Gartner Blockchain Spectrum: a great tool for CIOs

| 08-4-2019 | Carlo de Meijer | treasuryXL

CIOs of companies are increasingly showing their interest in blockchain technology. In PwCs 2018 survey amongst a large number of business executives from 15 different industries in various countries, more than 80% of the respondents said their company was actively involved with blockchain technology. Some more than others. This is not surprising given the fact that blockchain may bring a number of great opportunities for enterprises, ranging from improvements in business processes to a complete overhaul of business models.

CIOs are under growing pressure to give guidance to decisions on ‘if’ and ‘how’ they should implement blockchain in their company. Within corporates there is a growing focus on the business challenges that blockchain could solve. CIOs however struggle with the issue of how and where to apply this technology as understanding is far from complete. While this technology is developing and changing fast, the features of blockchain are not (yet) fully mature, and current frameworks are far from adequate.

Looking at the various blockchain solutions that are coming to the market there is a lot of confusion which one would really meet the needs of companies when making up their decisions. This makes it for CIOs a very complex exercise.

Gartner recently launched its Blockchain Spectrum that should enable CIOs to take the right decisions and “make the right investments at the right time”.

PwC Survey: present attitude of CIOs

PwC (PricewaterhouseCoopers) recently launched a survey amongst a large number of CIOs from various industries on their attitude towards blockchain. It gives us some interesting insights about the CIOs present view on blockchain technology.

Survey results

This survey shows that many CIOs embrace blockchain. One of their findings was that 84% of the surveyed had at least some interest around blockchain. Not surprising given the enormous hype surrounding this technology. But the idea what blockchain really means for their company and how it should be implemented is still rather limited.

Looking more detailed into the survey results a very diverse picture of how companies are involved arises. For many CIOs blockchain is not yet a priority, at least compared to other new technologies including AI, Big Data analytics, and cloud. Only 15% has gone live while 10% is in the pilot stage. The large majority has just started in terms of research (20%) and development (32%).

The industries that are thereby leading are financial services (46%) and industrial products and manufacturing (46%). It should be mentioned that the financial services sector fell back from 82% in 2017. The survey respondents however still believe that financial services will remain the “current and near-term leader” of blockchain adoption. But there is increased potential in other areas such as energy & utilities, and healthcare.

Non-optimal blockchain solutions

Most blockchain initiatives today are Proof of Concepts (PoCs) that do not have real value. The existing models for blockchain that corporates operate are immature and therefore not suited to realise the various capabilities of blockchain technology. Most trials do not account for the evolutionary nature of blockchain “that leads to a spectrum of possibilities over time”.

“Inadequate understanding, lack of proven scalable models, inability to think beyond today’s business paradigms, lack of talent, and internal and external pressure to do something lead to tepid proofs of concept (POCs).” Gartner

Only 5% to 10% of current PoCs is expected to eventually “graduate to a preproduction” solution, with “major refactoring of requirements and architecture”. Even the ones that move beyond PoCs use just a “subset of blockchain capabilities” and that within current business models. They offer little or no decentralization and tokenization, being the most valuable features of blockchain.

This has much to do with “unwillingness or inability” to think beyond today’s business models and processes, according to Gartner.

Read the full article of our expert Carlo de Meijer on LinkedIn

 

Carlo de Meijer

Economist and researcher

 

New update for the community: Treasurer Test

| 02-04-2019 | by  Roy Baaten |

Dear peer goup members, treasurers, financials and friends of the community.
It has been a while since we updated you on the treasurer test.

First of all, we would like to thank everyone who helped us in one way or the other. A special thanks for those who made the test as a peer group member and provided us with very valuable feedback.

From the start we communicated that everyone will receive their report at the same time when the peer group is complete. We nearly completed the senior categories of the peer group but have to invest in finding candidates for the categories “no experience in treasury” and “treasurers with up to two years of treasury experience”. We are working very hard so everyone can receive their report they worked so hard for. We are almost there!

If you are a candidate for the aforementioned categories or know people who qualify and might want to take the test, send an email to [email protected] We appreciate your help.

We will inform you again if we have more news.

Roy Baaten – Community Manager

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Congres toekomst van het betalingsverkeer

| 25-3-2019 | Euroforum | treasuryXL |

Het jaarcongres Toekomst van het Betalingsverkeer is al 20 jaar dé ontmoetingsplaats voor alle Payment Professionals in Nederland. Om deze mijlpaal te vieren wordt het programma dit jaar nog uitgebreider dan voorheen.

