| 09-06-2020 | VU Amsterdam |
Through this link we will inform inform you about the Summer Course Fundamentals of Treasury Management.
The definitive course details are being completed shortly.
You can reach out directly to the VU via [email protected] for more information.
09-06-2020 | Aastha Tomar | treasuryXL
Aastha Tomar has joined treasuryXL at the beginning of 2020 as expert and already published 3 great blogs:
My first exposure to how Treasury actually works was quite early during my internship in my MBA. I was lucky enough to do internship in one of India’s largest Corporate Treasury. It was then I decided that I want to make my career in Treasury. Therefore my career choices after MBA were always made while keeping in mind that I have to move towards being a corporate Treasurer.
Treasury is a very fascinating department, there doesn’t goes even a single day where you don’t learn something new. Every day brings a new aspect to the profile. You have to be on your toes always to be up the curve which is the best part. You are always on top of what is happening in the world and how it is impacting the business. You can always make a positive impact on organisation’s bottom line by being always ready with action of any kind of impact.
I have worked in Corporate finance, fixed income financing through loans and capital markets and have worked in FX Treasury which included risk management, interest rate risk management and FX risk management.
I was responsible for ISDA negotiations where we always made sure that default covenants for the counter party are strict and always made sure that the covenants are adhered to and did frequent monitoring for the same. This always kept us informed and saved us from any shocks from covenants default which in turn would have led to default in the derivatives done with the counter party.
I was the founder member of Treasury in my previous organisation. I joined the organisation before the bank was formed. The initial few months were very demanding as it involved infrastructure set up, documentation, informing corporations about our bank. After much hard work and after few months I cracked one of the biggest deal for that year for my bank. It was such a nice experience where all your efforts which you put in finally bore fruit.
Time is for essence for a Treasurer, we have to take actions swiftly and seamlessly. Each day is different and bring new challenges therefore a Treasurer should be ready to face them . Always think out of the box- what new products can be used, how to make most use of technology, how make a team which is self motivated and work towards a common goal.
The corporations with strong risk management approach, with clear understanding potential risk on business through risk evaluation tools, such as sensitivity analysis, shall be the best place during the current scenario. They would have their foreign currency exposure hedged to an optimum limit, sufficient cash to work with and therefore, during these times, would be able to direct their efforts to improve operational efficiency, carry out M&A evaluations rather than trying to learn swimming after being thrown in the waters. Business Continuity Management came into play and the organisations which has BSM only in theory in their policy books took lot of time to adjust to the new normal. Thus, COVID 19 brings additional responsibility of treasury towards ensuring corporations not only survive but thrive during the new normal.
One thing has been proved that there is no running away from the Technology. You may be in finance field but you got to know the technology as well. The major development which now will take place will be to reduce as much human intervention as possible in the working of Treasury which will make sure that if at all any such scenario is faced in future work can go on without much impact.
I answered this question in my article “The Missing Part of a Treasury Job Description“:
” Gone are the days when a Treasurer was just involved in risk management and ensuring liquidity. In current scenario of news going viral each action creates a ripple effect. As famous Jane Goodall once said : “You cannot get through a single day without having an impact on the world around you. What you do makes a difference, and you have to decide what kind of difference you want to make”. A Treasurer has to take an active role in policy making and lead her organization towards sustainability and protecting consumers ”
FX & Derivatives | Debt Capital Markets | MBA Finance |
Electrical Engineer | Sustainability
| 08-06-2020 | Carlo de Meijer | treasuryXL
In my last blog BAAS and SMEs: New Opportunities I explained what Blockchain-as-a-Service is, where it could be used for and what the benefits are for SMEs. But another question is: how should SMEs select BAAS providers and their offerings. What are the various issues they should look at to get the most out of it. In other words: how should SMEs deal with this?
But first, why this growing interest by SMEs for Blockchain-as-a-Service (BAAS)? There are various reasons for that. Such a the promised benefits in terms of efficiency, simplicity, transparency, speed, costs etc.
