Het belang van cash management in de aanloop naar bedrijfsoverdracht

| 30-11-2016 | Peter Schuitmaker |

cash

 

Het belang van cash management in de aanloop naar bedrijfsoverdracht wordt vaak onderschat. Onnodig en zonde! Want cash management levert onmiddellijk een verbetering van de liquide positie of een verlaging van de rentedragende schulden.  

Als voorbeeld een handelsonderneming. De omzet is 100. De bruto marge is 15.  De directe kosten zijn 10. De onderneming groeit met een 2%, vergelijkbaar met de prijsindex.  We kunnen hier dus spreken over een  stabiele exploitatie in een evenwichtige omgeving. De onderneming wordt gewaardeerd op basis van de methodiek Adjusted Present Value. De waarderingsuitkomst komt uit op 30.

Qua werkkapitaal heeft de onderneming zijn de zaken echter niet goed op orde.  De omloopsnelheid voorraden is 4.  Dat wil zeggen: de gemiddelde verblijftijd van de voorraad is circa 90 dagen. Ook betalen de debiteuren structureel te laat door onvoldoende debiteurenbeheer. De overeengekomen betalingstermijn is 30 dagen.  Maar de betalingstermijn is gemiddeld 60 dagen.

Waarderingsmethodiek Adjusted Present Value

De waarderingsmethodiek Adjusted Present Value is bij uitstek geschikt om business modellen en strategische opties door te rekenen. Met name om te beoordelen of er optimaal aan waarde-creatie wordt gewerkt. Zo geeft De APV methodiek handvatten voor de evaluatie van strategische opties.

Een omloopsnelheid voorraden van 15 x lijkt theoretisch haalbaar. Praktisch gezien kan 12 x worden gerealiseerd. Door stringenter debiteurenbeheer lijkt een debiteurentermijn van 35 dagen haalbaar. Wanneer deze verbeteringen over een periode van 2 jaar worden geïmplementeerd wordt waarde toegevoegd. Met management begroot incidentele ontwikkelingskosten van 0,5% van de omzet gedurende jaar 1 en 2. Daarbij valt te rekenen met structurele beheerkosten van 0,9% van de omzet. De waarderingsuitkomst komt nu uit op 40: een verbetering van 33%. Deze verbetering wordt enkel en alleen bereikt door de implementatie van een beter cash management.

Kortom: op weg naar bedrijfsoverdracht? Evalueer eerst uw cash management!

Peter Schuitmaker van BBO&F BREDA is Register Adviseur Bedrijfsopvolging. Hij is auteur van diverse boeken over bedrijfsoverdracht. Onlangs verscheen zijn boek “Een bedrijf overnemen? Keuzes maken en stappen zetten”. Dit boek is geschreven voor professionals die zich willen oriënteren op bedrijfsoverdracht.

peter-schuitmaker

 

Peter Schuitmaker

Registered Advisor for Business Transfer and Succession

 

 

 

Blockchain: how to make it operational in your company?

| 29-11-2016 | Carlo de Meijer |

block-chainToday, I was invited to participate in a Challenge meeting at the Euroforum Fintech event in Amsterdam. My challenge was the following. Suppose we are somewhat further in time. Blockchain is far beyond the hype, the initial overdone expectations have been brought to a more realistic level and the technology is generally accepted as having enough opportunities for the financial industry. Your company is convinced this technology will suit their business. A number of blockchain applications have been chosen to use in your day-to-day activities. That is the easy part.

Now the decision has been taken to adopt this technology, there comes a new challenge: how to integrate blockchain and implement this technology into the existing business and incorporate it within your legacy enterprise applications. In other words: how to make it operational!

