Better Decisions through real-time Reporting: Business Intelligence about Cash Flows & Cash Positions

|17-5-2017 | Joerg Wiemer | TIS | Sponsored content |

How do strategic professionals decide on the best path to success for their company? The key is in transparency and real-time reporting. If it comes to the responsibility of the treasurer or financial professional this means deciding about company-wide cash flow and liquidity levels, bank, customer and supplier relations and working capital.

When cash flow visibility is the lifeblood of your company, you want full control and knowledge. Direct access to insights on profitability and potential business risks allow users to drive better decisions based on solid business intelligence, accessible anytime and anywhere.


Better decisions: Companies now have the power of the Business Discovery Manager – a business intelligence module within the TIS cloud platform. Supplier, salary and treasury payments can be easily analyzed along with cash flows, liquidity and working capital via easy-to-use dashboards and reports. The tool, enhanced through state-of-the-art BI technology, enables users to access all strategic insights in a single, flexible, web-based and multi-bank, multi-ERP capable platform available 24 hours a day from anywhere in the world.


Source: TIS Treasury Intelligence Solutions GmbH


You can’t manage what you don’t measure

  • A lack of visibility over liquidity, working capital and cash flows at the C-level, in treasury, controlling, accounting, Sales and
    purchasing departments.
  • No transparency regarding bank relationships, liquidity positions and account turnover
  • No transparency regarding customer and supplier relationships, as well as incoming and outgoing cash flow

TIS Business Discovery Manager

Company-wide unified automated analysis of cash flow, liquidity and working capital in various departments of Corporate headquarters and in local subsidiaries

  • Multi-bank capable
  • SAP ERP integration via certified plug-in; connection to any ERP, HR and treasury system
  • State-of-the-art BI technology and functionality in a single SaaS solution
  • Support of customer-specific BI tools; support of self-service BI functionality
  • Business Intelligence as a Service: Ready for use throughout the company within seconds without any complex IT projects
  • No changes to bank or system landscape required; the solution is flexible and easily adaptable
  • ISO 27001 certified for data security

 Customer value

  • Better decisions based on complete visibility of liquidity, working capital and cash flows
  • Ability to quickly answer essential questions without the need for any extensive IT projects

Your benefits

C-Level executives:

  • Instant reports about cash flow performances (total of all inflows and payments) of the various local subsidiaries compared to one another over a specific time period
  • Identification of corporate risks and value-adding activities to drive future growth
  • Tangible insights to support internal and external audits
  • Power and data to provide strategic advice to sales and procurement departments

Treasury and controlling teams:

  • Answers to key questions, such as: How much liquidity is available at which bank? What is the net cash flow for a specific currency over a specific time period for a group of companies (natural hedge)? How much working capital does a local subsidiary require in a specific time period?
  • Increased compliance, transparency, and more efficient processes paired with reduced costs

Accounting teams:

  • Visibility of when a supplier was paid, or when a customer paid a local subsidiary over a certain time period
  • Insight into the value of inflows made by customers via various bank accounts and ERP systems over a specific time period

Sales teams:

  • Insight into the value of inflows made by customers and the overall payment behavior of the customer base

Purchasing teams:

  • Transparency across values of overall payments to a supplier via various bank accounts and ERP systems over a specific time period

Source: TIS Treasury Intelligence Solutions GmbH

Business Discovery Manager: never struggle to answer any of these business-critical questions again


joerg wiemer

Joerg Wiemer

CSO and Co-Founder of TIS


Financial Systems 2017 – Event with a Treasury Twist

| 12-5-2017 | Pieter de Kiewit | treasuryXL | Sponsored content |

In 2016 Treasurer Search, as a sponsor partner, was a guest at our booth during the annual event “Financial Systems” in Nieuwegein and they will be present again this year. The event will open its doors on May 18th, and you can read more about this event on We asked our expert Pieter de Kiewit, owner of Treasurer Search to look back on last year’s event and tell us what to expect this year.

Looking back on last year

Last year, we as Treasurer Search (together with treasuryXL) were able to give part of the event a treasury twist by organizing a workshop that was well appreciated. Four interim managers presented their top tips about treasury software selection and implementation (see

Looking forward to the 18th of May

Everything is prepared and ready to go.This is what we have planned this year.

We will be present again on the stand and information market of treasuryXL. Their stand will be the meeting point for the treasury community. We will again facilitate knowledge exchange and networking. We believe that, between all ERP, bookkeeping, credit management and other systems, there should be room for treasury management systems, cash forecasting software, payment and other software. A treasury pavilion, together with a Fintech component must be worth a visit.

Parallel session together with treasuryXL

As to our parallel session, we were contemplating various topics. Last year’s operational approach was well appreciated, so we will again present the practical aspects of newest technology. This year’s parallel session has the topic “Systems om je bank buitenspel te zetten” (Technology to put your bank at the side-line)
‘Until recently the banker was an indisputed advisor and bank fees were not open for discussion. But times change and technology contributes to this development. It creates possibilities to re-arrange funding, cash and risk management. Costs are safed, risks are limited and information becomes more comprehensible. As specialised recruiter and active member of the treasury community I will share my vision on contemporary, relevant technology with you in an interactive session. What will your next conversation with your bank be about?’