BAAS has some interesting use cases ranging from smart contracts, document origin tracking, resource sharing, single window, contract execution and spend rationalisation.
And BAAS could be used in various business activities like food safety tracking, international transactions, retailer industry, supply chain management, and trading.
But before a company decides to start integrating BAAS services in their existing infrastructure it is important for them to consider a number of key issues. They should ask themselves a number of key questions.
Such as, does the company really need BAAS (or blockchain)? If so, for what purposes? And what are the specific (basic) requirements to look for at the “ideal” BAAS provider? What other factors to be considered? And finally, which BAAS provider offers the right and best type of solutions for the company?
One of the first questions a company should ask themselves is do they really need BAAS. Whether or not BAAS matters to a company will depend on a number of issues.
Does the company already works efficiently from a cost and processing point of view? There may be hurdles in the company in the form of managing varied database, browsers, firewalls, application servers, and hardware, that could make it very difficult to integrate BAAS offerings into the legacy network of the company.
And does the company have the team skills that are comfortable and confident (or not) in using BAAS? Do they already use (one or more) cloud providers? And if so, do they have enough experience with these. This question is especially relevant because BAAS offerings are evolving quickly.
Other questions that may determine all or not choosing BAAS will be the tools available, choice of operating systems, ease of use, and pricing, thus costs.
So many things to think about, investigate and discuss.
Given the lack of readily available guidelines and best practices a lot of discussions and evaluations are needed into the process of selecting a BAAS provider or solution. Here are some broad guidelines a company should consider.
BAAS provider experience
First of all the company should ask themselves has the BAAS provider prior experience in setting up blockchain infrastructure? A company should ensure that the BAAS provider has proven experience in developing and deploying Blockchain technology. Companies should be ensured that the implementer department of the BAAS provider has professional staff that could easily attain the complex solutions for the enterprises. Companies should also ensure that the BAAS provider disposes of a good developer community, thereby guaranteeing “excellent output”.
BAAS provider’s commitment
There is also the question of BAAS provider’s commitment? Delivering quality is of great importance when choosing the right BAAS provider. A company should therefore probe their commitment to quality, process and standards of BAAS offerings.
Security assurance
Another critical issue that a company should investigate is can the BAAS provider deliver security assurance? In the first place they hey should ensure that – for privacy and security reasons – BAAS offerings are built on permissioned blockchains. Given the variety of security issues ranging from application level to server level, it is important to look for potential gaps in security assurance in the proposed BAAS implementation plan.
Seamless deploying
A company should also look if the BAAS provider has enough experience in deploying. A company should evaluate the BAAS provider’s experience in deploying cloud-based solutions for operating systems similar to that of their organization. SMEs should thereby look for BAAS providers that offer quick and economic deployment, testing, staging, and good production line. Companies also need to ensure that the new Blockchain infrastructure integrates seamlessly with their legacy systems.
User-friendly
A company should make sure that the proposed BAAS systems and processes are user-friendly and easily to adopt. After all, they look for a system that their employees do not find difficult to use or navigate.
BAAS innovation
SMEs should also ask how innovative BAAS providers are. As BAAS solutions may vary from provider to provider, innovations might be a real trigger in case of any blockchain deployment. Innovations in the BAAS marketplace can create a more different type of BAAS architecture for a company’s organization.
Cost control
But also in terms of costing control the company should be aware of the real costs. Can a company be assured that they just pay for the value proposition delivered by the BAAS provider? Companies should therefore carefully analyse the pricing options and post-deployment support options and modalities. They should investigate if there are hidden costs linked to the BAAS contract.
But next to these issues there are other basic features of BAAS offerings a company should look for. These include, amongst others, things such as offering good backend or backup solutions, quickly add up new additions to the platform, offer technical support in case of self-deployment etc.
Need for backend services
One key issue that should be investigated thoroughly by SMEs is how BAAS could deliver a company’s unique need for backend services such as integration of popular features and mainstream technologies. A BAAS provider should at least provide some key deliveries including data security, process control, costing control and integration. These backend services should support a wide range of applications without changing the legacy network, often characterised by multiple layers of the data sources, processes and workflows.
