The companies announced Tuesday (July 10) that they will now provide treasurers with the cost of a cross-border transaction in a single currency, regardless of where the transaction takes place. The tool is part of the SAP Market Rates Management solution, Thomson Reuters data option, the firms noted.
Chief financial officers, corporate finance professionals and corporate treasurers can more accurately calculate foreign exchange costs for their firms, the announcement noted. The solution integrates Thomson Reuters FX and money market data to price global transactions and display that cost in the currency of the user’s choice.
“This is a great example of the power of partnerships to make life easier for businesses, by integrating our trusted data into SAP‘s cloud-based software services,” said Stuart Martin, Thomson Reuters managing director of Risk Information and Learning Services, in a statement. “At the press of a button, any of SAP’s global customers can now achieve straight-through processing of foreign exchange calculations, simplifying their operations and assisting in reducing risk through a single source of comprehensive pricing and reference data.”
SAP and Thomson Reuters emphasized that the solution is an out-of-the-box offering for treasurers, designed to provide efficiencies, with customers able to access Thomson Reuters technology by subscribing to the tool directly through SAP.
In another statement, SAP Director of Treasury Management Dr. Arif Esa said SAP Market Rates Management focuses on seamless FX management for companies as they expand across borders.
“Globalization and digital transformation are inextricably tied,” Dr. Esa said. “As businesses become more agile in the cloud, their work can scale and transcend across borders, increasing the need to accurately price foreign exchange transactions.”
SAP recently announced another collaboration with SWIFT to enable corporates to consolidate and streamline their operations with multiple banks across jurisdictions in another move to support firms’ globalization efforts.