Banks, Fintechs and the Changing Landscape

2-8-2021 | treasuryXL | Pieter de Kiewit

My regular blog readers know I like to take the layman perspective on what amazes me in (Corporate) Treasury. I have my personal archive with relevant news we use to discuss every second week in team meetings. What currently amazes me most are the completely unpredictable developments in what used to be the banking market. Just some recent news:

  • Wise, formerly known as Transferwise does a direct listing in London and is valued at $11 billion. They will invest in further facilitating cross border payments thus offering a bank service substitute; read more
  • The competition of Wise, Revolut receives further investments and is valued at GBP 21 billion. They will establish full banking services building direct competition; read more
  • Mollie, a miniature Adyen, explicitly states that they will beat banks at their game; read more
  • One can also see banks creating their own new brands and services. ABN started Aymz, entering the niche market where RNHB and others are financing real estate in not too big tickets: read more
  • And Niels van Daatselaar, CEO of TreasurUp writes about banks and fintechs working together: read more
  • My final example is Ebury being taken over by Santander: the old world takes over the new contender: read more

A few years ago, the Traditional banks had the upper hand and would buy all parties that threatened them. By now, many Fintechs have a much higher valuation than banks. The extreme liquidity in the markets and willingness to invest leads to a situation that predicting what will be next is hard. I think that future winners find a right balance between applying newest technology, understanding potential clients, choose a clear strategy and move forward at highest speed. Many markets are winner takes all, making the game extra exciting.

I have not found a journalist or researcher who was able to solve this market equation and predict which of the various “eat or being eaten” scenarios will occur. The constant flow of new market entrants will continue. My expectations are that Apple, Microsoft, Google or Amazon entering this market with very substantial investments might be the next game changer. But why would I know?

What do you think will happen?

 

 

Pieter de Kiewit

Owner at Treasurer Search

 

 

 

Press release | Kantox joins the treasuryXL community as Premium Partner

28-07-2021 | treasuryXL | Kantox

treasuryXL announces partnership with Kantox to strengthen dissemination of the latest trends about currency management automation technology

VENLO, The Netherlands, July 28, 2021 – treasuryXL, the community platform for everyone who is active in the world of treasury, and Kantox, the global leader in currency management automation software, today announced the signature of a premium partnership.

This partnership will create a new content resource for the treasuryXL community. Treasurers will now have access to a regular stream of insightful and practical content on currency management automation. This partnership includes:

● Collaboration on messaging, content production, and visibility
● Mutual distribution on select items of interest
● Collaboration on larger themes: event promotion, speaking and experts contribution, publications

Through this partnership, treasuryXL and Kantox are striving to ensure that treasurers are always up to date with the latest news and events in their field.

About treasuryXL

treasuryXL started in 2016 as a community platform for everyone who is active in the world of treasury. Their extensive and highly qualified network consists of experienced and aspiring treasurers. treasuryXL keeps their network updated with daily news, events and the latest treasury vacancies.

treasuryXL brings the treasury function to a higher level, both for the inner circle: corporate treasurers, bankers & consultants, as well as others that might benefit: CFO’s, business owners, other people from the CFO Team and educators.

treasuryXL offers:

● professionals the chance to publish their expertise, opinions, success stories, distribute these and stimulate dialogue.
● a labour market platform by creating an overview of vacancies, events and treasury education.
● a variety of consultancy services in collaboration with qualified treasurers.
● a broad network of highly valued partners and experts.

About Kantox

Kantox is a leader in Currency Management Automation software that enables corporates to effectively manage their FX workflow and leverage currencies for growth. Since 2011, Kantox’s expertise and solutions have allowed businesses to collect FX exposure data and automate their hedging, pricing, payment and collection processes.

The company is headquartered in London and authorised by the Financial Conduct Authority (reference number 580343) and Kantox European Union, S.L. is based in Barcelona and authorised by the Bank of Spain (reference number 6890) For more information, visit www.kantox.com, @Kantox LinkedIn.

 

GO TO PARTNER PROFILE

The Art of Selecting Suitable Treasury Technology

| 21-07-2021 | treasuryXL | Nomentia |

Many Corporate Treasury functions are aware of the importance of utilizing technology to deliver improved efficiency and control in their treasury operations. This is being driven by the increasing pace of regulatory change, continuously evolving business models, volatile economic conditions, and fast-growing technological developments. Also, treasurers are recognizing the benefits of a strategically focused ‘smart treasury’ – one that utilizes the latest technology to be more integrated, automated, and optimized; adding value to the business.

