Corporate Treasury: 3 ways to prevent fraud risk in one-time vendor payments

09-02-2022 | treasuryXL | Aico | LinkedIn |

Manual payments are somewhat of an outlier among corporate treasury payments. These one-time vendor transactions to companies or private individuals whose details are not in your ERP system pose a significant risk of fraud. They are challenging to track and easy to manipulate in an enterprise environment. This makes them a target for auditors, who want to clearly see you have monitored all points in the payment process where data can be altered. Changing the payment details or falsifying invoices are just a couple of mishandling examples, leading to massive fraud cases like these.



There is, however, a transparent and secure way to handle these payments as quickly and efficiently as the typical accounts payable invoice automation process.

Let’s look at three preventative solutions to reduce the fraud risk.

1. Enforce approval workflows: The four-eye principle.

Much of payment fraud originates in transferring small sums to non-existing vendors, rather than large payments. It makes such transactions much harder to identify and match over a long period.

The so-called four-eye principle is one of the cornerstones of a preventative approach to fraud management and internal controls in general. Having no means to enforce payment approval workflows across the group’s companies with little to no visibility into initiated payments is a challenge many enterprises struggle with.

A software solution to enforce systemic payment approvals is essential. And so is the ability to easily customise these workflows and apply them to the whole company group in line with your internal and external compliance guidelines.

You may want to enforce one or two-step payment approvals based on value or frequently recurring IBAN details. A mandatory requirement to add an attachment of supporting evidence is another possibility. These are just some examples of how a modern software solution like Aico can help you minimise fraud risk effectively.

2. Secure PAIN file creation and bank transfers.

A holistic approach is essential for effectively implementing internal controls against payment fraud. Eliminating 90% of a leak in your boat still leaves you at high risk. So, payment approvals alone will make it harder to start a fraudulent payment, but they won’t secure you from trickery further down the process.

Once one or more people have approved the payment, it will be sent to the bank in a PAIN (payment initiation) file format. The data in the approved payment request should be identical to the one in the PAIN file. Eliminating any possibility to create or alter the PAIN file manually is the single most effective protection in this part of the process. So ideally, PAIN file creation and transfer to the bank should be fully automated.

In the case of the Aico Manual Payments software solution, the system will create the PAIN file automatically in the background using the master data of the approved payment request. Once approved, the PAIN file goes automatically to the bank for the payment without any further human interaction.



3. Automate journal postings.

Verifying the execution of the payment and accounting for it in a compliant way is the last, but not least, important part of the safe payment process. Just as we want to ensure the bank receives the approved payment document, it is equally important to match the returning bank statement with the original payment order.

And once again, an automated process is the safest solution. In fact, at this point, we can also securely manage the accounting by automatically creating and posting a journal entry into the ERP system. Automation here saves us time and ensures that subsequent journals are posted to the correct accounts with the right value matching the master data of the initially approved payment request.

Is it possible to take one more step to safeguard this process?

In addition to the smart workflows and powerful automation, the Aico Manual Payments solution will also archive the entire activity log and documents related to the specific payment. This extra mile of effort will significantly simplify the audit process and help to identify any irregularities.


About Aico

We help enterprises simplify financial close and record-to-report (R2R) accounting processes. The result is less manual work and faster period-end financial reporting with the assurance of compliance and data accuracy.

Our software platform includes solutions for the key R2R processes – Account Reconciliation, Closing Task Management, Journal Entries, Intercompany Invoicing and Manual Payments.

Unique real-time integration to multiple ERP systems brings increased automation levels and reduces IT system complexity to our customers.

With teams and a network of partners across EMEA, we deliver high-complexity projects for enterprises with a global footprint.

Visit aico.ai for more information about Aico.

Visit Aico resource library for eBooks and webinars on R2R and financial close best practices.

Join us on LinkedIn.

Launch of the Treasurer Test 2.0, the new version of the assessment tool for Corporate Treasurers

08-02-2022 | treasuryXL | LinkedIn |

 

treasuryXL announces the launch of the Treasurer Test 2.0, the new version of the assessment tool for Corporate Treasurers.


