How a Treasurer can really add Value

28-06-2021 | treasuryXL | Kyriba |

”The pandemic has boosted automation in treasury departments and led to big increases in productivity. But that is only the start. The big prize is the value that treasury teams can generate with the man-hours that automation frees up”, says Bob Stark, Head of Marketing Strategy at Kyriba.

The Post-Pandemic Treasurer

The post-pandemic world will not be a return to the previous status quo. In treasury we can look at this in three ways – people, process and technology.

In terms of people, a recent survey showed that 61% of CFOs expect their teams to be working out of the office at least a day a week in future (source: fortune.com 2020). In some ways the combination of working from home and in the office will pose its own problems, with different opportunities for fraud and mistakes. At least working from home all the time provided some consistency! Furthermore, many of the changes that treasury teams had to make suddenly last year will now become permanent.

Now let’s look at processes. Fully 78% of CFOs have changed inefficient workflows during the pandemic, and 82% intend to keep the changes that they have made in terms of automation and digitisation (source: MasterCard 2020). These changes involve the standardisation, automation and streamlining of multiple processes.

Thirdly, treasurers need to digitise and have an enterprise-wide cloud platform; to leverage analytics to assess and improve decision-making; and then to innovate through Artificial Intelligence and Machine Learning to make treasury a better business partner.

There has also been a change in the role of treasury within companies over the past 15 months. During the pandemic, treasury’s involvement in other areas of the business has increased. A treasurer’s objectives often now include more strategic aims, and the remit is likely to expand still further. In many cases this will involve increased shared responsibilities, for example reverse factoring.

Treasurers are progressing from a simple focus on productivity to making liquidity visible and then participating in strategic decisions that really add value. All of which in turn elevates the value of treasurers within their organisations.

How Treasury can add Value

We can all agree that treasurers have the ability to add value. We regularly see our clients make significant productivity gains in terms of man-hours as they automate residual manual functions. In many cases, automating processes can save over 80% of the man-hours involved (source: Hackett Group).

But that is only part of the story. The real value comes from what the treasury team can do with all those freed-up hours. The extra time gained through improvements in productivity allows them to analyse risks (such as counterparty, liquidity and FX risk) and make better, informed decisions, based on real insight and business intelligence. Or perhaps the extra time that automation has made available can reduce the opportunity for fraud. The common aim is to leverage liquidity to drive business growth and turn treasury into a strategic business partner.

Digitisation plays a big role here, especially in areas like payments, which have remained partially manual, for example in sanctions screening. Smart contracts are also increasing, which makes for other savings.

Measuring the impact

In any such analysis it is essential to be able to measure what you are achieving. That starts with liquidity itself: how much do we have? How far forward can I forecast liquidity? How confident can I be in the accuracy of those forecasts? After all, you can only use the “excess” liquidity within your company when you are confident that you aren’t going to need it!

Digitisation is the way to improve the visibility of your liquidity. You can then test the accuracy of your information and decide how to use that asset. You can do this with a scorecard to measure your company against industry peers and assess your level of maturity, from Ad hoc, through Emerging and Standardising to Strategic. You can then highlight the opportunities for improvement

Many of our clients have done just that. For one client, an 88% improvement in cash management and forecasting – thanks to automation – saved over £1m in net interest by unlocking cash that had been lying idle. It also helped the same client to save over £100K in bank fees.

Another client reduced costs by 85% and used the newly spare man-hours to avoid £1.2m in fraud-related costs. They also accelerated ERP migration by 80%. Other savings might include generating free cashflow or protecting the business against financial loss. But all these achievements start with productivity gains that free up treasury staff to do something more valuable within their organisations.

I will leave you with three thoughts: automation and digitisation are here to stay; productivity is an opportunity, not just a saving; and if you are going to add value as a treasurer, you need to be able to measure that saving.

GTreasury Webinar | Essential Treasury Management Dashboards & Reports

24-6-2021 | treasuryXL | Gtreasury |

Join our Partner Gtreasury‘s virtual events and learn more about Essential Treasury Management Dashboards & Reports. With a large array of available reports and dashboards available to help you gain visibility into your organization’s market risk, how do you know which ones are best for helping you achieve your strategic goals?