However, as the treasury technology landscape continues to evolve at a rapid pace, many organizations find it difficult to successfully adopt this technology, either because their entry point is not clear or because they had previously made the leap and are now struggling to keep pace with the evolution. There are a multitude of options and considerations for those looking for the right solutions, which are important to understand before deciding on what is right for an organization.

We have outlined below some key insights and considerations when selecting suitable technology solutions.

Develop a treasury technology roadmap

Your roadmap should consider essential functional requirements that must be satisfied immediately – current hot topics include improved cash visibility, robust and accurate cash forecasting, a more efficient payments and receivables process, and fraud prevention. All of these areas are ‘must-haves’ for many organizations, so the first building block for the roadmap is finding a solution that can satisfy them.

However, alongside considering your immediate needs in your roadmap it is also important to plan for the future. To do this, you must look at the internal and external drivers of change for your business and how the treasury will need to support that.

An example of an internal driver could be where accelerated geographical growth is expected, and therefore treasury will be required to rapidly connect with new banks, set up new accounts, and adopt new currencies. This comes with challenges around dealing with country-specific requirements for payment formats and new types of bank connectivity, so your chosen technology solutions should be capable of adopting these easily.

Similarly, for external drivers you can look at the current markets you operate in and identify any expected developments in payments and banking initiatives. Current examples of external drivers for those operating in the Nordics and Europe include the P27 Nordic payments initiative or PSD2 electronic payments services regulations. Once again, your technology solutions should be chosen to ensure you are able to keep pace with these changes.

Self-hosted versus SaaS solution

We find that a number of treasuries have had historic on-premise solutions which have not always kept up to date with the developments in functionality and the market. As a result, treasurers have had to establish a number of in-house workarounds which are costly and complex to maintain.

To improve upon this, most technology companies now provide a solution that is delivered as software-as-a-service (SaaS), a deployment method that comes with several benefits.

SaaS solutions are hosted in the ‘cloud’ and hence there is no need for the organization to manage technical matters such as maintaining appropriate servers, backups, etc. Because the solution is managed in the cloud by the vendor, there is no longer a need for users to manually upgrade their solutions and perform the associated regression testing – upgrades are tested and deployed by the vendor on a regular basis, ensuring all organizations using the solution are using the latest version containing the latest functionality. Over the past years, we have seen an increasing number of solutions being offered as a SaaS solution and can see this as a trend that will continue to dominate in the future. You should also consider your organization’s overall IT strategy as it is critical to ensure you are aligned with this.

All-in-one versus best of breed

Over the years we have seen significant shifts in the treasury technology market with innovative and specialized Fintech solutions driving advancements in the market. These applications are often focused on specific areas of functionality rather than covering the broad set of requirements a treasury function may have. They are often meant to be complemented by other platforms to form a suite of treasury applications that cover all requirements.

Hence, the key consideration for an organization is whether to opt for an ‘all-in-one’ TMS or to deploy a stable of ‘best of breed’ solutions. An all-in-one TMS comes with clear benefits such as a single platform to handle all treasury transactions/processes and fewer interfaces to monitor and maintain.

However, for some organizations the all-in-one TMS comes at a significant initial and ongoing cost commitment when their requirements aren’t as broad compared to the functionality on offer. Although many of the vendors of all-in-one TMSs allow organizations to choose which modules of the platform they utilize for a reduced license fee, it is often not the case that if you are only using 50% of the functionality you will be paying 50% of the price. A much more palatable solution comes in the form of best-of-breed solutions, which deliver a more flexible technology landscape utilizing specialized systems that may address the many unique requirements of a treasury function, at a lower cost than the all-in-one TMS. Previously the use of multiple platforms was not favorable due to difficulties that could be faced such as technical integration and reporting. However, the rising use of digital APIs has improved the way systems interface with each other. Also, data-warehouses coupled with BI solutions has enabled reporting based on data sourced from a variety of platforms.

Typically, when implementing a new system you will sign a license agreement for a minimum 5-year term, so it is important to ensure you have considered the suitability of the technology partner(s) and the functionality to support you in your digitalization over many years. During the selection process, it is important to perform an analysis of partners and vendors focused on their experience, innovation roadmap, development track-record, reliability, and support model. These are attributes that will demonstrate to you that the vendor is able to support your business not only now but also in the future, as your operations and the demands placed upon the treasury function change as your business grows and evolves.