Read more

Accepting Crypto Currency In Corporate Treasury

03-02-2022 | treasuryXL | ComplexCountries | LinkedIn |

As more treasuries will have to start accepting crypto, whether it be an emerging market like El Salvador, for digital assets, NFTs and other goods that are sold in the metaverse. This report explores the experiences of treasurers in setting up their systems to accept crypto currency.

This report is based on two treasury peer calls chaired by Simon Jones and was compiled by Monie Lindsey.



This report is based on two treasury peer calls chaired by Simon Jones and was compiled by Monie Lindsey.

The full 14-page detailed report is available to subscribers in our Report Library.

To find out about subscriptions and other value-added services, please make an enquiry.


Chair’s Overview

Following the CompleXCountries call ‘Accepting Bitcoin in Corporate Treasury – Lessons from El Salvador’, (Report Summary Here), the CXC community clearly did not see this as a one off.  The necessity to accept Bitcoin & Crypto may become a reality for more Treasurers, but the path is far from being very clear. The purpose of this call was to share experiences and challenges, and learn from the various solutions Treasurers are putting in place if they have to accept crypto currency to support their businesses.

The session was extremely insightful and even if a Corporate is not accepting Crypto now, this report required reading for the Treasury community.  It is a challenge that will increasingly become more common as corporations drive more digital sales channels.   The regulated Crypto exchanges have seen significant growth over the last few years and the ability to exchange fiat for crypto and back to fiat has become widely available in the marketplace.

We posed the questions: Is this something that they have had to deal with or are going to have to deal with in the future? El Salvador was the first newsworthy case but on this call we gained insight to how it is becoming more mainstream in digital businesses and therefore becoming far more common for corporates around the world.

Non-Fungible Token (NFT) Definition. “A unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible.” Collins Dictionary, who picked ‘NFT’ as their word of the year 2021.

To summarise the key learning points:

  • Consumer businesses are targeting digital native consumers who are increasingly buying NFTs as collectibles or to demonstrate their alignment with a brand or product. This client base expects to be able to buy or trade NFTs in exchange for crypto assets that they might have accumulated from investments.
  • The marketplace and blockchain the NFT is issued on, will determine the crypto asset that can be used to buy the NFT, e.g. Ethereum or stable coins on the Ethereum blockchain.
  • Coinbase was the exchange of choice for the Corporate Treasurers who took part in this call, primarily because they are publicly listed and regulated in many markets around the world.
  • KYC & Onboarding procedures were no different for Coinbase than for opening a bank account at a relationship bank, it still took weeks, not days.
  • Some Treasurers allow NFTs to be purchased via a crypto currency, but immediately convert back to fiat currency, via the exchange provider, both to avoid volatility and because of uncertainty over the accounting, legal and tax implications of holding crypto currency.  Bitcoin was not widely used, as it was deemed to be more open to money laundering concerns by the exchanges.
  • Crypto Exchange commission continues to be quite expensive and is not as tight as fiat currency exchange.
  • Accepting Bitcoin seemed limited to only El Salvador, where it is legal tender in addition to USD. (Corporates are required to accept BTC in payment should their client require it.)  Other countries may follow.
  • Anti-Money Laundering controls continue to be top of mind and it’s important to make sure the NFT auction houses, marketplaces and collecting exchanges are able to trace the origin of coins to protect their corporate clients.

Conclusion:  Highly insightful session, brings home the reality that as more businesses issue and sell digital assets like NFTs online for their products & services, it will be a requirement to accept crypto coins.  No longer are crypto-assets like bitcoin just for speculative investment, but they are becoming the instrument of choice for some digital native consumers to use for purchases.  Understanding the digital product & services strategy at a Corporate and the implications that might have for a corporate treasurer is fast becoming a necessity to supporting the business.

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Conference “Toekomst Betalingsverkeer” 31 March 2022 Amsterdam | Discount 20%

02-02-2022 | treasuryXL | Kendra Keydeniers |

 

Euroform will host the 22nd edition of the Conference “Toekomst Betalingsverkeer” on Thursday March 31, 2022 at the Beurs van Berlage in Amsterdam.

