How to recruit a Treasurer in 4 steps

| 11-05-2020 | treasuryXL | Pieter de Kiewit

Many searches we start, begin with a call from a HR manager, internal recruiter or CFO saying: “we have a treasurer, I do not completely understand what she does but she is leaving. Can you help?”. Of course music to our ears, happy to help. In recruitment for permanent positions HR is almost always involved. Sometimes they also contribute in the placement of interim treasurers. HR not knowing in detail about treasury is understandable. In meetings and events we notice that CFOs and entrepreneurs are also not very knowledgeable about corporate treasury. Getting treasury higher on their priority list deserves a separate blog. Is HR and CFOs not knowing about treasury a problem when recruiting a specialist and if so, how can this be solved?

My opinion is this is a problem when hiring managers do not understand and appreciate the importance of corporate treasury. I write this blog during the corona crisis. I do not believe there are business leaders who are, in these times, not aware that liquidity and funding management are vital business functions. This is where a treasurer should shine. When hiring managers do understand the vitality of the role of the treasurer but do not know the job content, we do have a hurdle that can be crossed.

What are the obvious steps?

  1. Screening treasury track records as shown in a cv is of course a first obvious. What did he accomplish as a treasury experts, focus on results! A candidate might be too positive about his past, this can be screened by checking references. Screening CVs without knowledge about treasury might be daunting. Simply key word comparison might be a good start but is not enough. Asking people with relevant knowledge in your network might add value. Treasurers, bankers, treasury teachers and consultants do have a stronger knowledge base;
  2. Worldwide there are only a few universities that pay attention to corporate treasury. Measuring knowledge through academic qualifications is smart (Register Treasurer, CTP, ACT are the most obvious). However, currently less than 20% of the corporate treasury population holds such a degree;
  3. Treasurer Search is one of the partners of the www.TreasurerTest.com initiative. An on-line assessment that objectively measures treasury knowledge and personality of a candidate. We integrated it in our services. The test is also available via the site;
  4. Including knowledgeable experts in the recruitment process will help. The combination of treasury and recruitment is a niche market. We of course are available.

Conclusion

My conclusion is that if you ignore the fact that corporate treasury is a niche also in the labour market, you create unnecessary risk. I hope you will be able to find the proper next treasury team member, secure business continuity and feel confident with your recruitment decision with the above list.

I am happy to brainstorm and support.

Cheers,

 

 

Pieter de Kiewit

Owner at Treasurer Search

Stable Coins and Monetary Policy: towards more instability?

| 08-05-2020 | Carlo de Meijer | treasuryXL

In response to a call last year October by the G20 to examine regulatory issues raised by so-called global stable coin arrangements and to advise on multilateral responses ‘as appropriate’, the Financial Stability Board (FSB) recently published ten high-level recommendations for consultation for effective regulatory and supervisory treatment of stable coins. The FSB however did not extend their response to financial stability and monetary policy risk issues. And these are of utmost importance.

What are stable coins?

But first, what are stable coins? These are digital currencies or contracts that are linked to certain underlying assets. That could be a currency, a real estate, or stocks. Stable coins can be used in many forms, namely as a store of value, a means of payment or fully backed or collateralised by fiat currency. Stable coins can be issued as tokens or accounts, settled in a centralized or decentralized fashion. So there is not one uniform sort of stable coin but many variations, making it very difficult to control and regulate.

Why are stable coins taking off?

Why is adoption of stable coins growing? Stable coins could bring a number of benefits especially to cross-border payments, which currently tend to be slow, non-transparent, and expensive. Stable coins might bring improved efficiency, broader financial inclusion, and more innovation (better integrated in our daily digital lives). But also low transaction costs (near-costless and immediate), convenience, global reach (via strong network effects), and speed are all key advantages.

While stable coins could greatly facilitate transactions in foreign currency, it could drastically lower costs of remittances, which would increase foreign currency inflows. Though they are increasingly being used for payments, an area where speed and efficiency have become the deciding factor, stable coins could also make storage of foreign currency easier, safer, and cheaper.

Most banks however do not yet address consumer and companies demands for these kind of digital currencies, so other organisations are filling the gap.

Why are stable coins risky?

