Top 5 most common pain points in Treasury

14-02-2020 | treasuryXL | Michael Ringeling

The purpose of Treasury is to manage a company’s funding, liquidity and to mitigate its financial and other risk. Made up of three sub-disciplines, Treasury’s overall objective is to safeguard the company’s holdings and to follow the long-term strategy set forth by Corporate Finance (and strategy). Cash Management, on the other hand, is primarily focused on operational, short-term, efficiency and process optimisation, whereas Risk Management is oriented towards financial research and operational controls.

Michael Ringeling, corporate treasury expert,  made a top 5 of the most common pain points he encounters in Treasury, including consequences and a solution.

Top 5 of the most common pain points in Treasury

 

  1. Too many bank accounts at too many banks

Consequence:
Complex to manage, poor control, higher risk of fraud, higher costs, more KYC/AML requirements

Solution:
Less bank accounts at fewer banks, all via one or two electronic banking systems or multibank platform to manage payments and cash flows. The result will be more efficient, more secure and more cost-effective payment transactions, reporting and reconciliation into the ERP system.

  1. No reliable cash flow forecast

Consequence:
Poor liquidity management. Insecure about the required short and long term funding and poor management information.

Solution:
A good cash flow forecast, providing adequate insight in the organisation’s short and long term cash flows, will contribute to an efficient funding strategy and lower cost of funds.

  1. FX results, (negatively) impacting the company’s P&L

Consequence:
The company’s financial results are impacted by unforeseen and unknown FX results

Solution:
FX risk management analyses, create a FX policy and perform deal execution (hedging) to control FX results

  1. New Loan Agreement needed – negotiations

Consequence:
Difficulties in assessing if the loan terms and conditions are fair. Risk of overpriced loans and/or unfavorable terms and conditions required by the bank(s).

Solution:
Assist the company when negotiating with the bank(s) to get a fair deal with terms and conditions that will not unnecessary limit the company’s flexibility.

  1. Cash is trapped on too many stand alone bankaccounts around the world

Consequence:
Company cannot effectively use a significant amount of cash, resulting in higher (short term) loans and higher interest costs.

Solution:
Implementation of a cross border cross currency cash pool to centralise the company’s cash balances. As a result the amount of local trapped cash will be reduced and that cash can be used for general corporate purposes. Less short term loans and lower interest costs.

Sounds familiar?

Do you recognize the pain points that we mention above in your business? Or are you experiencing other critical treasury pain points in your business?

In our active network there are several treasury experts who can offer treasury support. They can be hired for specific projects or on a regular basis. Check Rent a Treasurer and let us help you.

 

Michael Ringeling

Corporate Treasurer Expert

Inflation Data for EURUSD

13-02-2020 | treasuryXL | XE |

Markets have once again turned risk averse overnight, with the Chinese city of Hubei the latest outbreak focus. With a European tech conference cancelled, as well as fears in South Korea and Japan. The medium and long-term impacts are still non quantified. Currency markets do not like uncertainty.

And so, the now go-to bellwether currency is the USD, which moved above the psychological level of 99.00 which has been touted for some days. As a consequence most currency pairs have moved lower against the Greenback. One of the more notable casualties is the most liquid pair – EURUSD. Generally regarded as a low volatility play, it’s has now moved down over 13.5 % in the last two years, and tests key support.

GBPEUR has gained momentarily as a result, and indeed UK importers can be buoyed by a much healthier session for GBP across the board. Risk bearing currencies like AUD, NZD and CAD have all suffered as a by-product, and will be dictated to by Geopolitical fears related to the Coronavirus outbreak.

Yesterday did not help the EUR on the data from with Industrial production numbers much lower than expected at -2.1%, a huge shift. And this fragility for the single currency will today be magnified by German CPI inflation releases. For the EURUSD traded pair, the release of US CPI inflation numbers later in the session could have a similar push/pull impact.

Back to the UK and today we see PM Boris Johnson reshuffle his cabinet, and whilst not significantly market moving; the emphasis will be closely eyed for negotiations with Brussels.

