Rent a Treasurer – Joint Venture treasuryXL & Treasurer Search

| 29-07-2020 | treasuryXL | Pieter de Kiewit

Organisations with treasury exposure, without the expertise. The ones of you who know me longer, know this is one of my favourite hobby horses. For a longer period of time I have been tinkering with many plans to help the aforementioned organisations. This led to contributions to treasuryXL as a community and educational institutes like the Hogeschool Utrecht and the Vrije Universiteit. Now we will work on the obvious: bringing highly skilled treasury interim managers to organisations without a treasurer.

Impact on SME’s

Treasurer Search has a long and solid track record in finding interim treasury managers to large organisations with a corporate treasury function. One of our team members reaches out on a continuous basis to these managers to ask them about their availability, skills and preferences. Many of these managers love to work in smaller size organisations. There they can have real impact, save costs, mitigate risk and create opportunities.

Target audience treasuryXL

One of the important target audiences of treasuryXL is the group of CFOs, group controllers and entrepreneurs who, consciously or not, deal with treasury topics. In the content distributed on the platform the following is taken into consideration: non-technical treasury information on a regular basis with a clear upside-story. The communication channels that are used are also the ones that hardcore treasurers might not tune into but other financials do.

Rent a Treasurer

All the pieces of the puzzle have been on the table for a long time. The plans have been there for a long time and now we will act. As Ben Tiggelaar states: “the gap between plans and success is action”. Through treasuryXL you can “rent a treasurer”, click the link for more information about the concept.

Thank you,

On behalf of Treasurer Search, Pieter
On behalf of treasuryXL, Kendra

 

 

Pieter de Kiewit

Owner at Treasurer Search

Meet our Experts – Arnaud Béasse

28-07-2020 | Arnaud Béasse | treasuryXL

Welcome to the 10th and last (for now) interview of the ‘Meet the Expert’ series. This time we interviewed our brand new Expert Arnaud Béasse. Arnaud is founder of the advisory firm Arts+Brands and an expert in Debt Management. He started his career as Regional Financial Controller, cumulating the responsibility for IT.

Arnaud has more than 17 years experience in Banks focusing successively on Structured Asset Finance, Corporate Banking, DCM and in Multinational Corporates for their Energy and Metals trading and Project Finance. He created Arts+Brands to expand his entrepreneurial spirit by advising small ventures and start-ups (Fintech, Biotech, IT) for their Fund Raising and Finance strategy and also by getting involved in the daily operations.

Arnaud is fluent in English, German and French and is used to work in international, multi-cultural and virtual teams environments.

We asked him 11 questions, let’s go!

How did your treasury journey start?

During my first assignment as a regional financial controller, I have been immediately confronted to a complex consolidation of cash streams from different emerging countries with different currencies and regulations. Finding secure and systematic solutions has been challenging but also interesting and fun. This was the beginning of my treasury discovery, from which I moved then to asset finance, project finance, trade and export finance and later to the complete « corporates and markets » solutions offered by a large European bank.

What do you like about working in Treasury?

I find the central role played by treasury in supporting a business very motivating: it manages all financial resources a business needs to generate returns. Perfect understanding and anticipation of the needs (planning) and an accurate analysis of the resources available (controlling) are therefore essential. I also like the necessity of combining short term priorities like cash management and long term planning like investments.

What is your Treasury Expertise?

Capitalising on my long banking and large corporates experience, I have acquired a strong knowledge of all kind of debt solutions associated with credit, regulatory, compliance competencies. I have specialised in Debt Management, Fund Raising, Asset Finance, Leasing, Cash Flow Management, Trade and Export Finance and Project Finance. I am currently focusing on Sustainable Finance to support firms aligning their finance resources with their commitments towards the environment.

What’s the most important factor in debt management?

The starting point of debt management is a careful analysis and control of the cash flows. Borrowings need to align with the business cycle of the company and eventually its equity profile. Once the needs of each business line and the corresponding cash flow generation are consolidated, the adequate debt structure can be designed with a mix of junior to senior, short term to long term solutions and a calibrated interest rates structure.

What has been your best experience in your debt management career until today?

I remember a dramatic situation occurring during a local currency crisis in an emerging country, where we had arranged a large equipment finance. The debt repayment plan did not anymore match with the borrower’s cash flow generation and we were heading straight to a default situation. After long and numerous discussions, we managed to get transferred a large position on natural resources the company was owning but not operating and structured it in a way that the majority of risks were covered, the credit committees and respective boards were satisfied and ultimately the borrower managed to earn additional profit. I admit there is a part of luck in this experience but getting from this desperate situation to a point where all parties were so happy has been my most fulfilling experience so far!

What has been your biggest challenge in your career?

I consider the toughest challenges in a company are almost always linked to human resources management and termination of assignments. But if we remain within the treasury topic, my biggest challenge so far has been to accept a board decision not to conclude an M&A transaction, whereby all indicators (profit, risk, market position, further opportunities) were very favourable for the group and I had worked for more than one year on the case. Some months later, upon publication of the yearly results, it became clear why the project was rejected!

What is the most important lesson that you have learned as a treasurer?

Along the various experiences I had with treasury, the most important lesson might be to always seek the most simple and straight forward option. There are many ways of hedging a currency position, improving the average interest rate of a pool of debt facilities, leverage the value of an asset, optimise the return of positive cash position. But the risk and time associated to it can rapidly be disproportionate to the purpose and the size of the original transaction. Treasury shall normally create value, not necessarily profit!

How have you seen the role of Corporate Treasury evolve over the years?