Learn how critical TMS dashboards and reports can help you achieve your strategic goals

Join us June 29 to explore the value of strategic dashboards and reporting. During this one-hour webinar, we will discuss specific dashboards that provide deep insights to help you facilitate foreign exchange decision-making and execution. We will dig into reports that give you the ability to:

  • Analyze complex data, design superior risk mitigation strategies, and make informed decisions.
  • Gain visibility into foreign exchange exposure and hedge positions in multiple currencies at any given point in time.
  • Centrally manage complex limits scenarios and provide a real-time view of compliance over the full suite of limits throughout your organization.
  • And a whole lot more!
June 29 | 3 pm EDT; 2 pm CDT; 12 pm PDT; 8 pm BST
Complete your registration to join us here!

The Danger of Not knowing if you run Currency Risk – 9 Tips for your Business (Dutch item)

24-06-2020 | XE |

Veel bedrijven, vooral de wat kleinere, weten vaak niet dat ze te maken hebben met een valutarisico. Zelfs als ze dat wel weten, hebben ze de omvang van hun risico nooit in kaart gebracht. Als u zich in die positie bevindt, is de kans groter dat de impact van de volatiliteit van de valutamarkt op uw bedrijf een nare schok zal zijn.

Valutarisico’s

Blootstelling aan valutarisico’s kent verschillende vormen. Alle bedrijven die goederen of diensten in het buitenland verkopen, zullen zich zorgen maken over het feit dat een koersstijging van het pond hun concurrentiepositie in die markten schaadt. En als u iets vanuit het buitenland importeert, zoals grondstoffen, maakt een koersdaling van het pond die importen duurder. Vergeet ook het balansrisico niet: veel Nederlandse bedrijven hebben internationale dochterondernemingen en bedrijfsonderdelen die zakendoen in een andere valuta. Indien dit het geval is, zal de waarde van deze activiteiten, als die in de boeken van het Engelse hoofdkantoor belanden, onderhevig zijn aan schommelingen in de wisselkoers.

Een bedrijf dat elk jaar voor €100.000 aan Europese goederen importeert, is niet blootgesteld aan een valutarisico van €100.000, want de pond-eurokoers zal niet tot nul dalen. Met andere woorden, voor het vaststellen van uw werkelijke risico moet u een inschatting proberen te maken van de waarschijnlijke volatiliteit van de valutamarkten in de komende maanden. Dat kunt u bijvoorbeeld doen door te kijken naar de koersschommelingen in het verleden.

Het is belangrijk om te erkennen dat er een risico is en om vervolgens te proberen de mogelijke omvang ervan te bepalen. Daartoe zult u niet alleen een aantal kwantitatieve beoordelingen moeten maken, maar ook enkele kwalitatieve. Die importen kunnen dus valutaproblemen
met zich meebrengen, maar als uw bedrijf tegelijkertijd zo’n €100.000 van de omzet uit de eurozone haalt, hebt u al enige bescherming. Door een koersdaling van het pond zouden uw importen duurder worden, maar zou de omzet uit uw exporten kunnen toenemen. Met andere woorden: u moet naar het netto valutarisico kijken en niet naar een enkel onderdeel ervan.

Time Management

De andere factor is tijd. Hoeveel zicht hebt u op de kosten en baten van uw bedrijf in de toekomst? Hoever kunt en wilt u vooruit plannen? Hoe verder u vooruit kijkt, hoe moeilijker het wordt om nauwkeurige inschattingen te maken. Als u niet precies weet hoe u valutarisico’s inschat, de potentiële risico’s voor uw bedrijf kwantificeert of de marktvooruitzichten voor de komende maanden onderzoekt, overweeg dan eens om uw opties te bespreken met een valutaspecialist.

Klik hier voor meer Info en Download WhitePaper



Does your Online payment solution generate the right value for your company?

