LONDON, June 25, 2018 /PRNewswire/ -- ION, the largest global provider of trading, analytics and risk management solutions for capital markets, commodities and treasury management, announces that Microsoft, an ION customer since 2008, is a Highly Commended Winner of the 2018 Adam Smith Award for "Best SWIFT Solution." Reval, a global SaaS solution for treasury and risk management in the ION Treasury portfolio, is cited as a valued technology partner to Microsoft's corporate treasury team in its initiative to increase efficiency and accuracy in the confirmation of foreign exchange (FX) transactions.
Adam Smith Awards, conferred by the publishers of Treasury Today, are a highly competitive and globally recognized endorsement of corporate treasury achievement.
Microsoft's corporate treasury team aimed to automate and simplify manual internal processes for confirming fixing rates of non-deliverable forward (NDF) trades, while adapting to changing file formats governed by SWIFT standards. After identifying requirements, Microsoft's treasury team worked with Reval solution experts to develop the proof of concept, map new workflows, and implement an additional module to process FX trade confirmations.
Jennifer Chisholm, Treasury Manager at Microsoft, said, "Our team recognized a better way to fix and confirm FX trades—by eliminating manual work and preparing to use a different SWIFT file format. With our enhanced configuration of the Reval platform, we seamlessly added new functionality that increased stability of connectivity and drove many efficiencies from the file format change."
Patrick Cannon, Director of Sales and Account Management at ION Treasury, said, "The ION Treasury team is delighted that our clients at Microsoft are generating additional value from the Reval platform as their treasury needs grow with the business. Our aim was to help the team move from proof of concept to implementation of the new SWIFT confirmation format with speed and precision. Microsoft's approach to this enhancement is a model for other clients."
ION Treasury serves more than 1,300 clients in nearly three dozen countries. Market-leading products include Wallstreet Suite, Openlink, Reval, IT2, ITS, City Financials, and Treasura, satisfying the needs of companies of any size, budget, and IT capability.
ION provides mission-critical trading and workflow automation software solutions to financial institutions, central banks, governments and corporates. For more information, visit www.iongroup.com.
SOURCE ION Investment Group