-a-Service (SaaS) model has led to shorter implementation time and quick deployment for FIRST users.