22-06-2021 | treasuryXL | EcomStream | Ramon Helwegen

For some treasurers the world of Fintech / online payments / e-commerce doesn’t seem to have too much secrets. Some treasurers are however more distanced from it and would benefit a lot from support in this area.

As a consequence of COVID-19, many Corporates have fast-tracked their digital transformation projects to adapt to direct (online) distribution models. A key component in getting this right, is the revenue flow and the payment solution that comes with it.

The world of payments is dynamic and there is a lot of value to gain, both in performance levels as well as in cost levels. But how would you unlock access to these values in making sure you get value for money.

A few considerations that could cross your mind right now:

  • Are you in the middle of a digital transformation project and your business owners are requesting a payment set-up but you are not sure how to facilitate this at a competitive cost level?
  • Are you getting questions internally about the cost of the online payment solution and the options to save on these?
  • Do you feel that your online payment solution may be just the right area to help achieving your KPI’s around performance and cost savings?

You can consider to perform a benchmark and cost optimization of your payment solution or initiate a tender/RFP project. Both have their own pros and cons, but both deliver value to your company and will lower the TCO of the payment solution. This is where EcomStream can come in. EcomStream can take full ownership of such a project.

Think about it, you do not need this payments knowledge every day, but you would like to be able to call on it at any time. And if the costs of your payment solution would be lower, that would free up budget for growth. EcomStream often works with its clients for the longer term (yet flexible) in making sure they get value for money from their online, or omnichannel, payment solution.

The payments market is dynamic and knowledge quickly becomes obsolete. You would like to obtain the latest knowledge around online payments. That is why it is often just better to obtain payments knowledge externally. Fresh, flexible and independent. Available for you just when you need it, always. You should never again have a feeling that you could have gotten a better deal for your online payment needs, or that you are missing out on value that your business owners may ask for.

With EcomStream, you are always up to date and have access to most recent market knowledge.

Benchmarking your online checkout and payment solution is worth the effort. There are often areas for improvement that are relatively easy to execute or implement. And execution is based on a no-cure no-pay basis.

Your online payment set-up should have your primary attention. Consider to bring in an independent specialist to help you out.

About EcomStream

EcomStream is an independent consultancy and is specialized in optimization of online, omnichannel and marketplace payment solutions, and optimization of checkout flows.

The goal is to achieve much lower costs for you while creating a much better customer experience for your customers.

Thanks to its lean organisational model, EcomStream will help you to reduce the cost of ownership of your payment solution and to improve your ROI, fast.




Ramon Helwegen

 

 

 

 

 

Top Key qualities of Online money transfer providers

17-06-2020 | XE |

Not sure where to begin? In this guide, we break down the key qualities of online money transfer providers and explore how you can figure out which one is the right fit for you.

Do you need to send money to a friend or family member in another country, pay a bill overseas, or make a purchase in a different currency? From there, it’s easy to form the logical conclusion: you need a way to exchange your currency and send your money to that other country.

The next step is finding someone to carry out this transfer for you. This is where it gets a little more complicated. Between banks, wire transfers, and online money transfer providers, there are numerous options available to you online and in person. How do you know which one to choose?

That depends on what you need.

What are you looking for in a money transfer?

There are many aspects to sending money overseas. There’s the process of exchanging one currency to another, there’s the travel from your account to your recipient, and it’s also worth considering how efficient the process is as a whole.

Ask yourself:

  • Are you looking for the best exchange rates?

  • Are you looking for the option that will send your money to its destination the most quickly?

  • Do you want a quick, easy online experience so you can take care of your transfers in a snap?

  • Are you interested in multiple money transfer methods, such as forward contracts and market orders?

  • Do you want the peace of mind of working with an established brand?

Knowing which of these is your priority will help you to figure out which provider is the best fit for your transfer.

What should you know about rates?

“What rate will I get?”

That’s the first question most people ask when they look to send money overseas. But since the rates are constantly changing, it’s hard to give a definite answer on what rate you’ll get, or to ensure that no matter what, you’ll get a good rate. So what should you do?