Op verschillende podia vertellen (inter) nationale Keynote Speakers de meest interessante verhalen. Daarnaast bestaat het programma uit diverse co-creatie sessies en round tables waar de meest prangende vraagstukken van dit moment worden besproken. Bij dit proces is uiteraard de Adviesraad weer nauw betrokken.

What’s Going on in Payments?

Wat kunt u op 18 april verwachten?

> Circa 300 Payment experts van strategisch niveau aanwezig om u netwerk te vergroten.
> Meer dan 10 C-Level speeches delen hun visie op: Digitale Transformatie van Banken, Succesvol samenwerken met Fintechs, de NextGen Klant, Nieuwe business modellen door PSD2,
Impact van Blockchain en Artificial Intelligence.
> Meer dan 15 Round Table Sessions over EID, PSD2 Update, Instant Payments, Cybersecurity, Crypto Currencies, Data driven business modellen.
> Gepresenteerd door de payments experts in Nederland vanuit Betaalinstellingen, de nieuwkomers, banken, PSP’s, frontrunning consultancys.
> Interactieve werkvormen zoals dit jaar ‘Battle of the Finance’ en ruim de gelegenheid om te netwerken.

Voor meer informatie over het volledige programma, de sprekers en de locatie kunt u de website van het event bezoeken.

Blockchain Smart Treasury: game-changer for treasurers?

| 19-3-2019 | Carlo de Meijer | treasuryXL

Though blockchain is not yet well understood by many treasury people, and tangible real-world applications for the corporate treasurer’s day-to-day activities are still scarce, this technology is getting increased interest in the treasury world.

In August 2016 I wrote a blog in Finextra named “The Corporate Treasurer and Blockchain”. My conclusions at that time were that blockchain had the potential to fundamentally change the treasury function at corporates. For some it would even going to be a game-changer for treasury. The change might not be here yet, but it is coming, and treasurers need to take a long view on it.

But that is changing rapidly. The focus of blockchain developers is now turning from proof of concept projects to the creation of more practical, treasury-focused blockchain solutions. Recently we have seen a number of blockchain-based treasury trials that are worthwhile looking at. Last December R3 announced the completion of testing on a new blockchain-based KYC proof-of-concept, which was facilitated in collaboration with the French Association of Corporate Treasurers and a number of French banks.

One of the solutions that triggered me most is Smart Treasury by Boston-based fintech Adjoint, that is aimed to enable real-time gross settlement and continuous reconciliation and improve the liquidity management of the corporate treasurer. Main question is, could Adjoint’s solution be a break-through for blockchain in the corporate treasury world?

It is always interesting – and I am a very curious person – to see new initiatives in the blockchain scene and what they could bring for corporates esp. the treasury department.

So let’s have a deeper dive.

Complex treasury environment

Internationally operating corporates have undergone many transformations in their finance and treasury organisations triggered by technology innovations, regulatory initiatives and changed client behaviours. As a result today’s business environment for these corporates is highly complex from a treasury point of view.

In the digital era, real-time insight into a company’s global cash positions and managing credit facilities across all bank accounts of the group and the ability to move money intraday to where and when it is needed is increasingly needed to support this changing business environment.

Key challenge is to obtain consolidated information of group-wide multi-currency positions across a fragmented banking network in a timely manner. Today’s model of international correspondent banking however does not easily facilitate the ability to manage cash in a real-time environment.

Corporate treasurers are urgently looking for new ways to provide cash management with up to date – and if possible real time – information on cash positions and cash forecasts faster and with deeper insight, allowing corporate treasurers to better react to the company’s current cash and working capital needs.

In this context, they are significantly increasing their spending on treasury technology and innovations, to speed up and streamline their company’s cash, liquidity, risk and working capital management, in order to gain greatest visibility over their business critical function and reach greater strategic control.

Adjoint’s Smart Treasury: what does it bring for corporate treasurers?

Adjoint’s Smart Treasury solution, that was launched last year, contains a number of unique specifics that makes it very interesting for corporate treasures.

Smart Treasury should be seen as a multi-bank, multi-currency virtual account platform for real-time gross settlement and continuous reconciliation. This should allow corporate treasurers to untap liquidity in their various subsidiaries’ bank account.

Adjoint has combined blockchain technology with related smart contracts and APIs (or application programming interfaces) to create a solution that aims to dramatically speed up settling intercompany transactions in a secured way while significantly reducing the costs.

Most important features of this Smart Treasury solution are the following:

Distributed ledger: Auto reconciliation

Smart Treasury uses distributed ledger technology to auto-reconcile transactions information, thereby eliminate netting processes and improve FX management to provide treasurers with streamlined efficiency and improved, real-time visibility on cash positions.

Virtual accounts

Another interesting feature is that it enables a limitless number of virtual or “sub-accounts” for reconciling customer and suppliers payments. Companies can thereby consolidate costly, physical bank accounts into a selected number of blockchain virtual accounts. Smart Treasury thereby enables “purposed drive allocation”, thereby using smart contracts to designate how much and where digitised cash can be spent from these virtual accounts.

“Money can then be debited or credited among those accounts as needed, using smart contracts and APIs to make the necessaire FX translations, apply interest on intercompany loans and similar calculations.” Somil Goyal chief operating officer at Adjoint

In-house self-service bank

Smart Treasury consists of an “always-on” in-house self-service bank with “pre-established” rules for automated intra-company transactions. Here you could think of limits on how much can be automatically borrowed by entities based on pre-established interest rates. Nowadays, intercompany transactions, often conducted via an in-house bank, have become essential for multinational corporations. They seek to leverage internal resources more effectively. However, the overnight batch systems most companies use to settle transactions, can limit the transparency into subsidiaries’ account balances.

Smart Treasury Dashboard: access

The solution allows corporate treasury departments to operate their own private distributed ledger. This may enable them to choose which internal corporate entities and third parties including customers and suppliers may have access to the network via their Smart Treasury Dashboard and settle transactions directly with them in real time, rather than overnight or even longer.

But also regulators could be added on the platform which may help notional pooling in jurisdictions with currency controls, while improving the regulatory reporting process by automatically updating records and centralising all information in the ledger.

Smart contracts

Another key feature of Smart Treasury is the use of smart contracts. The tool’s Smart Contracts System uses blockchain to help teams define and set pre-configured rules that securely enable automated, real time transactions. These may include key corporate treasury functions such as regulatory and corporate compliance requirements including KYC; account opening or transactions such as intercompany loans, FX and netting, manage liquidity in multiple currencies, transfers among any approved entities etc. so lowering the costs of booking transactions between subsidiaries.

API integration with corporate ERP and TMS systems

Smart Treasury offers a nearly real-time API-based integration with organisation’s existing systems. Instead of replacing systems such as enterprise resource planning (ERP) and Treasury management system (TMS), Smart Treasury works with current systems as an easy-to-be-integrated overlay, preventing duplicate entries. In fact Smart Treasury complement these, improving the way they interact by speeding up intercompany transaction settlement. Through using smart contracts, all transaction information is auto-reconciled and automatically posted into treasury management systems in real-time.

“With Adjoint’s solution this takes place much faster, at a much lower cost, and it will actuality accept feed from the banks using APIs, which then feed the ERP – again using API – and it carries all of the information necessaire through smart contracts”.Daniel Blumen, Partner of Treasury Alliance

API integration with banks

Smart Treasury also offers a real-time API-based integration with banks for transactions outside the organisation. The solution allows the use of APIs for real-time intra-day bank transactions processing as opposed to end of day batch processing. They enable the transfer of critical information and data between corporate entities and their banks and data providers, as well as between corporate entities within the corporate.

Read the full article of our expert Carlo de Meijer on LinkedIn

 

 

Carlo de Meijer

Economist and researcher

 

Four education programs for ambitious treasurers

| 18-3-2019 | by  Pieter de Kiewit |

One of our regular meeting topics is how to improve the skills of the corporate treasury population. Research for the Treasurer Test (https://www.treasuryxl.com/news-articles/treasurer-test-report-is-ready/) shows that only 20% of all treasurers completed a dedicated treasury education. I am happy I was invited to join the “Curatorium” of the Register Treasurer program of the Vrije Universiteit so I can further contribute (https://www.linkedin.com/in/pieterdekiewit/). For all people screening the (international and Dutch) treasury education market, I would like to share my thoughts about what I think are the most relevant programs, in order of investment and value:

  1. Recently the Hogeschool Utrecht started with a post bachelor program treasury management. In my opinion, with this program, they target an audience that just started working in treasury as well as a group of financials that only occasionally deals with the profession like (group) controllers, entrepreneurs, CFOs, auditors and others. It’s a great introduction program, the investment in time and money is overseeable. What I like is the fact they teach class in groups, so you can also learn from your peers. Teachers combine academic and practical experience https://www.treasuryxl.com/news-articles/hogeschool-utrecht-start-post-hbo-cursus-treasury-management/
  2. The Certified Treasury Professional (CTP) program from the US is starting to get traction in Europe too. The reviews I get from treasurers who completed the program are a bit mixed, I believe  it offers good value for money and the title behind your name is appreciated by the labour market. I did not yet hear if the difference between corporate treasury in the US and Europe has an impact on the program. Studying and the final tests are done online so you do need discipline  to complete this program.
  3. The treasury training programs of the ACT are best known in (and outside) Europe and appreciated by hiring managers. There are various modules, all together the program is more comprehensive than the one of the CTP. You also have to study and do tests online and the titles behind your name are a plus.
  4. The most comprehensive and thorough program I know is the one taught at the Vrije Universiteit in Amsterdam: https://www.treasuryxl.com/community/companies/vrije-universiteit-amsterdam/. The post academic degree Treasury Management and Corporate Finance already exists over 20 years. In time and money, this program requires serious investment and brings the RT title behind your name. In my opinion there are two prominent differences, when compared to the previous programs. First, classes are taught at the university to stable groups. This creates a thorough exchange of thoughts and groups of alumni that know how to find each other for many years. Second, not only there is more knowledge transferred, also students are expected to digest and build upon this knowledge in an academic way.

I hope you can benefit from this overview and I do appreciate reactions. I want to wrap up with a consideration that perhaps deserves an extra blog. The above mentioned institutes have a variety of goals that partly overlap. I wonder if the profit and sales focus of some of them are in conflict with a focus on high quality education. What do you think?

Pieter de Kiewit

 

Pieter de Kiewit
Owner Treasurer Search

 

 

Congres Next in Finance te Utrecht

| 14-3-2019 | Euroforum | treasuryXL |

Tijdens Next in Finance komen jaarlijks ruim 150 professionals uit de financiële sector bij elkaar om kennis uit te wisselen en ideeën op te doen. De komende editie staat in het teken van “Bridging the Gap between Customer, Data & Technology”. Door de integratie en slimme inzet van Data & Technology creëer je een optimale Customer Journey en Customer Experience.

Ook de kansen door nieuwe ontwikkelingen op vlakken als AI en Conversational Commerce worden belicht.Hoor en leer op 3 april 2019 van koplopers en disrupters hoe zij zich onderscheiden binnen de markt.

Waarom je het congres niet mag missen:

1. Concrete praktijkcases op het podium over de inzet van data voor het optimaliseren van jouw customer experience.
2. Keynotes sprekers die hun lange termijn strategie delen.
3. Meer dan 150 vakexperts vanuit Marketing en Data samen om jouw huidige netwerk te versterken en nieuwe contacten op te doen.
4. Niet alleen de succesverhalen worden gedeeld maar ook de valkuilen bij het opzetten van projecten.
5. Je krijgt directe tips en trucs van Customer Experience en Data experts die je de volgende dag kunt inzetten binnen jouw organisatie.

Voor wie is dit congres bestemd?

Dit congres is speciaal ontwikkeld voor:
CMO, CTO, CIO, CDO (Chief Digital Officer), E-commerce Manager, (Digital) Marketing Manager, Data Science Officer, Manager Customer Experience, Communicatie Manager, Online Manager, Data Manager, IT Manager en iedereen die geïnteresseerd is om de Customer Experience en de Data Driven organisatie te optimaliseren. Werkzaam bij Banken, Verzekeraars, Pensioeninstellingen en aanvullende financiele dienstverlening.

Voor meer informatie kunt u de website van het event bezoeken.

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BELLIN 1TC treasury convention

| 7-3-2019 |  treasuryXL | BELLIN

For the seventh year running, the BELLIN 1TC Treasury Convention broke all the previous records. Over 500 attendees flocked to Rust on February 13/14. What did we learn? Here are the main takeaways from all the exciting debates, workshops and conversations in a nutshell: 

1. Time is ripe for disruptive technology

Buzzwords such as digitization, Artificial Intelligence (AI) or blockchain have been around for years. But only now are we moving from abstract concepts to concrete implementation. We’re at the beginning of an exciting and challenging new era, in which we’re called to put new technology to use where it will benefit treasury the most. Whether it is the use of Artificial Intelligence (AI) in fraud prevention, liquidity planning or decision-making or the use of blockchain for KYC issues: the potential is enormous but implementation must be well thought through. Ultimately, technology is a means to an end. The feedback from 1TC was clear: treasurers believe that new technologies are going to change their work life, and they are expecting their vendors to incorporate this technology in their systems.