Toekomst Betalingsverkeer” is a major event in the Payment Business with round table sessions, keynotes and more.

PAYMENT TRAFFIC EXPERIENCED A MASSIVE DEVELOPMENT OVER THE LAST YEAR

Payment trends accelerated during the corona pandemic. Due to the dynamic market conditions, both supply and demand changed rapidly.

  • Payments are becoming increasingly seamless, embedded and contextual;
  • More and more technological possibilities are becoming apparent. This also entails risks. Therefore, improving cybersecurity remains essential to guarantee security;
  • Artificial Intelligence and Machine Learning can help detect and prevent security breaches. Customer verification can serve as an extra layer of security;
  • To offer customers an optimal, easy and fast payment experience, more and more integrated payments are being used;
  • Platforms are also becoming more popular. They see an opportunity to broaden their offer with opportunities around investing and cryptocurrency.

Many steps have already been taken to promote innovation and digitization within the payment system.

What important developments can we expect in the future of payment systems? Together with other payment professionals, you will dive into the conversation around this topic.

At the event there is plenty of room to network and learn from each other. Inspire and challenge each other, exchanging knowledge, experience and ideas are key.

What can you expect?

Discussions and Keynote sessions about the following three important topics:

  1. Regulations, Reality
  2. Embedded: The New Payments Behavior
  3. Acceleration Towards New Money

Furthermore,

  • Expand your professional network with the attendance of 300 + strategic payment experts
  • Over 10 C-level speeches with topics like: Digital Transformation in Banking, FinTech, NextGen customer, New PSD2 Business Models, Blockchain Impact and Artificial Intelligence
  • 20 round table sessions: EID, PSD2, Instant Payments, Cybersecurity, Cryptocurrencies, Data-Driven Business Models
  • Plenty of networking opportunities with Drinks & Bites

Program and Speakers

You can see an overview of all the speakers of 2022 here.

To take a deeper dive into the full program you can view and download the agenda here.

Join the event with a discount and register exclusive via treasuryXL

The registration fee to attend the event is € 849,00 per attendee.

We are happy to provide our readers with a 20% discount on your registration fee.

Make sure to use this exclusive link to register with a discount.

I wish you a great event!

 

 

 

Kendra Keydeniers

Director, Community & Partners
treasuryXL

 

 

 

Nomentia Now Available in the Microsoft Azure Marketplace

01-02-2022 | treasuryXL | Nomentia | LinkedIn |

Microsoft Azure customers worldwide now gain access to Nomentia to take advantage of the scalability, reliability and agility of Azure to drive application development and shape business strategies.



HELSINKI, Finland — February 1, 2022 — Nomentia, a leading European provider of cash and treasury management solutions, today announced the availability of Nomentia Bank Connectivity as a Service in the Microsoft Azure Marketplace, an online store providing applications and services for use on Azure. Nomentia customers can now take advantage of the productive and trusted Azure cloud platform, with streamlined deployment and management.

 

Adding Nomentia to Microsoft Azure Marketplace will help IT departments achieve desired connectivity between banks and internal systems, faster than ever before” Anna-Lisa Natchev, Chief Growth Officer of Nomentia

 

“Nomentia is addressing some of the major challenges treasury, finance and IT teams are facing during the digitalization and transformation of treasury and finance processes. We not only take care of ERP integrations, but also offer unrivaled bank connectivity-as-a-service across the market. Adding Nomentia to Microsoft Azure Marketplace will help IT departments achieve desired connectivity between banks and internal systems, faster than ever before. Using Nomentia’s bank connectivity-as-a-service can significantly reduce IT burden and ensure treasury and finance departments can start building better processes to improve operations, data output quality, security and compliance assurance,” says Anna-Lisa Natchev, Chief Growth Officer of Nomentia.

“Through Microsoft Azure Marketplace, customers around the world can easily find, buy, and deploy partner solutions they can trust, all certified and optimized to run on Azure,” said Jake Zborowski, General Manager, Microsoft Azure Platform at Microsoft Corp. “We’re happy to welcome Nomentia’s solution to the growing Azure Marketplace ecosystem.”
The Azure Marketplace is an online market for buying and selling cloud solutions certified to run on Azure. The Azure Marketplace helps connect companies seeking innovative, cloud-based solutions with partners who have developed solutions that are ready to use.