Free registration with code

Admission to the event is free. We do appreciate your visit. When registering via, choose the option ‘gratis registreren met code’ and use the following registration code: TXL2017
This will help us analyzing the visitor population and adjust the program to your background.

I look forward to seeing you at Financial Systems, together with treasuryXL,


Pieter de Kiewit



Pieter de Kiewit
Owner Treasurer Search



Short term loans for financing your company

|11-5-2017 | François de Witte | treasuryXL

You might visit this site, being a treasury professional with years of experience in the field. However you could also be a student or a businessman wanting to know more details on the subject, or a reader in general, eager to learn something new. The ‘Treasury for non-treasurers’ series is for readers who want to understand what treasury is all about.
Our expert François de Witte tells us more about an important task of a treasurer: funding, namely short term loans.


One of the main tasks of the treasurer is to ensure that the company has the required funds to operate. The treasurer will usually contact the banks for this funding. The banks can extend secured or unsecured credit facilities. These can be long term or short term. In the current article, we will cover the unsecured short term loans.

Overdraft lines

The most flexible credit line is the overdraft loan: when providing an overdraft facility, the bank authorizes the company to go below zero on its account up to a certain amount. Overdrafts can be a good way to borrow  money for a short period of time. For example, if you don’t have enough money in your current account to cover your outgoings, and are uncertain about when your accounts receivables will be collected, you can negotiate with your bank an overdraft limit. If in that case, you have say 1 million Euro of expenses you can pay them, even if your account balance goes below zero. Once you will collect the accounts receivables, the overdraft position will be settled.

Usually the banks charge in case of use of the overdraft facility an interest rate based upon the internal rate of the bank plus a margin, and in some cases an overdraft fee charged on the total amount of the facility.

Having an overdraft can act as a useful buffer to cover your peak cash needs. It is the most flexible loan, because, in case you have cash inflows, they can be immediately used to reimburse the facility. However if the cash need is more structural,  overdrafts are not a very effective way of borrowing, because they may come with a higher rate of interest than some other loans such as the short term advances.

Short term advances

When you have a more structural cash need for a certain period of time, it can be useful to consider short term advances or straight loans. In this case, the bank will extend a short term advances (straight loans) facility.

When the client wishes to utilize this facility, he will ask for a drawdowns amount made available for an agreed upon period at an agreed upon rate. On the required date, the bank will make the amount available, e.g. 1 million Euro, on the account. At the maturity of the short term advance, the borrower needs to repay the advance and the interest. The interest is usually calculated on a benchmark, e.g. Euribor or Libor plus a margin.

The client determines the timing of the drawdowns. Advances are usually extended in the framework of a credit line, although in some cases, the client can just ask a punctual advance to cover a specific need.

Short term advances are less flexible then overdrafts. If you have a short term advance of say 1 million Euro for 1 month, and 15 days later you receive a large collection of say over 1 million, you cannot reimburse your short term advance, and will hence during the last 15 days pay interest on your short term advance, without any or almost any remuneration on your current account. For this reason, we recommend to use short term advance for long(er) term cash needs.


Overdraft facilities are the most flexible loans, but are quite expensive. If you have long(er) term cash needs, it might be useful to consider straight loans, as they are usually less expensive.

There exist many other solutions to finance the short term needs of your business, such as the financing of accounts receivables and factoring. This will be covered in a separate section.


François de Witte – Founder & Senior Consultant at FDW Consult & Flex Treasurer

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MIFID II – a short excursion into the MIFID landscape

| 10-5-2017 | treasuryXL |

MIFID II – you read about it frequently. And there are more abbreviations: you will also find MIFIR and MIFID I.  As a banker you will know what we are talking about.  As a treasurer or financial professional you are supposed to understand what MIFID II will bring you. We think it is time to zoom in on this subject and present a short summary.


MIFID, short for ‘Markets in Financial Instruments Directive’ (2004/39/EC) and applicable since November 2007 has been a cornerstone of the EU’s regulation of financial markets  since then. It aims to improve the competitiveness of EU financial markets by creating a single market for investment services and activitities. To ensure a high degree of harmonised protection for investors in financial instruments.

MIFID or MIFID I set out the conducts of business and organisational requirements for investment firms, authorisation requirements for regulated markets, regulatory reporting to avoid market abuse, trade transparency obligation for shares; and rules on the admission of financial instruments to trading.


MIFIR short for Markets in Financial Instruments Regulation is more than a directive. It is a European law and needs to be implemented as written. The member states have to comply with this regulation and the aim is to protect end consumers and markets. It unifies for example reporting and ensures that the reporting format is consistent.

