Treasury systems provider Selkirk Financial Technologies says a lot of major US companies are using its treasury technology to connect to the online foreign exchange trading portal, FXall.
Selkirk clients using FXall’s portal are now able to import FX deals directly into Treasury Manager, Selkirk’s flagship treasury management system. Once a Treasury Manager user completes a trade using FXall, they simply run an automated agent in Treasury Manager to capture the details.
The link establishes a secure connection to the FXall site, imports and processes the trade details, and archives the information. The need to manually re-key deal information is eliminated, improving the accuracy and efficiency of FX treasury functions for organizations such as Autodesk, Inc.
“Working with Selkirk and FXall, we have achieved true straight through processing between our online FX Trading platform and our treasury management system,” says Mark Dolan, senior treasury manager at Autodesk, Inc. “The efficiency gained from this automated process is truly amazing, not to mention the reduction in risk from the elimination of re-keying errors. This is a major milestone for our treasury department.”
FXall CEO Philip Weisberg says, “The link illustrates yet another example of the depth and breadth of FXall’s Partner Channel Program. Thanks to our unique level of integration with banks and treasury management systems such as Selkirk, we are able to provide substantial efficiency gains for our clients using true straight through processing.”
According to Selkirk CEO and president Jim Suttie, it’s a milestone for the treasury industry as a whole. “Much lip service has been paid to straight through processing, but with developments like this Selkirk-FXall link the concept has become a reality. It’s the future of treasury and we are proud to be part of it.”