One final thing to note is the release this morning of the RICS house price balance numbers here in the UK. This number has shown a positive swing, the post UK. election decision clearly has people moving on up. Long may it continue.

 

Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multibillion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page

 

 

 

Financing a Livable World

11-2-2020 | by Aastha Tomar

If Greta Thunberg doesn’t inspire us, breathing some Delhi air may. While these might have been in news recently, more of this discussion is on social media rather than real action.

Sustainability has thus mostly been associated with activist connotation and, less with real, on-ground impact.

As we evaluate on-ground actions, investments towards such actions become first step and these need to make “financial sense” for investors to flock in. That’s when, I believe, that traditional financial acumen fails us. The foundational elements of investment rationale shall make such investment difficult. Let’s evaluate how –

  1. It’s all about ROI in purely Financial Terms: All financial evaluations are about monetary returns. Such approach is more likely to make Investing in sustainability related projects unattractive
  2. Organizations as going concern: While some projects have started evaluating impact of climate change, organizations are often considered as going concern without climate change & its impact. It’s it a time that we start considering some serious impact of climate change while evaluating cash flow and hence the project IRR.

Of all, these foundation elements make investment capability of capital markets to adapt in disruptive situations, like we are facing now for climate change, difficult. Financial markets, in its prevailing methods, would only consider climate change once its impacts are visible, but that, I guess, would be too late.

Having worked in Debt capital markets (DCM) my first reaction was to search of how DCM is contributing in sustainability and this led me to know about a beautiful concept of green bonds. The bond by their very name “green bonds” click into mind that there is something related to sustainability in it.

Green bond principles, intended to provide a framework for debt funding for projects which shall contribute to sustainability, is a step in the right direction. It has been framed with four core pivotal elements –

  1. Use of Proceeds
  2. Process for Project Evaluation & Selection
  3. Management of Proceeds
  4. Reporting

It’s the use of proceeds which sets apart green bonds from regular bond issues. The eligible projects for such issuance should be from around ten categories including renewable energy, energy efficiency, pollution prevention and control, green buildings etc.

A cumulative $580 billion of green bonds were sold through 2018, according to Bloomberg New Energy Finance. According to climate bond initiative in quarter 3 of 2019 itself USD 6.2 bn worth green bonds were issued worldwide, which is 87% up YoY. There were 139 issuers from 32 countries. There are many issuers joining the race and many nations as well. European nations being the ones taking the lead.

Though figures for green bonds may seem encouraging when we see them standalone but when compared to the global bond markets which are more than USD 100 trillion market, green bond market is hardly a fraction of it. Europe alone needs about 180 billion euros ($203 billion) of additional investment a year to achieve 2030 emission targets set by the European Union in the 2015 Paris Agreement on climate change.

In nutshell, green finance initiatives are steps in right direction but need more muscle and speed to enable actions on ground.

What are your thoughts?

Aastha Tomar

FX & Derivatives | Debt Capital Markets | MBA Finance
Electrical Engineer | Sustainability

Does your business need a DNB license? You need to take these 8 steps

07-02-2020 | treasuryXL | Enigma Consulting

Anyone that provides payment services in the Netherlands must either hold the appropriate licence issued by DNB or be excepted or exempted from the licensing requirement. A payment service provider may start operations only after DNB has issued its licence or after it has entered the provider in the register as an exempt payment service provider, unless it is excepted from the licensing requirement by law.

Do you need help in your DNB License application process?

The consultants at Enigma are highly experienced in license applications. Their clients often have widely divergent reasons for applying for a licence. For example:

  • Innovative companies that wish to utilise the opportunities offered by new payment rules for account information services and payment initiation services, such as fintech businesses and accounting software providers.
  • UK-based businesses that have decided to apply for a license in the Netherlands and to serve Europe from here because of the consequences of Brexit.
  • Asian and American companies that wish to use the Netherlands as a base for setting up their worldwide Payment Gateway.
  • Companies that can no longer utilise exceptions that were possible in PSD1 because of PSD2 and are therefore applying for a license to operate as a payment service provider.

