Over the years, the FinTech industry has evolved significantly leading the transformation of companies towards a customer-centric business. FinTech has found its place across a plethora of companies ranging from startups to tech companies to established firms globally. Traditional financial institutions are readily investing in FinTech and competing against startups to offer financial services products faster and more efficiently.
In recent years, several variations in the FinTech space have emerged that use cutting-edge technologies curated for performing specific functions only. Salmon Software is one such FinTech that is focused on delivering world-class Treasury Management System software. The company facilitates the creation of rich system functionality in areas where technology and finance converge. The company’s ‘Salmon Treasurer’ is the only system in the market with 35+ years of continuous development.
Experienced FinTech Provider
Salmon Software was established in 1985. Founder and CEO, John Byrne found an opportunity in Treasury Management while it was still an evolving discipline—a new function within the financial structure of larger corporates. “Our motivation was built on recognizing that Treasury Management was a new and coming discipline and function within the financial structure of larger corporates,” says John.
As the markets were expanding, the investing companies were in desperate need of a system to manage the trading. Salmon Software emerged during a period when the technology wasn’t advanced—trading platforms, electronic banking systems, and other financial management services didn’t exist. Consequently, when the technology advanced, the company adopted it and implemented viable changes to the product and services.
Today, after more than 35 years, Salmon Software is still committed to growth, investment, and the pursuit of knowledge through its Research and Development program. This program helps identify the needs of the clients and in turn, increases engagement and interaction. With constant efforts, John has proven to be dynamic, adaptive, and dedicated to company growth. He even named the company after the legend of An Bradán Feasa–the ‘Salmon of knowledge’ from Irish mythology. It celebrates and espouses the power of knowledge and extols the virtue of the pursuit of wisdom and learning. The name inspires the Dublin-based company’s ideology and its approach to work.
Being one of the oldest and the most experienced company, Salmon Software has the advantage of growing with the industry, its profession, and the discipline of Corporate Treasury. The company created its first system ‘Salmon Treasurer’ in 1985 and since then it has continually been working on the development of its product. “Salmon Software offers high-quality expertise, vast experience, and functionally rich Treasury Management Software with broad coverage of the financial markets,” mentioned John.
Presently, the company offers all the available financial instruments and activities in the Treasury Management marketplace along with broad instrument coverage and functionality. It has the ability to collect and integrate data from all systems and offer real-time data on the client’s individual corporate finances. Salmon Treasurer’s Modules include Cash Management, Electronic Payments, Debt and Derivatives Management, Facilities Management and Monitoring, Intercompany Position Keeping, Intercompany Multi-Lateral/Multi-Currency Netting, Risk Management, Forecasting, Business Planning, and Dynamic real-time Reporting including Interactive Dashboards. Salmon Software also provides a full range of market coverage including Cash, Money Markets, Foreign Exchange, Debt and Derivatives, Commodities, Trade Finance, and others.
“We deliver full instrument coverage, functionality, integration, and dynamic real-time reporting,” says John.
Over the years the clients’ requirements have changed with market changes, technology, and regulation. Technology has led to the emergence of Online Trading Platforms, Market Data Feeds, Electronic Banking and APIs, Automated and Encrypted Payments, Sophisticated Regulatory Reporting, and sophisticated systems like Salmon Treasurer. These latest advancements have helped clients deal with and integrate data effortlessly and remotely through online mediums.
Presently, Salmon Treasurer is the company’s flagship offering. It records and manages a variety of instruments traded at the global financial markets. It also integrates the system with various providers of the market, such as rates vendors including Refinitiv and Bloomberg, all major banking systems, all confirmation matching systems, and every Enterprise Resource Planning (ERP) system. This ensures sophisticated real-time information delivery, in the form of organized and interactive dashboards.
Salmon Software operates through its international headquarters in Dublin, Ireland. Over the years, it has expanded to London (UK) and Cape Town (South Africa). The company also has established a customer service center based in Olomouc, Czech Republic. Salmon Software’s blue-chip customers include Zurich Insurance, Airbus, Ryanair, Securitas, FQM, Traxys, CRH, Serco, Arqiva, Avolon, and more.
The telephone was the primary trading tool for Treasurers when Salmon Software started. Today, the company has adopted mobile phones. It offers some of its services via its mobile software application, which has become a sophisticated tool for the Corporate Treasurer. It provides access to the data generated by all of the other systems now in use.
Salmon Software’s latest enhancement to their existing Debt and Derivatives module includes catering for the LIBOR transition to SONIA, SOFR, SARON, and other Market Reference Rates. John says, “This is a typical example of Salmon Software combining the triple influences of Regulation, Financial Markets, and Technology, to produce a new and very sophisticated but elegant solution to this very complex problem.”
Analyzing the Situation Post Pandemic
The COVID-19 pandemic has been strange for various industries. Many businesses had to undergo permanent changes both negatively and positively. However, the FinTech sector was one of those on the positive side. Companies are now looking for ways to manage cash more efficiently and want to learn more about liquidity across multiple banks, jurisdictions, currencies, subsidiaries, and other such parameters.
This period of uncertainty has brought the importance of sustainability into the spotlight. Automation and integrated technology have dramatically changed the dynamics of working. The manual processes are diminishing and are being replaced quickly with automated processes to facilitate the orderly conduct of business. As part of that automation, systems integration is a necessity so that data from disparate systems can be collected, processed, analyzed, and distributed to those tasked with making decisions.
Prepared for the Future
Salmon Software has been agile and flexible. This has enabled it to develop the elegant and extremely sophisticated Market Risk-Free Rates Module and supporting Service referred to above. The module is presently being used to provide the toolkit to cater to the complexities of the discontinuation of LIBOR (London Interbank Offer Rate) and its replacement reference rates, SONIA (Sterling Overnight Index Average), SOFR, and SARON. “We have the capability to facilitate a seamless transition for all of our clients and non-clients alike, with our new and uniquely sophisticated Salmon Treasurer: Market Risk-Free Rates module and related Transition services” concludes John.
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