Automatic Business Currency Management combines operational tools, currency risk management modules, and access to a vast network of banks and trading rooms. Okoora's ABCM platform aims to simplify currency operations and enable businesses of all sizes to navigate the global marketplace confidently.
Okoora's AI-powered hub provides real-time insights into currency markets, streamlines currency management, and offers AI-driven risk mitigation. By utilising Okoora's unified command centre, businesses gain control over their foreign currency cash flow, enabling feeless efficiency for global payments across more than 100 currencies worldwide.
To bolster its expansion strategy, Okoora has submitted license applications in multiple European countries. This will facilitate its market entry and promote collaboration with financial organizations and private sector businesses across Europe.
Since the platform's launch in January 2022, Okoora has experienced significant growth, attracting over 7,000 enterprises and SMBs as customers. As of this announcement, the platform has processed tens of thousands of transactions, totalling billions of dollars, and all Okoora customers (100%) acquired in 2022 have renewed their ABCM licenses for 2023, as per the press release.
As the Israeli government embarked on legal reforms, Okoora's system identified a heightened business risk environment. By adhering to Okoora's risk management recommendations, organisations and businesses can mitigate these risks. The effectiveness of the platform may also lead to increased earnings for customers, by implementing, for example, the system's hedge transaction recommendations.
Company officials said that Okoora's mission is to simplify global currency operations and instil confidence in businesses worldwide. Their advanced AI-based risk management system continuously analyses customers' activities, unique characteristics, and the business environment. This, combined with tailored alerts and recommendations, has led to significant financial gains for Israeli businesses. Building on this success, they now aim to expand their technological solution to organisations throughout Europe.
Looking ahead, Okoora has ambitious plans for expansion and innovation. The company aims to enrich the platform's functionality by introducing new services and extending the range of supported currencies. Okoora has also branched out its services to include Banking-as-a-Service, forging strategic partnerships with foreign financial institutions and Israeli organisations. This collaboration enables millions of end customers to leverage Okoora's solutions within their existing financial infrastructure.
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