The Markets in Financial Instruments Regulation and the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC, commonly referred to as MiFID II and MiFIR, were adopted by the European Parliament on 15 April 2014, after heavy discussions that lasted more than two years.


MIFID II and MIFIR are building on the rules of MIFID I, already in place. The new rules are designed to take into account developments in the trading environment since the implementation of MiFID in 2007 and, in light of the financial crisis, to improve the functioning of financial markets making them more efficient, resilient and transparent.

MIFID II will be transposed into the national laws of Members States on July 3rd, 2017 and will apply within Member States from January, 3rd, 2018.
(Source: European Securities and Markets Authority (ESMA)

MIFIR reporting list

Implementing MIFID II and MIFIR will be a real challenge, as it brings enormous complexity for enterprises throughout the industry in terms of generating, collecting and processing financial data. We found a MIFIR reporting list, published by the London Stock Exchange Group, which is applicable not only in the United Kingdom.

In short they propose the following to firms to help them be in the best possible position for MiFIR reporting go-live:

  • Preparing your data to the wider scope of MIFID II with a project tool that allows to not only find data but also access it
  • Know what you are doing about data protection
  • Select your ARM (Approved Reporting Mechanism) and APA (Approved Publication Arrangement)
  • Identify which transactions to report by sourcing a reliable list of instruments that are eligible for MiFIR transaction reporting
  • Train your staff
  • Reconcile your data with the help of an ARM
  • Implement appropriate governance –  ensure best practice in effectiveness and appropriate accountability.
  • Give management business insight

More details can be found in the MIFIR reporting list of the London Stock Exchange Group.

There is little time left until the implementation, still much to do in the industry and it will involve considerable human resources and IT costs. The trading landscape will change significantly.


Annette Gillhart – Community Manager treasuryXL

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The IT Savvy Treasurer

| 9-5-2017 | Patrick Kunz |


We cannot switch on the news without hearing about technological advancements which, supposedly, make our lives easier, better or smarter. We all embrace these, get used to them and cannot do without them anymore. Sometimes we think back to the time before these advancements and cannot image how we lived without them. The same applies to treasury.



I am 35 years old; my experience in treasury was always linked to IT. I sometimes hear stories from older treasurer who worked without computers, later tabulating/punch cards and still managed to do a good job in their field. Of course times have changed; information is faster than in these days and also the need to process it. We all had to embrace the new technology. In this blog I will try to analyse the link between IT and treasury and try to make predictions about the future or at least where I wish the future would go (in treasury terms).


In the old days payments were a manual process with people entering them in the banking system or sending them to the bank via fax. Nowadays, we link our ERP system with the banking system and have a batch file automatically added to the bank. With bulk payments a payment hub can be used which will make the whole process bank independent, fast and cheap. If wanted and needed the whole process can be made straight-through by automating it from creating a payment to approving it.

The future will make payments even faster (instant payments should be possible in the sepa region from November onwards), cheaper and more bank independent (PSD2 regulation allows non banks to link with your bank and provide (payment) services). Maybe we will be using our facebook account for payments sooner or later. Bitcoin could be an alternative payment currency and/or be used to hedge non deliverable currencies (to achieve this the volumes need to increase significantly).

Risk management

An important part of the treasurers work is risk management. Hedging FX, interest rate, commodity prices are daily business for a treasurer. Doing the deal is easy, doing the right deal is more difficult. A treasurer can only hedge correctly if he knows what he is hedging: the exposure. To know the exposure information of the business is key. The reason for the exposure originates in sales (FX) or procurement (FX and Commodity). These departments need to be aware that the actions they take might have consequences for the treasurer and therefore the treasurer needs to have some information. I have been at companies where sales was daily generating a lot of USD exposure at a EUR company. They were supposed to let finance know about positions. Often this was done at day’s end or forgotten and done a day later. Result: an exposure on USD without the treasurer knowing it; a risky position. IT helped to fix this. Sales entered a deal in a program and the relevant FX exposure was automatically shared with the treasurer via an API to the Treasury Management System. The treasurer could  decide directly whether he needed to hedge or not and even aggregated deals to get better rates at the bank. For small deals a link was set up with a FX trading platform to STP them at the best rate.

The future in risk management will be even more automation within the company (internal) but also with connections to banks and risk solution providers. Prices are becoming more transparent due to the fact that bank independent solutions are available which compare prices, in real time. Risk management sales is becoming less a bank business. Brokers are having less hurdles to enter the market, due to IT platforms in the cloud.  Why pick up the phone and call your bank for a EUR/USD quote when you can compare prices via an online platform and directly trade it? Often you don’t even have to settle via your own bank accounts but you can have it directly sent to your customer or supplier.

For Trade Finance blockchain will become the new standard. The financing and shipping of commodities is a rather paper based process which is inefficient and slow. Blockchain could automate and improve the speed massively. The challenge to achieve this is big as there are many parties involved,  but initiatives have started so the future is beginning now.


