The Digital Trade Chain: the blockchain train is rolling

| 28-7-2017 | Carlo de Meijer |

Trade finance is increasingly becoming the number one use case for blockchain with the greatest potential to benefit from this technology. In previously blocks I already showed the accelerated activity in this area (see: Blockchain and Supply Chain Finance: the missing link May 7, 2017 and Blockchain: accelerated activity in trade Finance, January 26, 2017).

End seven European banks, forming the so-called Digital Trade Chain consortium, announced their plans to develop in collaboration with IBM a trade finance platform based on blockchain technology. This is said to become the first real-world application of blockchain technology and might become the start of more of the blockchain train.

What is the Digital Trade Chain consortium?

In January this year seven European banks (Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit) signed a Memorandum of Understanding (MoU) in Brussels to create the Digital Trade Chain consortium. Under this MoU the banks intend to collaborate on the development and commercialisation of a shared supply chain management and trade finance platform for small and medium-sized companies (SMEs) using blockchain technology. That platform, called the Digital Trade Chain (DTC), should make domestic and cross border commerce easier for European SME business.

The aim of the project is to simplify trade finance processes for SMEs by “addressing the challenge of managing, tracking and securing domestic and international trade transactions.

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

 

Carlo de Meijer

Economist and researcher

 

Forecasting the future by looking at the past

| 25-7-2017 | Lionel Pavey |


A key role within the Treasury function is providing forecasts to the directors and management. The most obvious would be the cash flow forecast, but others would include foreign exchange prices, interest rates, commodities and energy.

A forecasts is a tool that helps with planning for the uncertainty in the future, by analyzing data from the past and present whilst attempting to ascertain the future.

Internal – cash flow forecast

We would like our forecasts to be as accurate as possible – that the values we predict are close to the actual values in the future. This requires designing a comprehensive matrix to determine the variables needed for the data input. Data has to be provided by all departments within a company to enable us to build a forecast. This data needs to be presented in the same way by all contributors so that there is consistency throughout.

We also have to see if the forecast data is within the parameters of the agreed budget. We also need to check for variances – why is there a difference and how can it be explained.

External – FX and Interest Rates

A more common approach is to read through the research provided by banks and data suppliers to try and see what the market thinks the future price will be. Also we need to include data from the past – we need to know where the price has been, where it is now and what the expectation is for the future.

Extrapolating forward prices is notoriously difficult – if it were simple, we would all be rich in the future! But, by including past data, we can see what the price range has been, both on a long term as well as a short term basis.

When attempting to find a future value there are 2 common methods used – fundamental and technical.

Fundamental Analysis

Use is made of economic and financial factors both macroeconomic (the economy, the industrial sector) and microeconomic (the financial health of the relevant company, the performance of the management). The financial statements of a company are analysed in an attempt to arrive at a fair value. This leads to an intrinsic value, which is not always the same as the current value.

The value is normally calculated by discounting future cash flow projections within the company.

Technical Analysis

Use is made of the supply and demand within the market as a whole and attempts to determine the future value by predicting what the trend in the price should be. This is done by using charts to identify trends and patterns within the data. This assumes that the market price now is always correct, that prices move in determinable trends and that history repeats itself. Technical analysis uses the trend – this is the direction that the market is heading towards.

Whilst these 2 approaches are independent of each other, they can be used together. You could take a fundamental approach to value a company or asset, and then use technical analysis to try and determine when you should enter and exit the market.

Fundamental analysis is more of a long term path and technical analysis is more short term. The most important thing to remember is that markets only really experience large movements based on changes to the fundamentals. Predicting the long term future only via technical analysis is likely to be incorrect. All the major movements over the last 50 years in the prices of shares, bonds, foreign exchange and interest rates have occurred because of a change in the fundamentals.

In the next article, I will look at various methods of calculating averages to determine the trend.

An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.

Lionel Pavey

 

Lionel Pavey

Cash Management and Treasury Specialist

 

Why does Apple issue a green bond? Spoiler alert: I do not know (yet)

24-7-2017 | Pieter de Kiewit | treasuryXL |

Recently we had an “inner circle meeting” of treasuryXL in which we talk about developments and the direction we want to go. One of the invitees suggested we pay special attention to sustainable financing and related topics. I agree that this topic is quite prominent and this reminded me about a recent article in which a so-called “green bond issue” by Apple is described. This was the second issuance by them and raised $1 billion. Then my corporate treasury laymen’s mind started working and so far it has not stopped about this topic.

