More time for what matters with AutoFX
Now, after using Nordeas plug-and-play solution AutoFX, the currency conversion process is fully automated, based on an established framework of rules. When certain conditions are met, AutoFX executes the trades for iDeal of Sweden.
“AutoFX has helped optimise the process. The currency conversion is made regularly and automatically, requiring less manual work and with a minimal risk of errors,” says Grip.
When Kristoffer Jansell, on Nordea’s FX automation team in Sweden, first started working with Ideal of Sweden about a year ago, the company had been growing at breakneck speed. That Black Friday, the company was having to process 11 purchases a second. AutoFX has since freed up time to allow the company to focus on its actual business.
“When you think of a company selling products to over 100 different countries from its headquarters in Sweden, you would probably imagine that they spend a lot of time tending to the various currencies that appear on their account. But they don’t have to. AutoFX takes care of it,” says Jansell.
In addition to FX conversions, AutoFX also helps Ideal of Sweden with their liquidity management, by utilizing overnight swaps to top up temporary negative positions on currency top accounts, using excess liquidity in other currencies.
Get more information about Nordea AutoFX here.