Companies should also know the ins and outs of the blockchain platform in order to avoid risks. This asks for adopting proper monitoring and managing tools to manage the BAAS solution network effectively. For security reasons it should be made sure that the application data and user data “should stay within the boundaries of the platform” .
There are also a number of process control requirements for the application. SMEs should be guaranteed that the new BAAS environment needs to keep maintaining the original performance all the time. Some performance checking tools could let companies know how much capable their blockchain solution really is. It also needs to have protection mechanism from hackers, controlling data flow, computer resources, active monitoring tools etc.
Smart contract offering
When considering BAAS a company should make sure that the BAAS provider offers the smart contract integration with the deployment. As you have read in my former blog smart contracts are an important part of any BAAS solution. These allow the companies to electronically measure and encode all terms of the contract so there can be no dispute. Though they are not (yet) legal contracts, they allow the enforcement of an agreement between parties under pre-agreed rules, but also enforces the penalties in case of any rule breaking situation.
Access management
And there is the issue of who and who may not have access to certain information within the organisation. Companies should look for identity based consensus solutions as all the enterprise will operate with known identities. Not everyone in the company should have access to internal securitised information.
It is therefore also important to look for secure Identity and Access framework integration with the BAAS solution. It will enable companies to control the user access from critical information in the organisation, helping the administrator to regulate and control access all over the network.
Flexible deployment
And there is the issue of flexibility in deploying BAAS solutions. BAAS providers should offer versatility when it comes to BAAS frameworks. This asks for the availability of a variety of toolsets for companies. Companies need to have a choice in case of choosing the perfect framework. They should choose a BAAS operator that offers optimal support.
A final, and may be the best way to select a BAAS architecture is the existing customer ecosystem. In many cases BAAS companies that can offer the most advanced and trouble-free BAAS have a large customer base. So, a BAAS provider with good and positive customer base could be a sign of good quality services.
After having answered all these many questions a company may (or may not) be able to select their favourite BAAS provider. On Google you may find various oversight lists of BAAS providers with many ins and outs.
Enjoy your BAAS journey!
Economist and researcher
04-06-2020 | treasuryXL | XE |
If you’ve been keeping up with our blog over the past few weeks, then you should be all caught up on foreign exchange risk. You know that your organization likely has some degree of FX risk, that you should make it a priority to assess your risk level and exposures, and that foregoing FX risk management is one of the most costly mistakes your business could make.
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
03-06-2020 | by Aastha Tomar
Our financial world has now gone through enough crisis. Some learnt from previous crisis and were braced for the next while some were still in their learning phase. The current crisis took everyone by alteration because this time it was not the financial sector which was responsible for the ordain. The fluctuations seen in equity, bond, commodity and currency markets may have become Achilles heels for Corporate Treasurers in current times.
The incumbent state of affairs was such that Corporates had to protect their bottom line while trying to stay afloat. The entire cash flow projections would have gone for a flip for those who didn’t hedge their foreign currency exposure. One way that would have taken a part of vexation away from corporate treasurers due to currency fluctuation is hedging. It would have attenuated the impact of currency fluctuation on investments, borrowings, assets etc .
Let us have a look at the most used and basic methods of hedging in this article :
So what are forwards? In a simple language its a hedge product between two parties which freezes your cash flow for a future date. That ways whatever the market situation be on the maturity date of the hedge, your cash flows are locked and predetermined. Whether you are an exporter who can know the exact value of future payments or an importer who can anticipate the exact costs of products; a forward will hedge the risk of currency fluctuation for both.
Features of Forwards :
Example :
Suppose you are an exporter based in the Netherlands and you want to sell Dollars in an years time. You know due to current euro zone, corona crisis and negative interest rate scenarios Euro may fluctuate sideways and therefore you want to lock in the price of USD today itself so that one year down the line you don’t have to worry about the fluctuating rates. What do you do ? You approach a bank informing them that you have to sell USD (buy EURUSD) for 1st June, 2021. After basic documentation bank enters with an forward agreement with you . Where in today’s spot rate , the currency premium for one year , the amount of hedge and the maturity rate will be mentioned .