The most important thing you can do is cross-check rates across multiple providers, along with the mid-market rate (which you can see on our Currency Converter). The mid-market rate will be your baseline and give you a point of reference for providers’ rates. This will let you know if you’re getting a good deal.

Cross-comparing rates across providers will also give you an idea of whether a provider is offering rates that may be too good to be true. If you see a rate that is significantly lower than every other rate offered, or you see a provider claiming that their money transfers are “completely free” or come with “no fees”, that may be a sign that they come with hidden fees.

At Xe, we offer competitive exchange rates for our transfers, along with letting you know ahead of time if there is a fee for your transfer. If you’re interested in getting a certain rate, we also offer rate alerts, where you can identify a target transfer rate and we’ll notify you once it’s been reached.

What impacts transfer speed?

If you’re paying a bill, sending a holiday gift, or trying to help a friend or family member out in a difficult situation, a money transfer that travels quickly and gets to its destination when it’s promised is key.

There are multiple things that can influence how quickly a money transfer travels, such as:

  • The payment method you choose

  • Holidays or bank closures

  • Your provider requiring additional documentation

  • How quickly your recipient’s bank can process the transfer

You can read more about it in our guide to money transfer timings.

As you shop around for providers, pay attention to their transfer timings. At Xe, our money transfers typically arrive within 1-4 business days, but many reach their destination within 24 hours (and some countries take just minutes). We’ll always confirm when your transfer will be sent and when it should arrive before you confirm your transfer.

If you have a certain date in mind for your payment, you may want to set up a forward contract. This contract allows you to schedule a future payment at a set date, locked at the exchange rate at the time you set the contract. In addition to ensuring your payment will go out on time, you won’t need to worry about market volatility negatively affecting your rate before you make your payment.

Alternatively, if you know that you’ll need to regularly make payments (such as a mortgage or a tuition bill), you can also set up Regular Payments Abroad to schedule a series of money transfers at one set rate.

Is it easy to do?

We’re long past the days of leaving your house, driving to the bank, waiting in that endless line, and filling out form after form. Nowadays, many providers offer online services that you can do from the comfort of your couch, any time of day.

At Xe, we want to make it as simple as possible to send money. If you ever have any questions, you can visit our Help Centre to read more about the process and contact our team directly.

How to send money with Xe

  1. Sign in or sign up. Either way, it takes just a couple of minutes.

  2. Get your transfer quote. Just enter the currencies you’d like to exchange and the amount. You can also get a quick transfer quote on our Send Money page, without signing in.

  3. Enter your recipient information. We’ll need their name, address, bank name, bank account number, bank code, and BIC/SWIFT code.

  4. Provide your payment details. You can pay by bank transfer, card payment, or direct debit.

  5. Confirm and send. Does everything look good to you? Go ahead and confirm your transfer, and we’ll take it from there.

What money transfer options are there?

There are many different circumstances by which you might need to send money. Sometimes you’re in a bind and want to get your transfer sent as quickly as possible and delivered by a certain date. Other times you may have a little more time to spare, but want to ensure that you get the best possible rate for your money transfer.

Here at Xe, we offer four different transfer methods:

  • Spot transfers – Happy with the current rates and ready to transfer now? Just initiate the transfer on our site, and we’ll get it sent as soon as possible.

  • Forward contracts – Like the current rates, but want to wait a little for your transfer? Lock in today’s rate and schedule your transfer to go out on a set date.

  • Market orders – Want to get the best possible rate? Identify your target rate and let us know how much you’d like to transfer, and your transfer will automatically initiate once that rate is reached.

  • Regular Payments Abroad (RPA) – Plan to make a series of transfers? For a one-time setup process, you can schedule a regular cadence of transfers at one locked-in rate.

What are the signs of a reputable brand?

It can be nerve-wracking to trust a company with your money and your personal information. Many people opt to use their banks for their money transfers because they already know their banks and trust that they are legitimate. While banks are a perfectly safe and reliable way to make your money transfers, they may not always be the most cost-effective method. But how do you know when an online money transfer provider is as trustworthy as your local bank?

