Last Monday BlueChilli portfolio company CurrencyVue launched their innovative foreign exchange (FX) risk management platform. After an extensive process of customer validation, the CurrencyVue team has built a simple, intuitive platform that will make a significant difference to small and medium sized import and export businesses (SME’s).
Whilst there has been a terrific amount of energy in startup circles trying to reduce the costs associated with international transfers and the time it takes to for a payment to go from A to B, CurrencyVue has approached the problem from a different angle. SME’s in particular are at a huge information disadvantage when dealing in foreign exchange markets and the platform provides some of the sophistication available to institutional businesses to smaller end of town but at a fraction of the price.
“A recent survey by Deloitte found the lack of visibility over FX exposures, reliable forecasts and the manual nature of exposure quantification is a challenge for nearly 60% of respondents.” Deloitte’s Global FX Survey, 2016
The CurrencyVue platform helps businesses by:
- Providing a real time view of their FX exposure so businesses can react quickly to market movements
- Automates manual processes with no IT resources required
- Eliminates the reliance on spreadsheets giving businesses greater governance over data
Until now, the solutions available for businesses are complicated treasury management systems that cost more than $50,000 a year. Alternatively, they use spreadsheets that can be prone to human error especially when dealing with the complexities of FX hedging.
CurrencyVue will soon be integrated with major mid-cap ERP systems NetSuite and Microsoft Dynamics GP with more in the pipeline. Further functionality will be built out in 2016 and beyond with lots of options and to explore once we have users on board and providing feedback.
Businesses can sign up for a 30 day free trial and find more information by visiting their website www.currencyvue.com