Enigma has a multidisciplinary team, which offers the benefit of us being able to offer all areas of expertise required for license applications. The result is an application of which all elements meet the quality criteria of the supervisory body, which means a quicker assessment and granting of a license by the DNB.

You no longer need to be a bank to offer payment services. The Dutch Act on Financial Supervision applies in the Netherlands for the purpose of increasing competition and protecting consumers. This law makes it possible for payment institutions to offer payment services.

The law differentiates between 8 different types of payment service providers.

There are the classic payment service providers and electronic money institutions, but since the introduction of the PSD2 European payment guideline, there are also newer variants of account information service providers (AISPs) and payment initiation service providers (PISPs). Payment services offered include the administration of bank accounts, the transfer, deposit or receipt of funds, or the issuing or acceptance of payment instruments (such as cards).

So when is a licence required for a service? And what are the criteria that must be met?

A successful licence application for each type of payment institution is a question of thorough preparation and adequate quality assurance.

The steps required for an efficient, successful application at a glance:

1. Check whether a licence is required to offer the service

A payment service does not necessarily require a licence. Exceptions include services in which payment is made with a payment instrument with limited options for use. Neither is a license required if transactions take place in cash only and no bank account is involved.

2. If a licence is required, check whether an exemption applies

If step one indicates that a licence is required, check whether exemptions apply. A number of conditions need to be met in order to make use of that exemption. We have listed 3 below.

  1. Payment services are intended exclusively for people living in the Netherlands
  2. The monthly volume is less than 3 million Euros
  3. Asset segregation is managed by means of a trust account, bank guarantee, or comparable guarantee

If the conditions for an exemption appear to be met, then this also needs to be applied for from DNB. This application is also subject to considerable requirements. If these requirements can be met and the application for a licence has been submitted, the DNB will assess whether an exemption should be granted. If so, they will enter the exempted payment service provider into the public register.

3. Prepare the file and make the necessary organisational changes

Having completed the first 2 steps, it is clear that a licence is required and that the service does not qualify for an exemption. In that case, the payment institution must meet various criteria to be able to offer its services. These include:

  1. Demonstrating the reliability and suitability of policy makers
  2. The integrity of the company’s operations
  3. Controlled governance
  4. Surety of the funds
  5. Evaluation of the day-to-day policy makers
  6. Minimum equity and solvency requirements
  7. No Objection certificate

This is about managing operational processes and business risks, such as safeguarding the funds of the payment institution’s clients. Policy and procedures, such as a client acceptance policy, transaction monitoring, a compliance charter, and a procedure for reporting irregular transactions need to be formulated. In most cases, a ‘risk management’ policy needs to be formulated and a risk & compliance officer needs to be appointed.

4. Submit the application to De Nederlandsche Bank

All the supporting documentation for the application then needs to be submitted to the DNB. The application form that must to be completed and signed serves as the basis. The DNB decides whether to grant a licence within three months of receipt of a license application from a payment institution. Note that the three months only start once all the necessary documentation has been received. There are costs involved in applying for a licence from the DNB.

Enigma Consulting’s experience is that the DNB usually asks various questions and that the lead time for a licence application normally exceeds 3 months.

5. Implement the new policy and corresponding procedures in the organisation

When compiling the file, the implementation of specific policy and corresponding procedures in the payment institution is already a big step. Ensure these activities have actually been implemented by the company before the licence is granted. Do not underestimate this process, because depending on the size of the organisation, this step can be moderately to very resource intensive.

Experience

Thanks to Enigma Consulting’s extensive experience of the application procedure and short lines of communication with DNB, they can advise and support you in each step of the application process, whether it involves an application for an exemption, or a licence for a payment services provider, electronic money institution, account information services provider, or payment initiation services provider.

There is also the option of temporary deployment of a risk & compliance officer to share best practice and train your staff internally. Enigma possesses considerable experience in all stages of the application process. They can assist you in compiling the file and in setting up your organisational processes.
Contact Enigma Consulting with no obligation if you would like to discuss your objectives.