At the start of this year Apple was in the news because of the huge pile of cash in their books. The amounts are staggering and most likely not accurate. Repatriating this cash to the US would be suboptimal from a fiscal perspective but that is a topic for another blog. The funds raised with the green bond will be used to start projects around renewable energy and buying of safe raw materials.

The puzzle for me is: if you have all this cash, why would you do a bond issue? It is a lot of hassle, why not leverage the money you have? If you think this is a smart investment, why not invest yourself?

One of my colleagues suggested they do this from a marketing perspective. I don’t know about you, but I will not buy an Apple instead of a Samsung because of a green bond. So this is not the reason I expect. Perhaps it is a risk mitigation strategy in a project Apple will invest in anyway. My question to the corporate treasury and banking community: Do you know why?

Thank you for your answer and I will try to focus on other blog topics around sustainability and corporate treasury. I am convinced more obvious are available.

Pieter de Kiewit

 

 

Pieter de Kiewit
Owner Treasurer Search

 

 

Another interesting article about funding:

Business case – Funding strategy: how Fastned uses Nxchange

Banken en Financiële Markten in Vogelvlucht – Boek en e-learning voor specialisten zonder financiële achtergrond

| 21-7-2017 | Michiel van den Broek |

 

Sinds de jaren ’80 heeft er een ongekende schaalvergroting plaatsgevonden in de financiële sector. Door deze schaalvergroting hebben banken zich ontwikkeld tot gigantische financiële supermarkten die een zeer uitgebreid aantal financiële diensten en producten aanbieden. Banken zijn tegenwoordig IT-bedrijven waar een grote groep specialisten werkt met beperkte financiële vakkennis.

 

 

Mijn boek ‘Banken en Financiële Markten in Vogelvlucht’ geeft een helder overzicht ter introductie in de complexe wereld van banken en financiële markten. Bij het boek is een toegankelijke e-learning training beschikbaar met multiple choice vragen en een aantal video’s.

De combinatie van boek met e-learning biedt een efficiënte opleiding met basiskennis over de kernactiviteiten van banken, de verschillende bankactiviteiten en soorten banken, de oorzaak van de financiële crisis van 2008 en de ‘Bazelse Akkoorden’ waarop het toezicht van centrale banken is gebaseerd. Tevens bevat het een overzicht van de verschillende activiteiten op financiële markten, zoals de motivatie om bepaalde soorten financiële (derivate) producten te verhandelen, de prijsvorming en organisatie van de handel van deze producten. Ook de actuele onderwerpen risicomanagement en compliance komen aan de orde aan de hand van een aantal praktijkvoorbeelden van calamiteiten, zoals de problemen met MKB-rentswaps en de onbevoegde handelsactiviteiten van zogenaamde ‘rogue traders’, waaronder Barings Bank en woningbouwcorporatie Vestia.

Het boek is verkrijgbaar voor €25, toegang tot de e-learning kost €95.

Voor het boek en de e-learning kunt u mailen naar [email protected]

Een demo van de e-learning kunt u vinden op FTH.

Over de auteur: na mijn bedrijfseconomische studie heb ik vanaf 1990 gewerkt in de financiële sector. Sinds 2005 geef ik trainingen om ‘complexe’ financiële onderwerpen toegankelijk te maken voor professionals zonder economische of financiële opleiding.

 

Michiel van den Broek

Owner of Hecht Consult

Mobile finally makes treasury easier

| 20-7-2017 | Udo Rademakers |

On the 12th of May 2017, in GTnews an article has been placed regarding “Mobile finally makes treasury easier”. The article describes how Citibank is working to replace tokens with mobile phones and testing a multitude of options for finding a more convenient solution.

I am used to work with multiple tokens with a variety of passwords and different kind of banking applications/websites. For some of the banking sites, authorisation of payments via a smart phone was quite difficult and working from the desktop was required. A way of solving the „multiple token issue”, is using a third party provider which (re)connects all payments via (cloud based) multi-bank platforms, however this is not needed for each and every Treasury department.

If banks are working on an easy authorisation method via modern, smart and above all secure technology (like digital fingerprint ), I am confident that the payment control and executions for most Treasurers (and CFO`s) will improve. Especially for the ones who are frequently travelling. If the improved –token free- payment authorisation process could be integrated with the process of obtaining information, input & approval of transactions, viewing of balances including „smart alerts“, corporate banking via mobile technology will reach the next stage in the area of cash management as well.