Making blockchain work: the Challenges

That is where the real work starts. Making blockchain applications work in the real day-to-day world. That may prove as much of a challenge – or even more than that – as building the blockchain application itself. Because blockchain is a complete different and unprecedented, technology, corporates are confronting problems related to integration of the blockchain into the enterprise. Most financial organisations have to take into account their existing complex business lines and the legacy (and mostly old) technology they use. But also the various regulatory obligations have to be taken into consideration.
And there is another – maybe even bigger – challenge. Most banks nowadays heavily depend on massive and (capital-) expensive financial processing systems. These are often 15 years old (or even older!). But these systems do power the many transactions between the world’s major businesses and governments. Trying to overhaul them altogether is a formidable task, and may come with a huge risk. Disrupting them, even for a short time, could be disastrous.

Blockchain integration: points of attention

When deciding to integrate blockchain in your company, you should take a number of important issues into consideration. Every financial company that is serious about blockchain needs also to be serious about issues such as: compliance and regulatory requirements; Enterprise integration with internal systems and data repositories; connectivity to a partner ecosystem; interoperability requirements and access layer; visibility into—and real-time monitoring of—blockchain-based transactions; automated process orchestration; life cycle events; access controls; governance, and more.

Compliance and regulatory requirements

In the near term, KYC/AML models should be developed that could be integrated into enterprise blockchain. Without a thoughtful consideration of KYC/AML and other related regulatory applications, it will be a difficult story to realise that. These models should include concepts such as an inter-ledger, side chains etc. But in such a systematic way to take advantage of blockchain’s way of processing transactions. These models should enhance existing AML/KYC processes thereby overcoming shared data/ledger challenges.

Enterprise integration with incumbent internal systems and data repositories

Another consideration is: how to integrate blockchain with incumbent record systems. Corporates have been creating their own business systems to better measure and manage the business. These include issues such as reporting, analytics, business application management, dashboard, counter-fraud management, etc. Many of these systems “feed off” of the enterprise’s System(s) of Record (SoR) with all kind of information. Integration blockchain in an enterprise suggests a system design around integrated transaction systems (trust systems) and record systems (shared ledger); any application that is either transitioning or originating using blockchain technology would need to consider the enterprise systems for tangent business activity.

Interoperability and access layer

And there is the interoperability issue; may be the most important one. Interoperability of blockchain within an enterprise will be key. Every enterprise has legacy technology that must be interoperable with blockchain, from KYC to risk management and settlements. These applications have to engage seamlessly with the new blockchain applications. In order to make that possible, organizations need to use a so-called access layer to ensure complete interoperability. Such an access layer makes it possible to abstract the complexities of blockchain and smart contracts; expose the functionalities of the blockchain application; and, communicate them to legacy applications.

Automated process orchestration

Although private blockchain transactions occur in a closed environment, they however may impact events both inside and outside the chain. Technology is thereby critical to make these on-and off-chain applications interoperable in an automated fashion. Automated process orchestration is thereby needed, as it enables blockchain events to trigger processes across multiple off-chain and on-chain applications.

Life cycle event

Lifecycle events need to be managed too. Through a total surveillance module, the access layer has complete visibility of every event in the blockchain network; with that visibility the analytics engine can detect anomalies and gather intelligence. For example, when a counterparty exercises an option on a smart derivatives contract in the blockchain, that event needs to be captured and propagated to the same downstream systems. Similarly, external events, such as those relating to market data, will also need to be monitored and applied to the smart contracts. You will need to plan for integrating those systems. But before doing that you will have first identified what systems are affected and how.

Governance

And there is the governance issue. What happens in a blockchain application can have an impact across the whole enterprise. So careful monitoring off- and on-chain is necessary in order to enable proper governance, risk management and security of the entire network. Integration that is technology-neutral and the ability to establish and execute the policies required for good governance are key to the blockchain access layer. API-based integration could thereby be of help.

Other requirements

But here it does not end. New higher-level processes may also need to be established to exploit the benefits from the blockchain ecosystem. The interoperability between systems will have to be agile, secure and have robust governance. It should be prevented that enterprise applications would be exposed to any complexities of the blockchain. Operationalizing blockchain also addresses the need for access controls over the participants, from both an application and business context, be it internal or external to the enterprise.

