Nordea releases new automated FX handling tool
Erik Zingmark, co-head of transaction banking at Nordea
Nordea Cash Management and Nordea Markets have launched AutoFX, an automated FX handling tool.
Nordea says it is the first bank in the Nordics to offer this type of solution. AutoFX was developed in collaboration with a “large Nordic customer in the media industry”, in an effort to help modern treasury functions automate their daily routines and risk management.
After an 18-month pilot phase run together with a handful of customers, AutoFX will now be made available to all Nordea customers.
Erik Zingmark, co-head of transaction banking at Nordea, says: “AutoFX means less manual work and more time for the treasury to focus on other priorities and to support the business strategy.”
AutoFX lets customers enter instructions on how their foreign currency exposures should be managed. The actual monitoring of accounts and execution of orders is handled by AutoFX in autopilot mode.
As a result, Nordea says accounts can be swept to reduce excess balances or, alternatively, topped up to eliminate negative balances. In addition, AutoFX can help automated hedging strategies or provide solutions for optimising interest costs in a cash pool.
