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Reval, the global leader of corporate financial risk management solutions, recently announced that 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.

 “Reval is well known for the depth of its expertise and the strength of its SaaS (News - Alert) solution,” said Virgin America SVP and Chief Financial Officer Holly Nelson, in a recent press release. “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 (News - Alert) 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, in a press release. “We are very happy to provide them with the best product and service to support their strategic business goals.”

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.

Recently, the company acquired ecofinance, the leading treasury management system provider in Central Europe. The acquisition strengthens Reval's commitment to developing quality solutions for the global community of corporate treasurers. Recal 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.