About Nomentia

Nomentia is a category leader within European treasury and cash management solutions. Nomentia’s mission is to provide unparalleled cloud treasury and cash management solutions for and with our customers. Today, Nomentia is solving the challenges of modern treasurers and cash managers across 2,000+ businesses in over 80 countries, processing more than 800 billion euros annually. Nomentia solutions specialize in global payments, bank connectivity-as-service, cash-forecasting and visibility, bank account management, financial process automation, treasury workflows, FX risk, in-house banking, and trade finance. For more information, visit www.nomentia.com.

 

For more information, press only:

Anna-Lisa Natchev, Nomentia, Chief Growth Officer, +358 50 413 0704, [email protected]

Barbara Babati, Nomentia, Head of Marketing, +358 40 762 3356, [email protected]

 

 

Corporate Treasury Data Insights: trends in COVID-19 Refinitiv usage data

01-02-2022 | treasuryXL | Refinitiv | LinkedIn |

Andrew Hollins, Director of Corporate Treasury Proposition at Refinitiv, brings you a round-up of the latest Corporate Treasury Data Insights, including corporate treasury activity during COVID-19 illustrated through Refinitiv’s usage data, a Refinitiv report on ESG risk and whether carbon markets matter to COP26.


  1. Corporate treasury activity illustrated through Refinitiv data usage saw the COVID-19 pandemic split into three distinct phases.
  2. The initial phase concentrated on credit risk data and analytics, as well as corporate financial data. Meanwhile, phase two focused on cash balances, and phase three honed in on ESG data and analytics as the world moved towards the ‘new normal’.
  3. Other areas of corporate treasury under the microscope included risk mitigation and ESG, carbon markets and COP26, and the state of the U.S. labour market.

For more data-driven insights in your Inboxsubscribe to the Refinitiv Perspectives weekly newsletter.


Chart of the Month

Refinitiv’s usage data paints a fascinating picture of corporate treasury activity throughout the pandemic. As events unfolded, we saw interesting and distinct dynamics play out.

We’ve discerned three phases of the pandemic.

Phase 1: the survival phase

The standout feature of this initial period was the focus on credit risk data and analytics, highlighted by an unprecedented increase in usage of the Credit Default Swaps app – 155 percent in EMEA, and 120 percent in Asia and the Americas.

Demand for corporate financial data also grew strongly – notably company fundamental data (usage up 81 percent), private company data (usage up 33 percent), sectoral data, and peer analysis (usage up 113 percent).

Conversely, during this initial phase, we saw a distinct fall in demand for ESG and LIBOR-related data and analytics.

Phase 2: the cash and corporate health phase

From June to September 2020, activities aimed at boosting cash balances were very much apparent. Our data showed a notable acceleration in corporate debt issuance.

In addition, there was also another, even bigger, jump in demand for company fundamental data with usage of key ratios and cashflow data growing by 160 percent and 175 percent respectively.

Phase 3: return to ‘new normal’

Emerging from the pandemic demand for ESG data and analytics is once again rising strongly. Between December 2020 and March 2021, it has grown by 93 percent to stand well above pre-COVID-19 levels.

This trend is likely to continue its upward trajectory given the rapidly evolving regulatory and demand-led factors that seem to be driving the focus on sustainability.

Refinitiv unpacks more of our usage data insights in a new masterclass series produced in collaboration with TreasuryToday.

Log-in or register at TreasuryToday to follow the series

Refinitiv report: Risk mitigation and the pivotal role of ESG

The far-reaching consequences of COVID-19 have forever changed the risk landscape, and rising levels of third-party risk now demand urgent attention.

Persistent gaps in formal due diligence must clearly be addressed, but a broader sea change is needed: both financial institutions and corporates need to adopt a more holistic approach to risk management – one that incorporates environmental, social and governance considerations as a fundamental tenet of the risk mitigation process, rather than as a separate silo.