Integration: steps to be taken

To gain the real advantages of blockchain technology, a company must be able to rapidly, but seamlessly utilize blockchain. Without having to run complex, costly and lengthy re-architecturing programs. But what is the best approach to operationalize blockchain?

Here are six steps you should keep in mind:

First, you need to connect to a (private or public) blockchain ecosystem and/or with external parties using the blockchain.
Second, you have to integrate blockchain applications with existing technology.
Third, you will have to decide how to interact with the blockchain ecosystem, with regards to security and access controls.
Fourth, you have to figure out how to monitor transactions and events on the blockchain and react to them in real time.
Fifth, you have to decide how to reconcile data that exists in blockchains as well as legacy applications.
Sixth, you have to automate, coordinate and manage the processes that span both existing technologies and blockchains.

Conclusion

While blockchain technologies are viewed as a disruptive force for the existing financial systems and market infrastructures and may fundamentally change the way the financial services industry operates day-to-day business, the challenges of enterprise adoption and integration need to be addressed as well.

The introduction of blockchain in your company will require the well needed time. You will have to address the enterprise issues around transaction audibility, visibility and integration into existing business functions. Without this, a profitable integration of the blockchain in the company will prove to be a difficult storey.

Of course this story is not yet complete. I will definitely have forgotten things that must also be considered. But this is a start!

carlodemeijer

 

Carlo de Meijer

Economist and researcher

 

New norms in banking: more than 30 new areas emerging. Pick your Fights!

| 28-11-2016 | Hans de Vries | treasuryXL |

motherboardWe came across an interesting ‘panorama’ from McKinsey& Company about the key Fintech trends and asked our expert Hans de Vries to comment on it. He came back with interesting insight, that we want to share with you:

Blockchain, PSD2, Bigdata, Crowdfunding, Bitcoins: never a dull moment in the banking world. The McKinsey Panorama provides a perfect overview of the rapid technological changes taking place in the banking world today. However it’s hard to predict the impact of all these developments on the day to day operations of the corporates. Over the years we have seen trends like the “Holy EDI Grail” never coming fully of the ground due to a lack of general acceptance and interoperability. Some corporates stepped-in really early and now finally reap the benefits as a result of a generic acceptance of for example XML standards for the information exchange. This does not mean that you’ll have to lean backwards and wait for the future developments to start materializing. The challenge is to keep moving forward while optimizing the internal processes according to the latest more or less standardized techniques. In some cases you may not be using the latest technical solutions, however you achieve the goals in a more practical way and it leaves room for further improvement on the way. The main message should be: don’t get overwhelmed by all these new developments, keep moving forward and pick your fights carefully.

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Hans de Vries

Sales Consultant at PowertoPay

Instant Payments deserves a quick adoption because it will reduce the costs and will benefit Corporate Treasury: education will give a boost.

| 25-11-2016 | Boudewijn Schenkels |

payments

 

Several use cases, like in UK and Australia, implementing Instant Payments proved to be a alternative to checks, cash and debit cards for retail and corporate customers, stated in the World Payments Report 2016 by CapGemini and BNP Paribas. Besides replacing these expensive payment types, Instant Payments will mean extensive benefits for Corporate Treasury.

“To boost the adoption of immediate payments, efforts are required in a number of areas including value-added services development, education of the main stakeholders, and upgrading of merchant and corporate infrastructures”.

For education matters the Payment Report advises the marketplayers (banks, industry organizations, and regulators) to invest in educating key stakeholders including corporates, merchants, and end-customers on the benefits of instant payments. “For example, banks could inform corporates and merchants of the required infrastructures, the ease of transaction, benefits including instantaneous funds and receipt, and how instantly available funds can be better managed.”

