The Currency Manager software (CM) was designed and developed before the establishment of "Euroland", when a multitude of currencies had to be managed. CM operated by mapping and tracking all currency receivables and payables and then by matching the corporate's bank account currency position to the net receivable position. To achieve this on a daily basis CM was programmed to identify the currency swap which achieved fully matched positions across the various currencies.
CM proved especially efficient for shorter term currency exposures. Administratively it was cost efficient, simpler and much more flexible than the alternative use of currency forwards.