Facebook’s plans to launch a stable coin named Libra has created a large amount of scepticism from central bankers and financial regulators around the globe (See my earlier blog). And that for justified reasons.

While stable coins have the potential to enhance the efficiency of the provision of financial services, at the same time they may also generate a number of important risks. Though stable coin arrangements might be expected to have contingency arrangements in case of problems, there are a number of risks brought in by them that could be detrimental for both financial stability and monetary policy effectiveness.

These risks are related to issues such as the value of stable coins, the security of the trust account, the interoperability of stable coins and thus to competition.

  • Reduced consumer protection

There is the risk of reduced consumer/investor protection. Providing appropriate protection levels may become more challenging, as the cross-border nature of a stable coin means it is subject to a variety of regulatory frameworks in different jurisdictions. It is therefore not clear whether strong safeguards on consumer bank accounts and the associated payments will be in place with stable coins, or what recourse consumers will have. There is a big chance that redemption of stable coin into fiat currency is not (always) possible as government-backing is absent. Without requisite safeguards, stable coin networks at global scale may put consumers at risk.

  • Limiting market competition

But also from a competition point-of-view it might be very challenging to create a future level playing field. Stable coins may pose challenges for competition and anti-trust policies. Competition in financial markets may be endangered especially when stable coins are not interoperable. Tech giants could thereby use their networks to create monopolies to “shut out” competitors and monetize information, using proprietary access to data on customer transactions. And there is the risk of a potential and partial disintermediation of commercial banks if some depositors prefer holding stable coins.

  • Increased cyber risk

And there is the risk – caused by lack of transparency (anonymity) and clear regulation – of stable coins promoting illicit activities such as money laundering, terrorist financing, and other financing crimes. But it could also heighten data privacy and protection concerns, as the organisation behind a stable coin could rapidly become the ‘custodian’ of millions of users’ personal information.

Stable coins may negatively impact financial stability and monetary policy

Stable coins already pose a number of additional risks including credit and liquidity risk to the existing financial system. These may threaten  financial stability and hamper monetary policy and ultimately may harm real economic activity if not designed and regulated properly. This by increasing existing fragilities in the financial sector and facilitating the cross-border transmission of shocks. These impacts could be seriously magnified if stable coins are widely accepted and used as a means of payment on a global scale for general use.

Threat to financial stability

There are still many questions related to the implications of a widely used stablecoin for financial stability. This impact will greatly depend on the sort (design) of the stable coin and complexity of these arrangements as well as the scale of adoption. If stable coins achieve wide-scale usage, more serious financial stability issues may result.

  • Stable coin arrangements

The effect of a stable coin on financial stability, for example, would thereby be driven in part by how the stable coin is tied to an asset (if at all) and by the features of the asset itself. A stable coin tied one-to-one to an individual currency would have different (but less negative) implications than one tied to a basket of currencies.

A stable coin that is built on a permissioned network would have different (less) risk implications than a permissionless network, which may be more vulnerable to money laundering and terrorist financing risks. A stable coin used solely by commercial banks would have a different risk profile than one for consumer use.

  • Likelihood of bank runs

Giving the general public access to stable coins could pose a greater threat to financial stability (of the international payments system), by increasing the likelihood of a bank run in times of shocks. The impact on financial stability will be heavily determined by how stable coins are managed.

If risks are not addressed and managed adequately, the resulting liquidity, credit, market, or operational risks, could undermine confidence and trigger a run on bank deposits where users would all attempt to redeem their GSCs at the reference value. Such a scenario would be more likely if the stable coin issuer is not transparent about its reserve holdings or if the stable coin’s reporting lacks credibility. But also poor governance may result in the stable coin being vulnerable to runs or loss of confidence.

Hampering monetary policy

Global stable coins have also the potential to challenge monetary sovereignty and change the way monetary policy works. Stable coins could hamper monetary policy in a number of circumstances. Especially if they reach global scale they could have a very negative impact on the effectiveness of the  monetary policy. This will be most pronounced during periods of strains when there is a massive substitution of fiat currencies into stable coins.

  • Privatisation of money

Large scale use of stable coins could lead to further privatisation of money, out of the control of monetary authorities, and to frustrating trust in the existing monetary system. This could further negatively impact monetary policy effectiveness and ultimately have massive disruptive effects on the entire global financial ecosystem.