Treasury Benefits are specified as:

1. Payments can be initiated at last moment before due date leading to:
– Reduced settlement times and availability of funds for longer durations
– Enhanced liquidity management
– Cost savings as a result of fewer adjustments
2. Implementation of Instant Payments will lead to improved financial control and budgeting for Corporates due to certainty of payment status (irrevocable);
3. Real-time systems generate data, which will help treasurers map companies’ cashcows and financing operations with their stakeholders’ production lines in real time, which will make cashflow easier to manage and forecast;
4. The instant payment finality of Instant Payments reduces credit risk and the temporal risk created by time delay between payment and settlement. This enables instantaneous updates and a constant real-time view of cash positions for corporate clients;
5. Instant payments are expected to enhance the experience of corporates’ customers by providing faster services, real-time notifications, and immediate availability of funds.

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Boudewijn Schenkels

Senior Consultant Payments @ Payments Advisory Group

Kunnen banken zich opnieuw uitvinden of is het inderdaad Kodak revisited?

| 24-11-2016 | Jan de Kroon |

geen-naam

 

Dat alle banken op dit moment stevig ingrijpen in hun business model en bedrijfsvoering behoeft geen betoog. Het staat immers dagelijks in de krant. De topman van ING geeft zelfs openlijk aan dat zijn bank zich transformeert naar een IT dienstverlener en ING is dus een van die banken die aast op over te nemen FinTech-bedrijfjes om het transformatieproces te versnellen. Ook de andere banken switchen in hun businessmodel en voegen zich in de ratrace.

Situatie uit zicht van de bank

Als belangrijk argument geldt steeds de verzwaarde regelgeving die het steeds minder interessant maakt het traditionele rentebedrijf te voeren in combinatie met een toezichthouder die banken op dat punt in de nek hijgt. Een veel meer bemiddelende rol en een vergoeding op provisiebasis lijkt het logische antwoord. Tegelijkertijd wil je als bank wel een beetje grip houden en dus een belangrijke rol in het verloop van geldstromen houden. Om daar nog iets aan te verdienen moet je dan wel mee in de technologie. En dus mee in de uitdagingen die FinTech bedrijven bieden.

Juist daar lijkt de historische vergelijking met Kodak op te gaan, waar oprichter Eastman alle nieuwe technologische innovaties wilde omarmen, op voorwaarde dat een filmrolletje een vast onderdeel was van de oplossing. Ook banken transformeren zich waarbij een zekere constante te vinden is in het regisseren van geld en betaalstromen. En alle oplossingen lijken dan ook innovatieve Fintech inhoud te moeten hebben.

Intussen is het nog maar de vraag welke banken nog echt weten wat de klant wil en wat die klant echt nodig heeft. Zo buitelen banken over elkaar heen met beloften over binnen hoeveel uur een financieringsaanvraag wel niet uitgewerkt is en hoe makkelijk je online je zaken kunt regelen. Daarbij wordt verondersteld dat de klant dat belangrijk vindt. Het is niet dat dat de klant het niet op prijs stelt; die gaat ook met zijn tijd mee immers. Feit is dat het niet meer is dan een hygiënefactor en geen onderscheidend kenmerk.

De wens van de klant

Wat wil die klant dan wel; welnu die klant wil vooral aandacht en een goed advies. Die klant snapt dat de bank efficiënter wil gaan werken want die tendens is er in zijn eigen onderneming ook. Wat die klant daarentegen niet begrijpt is dat de te bereiken efficiencygraad vooral de winst van de banken moet gaan verbeteren in plaats van de vrijgekomen financiële capaciteit te besteden aan effectiviteit van de dienstverlening. Afgezien van wat technologische verschillen is er nu al geen wezenlijk verschil meer tussen de Nederlandse grootbanken in de klantbediening. In feite zoals dat bij de grote energieleveranciers al langer het geval is.