However, even with the greatest solutions in place, an outage of mobile network or running out of battery remains a risk – now the holiday season started perhaps anyway good to be offline for a while.

 

Udo Rademakers
Independent Treasury Consultant & Interim Manager

 

 

 

SEPA Instant Payments – a catalyst for new developments in the payments market (part I)

| 19-7-2017 | François de Witte |

On 29 June 2017, I attended a workshop organized by Fintech Belgium on how Instant Payments will push the financial sector to innovate. In this article (the first part of 2) I will set the scene by presenting some use cases. In the second part (online next week) I share some views on how Instant Payments, in combination with PSD2, will be a game-changer in the market. 

The new generation customer claims “I want it all, and I want it now”. It is his anthem for having packages delivered, ordering food or finding a taxi driver. Payments are next, and they expect the financial industry to follow by offering real time or near real time experience.

As opposed to real-time payments with smartphones, transferring money between banks or cross-border payments often takes several days to be processed. For this reason, the EPC (European Payment Council) decided to introduce SCT Inst scheme: a real-time payment system where interbank transactions will be cleared within maximum 10 seconds at any time of the day and 365 days of the year. Similar schemes were already successfully put in place in other states (e.g. Denmark, Sweden and the UK).

Setting the scene – some use cases

As already mentioned by Boudewijn Schenkels on TreasuryXL, the characteristics of the new SEPA Instant Credit Scheme are the following:

  • SCT Inst is proposed by the EPC, and is hence not a mandatory scheme
  • it is a 365/24/7 available (no down time)
  • it is near real execution time (maximum 10 seconds, and some communities try to reduce this execution time)
  • there are real time failure notifications of the beneficiary
  • the funds are immediately credited and reusable by the beneficiary
  • a very important feature is the irrevocability of the payment. Once the payment has been initiated, it cannot be revoked, except in case of fraud
  • the scheme only cover single transaction only – no batch processing
  • currently the scheme limit is set at 15.000 euros, but this limit is expected to increase later on

The scheme should be operational in November 2017, but in some countries it is already live (e.g. Finland and Spain). Besides the processing, an important aspect is to ensure that the beneficiary is advised.

As Alessandro Longoni outlined earlier on treasuryXL, both from a cash management, and from a treasury perspective, Instant Payments open many new possibilities both for merchants, and corporates.

Thanks to its irrevocability, the SCT Inst will also be a disruptor for existing PSPs such as Paypal and Amazon Pay. It is expected that the banks will charge much lower fees then them. We might also expect that this scheme would also challenge in the cards market, where new players could benefit from both PSD2 and SCT Inst to offer more competitive payment schemes. However the card operators might also react by adapting their prices and/or offering additional new services.

For the banks, merchants, and the payment industry more widely, the PISP (Payment Initiation Service Provider) model will have a significant impact on the way in which consumers and merchants transact in the future. Unlike the traditional four-party card model, customers would “push” cleared funds to merchants, with ACH transactions replacing the current card CSM (Clearing & Settlement Mechanism). This will significantly simplify the existing payment model, with fewer players and interactions involved.

The drawing down below illustrates this quite well:

Source: OVUM – Instant Payments and the Post-PSD2 Landscape

We also expect that thanks to the new schemes and competitors, the use of cash will decrease, although cash will remain important for a while. Cash is accessible to all, also those who do not have a bank account. It enables immediate settlement without intervention of a third party. Cash is the only payment instrument that currently guarantees the user’s privacy and anonymity, while all electronic transactions are traceable.

In the second part of this article, which will be online next week, I will tell you more about instant payments as a game changer.

François de Witte – Founder & Senior Consultant at FDW Consult

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More articles from this author:

Treasury for non-treasurers – cash conversion cycle and working capital management

Flex Treasurer – Besparing na een Treasury Quickscan: nog meer praktijkvoorbeelden

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Stock exchanges and blockchain: open positions

| 18-7-2017 | Carlo de Meijer |

Just like banks, a growing number of exchanges worldwide have already taken a serious look at the way they can leverage blockchain technology. This in order to ‘get rid of’ the existing time consuming, cost inefficient and risky operations. Ranging from Abu Dhabi to Toronto they are experimenting with various use cases ranging from settlement, over-the-counter trading to proxy voting. Others have just started and have or are having hosted blockchain events such as the Jamaica Stock Exchange (Blockchain Masterclass) and the Tel Aviv Stock Exchange (Hackathon) not wanted to be left behind. In this blog I will make a ‘tour de table’ (in alphabetic order) around the various blockchain-related activities of stock exchanges worldwide.