As above examples show information is key to a treasurer. Even more so, as treasury is often a small team and most of the information comes from other departments. To get this information the treasurer can use several nice IT solutions. The ERP systems helps, but the treasury needs to know where to find the information. A treasury management system is often used to sort all treasury related information. TMS can link with ERP systems or other systems to gather information. The TMS will sort this information so that the treasurer is well informed and can make decisions.  When I started in treasury 10 years ago the market for TMS was small; systems were expensive and limited in use (payments only, fx only etc). Nowadays a TMS does not have to be expensive anymore. A SME (Small medium enterprise) could use it to upgrade their treasury information. Most TMS can be used for all aspects of treasury (cash Management, risk management, corporate finance, guarantees etc). This will give the tech savvy treasurer an edge. The treasurer with most information can make the best decision. In treasury taking decisions while being well-informed often means either costs saving (e.g. better cash position, lower working capital) or lower risk. The IT savvy treasurer contributes to an optimally functioning company; he/she should be considered a business partner; he knows your cash position, your risk position and your balance sheet, hopefully in real time at all times.


Patrick Kunz

Treasury, Finance & Risk Consultant/ Owner Pecunia Treasury & Finance BV




Other articles of this author:

Flex Treasurer: The life of an interim treasurer

How much are you paying your bank?


National Blockchain Coalition: No Dutch Polder model!

| 8-5-2017 | Carlo de Meijer |

Now also The Netherlands (I am a Dutchman!) has its broad-based collaborative blockchain initiative. At the end of last month (30 March 2017), there was the official kick-off of the National Blockchain Coalition (“Nationale Blockchain Coalitie” in official Dutch language) (NBC) at the premises of the Ministry of Economic Affairs in The Hague. The National Blockchain Coalition is a collaboration of more than 20 organisations, governmental institutions and knowledge centres. At the same event the action agenda was handed over to The Dutch Economics Minister Henk Kamp on behalf of the partners of the NBC.

National Blockchain Coalition: raison d’être

The creation of the Coalition is an initiative of Team ICT, last year set up by the Ministry of Economic Affairs and is one of the action points in the “Digital Agenda” of the Dutch Government to accelerate the digitalisation of the economy.

The partners in the Coalition are convinced there is increasing need for corporates and government bodies to realise synergies between existing blockchain initiatives, facilitate them and bundle and share the knowledge already gained. Al these initiatives are being brought into the Coalition. But they also agreed that there is a need to create coherence between policy, regulation, supervision, maintenance and execution.

Main goal of the Coalition is to establish the preconditions needed for trusted and reliable blockchain applications. The collaboration aims, by means of collective initiatives, cooperation and knowledge sharing, to enable the Netherlands become front runner in the field of applying blockchain technology.

Some quotes (originally in Dutch!)

“The Blockchain Coalition stands for innovation and an open network approach. Cooperating on difficult issues that no one can solve on its own”. Minister Kamp

“Developing and introduction of blockchain ask for a coordinated approach of challenges by parties form various sectors. If The Netherlands in this pioneer stadium takes the chances there are, we could become a frontrunner in the blockchain area in the world”. René Penning de Vries, Team ICT

“We as employers organisation are extremely positive about this initiative and its timing. If we (in the Netherlands) collectively shoulder this project, I am firmly convinced that we will be frontrunner worldwide on blockchain.” VNO-NCW chairman Hans de Boer

“Most important lesson is that you cannot pick up this (blockchain) theme alone. Most value will be created if you bring more parties together and unites. That is also one of the main reasons to get to work with blockchain via a consortium”. Mariken Tannemaat, Chief Innovation Officer Nationale Nederlanden 


This joint initiative has 23 founding partners and 8 sustaining organisations. Because the application of blockchain technology is expected to have a big impact on the financial sector, as well as logistics and energy sector, these are the best represented sectors in the Coalition.

From the financial services side banks like ABN AMRO, ING en Volksbank and insurer Nationale Nederlanden participate.
Other partner organisations are: Havenbedrijf Rotterdam, Enexis, Alliander, de Koninklijke Notariële Beroepsorganisatie, Brightlands, CWI, Inspectie Leefomgeving en Transport (ILT), de KvK, RDW, Rijksdienst voor Identiteitsgegevens, ECP | Platform voor de InformatieSamenleving.
From the government side participating bodies are: Ministeries van Economische Zaken, Infrastructuur en Milieu, Veiligheid and Justitie en Binnenlandse Zaken en Koninkrijksrelaties.
From the knowledge centre side: TU Delft, Universiteit van Tilburg, Radboud Universiteit, Centrum Wiskunde & Informatica, NWO and TNO.
Supportive organisations include: AFM, Betaalvereniging Nederland, De Nederlandsche Bank, de NVB, DutchChain, SIVI, StartupDelta en Verbond van Verzekeraars.