  • Real impact on monetary policy

The real impact on monetary policy will very much depend on how stable coins will be used: as a store of value, a means of payment or a unit of account. But also on how the stable coin is linked to the various underlying asset(s).

  • Store of value

If a stable coin is used as a store of value on a large scale, the effect of monetary policy on domestic interest rates and credit conditions could be weakened. This is especially the case in countries whose currencies are not part of the reserve assets.

If users were to hold stable coins permanently in deposit-like accounts, bank retail deposits might decline. This will increase bank dependence on wholesale funding and might exaggerate monetary policy transmission. This because wholesale deposits are generally more interest rate-sensitive than “sticky” retail deposits.

  • Currency substitution

By facilitating cross-border payments, a stable coin might increase cross-border capital mobility and the substitutability of domestic and foreign assets, affecting monetary policy transmission thereby amplifying the responsiveness of domestic interest rates to foreign rates and as a result underme domestic monetary control.

  • Dollarisation

The existence of stable coins as a safe haven during times of financial crisis could also encourage dollarisation. Via network effects, this could have a significant impact on monetary sovereignty through currency substitution leading to a loss of monetary autonomy. Central banks may lose monetary policy control, as financial systems become more exposed to exchange rate shocks, while the central bank is constrained in providing liquidity. This may have adverse effects on monetary policy effectiveness. As the monetary supply of stable coins cannot be controlled by any one party, it will negatively affect the menu of options available to central bankers in certain economic situations.

Some worry that, if stable coins are adopted on a wide enough scale, it could have a negative externality, or spill-over effect, on the economy as a whole. This may be amplified by potential uncertainty surrounding the ability of official authorities to provide oversight, backstop liquidity, and collaborate across borders

How to react: tackling the risks?

Stable coin networks at global scale are leading us to revisit questions over what form money can take, who or what can issue it, and how payments can be recorded and settled. While central bank money and commercial bank money are the foundations of the modern financial system, nonbank private “money” or assets also facilitate transactions among a network of users.

Regulators, central banks and monetary policy authorities would be confronted with a number of challenges. If stable coins may reach global scale, they are likely to become systemically important and concentrate risks. That however may hurt the safety, efficiency and integrity of the global financial system. For that reason strict regulations and monetary surveillance is of utmost importance.

“The more you move towards the core of the global payment system, the more likely you are to see central bank money because that is what provides stability.” “We care about financial stability and we have built a system which works very well … it has never failed.” Benoît Coeuré, director of BIS’ new innovation hub

Because stable coins and other cryptocurrencies are unlikely to be bound by physical borders, regulatory actions in one jurisdiction are unlikely to be fully effective without coordinated action elsewhere. The emergence of stable coins has raised important questions for regulators, central banks and other authorities worldwide how to react. They are now looking for ways how the various risks linked to stable coins could be tackled in a most effective way.

The challenges however will not only be creating an appropriate regulatory framework including consumer protection, but also measures to counter financial stability and monetary policy risks. Given the large differences how stable coins are organised and the role they might play, there is no one-solve-all-problems solution. Things to decide are: whether or not to restrict foreign-currency stablecoins; whether or not forbid stable coins unless there is a sufficient framework in place to ensure governance and risk management; ask for more interoperability between stable coins; risk management procedures in place by enforcing international standards etc.

  • Regulate stable coins like money market funds

Customer funds must be safe and protected from bank runs. This calls for legal clarity on what kind of financial instruments stablecoins represent. One approach would be to regulate stable coins like money market funds that guarantee fixed nominal returns, requiring providers to maintain sufficient liquidity and capital.

  • Access to Central Bank reserve accounts

Another way is getting central banks involved. They could offer stable coin providers access to their reserve accounts ( the safest and most liquid assets available), under strict conditions. This offers a blueprint for how central banks could partner with the private sector to offer the ‘digital cash of tomorrow’—called synthetic central bank digital currency (sCBDC). In the sCBDC model, which is a public-private partnership, central banks would focus on their core function: providing trust and efficiency. The private sector, as providers of stablecoins, would be left to satisfy the remaining steps under appropriate supervision and oversight, and to do what they do best: innovate and interact with customers.

