IBOS member Nordea has announced the launch of AutoFX, a new autopilot for corporates seeking to automatically balance cash pools and manage foreign currency risk, the first in the Nordics to offer this solution.
AutoFX was developed in an effort to help modern treasury functions automate their daily routines and risk management. After an 18-month pilot phase run, AutoFX will now be available to all Nordea customers.
AutoFX enables customers to enter instructions on how their foreign currency exposures should be managed, with the monitoring of accounts is handled in autopilot mode. As a result, accounts can be swept to reduce excess balances or, alternatively, topped up to eliminate negative balances. Additionally, AutoFX can facilitate automated hedging strategies and provide solutions for optimising interest costs in a cash pool.
Erik Zingmark, co-Head of Transaction Banking at Nordea, commented:
“AutoFX means less manual work and more time for the treasury to focus on other priorities and to support the business strategy. The AutoFX solution is part of our focus on creating an effective, digital treasury that directly addresses customer pain points and traditional inefficiencies.”
At the most recent EuroFinance conference in Vienna, Nordea and AutoFX received impressive attention, and AutoFX won the 2016 EuroFinance award for Treasury Excellence.
Access the full press release, via Nordea’s website, here.