Action Agenda

The action agenda is a joint initiative of the above mentioned organisations. In this action plan it is described which steps the Coalition is going to take in the coming period to realise the various goals. The agenda contains three lines of action to boost blockchain expertise and operational readiness in The Netherlands.
The partners of the National Blockchain Coalitie will primarily focus on the development of digital identities, with which persons, objects and legal persons in the blockchain can perform transactions as part of a blockchain. Working on these identification processes requires the focus on both interoperability (APIs) and standardisation.
”Goal is to create stronger identities for persons, so that repetitive verification is not needed. This is one of the preconditions needed to let blockchain function well”. Program manager Ad Kroft.
Besides that the Coalition will also work on solutions in the field of legislation and acceptation. It is thereby their intention to work on the right conditions under which blockchain can be used.

Also arrangements have been made regarding education, knowledge sharing and strengthen skills. The third line of action is realisation of the Human Capital Agenda to improve the level of knowledge and skills on blockchain, both at an information-technical as well as on social-scientific, economical, legal, ethical and business themes.


Blockchain has the potential to make business processes more efficient and reliable. The Coalition partners foresee great possibilities within the country for improvement of service delivery, better control of production processes, cost savings, reduction of fraud and reduced cyber risk.The Coalition also foresees positive effects on the autonomy of citizens, transparency of transactions, cybersecurity and reduction of administrative burden.
“Blockchain plays an important role in the further strengthening of trust in the world of digital transactions. This technology brings positive effects for the efficiency of organisations that are active in the financial sector.” Arjan van Os, Head Innovation Centre

No Poldermodel

Collaboration, certainly when talking about blockchain is a necessity. To discuss the rules of the game, agree on common issues etc. But the participating partners in this Coalition should prevent that the final results are weakened compromises (for the sake off!!). The partners in the Coalition should keep in mind that in this field a Polder model to keep everybody satisfied is not the way!!!! Because that will leave the Netherlands behind, not in front. Besides, the benefits of blockchain can only be reaped at the maximum in an international context. And not isolated. This asks for international cooperation.


Carlo de Meijer

Economist and researcher


Autorisaties en bevoegdheden vastleggen – ook noodzakelijk voor het MKB

| 5-5-2017| Jan Doosje |


Helmi van Bergen van Juridiqua heeft onlangs een interessant artikel gepubliceerd over autorisaties en procedures rondom autorisaties. Vorig jaar heb ik een artikel voor TreasuryXL geschreven betreffende autorisaties en procedures met betrekking tot cash en treasury management. Ik zie het artikel van Helmi van Bergen in het verlengde hiervan.

“Bureaucratische” regels

Het is mij bekend dat veel bedrijven in het MKB wars zijn van al teveel bureaucratische regels. Echter, als deze “bureaucratische” regels (lees: autorisaties) helder en kernachtig zijn geformuleerd, geformaliseerd en ook gecommuniceerd zijn levert dit ook (of wellicht vooral ook) in het MKB veel rust in de bedrijfsvoering op.

Door een goede implementatie in de (financiële en logistieke) systemen hoeft het werken met autorisaties overigens ook niet te leiden tot een uitbreiding van indirecte kosten het is eerder te verwachten dat er efficiënter gewerkt kan worden (minder discussies en minder onduidelijkheden). Het argument van hogere kosten kan m.i. gemakkelijk weerlegd worden en is dus geen excuus om procedures en autorisaties niet vast te leggen.


Zowel eigenaren/directie als de medewerkers kunnen veel winnen bij het invoeren van autorisaties en een autorisatietabel. Geen discussies of onzekerheden bij de medewerkers of iets al dan niet mag of voor welk bedrag er (bijvoorbeeld ) een verplichting aangegaan mag worden. Het is uiteraard aan de ondernemer zelf om te bepalen in hoeverre hij zijn staf- of lijnorganisatie het vertrouwen wil geven om zaken zelfstandig op te pakken, uiteraard ook afgezet tegen zijn ‘risk appetite’ en financiële draagkracht.  Voor veel werknemers zal het een verrijking van hun werkzaamheden betekenen, de organisatie spreekt (impliciet) vertrouwen uit en dat werkt veelal enorm motiverend.
Voorwaarde is wel dat er voldoende waarborgen in de procedure zijn opgenomen waaruit blijk dat functionarissen hun bevoegdheden niet te buiten zijn gegaan en dat er, naast beloning, ook “straf” gegeven kan worden als bevoegdheden worden overschreden.

Vanuit oogpunt van certificering helpt het ook als procedures formeel worden vastgelegd en ook blijkt dat er navolging aan wordt gegeven alsmede controle op bestaat. De organisatie heeft meer grip op het proces en heeft meer zekerheid dat doelstellingen op de juiste manier worden behaald.

Ook de accountant zal over het algemeen blij worden van een juist ingevoerde procedure en autorisatietabel. Dit geeft een goed beeld over de mate van professionaliteit van de organisatie.


