NEW YORK--(BUSINESS WIRE)--Domestic airline Virgin America has selected Reval’s Software-as-a-Service (SaaS) solution to support the derivative risk management and hedge accounting of its commodities portfolio, announced Reval (www.reval.com), the global leader of corporate financial risk management solutions.
“Reval is well known for the depth of its expertise and the strength of its SaaS solution,” said Virgin America SVP and Chief Financial Officer Holly Nelson. “This kind of support will be important to automate our risk management process as we expand across North America.” With the straight-through processing workflow of Reval’s SaaS solution, Virgin America will be able to seamlessly adopt hedge accounting under the requirements of ASC 815, automate the testing of its fuel hedging program and report on its performance.
“Virgin America is an innovative leader and a growing airline,” says Reval Managing Director, Americas, Jeff Stacey. “We are very happy to provide them with the best product and service to support their strategic business goals.”
EDITORS NOTES: Virgin America is a U.S.-controlled, owned and operated airline. It is an entirely separate company from Virgin Atlantic. Sir Richard Branson’s Virgin Group is a minority share investor in Virgin America.
About Virgin America: Launched in August 2007, Virgin America employs over 1900 people. The airline’s base of operations is San Francisco International Airport. Virgin America offers in-flight internet service on every flight and hosts the largest in-flight entertainment library in the domestic skies via the Red™ platform. In addition to a 30-film library including foreign language films and Hollywood blockbusters, Red offers live TV, games, seat-to-seat chat, 3,000 MP3s, Google maps, a digital Shop platform and an on-demand menu – so guests can order a cocktail or a meal right from their seatback touch-screen at any time during a flight. In just over three years flying, Virgin America was named “Best Domestic Airline” in the Condé Nast Traveler 2008, 2009 and 2010 Readers’ Choice Awards and "Best Domestic Airline" in Travel + Leisure’s 2008, 2009 and 2010 World’s Best Awards. For photos and more: www.virginamerica.com
About Reval
Reval provides an award-winning Web-based platform that automates corporate financial risk management for a wide range of interest rate, foreign exchange, commodity and credit derivatives. The world’s leading corporations and financial institutions use this SOX-compliant Software-as-a-Service to support and execute hedging strategies from exposure capture through performance measurement and to comply with international and domestic accounting standards, including ASC 815 (FAS 133), ASC 820 (FAS 157), IAS 39 and IFRS 7. Reval® deploys rapidly and integrates easily with treasury management and ERP systems. The company’s SaaS platform and team of financial experts are also available on an outsourced basis through Reval Center™. Reval was founded in 1999 and is headquartered in New York, with regional centers based in Philadelphia, Chicago, San Francisco, Toronto, London, Frankfurt, Graz, Sydney, Hong Kong, and Gurgaon.
For more information about Reval, please contact info@reval.com.
Other suggested links: twitter.com/revalacctg4risk