As you research money transfer providers and examine their websites, keep an eye out for some of these signs of a reputable business:

  • A secured website

  • Information about the company and its history

  • A way to easily contact the company

  • Reasonable pricing (remember what we said above about comparing prices across providers)

Reviews are also a great resource for assessing a brand’s reliability and customer experience. You can check sites such as Trustpilot to see what verified customers have to say about a company.

How does Xe stack up to the other providers?

Over 1 million customers around the world trust Xe with their international money transfers. What makes those customers choose Xe over the others?

  • Favorable transfer rates, so you can trust that you’re getting the most for your money.

  • Fast money transfers, reaching some countries within minutes.

  • Transfer tracking, so you never have any doubt about where your money is.

  • Over 130 countries and over 98 currencies available to transfer to.

  • A quick and easy process, which you can handle entirely online 24/7, 365 days a year.

  • Numerous transfer options, so you can send your money in the way that best suits your situation.

  • Currency tools and resources, so you can stay up-to-date on your choice currencies.

  • Almost 30 years in the currency business, with the knowledge and experience to truly make us the world’s trusted currency authority.

 

Source

 

 

treasuryXL announces partnership with EcomStream to strengthen dissemination of the latest trends for payments solutions and checkout flows

16-06-2021 | treasuryXL | EcomStream |

VENLO, The Netherlands, June 16, 2021 – treasuryXL, the community platform for everyone who is professionally active in the world of treasury, and EcomStream in the Netherlands, an independent consultancy that is specialized in optimization of online, omnichannel and marketplace payment solutions, and optimization of checkout flows, today announced the signature of a premium partnership.

As a marketplace, treasuryXL will offer EcomStream market commentary and insight to its audience. Offering a continuous flow of relevant treasury content, making treasury knowledge available, results in treasuryXL being the obvious go-to platform for its’ audience.

This partnership includes:

  • collaboration on messaging, content production, and visibility
  • mutual distribution on select items of interest
  • collaboration on larger themes: event promotion and speaking, and industry expert contributions and publication

treasuryXL and EcomStream strive for a fruitful partnership where its’ audience are top of mind making sure that (potential) clients are always up to date with the latest news and events in their field, benefit from a comprehensive range of innovative solutions, services and expertise.

About treasuryXL

treasuryXL started in 2016 as a community platform for everyone who is active in the world of treasury. Their extensive and highly qualified network consists out of experienced and aspiring treasurers. treasuryXL keeps their network updated with daily news, events and the latest treasury vacancies.

treasuryXL brings the treasury function to a higher level, both for the inner circle: corporate treasurers, bankers & consultants, as well as others that might benefit: CFO’s, business owners, other people from the CFO Team and educators.

treasuryXL offers:

  • professionals the chance to publish their expertise, opinions, success stories, distribute these and stimulate dialogue.
  • a labour market platform by creating an overview of vacancies, events and treasury education.
  • a variety of consultancy services in collaboration with qualified treasurers.
  • a broad network of highly valued partners and experts.

About EcomStream

EcomStream is an independent consultancy and is specialized in optimization of online, omnichannel and marketplace payment solutions, and optimization of checkout flows.

The goal is to achieve much lower costs for you while creating a much better customer experience for your customers.

Thanks to its lean organisational model, EcomStream will help you to reduce the cost of ownership of your payment solution and to improve your ROI, fast.

www.ecomstream.nl

Nomentia Cash Management Release Info Event

| 15-06-2021 | treasuryXL | Nomentia |

Welcome to the Nomentia 2021 first release information event this year to hear and see the top new features and updates of the Cash Management solution.

The webinar is on June 22nd 15:00 CET / 16:00 EET with a duration of 45 minuten. As we are updating the solution frequently, we will invite you to our biannual release information events so that you can stay up to date with the latest releases. In this session, we will introduce the best picks of the new features from all Nomentia Cash Management modules.

In the webinar, we will cover the following areas:

At the end of the webinar, you will have the opportunity to ask questions.