Obviously, the role of Corporate Treasurer has become more and more complex. Treasury needs to deal with an increasing availability of alternative financial products, intensifying risk management requirements, regulatory and compliance constraints. But at the same time, the emergence of digital treasury platforms and integrated cash management systems are making the steering of treasury much easier and more accurate.

The coronavirus is undoubtedly an unprecedented crisis. In general, can you elaborate on the impact this virus has on treasury from your perspective?

Treasury is between a rock and a hard place: as a consequence of the crisis, sales are dropping and cash flows are missing but the financial obligations (debt, salaries, rents, supply, …) remain and the access (if not the availability) of financial resources become difficult. For treasurers who had a prudent cash flow management with enough resources to bridge the gap, it has been a confirmation for their risk management strategy. For others with more lean structure, it is, in the best case, a very stressing moment trying to find last minute and costly (not only in terms of interest rates) funding solutions. Some businesses, which have bet on a very tight business model, will probably be restructured. The crisis will certainly lead corporates to adopt more careful models with sufficient reserves and flexible organisations but also postponed or reduced investments.

What developments do you expect in corporate treasury in the near and further future?

The main trend is definitively the further digitisation of the treasury functions, offering more reliable, more secure and faster execution of the transactions: payments, cash management, trading, trade and export instruments, guarantees, etc. As the execution of transactions will be more and more automated and integrated in the supply chain systems, treasurers will shift their focus on analysing and planning for the financial resources in order to formulate strategies.

Another interesting trend for the treasurer is the further development of the non-banking debt market. This shall broaden the borrowers’ horizon, balancing again the bargaining power in favour of the corporates and generating even more tailor-made/OTC debt solutions.

What is your best advice for businesses without a Treasurer?

Running a business without a treasurer can only be considered for small businesses. For standard operations, managing the daily needs with modern digital tools will always become easier, even if substantial support shall be required during the implementation of a system. Once the system is running, the daily treasury tasks can be integrated in the accounting and finance agenda.

However, as soon as operations get more complex (investment, take-over, international development, restructuring…), the support of a specialist remains essential, be it for a limited period of time like part-time or ad interim…

 

 

Arnaud Béasse

 

 

 

 

Does your business need support in Treasury or a Treasury QuickScan?

We have treasurers available, go to Rent a Treasurer for all information.



Planning a Large Purchase? Tips for Saving

23-07-2020 | treasuryXL | XE |

When there’s a lot you need to save, it can seem daunting, and you might not know where to start. We want to help you with your savings plan.

Most of our purchases are pretty mundane. Think about the purchases you’ve made this week. They were probably more along the lines of swiping your card at the gas pump and paying your bills online than the lines of booking an extravagant trip or buying a new vehicle, right? But every so often, we will make those larger purchases.

Whether it’s a solid investment for your family and lifestyle (like a home) or a well-deserved bit of fun (like a hot tub), these purchases won’t be as easy. You may have enough saved up to make this purchase right now, but it’s more likely that this purchase is going to require a bit of saving.

When there’s a lot you need to save, it can seem daunting, and you might not know where to start. We wanted to share some of our tips to simplify the saving process for your next exciting purchase.

1. Figure out your timeline and use it to create your savings plan

Depending on the type of purchase that you’re making, there may be a specific date by which you’ll need to make your purchase. Even if you aren’t working towards a set deadline, it’s a good idea to set one for yourself so you can determine how much you want to save each month.

If there’s no rush, you can base your savings plan on how much you can comfortably put away each month, without having to make any changes to your current spending habits. But if you have a target date for your purchase or you’d prefer to shorten the process, read on to see how you can save more each month.

2. Make a separate savings account for this purchase

You may already have a general savings account (and if you don’t, try to open one as soon as possible). But creating a new savings account just for this purchase has a few benefits:

  1. You can visualize how much you’ve saved more quickly and easily;

  2. You won’t be tempted to pull from your emergency savings or other important savings (and vice versa);

  3. You can utilize accounts, tools, and services that you might not be using with your current savings account.

When you open this new savings account, take advantage of this opportunity to shop around your bank’s offerings or even other banks’ accounts. Some banks offer financial planning tools that can help you with your savings, or you could find a bank or account that will generate greater interest on what you’ve saved. Don’t just go with the first option available; take time to find the one that best suits your goals.

3. Reassess your budget

In general, you should revisit your budget on an annual basis, or any time you experience a change in your life or financial circumstances (such as starting or losing a job or combining finances with a spouse). Creating a savings plan is another time when you should take another look at your current spending. Determine how much you could comfortably put away each month, and how long it would take you to save at that rate. If you’re not happy with that timeline, try making a few changes to your budget to improve the efficacy of your savings.

There are some expenses that you can’t cut from your budget. Even when you’re saving up for a big purchase, you’ll still need to pay your bills, buy groceries, and put gas in your car in the meantime. But look at the subscriptions you pay for and the non-essentials that you buy and consider whether you need to budget for them

Even for the essential purchases, small changes like switching from name brands to generic, buying used, or comparison shopping online can add up to increased savings.

Need another currency for your purchase? Consider an Xe money transfer

You could be purchasing property in another country, or you could be making an investment. In these cases, your payment would. Sure, you couldjust make a card payment and let the exchange sort itself out in the payment process, or you could make a wire transfer. But when it comes to large purchases, there are a few unique advantages to using money transfer for your transaction.

When you’re exchanging a large amount of currency, the exchange rate can make a big difference in how much you need to provide. If you pay with your card or make a bank or wire transfer, your transfer will be made at their exchange rate. These exchange rates often come with hidden margins or are designed to favor the provider over you, meaning that you won’t get as much bang for your buck.