In aanvulling op het artikel van Helmi van Bergen concludeer ik het volgende:

Het vaststellen van procedures en vastleggen van autorisaties is ook voor het MKB erg belangrijk vanwege de volgende redenen :

  • Het schept helderheid in de organisatie over de taken, verantwoordelijkheden en bevoegdheden.
  • Daar deze helderheid ontstaat er meer grip op de organisatie, de controle neem toe.
  • Implementatie gaat niet gepaard met hogere kosten, het is eerder de verwachting dat er efficiënter gewerkt kan worden
  • De ondernemer dient zelf te bepalen in welke mate hij het vertrouwen aan de medewerkers wil geven, mede ingegeven door zijn eigen ‘risk appetite’ en financiële draagkracht
  • Implementatie ondersteunt het MKB bij het verkrijgen of behouden van (bijv.) ISO-certificaties
  • Een accountant zal positief oordelen bij het inzien van een op juiste wijze geïmplementeerd en nageleefd systeem van procedures en autorisaties
  • Implementatie kan een enorme boost geven aan de motivatie van medewerkers vanwege het (impliciet) gestelde vertrouwen
  • Naast implementatie dient er periodiek gecontroleerd te worden of op een juiste wijze gewerkt wordt
  • Bij overtreding van autorisaties of afwijking van procedures dient duidelijk te zijn welke sancties hier vanuit de organisatie aan gesteld worden.

Vraag die nog beantwoord dient te worden in welke mate de vastgestelde autorisaties ook in het Handelsregister vastgelegd dienen te worden.

Ik hoop middels deze blog extra input gegeven te hebben aan het artikel van Helmi van Bergen.

Jan Doosje

Jan Doosje

Owner of Fimterim Advies & Consultancy





Meer artikelen van deze auteur:

Basisprincipes van interne beheersing op het gebied van treasury – Deel I

Basisprincipes van interne beheersing op het gebied van treasury – Deel II


The end of the Euro as we know it – when the party ends?

| 4-5-2017 | Lionel Pavey |


The papers are full of stories about the level of Government debt within the Eurozone (Italy has a debt to GDP ratio of more than 130%), probable new bailouts for Greece, lack of suitable bonds to purchase for Quantitive Easing, Brexit, the rise of populist rightwing politics etc. Well at least we have all the bad news out in the open – don’t we?

Target 2

A new problem has arisen that was partly accelerated by QE – namely the outstanding national balances within Target 2. This is the “Trans European Automated Real-time Settlement Express Transfer System” foe the Eurozone. The key word is “Settlement” as I shall explain.
When a financial transaction is agreed 2 actions have to happen – clearing and settlement. Clearing entails all the actions that must be undertaken up to settlement, such as delivery of bonds, securities or shares. Settlement means the exchange (transfer) of money for goods or bonds etc.

When a party in Italy buys goods from the Netherlands, they instruct their bank to debit their account and credit the account of the seller. This is a cross-border transaction. But, within the Eurozone monetary settlement does immediately take place between banks. The Italian bank will have its balance reduced at the Banca D’Italia and the Dutch bank will have its balance credited at de Nederlandsche Bank. However, the balance is not settled between the 2 central banks – a new claim is shown on their books.

At the end of 2016, according to the Euro statistics website Italy has a negative Target 2 balance of EUR 420 billion with other countries in the Eurozone. This amount has been accumulated over the years since 1999 and now represents more than 25% of GDP. This is on top of the Italian Government debt of 130% of GDP. If a country were to leave the Eurozone they would be liable to immediately settle their Target 2 balances – something that is not realistic. Under the current agreement the other countries within the Eurozone would be liable to cover the debt. Target 2 balances do not have to be settled as countries would never default appears to be the thinking.

At the other end of the scale, Germany has an outstanding claim on other Eurozone countries of EUR 830 billion. At the moment these amounts are shown at full face value in the books – it would appear that politically, no one wants to acknowledge that the claims can not be settled in full under the current constraints within the Eurozone. If the Eurozone are 100% committed to supporting the Euro and, the balances are not going to be settled within the foreseeable future then, eventually, something will have to break.

Emperor with no clothes

Confession time – I am English (and proud of it). If I had been able to vote in last year’s referendum in the UK, then I would also have voted for Brexit. This does not make me anti-European; rather the reality of the Eurozone is very much like the fable of the Emperor with no clothes. Everyone sees it, but no one will say it. Perhaps, a solution can be found that does not mean debt forgiveness, writedowns, defaults or exits, but common sense would imply that this is wishful thinking.

When I was a young boy at Grammar School I had to learn some poetry for my English Literature exam – it included D.H. Lawrence. As a wild youth I could cope with Shakespeare, had a hard time with Chaucer, but fell in love with a poem by Lawrence entitled “A Sane Revolution”. He told us to make a revolution for fun and not in seriousness. Also I knew the poem as it was quoted by Mott the Hoople who got me through my teenage years with their music.

The creation of the Euro is a revolution in European history, but could it ever be called sane?