The webinar will also be recorded and we will send it to you shortly after the webinar has ended.

REGISTER NOW

 

Meet the speakers

Jaakko Kilpinen

VP of Product and Solutions, Nomentia

Jaakko has over 20 years of experience in corporate cash management and has deep expertise in cash forecasting, netting, and In-House banking. Jaakko has previously held e.g. a position as Group Treasurer in a publicly listed Finnish company.

Pamela Quiroga Badani

Solution Manager

Pamela is a finance and accounting professional. Previously, Pamela worked as a Finance Analyst and for the past four years, she has been working with implementations in consultant and project management roles.

About Nomentia

Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!

 

 

 

 

 

 

Digital Currencies | Not Ready for Corporate Treasury

15-06-2021 | treasuryXL | Kyriba |

Bitcoin and several cryptocurrencies dropped more than $1 trillion in market value, forcing influencers and investors to walk back their advice on using private digital currencies as a reliable store of value. Kyriba’s Wolfgang Koester discussed what was driving this cryptocurrency volatility with Maria Bartiromo’s “Mornings with Maria” on Fox Business Network on May 24th. “We’re seeing increased rhetoric from the Chinese around a Central Bank Digital Currency and the United States are developing their own digital currency,” said Koester.

Big price swings for Bitcoin, Ethereum, and most recently Dogecoin are nothing new. CFOs and Treasurers have always had little appetite for cryptocurrencies, which is why examples like Tesla investing over $1 Billion USD in Bitcoin made such waves in finance circles. And while Tesla reported a quarterly net income boost of over $100 Million USD on their Bitcoin holdings, their social media savvy CEO has since suggested they will move on from their investment. This reinforces for many why cryptocurrencies are a blip on the radar screen and a bad idea for corporations to be involved with. But…are cryptos really that bad for corporates?

First, it’s more a matter of being “not ready” than bad. Cryptocurrencies such as Bitcoin behave like commodities due to their limited supply; the price volatility is fully explained by the supply/demand imbalance. For example, there is a hard cap of 21 Million Bitcoins and these days there is a lot of demand for Bitcoin! Demand for Bitcoin and other cryptos is driven by everything from social media to a fear of missing out (FOMO) that we are similarly seeing play out in other markets, such as residential real estate or in many tech stocks. Corporates, on the other hand, shy away from volatile assets as they require liquidity for their investments and cryptocurrencies just aren’t there yet. Selling several hundred million (or more) dollars worth of bitcoin or ethereum is a market moving transaction and is difficult to manage through the digital wallets and exchanges that are generally more designed for individuals. So, between the liquidity barriers and the unstable values, corporates still can’t rely on privately issued altcoins like Bitcoin, Ethereum, Litecoin and others until these challenges are overcome.

State-sponsored digital currencies potentially have something to offer, however. As Kyriba’s Wolfgang Koester discussed on Fox Business Network’s “Mornings with Maria”, China has made significant advancements in the rollout of the digital yuan, which has further prompted other nation states to accelerate their own digital currency programs. In theory, government-backed digital currencies are expected to offer a striking advantage over the privately issued cryptocurrencies – and that is utility. To have utility, the digital currency must be widely accessible – and be fast and secure. And this is where the Bitcoins of the world are not ready for mainstream use. They aren’t widely accessible, the blockchain “networks” supporting them remain unproven for high transaction volumes, and the value is uncertain and could easily change between the time a seller accepts a cryptocurrency and when they choose to use or exchange them.