If you make your transaction through a money transfer provider, on the other hand, you can check the rates ahead of time and get a rate that you know you’ll be happy with. If you transfer money with Xe, you can guarantee that you’ll get a fair, honest exchange rate that comes from the live currency markets, with no hidden margins.

If you’re not on a time limit, there are a few tools you can take advantage of to ensure that you’ll get the best rate possible for your transfer. You can set a Rate Alert that will let you know as soon as your desired rate is live, or if you have the funds you can set a Market Order that will automatically purchase your currency when your ideal rate is live.

Or, if the rates are currently in your favor but you lack the funds or don’t want to make your purchase right away, a Forward Contract will allow you to lock in the current exchange rate and make your exchange or purchase at a future date.

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 multi billion-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” rescheduled to October 1, 2020 | Future of Payments

22-07-2020 | treasuryXL | Kendra Keydeniers |

Euroform will host the 21st edition of the Conference “Toekomst Betalingsverkeer” on Thursday October 1, 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 35 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

Meet our Experts – Vincenzo Masile

21-07-2020 | Vincenzo Masile | treasuryXL

Welcome to interview #9 of the ‘Meet the Expert” series. This time we interviewed our Expert and Treasury Specialist Vincenzo Masile. He is an experienced international finance manager who lived and developed his career in Italy, The United Kingdom, Switzerland and The Netherlands. Currently, he lives in Amsterdam, and enjoys working with people from different countries.

His fields of expertise are:

We asked him 11 questions, let’s go!

1. How did your treasury journey start?

Back in 2008 I was working as a credit manager for a large US agricultural commodities, ADM, at their cocoa operations in The Netherlands and I was asked to spend six months in Switzerland at the newly created treasury hub.

2. What do you like about working in Treasury?

I enjoy the variety of the tasks and the communication with the different company stakeholders.

3. What is your Treasury Expertise?

Cash Management, People Management, Project Management, FX, Reporting, Banks Relationships

4. Do you have examples of risk mitigation, creation of opportunities and/or cost savings?

I was the PMO of a hedging project at Netapp for the EMEA region back to 2012. Cost savings opportunities were identified improving the process accuracy on Oracle 11 and simplifying the reporting to corporate.

At Affidea I changed the cash flow forecast reporting moving from a fully manual version to a partial automated version. This change generated time saving and more accuracy.

5. What has been your best experience in your treasury career until today?

On April this year I completed an eighteen months assignment at Affidea B.V., a Dutch pan-European medical healthcare and I worked mainly from their finance ops in Budapest and occasionally from their holding office in Amsterdam.

It was a very interesting and valuable experience.

6. What has been your biggest challenge in treasury?

Lack of cash visibility especially at country level has been one of the biggest challenges I had to face to.

7. What’s the most important lesson that you’ve learned as a treasurer?

A treasurer has a watchdog role over all aspects of financial management and indeed cash will be always the King!

8. How have you seen the role of Corporate Treasury evolve over the years?

Treasury evolved from a traditional finance role into a business enabler supporting the company growth. In that respect effective communication & collaboration across different areas of business is the key.

9. The coronavirus is undoubtedly an unprecedented crisis. In general, can you elaborate on the impact this virus has on treasury from your perspective?

My view here is that treasurers should take the following steps going forward:

  • Cash flow management:  This is even more critical as we move beyond COVID-19
  •  Determine cash availability: Enables informed decisions around liquidity and cash flow, debt, FX exposures and payment priorities
  •  Scenario testing: Ensures understanding of preparedness for shocks
  •  Engage with relationship banks: Opportune time to partner with banks to fast track digital adoption of tools that provide visibility, efficiency, fraud control etc.
  •  Digitize manual processes: Ensures enhanced controls are put in place where manual payments remain – to mitigate cyber and fraud risk
  •  Monetize inventory: Inventory may be temporarily surplus to requirements because of demand gluts or supply chain disruption

10. What developments do you expect in corporate treasury in the near and further future?

Technology will play a major role in the future and this can be only beneficial to corporate treasury. Payments platforms, Fintech, Trade finance blockchain solutions, outline that the future is already here.

11. What is your best advice for businesses without a Treasurer?

It depends on the size of the company but generally speaking I strongly recommend to have on board a treasurer.

 

 

Vincenzo Masile

Treasury Expert/ Credit Risk Manager

 

 




 

Does your business need support in Treasury or a Treasury QuickScan?

We have treasurers available, go to Rent a Treasurer for all information.



Cultural differences and Trade Finance

| 20-07-2020 | Ger van Rosmalen | treasuryXL

What do Trade Finance and Cultural Differences have in common?
If you want to do business internationally, it is important to understand which risks you could encounter. These are not only payment or transport risks, but certainly also communication risks

This blog is in Dutch language.

Over betaal-en transport risico’s laten mensen zich graag voorlichten en op dat punt gaat men graag met de opgedane kennis aan de slag. Toch levert dat niet altijd het beoogde resultaat op. Hoe komt dat dan? Vaak denken wij Nederlanders met onze buitenlandse zakenpartners hele goede gesprekken te voeren terwijl de nuances van de gesprekspartners volledig aan ons voorbij gaan. We begrijpen niet dat er iets anders bedoeld wordt dan wat er wordt gezegd. Dan kan het zomaar gebeuren dat de deal aan je neus voorbij gaat.

