AutoFX wins innovation award in Transaction Services

17-04-28 14:48 | Awards and organisational news

Nordea solution AutoFX has won an award for Product Innovation in Global Finance’s The Innovators awards for 2017. Transaction Banking and Nordea Markets jointly entered the successful award submission into Global Finance’s Transaction Services category. 

The winners were chosen by the editorial board of Global Finance, a respected international financial industry publication. The Global Finance board evaluated banks and service providers that stood out for their transformative products and solutions and included the input of experts. 

"We are absolutely delighted that Global Finance has recognised the benefits AutoFX brings to treasury departments. It is an innovative solution that has been developed in an innovative manner - through direct collaborative development with a customer and subsequently a pilot group of key customers," commented Erik Zingmark, co-Head of Transaction Banking at Nordea. 

“We feel it is essential that banks enter into an ongoing dialogue with customers around digitalisation to ensure that they are in tune with their needs, and to allow the customer to actively shape the future landscape of payments and financial services. The fanciest digital solution is worthless if it does not meet the needs of the customer,” Zingmark added. 

AutoFX was developed in collaboration with a high-profile Nordea customer, in an effort to help modern treasury functions automate their daily routines and risk management. After an 18-month pilot phase run together with a handful of customers, AutoFX was launched to available to all Nordea customers in February 2017.

The key benefits of AutoFX are: the freeing up resources and eliminate manual tasks; minimising operational risk and human error; the managing of FX risk in real-time; a reduction in interest cost by monitoring automatically and topping up of negative balances; and easy implementation. 

Nordea was also mentioned for its role as underwriter and global coordinator in DONG Energy’s Process Innovation award win in the Corporate Finance area for the Dong Energy IPO. 

Global Finance’s The Innovators 2017 will be honoured during Global Finance’s Digital Bank Conference and Awards in London at the RBC Hose on 2 November. 

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