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When Timothy Winston joined Paxar Corp. as treasurer last year, he was aware that foreign currency exposure was one area where the $881 million company was lacking in best practices. The White Plains, N.Y.-based manufacturer, which provides bar code and radio frequency identification (RFID) tags to the retail and apparel industries, has operations in 40 countries and transactions in 45 to 55 currencies. But there was no standardization of currency reporting: information was keyed onto spreadsheets at the local operating level and then at the corporate level again; by the time it arrived, the information was stale. So, Winston turned to an on-demand foreign exchange software-as-a-service (SaaS) solution from FIREapps, a Scottsdale, Ariz.-based risk management outsourcing firm. The information is uploaded on the Web through the FIREapps system, and treasury can drill down into the exposures and take the steps to manage the forex risk.

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