Lionel Pavey


Lionel Pavey

Cash Management and Treasury Specialist


1 juli stopt GMU – hoe houdt u uw bedrijfsprocessen op orde?

| 3-5-2017 | Mark van de Griendt | Sponsored content |

GMU, het formaat wat al jaren door ING wordt gebruikt als formaat voor de bankafschriftinformatie, wordt vanaf 1 juli niet meer door ING aangeboden. Dit formaat wordt al tientallen jaren door ING geleverd en wordt ‘ingehaald’ door formaten die uitgebreidere (incasso) informatie kunnen geven. Wat houdt deze verandering precies in? En wat zijn oplossingen voor het verdwijnen van GMU?


Van GMU naar CAMT

Al jarenlang gebruiken klanten van ING GMU als formaat om bankafschriftinformatie in te lezen in hun systemen. Het is noodzakelijk voor een bedrijf om te weten dat als een automatische incasso niet kon worden afgeschreven bij de klant, welke reden dit dan heeft. Aangezien het bedrijf dan weet welke vervolgstappen er richting de klant genomen moeten worden. Dit werd dan in een bestand gezet (GMU formaat) en ingelezen bij het boekhoudingssysteem van het bedrijf. Hierdoor werd er zonder moeite of tijd een overzicht gecreëerd om te kunnen inzien voor het bedrijf. Indien u gebruik maakt van het GMU formaat, heeft het uitfaseren van dit formaat veel gevolgen. De opvolger van GMU is het formaat CAMT 0.53. CAMT is een formaat dat al enige tijd beschikbaar is. Waar GMU een Nederlands en ING-eigen formaat is, is CAMT is een internationaal formaat en biedt dezelfde, zo niet net meer informatie dan GMU. Zo kun je met CAMT de exacte reden inzien van een incasso die niet geïnd is. Aangezien veel huidige systemen om het GMU formaat zijn gebouwd, moet een bedrijf dus een oplossing hebben om ook na het uitfaseren van GMU het de bankrapportage in te kunnen lezen.

 Welke oplossingen zijn er?

Gebruikers van het GMU bestandsformaat hebben systemen die om het GMU-formaat heen gebouwd zijn ten behoeve van hun reconciliatie en daarom heeft het verdwijnen van GMU gevolgen voor deze bedrijven. CAMT bevat dezelfde informatie als GMU (platte tekst met codes), maar aangezien het een ander formaat is en dus een andere indeling heeft, kan CAMT (XML-bestand) niet in het huidige systeem van een bedrijf worden ingelezen. De oplossing voor bedrijven is tweeledig. Er kan gekozen worden om het huidige systeem om te laten bouwen door de software leverancier zodat het systeem CAMT kan inlezen of er kan gekozen worden om GMU nadat het uitgefaseerd is door ING alsnog te blijven gebruiken door een GMU-converter aan te schaffen. Deze GMU-converter zet CAMT bestanden om in GMU formaat zodat het huidige business proces van een bedrijf ongestoord verder kan gaan.

Systeem ombouwen van GMU naar CAMT

Om het huidige systeem om te laten zetten zodat het CAMT bestandsformaat ingelezen kan worden, moet de systeem leverancier van het huidige systeem worden ingeschakeld. Deze moet de functie om het nieuwe formaat in te kunnen lezen dan in het systeem ontwikkelen. Afhankelijk van zaken zoals het aantal gebruikers van het systeem, kan dit een complex proces zijn met een lange (ontwikkel) doorlooptijd en relatief hoge kosten. Aangezien deze optie vaak veel tijd kost, is hier meestal ook veel geld mee gemoeid. Het is natuurlijk erg vervelend als u bijvoorbeeld een systeemverandering over 2 jaar heeft ingepland, dat u dit nu dus naar voren moet halen aangezien het GMU formaat dus binnenkort gewoonweg niet meer geleverd wordt. Deze optie kost dus veel tijd en geld en hiernaast heeft het ook nog haast. Gelukkig is er nog een optie, de PowertoPay GMU-converter.


De GMU-converter kan het CAMT formaat overzetten in het GMU formaat. Het is begrijpelijk dat het best lastig is om over te stappen naar een ander formaat als een bedrijf al jaren op dezelfde manier de betalingen verwerkt in het systeem. Daarom is er een oplossing (de GMU-converter) bedacht om veel kosten, tijd en risico’s te besparen voor bedrijven die nog gebruik maken van GMU. PowertoPay biedt deze GMU converter. Dit gaat als volgt in zijn werk: PowertoPay ontvangt het CAMT bestand van ING, wij zetten dit om in GMU en versturen het vervolgens naar uw bedrijf zodat de betalingen op dezelfde manier verder verwerkt kunnen worden. Deze oplossing is super voor bedrijven die gewoon gebruik willen blijven maken van GMU. Maar ook voor bedrijven die wel willen over gaan op CAMT, maar wat meer tijd willen hebben om dit project rustig uit te voeren, is deze GMU-converter een oplossing. De GMU converter is qua kosten veel vriendelijker, aangezien een grote systeemverandering niet alleen geld kost om het te laten maken, maar ook veel geld kost omdat er vaak een project opgezet moet worden om een systeemverandering in de organisatie door te voeren (denk aan: trainingen voor het personeel). Hiernaast kunnen bedrijven vrijwel direct gebruik gaan maken van deze converter, en kan door worden gegaan met het verwerken van het betalingsverkeer zoals u dat al jaren doet.