  • Create own Central Bank Digital currency

The most extreme reaction of Central Banks would be to create their own central bank digital currency (CBDC), whose monetary issue is centralized in the hands of the bank. Proponents argue that central bank digital currencies would be a safer alternative to privately issued stable coins because they would be a direct liability of the central bank.

A more relevant question may be whether some intermediate solutions may be able to offer the safety and benefits of real-time digital payments based on sovereign currencies without necessitating radical transformation of the financial system.

 

 

Carlo de Meijer

Economist and researcher

 

 

 

 

Source

Send to Receive: Money Transfer Timings Explained

07-05-2020 | treasuryXL | XE |

One of the most common questions XE receives is, “How long does a money transfer take?” As much as XE wish they could immediately come back with a definitive answer, there’s no one-size-fits-all answer for the length of time between you hitting “Confirm transaction now” and your money transfer arriving at its destination.

In general, your transfer will be completed within 1-4 business days. The reason for this range is because no two transfers are alike, and the details of your transfer—such as how you’re paying, where you’re sending your money, and the currencies you want to exchange—can all impact the length of your transfer.

Who is Transferring

XE requires you to provide additional documentation before you can make a money transfer. If they need this information from you, don’t worry: they will reach out to you by email to let you know what they need from you.

If you get this email: all you need to do is log into your account, click “Upload Documents”, and upload a copy of your passport, driver’s license, or national ID.

 

It should only take a few minutes, and we’ll let you know as soon as you’re good to go.

Where You’re Transferring

Where you’re sending your money could also have an impact. You won’t need to account for the physical distance your money is traveling (money transfer is a transfer of information), but there’s no guaranteeing how quickly your recipient’s bank can process the transfer, whether your transfer will need to travel through an additional intermediary institution, or what kind of payment method your destination might require. All of these could affect how long it takes to complete your transfer.

When You’re Transferring

You can initiate a money transfer online or in the app 24/7, 365 days a year. However, because money transfers typically run through banks and other financial institutions, they will be privy to these institutions’ working hours. So if you initiate your transfer late at night or on a bank holiday, you might see a small delay.

And it’s not just the banks: check the calendar for your destination as well. National holidays can affect your transfers in addition to bank limitations.

How You’re Paying For Your Transfer

There are three ways you can provide the money for your money transfer: credit or debit card, wire transfer, or ACH payment. The time to receive these payments will vary: both card payments and wire transfers are quick, and typically get your money to use within 24 hours. ACH payments can take a little longer to settle due to the number of parties involved in the payment.

What’s important to remember is that your payment and transfer date will not be kept secret. When you initiate a transfer, we’ll let you know the soonest possible date we can send your transfer.

Here’s what you’d see if you attempted to initiate a money transfer on April 29, at about 5:00 in the evening:

ACH Direct Debit

Wire Transfer

Credit or Debit Card Payment

Even after you’ve confirmed your transfer, XE will still be in touch. They will let you know by email when your transfer has been sent as well as when it’s arrived with its recipient. No matter what, when, where, and how you’re making your money transfer, XE provides you with the best simple, secure, and smooth experience.

Get in touch with XE.com

About XE.com

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

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

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

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

 

 

Visit XE.com

Visit XE partner page

 

 

 

 

Source

E-learning Corporate Treasury Management

| 05-05-2020 | treasuryXL |

Pieter de Kiewit, owner of Treasurer Search shares his enthusiasm in an e-learning module about Corporate Treasury. You will learn how you can reduce costs, create opportunities and reduce risks.

Duration of the e-learning module: 35 minutes

Language: Dutch

Target Audience: Financials

Topics that will be discussed:

  • What is Corporate Treasury?
  • How to reduce cost, risks and create opportunities with Treasury
  • Deeper dive into Cash Management, Risk Management and Corporate Finance
  • What is the Bank’s role in Corporate Treasury?
  • The Treasury Challenge

Start e-learning and login:

Go to e-learning module here.
You can follow 1 module without any cost and for only €995,- for a full year you will have unlimited access to all modules provided on FinanceHub.nl.

Enjoy the e-learning of Pieter de Kiewit and of course we are curious what you think about it.