De zakelijke klant echt centraal stellen vraagt naar mijn mening vooral om het borgen van de oprechte aandacht voor de klant; one way or the other. Je terugtrekken op de technologie achter het IBAN nummer of vergelijkbare bewegingen zouden wel eens het nieuwe KODAK kunnen worden; geen producten en diensten zonder infrastructurele technologie. Wil de echte bank opstaan.

Jan de Kroon

 

 

Jan de Kroon

Owner & Managing partner of Improfin Groep

 

Why seems TMS market leadership to be a relay race?

| 23-11-2016 | Pieter de Kiewit |


geen-naamThe number of treasury management software brands I read about in resumes since 1996, the year of my first treasury placement as a recruiter, has continuously grown. In other markets market dominance has been more stable, BMW, Microsoft and Calvé have been able to keep long market leadership. What is so different in the TMS market? Without comprehensive research I can think of the following reasons.

TMS technology reasons

Technology is moving forward very quickly. Solutions are often based upon the possibilities new technology offers and not developed based upon client needs. Different backbone technology often comes with other providers, hence other TMS suppliers.

Integration after take-over

There is a number of small solutions that grew to be successful over time. The founders of the companies that offer these solutions often choose to sell after a number of years. This because they are technology driven and cannot handle the marketing and operational hassle. Or the other way around: after successful sales they have to build a better product and do not have the technological staff. Or they just want to cash. The bigger companies that take over are not capable to absorb the smaller without losing the warm connection with the clients. Service and flexibility go down, prices go up. Sales staff is demotivated after a setback in remuneration. Support does not know the application. The clients go to the next supplier.

Marketing reasons

Last but not least, successful start-ups that work with partners in various countries are not able to share the wealth of success. Discussion over equity, profit sharing and ownership are often deal breakers. In this market there is not one dominating expansion strategy that has been the success formula: own staff is not strong enough or too expensive, partner sales is often not based upon enough commitment or lacks a proper contractual basis.

What do you see in the market of TMS suppliers?

Pieter de Kiewit 

 

 

Pieter de Kiewit
Owner Treasurer Search

 

To be or not to be – what happens next to the Euro?

| 22-11-2016 | Lionel Pavey |


In the last few weeks, there have been many news articles published, by well-known people, about the state of the union:

  • Frits Bolkestein (former European Commissioner) – monetary union has failed. In 10 years there will be a large D-mark block in northern Europe
  • Joseph Stiglitz (Nobel prize winner Economics) – the euro’s days are numbered
  • Otmar Issing (former chief economist ECB) – one day the Euro “house of cards” will collapse
  • Jacques Delors (former president of the EC) –  at some point, Europe will be hit by a new economic crisis. We do not know whether this will be in six weeks, six months, or six years. But in its current set-up, the euro is unlikely to survive that coming crisis.

End of the Euro?

More than 15 years after its creation, has the Euro run its course? After countries put all their effort into meeting the convergence criteria, did they forget to look at the diverging competitiveness between themselves?

There are numerous political elections and referendums in the next year – Italian constitutional referendum, elections in Austria, France, Germany and the Netherlands. There appears to be a rise in anti-European sentiment expressed by both voters and politicians. After the perceived surprise results in the Brexit referendum and the presidential elections in America, it would be prudent to consider all possible outcomes.

So what would happen if the currency union ceased to exist? We can look back in recent history to the breakup of both the Soviet Union in the 1990’s and the Austro-Hungarian Empire in the 1920’s. A split in the current Eurozone would appear to follow a North-South divide, leading to a revaluation of the currencies in the North and a devaluation in the South. Thanks to modern technology it would be possible to sell bonds of southern countries and move the proceeds to the north almost instantaneously. Despite the huge upheaval – rising inflation and unemployment, declining growth and investment, the situation would eventually normalize as can be seen in the new countries that were previously part of the Soviet Union. But this would all come at a very large price.