(H)erkennen

Erkennen en herkennen dat er culturele verschillen zijn is een goed startpunt. De volgende stap is hoe maak ik mij die kennis eigen en hoe ga ik dat toepassen in mijn dagelijks werk? Kennis vergaren is kennis in huis halen door gebruik te maken van ervaren trainers/docenten die de cultuur van het bedrijf als startpunt nemen om je vervolgens mee te nemen in jouw wereld van internationaal zakendoen. Met welke delen van de wereld doe je zaken? Leren hoe je met die zakenpartners op een effectieve manier kunt communiceren. Dat kan zijn als je elkaar ontmoet of per email, videoconference of telefoongesprek spreekt. In ieder van deze communicatievormen zijn andere aandachtspunten waar je rekening mee kan houden. Immers bij een telefoongesprek spreek je elkaar maar zie je elkaar niet en gaat het om een andere vorm van communicatie dan wanneer je elkaar via een video conference spreekt. Nu zie je elkaar ook en kan jouw zakenpartner ineens non-verbale signalen afgeven die je in een telefoongesprek niet had gezien.

Culturele verschillen binnen het bedrijf

Culturele verschillen is in mijn ogen een ondergewaardeerd onderwerp in het internationaal zakendoen. Ik ben er van overtuigd wat het bedrijven kan brengen en heb diverse trainingen mogen bijwonen bij bedrijven. Er ging een wereld voor de mensen open, zoveel voorbeelden van miscommunicatie, elkaar niet begrijpen en soms herkenning als voorbeelden worden gegeven hoe het mis kan gaan en ik mensen zie lachen die dergelijke situatie hebben meegemaakt. Ik heb ook een keer een training bijgewoond bij een groot internationaal bedrijf waar ik dagvoorzitter was. Doel was om te praten over culturele verschillen als je over de hele wereld zaken doet. Er waren 20 deelnemers met 18 verschillende nationaliteiten. Het bleek dat culturele verschillen binnen het bedrijf zelf al een groot probleem bleek te zijn. Collega’s die elkaar niet begrijpen, die dicht klappen als wij “Hollanders” de druk even stevig opvoeren. Ik kan u vertellen de trainer heeft die dag niet gesproken over culturele verschillen met buitenlandse zakenpartners maar wel over culturele verschillen binnen het bedrijf. Het was een openbaring en verademing voor de deelnemers om daar over te kunnen spreken. Deelnemers die vanuit hun culturele achtergrond niet snel op de voorgrond zullen treden konden en mochten zich uitspreken. Het is een zeer openhartige training geworden wat de collegialiteit een enorme positieve boost heeft gegeven.

 

Wil je meer weten hoe een beter begrip van culturele verschillen jou verder kan helpen?
Neem dan contact op

 

 

Ger van Rosmalen

Trade Finance Specialist

 

 

Looking for a Junior Treasury Systems Implementation Consultant at Fintech Start-Up

17-07-2020 | Treasurer Search | treasuryXL

Our Partner Treasurer Search is looking for a Junior Treasury Systems Implementation Consultant for a Fintech Start-Up (f/m). Together with one of the co-founders of the company you will be communicating with banking clients to help successfully implement the services and products of your company. You will gather the product requirements of clients and manage the implementation projects. You will be responsible for planning and budget. Also, you will be supporting the internal organisation, both in product development and improving processes & working instructions. As these are treasury processes your task to make sure compliance is reached, is a very important one.

Ideal Junior Treasury Systems Implementation Consultant

The ideal candidate holds a MSc degree and has 2-5 years experience with IT in corporate and/or banking treasury. She has proven project management experience. Knowledge and a strong curiosity in how treasury systems will evolve is essential. Software development experience is a big plus, not a must.

Our Client

Our client is creating a new market in the landscape of corporate treasury and banking technology. They have about 30 international employees. The successful start-up has very strong investors, the first very prominent & international clients are landed and they are about to make the next step in standing on their own feet. The start-up entrepreneurs are leading the company by example and have a strong record in relevant professional fields.

Remuneration and Process

The base salary is expected to be €50K. The Treasurer Test might be part of the recruitment process.

Contact person

Pieter de Kiewit
T: (0850) 866 798
M: (06) 1111 9783
E: [email protected]





Location

Midden Nederland


APPLY HERE

Best-of-Breed Providers Cashforce and TIS Form Alliance to Help Companies with an End-to-End Cash and Payments Solution

| 16-07-2020 | TIS |

Walldorf, July 16, 2020 – Cashforce, a ‘next-generation’ cash forecasting & working capital analytics company and TIS (Treasury Intelligence Solutions GmbH), a leading bank connectivity & payments provider, announced today that they have formed a strategic alliance. This collaboration provides a unique solution for corporates requiring a rich cash forecasting and payment experience with seamless integration to their banks and their enterprise systems such as ERP and TMS.

With universal ERP connectivity a common strength, the pairing of Cashforce’s strength in cash forecast modelling and working capital analytics together with TIS’ global bank connectivity and payment capability provides corporations a highly flexible solution to adapt to treasury’s changing needs.

“We are very pleased to form this partnership with TIS,” said Nicolas Christiaen, CEO of Cashforce. “Cashforce is unique given its ability to combine working capital analytics with sophisticated (AI-powered) cash forecasting. Partnering with TIS compliments our best of breed approach. The end-to-end solution of our combined products provides a seamless experience from the discovery phase, through implementation to support; exactly the level of integration our clients and prospects are looking for.”