Spot EURUSD : 1.08282 (1 EUR = 1.08282 USD )
1 year interest rate for EUR = -.07%
1 year interest rate for USD = 0.7%
So after one year based on interest rate parity :
EUR 1* ( 1+(-.0007))= USD 1.08282 *( 1+ .007)
0.9993 EUR = 1.090 USD
Therefore 1 EUR = 1.0911 USD
Therefore by entering a forward contract today you have fixed your EURUSD rate to 1.0911. Note that because the dollar has a higher interest rate than the EUR, it trades at a forward discount to the EUR.
Let us take a simple scenario analysis to make things clearer :
Here the forward deal amount is : EUR 1mn
Spot rate on the day of deal is : 1.08282
Forward rate fixed for the deal is : 1.0911
We can clearly see above that if the spot is same as the forward rate on the maturity date then there is no loss or gain, but if spot moves to 1.09250 then the corporate saves USD 1400 on the contrary if spot moves to 1.0900 the corporate wont be able to take advantage of the low price and will have to exercise the forward at 1.0911 as fixed earlier thus letting go of USD 1100.
So if forwards are so beneficial why do corporates still do not execute forwards for all of their foreign currency transactions :
Whatever the reasons be but the main business of corporates is not to use their energies in managing their fx risk but to increase profits by their mainline business hence its always advised for corporates to hedge their fx risk as much as possible to increase efficiency and prevent themselves from unseen shocks.
In our next post in this series we will see a second type of hedge … to be continued. Till then keep learning and be safe .
FX & Derivatives | Debt Capital Markets | MBA Finance
Electrical Engineer | Sustainability
02-06-2020 | Wim Kok | treasuryXL
This week you will meet Wim Kok, a Trade Finance Specialist with decades of experience.
Wim started his financial advisory company recently after a long career in the banking industry (> 40 years). During his banking career his interest and focus was always connected to the commodity & trade finance industry both in sales and product innovation. Activities in various senior roles, including relationship management, head of department, change management and start up business (internationally).
Nowadays Wim is involved as independent advisory in supply chain management and digitalisation of the logistic industry. Building bridges, simplifying (trade) finance and logistics. Closing the gap between procurement and finance (treasury).
I started working in Treasury (assistant treasurer) during the late 70 ties i.e. my 1st job was with Continental Grain a New York based grain trading company with a strong foothold in Europe.
The Rotterdam Harbour, at that time, was the physical entry point for US grain coming to Europe.
I worked with 3 merchant banks (Slavenburg, Bank Mees & Hope & Albert de Bary) pooling and netting bank accounts (manually) to optimise currency and debit/credit interest positions for the Rotterdam company.
I see the treasury operations as a pivotal function within an organisation meaning that you have to know the cash generating mechanics of the company inside out. Seamless use and coordination of cash contributes to a seamless treasury function and an added value for the company.
I started my career in the late 70ties as assistant treasurer with an American global grain trading company in the Netherlands – My main task was to streamline and optimise the money flows in 8 different main currencies between 3 banks. This was the early start of the cash management development. Later on I moved into the trade and commodity structured finance direction.
Very simple netting and pooling arrangements (interest risks). Discounting receivables, Bills of Exchange, Documentary L/C’s or insurance arrangements, making use of swaps and FX derivatives (currency risks) etc. on the payable side – supplier finance structures making use of the rating of the corporates.
That’s difficult to mention as my treasurer career was rather short, but I have seen the position and function grow over the years bridging the silo’s within a company (especially within the bigger corporates).
At my time with Continental Grain is was the perception of the people. Hugh silo’s between booking /audit and sales / marketing we started to change the perception and managed to bridge the different worlds of finance and commerce by showing that a good treasury function earned additional income.
My most important lesson learnt (and that seems a bit odd having worked within banks for almost 40 years) is: as a larger corporate always make sure you keep your independence in other words select more providers to support you.