Final comments

One size does not fit all treasury functions, as each organization’s treasury remit and activities will drive the appropriate solution or solutions.

 

E-Book: ERP Migration | How to Simplify and Accelerate Bank Integration

14-07-2021 | treasuryXL | Kyriba |

ERP cloud migration is a costly and time-consuming undertaking, particularly where IT is concerned – and for many corporations, the bank integration exercise can be among the most daunting aspects of the project.

The good news is that companies can simplify and accelerate the bank integration component of ERP migration, and reduce payment connectivity and format costs by up to 80%.

In this latest ebook, you will learn about the IT challenges involved in the bank integration element of ERP cloud migration, including:

  • Following banks’ schedules
  • Navigating geographical variations
  • SWIFT certification
  • Resourcing challenges

You’ll also find out how you can reduce the need for IT resources while minimizing costs, reducing complexity and accelerating the bank integration project.

Fill out this form to get your copy of the comprehensive eBook.

 

 

How a Treasurer can really add Value

28-06-2021 | treasuryXL | Kyriba |

”The pandemic has boosted automation in treasury departments and led to big increases in productivity. But that is only the start. The big prize is the value that treasury teams can generate with the man-hours that automation frees up”, says Bob Stark, Head of Marketing Strategy at Kyriba.

The Post-Pandemic Treasurer

The post-pandemic world will not be a return to the previous status quo. In treasury we can look at this in three ways – people, process and technology.

In terms of people, a recent survey showed that 61% of CFOs expect their teams to be working out of the office at least a day a week in future (source: fortune.com 2020). In some ways the combination of working from home and in the office will pose its own problems, with different opportunities for fraud and mistakes. At least working from home all the time provided some consistency! Furthermore, many of the changes that treasury teams had to make suddenly last year will now become permanent.

Now let’s look at processes. Fully 78% of CFOs have changed inefficient workflows during the pandemic, and 82% intend to keep the changes that they have made in terms of automation and digitisation (source: MasterCard 2020). These changes involve the standardisation, automation and streamlining of multiple processes.

Thirdly, treasurers need to digitise and have an enterprise-wide cloud platform; to leverage analytics to assess and improve decision-making; and then to innovate through Artificial Intelligence and Machine Learning to make treasury a better business partner.

There has also been a change in the role of treasury within companies over the past 15 months. During the pandemic, treasury’s involvement in other areas of the business has increased. A treasurer’s objectives often now include more strategic aims, and the remit is likely to expand still further. In many cases this will involve increased shared responsibilities, for example reverse factoring.

Treasurers are progressing from a simple focus on productivity to making liquidity visible and then participating in strategic decisions that really add value. All of which in turn elevates the value of treasurers within their organisations.

How Treasury can add Value

We can all agree that treasurers have the ability to add value. We regularly see our clients make significant productivity gains in terms of man-hours as they automate residual manual functions. In many cases, automating processes can save over 80% of the man-hours involved (source: Hackett Group).

But that is only part of the story. The real value comes from what the treasury team can do with all those freed-up hours. The extra time gained through improvements in productivity allows them to analyse risks (such as counterparty, liquidity and FX risk) and make better, informed decisions, based on real insight and business intelligence. Or perhaps the extra time that automation has made available can reduce the opportunity for fraud. The common aim is to leverage liquidity to drive business growth and turn treasury into a strategic business partner.

Digitisation plays a big role here, especially in areas like payments, which have remained partially manual, for example in sanctions screening. Smart contracts are also increasing, which makes for other savings.

Measuring the impact

In any such analysis it is essential to be able to measure what you are achieving. That starts with liquidity itself: how much do we have? How far forward can I forecast liquidity? How confident can I be in the accuracy of those forecasts? After all, you can only use the “excess” liquidity within your company when you are confident that you aren’t going to need it!

Digitisation is the way to improve the visibility of your liquidity. You can then test the accuracy of your information and decide how to use that asset. You can do this with a scorecard to measure your company against industry peers and assess your level of maturity, from Ad hoc, through Emerging and Standardising to Strategic. You can then highlight the opportunities for improvement

Many of our clients have done just that. For one client, an 88% improvement in cash management and forecasting – thanks to automation – saved over £1m in net interest by unlocking cash that had been lying idle. It also helped the same client to save over £100K in bank fees.