Joerg Wiemer, CSO and co-founder of TIS, is excited about the partnership: “TIS is leading the market in providing frictionless, cloud-based payment solutions to corporate and medium-sized enterprises. I am excited about our new partnership with Cashforce as we continue to follow our best-of-breed ecosystem strategy in cash management. Our API connectivity with Cashforce will bring integration and customer experience to the next level. “

About Cashforce     

Cashforce is a ‘next-generation’ Cash Forecasting & Working Capital Analytics platform, focused on analytics, automation and integration. Cashforce connects the Treasury department with other finance / business departments by offering full transparency into its cash flow drivers, accurate & automated cash flow forecasting and treasury reporting. The platform is unique in its category because of the seamless integration with numerous ERPs & banking systems, the ability to drill down to transaction level details, and the intelligent AI-based simulation engine that enables multiple cash flow scenarios, forecasts & impact analysis.

Cashforce is a global company with offices in Antwerp, Amsterdam, Copenhagen, London & New York and provides cash visibility to multinational corporates across various industries in over 120 countries worldwide.

About TIS

TIS (Treasury Intelligence Solutions GmbH), founded in Walldorf, Germany in 2010, is a global leader in managing corporate payments. The Financial Times named TIS as one of “Europe’s Fastest Growing Companies” for 2019 and 2020.  Offered as Software-as-a-Service (SaaS), the TIS solution is a comprehensive, highly-scalable, cloud platform for company-wide payments and cash management. The TIS solution has been successfully used for many years in both large and medium-sized companies, including Adecco Group, Hugo Boss, Fresenius, Fugro, Lanxess, OSRAM and QIAGEN. More than 25% of DAX companies are already TIS customers.

Your world of Payments. ONE Login.

https://www.tis.biz


Press contacts

Cashforce

Benjamin Bergers – [email protected]

+32 479 66 27 21

 

Treasury Intelligence Solutions GmbH

Liang Fang – [email protected]

Altrottstrasse 31

69190 Walldorf

If you want to know more about TIS, just visit www.tis.biz

5 Signs Your Budget Needs a Rethink

16-07-2020 | treasuryXL | XE |

We’ve all got some sort of a budget. Whether you’re the type to keep an immaculate record of every bit spent down to the last cappuccino or you prefer to keep a more general list of priorities for each paycheck, everyone has some kind of methodology for how they choose to spend their money. How did you create your budget? And when did you create your budget? Odds are, your current circumstances aren’t exactly the same as the circumstances in which you first created your budget, and that could warrant a revisit. In general, you should review your budget at least once per year. But that’s the bare minimum: if you’re experiencing any of the following with your budget, it might be time to take another look.

#1. Your income, expenses, or goals have changed.

These three things are the bare-bones basics of any budget:

  • How much money you earn each month
  • How much money you need to spend each month
  • How much money you want to put into savings each month

You’re free to add other features as you please, but those are the fundamentals. A change in your income (such as starting a new job or getting a raise), a change in your regular spending (such as paying off a debt or adding a new expense), and a change in your goals (such as deciding to save for a home) will impact how you budget. Maybe now you can afford to increase the amount that goes into your savings account each month, or maybe you’ll need to cut your spending to account for your new expenses.

Don’t wait until things become problems: as soon as your finances change, make the changes in your budget to reflect them.

#2. You can’t afford it.

Some things are out of your control, and there might be periods where you’re in a tight spot, financial. But during ordinary times, if you find yourself:

  • Living paycheck to paycheck
  • Regularly spending more than you earn
  • Frequently dipping into your savings
  • Habitually relying on credit cards to cover necessary expenses
  • Not being able to consistently put money (any amount) into savings

…then your current budget isn’t working for you.

Take a look at your budget and see why these things are happening. It could be as simple as setting up an automatic deposit into your savings account each month. Or, you might need to critically examine your spending habits and reallocate your monthly income.

#3. It’s too restrictive.

Keeping a specific, organized budget isn’t a bad thing. But budgeting yourself so tightly that you don’t have any wiggle room can lead to trouble later on. Do you have the emergency funds to purchase a new dishwasher or make unexpected repairs to your car or home? Or would you be forced to dip into your retirement savings or take out a loan.

It’s important to save and spend responsibly, but allowing yourself the leeway for an occasional takeout meal or latte won’t derail your financial future (unless you genuinely don’t have the funds for these things). When it comes to your budget, you should feel disciplined, not restrained.

#4. You’ve noticed some unfavorable patterns in your spending.

Some spending is inevitable. You know you’ll always need to spend a certain amount on things like rent, mortgage, utilities, bills, and groceries. Once you’ve taken care of the essential spending and your savings, you’ll hopefully have a bit left over for fun, frivolous, and miscellaneous purposes.

Take a look at your nonessential spending too. It’s normal to spend a little more than usual during the holidays, for example, but are you consistently going over budget on things like online shopping, nights out, or takeout food? If you’re spending more than you can afford on these things, it’s time to reassess: either reallocate your budget to account for more spending, or make the choice to reduce the amount you spend.

#5. You’re stressed.

Finances are a common worry for people all over the world. But if you’re constantly stressing about whether you’ll be able to pay your bills at the end of the month, or stay up late each night worrying about potential disasters that could empty your bank account, making some changes to your budget could help you to find peace of mind and feel more comfortable with your finances.

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Blockchain and Interoperability: key to mass adoption

| 13-07-2020 | Carlo de Meijer | treasuryXL

Blockchain‘s  potential for improving business processes, providing transactional transparency and security in the value chain, and reducing operational costs is obvious for many. Notwithstanding this the expected mass adoption failed to happen up till now. What has been holding blockchain back?

