FXpress continues to be a market leader in corporate risk management by providing support for the latest FASB and IFRS statements. FIRST F8 will build upon strong straight through processing workflows and offers improved management and visibility of debt and cash. To support this vision, the FIRST F8 release will provide support for straight-through processing of financial payments and FAS 161 required disclosure reporting.
FAS 161 will become effective for fiscal periods which begin after November 2008. The statement follows similar guidance issued in IFRS 7 which requires a company to disclose the nature, volume and affect on its balance sheet and earnings statements of its derivatives positions.
âNow that mandatory reporting for FAS 161 compliance is approaching, FIRST clients can rely on FXpress to provide support for additional compliance requirements prior to the actual deadlineâ comments Jason Halpern, Product Manager at FXpress. Support for FAS 161 will be in addition to existing support for FAS 52, FAS 133/138, IAS 39, FAS 157 and FAS 159.
Straight-through processing has been a core benefit of FIRST and FXpress extends it in FIRST F8 by interfacing to financial institutions to electronically settle foreign exchange and commodity contracts using SWIFT messages. This allows companies to more efficiently settle their derivative instruments while reducing the potential for processing errors.
âTrue STP requires a comprehensive, automated workflow and with the addition of SWIFT payment generation for FX and Commodities, FIRST has completed that workflowâ says Darren Greway, Director of Product Development. âFIRST now has automated workflow for exposure capture, hedge creation, confirmation management, hedge accounting and paymentsâ.
FIRST F8 will also bring additional value to the daily treasury processes of the Interest Rate, Cash, and Commodities modules by supporting enhanced management of revolving lines of credit, incremental parsing of bank statements, analysis of prior day and current day reporting, easy upload of changes to commodity exposure, and additional flexibility in commodity contract pricing.