Read the report: Risk mitigation and the pivotal role of ESG

Why do carbon markets matter to COP26?

Carbon markets are a key tool for countries to cut their greenhouse gases and meet their Paris Agreement commitments.

The cost of polluting is rising in Europe, parts of North America, South Korea and New Zealand. Most likely it will do so in China, the latest country to launch a national emissions trading system.

Read the blog: Why do carbon markets matter to COP26?

Are U.S. labour markets healing?

The COVID-induced rigidities in the U.S. labour market are easing, but the labour market remains extremely tight, implying potential upwards pressure on inflation from wages.

What can the Beveridge curve tell us?

Inflation gets complicated

There are textbook ways for investors to beat inflation. Unfortunately, we do not live in a textbook world.

Inflation chatter is always a thing, but the shocks are now coming thick and fast.

Decades of globalisation had muted inflation, and the last time the Consumer Price Index (CPI) topped 5 percent was just over a decade ago.

Refinitiv Lipper explores

Refinitiv Corporate Treasury Newsbeat

  • Refinitiv launches USD IBOR Institutional Cash Fallbacks in production to facilitate industry transition from USD LIBOR | Refinitiv has announced that USD IBOR Institutional Cash Fallbacks are now production benchmarks, and it will launch USD IBOR Consumer Cash Fallbacks 1-week and 2-month settings pending Refinitiv Benchmark Services (UK) Limited (“RBSL”) board approval. Read more

Image promoting the Corporate Treasury Data Insights newsletter. Subscribe Now!


 

Why APs Stake in Enterprise Payments is Important, but Often Overlooked

27-01-2022 | treasuryXL | TIS | LinkedIn |

This article reviews the reasons why an Accounts Payable (AP) team’s stake in managing enterprise payment and reconciliation activity is critical for large companies before examining why AP departments do not always receive the internal prioritization or attention they deserve as enterprises make payments and financial technology investments. Finally, this article concludes by evaluating how the TIS platform equips AP — along with treasury, finance, accounting, and other internal groups, to manage and control each of their respective functions regarding enterprise payments within the solution of their choice, thereby largely eliminating the need to pick and choose which departments receive budget or funding.


Context: What role do AP departments play in managing global payments?  

For those who may be unfamiliar or need a quick refresh, the general role of an Accounts Payable (AP) department is as follows: 

When a company purchases goods and services from a supplier or vendor on credit, the accounting entry is referred to as an Account Payable (AP). On a balance sheet, it appears under current liabilities. As such, an enterprise’s AP department is responsible for ensuring these payments owed by the company arrive to suppliers and other creditors in a timely fashion. 

Depending on the company’s size and scope, the AP department may consist of just one or two individuals, or up to several dozen. Most of the time, AP staff operate as a subset of the finance department and work within an ERP or similar technology solution to manage the company’s global payables (i.e. supplier or vendor invoices) and ensure that outbound payments are generated and executed according to the outstanding payments that are due to these parties. 

As AP groups go about managing their roles, the main benefit to their organization is that outstanding payment requests are effectively fulfilled without violating deadlines or contracts. There is often a vendor relationship aspect attached to this benefit as well, provided that invoices are paid on time. Additionally, an optimized AP group can help take advantage of early-pay discounts or other types of incentives to earn additional revenue, and can also help identify fraudulent invoice requests and other security threats. For enterprises making hundreds or thousands of payments every week, these benefits are essential. 

Five Quick Facts About Accounts Payable

However, despite the important role that AP groups play and the critical nature of their work, the reality is that their needs are rarely prioritized over other financial stakeholders and departments internally.

Let’s explore further.

 

Why don’t AP departments receive more budget & attention internally?  

As an enterprise’s financial priorities and initiatives get championed by internal executives and leaders, who is most commonly advocating for AP?

In other words, which of an enterprise’s chief financial stakeholders are actively prioritizing the needs of the AP department relative to other internal departments and groups?

