New Solution Delivers Foreign Exchange Exposure Data From Oracle EBusiness in Seconds

Business Wire,  July 16, 2008  

• E-mail
• Print
• Link

Oracle Users Gain a New Advantage in Managing FX Volatility as an Enterprise Risk

SCOTTSDALE, Ariz. -- FiREapps, the leading provider of foreign currency exposure management software, announced today that it has released a new version of its foreign exchange exposure management software that makes it easier for treasurers who rely on Oracle EBusiness to gain automated access to the transaction data they need to calculate their foreign exchange exposure. The new offering enables corporate treasurers to create complete exposure data sets and calculate foreign exchange exposures quickly and easily. FiREapps for Oracle automates the process of aggregating business system data to derive actionable transaction currency information for foreign exchange exposure management in seconds, rather than days.

"Multinationals from around the world have shown us how difficult it is to get complete foreign exchange exposure data out of their ERP systems, and how inaccurate their exposure calculations can be from the data they do get," said Wolfgang Koester, CEO of FiREapps. "Through FiREapps for Oracle, we have created a solution for treasury departments that leverages one of the world's foremost ERP systems to provide quick and simple access to the transaction data they need to quantify and manage foreign currency volatility. Our investment in this solution delivers a path to effective FX exposure management for tens of thousands of companies worldwide."

Relying on manual processes, experienced treasurers find that they are unable to derive complete and accurate transaction currency data from their ERP systems in a timely manner. The common use of spreadsheets to calculate foreign exchange exposures based on this data introduces errors and uncertainties into the process. As a result, most treasury departments are unable to understand the sources of their exposure, or adequately protect their company from foreign currency volatility. FiREapps for Oracle enables corporate treasurers to efficiently access transaction currency data from Oracle in a way that allows them to focus more of their energies on the root causes of foreign exchange exposures - by entity and at the transaction level.

"Before using FiREapps the process to compile an exposure data set from Oracle was entirely manual," said Brent Callinicos, vice president and treasurer for Google, Inc. "FiREapps was quick and easy to install and has given us centralized and constant access to all foreign currency exposure data throughout our business units. We can now devote our time to strategically managing exposures."

To help Oracle EBusiness users learn more about FiREapps for Oracle, the company is hosting a free Webinar on Wednesday, July 23, 2008 at 11:00 a.m. PST / 2:00 p.m. EST. Participants will learn about the challenges that companies face managing transaction currency data within Oracle, and how to overcome them with an automated solution. For more information, visit http://www.fireapps.com/News/webinars.asp.

About FiREapps

FiREapps, a subsidiary of Rim-Tec, Inc., is the leading provider of foreign currency exposure management software. The company provides technologies and services that help corporations optimize foreign exchange processes. These solutions help customers mitigate risk while increasing profitability and operational efficiencies. FiREapps has offices in Scottsdale, Arizona, Boston, Massachusetts and Portland, Oregon.

COPYRIGHT 2008 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning