Partnership Cashforce and BNP Paribas

| 03-10-2018 | Cashforce | treasuryXL |

BNP Paribas and Cashforce enter into a partnership to offer digital cash flow forecasting and working capital services to corporate treasurers. Through this partnership, BNP Paribas will offer to its clients Cashforce’s next-generation digital cash forecasting and treasury management solutions, focused on analytics, automation and integration. To further extend its commitment to this partnership, BNP Paribas also invested in Cashforce.

Pursuing the digitalisation of its Corporate clients’ user experience, BNP Paribas today announced it has sealed a partnership with Cashforce, a Fintech company that will allow the Bank to enhance client journeys within cash management and trade finance. Through this partnership, Corporates will experiment a digital, autonomous and cross-banking solution for their day to day transaction banking needs: by connecting its treasury department with other business and finance departments, and by offering full transparency into the cash flow drivers, accurate and automated cash flow forecasting and treasury reporting.

BNP Paribas continues to invest in its digital offering to treasurers and this partnership – which brings the transaction banking business another step closer to open banking – reflects its technology-centric focus and leadership. The platform is unique in its category because of the seamless integration with numerous ERP systems and financial data sources, the ability to drill down the transaction level details, and the intelligent AI-based simulation engine that enables multiple cash flow scenarios, forecasts and impact analyses.

“This partnership with Cashforce marks a new step in our digital transformation and illustrates our commitment to offering our clients the best-in-class solutions they deserve, wherever they come from. Forming agile partnerships with innovative Fintechs like Cashforce, who leverage new technologies such as AI, helps us to significantly accelerate the digitalisation of our customer journey in the area of transaction banking,” commented Jacques Levet, Head of Transaction Banking EMEA BNP Paribas.

“The partnership with BNP Paribas will further boost our international expansion and make more treasury departments work with accurate, efficient and best-in-class cash flow analytics and cash forecasting solutions. Also our working capital analytics engine will further strengthen the integrated banking and trade finance experience for BNP Paribas’s clients.”  added Nicolas Christiaen, CEO of Cashforce.

The platform will be available to clients through CENTRIC, BNP Paribas’ integrated digital banking platform that gives corporate & institutional actors instant access to the spectrum of BNP Paribas’ online financial services.

The full article can be read on the Cashforce website.

BNP Paribas also posted an article about the partnership which can be found here: https://group.bnpparibas/en/press-release/bnp-paribas-cashforce-enter-partnership-offer-digital-cash-flow-forecasting-working-capital-services-corporate-treasurers


Cashforce – Cash forecasting & Smart Treasury

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Masterclass Blockchain

| 01-10-2018 | treasuryXL |

Samen met IJsselvliet Strategie & Realisatie organiseert The Perfect Fit op donderdag 11 oktober 2018 een Masterclass over het thema blockchain.

Blockchain wordt gezien als de grootste IT-revolutie sinds de opkomst van het internet. Traditionele transacties worden door deze technologische ontwikkeling sneller, veiliger en transparanter: blockchain kan voor de revolutie in de 21e eeuw gaan zorgen!

De blockchain is de onderliggende technologie van de cryptovaluta bitcoin. Maar er zijn veel meer toepassingen dan cryptovaluta. De disruptieve kracht van de blockchain-technologie blijft niet beperkt tot de financiële wereld. Zo kunnen bijvoorbeeld eigendomsregistraties in de toekomst via blockchain worden beheerd. Dergelijke toepassingen zullen aanzienlijke gevolgen hebben voor de positie van makelaars, overheden, onderwijsinstellingen, controllers, toezichthouders, juristen, notarissen en accountants. Dat blockchain voor grote veranderingen gaat zorgen en aanzienlijke gevolgen zal hebben, is een feit.

Tijdens deze middag gaan we met elkaar op verkenning over de (on)mogelijkheden van de blockchain en de consequenties met toepassing op organisaties. Na een eenvoudige uitleg wat het is en waarom het mogelijk disruptief kan zijn, komen de volgende vragen aan de orde:

  • Wat kunnen de gevolgen van de blockchain-technologie zijn voor samenleving en organisaties?
  • Wat zijn nu al toepassingen van de blockchain-technologie voor bedrijfsvoering en verdienmodellen van bestaande en nieuwe producten en diensten?
  • Wat betekent dit voor uw organisatie en uw klanten? Waar zitten kansen en bedreigingen?

Praktische zaken

De masterclass wordt van 13.00 uur tot 18.00 uur georganiseerd bij Landgoed de Salentein te Nijkerk. Aansluitend dineren wij met elkaar waarbij uiteraard ook gelegenheid is bij te praten. De kosten van de masterclass bedragen € 295 excl. BTW.
Inleiders zijn de heren Erwin en Thijs Giesbers, beiden al vanaf het begin actief met de blockchain. Zij kunnen er boeiend over vertellen en doen dit uit eigen ervaring, concreet en vooral praktisch. Van harte aanbevolen!

Aan deze masterclass worden 4 gecertificeerde PE punten toegekend. Inschrijven kan via de website van The Perfect Fit of door een e-mail te sturen aan Charlotte van Weerd: [email protected] . Wilt u – wanneer u interesse hebt in de PE-punten – dit aangeven bij uw inschrijving? Graag ontvangen we dan tevens uw voorletter(s) en eventuele titel(s).

Best read articles on treasuryXL – KREDIETBEOORDELING BANKEN: TRENDS EN ONTWIKKELINGEN

| 27-9-2018 | By Peter Schuitmaker |

 

Kredietbeoordeling door banken? Duidelijk is dat de kredietverstrekking door banken stagneert. Vandaar allerlei nieuwe initiatieven als kredietunies en crowdfunding. Ontwikkeling in de wereld van private equity, participatiemaatschappijen, investeringsfondsen zoals NPEX en de diverse mogelijkheden voor staatsgarantie Garantie Ondernemingsfinanciering, Groeifaciliteit en Borgstellingskredieten MKB. De banken doen nog wel mee. Maar dan met nieuwe spelregels: de nieuwe trends en ontwikkelingen kredietbeoordeling banken.

Traditionele beoordeling

Traditioneel werd de kredietbeoordeling door banken gebaseerd op een viertal criteria. Op de eerste plaats was dat de ondernemer. En met name zijn kennis, ervaring, zijn track-record als ondernemer, de moraliteit en zijn financiële betrokkenheid (commitment). Daarnaast telden mee de rentabiliteit (winstgevendheid), de solvabiliteit (verhouding garantievermogen (eigen vermogen) en totaal waarde van de activa) en de dekking (omvang en kwaliteit van de geboden zekerheden).

Kredietbeoordeling nieuwe stijl

Tegenwoordig worden beduidend meer aspecten meegewogen bij de kredietbeoordeling door banken. Bij een kredietaanvraag moeten deze helder in beeld gebracht worden. Deze  beoordelingscriteria moeten aantoonbaar een ruime voldoende scoren. Banken beoordelen de operationele bedrijfsmatigere risico’s, de structuur risico’s en financiële risico’s. Maar ook het eigen verdienmodel wordt meegewogen. Dit artikel behandelt recente ontwikkelingen bij het proces van de kredietbeoordeling.

Positie in de waardeketen

Een van de kernvragen bij kredietbeoordeling is: welke waarde voegt de kredietnemer toe. En in het bijzonder: wie zijn afnemers en toeleveranciers. Hierbij wordt dus gekeken naar de branche in zijn geheel. Dus de (meer algemene) kenmerken van de bedrijfstak waarin de kredietnemer actief is. Daarnaast ook meer specifiek: wie zijn met name de afnemers en toeleveranciers. Hoe is de financiële gezondheid van deze partijen. Wat is hun betalingsgedrag? En welke trends zijn er in de bediende markt die de positie in de waardeketen kan beïnvloeden. Kortom: wat zijn de hiermee verbonden bedrijfsmatige en financiële risico’s.

Primaire bedrijfsproces

Een ander aspect bij de kredietbeoordeling is de organisatie, stabiliteit en efficiëntie van het primaire (productie)proces. Welke waarde wordt toegevoegd en wat zijn de daarmee samenhangende voortbrengingskosten. Met andere woorden: hoe effectief is dat proces en welke professionele rol speelt daarin het management.

Financiële structuur

Een uitgewerkte balansanalyse is een onmisbaar onderdeel van de kredietaanvraag. Deze omvat een toelichting van de omvang  van de activa. Bijvoorbeeld: het vlottend actief. Staat het werkkapitaal wel in de juiste verhouding met de omzet en de directe kosten en inkopen? En de omvang van het vast actief? Wat was de basis van het investeringsbeleid? Wat is het gebruik van deze vaste activa? Wat zijn de bezettingsgraden? In hoeverre generen deze activa een kasstroom? Waar zitten deze risico’s?

Vermogensstructuur

Welke verplichtingen zijn er buiten de balans (huur, operationele lease). Maar ook: wat is de aard van de passiva. Hoe stabiel (zeker) zijn deze? En ook de stabiliteit van de balansverhoudingen: hoe wordt het vaste actief en vlottend actief gefinancierd? En hoe stabiel zijn deze verhoudingen?

Cashgenererend vermogen

Misschien wel het belangrijkste aspect bij de kredietbeoordeling is het vermogen om kasstromen te genereren. Wat is over langere periode de vrije kasstroom? Hoe aannemelijk is deze? Hoe getrouw is deze prognose en hoe werd deze onderbouwd? De beschikbare vrije kasstroom is de EBIT -/- winstbelasting hierover +/+ de afschrijvingen +/+ de non-cash items (mutatie voorzieningen) -/- investeringen in werkkapitaal -/- investeringen. En dan de vraag: hoe verhoudt zich deze ten opzichte van de verplichtingen aan de verstrekkers van het eigen en vreemde vermogen: noodzakelijke dividendbetalingen (om betaling van rente en aflossing van financiering in de holding mogelijk te maken), (financial) leasetermijnen, rente en aflossing van schulden van de kredietnemer.

Structuurrisico

Banken wegen vooral ook structuurrisico’s mee. Zo wordt er nadrukkelijke gekeken naar de omgeving van de kredietnemer. Binnen welke (groeps)structuur wordt geopereerd. Wat zijn de risico’s van een cashdrain naar verbonden ondernemingen? Bijvoorbeeld door intercompany transacties. Kan houvast worden gekregen op dividenduitkeringen aan moedermaatschappijen? Welke entiteiten behoren tot de creditbase: de direct verbonden kredietnemers en de (hoofdelijk) verbonden borgen. Kortom , die partijen die aangesproken kunnen uit hoofde van het verstrekte krediet. Beoordeeld wordt ook de extended creditbase. Hiertoe behoren de partijen waarvan de financiële gezondheid van invloed is op de vermogenspositie van de kredietnemer. Het kan hierbij gaan om leverancierskredieten of overige (strategische) samenwerkingspartners (of ketenpartners) die financiële belangen hebben bij de kredietnemer (lees: financieringen verstrekt).

Overige aspecten

Daarnaast zijn er een aantal criteria die meewegen zoals de juridische positie, vergunningen (bedrijfsvoering, producterkenningen en –certificeringen) en milieuaspecten. Ambities en een geïmplementeerde visie op het gebied van MVO (maatschappelijk ondernemen) helpt om paden te effenen.

Pricing

Een belangrijk criterium voor de kredietbeoordeling is het eigen verdienmodel van de bank. Waar vroeger vooral ‘volume’ van de kredietportefeuille prioriteit kende, is het tegenwoordig vooral de ‘kwaliteit’  van de kredietportefeuille die telt. Dat betekent dat de bank –naast de beoordeling van het krediet- tevens zich ervan zal vergewissen of de opbrengsten van de kredietverstrekking (rente en provisies) voldoende opwegen tegen de kosten en risico’s.

Uniform Counterparty Rating

In een financieringsrapportage moeten de voornoemde aspecten in voldoende mate worden uitgewerkt. Al deze gegevens wegen mee in de UCR systematiek: Uniform Counterparty Rating. Dit is een samenstel van financiële ratio’s en bedrijfsmatige gegevens. Financiële ratio’s zijn bijvoorbeeld operationeel resultaat / omzet, current ratio, crediteurentermijn,  totaal rentedragende schuld / EBITDA , solvabiliteit, enzovoorts. Bij een kredietaanvraag is een overzichtelijk en onderbouwd investeringsoverzicht onmisbaar. Zo wordt duidelijk om welke investering het in de kern gaat: waar zijn de gevraagde middelen voor nodig. En daarbij ook de onderbouwing: de bedrijfskundige motivatie en de bijdrage aan op het rendement en risico van de kredietnemer. Maak hierbij inzichtelijk hoe de kredietnemer het risicoprofiel zal monitoren. En wanneer welke stappen worden gezet als het risicoprofiel verslechtert.  Op deze manier bouwt u een solide kredietaanvraag die op een positieve besluitvorming van uw bank kan rekenen.

 

Peter Schuitmaker

Registered Advisor for Business Transfer and Succession

 

 

 

Content origineel geplaatst op BBO&F 

 

 

Real and fake risk control – Treasurers and recruiters benefit and suffer

| 25-09-2018 | by  Pieter de Kiewit |

As owner of a small company I have been listening to people complaining about regulatory and compliance affairs for a long time. 2018 will be the year these affairs have a substantial impact on my business and now I can understand the complaints. Both treasurers, recruiters and, I expect, many others in our society, struggle finding the balance in correcting what goes wrong and the hassle of too many rules. Some simple examples: 

  • ING is punished hard for money laundering and I suspect just so. The rules are in place but not applied. My assumption is that target setting beats following the rules;
  • Some large corporates nowadays hire recruitment outsourcing parties that do the procurement of my services. One of them required me to inform them about the payrolling of my staff because: “in Bangladesh there is child labour and we want to prevent you make the same mistake”;
  • One of my clients is a subsidiary of an international conglomerate and decided to implement the services of a new cash management bank. The project has been on hold because the HQ of the conglomerate and the bank cannot agree upon the know your customer (KYC) regulations, much to frustration of all involved;
  • GDPR is implemented, also to control the power of large internet firms. Of course these regulations also apply to my business but did any of you read my new privacy statement or actually read cookie statements? Bureaucracy rules!

I think 99% of us know what is the right thing in 99% of the cases. This is what our parents taught us. That does not mean we will do the right thing. In the current situation, regulators want to solve issues by creating new rules. I am happy that applying the rules with consequences, as with ING, is being done increasingly. I think the structural solution does not lie in more rules.

Hopefully we can all start a dialogue about what is right and act upon it. Customers and clients, family members, colleagues, countries, teachers and students. Not blindly following the rules, but following them because we understand and agree. I am aware that this sounds might sound soft and is not possible in all situations. With many of our clients we cooperate successfully based upon a few bullet points in an email. That’s the way I like it.

Will you share your thoughts?

Pieter de Kiewit

 

 

Pieter de Kiewit
Owner Treasurer Search

 

 

 

Reminder Treasury India Summit Mumbai

| 24-09-2018 | CFO Engage | treasuryXL |

Treasury’s strategic role continues to expand as it takes on more responsibilities, collaborates with an increasing array of business units, advises senior management and becomes heavily involved in making capital allocation decisions.

Treasurers’ skill sets are increasingly in demand to provide analytical rigor and advise corporate leaders and boards of directors on how to best optimize corporate liquidity and ensure holistic risk management. To meet growing demands for their time and advice, treasurers have to ensure highly effective and efficient treasury operations in order to fulfill their traditional roles while also meeting the requirements of the “new” treasurer. Companies that embrace this transition into a broader role for treasury and take advantage of treasury’s analytical and risk management capabilities will have an opportunity to make better strategic decisions in an increasingly uncertain business environment.

CFO Engage brings to you Treasury India Summit- a platform for thought leaders in the house of treasury to exchange ideas and network with industry peers.

Why Attend?

  •  Learn how to improve performance by seeing exactly how someone else did it
  •  Hear case studies, lessons learned, and strategic advice from leading treasury management
    teams to identify approaches that work for your company
  •  Network with your ecosystem: Connect and build longterm working relationships with industry peers
  •  Benchmark your performance: Assess strengths, uncover areas for improvement, and keep up to date with the industry.
    Also, identify key IT strategies that generate tangible business value
  • Get new ideas: Engage in live demos and casual discussions, and learn about partner innovations and predictions of things
    to come, to get a fresh perspective and valuable ideas to apply to your business

Treasury India Summit is brought to you by CFO Engage and is an exclusive platform for Treasury professionals from India’s largest and most influential companies. They are brought together to collaborate on the most pressing issues globally. For more information about the event please visit the event’s website.

What is this Treasurer Test that we will launch shortly?

| 20-09-2018 | by treasuryXL |

The Treasurer Test is mainly created to give treasurers, their current and future employers and recruiters insight into the skills and personality of the treasurer. To achieve the foregoing, the test consists of two main parts.

Treasury technical knowledge

In this section the treasury knowledge level of the testee is tested. The questions in this section are developed by De Vrije Universiteit Amsterdam and The University of Applied Sciences of Utrecht in cooperation with industry experts. The four categories tested are Cash Management, Corporate Finance, Risk Management and Treasury Miscellaneous. There is limited time available for each category. The questions get increasingly more complex: the first question is easier than the last one. Harder questions are rewarded higher than easy ones. The results are reported in absolutes (like a GPA), but will also be compared with a peer group that has about the same experience. As a hiring manager you can compare your potential employee with other candidates in the labour market.

Personality Profile

Twelve personality traits are tested in the personality part of the test. We have chosen for the Big5 model, in a later blog we will explain why. The outcome is compared with the general population and with the treasury population. We do this under the assumption that the personality of an average treasurer is different from a member of the general population. For example, the treasury testee might not be good at making contact in comparison with the general population, but at the same time be better at this than other treasurers.

As mentioned earlier, the test gives an insight into the skills and personality of the treasurer testee which can be used to decide whether he or she fits the position. The test can also give an indication whether the testee fits the company culture and if there are areas where the treasurer needs training or development.

We are currently testing the product, fill the benchmark and keep you posted about the progress of the test in the next weeks.

Roy Baaten – Community Manager at TreasuryXL

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Reminder Event: INTERNATIONAL TREASURY MANAGEMENT CONFERENCE 26-28 Sept @ EUROFINANCE

| 17-09-2018 | Eurofinance | treasuryXL |

Join the global treasury community at EuroFinance’s  27th International Treasury Management conference on 26-28 September 2018. This year, we look at how to prepare treasury for the future – because it is no longer enough to just deliver on treasury’s core responsibilities.

New technology, business model disruption and unprecedented compliance, regulation and geopolitical issues will change the profession beyond recognition. Treasury needs to react and adapt.

  • Discover which tech is relevant to you and how to future-proof your treasury
  • Hear how to be proactive, work with the rest of the business and keep treasury relevant
  • Learn how others are seizing the opportunity to review everything from staffing to structures

This fresh new programme is based on over 1,000 interviews and discussions with treasury professionals around the world. It will deliver cutting-edge content, real-life case studies and thought provoking big picture sessions.

Network with an unparalleled senior audience of 2100+ delegates from over 50 countries. Find out what to expect here: https://bit.ly/2Nv8RI3

For more information or if you want to register for the event visit the events website.

 

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5 steps for optimizing payment transactions

| 13-09-2018 | TIS | treasuryXL |

They are one of the most important economic transactions and since all times have provided us with order and structure, but at the same time they have been a nuisance, because they are equally complex and essential. They come in the form of cash payments, semi-cash payments and non-cash payments, with the latter definitely at the forefront. But in order to organize payment transactions optimally, there are a few things that need attention.

In this article you will find out everything on how to renew your payment transactions, making them more transparent, simpler and more secure. At the same time, you can keep up with digital transformation.

Step 1: Getting an Overview

Regarding innovations in payment transactions, there are many items that require attention. For this reason, it is important to get an initial overview of the current payment transactions situation and a breakdown of the complexity of the factors contained in this term. You should be able to answer questions regarding current payment formats, including abroad, bank communication and possible bank connections before you start making any changes. You should also take into consideration your own payment transactions, in order to recognize weaknesses and potential improvements. Only then will you know if there is still potential for optimization and where the innovation process needs to start.

Step 2: Setting Goals

As is the case with successfully mastering any task, it is important to first set goals in advance and to monitor the results to be achieved. In this way, you prevent inaccurate or unwanted results and a lengthy change process. In order to define your goals, you should compare and consider the potential connections to the bank, systems and formats which are to be used in the future. Moreover, an initial conceptional model of the potential new banking landscape should be developed.

Once the first two steps have been carefully considered, it is down to the nitty gritty: making better decisions.

You can read the full article on the website of Treasury Intelligence Solutions GmbH.

 

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Treasury is dead. Long live treasury?

| 11-09-2018 | Eurofinance | treasuryXL |

 

If Global Business Services models can do a better job at HR, procurement, networks, IT and data analytics, why doesn’t it just take over treasury? At some firms, it’s already happening.

Shared services are again all the rage as companies search for the short-term wage arbitrage of offshoring. At the end of 2016, Warner Music Group announced the creation of a new US centre of excellence for Shared Services in Nashville, Tennessee, to aggregate its US Accounting Operations, Cash Management and Recorded Music Rights Administration. In June 2016, Eltel announced its intention to establish a new Global Shared Services centre in Poland later this year. The decision has now been taken to locate the centre to Gdansk. The centre will provide all Eltel businesses globally with support services in the field of finance, human resources and procurement. And Nestlé, as part of an ongoing programme of structural cost saving, has recently set up two more SSCs, one in China and one in Portugal taking the total to nine.

Initially, treasury is in control of the outsourcing of its functions. The creation of one or more shared service centres is driven by a corporate desire for lower-cost, higher efficiency processes. Treasurers’ solution has been to centralise treasury operations and to outsource non-strategic treasury processes.

Typically, this process starts with streamlining bank account structures, bank account management and pooling mechanisms, often by moving to a single banking partner. This eliminates manual processes, creates greater cash visibility and gives treasury access to real-time information, allowing it to develop better cash forecasting and insights into the underlying businesses. Standardisation is achieved through the adoption of ISO standards or the creation of company-wide process templates.

The full article written by Simon Brady can be read on the Eurofinance website.

 

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Reminder Event: TOMORROW’S EUROPE: Uncertainty and unprecedented opportunity

| 10-09-2018 | Reuters | treasuryXL |

Join this dynamic discussion where a panel of economic, geopolitical and business experts will explore what ‘Tomorrow’s Europe’ may look like.

Europe is at a crossroads. It faces many challenges – from globalisation and geopolitics, to the impact of new technologies and trade agreements. But change also brings great opportunities for the brave and adaptable. Above all, innovation, entrepreneurship and investment will be the foundations of future prosperity. And businesses – as the main creators of jobs and growth – have a pivotal role in determining what ‘Tomorrow’s Europe’ will become.

Our expert panel will discuss

  • What will drive economic growth?
  • What are the geopolitical factors that lie ahead?
  • Which businesses and markets will bring investment to the region?
  • What will propel innovation and competition?
  • How new regulations and a post-Brexit trade landscape will shape the decades to come

All this, and much more, up for debate at the Axica, Berlin on 19 September 2018.

Agenda

6:30 pm: Arrive and sign in
7:00 pm: Welcome and introductions
7:10 pm: Panel discussion
8:00 pm: Audience Q&A
8:30 pm: Networking drinks reception

Meet the Speakers

(Additional panellists to be announced shortly)

Özlem Bedre-Defolie

Associate Professor of Economics, ESMT

Özlem Bedre-Defolie is an associate professor (with tenure) of economics at ESMT Berlin. Her research has been published in leading Economics, Marketing and Industrial Organization journals, including American Economic Review, Journal of Economic Theory, American Economic Journal: Microeconomics, Marketing Science, International Journal of Industrial Organization.

Ferdinand Fichtner

Head of Department, DIW Berlin

Dr. Ferdinand Fichtner is Head of the Forecasting and Economic Policy Department at DIW Berlin. He holds a Ph.D. from the University of Cologne and wrote his dissertation thesis about the effects of monetary integration on economic welfare. He is one of the leading German experts on macroeconomic policy, with frequent appearances on national and international media and close connections with German and European policy makers.

Josef Janning

Head of European Council on Foreign Relations, Berlin Office

Josef Janning joined the European Council on Foreign Relations in April 2014 as Senior Policy Fellow in the Berlin Office. Josef has published widely on European Affairs, International Relations, EU foreign and security policy, German foreign and European policy as well as global affairs. On these issues he also is a frequent commentator with German and international media.

Panel Moderator: Vanessa Cuddeford

Vanessa Cuddeford is a journalist and presenter with 15 years’ experience. She anchors and reports for the BBC and Reuters, regularly presenting news, arts and business programmes for international broadcasters.

This event is for:

Business leaders / senior executives / entrepreneurs

For more information or if you want to register for the event visit the events website.

 

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