FXpress Corp. has upgraded its Web-based Software-as-a-Service (SaaS) treasury solution to support the new derivatives disclosure requirements of the Financial Accounting Standards Board (FASB). Financial Accounting Standard (FAS) 161 requires a company to disclose the nature, volume and effect of the derivatives on its balance sheet and earnings statements for fiscal periods that begin after November 2008.

FXpress' FIRST F8 also adds support for straight-through processing (STP) of financial payments by allowing companies to settle their FX and commodity contracts via SWIFT messages to financial institutions, says Jason Halpern, product manager at FXpress.

Robert M. Hof, manager of treasury operations at auto parts maker Delphi Corp., says the company will use this feature to move its FX trading profits from its settlement account in Germany to its payment accounts in Michigan. Hof adds that Delphi uses FIRST in other currency transactions including swaps, forwards, spot transactions and options.

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