Consequences for companies

But what about the consequences for companies? If a contract existed between a Dutch company and an Italian company many questions would need to be answered – which contract law takes preference, in what currency should the contract continue, who bears the risks involved? What happens to a loan extended to a Spanish company by an Austrian bank and denominated in Euros that are no longer legal tender? It would be prudent to look at all the possible risks that a company could face if the Euro were to replaced by national currencies – what cross border contracts do they have, what is the impact to the company’s profit if the new currency devalues, what are the terms and conditions in existing loan documentation regarding covenants, how many new bank accounts would need to be opened to allow trading to continue.

Can the Euro survive? Personally, whilst the idea was good, the reality has been different. It requires a complete “One Europe” – monetary, fiscal, political, defence, law etc. Could this ever be achieved and do the people of Europe really wants this – now that is the question.

Lionel Pavey

 

Lionel Pavey

Cash Management and Treasury Specialist – Flex Treasurer

 

 

Online Treasury training programs: a new trend and options increase

| 21-11-2016 | Annette Gillhart |

online-trainingIf you are working as a treasurer and think about following a training you might as well look on the internet: an increasing number of programs are given online. We thought that it might be useful to check what’s on there and present a few.

A small selection of what we found

 

  • Hecht Consult Bank Training and Treasury Consultancy
    Michiel van den Broek is a financial expert and has hands on experience managing foreign exchange and interest risk. The last 10 years, Michiel has focused on training and has set up the Financial Training Hub. He has created custom programs and delivered training to hundreds of participants working for banks, financial supervisors and other financial institutions on subjects such as financial markets, asset & liability management and risk management. Michiel has published an e-book ‘Understand Banks & Financial Markets’ to introduce training participants in the world of finance. He offers training programs such as Financial Markets (Advanced), Banking Basics, Risk Management Basics, Compliance and Financial Markets, Introduction Asset & Liability Management, Bank Management and more. Read more
  • Coursera
    Free training programs! Coursera is an education platform that partners with top universities and organizations worldwide, to offer courses online for anyone to take. Their mission is to provide universal access to the world’s best education. Statement from their website: ‘Online learning plays a significant role in a lifelong education. In fact, a recent report by the U.S. Department of Education found that “classes with online learning (whether taught completely online or blended) on average produce stronger student learning outcomes than do classes with solely face-to-face instruction.’ Go and check the search term  ‘Treasury’. At the moment they offer two trainings: ‘Global Financial Markets and Instruments’ and ‘The Global Financial Crisis’. Read more
  • Treasury Services
    Next to other services they offer Treasury training and education in their Treasury Acadamy. The e-learning Treasury Academy enables participants of programs to decide when, where and how they want to follow training courses. Training courses are instantly available through their secured platform. They offer training programs on Foreign Exchange Risk Management, Foreign Exchange Options, Interest Rates and Interest Rates Risk, Modern Bootstrapping, Cash Management and more. Read more

Many more options

It is obvious that this is just a small selection of what can be found. There is more and options increase. If you do not want to follow courses alone you can consider peer assesments or blended learning, too.

Have you followed an online training program lately?  Please feel free to share your experience!

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annette-gillhartAnnette Gillhart – Community Manager  of treasuryXL

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How Bank Independency improves your Treasury Performance

| 18-11-2016 | PowertoPay |

bankgebouwenAs RBS in april 2016, ABN AMRO announced recently that they will lay off another 1500 employees worldwide and reduce services due to ongoing digitalisation. We came across an article of PowertoPay and in the light of recent developments you might find it interesting to read.

As we emerge from the global credit crisis and banks are starting to (geographically) withdraw from some parts of the market, managing cash flow more effectively is a top priority for treasurers. Monitoring, analysing and reporting on underlying business cash flow and risk has become extremely important. Despite the changing role of the treasurer which resulted in new requirements, treasury must still determine the optimal organizational structure that meets both strategic goals and supports overall efficiency. These efficiency goals have created the need for centralized bank-agnostic solutions that aggregate all financial information onto one platform.