Of course there are solutions to each of these individual problems – e.g. the use of stable coins (that are pegged to the price of a fiat currency) instead of altcoins. But each of the requirements – value, liquidity, utility, transactability – must all be met before corporates can expect to safely use crypto/digital currencies on a daily basis. This doesn’t preclude organizations wading into the cryptocurrency landscape as a means of reaching new markets or differentiating against competitors. In fact, more and more online retailers and marketplaces are accepting cryptocurrencies for payment. You can even buy a Tesla with bitcoins. Yet when it comes to corporate treasury and finance teams, they are converting holdings to fiat currencies as quickly as possible so they can still meet cash forecast projections and free cash flow targets. State-sponsored digital currencies may well offer a lifeline to transform digital currencies for mainstream use – or maybe privately issued cryptocurrencies will still rise to the opportunity – and when that day comes it will be fascinating for daily cash management nevermind cross-border payments, global cash pooling, and multilateral netting. I think all of us in treasury look forward to that!

treasuryXL announces partnership with GTreasury to strengthen dissemination of the latest corporate treasury trends, best practices, and industry analysis

14-6-2021 | treasuryXL | Gtreasury |

VENLO, The Netherlands, June 14, 2021 – treasuryXL, the community platform for everyone who is professionally active in the world of treasury, and GTreasury in the USA, the leading platform provider of integrated treasury and risk management for the twenty-first century treasurer, today announced the signature of a premium partnership.

The partnership brings a new knowledge stream to the treasuryXL community, offering treasurers a continuous flow of in-depth and timely content to help them do their jobs more efficiently and effectively. This partnership includes:

  • collaboration on messaging, content production, and visibility
  • mutual distribution on select items of interest
  • collaboration on larger themes: event promotion and speaking, and industry expert contributions and publication

Treasury management is currently experiencing a revolution as digital transformation accelerates globally and across industries. With this partnership, treasuryXL and GTreasury are striving to make sure that treasurers are always up to date with the latest news, best practices, and events in their field.

About treasuryXL

treasuryXL started in 2016 as a community platform for everyone who is active in the world of treasury. Their extensive and highly qualified network consists out of experienced and aspiring treasurers. treasuryXL keeps their network updated with daily news, events and the latest treasury vacancies.

treasuryXL brings the treasury function to a higher level, both for the inner circle: corporate treasurers, bankers & consultants, as well as others that might benefit: CFO’s, business owners, other people from the CFO Team and educators.

treasuryXL offers:

  • professionals the chance to publish their expertise, opinions, success stories, distribute these and stimulate dialogue.
  • a labour market platform by creating an overview of vacancies, events and treasury education.
  • a variety of consultancy services in collaboration with qualified treasurers.
  • a broad network of highly valued partners and experts.

About GTreasury

For more than 30 years, GTreasury has delivered the leading digital Treasury and Risk Management System (TRMS) to corporate treasurers across industries. With its continually innovating Software-as-a-Service platform, GTreasury provides customers with a single source of truth for all their cash, payments, and risk activities. The TRMS solution offers any combination of Cash Management, Payments, Financial Instruments, Risk Management, Accounting, Banking, and Hedge Accounting – seamlessly integrated, on-demand worldwide and fully secured. Headquartered in Chicago with offices serving EMEA (London) and APAC (Sydney and Manila), GTreasury’s global community includes more than 800 customers and 30+ industries reaching 160+ countries worldwide.

www.gtreasury.com

Enterprise Payment Optimization (EPO) is the key to improving information availability, cash visibility and liquidity management

11-06-2021 | TIS |

Data Silos restrict the flow of information

One of the challenges for global enterprises, is that many areas or departments have become data silos, full of key information that is truncated and not being shared. These data “pockets” reduce information visibility and prevent optimization of processes for the company as a whole. Senior management has a vision and a strategy; however, an information feedback loop cannot function effectively or efficiently if there is a lack of organizational transparency.

The right technology platform supports end-to-end data visibility and accessibility

To achieve “perfect,” end-to-end organizational visibility for payments and payments information would mean a standardization, concentration and centralization of systems, processes, (banking) partners and even locations. That is neither possible nor practical.

“Given the often-fragmented ERP and systems landscape, a holistic view of payments information via a hub is the only realistic way to gain a consolidated view, a single source of truth across all corporate departments, subsidiaries, and geographies,” remarks Jörg Wiemer, CSO and TIS Co-Founder.

Companies can achieve many of the desired benefits of end-to-end visibility by using an Enterprise Payments Optimization Platform (EPOP).