Cheers,

 

 

Kendra Keydeniers

Community & Partner Manager treasuryXL

Corona Bridging Loans (COL) for start-ups and scale-ups

04-05-2020 | by Rowan Hermes | Symbid

Since Wednesday, April 29, startups, scale-ups and innovative SMEs can apply for a special bridging loan, the Corona Bridging Loan (COL). In this blog we briefly explain what the COL is and what criteria a company must meet in order to claim the COL.

Blog is in Dutch language:

Op verzoek van het kabinet zullen de Regionale Ontwikkelingsmaatschappijen (ROM’s) de COL-regeling uitvoeren. De regeling is opgezet omdat veel startups niet in aanmerking komen voor de Noodmaatregel Overbrugging Werkgelegenheid (NOW), bij banken nauwelijks terecht kunnen en weinig voordeel hebben van de verschillende fiscale maatregelen van het kabinet.

De specifieke doelgroep voor de COL zijn startups, scale-ups en innovatieve mkb’ers die overwegend met extern eigen vermogen gefinancierd zijn. De COL is ook beschikbaar voor ondernemers die de afgelopen jaren groei gefinancierd hebben met intern eigen vermogen, maar zij mogen geen bancaire financieringsrelatie hebben (met uitzondering van een beperkte bancaire rekening-courantverhouding).

De verstrekte leningen zijn een noodinstrument, bedoelt om een tijdelijke overbrugging naar ‘break-even’ of een vervolgronde te verzorgen. Het geld mag niet gebruikt worden om andere leningen af te lossen. De bedragen zullen variëren tussen de € 50.000,- en 2 miljoen euro. Bij bedragen groter dan Є 250.000,- wordt er een cofinanciering van 25 % verwacht van aandeelhouders of andere investeerders. Het rentetarief is uniform 3 %. Aangezien er vaak snelheid gepaard is bij overbruggingskrediet streven de ROM’s ernaar om aanvragen onder de € 500.000,- binnen vier tot negen werkdagen af te handelen. Het streven voor grotere aanvragen is drie werkweken.

De criteria

Je komt met je bedrijf naar alle waarschijnlijkheid in aanmerking voor de COL als je voldoet aan de volgende voorwaarden:

  • Je bedrijf is niet actief in retail, horeca, kleine zakelijke dienstverlening en je bent geen zelfstandig ondernemer.

  • Je kunt een twaalfmaands-liquiditeitsoverzicht voorleggen waaruit de financieringsbehoefte als gevolg van de coronacrisis blijkt en aangeven hoe je de overbruggingslening voor de komende negen maanden aanwendt.

  • Je bedrijf viel op peildatum 31/12/2019 niet in de categorie ‘bedrijven in moeilijkheden’.

  • De lening wordt ingezet voor investeringskosten of werkkapitaal en de financiering voldoet aan de vereisten van het Fresh Money-beginsel.

  • De jaarrekeningen van 2018 en 2019 moeten beschikbaar zijn, net als het budget voor 2020 voor zover mogelijk.

  • Je kunt onderbouwen hoe je geprognosticeerde omzet terugvalt door de coronacrisis. De ROM’s kunnen hier een due diligence onderzoek naar doen.

  • Je moet aangeven welke maatregelen getroffen zijn om kosten te reduceren, waarbij ook het gebruik van andere overheidsmaatregelen meegenomen moeten worden.

  • Er moet redelijke comfort verschaft worden dat na het eerste jaar aflossing plaats kan vinden en de lening binnen drie jaar afgelost kan worden.

Kijk voor meer informatie, een uitgebreide Q&A en specifieke aanleverspecificaties op de website van ROM Nederland.

Source

Types of Money Transfer: All About Market Orders

01-05-2020 | treasuryXL | XE |

Last week, we explored the wonderful world of forward contracts. And for those of you who wanted to take advantage of a potentially favorable current exchange rate but didn’t need to make a money transfer right away, forward contracts could have been the answer to your transfer troubles.

But what happens if you want to make a future transfer, and the rates aren’t in your favor? Are you left with no option but to just sit tight and hope that the markets eventually move towards the rate that you want?

Don’t worry, that’s not your only option. Instead, you can set up a market order that will allow you to target your ideal rate.