Another client reduced costs by 85% and used the newly spare man-hours to avoid £1.2m in fraud-related costs. They also accelerated ERP migration by 80%. Other savings might include generating free cashflow or protecting the business against financial loss. But all these achievements start with productivity gains that free up treasury staff to do something more valuable within their organisations.

I will leave you with three thoughts: automation and digitisation are here to stay; productivity is an opportunity, not just a saving; and if you are going to add value as a treasurer, you need to be able to measure that saving.

Nomentia Cash Management Release Info Event

| 15-06-2021 | treasuryXL | Nomentia |

Welcome to the Nomentia 2021 first release information event this year to hear and see the top new features and updates of the Cash Management solution.

The webinar is on June 22nd 15:00 CET / 16:00 EET with a duration of 45 minuten. As we are updating the solution frequently, we will invite you to our biannual release information events so that you can stay up to date with the latest releases. In this session, we will introduce the best picks of the new features from all Nomentia Cash Management modules.

In the webinar, we will cover the following areas:

At the end of the webinar, you will have the opportunity to ask questions.

The webinar will also be recorded and we will send it to you shortly after the webinar has ended.

REGISTER NOW

 

Meet the speakers

Jaakko Kilpinen

VP of Product and Solutions, Nomentia

Jaakko has over 20 years of experience in corporate cash management and has deep expertise in cash forecasting, netting, and In-House banking. Jaakko has previously held e.g. a position as Group Treasurer in a publicly listed Finnish company.

Pamela Quiroga Badani

Solution Manager

Pamela is a finance and accounting professional. Previously, Pamela worked as a Finance Analyst and for the past four years, she has been working with implementations in consultant and project management roles.

About Nomentia

Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!

 

 

 

 

 

 

Digital Currencies | Not Ready for Corporate Treasury

15-06-2021 | treasuryXL | Kyriba |

Bitcoin and several cryptocurrencies dropped more than $1 trillion in market value, forcing influencers and investors to walk back their advice on using private digital currencies as a reliable store of value. Kyriba’s Wolfgang Koester discussed what was driving this cryptocurrency volatility with Maria Bartiromo’s “Mornings with Maria” on Fox Business Network on May 24th. “We’re seeing increased rhetoric from the Chinese around a Central Bank Digital Currency and the United States are developing their own digital currency,” said Koester.

Big price swings for Bitcoin, Ethereum, and most recently Dogecoin are nothing new. CFOs and Treasurers have always had little appetite for cryptocurrencies, which is why examples like Tesla investing over $1 Billion USD in Bitcoin made such waves in finance circles. And while Tesla reported a quarterly net income boost of over $100 Million USD on their Bitcoin holdings, their social media savvy CEO has since suggested they will move on from their investment. This reinforces for many why cryptocurrencies are a blip on the radar screen and a bad idea for corporations to be involved with. But…are cryptos really that bad for corporates?

First, it’s more a matter of being “not ready” than bad. Cryptocurrencies such as Bitcoin behave like commodities due to their limited supply; the price volatility is fully explained by the supply/demand imbalance. For example, there is a hard cap of 21 Million Bitcoins and these days there is a lot of demand for Bitcoin! Demand for Bitcoin and other cryptos is driven by everything from social media to a fear of missing out (FOMO) that we are similarly seeing play out in other markets, such as residential real estate or in many tech stocks. Corporates, on the other hand, shy away from volatile assets as they require liquidity for their investments and cryptocurrencies just aren’t there yet. Selling several hundred million (or more) dollars worth of bitcoin or ethereum is a market moving transaction and is difficult to manage through the digital wallets and exchanges that are generally more designed for individuals. So, between the liquidity barriers and the unstable values, corporates still can’t rely on privately issued altcoins like Bitcoin, Ethereum, Litecoin and others until these challenges are overcome.