2. The treasurer of the future

In recent years, treasurers have come into their own and established themselves as key players for their organizations. But what impact are new technologies going to have on treasury? What will be left of the treasury function as we know it in ten years? Will there still be treasurers in the future? What remains when all the treasury processes that have been digitized and automated disappear from the job portfolio? One thing is for sure: the core responsibilities of a treasurer are going to change, and treasurers are going to have to change with them. Treasurers need to develop a vision for their profession, and this vision needs to come from within the treasury community. In the age of technology, treasurers need to work out where and why they are needed and advertise their role. What is also indisputable is that technology is only ever as good as its users. So while the treasury profession will by no means become extinct, it does need to reinvent itself to some extent, to find new ways and to get connected.

3. Treasury organization 5.0

Treasury has reached a turning point. On one hand, treasurers are faced with the challenge of implementing technologies and structures already at their disposal in order to continue to simplify, automate, standardize and centralize processes. On the other hand, they need to look to the future and implement organizational changes and technologies that address two key issues: security and collaboration – within treasury and beyond. The objective must be to strengthen the internal organization and to get connected within your organization and with external stakeholders, in order to be ready to face any threats and market developments.

4. Faster global payments

The treasury of the future needs real-time solutions. An efficient, powerful treasury requires fast and efficient cross-border payment processing. This is why treasurers are looking for solutions to make payments faster. Nearly 75% of 1TC attendees are convinced: gpi technology will be a major step forward for their global payments processing. Meanwhile, a panel discussion between Ripple and SWIFT introduced Ripple’s cross-border payment solution based on blockchain – an offering most attendees (80%) had not come across yet. We’re excited to see if and when this technology will make its way into treasury. gpi on the other hand has just entered the world of treasury. As an Early Adopter, BELLIN has implemented the technology and has been piloting it with clients. Following Release 19.1 in April of 2019, it will become very easy for BELLIN SWIFT Service clients to implement SWIFT for Corporates (SWIFT g4C). And by the way: BELLIN is the most successful of all the L2BA connectors to the SWIFT Network: 55% of all connected corporates were connected through BELLIN.

 

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Blockchain and disruption in the financial world: Will banks survive?

| 4-3-2019 | Carlo de Meijer | treasuryXL

The world of banking as we know for many years is in a fundamental transformation process, triggered by new technologies. The most important is blockchain that is said to fundamentally change the way financial transactions are handled today. It is forecasted that this technology will have significant consequences on how traditional banks do business in the future, enabling new business models, deliver new value propositions and solve longstanding challenges, with the well-needed transparency and security in transactions that nowadays involve multiple parties and large amounts of data.

Though this technology is currently still at a nascent stage, blockchain is proclaimed to be a game-changing, disruptive innovation that holds the capability of completely shaking up the landscape of banking in the coming years. Others even proclaim that blockchain will make banks (entirely) obsolete.

Questions that arise are: how will blockchain technology drive disruption in the banking industry, what are the main areas that will be touched, and how will the banking ecosystem look like in say five to ten years from now.

But what is disruption (not!)?

But before answering these questions, it is important to agree what disruption really means. Since the word disruption was launched in the nineties this term has been used for so many things that it has lost their original meaning. Everything that is ‘new’ is described as disruptive and/or innovative.

It was the US professor Clayton Christensen who introduced the idea of disruptive innovation in 1997. According to him disruption means “any innovation that transforms a complicated, expensive product into one that is easier to use or is more affordable than the one most readily available”.

Disruption has three components: responding to competitors effectively; identifying new growth opportunities; and, improving understanding of what customers want.

“A disruptive business is likely to start by either satisfying the less-demanding customers or creating a market when none existed before. So, when mainstream customers start adopting the entrants’ offerings in volume, disruption has occurred”.Clayton Christensen

It is however very difficult to know in advance what real disruptors are. The process is often very long. It could take years before the true effects of disruption are presenting themselves in the market.

Though the classic examples of disruption involved technological advancements, disruption is not all about technology. Not every successful business or product needs to disrupt. But disruption is any time organizations find a more efficient, better way of doing things that attracts customers.

What makes blockchain (so) disruptive for banks?