What is a market order?

Remember how we described forward contracts as the “buy now, pay later” transfer option? Market orders would be the “buy now, transfer later” option.

When you make a market order, you can specify your target rate at which you’d like to exchange your currencies. The current rate doesn’t matter: the markets are constantly moving, and you’ll never know when your desired rate will be live.

After you’ve placed your market order and set your target rate, your work is done, and now it’s up to the markets. Once your rate is live, your money transfer will send, allowing you to transfer currency at your ideal rate.

What’s the difference between a market order and a rate alert?

If you’ve set up a rate alert before, you might think that this sounds a little familiar. And it’s true: both rate alerts and market orders are tools that can help you improve the efficacy of your future money transfers. The difference is all in their names.

  • A rate alert is an alert letting you know that it could be time for a transfer. It informs you that the rates are in your favor, but it’s up to you whether you want to make a transfer at this time. If you regularly make transfers (for purposes like sending money to an account in another country or loved ones abroad), rate alerts will let you know when the best time to do so is.
  • A market order places an order for a future transfer. You’ll enter your currencies, amount to transfer, and desired exchange rate, and the transfer will initiate once the rate is live.

When would I want a market order?

Depending on the currencies you want to transfer and what’s going on in the world at the time, your currencies could be subject to quite a bit of volatility. If you’re contending with frequent market motion, setting up a market order can help you to ensure that you’ll be able to make your transfer at the best possible rate, whenever that may be.

Market orders are also a great option for transfers that aren’t time-sensitive. Some transfers (such as bills or educational payments) need to be made by a certain date, but if your transfer doesn’t come with its own hard deadline, you can take advantage of market orders to make the most of your money in your transfer.

How do I set up a market order?

Ready to set up a market order? It’s no more complicated than sending any other money transfer. If you don’t have an account, take just a few minutes and sign up for your free account first. If you’re already registered, visit the Money Transfers page to learn more about how you can get started.

 

Get in touch with XE.com

About XE.com

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

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

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

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

 

 

Visit XE.com

Visit XE partner page

 

 

 

 

Source

Online Open Evening: Treasury Management & Corporate Finance by VU Amsterdam

| 30-04-2020 | VU Amsterdam |

VU Amsterdam, will host an Online Open Evening on May 13, to provide you with the opportunity to get to know more about the post-graduate programs. You will have the opportunity to ask questions by means of an online livestream webinar.

Continue to read about the Treasury Management & Corporate Finance program, and to register for the Online Open Event on Wednesday May 13, 2020 from 18:15 pm to 19:15 pm CEST.

Treasury Management & Corporate Finance

The post-graduate Executive Treasury Management & Corporate Finance program combines two finance disciplines, as these disciplines are inextricably connected and largely overlap:

  1. Treasury Management
  2. Corporate Finance.

It is a unique program that has been running for more than 20 years at VU Amsterdam. The curriculum consists of 6 modules, each comprising approx 8 lecture days on Thursdays (from 15:30 – 20:00). It is an intensive and efficient 18-month program. Participants successfully completing this post-graduate executive program are awarded with the title of Registered Treasurer, a well-known and widely recognized within the world of Treasury professionals.

This program offers the following key benefits

  • Broad perspective on the Corporate Treasury and Finance disciplines
  • Master level and state of the art
  • Interactive Sessions
  • Useful Career development opportunities in a different setting
  • Get Connected to the treasury community

In order to learn more about this program, ask questions during a livestream webinar, get to taste the experience at Vrije Universiteit Amsterdam, our Partner VU Amsterdam, invites you to join the Online Open Evening.

Program

  • 18:15 hrs: Welcoming ☕
  • 18:30 hrs: Information on Treasury Management & Corporate Finance
  • 19:15 hrs: End of session

Date, time and registration

Date: 13 May, 2020

Start: 18:15 – 19:15 CEST

Register Now and safe your virtual seat

 

 

 

New Job Opening: Treasury Manager (m/f)

29-04-2020 | Treasurer Search | treasuryXL

Our partner Treasurer Search is looking for a Treasury Manager for a fast growing services company with a global and capital intense infrastructure.