State-sponsored digital currencies potentially have something to offer, however. As Kyriba’s Wolfgang Koester discussed on Fox Business Network’s “Mornings with Maria”, China has made significant advancements in the rollout of the digital yuan, which has further prompted other nation states to accelerate their own digital currency programs. In theory, government-backed digital currencies are expected to offer a striking advantage over the privately issued cryptocurrencies – and that is utility. To have utility, the digital currency must be widely accessible – and be fast and secure. And this is where the Bitcoins of the world are not ready for mainstream use. They aren’t widely accessible, the blockchain “networks” supporting them remain unproven for high transaction volumes, and the value is uncertain and could easily change between the time a seller accepts a cryptocurrency and when they choose to use or exchange them.

Of course there are solutions to each of these individual problems – e.g. the use of stable coins (that are pegged to the price of a fiat currency) instead of altcoins. But each of the requirements – value, liquidity, utility, transactability – must all be met before corporates can expect to safely use crypto/digital currencies on a daily basis. This doesn’t preclude organizations wading into the cryptocurrency landscape as a means of reaching new markets or differentiating against competitors. In fact, more and more online retailers and marketplaces are accepting cryptocurrencies for payment. You can even buy a Tesla with bitcoins. Yet when it comes to corporate treasury and finance teams, they are converting holdings to fiat currencies as quickly as possible so they can still meet cash forecast projections and free cash flow targets. State-sponsored digital currencies may well offer a lifeline to transform digital currencies for mainstream use – or maybe privately issued cryptocurrencies will still rise to the opportunity – and when that day comes it will be fascinating for daily cash management nevermind cross-border payments, global cash pooling, and multilateral netting. I think all of us in treasury look forward to that!

Press release | New Cashforce office in Warsaw, Poland fuels its cash forecasting product excellence

08-06-2021 | treasuryXL | Cashforce |

Cashforce, an innovative Cash Forecasting and Working Capital Analytics solution provider, has announced it will open a new office in Warsaw, Poland to expand the company’s activities. This new office will further accelerate Cashforce’s growth and market presence on a global scale with the addition of a new technical team. For this expansion, various product-focused positions are becoming available, ranging from Chief Architect and team leaders to analysts and front-end/back-end engineers.

“We are delighted to share the news of the opening of our product-focused branch. Together with our new platform which launches soon, we continue to push the frontier of Cash Forecasting & Working Capital product excellence,” said Nicolas Christiaen, CEO of Cashforce.

Cash forecasting remains a top priority of any corporate and Cashforce offers a unique solution to assist finance and treasury departments in this challenge. Building upon years of experience, we’re reinforcing the vision to save time and cash by offering automated Cash Forecasting technology. Our new platform is equipped with real-time data processing capabilities, an intuitive user-experience that lowers the barrier to entry and enhanced (AI-powered) scenario building capabilities.

Jan Bakker, COO of Cashforce, adds: “It’s great to see our global presence ramping up. By reinforcing the product team with various technical positions, we’re ready to further integrate the latest and greatest technologies into our product.”

As a Fintech scale-up disrupting the treasury space, we are experiencing substantial international growth. To make our ambitious vision a reality, we are looking for motivated candidates to join us in creating a world-class product. Of course, it all starts with the amazing people. You can become a part of a dynamic and global team that encourages ownership, diversity and personal growth. Learn more about our company culture here.

WANT TO BE A PART OF OUR FINTECH EXPERIENCE? FIND OUT MORE ON OUR OPEN POSITIONS HERE.

___

Cashforce is a ‘next-generation’ Cash Forecasting & Working Capital Analytics solution, focused on automation and integration. Our cloud-based software enables corporates to unlock their data and create smarter decisions, saving time and money. By integrating internal & external company data (ERPs, TMS, data lakes etc) and processing them through machine learning techniques, our SaaS solution provides insight into Cash Flows & Working Capital, automates manual and cumbersome Treasury tasks and enables AI-powered-scenarios. Cashforce is used by midsize and large corporates and has users in over 120 countries.

When Cash is key, Cash Forecasting and Working Capital leads your company towards a crystal-clear future. When Cash is key … Cashforce.

 

Press contact
Benjamin Bergers
[email protected]
+32 (0) 479 66 27 21

 

Texpo Webinar | Dark Data- Search, Collate, Conquer – Making Sense of Unstructured Cash Forecasting Data

| 08-06-2021 | treasuryXL | Cashforce

Our Partner Cashforce is holding a webinar hosted by Texpo, in which the topic ‘Dark Data: Search, Collate, Conquer – Making Sense of Unstructured Cash Forecasting Data’  is presented together with  David Jacoboski, CTP (Drew Marine).  Dark data is defined as unused or hidden data from relevant departmants in your business, which might have intrinsic value. Watch the full webinar below ??

