TreasurySpring, a global cash investment platform, has launched a new currency conversion capability. This integrated feature targets converting cash between major currencies, providing financial directors and treasurers with an option besides foreign exchange.
The new functionality enables platform users to benefit from competitive, auditable, and transparent conversion when redeeming from, or subscribing to, any of the 650-plus fixed-term funds offered through the platform.
Conversions are transacted against a regulated benchmark, the global standard WMR Intra-Day Spot Rate, as published by FTSE Russell on the hour throughout the trading day. Available currencies are GBP, EUR, USD, CHF, and CAD.
“Currency markets are notoriously opaque,” said co-founder and CEO Matthew Longhurst. “We believe that transparency should be built-in, so we created a system that allows our users to convert their cash with reference to an auditable wholesale rate – quickly and efficiently.”
“Clients can already access products in multiple currencies through TreasurySpring; with same-day currency conversion, clients will no longer need to take cash off-platform to convert between currencies, enabling them to maximize return on cash while reducing risk and improving efficiency.”
“Clients are continually looking for ways to enhance their cash management capabilities,” added co-founder and CEO Kevin Cook. “This launch marks the next step for TreasurySpring as we continue to establish ourselves as the world’s leading treasury platform.”
“This new feature aligns with our underlying ethos of democratizing and simplifying access to financial markets.”
Founded in 2016, TreasurySpring is a ground-breaking platform focused on institutional cash investment. TreasurySpring helps institutions ranging from FTSE 100 corporations and fund managers to SMEs and scale-ups to access a simple and secure platform for their excess cash, in turn delivering opportunities for higher returns, reduced risk and operational efficiency.
Over the past eight years, TreasurySpring has built the underlying infrastructure to enable companies to choose from more than 650 regulated and standardized cash investment products across seven different currencies, all through a single digital onboarding.
