New Treasury Bot Automates Trading of FX Deals

With our technology partner, we have developed "Tracy", a robotic process automation tool for treasury departments.

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Treasurers are facing new challenges due to digitalization and globalization. The automation of previously manual data entry and verification work can help them to cope better with these challenges. Convista has therefore developed a tool for Robotic Process Automation with its new technology partner the Treasury Bot “Tracy”. As a digital worker, it supports treasury departments by automating the execution of FX deals.

The idea for the new bot originated from an internal innovation project at Convista for the automation of trades in SAP. Tracy accompanies the complete FX process chain in Treasury. It automatically analyzes incoming currency positions in real time and assigns them to the right hedging strategy based on predefined rules. Tracy then proposes a specific hedging and trading action and obtains approval from a real treasury employee. Only then does it execute the trade and record it in the SAP Treasury Management System.

Technical input and conception for Tracy came from Convista, while handled the technical development. The software company, headquartered in Mexico and with more than 300 employees internationally, specializes in digital workplaces for SAP, SalesForce, Microsoft Office and websites with RPA and machine learning. Convista is now using this technology for treasury. As an implementation partner of Cloudshore, the Cologne-based IT consultancy will distribute the digital worker Tracy in the European region in the future. Further developments of Tracy for other financial instruments are planned in 2022.

“We are very pleased that our partnership with Cloudshore has enabled us to bring a new “Digital Worker” to life within a very short time – welcome Tracy.”

– Christian Million, Managing Partner of Convista and responsible for the treasury division

About Cloudshore

CloudShore is a pioneer in automation process optimization and hosts Digital Workers for SAP named Bill, Matt and Fiorella. Based on more than eight years of experience in process improvement and automation, CloudShore has applied its best practices to software to help companies transition to a digitized future. CloudShore believes in socially responsible automation.

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