Although some AP managers or directors might get a say in largescale technology projects and Controllers or Treasurers may work closely with AP to ensure process cohesion, the reality for many enterprises is that AP departments rarely have a high-ranking executive or financial stakeholder that resides directly within their team.

For example, while the Treasurer often can communicate directly with the CFO and accounting groups have directors that are given a direct line for influencing important decisions, the AP group does not.

Of course, this is not to say that the AP department is always getting completely overlooked, and to be fair, other financial departments like Procurement might suffer from a similar conundrum, depending on the structure of the enterprise. However, in cases where the AP group is clearly outranked by other stakeholders, the impetus is on leaders in treasury and accounting, as well as the CFO directly, to ensure that their needs and priorities are addressed.

As noted above, the benefits of helping AP optimize its function include increased revenue and cost savings through early payment opportunities like dynamic discounting. With the right technology and workflows, AP can also play a critical role in detecting fraudulent invoices and payment requests and maintaining the organization’s good standing regarding vendor and supplier contracts and relationships.

Five Benefits of a Fine-Tuned AP Group

For enterprises that are able to address AP’s needs in an effective fashion, the above benefits can be instrumental in boosting revenue, maintaining accurate financial records, and preventing fraud. However, without the proper attention, these benefits can quickly dissipate and result in a myriad of issues. This is especially the case if AP is not provided with the right technology solutions or integrations to perform their duties, as detailed further below.

 

Addressing the technology requirements of accounts payable 

Upon examining the typical financial responsibilities that AP teams manage, the reality is that their technology needs are not that different from other financial groups, especially those of accounting.

In most cases, enterprises will have at least one (if not multiple) ERP system deployed globally. These ERPs often provide the perfect backdrop for AP to function, as global financial data can flow directly into these platforms to make for easier oversight and control. In circumstances where enterprises have strategically developed their financial technology stack to optimize the data flowing into these ERPs, the AP department can subsequently benefit from access to the same information that accounting and other departments do. And as invoices, bank statements, and payment statuses flow from various entities, vendors, and banks into the ERP(s), tasks like payment generation and invoice matching become much easier for AP to automate and control.

However, without the proper bank connections, system integrations, or authentication and security settings, these ERPs and disparate technology stacks can quickly become the bane of AP’s existence and lead to more headache than efficiency.

Here’s why.

Five challenges caused by disparate AP tech

For global enterprises with dozens of entities and back-office systems, as well as thousands of suppliers, vendors, and bank accounts, gathering and disseminating global financial data in a timely fashion represents a massive undertaking. For many companies, issues start to occur when their ERP is not properly integrated with all their banks, vendors, or the corresponding systems at regional entities and units. Whether due to constant M&A activity, regular implementation of new solutions, or simply a lack of IT budget and bandwidth, maintaining all the right system connections requires constant upkeep.

To make matters worse, some AP groups today are still relying on Excel, email, or paper statements, which magnifies the challenges of meeting contractual deadlines, identifying false invoices, and successfully obtaining early-pay discounts and incentives.

Ultimately, scenarios where AP must manually pull invoices and bank statements to perform their duties or where they wait days or weeks to receive data from regional offices and banks can render the benefits of their department almost entirely obsolete. And in today’s fast-paced, highly-digital environment, the simple truth is that if your enterprise is struggling to locate and aggregate financial data, then you are likely significantly behind your peers in terms of AP process efficiency.

Given what we’ve seen with many AP departments lacking the internal status to advocate for better technologies and workflows on their own, and because many enterprises might not be willing to invest in an AP-specific solutions, the best option many companies have for meeting AP’s technology needs without exasperating their budget is to invest in payments and banking technologies that can streamline the collection, aggregation, and analysis of payments and finance data for ALL internal stakeholders.

Of course, departments like AP and accounting will likely end up doing the brunt of their work in an ERP. However, by adding a global payment and bank connectivity hub to their technology stack, enterprises can ensure that all the data these groups need to do their jobs can flow into the ERP in an optimized and timely fashion.

Today, these global payments optimization capabilities are exactly what TIS offers enterprises with our Enterprise Payment Optimization (EPO) platform. The manner in which our solution optimizes the AP function while also streamlining payments, liquidity, compliance, and banking functions for Treasury, Accounting, Legal, and more is highlighted below.