In fact, there have been several concerns in recent years preventing this mass adoption. But by far the most widely recognized problematic issue is that of interoperability. Or, more accurately, the lack of it. In this blog, I will not go into the details of the various tools that can be used to enable interoperability. There are many reports that give in-depth description. I will look at recent developments in the interoperability area, the various offerings and real word interoperability use cases that should give an idea of what we may expect.

Siloed blockchain ecosystems

While blockchain was conceived as a decentralized technology, individual blockchain networks are not inherently open and are not able to communicate properly to each other. There are a large number of blockchain projects, all of which have different characteristics – such as the type of transactions, hashing algorithms, or consensus models – and which focused on a particular area. The problem is further deepened by different networks and financial institutions running completely different governance rules, blockchain technology versions and regulatory controls. This has resulted in a series of unconnected blockchain ecosystems operating alongside, but siloed from each other, preventing the industry from reaching its full potential.

“We would be left with a scattered collection of siloed blockchains, each supported by a weak network of nodes and susceptible to attack, manipulation, and centralisation.” ConsenSys research paper

What is interoperability?

The term blockchain interoperability is increasingly being talked for some time now. It not only means the possibility that disparate blockchain systems can communicate with each other. Above all it is the ability to share, see, and access information across different blockchain networks without the need for an intermediary – like a centralised exchange. So, blockchain projects that want to implement interoperability into their platform aim to create an ecosystem that will enable different blockchains to easily communicate with each other. The vision of interoperable enterprise blockchains thereby rests on a number of functionalities and abilities including: integration with existing systems, initiate transactions on other networks, conduct transactions with other chains, transact between deployments on the same chain by integrating apps and making it easy to switch one underlying platform for another.

Why is interoperability critical?

It is easy to see why interoperability for blockchain is not only desirable, but above all critical, in a world where enterprises depend on ever-greater levels of collaboration and interaction. In fact, interoperability is crucial in any software system – it simply won’t work to its full potential if it can’t work with other software. It is the only way to realise the full promise of enterprise blockchain and get the most out of their blockchain investments. Interoperability would enable smooth information sharing, easier execution of smart contracts, a more user-friendly experience, the opportunity to develop partnerships, and the sharing of solutions.

Where is interoperability needed?

Especially in areas where the value chain is important, such as supply chain, trade finance, healthcare, aviation, etc., one blockchain network will simply be unable to provide all the needs for any given transaction. This asks for multiple networks, each providing specific value, and proper communication so that data from private networks can be routed to other relevant networks for transactions “without having to establish a one-to-one integration”. “Everyone is dependent on physical goods’ ability to move across all participants in the global supply chain with minimal friction. We need the same ability to move a digital asset from one blockchain to another without creating redundant data or a new market for intermediaries. This is why blockchain interoperability is critical.” Rasmus Winther Mølbjerg, Director, Deloitte, Denmark.
Blockchain’s characteristics allow disconnected supply chain management systems to interoperate securely without too high investment costs. Because of the pressing need for supply chain transformation, leveraging these characteristics ensures that blockchain can be useful and effective in the real world.

Interoperability Studies: WEF Report

In the meantime a number of interesting papers covering the interoperability issue have been. The most ground-breaking one is that of the World Economic Forum (WEF). The WEF described blockchain technology as being “balkanised in silos.” In collaboration with Deloitte, the WEF this year released a report on “Inclusive Deployment of Blockchain for Supply Chains – A Framework for Blockchain Interoperability”. The report covers several models, concepts, approaches and best practices for blockchain interoperability. It should help organizations understand the importance of interoperable blockchains and outlines a decision framework to support their development and execution. “Interoperability and compatibility issues are key to address in a world after the coronavirus pandemic.” “The challenge of interoperability is not only a technology problem, but even more so a problem in terms of governance, data ownerships and commercial business models.” Nadia Hewett, Blockchain and Digital Currency Project Lead at the World Economic Forum

Blockchain interoperability approaches

Broadly one could distinct two main blockchain interoperability approaches: APIs and network-of networks model.

‘Mashup’ APIs
Blockchain networks and solutions could be brought together for an organization via a so called “mashup” application. They only have to interact with one consistent application programming interface (API) and not an API for every network. This mashup application can include a variety of capabilities defined in data models and smart contracts, but fundamentally, it will serve as “the glue that joins various networks together”. However, APIs do not presuppose a governance structure, which makes them flexible and expedient but also a poor choice for organizing interoperability in the long run.

Network of networks model
The most efficient and scalable way to build interoperability is through the joint effort of establishing industry standards as well as identifying a network of networks structure that industry networks can converge around. An organizations blockchain network actually represents a ”web” of interconnected networks. This architecture would allow an organization to connect and transact with multiple solutions, not restrained to a single network, and open up a market of interoperability across solutions. By unlocking the power of the peer, organizations can use their peer to connect into multiple blockchain networks via channels. This significantly reduces the complexity and optimizes an organizations interaction with different blockchain networks. This network of networks model for interoperability continues to gain momentum, especially as we see natural blockchain hubs emerge.

Blockchain interoperability solutions

The majority of interoperability solutions up till recently were mainly focused on chain interoperability across public blockchains, thereby using crypto-directed tools like sidechains (or relay chain), notary schemes and timed hash-locks. The focus however has increasingly shifted towards solutions for interoperability between private networks and/or between private networks and public blockchains. One way to solve interoperability is to use a separate blockchain as a bridge to facilitate cross-communication. Essentially, this is a third blockchain that sits in the middle of the two blockchains and maintains a cryptographically secured timestamped ledger of the transactional and messaging activity between the two. Interoperability tools that are used range from hub and spoke, decentralised finance (DeFi) and general purpose bridges. Another way to facilitate interoperability between systems is with off-chain or middleware systems. This so-called non-blockchain interoperability approach uses tools including atomic swaps, oracles and state channels.