GMU verdwijnt. Als uw bedrijf werkt met dit bestandsformaat, betekent dit dat u actie moet ondernemen. U kunt ervoor kiezen om het huidige systeem om te laten bouwen zodat u betalingsbestanden in het formaat CAMT kunt ontvangen. Dit is echter een duur en lang proces. U kunt er ook voor kiezen om na de uitfasering nog steeds te werken met GMU, door de GMU-converter van PowertoPay in huis te nemen.

Mark van de Griendt – Cash Management Expert at PowertoPay

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Guide to Treasury Technlogy by ACT & AFP

| 1-5-2017| treasuryXL | ACT | AFP |

ACT and AFP have published a Guide to Treasury Technology sponsored by Bloomberg, which might be interesting for you.
Managing treasury tasks has become more complex due to globalization of markets and increasing uncertainty in business since the first AFP edition appeared in 2011. Since then treasurers faced multiple challenges to exercise control of treasury activities, especially group activities.

Managing treasury has become more complex during the years in the face of global change and increasingly uncertain markets. Treasury practitioners face magnified challenges, as they try to gain more visibility and exercise more control over group activities. Treasury technology developed quickly to help them to operate more efficiently and answer compliance requests with ever more stringent regulation. Automate processes was one of the biggest challenges. Technology can help treasury play a more strategic role, automate routines and be compliant with regulatory environment.

Joint AFP/ACT publication, sponsored by Bloomberg

This guide is the first joint AFP/ACT publication and aims to help practitioners to identify a cost-efficient solution.

The first chapter starts with a detailed introduction of the development of treasury technology, expectations towards this technology and how the evolution of the Corporate Treasurer took place. This chapter illustrates how the technology available to treasurers has developed over the last 15 years. A brief explanation of how dedicated treasury technology was first developed is followed by details of how a series of factors have moulded the treasury technology market into the one we see today. Three points are highlighted: that the treasury technology market has matured, tremendous improvements in the quality of connectivity and what the changes brought with them for Corporate Treasurers.

Why review technology?

In Chapter 2 the drivers for reviewing the technology and a case study are presented.
With the rapid changes in available technology, the increased opportunity for treasury centralization and the need for treasurers to be able to demonstrate control over activities, treasurers were reviewing how best to deploy technology in order to help them perform their various roles effectively. Given the different environments in which companies operate, the potential benefits from the deployment of a new technology solution can vary significantly. This chapter outlines some of the key drivers that are encouraging treasury practitioners to review their use of technology.

Purpose of technology

Chapter 3 deals with the purpose of technology and identifies the core roles of the treasury department. Also how treasury structure can affect the use of technology. When assessing a deployment of technology, treasurers need to determine their requirements of the technology. This chapter includes a series of questions to help treasurers clarify their existing operations and also identify how structures and processes might change with the adoption of new technology. A case study shows how a company uses a certain technology to improve process quality.

Technology solutions

Chapter 4 presents treasury technology solutions.
A wide range of technology solutions is available to support treasurers. Treasury management systems are able to support the majority of the work of most treasury departments. However, it is also possible to develop a technology solution that supports treasury departments, including those with complex operations, without adopting a treasury management system. This can be achieved by developing in-house solutions or by using tools offered by banks and other vendors. A range of potential solutions available to support treasurers is presented in this chapter.

Evaluation and building a business case

Chapter 5 is about the evaluation process and how building a business case can help to evaluate which technology fits best. How to build a business case and then how to develop a requirements definition is explained in detail. The requirements definition is a critical part of the process: it helps to set the scope for the project and is the core document in the selection process. The process of developing the requirements definition also helps to build support for, and awareness of, the project throughout the rest of the organization.

Selection, implementation and maintaining the solution

Chapter 6, 7 deal with the selection and implementation process, while chapter 9 tells you more about maintaining the solution over time.


Chapter 10, the final chapter describes some of the current trends in treasury technology and lines out how they might impact treasurers over the coming years. Some of the key areas of development in technology and also some of the market changes which might require a technological response are presented.

In the appendix of the guide you will find information on how to develop a request for proposal (RFP) , a checking list for this RFP and a very detailed country reports list.

Source: © Association for Financial Professionals, ACT (Administration) Limited and WWCP Limited (except articles by Bloomberg LP), 2016, ISBN 978 1 899518 47 0 book 978 1 899518 48 7 CD ROM, for the articles  Bloomberg LP, 2016 | TMI

Our conclusion

A very detailed, valuable guide for all who want to learn more about treasury technology, want to find out more on how to select the best technology solution that meets the specific requirements of their company and what to focus on during the purchase and implementation process. You can find the guide on tmi, after registering for free.