Geert Blom
Senior Consultant at Enigma Consulting

Why your Business Needs a Long-Term Strategy to Mitigate Against Currency Risk

06-02-2020 | treasuryXL | XE |

Market volatility puts your business’ profitability and cashflow at risk to adverse movements in the currency you are exposed to.

Many businesses, particularly at the smaller end, are not aware they have an exposure to foreign exchange risk. Or, if they are, they may have never quantified the size of the risk they face.

Currency market exposure comes in different forms. Any business selling goods and services overseas will be concerned that a rise in the value of the US Dollar could damage their competitiveness in those markets. Conversely, if you’re importing anything from overseas, a fall in the value of your local currency will make those imports more expensive.

FX markets are difficult to forecast at any time, but even more so when you look beyond 6 months. While economists and market commentators can predict all they want, the reality is they never get it consistently right which makes relying on forecasts a risky strategy for your business.

How your business can mitigate against currency risk

Your best bet in combating the uncertainty that comes with fluctuating exchange rates is to have a long-term FX strategy in place.

An FX strategy involves paying attention to and managing risk, and ensuring your business has the right mix of products and services in place to help reduce your exposure to market fluctuations.

This is where working with a trusted international payments provider, like XE, comes into play. The right provider will be able to work with you to develop a strategy and will advise on the most suitable products and services to deliver favorable outcomes to your business’ profitability.

Ready to learn more?

A team of Foreign Exchange Specialists at XE have compiled an essential FX guide for US businesses – stepping you through the three key factors to understand about foreign exchange and how it affects your business, so you can make an informed choice when selecting the right partner to help you manage your international payments and mitigate against FX risk.

Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multibillion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page

 

 

 

Conference “Toekomst Betalingsverkeer” returns in April 2020, Future of Payments

04-02-2020 | treasuryXL | Kendra Keydeniers |

Euroform will host the 21st edition of the Conference “Toekomst Betalingsverkeer” on 7 April, 2020 at the Beurs van Berlage in Amsterdam. “Toekomst Betalingsverkeer” is a major event in the Payment Business with round table sessions, keynotes and more.

It’s time for big steps in the payment landscape!

What can you expect?

  • Expand your professional network with the attendance of 300 + strategic payment experts
  • Over 10 C-level speeches with topics like: Digital Transformation in Banking, FinTech, NextGen customer, New PSD2 Business Models, Blockchain Impact and Artificial Intelligence
  • 20 round table sessions: EID, PSD2, Instant Payments, Cybersecurity, Cryptocurrencies, Data Driven Business Models
  • Young Professional Breakfast
  • Plenty of networking opportunities with Drinks & Bites

Program and Speakers

This year there are a total of 34 speakers with a diversity of expertise. You can see an overview of all the speakers of 2020 here.

To take a deeper dive into the full program you can view and download the agenda here.

What happened in 2019?

Pieter de Kiewit

 

Pieter de Kiewit, Owner of Treasurer Search, visited the event last year and we asked him a couple of questions about the event:

 

 

 

Why did you attend the event ‘Toekomst Betalingsverkeer’ last year?
In my perception the developments in payments are diverse and frequent. Technology is making giant leaps. Consumer acceptance is slowly following. And the supplier landscape is shifting from traditional banks, to Fintech to dominant players like Apple, Google and Amazon. I hoped to gain further insight in what can and will actually happen.

What was your overall impression of the event?
Well organized, nice venue and professional. A nice mixture of keynote speakers, smaller presentations and roundtable meetings.

Did the event meet your expectations? And why?
Yes and no. I learned quite a lot and gained new insights. With my focus on corporate treasury I was surprised about the limited audience. All people I met were competitors in one way or the other representing banks, fintechs, tech solutions or payment service providers. There was some talk about consumer payments. I totally missed interest and understanding in the main client group of most people present: organizations actually doing and receiving payments. No Unilever, Belastingdienst, telco provider, e-commerce company or similar organization.

What is the best thing that you can remember of the event?
A keynote speaker informing us about technology in China. He told about a world I do not know about, where payments and doing business in general is very different and in many aspects ahead of us.

Will you attend this year again? If yes, what do you hope to learn and see?
If my schedule allows, yes. I would like to see a program similar like last year with further input for and from business to business clients of suppliers already present.