The evolved need for bank-independency

As competition increases in the payments market, banks need to create competitive differentiation, either in-house or in a shared model. Banks need to reshape their focus and keep a consistent client focus. A recent example of a bank that needed to reshape was the withdrawal of RBS from a large number of countries. RBS has made the choice of being a consumer bank for the UK and decided to end servicing the earlier acquired Global Transaction Banking customers.

The withdrawal of RBS from large parts of the market created the need for large corporates to investigate bank-independency and bank-agnostic solutions more thoroughly. A logical consequence, because how can you be certain that your bank will remain active in a specific country for over five years? Frank Nolden, CEO of PowertoPay states:  “If the financial crisis has taught us anything, it’s that no matter how big, banks can go bankrupt. Therefore, corporates want to decrease their risk on financial counterparts, because these counterparts might no longer exist in a few years”.

Reducing risk

In order to: 1) reduce the risk on financial counterparts 2) overcome the bottlenecks  3) reduce potential credit inefficiencies found within the use of single banks, corporate treasurers increasingly focus on bank-agnostic solutions. Connecting to multiple banks via a centralized bank-agnostic solution means lowering the risks of having to change and select new banks in the future, which allows corporates to have greater financial performances.

Succeeding with simple connectivity

Large corporates more often choose for developing channels and services that support a multi-banking, bank-agnostic approach. According to the CEO of PowertoPay, Frank Nolden, “the maintenance of all the different multiple technology systems have driven corporates to opt for simple hub connectivity through centralized solutions”. Many corporates have to connect to a myriad of bank portals with numerous security tokens to handle their treasury operations, which considerably increases risk. Bank-agnostic solutions automate, centralize and standardize globally these payment and cash management processes, allowing treasurers to make better, more informed and faster decisions based on real-time holistic insights, improving their performance.

Conclusion

Corporates are always seeking to increase the levels of operational efficiency. Maintaining all types of different multiple technology systems with low efficiency levels have driven treasurers to opt for bank-agnostic, centralized solutions. These solutions reduce the risk on financial counterparts, creating more streamlined and effective treasury operations.

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New Community Manager

| 17-11-2016 | treasuryXL |

Since we’ve started at April 21th 2016, treasuryXL made some important steps and we’ve been growing ever since. Our community is continuously expanding with authors, editors, sponsors and readers. Everyday we provide you with fresh, treasury related content: articles, vacancies and events. In the start-up fase it was our main interest to make the site known to you and find out about the focus and issues that added value to the market and the treasury community. Now we’re taking it to the next level!

I can proudly say that while being your community manager I’ve learned a lot about the treasury world and certainly made some new friends! I’m really proud of what we have reached so far but I also think it’s time start a new fase with a new community manager. I’m taking on a new challenge in another start-up and would like to thank you all for the support and the pleasant cooperation we have had so far. So, I’ll step aside…

 …and present to you our new community manager: Annette Gillhart!

treasuryXL has informed you about all kind of news around treasury issues. Next to daily news and actualities you were informed about interesting topics such as treasurer vacancies and upcoming events. In the start-up fase the site became known to you as a platform to all kind of news about the treasury market and community.

In the meantime many of you know how to find us and this is the moment to enter a new fase and emphasize the website’s value even more. That means that we want to increase the number of visitors and provide a platform for even more companies, institutions and experts of the treasury habitat.

This will be my task, taking the website to the next level, make it even more attractive and expand the community. So that we can provide you with even more diversity and interesting content. In the meantime a number of companies found their way to our website, and are using it very successfully as a platform to promote their own businesses. It goes without saying that we want to provide this unique possibility to even more companies and institutions. It is our aim to keep improving the site and stay as lively and attractive as possible to all of you.

I’m hoping for a pleasant and fruitful cooperation!

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Stephanie Derkse & Annette Gillhart – Community Managers treasuryXL