Exchanges: Tour de Table

Abu Dhabi Securities Exchange (ADX)

The Abu Dhabi Securities Exchange (ADX) has started implementing blockchain technology, enabling shareholders to participate ‘with further transparency’ while using e-voting techniques. The technology was used recently (end March 2017) at the annual general meetings (AGM) for six listed companies, including two private joint stock companies and four public joint stock companies, on the ADX.

“I encourage companies to use blockchain technology. I am confident that more training and practice of this technology will widen positive outcomes and bring more companies to use this technology. This will go in line with Abu Dhabi 2030 Economic Vision that seeks to strengthen digital transformation in the UAE.”Rashed Al Blooshi, ADX chief executive

Australian Stock Exchange (ASX)

One of the forerunners in the blockchain race is the Australian Stock Exchange (ASX). The ASX already announced early 2016 that it had teamed up with blockchain startup Digital Asset Holdings to develop a new distributed ledger solution for investors, listed companies, and intermediaries, for clearing and settling trades. This to replace the existing Clearing House Electronic Subregister System (CHESS).

The exchange has now completed the initial phase of its DLT testing, and their blockchain prototype has ‘met performance, security and scalability thresholds’. The company’s shareholders report, released in February, stated that the ASX is on track for a decision in late 2017 on whether distributed ledger technology (DLT) represents a suitable replacement for the ASX’s CHESS system. The final decision on the company’s post-trade infrastructure will be made in 2018. Only then will a blockchain solution progress into full production

The ASX recently built a dedicated blockchain showcase space, called ‘acceler8’, in their Sydney headquarters. The set-up of a ‘purpose built demonstration suite’ is aimed to ‘bring to life’ the possibilities of distributed ledger technology, to help stakeholders understand what is possible.

“It is one thing to talk about blockchain, but in order to really understand its capabilities, you need to see it in action.” Peter Hiom, ASX deputy CEO

Deutsche Börse Group

Deutsche Börse Group has been making substantial investments in the development and introduction of ‘state-of-the-art’ blockchain services. The German exchange is working on several prototypes related to blockchain technology and DLT.

Recent developments include a solution for cross-border securities transfer in cooperation with the Liquidity Alliance and a functioning prototype for the settlement of securities transactions in cooperation with Deutsche Bundesbank, Germany’s central bank.

Deutsche Börse and Deutsche Bundesbank presented their first functional prototype for the blockchain technology based settlement of securities transactions against instant and delayed payments in November 2016. This concept is based on a blockchain from the Linux Foundation’s Hyperledger project, and will allow for functionality for the settlement of securities in a delivery-versus-payment mode for centrally-issued digital coins (as collateral).

“Along with the Deutsche Bundesbank we are innovatively and creatively addressing potentially radical technological opportunities for the financial sector. We will continue to do our utmost to leverage blockchain’s efficiency potential and to better understand and minimize the associated risks of this technology.” Carsten Kengeter, CEO of Deutsche Börse

The system will also be capable of settling basic corporate actions such as coupon payments on securities and the redemption of maturing securities. Next to that the prototype will enable the maintenance of confidentiality and access rights, which will be done in a blockchain-based concept on the basis of a flexible and adaptable rights framework.

The Deutsche Bundesbank and Deutsche Börse stated that they plan to further develop the prototypes during 2017. They said that the developed products will be used to “analyse the technical performance and the scalability of this kind of blockchain applications”.

Euronext and others develop blockchain infrastructure for SME post trade

Euronext (Amsterdam, Paris and Brussels) and a number of financial institutions including names like BNP Paribas Securities Services, Caisse des Dépôts, Euroclear, S2iEM and Société Générale, in collaboration with Paris EURPLACE, last year June signed a Memorandum of Understanding to explore together the development of a post-trade blockchain infrastructure for SMEs in Europe.

“We wanted to engage collaboratively in order to mount an innovative project with the potential to drive the transformation of the post-trade market. By pooling our strengths in this ground-breaking area, we are focusing on new solutions that will give small and mid-sized companies — key actors for growth in Europe – easier access to the financing they need. With this project, we are securing the means to seize opportunities that blockchain distribution can offer: speed of execution, low cost and security.”