 

 

Last year, one of the treasuryXL ambassadors, Francois De Witte, chaired two round table sessions with the main topic: “The View of the Treasurer on Payment Transactions”.

He wrote a recap of the event and the round table sessions, check his recap here.

 

 

Join the event with discount and register exclusive via treasuryXL

The registration fee to attend the event is € 849,00 per attendee.

We are happy to provide our readers with a 20% discount on your registration fee.

Make sure to use this exclusive link to register with discount.

I wish you a great event!

Kendra Keydeniers

Community & Partner Manager treasuryXL

Factoring – Unlocking the (hidden) potential of your working capital

31-1-2020 | by Ron Wessels 

Do you also wait for your customers to pay you after a sale is closed? In today’s world it is getting more difficult to arrange cost efficient traditional bank financing and not everybody has sufficient cash reserves. If funding for you is tight, you can search for alternatives. Many suppliers of alternative funding are quite expensive and their business ethics are not always solid. Perhaps your working capital offers a better solution.

There is a way to convert your outstanding debtors into cash. This is called “Factoring”, offered by factoring companies.

How does Factoring work?

Depending on your existing AR (accounts receivable) portfolio an arrangement with a specialist factor provider can be made to sell those invoices on the date your issue them and get paid within a couple of days (mostly 2-3 days).

You receive most of the cash upfront but yet you are still in charge of the collection process and dunning (there are factoring companies that also offer credit collection services). You want to stay in control of the collection side as this is very important for your Customer Relation, e.g. you want to know if things are not going as they should be. You do not want to outsource the management of potential conflicts with your important clients. Your customers will pay into a bank account in your name but under custody of the factor provider. Obviously, you will have/need full insight on the activities on this bank account. Typically, you get funded about 90% of the face value of the invoice (ex.VAT) and the remainder minus costs, upon collection from the customer. The costs for factoring are depending on the size of your AR portfolio sold but vary around 1,5 to 4%, depending on aforementioned size (this is an estimate and have to be explored during an evaluation). This cost includes the credit insurance.
The factoring program can be tailored either on-balance or off-balance to optimize your accounting processes and your balance sheet strength. Factoring most of the times also requires a credit insurance for the outstanding accounts receivables. Both you as well as the factoring company want to mitigate the risk of clients who cannot pay.

Why is Factoring interesting?

Often factoring, including a credit insurance, is cheaper than traditional bank financing. Especially for companies with no or low credit rating. The factoring industry is more mature than many of the suppliers of alternative funding. This results in more stable processes and improvement of existing processes. Last but not least, the build-up of your balance sheet will be different resulting, amongst others, better financial ratios.

Is factoring difficult to implement?

Not necessarily, you need to agree on the terms and conditions with the factor, the credit insurance and it involves some legal advice/work. Furthermore, you need to agree with the factor on how to deliver the AR data (preferable automated) and the frequency of submission. As this is a mature industry, it is relatively easy to compare quotes of different factoring companies. Two further aspects are very relevant. The first is the quality of your existing processes. If your AR is a bit chaotic, it will be harder to implement the factoring services. Furthermore, the size and activity of your company is important. Small companies with a low number of deals will be treated differently by a factoring company. For example, a mobile telephone operator.

Conclusion

Factoring is a good alternative for traditional bank debt to finance your working capital. It will require up front work but once installed it is easy to maintain at a low cost. A quick scan of your existing AR outstanding can prove whether it is cost efficient to enter such program.

If you are looking for independent advice on factoring before reaching out to suppliers, please contact us. We are happy to help you.

 

 

 

 

Ron Wessels

Group Treasurer

 

European Parliament backs Withdrawal Agreement

| 30-1-2020 | treasuryXL | XE |

Following a debate in Brussels yesterday evening, The European Parliament backed the Brexit Withdrawal Agreement put forward by Boris Johnson. This was approved with by staggering 621 votes in favour, with 49 against. A major milestone in the Brexit agreement which was somewhat already expected, following news last week that it cleared the committee stage. This bodes well for the UK to leave 11pm Friday evening. Following this result, the debate did become slightly emotional with Farage taking his chance to rub it in the face of the European politicians, triggering Parliament’s Vice-President Mairead McGuiness to turn off his microphone stating ‘put your (Union Jack) flags away, you are leaving.’ Not everyone was so cold with the likes of Ursula von der Leyen stating that the British MPs ‘wit, stubbornness and charm’ will be missed.