 

How TIS gives AP & all other financial stakeholders complete control over payments 

TIS’ Enterprise Payment Optimization platform is a global, multi-channel and multi-bank connectivity ecosystem that streamlines and automates the processing of a company’s payments and subsequent reporting across all their global entities, banks, and financial systems.

By sitting above an enterprise’s technology stack and connecting with all their back-office, banking, and 3rd party solutions, TIS effectively breaks down department and geographic silos to allow 360-degree payments and cash visibility and control. This includes visibility to executed vs outstanding transactions, as well as to cash positions and bank statements.

To date, the ~200 organizations that have integrated TIS with their global technology stacks have achieved near-100% real-time transparency into their payments and liquidity. This structure benefits a broad variety of internal stakeholders and also enables each group to access information through their platform of choice, since the data that passes through TIS is always delivered back to the originating systems.

This systematically controlled payments workflow is managed by TIS for both inbound balance and transaction information and outbound payment instructions. Data can be delivered from any back-office system via APIs, direct plug-ins, or agents for transmission through TIS to banks and 3rd party vendors. This means that for AP teams that use an ERP, payments and liquidity data is transmitted in near-real-time from TIS into their modules, where they can then perform automated reconciliation, payment generation, and other tasks as their role dictates.

Because of the deep connections that TIS maintains with internal systems such as ERPs or TMSs, external banks, and 3rd party vendors / service providers, the process of managing payments is simplified for every internal stakeholder. C-suite executives, treasury, accounting, AP, legal, HR, and other key personnel can access whatever financial data they need, exactly when they need it. And by automating this flow of information for both inbound and outbound payments, TIS provides the control and flexibility that enterprises need to function at their highest level.

For AP teams specifically, the extensive experience and unparalleled integration capabilities provided by TIS enable enterprises to streamline their methods for managing payments, invoicing, and reconciliation. Additional security controls, invoice inspection tools, and payment fraud alerts are implemented to ensure compliance and cohesion at every point in the process. And because the functionality provided by TIS helps all enterprise financial stakeholders, organizations that adopt TIS typically receive unanimous buy-in because each group recognizes the benefits they will obtain through TIS’ implementation.

In the digital world of enterprise payments, TIS is here to help you reimagine and simplify. For more information about how TIS can help you transform your global payments and information processes and optimize your AP function without breaking the bank, contact us to learn more.

benefits of TIS


 

GTreasury Adds Executive Leadership Amid Surging Demand for Modern Technologies that Empower Treasurers and the Office of the CFO

26-01-2022 | treasuryXL | Gtreasury | LinkedIn |

Travis Arthur (Chief Marketing Officer) and Matthew Carey (Chief Revenue Officer) bring extensive experience scaling global businesses and driving growth for disruptive SaaS solutions



CHICAGO, Ill. – January 26, 2022 – GTreasury, a treasury and risk management platform provider, today announced two additions to its executive management team: Travis Arthur as Chief Marketing Officer and Matthew Carey as Chief Revenue Officer. The appointments come as GTreasury accelerates technological innovation, customer growth, and key strategic initiatives such as the recent acquisition of Hedge Trackers.

Arthur will guide the positioning and market strategy of GTreasury as the leader in digital treasury and risk management solutions for corporate treasurers, finance teams, and the office of the CFO. Carey will lead the global sales and go-to-market strategy and execution for GTreasury, which includes a focus on expanding GTreasury’s sales presence into new geographies.

Arthur joins GTreasury with particularly deep industry experience as a revenue-focused executive, bringing a proven record of planning and executing successful growth campaigns at fast-scaling SaaS businesses. He comes to GTreasury from Social Solutions, where he led go-to-market strategy, sales and marketing transformation, and demand generation as the Chief Growth Officer for the SaaS company. Previously, Arthur served as the Senior Vice President of Marketing for the digital banking software provider Q2, where he oversaw the strategy, development, and execution of the company’s market positioning and demand generation initiatives. Arthur has also held senior-level sales and marketing roles within Rackspace, ReachLocal, and Dell.