What makes blockchain so disruptive for the banking industry? Why is this technology forecasted to revolutionising the way banks are nowadays doing business? The answer to this question lies in the three specific in-build properties of a blockchain: Decentralized, distributed and Immutability. These differ completely from those of banks that are centralised organisations.

Decentralized network

Blockchain operates on a decentralized network, that is acting on a peer-to-peer basis. It handles all operations similar to a bank, but without any central authority that monitors all data. So it potentially cuts out the middleman, giving back the power to the owner of the assets (i.e. data or tokens carrying some financial value).

All information is stored across its network via blocks. These blocks, that are time-stamped and linked together with all past and current transactions, are permanently recorded and consistently reconciled and updated in a cryptographically secure way. By storing data across its network, blockchain eliminates the risks that come with data being held centrally.

Distributed ledger

A second property of blockchain is the distributed ledger, that allows sharing of a ledger of activity – such as arbitrary data or virtually anything of value between multiple parties. What makes blockchain so important is its ability to automate trust and transparency among all parties using it. Because the ledger is distributed among all transaction participants, it exists simultaneously in multiple places. Each of the computers in the distributed network maintains a copy of the ledger to ensure transparency and also prevent a single point of failure and all copies are updated and validated simultaneously. This makes it extremely difficult to manipulate entries or tamper with the data without the other parties noticing.

Immutable records

A third unique property is its immutability. By design, blockchains are inherently resistant to modification of data. All blockchain networks adhere to a certain protocol for validating new blocks. No changes can be made once the system is set with the initial standards. Once recorded, the data in any given block cannot be altered without the alteration of all the subsequent blocks, which requires the consensus of the network majority.

Read the full article of our expert Carlo de Meijer on LinkedIn

 

Carlo de Meijer

Economist and researcher

Treasury Management & Corporate Finance

| 28-2-2019 | Vrije Universiteit Amsterdam |

The RT program starts 1 september 2019

The post-graduate Executive Treasury Management & Corporate Finance programme combines two finance disciplines: Treasury Management and Corporate Finance. These disciplines largely overlap and are inextricably connected.

This post-graduate executive programme has now been running for more than 20 years at Vrije Universiteit Amsterdam. It is a unique programme both in the Netherlands and abroad.
As from September 2018 the programme will be delivered entirely in English to appeal to the increasingly large community of non-Dutch-speaking finance professionals in the Netherlands.

Participants successfully completing this post-graduate executive programme will be awarded with the title of Registered Treasurer. This title is well-known and widely recognized within the treasury professionals’ community.

The curriculum consists of 6 modules, each of which covers a clear sub-discipline in Treasury Management and Corporate Finance. Each module comprises approx 8 lecture days on Thursdays (from 15:30 until 21:00). It is an intensive and efficient 18-month programme.

The post-graduate Executive Treasury Management & Corporate Finance programme is a strategic partner of the Dutch Association of Corporate Treasurers (DACT). Partners in the programme are KPMG, Orchard Finance, PwC, and Zanders Treasury & Finance Solutions. Senior affiliates are programme lecturers.

TESTIMONIALS

‘The program offers a lot: interaction with good teachers in a small setting, useful theoretical frameworks and a diverse network of fellow participants and alumni. Highly recommended to everyone working in the Corporate Treasury field, the RT title is a must-have for your professional career.’ (Emile Raymakers – Group Treasurer, Nutreco)

‘I have experienced the RT program as value added and refreshing to my knowledge and experience. Moreover, the program has a broader scope than pure Treasury Management, and offers a good learning experience in the areas of Corporate Finance and Financial Risk Management as well. The fairly small group allows a personal approach, permitting input from own experiences. This connects theory and practice. To summarize: a good investment for me and my employer!’ (Michel van Baardewijk – Treasurer, Vestia)

‘A fine academic program for corporate and public treasurers, their bankers and their consultants.’
(Ed de Bruin – Equity Sales Specialist, ABN AMRO Bank)

‘The ideal basis for the treasurer of the future.’ (Steven de Klein – Cash & Currency Manager – Royal Boskalis Westminster NV)

CONTACT

If you have any questions about the program, please feel free to contact us or visit our website.

Program secretariat Treasury Management & Corporate Finance 
T    00  31 (0)20 – 598 72 31
E    [email protected]

Visiting address:
Vrije Universiteit Amsterdam
School of Business and Economics, room 6A-55
De Boelelaan 1105
1081 HV  Amsterdam