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Industry roundup: 12 October 2020

Hedge Trackers adds functionality to FX hedging software

Hedge Trackers, a provider of consulting, software and accounting services to protect clients against financial risk, has announced it will highlight new exposure and forecast management features to its foreign currency hedging software, CapellaFX, at the Association for Financial Professional’s (AFP) Virtual Experience scheduled for October 19-29, 2020.

CapellaFX centralises a corporate's hedging workflow - meaning everyone that manages, reviews, acts or reports on hedges works from one single source of truth. The solution is designed to provide visibility from exposure identification through disclosure reporting, connects with trading portals and implements in weeks. Attendees will have the chance to see CapellaFX in action and connect with Hedge Trackers’ team members about their risk management needs on the company’s AFP exhibitor profile.

The software solution allows financial teams to manage the entire lifecycle of foreign currency derivatives and exposures in one system. With CapellaFX’s new exposure and forecast management functionality, the company says that treasury, finance, accounting and reporting professionals can now:

  • Collect: Enter balance sheet and cash flow exposures in a single system; automatically generate trade recommendations.
  • Comply: Execute trades; designate hedge relationships; automatically create US GAAP or IFRS compliant hedge accounting documentation, effectiveness tests and journal entries.
  • Communicate: Generate required US GAAP or IFRS quantitative disclosure tables and SEC market risk disclosure supporting details; reconcile FX gains and losses and easily explain results to management to improve future hedge cycles.


U.S. Bank corporate card now integrated with Concur expense management solution

An agreement has been struck between U.S. Bank and SAP Concur to integrate the U.S. Bank Instant Card with Concur Expense. The new U.S. Bank Instant Card is a commercial card that can be pushed to a mobile wallet. The bank says it is an efficient and simple way for employees, contractors or consultants to make business purchases without using a personal credit card or filling out complex expense reports. With the Instant Card, a company can push a virtual corporate card to the Apply Pay or Google Pay wallet of an employee, contractor or consultant in seconds. The company can also set the credit limit and expiration date on the card. The employee can use the card to make purchases online or in person using contactless technology. 

By integrating Instant Card transactions into Concur Expense, the bank says that expense tracking, reporting and reconciliation is simplified. Instant Card recipients can capture their expenses with e-receipts, populate expense reports and submit expenses for approval from anywhere using their mobile device.

The Instant Card uses a uniquely generated card number, expiration date and security code as a proxy, providing an extra layer of fraud and misuse mitigation. Mobile wallet use provides an additional layer of payment security. 


TreasuryXpress and Quetri partner to provide digital treasury transformation support

Quetri IT Solutions (Quetri), a boutique services provider of information technology consulting and strategy advisory, has announced a partnership with TreasuryXpress, the provider of on-demand treasury management software.

With TreasuryXpress’ recent expansion of its global footprint into Greece and South East Europe, there was a need for specialised treasury management and financial services expertise to support the local requirements of the region. Under this partnership, regional clients of TreasuryXpress will now have preferred access to Quetri’s information technology and financial services consulting and managed services.

“At Quetri, we help corporations on their path toward digital financial operations transformation," said Kostas Kotsiopoulos, managing partner of Quetri. "With multiple successful implementations of their solutions in shipping and large enterprises, we feel that this partnership with TreasuryXpress will provide joint Greek and South East European clients with both the expertise and technology to help them achieve their digital transformation goals.”

"The financial intricacies of the shipping industry, particularly in this region, are enormous," added Tom Leitch, chief operating officer of TreasuryXpress. "We recognise that by combining our respective expertise in digital strategy consulting and technological innovation we can offer highly specialised solutions to help this niche market succeed.”


ING publishes second progress report on climate alignment

ING has published its second progress report on Terra, the bank's approach to steer its €600bn lending book in line with the well-below two-degree climate goal of the Paris Agreement.

The progress report presents ING’s pathway towards climate alignment in the nine sectors in its portfolio most responsible for climate change: power generation, fossil fuels, shipping, cement, steel, residential real estate, automotive, aviation, commercial real estate. Which sectors are on track for climate alignment and where work is still in progress is illustrated in a Climate Alignment Dashboard (CAD).

Furthermore, targets for all nine sectors are presented to ultimately align the portfolio with the Paris climate goals. ING aims to do this by supporting and engaging with existing clients to shift their investments more towards low-carbon technologies and by shifting its own capital allocation choices more towards low-carbon technologies and away from high-carbon. This includes reducing financing of sectors that require a decline in production over time to meet the Paris goals, such as coal and upstream oil and gas, while financing more renewables.

This is the first year that the Terra progress report includes the oil and gas sector, including a target. ING aims to reduce financing to upstream oil & gas by 19% by 2040 from 2019 levels. ING says it will align this portfolio by decreasing exposure and by engaging with clients to facilitate their transition to low-carbon technologies. This includes a relatively sharper decline for oil, while gas as a bridging fuel will more gradually decrease, after an initial increase. The bank says it will steer its client base and lending exposure towards low-emissions leaders. Following the Paris-aligned pathway for oil and gas, this target is also in line with the IEA Sustainable Development Scenario (SDS). If a revised SDS transition pathway requires a greater decline in oil and gas production, at a faster rate, that scenario will guide the direction that ING will take.

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