Very much in such way that in the bigger Corporates you see nowadays a lot of inhouse banks and for mid & large corporates a treasury function is more or less the standard.
In this respect I would like to refer to the article I recently wrote for TreasuryXL: ”How to simplify procurement and finance in the supply chain” – I think a lot of companies will have to reconsider their current (disrupted) supply chains and financial systems. Companies going into 2021 will have to adopt to the fast changing pace in any discipline or a combination be it digitalisation, IoT, Blockchain, AI, robotics or the Cloud
Definitely transparency, efficiency and speed will improve dramatically due to interconnectivity of systems and transactions, data protection (and use) and cybersecurity will become a more important factor.
Try one because a good treasurer will always earn (at least) himself back for the company.
Wim Kok
International Business Consultant
Trade Finance Specialist
29-5-2020 | by Kendra Keydeniers | Francois De Witte | ATEL
The treasurer is the custodian of the company’s daily liquidity. He manages, anticipates and secures cash flows by ensuring that financial needs are covered.
This cursus will give the ability to assist directly and practically the treasurer of large corporates or to take over the treasury responsibilities in a SME.
The various modules will allow acquiring an in-depth knowledge of the various areas of the “Corporate Treasure” profession.
This course will start late September 2020. It includes 13 training modules and 5 intermediary exams. It is necessary to complete this form before your official registration. Registration will be closed early September 2020.
At the end of this programme, the participant will able to:
The various modules will allow to acquire an in-depth knowledge of the various areas of the “Corporate Treasurer” profession.
Module 0: Introduction to Treasury Management
Speaker: Benjamin Defays / Treasury Manager
Module 1: Financial Maths (Focus on treasury & corporate finance)
Speaker: Hugues Pirotte / Professor of Finance at Solvay Brussels School
Module 2: Advanced Excel workshop for treasurers (Dedicated to treasury)
Speaker: Hugues Pirotte / Professor of Finance at Solvay Brussels School
Module 3: Corporate Finance
Speaker: Mikael Pereira / Associate, Finance
Module 4: Cash Management (domestic and international)
Speaker François De Witte / Consultant
Module 5: Trade Finance
Speaker: Benjamin Defays / Treasury Manager
Module 6: Credit Control
Speaker: Anca Vasiliu / Counterparty Risk Manager
Module 7: Pension / Insurance
Module 8: Compliance
Module 9: Risk Management
Speaker: Patrick Verspecht / Group Treasurer
Module 10: Regulations / Accounting
Speaker: Quentin Bodart / Senior Finance Engineer
Module 11: Treasury Accounting
Speaker: Quentin Bodart / Senior Finance Engineer
Module 12: Technologies
Speaker: Patrick Verspecht / Group Treasurer
Module 13: Cyber Fraud
Some homework might be proposed for some modules, there will be continuous control in the form of intermediary exams (under the form of QCM) and a final exam will be sanctioned by an attestation delivered by ATEL (The Luxembourg Association of Corporate Treasurers).
There might also be one or two “extra-activity”, such as a visit in a bank trading room or/and a special guest speaker addressing the cursus participants on a specific subject (still to be defined, optional events).
Anyone willing to acquire an in-depth knowledge in corporate treasury and wishing to exercise this knowledge in practice.
The course material can be downloaded free of charge via your portal the day before the start of the course (download the Client Portal User’s Guide here).
At the end of the programme, the participants will receive a “Certificate of Attendance” delivered by the House of Training, and an attestation of “Exam Success Pass” delivered by ATEL.
In order to get certified, an 80% rate of attendance and a 60% average score on the examinations are required.
The participants will also receive a one-year free membership to ATEL (www.atel.lu) giving a number of advantages.
| 29-05-2020 | TIS |
“Due to unforeseen circumstances this live demo session had to be cancelled. We will inform you once registration for the next session is open”.
Live Demo: Ready for fraud prevention? – TIS shows you how!