Open to other international partners, this pilot agreement aims to improve SMEs’ access to capital markets while facilitating secure and transparent post-trade operations. It is part of the development of a new regulatory environment in France that allows the issue and circulation of securities using blockchain technology.

Mission will be to harness blockchain technology in the design, development and deployment of innovative solutions for post-trade. By reducing transaction costs while maintaining a high level of security, the company would help SMEs raise funds more easily on capital markets.

National Stock Exchange of India (NSE)

The National Stock Exchange of India (NSE), HDFC Securities, along with a group of domestic Indian banks are collaborating on a know-your-customer (KYC) data trial, testing blockchain technology. Blockchain startup Elemential provided the technology for the trial. 

The NSE has been testing the tech since as early as September last year. The test involved a shared environment in which the stock exchange would on-board customer data, while different entities (banks and regulators) could access this information in real-time. The first stage of the trial was completed in January. The next stage is expected to see the use of real customer data.

Japan Exchange Group (JPX)

Early last year, it was revealed that IBM had teamed up with Japan Exchange Group (JEX), which operates the Tokyo exchange, to start experimenting with blockchain technology for clearing and other operations. The Japan Exchange Group (JPX) and IBM are working towards testing the potential of blockchain technology for use in trading in low transaction markets. JPX is embracing a proof-of-concept that is investigating how blockchain could be used to create new systems for the trading of low-liquidity assets.

They had run two separate trials and concluded that digital ledger technology “has the potential to transform capital market structure by encouraging new business development, improving operation efficiency, and contributing to cost reduction”.

JPX is also working on trials with Nomura Research Institute (NRI) to examine how blockchain technology could be applied in the securities market.

Korea Exchange Exchange (KRX)

South Korea’s securities exchange operator the Korea Exchange (KRX) launched a blockchain-powered platform for the off-board trading market, linking sellers and buyers to trade securities. This platform named Korea Start-up Market (KSM), is an OTC- platform for using blockchain technology to enable equity shares of startup companies to be traded in the open market. South Korea’s exchange was revealed to be developing a blockchain platform to facilitate securities trading between buyers and sellers, directly, as early as March 2016.

The new feature will see its roll-out by implementing a blockchain platform called ‘Coinstack’, developed by Korean startup Blocko. With a focus on document and identity authentication, Coinstack is serviced both via cloud and on location, while supporting all protocols and applications build on the blockchain technology.

“This is the first example of commercialization in which blockchain is applied to the Korean over-the-counter market. Notably, the Coinstack development platform supports both Bitcoin blockchain-based contracts and Ethereum-based smart contracts.” Blocko CEO Won-Beom Kim

London Stock Exchange (LSE)

The London Stock Exchange (LSE) has emerged as one of the most active on blockchain technology. In late 2015, the exchange was already among a cross-industry group of institutions investigating how blockchain technology could be used to change the way securities trades are cleared, settled and reported in Europe. The group — named Post Trade Distributed Ledger Working Group — also includes UBS, CME Group, Societe Generale, LCH.Clearnet and Euroclear. The consortium, which is particularly interested in using blockchain for post-trade processes, now has nearly 40 members.

If you want to read about more stock exchanges please refer to the full list in Carlo de Meijer’s article on LinkedIn.

Open positions of exchanges towards blockchain technology

The number of exchanges worldwide that is joining the many financial institutions in the blockchain and distributed ledger technology race is continuously growing. The potential to enable stock exchanges to significantly reduce the cost, complexity and increase the speed of trading and settlement processes in a secure manner, has attracted many exchanges worldwide to explore this new technology. However, it remains to be seen whether blockchain will soon be accepted by exchanges on a large scale and form the backbone of future stock exchanges. This given the many remaining challenges. But the optimism is certainly high. For the time being stock exchanges are taken open positions.

 

Carlo de Meijer

Economist and researcher

 

How to convince a manager as a treasurer

| 17-7-2017 | Theo Paardekooper |

Management decisions are generally made based on analysis of data. However, this statement is far from correct. Arguments count, too. However, having the correct arguments does not mean that they are convincing. Being right is not the same as getting what you want.

How is this possible? If you are in full control of this principle, every action will become a success. To understand this principle we have to get involved in the world of behavioral finance. It is the cross section of economics and psychology. As a treasurer or financial professional you have to discuss issues regularly with your management and some background on this topic might come handy now and then.

One of the main biases is the risk appetite of a human being. People are risk averse if they can get a profit, but they are risk minded to make a profit to reduce former losses.