 

Payment Fraud | A 750 000 euro Financial Scam that could happen even to you

| 02-06-2021 | treasuryXL | Nomentia |

Have you read the recent news on how Bol.com deposited almost 750 000 euros into a fraudulent bank account over a year ago? Simply, they thought they were making a payment to Brabantia, a household goods manufacturer. If you are not familiar with the story, here is it in a nutshell:

At the same time, Brabantia did not receive the payment, so obviously, they took a lawsuit to the court. And that was the point when the court discovered that Bol fell for a financial scam.

It all started with a legit-looking email like usually

In November 2019, Bol received an email in poorly written Dutch. Nevertheless, the email looked legit like it has been sent from Brabantia including the company’s logo. They were asking Bol.com to transfer the outstanding payment to an account in Spain.

The Bol employees fell for the trick. No surprises there, as these emails can be very well-crafted and if you have never seen one before, you could become a victim too.

The court thought the scam email was obvious and easy to recognize 

Bol tried to get out of paying Brabantia claiming that the company’s employee fell for a business email compromise, and they were accused that they did not use two-factor authentication in the Microsoft 0365 environment. The story doesn’t tell if the email was really sent from Barbantia using a stolen username and password but hopefully, it still makes you want to protect your accounts with multi-factor authentication (MFA).

Despite this, the court ruled in the favor of Brabantia and ordered Bol to pay the outstanding payment. The reasons for it were the following:

  •  The court believed the email was clearly a phishing email due to grammar errors. Previously, all communication between the two companies happened in Dutch, while the scam email was written in mixed Dutch and English.
  • The court thought that Bol should have been suspicious about the odd request to transfer money to a Spanish bank.

How to avoid something like this happening to you? 

There are a few tips that you should always remember.

  1. Always be suspicious: Always be suspicious, especially, when you are handling large payments. If you have the slightest doubt about the legitimacy of the request, something is probably wrong.
  2. Never accept a payment alone: In this case, always ask for help! Never send out payment before at least you had a second pair of eyes looking at it. In most companies, that’s an everyday process.
  3. If you are in doubt, ask for help: Still, if there is even one person that is a tiny bit unsure, don’t process the payment. Ask for more help within your treasury or financial department, procurement, or even from your cybersecurity department. Your cybersecurity team will be able to tell with high likelihood whether the email is real or not.
  4. Use a payment hub: Payment hubs come with features that enhance the security of processing payments. Consider using the following: Workflows to manage authorization of different payment flows | Approval limits for different payment types | Templates to limit and control releasing of manual payments
  5. Strict processes to update supplier master data: Supplier master data should be correct in the ERP system. It should only be managed by procurement who has strict processes in place to validate the possible changes before updating master data. Always execute payments according to registered beneficiary bank account details.
  6. Don’t skip the CyberSecurity and phishing training: While you may think it’s easy to spot phishing emails, it’s not. Especially when we are talking about financial scams. Spear phishing is a growing business and it’s expected to grow to 1,4 billion US dollars by 2022. Scammers can work even two weeks on crafting an exceptional financial scam to lure in financial professionals to make a large payment. Good phishing training should be targeted for your expertise and prepare you through challenging exercises to spot potential scams. It’s always better to report an email to your security team and ask for their opinion than make a payment and regret it later.
  7. Care about security: Security is a bigger part of treasury operations than you would think. Make sure that you care about security. Things like using a strong password, updating the password frequently, using multi-factor authentication, or not sharing user rights matter and can do a lot.

When you care about security, you also show a good example to the rest of the team.

Trust your instinct and the learnings of this story and the security training

Always rather take longer to process the payment than pay a scammer! Creating good and strict payment processes and workflows can help with this. Also, trust your own and co-workers’ instinct if you feel like something is off.

Stay curious about financial scam news to know what the latest trends are and how hackers will try to trick you. Work closely with your security department! It’s in everyone’s best interest to avoid falling victim to a scam.

It’s not a question of whether you will receive financial scams and phishing emails, but when you will get them. Be prepared that you will be targeted and face the situation with confidence to avoid making a payment.

About Nomentia

Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!

 

 

Barbara Babati

Barbara is working in the marketing department at Nomentia. Previously, she worked in cybersecurity and data integration industries.