Carey brings GTreasury extensive experience leading global teams at companies ranging from hyper-growth startups to multi-billion-dollar global enterprises. He most recently served as the Vice President of Regulated Industries at SAP, where he was responsible for all sales, marketing, and operational activities for that vertical in the United States. Prior to SAP, Carey led global sales and channel operations for SnapApp, the cloud-based interactive marketing platform, and served a similar role for Bottomline Technologies, the cloud-based payment, cash management, cyber-fraud, and security solutions provider. Carey also has almost a decade of sales leadership at Oracle, where he led global teams selling big data, analytics, security, and cloud solutions.

 

The need for transformative treasury modernization has never been higher, as legacy systems continually erode the effectiveness of today’s corporate treasurer in an ever-faster world,” said Renaat Ver Eecke, CEO, GTreasury.

“As we continue to build new capabilities into our platform and integrate with more partner technologies, we anticipate even more demand than we are seeing right now. Travis and Matt are the leaders to steer this growth and ensure that our unique capabilities and differentiation are well-understood by current and prospective customers. On behalf of the GTreasury team, we welcome Travis and Matt and are excited for the next chapter of GTreasury’s growth.”

 

GTreasury is a rare combination of a well-established technology provider that continues to set the bar on innovation,” said Arthur.

“The GTreasury team has earned its reputation as being highly focused on delivering the digital treasury capabilities that its customers want, and it has always kept its eye on the future of the industry. We anticipate a strong year ahead as we expand and strengthen our teams to meet market demands.”

 

GTreasury enables treasury teams and the office of the CFO to focus resources on critical business initiatives without the manual and disconnected processes that hamper productivity,” said Carey.

“The cost efficiencies and streamlined operations that GTreasury enables are significant advantages to its global customer base, and I look forward to bringing the benefits of a modernized treasury to more organizations across the globe.”


About GTreasury

GTreasury is committed to connecting treasury and digital finance operations by providing a world-class SaaS treasury and risk management system and integrated ecosystem where cash, debt, investments and exposures are seamlessly managed within the office of the CFO. GTreasury delivers intelligent insights, while connecting financial value chains and extending workflows to third-party systems, exchanges, portals and services. Headquartered in Chicago, with locations serving EMEA (London) and APAC (Sydney and Manila), GTreasury’s global community includes more than 800 customers and 30+ industries reaching 160+ countries worldwide.

CurrencyCast | Episode 1 – The 4 Expectations of FX Automation

26-01-2022 | treasuryXL | Kantox | LinkedIn |

It’s finally here! CurrencyCast, our new podcast, is live.  Every week, we’ll provide bite-sized tips and expert insights to help you better manage foreign currencies and optimize your P&L results.

Click on the image above to watch the first episode: The 4 expectations of FX automation


This week, we offer our view on the make-or-break FX challenges treasurers and CFOs will face in 2022. Last year was a highly unpredictable year in terms of currency volatility and this year looks to follow a similar pattern, especially with a sharp shift in interest rates.

But how can you protect your business and profit margins from such instability and uncertainty? Our FX expert and writer, Agustin Mackinlay, outlines his expectations for shifting interest rate differentials across currencies, ongoing profit margin pressure due to rising costs and more during this episode.

He’ll provide insights on how to handle each issue so you can make more informed decisions for your FX risk strategy in 2022.


Head to your preferred channel and catch episode two, where we look at the: 𝐓𝐨𝐩 𝐜𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐭𝐡𝐚𝐭 𝐰𝐢𝐥𝐥 𝐚𝐟𝐟𝐞𝐜𝐭 𝐲𝐨𝐮𝐫 𝐅𝐗 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐢𝐧 2022. 


Screening your new Treasurer aka “Trust is good, is control is better?”

26-01-2022 | treasuryXL | Pieter de Kiewit | LinkedIn | Google tells me the statement “Trust is good, control is better” is from Lenin. Perhaps this says something about the Russian culture at that time, about Lenin himself and our thoughts about the statement might also tell us about ourselves. I looked this up because of the extra screening […]