Tasks Treasury Manager

The position is newly created. The Treasury Manager will be responsible for:

  • European cash management, liquidity and forecasting
  • Managing and optimizing banking structures
  • Give treasury advice to operating companies, liaise with other finance functions
  • Assist in aquisitions and funding activities
  • Develop risk strategies (FX, IR)
  • Managing regulatory compliance

Ideal Treasury Manager

The ideal Treasury Manager has a relevant University degree and at least 3 years experience in Treasury with operations as a main focus. Experience or expertise in funding and risk management is highly appreciated. Personality & mindset are at least as important as treasury knowledge and experience. As a person he/she is ambitious, adaptive and thrives in a dynamic environment. He/she is able not only to be the expert but also the result oriented project manager taking the organisation to the next level.

Our Client

Our client is a fast growing services company with a global and capital intense infrastructure. The company is innovative and the culture is Anglo-Saxon company culture. The company has a clear strategy, aims high and gets results through acquisitions and autonomous growth. Further investments are currently being done to bring the organisation to the next (professional) level, there is a willingness to invest.

Remuneration and Process

Our client offers a market level salary, the expected annual base salary will be about €70K. For candidates that obviously bring more, our client is willing to pay more. For interested candidates who qualify, a more elaborate job description is available. The Treasurer Test might be part of the recruitment process.

 

Location

South-West Netherlands

 

Contact person

Kim Vercoulen

 

T: (0850) 866 798
M: (06) 2467 9339
E: [email protected]




Webinar Economic Briefing: The Economic Fallout From COVID-19

| 28-04-2020 | TIS |

Webinar: Economic Briefing: The economic fallout from Covid-19. Looking beyond the unprecedented.

Tuesday May 5, 2020 from 4 pm to 5 pm CEST

Our Partner TIS, Treasury Intelligence Solutions, will host a webinar, discussing the economic fallout from COVID-19, while looking beyond the unprecedented. How can we make sense of the ever more dynamic and globalized world we live in? Carsten Brzeski, Global Head of Macro Research and Chief Economist Eurozone at ING, will give you an up-to-the-minute economic briefing which is both insightful and entertaining at the same time.

Your host for this session will be: Kate Pohl, Adviser to TIS and an expert in her field of payments and payment innovation. She will give a short introduction concerning the payments landscape and reflecting the situation today in Europe. If you would like to pose a question, you can either send it in before the session to Kate via [email protected] or during Carsten’s presentation. At the end, there is time for Carsten to take audience questions.

Take a journey with TIS to better understand the implications of the future and the shape of things to come!

Enroll yourself for our free Webinar and get the answers!

Presenters:

Carsten Brzeski
Global Head of Macro Research and Chief Economist Eurozone at ING

Kate Pohl
TIS Advisor and Expert Payments

Date, time and registration

Date: 5 May, 2020

Start: 16:00-17:00 CEST

Register Now and safe your virtual seat

 

 

 

The ultimate battle between Letter of Credit and Credit Insurance

| 28-04-2020 | Ger van Rosmalen | treasuryXL

For decades, there seems to have been a debate between using Letters of Credit (L/C) and credit insurance. Both methods offer their advantages and disadvantages. Last week, I read an article on how working with credit insurance is so much better than working with Letters of Credit, highlighting that L/Cs are labour intensive, have bad financial implications, and global trade generally prefers credit insurance. Now that some have called credit insurance the better alternative, there is further discussion about the usefulness of Letters of Credit, which raises many questions. In this blog, I highlight the contextual benefits of Letters of Credit and my opinion.

This blog is available in English and Dutch. See Dutch version below.

Scenario

Is credit insurance the fully comprehensive solution for the customer? What if the exporter has a nice deal in the so-called “emerging markets” where the credit insurance only covers 80% or no coverage at all and the importer does not want to pay because of a commercial dispute? Can the exporter afford to take a 20% deductible (residual) risk?

Benefits of Letter of Credit

If the credit insurer does not cover at all, a Letter of Credit is a very good alternative. If the transaction has a delayed payment of, for example, 180 days, it is not certain whether the exporter can wait that long for the money. Banks are no longer waiting for you at the door with a bag of money. Lending is scarce. With a confirmed L/C you don’t have to wait until the end of the payment term, but the bank can make money available when L/C compliant documents are provided. We call this “discounting without recourse”.