Another bias is about the difference between perceived risk and actual risks. A human being expects that small risky events will occur more often, than high-risk events. For this reason people buy a lot of insurance products that will cover these small risks, like travelling insurance, biking insurance, etc. Also the success of big lotteries is linked to this bias. The chance to win a million Euro’s in a lottery is as big as the risk to get involved in a car accident.

Decision-making is highly influenced by former experience. This can create a bounded awareness on the topic. People can get overconfident about their opinion or over-optimistic about the likelihood of outcomes of actions. People who are overconfident are often surprised, while people who are over-optimistic are often disappointed.

Every human being is influenced by bounded awareness. Just take a look at the example.

Didn’t you spot the gorilla? If you didn’t don’t be ashamed; almost half of all people don’t see it.

Decision-making is often a group process. Groups have effect on decision making by itself.

Just take a look at the following experiment.

It is hard to understand but from a behavioural perspective it is not important to know why, but it is important to know how. If you can use these non-rational principles to influence the decision making process, it will help you to convince everyone.

Are you convinced, if not, I probably forgot some other non-rational principles…

 

Theo Paardekoper 

Independent treasury specialist

Roadmap for unwinding derivatives

| 14-7-2017 | Roger Boxman |

Banks offer proposals to smaller companies and housing associations to unwind interest rate swaps. The benefit for the banks is that this will reduce their risk weighted assets. Whether this offer is attractive or not depends on several issues.

A short-list of advantages of unwinding to keep in mind is found below:

  • The advantage of skipping break clauses and uncertain margin call events and therefore a reduction of liquidity risk.
  • Creating a potential current tax loss on the unwinding fee which can be possibly offset in the near future.
  • Opportunity to restructure the funding structure and refinance against lower interest rates.
  • Optimise the redemption schedule and therefore to create lower interest rate risk in the loan portfolio.
  • Reduce costs of monitoring and supervision.
  • No hedge accounting issues with unexpected profit and loss accounting in combination with latent taxes.

Off course the decision to unwind or not depends highly on the amount of the fee and the specific expectations of the organisation. No situation will be the same, an exact blueprint simply does not exist. In a substantial number of situations, the ‘do nothing option’ will be the best.

Roger Boxman

Senior Advisor Internal Control

TreasuryXL: How the eating of the pudding goes so far…

| 13-7-2017 | treasuryXL |

In April 2016 we started a new venture – treasuryXL – and as with most brilliant ideas, the proof of the pudding is in the eating. Now – one year and a few months further – we look back to see how the eating went. In a positive sense there was enough pudding provided and we are proud to present to you some real XL-growth figures.

 

Connect and share information with the treasury community!

This is what we aim for: to be an open platform for organizations with treasury and cash or risk management exposure with or without a treasurer and or the experts surrounding them. We want to share news, opinions, vacancies and events on a daily basis with you. The figures show that you know how to find us.

Plenty of articles – one every workday

 With the help of our group of experts and partners, we really did reach one of our main targets: publishing a new article every workday and we find this quite an accomplishment.

The topics varied  from news items to background information, all treasury-related and the treasury community reacted very positively. If you want to take a look I invite you to visit our articles page on treasuryXL and fill in the ‘Search’ for a specific topic.

XL growth figures

If you start a website for a community from scratch you always have to wait and see how readers appreciate what you present to them. In the case of treasuryXL we are proud to tell you that almost 10.000 (unique) readers found our website and opened approximately 19.000 different pages since the site went online.

Approximately 1.300 unique users regularly open over 10.000 pages per month and stay quite long to read articles, vacancies or other information. There has been a steady consistent growth in visitor numbers and the figures have trebled since April 2016. That is a fantastic growth for us and proof that we are realizing a need within the market for professional, well written treasury related articles.

We also found a considerable number of new partners who consider treasuryXL a valuable partner to promote their products and services. It goes without saying that the benefits are mutual. The most important is, of course, to provide valuable information for our readers. If you want to bring your own products and services under the attention of treasurers, CFO’s and other financial professionals do not hesitate to contact us.

Towards new horizons

These figures make us proud, but are no reason to stand still. We will continue to develop our interaction with the community, as shown by our unique, bespoke and innovative Flex Treasurer service. We have plenty of plans for events and new projects and  will be available to you every day with interesting news and relevant information.

 Annette Gillhart – Community Manager treasuryXL

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