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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,” said Erik Zingmark, co-Head of Transaction Banking at Nordea. “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.
“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,” said Zingmark. “The fanciest digital solution is worthless if it does not meet the needs of the customer.”
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 made available to all Nordea customers in February 2017.
The key benefits of AutoFX are: the freeing up resources and elimination of 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 on November 2.
For more information on AutoFX, click here
1. Global Finance Innovators 2017 Transaction Services, Press release
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