In terms of UK data, Mark Carney will announce whether or not the UK will cut its interest rate. A decision which has left markets unsure on which way it’s going to go, with a 50-50 split between raising and dropping rates. This will be Carney’s final rate decision and will be sure to affect the markets. The Quarterly Inflation Report is also due out and may be the deciding factor on the rate cut which the markets will be looking out for come 12:00 GMT.

US

The FED decided to leave interest rates unchanged at the much expected range of 1.5% – 1.75% leaving a rather muted market reaction. Other US Data out today is Gross Domestic Product figures which comes out at 13:30 today with a consensus at 2.1%, the same at the previous quarter. In other news, the Greenback has continued to benefit as a safe-haven currency with the uncertainty surrounding the Cornovirus.

At the time of writing:

GBPUSD – Trading above 1.29 at 1.2994

GBPEUR- Trading above 1.1 at 1.1792

EURUSD- Trading above 1.10 at 1.1018

The figures are based on the live mid-market rate, correct as of 08:30 GMT on 30/01/2020, and are provided for indicative purposes only. Live mid-market rates are not available to consumers and are for informational purposes only. The rates we quote for money transfer can be selected via the page on our website ‘Live Money Transfer rates’.

Source

Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multibillion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page

 

 

 

Looking for a career as Treasurer Front Office?

29-01-2020 | Treasurer Search | treasuryXL

Our partner Treasurer Search is looking for a Treasurer Front Office (m/f).

 

The Treasurer Front Office is part of a team of three (Treasury Operations), in this team he will be the medior and take the lead in front office activities such as:

  • Support and advise his business colleagues on hedging, cash and bank management strategies (in cooperation with treasury manager)
  • Execution and reporting of cash management and hedges
  • Ensuring compliance with company and bank policies
  • Leading and supporting treasury IT and other projects
  • Sparring partner to finance community within his organisation, organize workshops & webinars

Ideal Corporate Treasury Specialist

The ideal candidate has a relevant university degree and a practical knowledge of the relevant financial markets. Experience in an international corporate treasury team and affinity with IT projects are a must. As a person he/she is highly analytical, proactive and communicative.

Our Client

Our client is a world wide operating industrial company with a true Rotterdam culture. In the past few years the treasury department has strongly developed and this upward trend will be continued.

Remuneration and Process

Our client offers a market level salary, the expected annual base salary will be about €65K. For interested candidates who qualify, a more elaborate job description is available. The Treasurer Test might be part of the recruitment process.

Contact person

 

T: (0850) 866 798
M: (06) 2467 9339

 

 

 

Impressive year for our partner Cashforce

| 28-1-2020 | treasuryXL | Cashforce |

We are very proud at our partner Cashforce. What a year it has been for Cashforce! From opening new offices, to processing millions of transactions, Cashforce successfully round up 2019. More specifically last year, Cashforce:

  • Opened up three new offices in London, Copenhagen and Ghent
  • Moved its HeadQuarters to Antwerp, Belgium
  • Visited over 20 countries during 2019
  • Attended 12 Treasury conferences, gave 9 speaking sessions, hosted 4 Belgian Beer Nights and gave away 2159 Chocolates
  • Processed over 40 million transactions, doubled their clients, hired 14 new FTE’s and collected $5 million of investments by Citi & Inkef
  • Gained 724 followers on social media, consumed 10,498 cups of coffee and held 5 board game nights
  • Won the best use of Artificial Intelligence in Treasury Management reward by Global Finance Magazine 2019 and became 1 of the Top 5 hottest Startups in Belgium
  • Settled new partnerships with Citi, BNP Paribas and KBC
  • Upgraded their Smart Algorithms and further developed Artificial Intelligence

Source