Friday June 5, 2020 from 2.00 pm to 2.30 pm CEST | 30-minute demo |
See different fraud scenarios in the TIS fraud case study and learn how TIS can help you preventing such cases. They will present different TIS functionalities and will take your high level questions at the end of the session.
Date: 5 June, 2020
Start: 2:00-2:30 PM CEST
| 29-05-2020 | Vincenzo Masile | treasuryXL |
Recently, it was determined that the Dutch GDP fell by -1.7% in the first quarter of 2020, suggesting that the economic impact of the corona-virus was mild, at least in international comparison. Although the second quarter is likely to be much worse, the ‘intelligent lock-down’ as dubbed by Prime Minister Mark Rutte, has economically paid off so far.
Given the Dutch economy’s high degree of openness and the fact that Dutch expenditure data for January and February was disappointing, the small GDP decline might be a bit surprising. What stands out as more important, however, is the relative mildness of the Dutch lock-down compared to many Europe. That said, the Dutch government has decided to extend economic support measures by three months until September. The emergency package 2.0 means 13 billion euros of additional fiscal support.
The existing support measures were about to expire by June 1, 2020, but have now been extended until September 1, 2020. Some conditions for public support have been made stricter. For example, firms using the wage subsidy – the main instruments of the support package, will be temporarily (in 2020) forbidden to pay out any dividends or executive bonuses or execute share buy-backs.
The firm will also be obliged to encourage employees to train or retrain and prepare the workforce for future proof jobs. Income support for self-employed people will start to be conditional on the financial position of the partner. Some major restriction to the wage subsidy scheme will be lifted and conditions of the “emergency packages 2.0” are more tailor-made for specific industries. Firms will no longer have to pay a fine for firing workers due to economic reasons, although they will still have to pay back the subsidy. Furthermore, season-sensitive industries will be able to benefit from tweaks to the reference period of their wage bill. The scheme has also been made more generous with respect to the size of the subsidy – 140% of wages instead of 130% (of which they get 90% proportional to turnover losses), in light of the fact that some firms not only have social security to pay on top of wages but also have high non-wage fixed cost.
Apart from the effect of a falling tax base (i.e. automatic stabilization), the direct costs of the extension of the emergency packages have been estimated by the government at 13 billion euro (1.6% of GDP in 2019) for 2020, excluding support for air carrier Air-France – KLM. This comes on top of an existing package of about 14% of GDP (estimates based on government figures), of which 2.2% GDP involved direct net additional expenditures such as gifts, 4.2% GDP in loans and tax deferrals, 1.8% GDP in guarantee and insurance budgets and 5.6% GDP in automatic stabilization for 2020. The bulk of the cost of the extension comes from the direct cost of the wage subsidy scheme and benefits assistance scheme for the self-employed, which mostly qualify as gifts, bringing the total direct net additional expenditures for 2020 to 3.9% of 2019 GDP.
In line with the earlier announcement, the lock-down will be lifted gradually, allowing for the start of partial economic recovery from the low production levels of April and May. Bars, restaurants, cinemas and theaters will be allowed to reopen on 1 June, generally starting with a maximum of 30 guests at 1.5 meters distance. In the first week of June, all schools including secondary and tertiary will reopen too.
The Dutch government is following other European governments in choosing a path of gradual resumption of economic activity combined with continued economic support. This should mitigate the economic consequences of the corona-virus at least to some extent. However, this won’t prevent the large decline in GDP in the second quarter, after the relatively “mild” decline in the first quarter. It is important to outline the on- going negotiations between EU countries regarding the so-called recovery fund (estimated amount Euro 500 bn.) and the impact on the EU economies.
If a reasonable compromise is reached this can boost the Q3 and Q4 outlook across all EU and the impact on the Dutch economy will be beneficial too.
Treasury Expert/Credit Risk Manager
28-05-2020 | treasuryXL | XE |
If your organization deals at all with international currencies, then it will have some degree of foreign exchange risk. Volatility in the currency markets and global events can lead to drastic changes in currency values from day to day, and these shifts can in turn have substantial business impacts.
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
Join treasuryXL as a partner!
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