Global payments and FX hedging platform CurrencyVue has enlisted foreign exchange (FX) risk management solutions company AFEX to enhance its offering, the companies said Monday (Oct. 30).
CurrencyVue said the partnership has led to the launch of its Integrated FX Risk Management Platform, which integrates with companies’ existing ERP systems and other portals and allows professionals to manage their cross-border payments and FX contracts. The solution provides an automated risk management service for companies’ outstanding purchase orders and invoices from global trading.
“We know that making payments and hedging against FX volatility can be complex and time-consuming, with spreadsheets previously used to fill the gap,” said CurrencyVue CEO and Founder Matt Tyrrell in a statement announcing the news. “It is clear that larger SME and mid-market businesses require a quicker and more efficient way to handle FX and payment capabilities.”
“Partnering with AFEX means our Integrated FX Risk Management Platform enables businesses to integrate all FX payments — a capability not previously available to the mid-market,” he added.
In their announcement, CurrencyVue and AFEX cited research from Deloitte that found nearly 60 percent of companies are faced with a lack of visibility into global FX exposures and similarly struggle with the ability to access reliable forecasts.
“Put simply, we are giving businesses the ability to automate and standardize painful, manual processes and gain efficiency — the feature most desired by businesses exploring alternate providers,” added Tyrrell.
The solution currently integrates with NetSuite and Microsoft Dynamics Navision, but the firms noted they are working on integrating with other ERP systems in the future.
While this platform is designed for the mid-market, CurrencyVue recently took steps to target the SMB segment with its FX hedging offerings as well. Earlier this year, the company launched another platform designed for smaller companies that similarly integrates with existing banking and accounting systems.