Blockchain Interoperability projects

A growing number of interoperability projects have entered the scene to try to bridge the gap between the various blockchains. Their aim is to facilitate interaction between networks and ensure the concept of decentralisation is fully realised. Depended on the interoperability solutions these can be used for activities like decentralised asset exchange and decentralised message exchange. Interesting projects are Chainlink, Cosmos, Hybrix, Polkadot and Wanchain. Other examples include Aion, Ark, ICON, Transledger, and Overledger.

Chainlink
Chainlink is a decentralised oracle network, an interoperability solution to facilitate secure and trustless communication between all disparate blockchain systems. The resources mostly revolve around off-chain data to trigger smart contracts and settlement outputs like established payment systems and cloud backend. This standalone function is important for many blockchains that don’t have to interact with other blockchain protocols but do need access to externals inputs and outputs. Chainlink nodes are able to format messaging and data from public APIs into a readable format for smart contracts. These nodes can connect to any API, whether it is a blockchain, enterprise system, Web API, or IoT device. Chainlink is sometimes working in combination with other interoperability protocols. Chainlink has already announced partnerships with Polkadot and Ethereum to provide off-chain data to their networks. Wanchain is integrating with Chainlink to provide off-chain  data to their on-chain smart contracts.

Cosmos
One of the most prominent interoperability solutions is Cosmos, very much focused on its Cosmos SDK platform. Cosmos aims to act as an ecosystem of blockchains that can scale and interoperate with each other. Cosmos is a smart contract platform that has prioritized interoperability as a critical component of their blockchain design. Their architecture is based on the so-called ‘hub-and-spoke’ system whereby a series of ‘spoke’ chains connect to a ‘central’ hub by means of inter-blockchain communication. Cosmos is heavily reliant on validators to provide interoperability. It makes use of the so—called Byzantine fault tolerant (BFT) consensus algorithm and uses both member chains and Peg-Zones for existing chains to improve the overall ecosystem. Their end goal is to create an ‘internet of blockchains’ – a network of blockchains that can communicate with one another in a decentralised way. The implementation of the IBC (Inter Blockchain Communication) protocol is scheduled for this year 2020. Cosmos will use the IBC protocol to allow communication between a central hub and the chains linked to the network, also called Zones. It will first only concern the interoperability of chains built on top of Cosmos SDK platform.

Hybrix
Hybrix is an open-source cross-chain solution aimed to make it easier to make cross-chain transactions, and also increase the level of ease for developers who want to offer multi-chain platforms. For that purpose Hybrix is developing an “HY” token. Each token represents an identical block of a chain and can be used to reconcile data across the entire crypto complex. Tokens form as bridges that allow transactions to be conducted on either a single chain or multi-ledger systems. Since Hybrix utilizes existing languages to build its protocol and interface, there’s no need to acquire new coding languages to use its system. Hybrix has amplified its capacity to adapt 27 major blockchains and more than 400 tokens.

Polkadot
Another project is Polkadot, which facilitates transactions and data exchange, aiming to promote interoperability between blockchains. It uses the DPoS algorithm and employs required validators which can lead to a certain degree of centralization. The concept at Polkadot is quite similar to that of Cosmos. It allows communication between the relay chain and the parachains of Polkadot’s network. By using Parachains and Bridgechains, this approach enables to transfer both value and data. Additionally, scalability will be taken to a whole new level by running multiple parallel chains. This is a bit different from other projects which are looking to bridge the gap between blockchains as well. The launch of their mainnet is planned for this year (2020). As for interoperability, there are no precise timelines regarding their protocols for chains  implementation.

Wanchain
The Wanchain network allows interoperability between very heterogeneous blockchains like Bitcoin, Ethereum and EOS. Wanchain aims to link and facilitate communication between the different blockchains as much as possible. Wanchain is already functional and allows communication and exchange of value and data between public and private blockchains through storeman nodes and the T-Bridge framework. The storeman node system combines two cryptographic concepts that ensure security and confidentiality of network transactions: secure multi-party computation and “Shamir’s secret sharing”. The Wanchain project recently announced the integration of EOS blockchain and the implementation of the T-bridge framework. Wanchain’ s next challenge is to fully decentralise its network. This is planned to be finalised in 2022.

Other interoperability offerings

And there are many more interoperability projects including Aion, which is working towards integrating artificial intelligence in its consensus model. Or Ark which uses Smartbridge to link existing chains, and will also allow for the transfer of both data and value. And the Loom Network, which uses its DPoS blockchain Basechain to connect and transfer value among several blockchains, including Bitcoin, Ethereum, and Binance. A rather unknown but interesting player is Block Collider. Its proof-of-distance (PoD) consensus algorithm ensures that ledgers can operate with one another. It is also the only project that, in its current form, requires any validators.

Real world interoperability use cases

During 2020 we have seen a number of interesting real world interoperability use cases.

AVA Network (Defi Apps)

The AVA network is an open-source platform for building and deploying decentralized finance (DeFi) apps and enterprise-grade blockchain solutions that can be run in one interoperable, highly scalable ecosystem. AVA has officially released the codebase of its AVA blockchain platform to the global community. Interoperability between different DLT networks has thereby been built into the AVA protocol, using the Avalanch consensus protocol. The AVA platform has coupled this protocol with a network model that enables the system to span permissioned and permissionless networks, making AVA a self-serve platform for new blockchains and digital assets. Instead of one network with thousands of tokens, the AVA ecosystem is one platform with thousands of subnetworks and tokens on each subnetwork . AVA’s infrastructure allows anyone to build their own private, public, permissioned or permissionless blockchain networks or subnetwork, so-called “subnets.”

