SEB is reportedly going to use TreasurUp’s automated foreign exchange hedging module for their Commercial Banking customers.
SEB and TreasurUp will also work jointly “on integrating the platform with the clients’ ERPs, enabling full automation of FX risk hedging.”
James Prasad, Head of FX Business Development at SEB, stated:
“The market for automated hedging services offered by banks is relatively new and SEB wants to be at the forefront of that”.
Niels van Daatselaar, TreasurUp’s CEO, remarked:
“TreasurUp is delighted with SEB as a new partner. SEB is a very innovative, open and professional bank which is a great starting point for joint innovation.”
TreasurUp people are “a mix of professionals with experience in corporate treasury, corporate banking, financial markets & data and IT engineering.”
As noted by its management, this uniquely positions them “to move banks up: because we understand each part of the challenge: clients, products, financial markets, commercial/transaction banking, IT engineering, regulations and security.”
They all need “to be addressed in order to seriously move banks up.”
The TreasurUp team also mentioned:
“Banks are well positioned: they have the financial products, the bright people, the IT capacity and the budgets. Still, they are struggling. What if they could integrate products, people and channels much better? Like retail banks. It is our mission to increase the value proposition of the bank by renewing their online commercial banking offering.”
In February 2021, TreasurUp won the Global Finance Magazine award “for World’s Best New Treasury Technology, 2021.”
In June 2021, TreasurUp spun out of Rabobank “through a successful series A investment round with main shareholders being Rabobank Frontier Ventures (Netherlands) and OFX (listed FX payments company, Australia).”
Later in 2021, TreasurUp “starts the development “of its ‘light TMS’ module that it believes every Commercial Banking unit should offer its SMB clients: Cash Visibility & Forecasting.”
This new module is “based on the latest Open Banking (PSD2) standards and ERP integration and the journeys are integrated with the existing FX hedging module.”