Customer interest

Discover the best solution for the customer and the transaction. Often you can accommodate a large part with credit insurance, but certainly not everything! If your sales area is Europe, you may still be able to avoid using L/C’s, but if you export all over the world, you cannot avoid using Letters of Credit.

Are L/Cs really that laborious and difficult?
I think you can influence that yourself. With sufficient knowledge in house, it already means that you can often sit in the director’s chair with L/C transactions. I have seen many L/C ‘s go through my hands and then I also see if you take exporters into the L/C world they find it interesting and more importantly, they will recognize the value of an L/C. The exporter feels himself with the newly acquired information comfortable to start using Letters of Credit.

Letters of Credit vs Credit Insurance

The battle between Letter of Credits and Credit Insurance has to be buried because both methods have pros and cons. Find a combination between the two that suits the needs of the customer and you will realize that both methods actually complement and reinforce each other.

 

in Dutch

De ultieme strijd tussen Letters of Credit en kredietverzekering

Al tientallen jaren lijkt er een debat te zijn geweest tussen het gebruik van Letters of Credit (L / C) en kredietverzekeringen. Beide methoden bieden hun voor- en nadelen. Vorige week las ik een artikel over hoe het werken met kredietverzekeringen zoveel beter is dan werken met Letters of Credit, waarbij er werd benadrukt dat L/C’s arbeidsintensief zijn, slechte financiële gevolgen hebben en dat de wereldhandel in het algemeen de voorkeur geeft aan kredietverzekeringen. Nu Sommigen kredietverzekeringen het betere alternatief noemen, wordt er verder gediscussieerd over het nut van Letter of Credit, waarbij veel vragen naar boven komen. In deze blog belicht ik de contextuele voordelen van Letter of Credit en mijn mening.

Scenario

Is een kredietverzekering de allesomvattende oplossing voor de klant? Wat als die exporteur een mooie deal heeft in de zogenaamde “emerging markets” waar de kredietverzekering slechts 80% of helemaal niet dekt en de importeur niet wil betalen vanwege een commercieel geschil? Kan de exporteur het zich veroorloven om een ​​aftrekbaar (rest) risico van 20% te nemen?

Voordelen van Letter of Credit

Als de kredietverzekeraar helemaal niet dekt, is een Letter of Credit een goed alternatief. Als de transactie een vertraagde betaling heeft van bijvoorbeeld 180 dagen is het niet zeker of de exporteur zo lang kan wachten op het geld. Banken wachten niet langer op je voor de deur met een zak geld. Kredietverlening is schaars. Met een bevestigde L/C hoeft u niet te wachten tot het einde van de looptijd, maar de bank kan geld beschikbaar stellen wanneer er L/C-conforme documenten aangeboden worden. We noemen dit ‘discounting without recourse’.

Klantbelang

Ontdek de beste oplossing voor de klant en de transactie. Vaak kunt u met een kredietverzekering een groot deel onderbrengen, maar zeker niet alles! Als uw verkoopgebied Europa is, kunt u misschien nog vermijden om L/C’s te gebruiken, maar als u over de hele wereld exporteert, kunt u het gebruik van Letters of Credit niet vermijden.

Zijn L/C’s echt zo bewerkelijk en moeilijk?
Ik denk dat je dat zelf kunt beïnvloeden. Met voldoende kennis in huis betekent het al dat je bij L/C transacties vaak op de regisseursstoel kunt zitten. Zelf heb ik veel L/C’s door mijn handen zien gaan en dan zie ik ook als je exporteurs meeneemt naar de L/C-wereld ze het interessant gaan vinden en nog belangrijker, ze gaan de waarde inzien van een L/C. De exporteur voelt zich met de opgedane kennis comfortabel genoeg om ermee aan de slag te gaan.

Letters of Credit vs Credit Insurance

De strijdbijl tussen Letter of Credit en Credit Insurance moet worden begraven, omdat beide methoden voor- en nadelen vertonen. Zoek een combinatie tussen beide die past bij de behoefte van de klant en u zult zich realiseren dat beide methoden elkaar daadwerkelijk aanvullen en versterken.

 

 

Ger van Rosmalen

Trade Finance Specialist