Kava Labs and IRISnet (decentralised finance)

Another  real world  example is Kava Labs that has teamed up with IRISnet in order to provide a technology foundation for facilitating the development of distributed business applications. Kava is a Cosmos SDK (software development kit) blockchain. The collaboration will involve the whole interchain ecosystem that has been developed by  blockchain interoperability solution provider Cosmos. Aim is to further support and promote decentralized finance (DeFi) application development on each other’s respective blockchain or distributed ledger technology (DLT) networks. Kava’s Interblockchain Communication Protocol (ICP) will be used by both development teams to expand the nascent DeFi ecosystem. IRISnet aims to offer iService and Coinswap applications to Kava in order to improve liquidity. “Cosmos’ value proposition is that “if you make a blockchain and it has a similar consensus mechanism to another blockchain …[then by using] … the inter-blockchain communication protocol (IBC), you should be able to connect those two blockchains and transfer data [or assets] between them.” Brian Kerr, CEO at Kava Labs

Quant Overledger and Oracle Cloud (banking lifecycle)

Quant Network, a technology provider, delivering blockchain enterprise-grade interoperability for the secure exchange of information and digital assets across any network, platform or protocol, at scale, has partnered with Oracle. Quant will use Oracle Cloud to run mission critical business applications on interoperable DLTs that will be powered by Overledger, which connects global networks to blockchain-based platforms. Banking institutions may deploy an extensive set of APIs that aim to cover all areas across the banking lifecycle. “Quant helps Oracle’s customer banks by providing a single API to all supported blockchains to power interoperability across platforms. Giving clients choice and flexibility to freely use any blockchain technology and go cross-platform with only three lines of code.”  “Clients gain benefits of market access, new products and revenue streams without the challenges of managing complex underlying blockchain technology stacks.” Gilbert Verdian, CEO at Quant Network

SIA and Quant Overledger (financial services)

Banking users of SIA’s private blockchain infrastructure, SIAchain, will be able to link up with other distributed ledgers following successful testing of interoperability via Quant Network’s Overledger technology. Quant’s Overledger complements and connects existing systems and DLTs, to drive innovative and efficient growth for companies, public entities, and regulatory bodies alike. This integration provides the ability to bridge permissioned blockchain instances between SIAchain’s 580 European network nodes and other external networks in order to have crossplatform applications and services covering the likes of notarisation, payments and KYC. SIA, that provides its services in  50 countries, is European leader in the design, creation and management of technology infrastructures and services for Financial Institutions, Central Banks, Corporates and the Public Sector, in the areas of Card & Merchant Solutions, Digital Payment Solutions and Capital Market & Network Solutions. “The achievement of a fully interoperable blockchain network, through our collaboration with Quant Network, is another key-element in our path of bringing innovation and state-of-the-art technologies for supporting banks, financial institutions, corporates and public administration bodies to extend their capabilities in integrating different DLT business applications.” Daniele Savarè, innovation & business solutions director SIA.

Telos and Transledger (crypto currency transfers)

Transledger, a blockchain interoperability platform that aims to facilitate cryptocurrency transfer between separate or independent DLT networks, has chosen the Telos blockchain network to perform cross-chain digital asset transactions with its utility token in a fast and secure manner. Transledger Inter-blockchain Communication (IBC), allows different blockchains to interact with each other and perform tasks together. Use cases for blockchain interoperability solutions include peer-to-peer (P2P) networks such as decentralized or non-custodial cryptocurrency exchanges (DEXes). These types of trading platforms allow digital asset users to trade their tokens without requiring centralized, third-party exchange platforms. DEXes may use Transledger IBC to run P2P networks across several different blockchain platforms. This allows trading on DEXes to take place at speeds that are comparable to centralized exchanges, however, these non-custodial platforms allow users retain control of their funds. They also allow investors to manage their cryptocurrency portfolios with “faster and more powerful” smart contract functionality and features.

Skuchain and Corda (trade finance)

Skuchain network, a blockchain platform for supply chain, recently launched the DLPC CorDapp, a Skuchain application that promotes interoperability in trade finance blockchain applications. This application is the first example of The Bankers Association for Trade and Finance’s Distributed Ledger Payment Commitment (DLPC) operating in a real network. A DLPC is a fundamental piece of trade transaction. Everyone needs to commit to a payment. Skuchain’s DLPC CorDapp allows transactions to take place between its enterprises on Hyperledger Fabric and their bank partners on the Corda Network. The ultimate goal of brokering interoperability between Skuchain EC3 and Corda is to allow Skuchain’s enterprise customers to receive trade finance from banks on a Corda implementation without any party having to onboard onto another platform. Enterprises can now easily access trade finance as native part of their own supply chain platform.

Moving forward

The arrival of interoperability solutions may fundamentally change  present attitudes towards blockchain and will be an important step in persuading networks that the seamless exchange of data is crucial to the success of the entire market. As more progress towards interoperability between blockchain protocols is expected in the coming years, and we already may see successful cross-blockchain projects this year, interoperability is likely to become an important game changer for the blockchain industry. We may say that Blockchain seems to be at the threshold of widespread acceptance and adoption.

 

Carlo de Meijer

Economist and researcher

 

 

 

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