The TIS Enterprise Payments Optimization Platform functions as a global, multi-functional ecosystem

 The TIS Enterprise Payments Optimization Platform is a global, multi-channel, multi-bank connectivity ecosystem. The platform supports a solid foundation for connectivity to ERPs, TMSs, HR and other payment input systems as well as financial institutions. Data is uploaded from ERPs etc. through plug-ins or agents and passed on through the TIS platform to banks. The platform provides connectivity by creating and maintaining formats (host-to-host, EBICs, and other local “flavors”) and partnerships (e.g., SWIFT). The EPOP streamlines and automates the processing of a company’s payments, removing complexity while adding an array of additional benefits.

Enterprise Payment Optimization is key to having the right kind of data available

“The ability to actively use payments’ data is key for better decision making throughout the organization. The finance function has a very valuable commodity at their fingertips in the form of information stored on the EPO platform,“ says Erik Masing, CEO.

This data is the basis for managing cash, monitoring liquidity, engaging in cash forecasting, as well as supporting the information needs of treasury, finance, risk, compliance, and the CFO. This information can also benefit procurement, for example, during negotiations of contract terms and conditions. With full information, the importance of suppliers can be measured through the relative spend across the entire company. Managers can make better and more informed decisions by using business intelligence and data analytics, impacting both the top and the bottom line.

Bank Account Management (BAM) puts treasury in charge of its banking relationships globally

For the finance function, a clean master data repository is essential to manage hundreds (if not thousands) of bank accounts across various subsidiaries and geographies. Corporate treasury can store the organization’s global bank account data in the EPOP’s bank account management (BAM) module. During regular operations, the activity of every listed user is tracked and traced through an immutable audit log that helps to avoid unauthorized actors abusing the system’s controls. There is also a processing function that scans all user permissions within the platform. If any irregular configurations are identified (e.g., a user having the ability to review and approve his own payments), the system will generate an alert and flag the user. BAM can become a successful collaboration between headquarters and departments as well as subsidiaries, orchestrated by a governance process. If the company has stored its data in a TMS, downloading the master data can be done in a matter of seconds.

Clients deserve tailored solutions that meet their requirements

The TIS vision is that their clients can operate in an open, innovative, and multi-tenant ecosystem, accessing a rich array of platform-based products and services. This new, game-changing world is not accessible if you are inflexible and locked-in by a TMS. Clients need a place where all stakeholders can collaborate and exchange information. TMS suites have historically grown into what they are today i.e., an aggregation of solutions attached to a central structure. A TMS covers many different disciplines, however, it usually offers too much, or too little i.e., not a tailored solution or the “right” fit. If a customer wants to optimize their payment process and use this information to support cash forecasting only, why should it implement a full TMS “monolith”.

Flexibility, innovation and collaboration become the new normal

By helping to break down the silos created by company-centric and e.g., bank-proprietary applications, an open, innovative, and cloud-based architecture lays the foundation for “best-of-breed” solutions.

“Access to company-wide, real-time data via a scalable and versatile platform gives decision makers additional possibilities to analyze data and to collaborate,” states Erol Bozak, CPO and TIS Co-Founder.

It also provides the basis for entities to take advantage of a wide range of best-of-breed products.  Value-added-services such as cash forecasting or FX / Hedging etc. are available. Innovative platforms such as the TIS Enterprise Payments Optimization Platform acts as ecosystems, making the products and services from specialized vendors available using a single sign-on. It also allows platform participants and partners to work to together sharing information in order to reduce the risk of fraud using products such as Payee Community Screening (PCS).

In summary

Ten years ago, cloud was in its infancy and Treasury Intelligence Solutions became an early adopter and a leader in SaaS. TIS believes that cloud-based, open ecosystems that support best-of-breed applications enabled by APIs, will become the new normal.  Enterprise payment optimization remains key to improving information availability, cash visibility and liquidity management. The Enterprise Payments Optimization Platform is the bridge that closes the gaps between internal as well as external functions, partners, and peers.

Visit tis.biz and find out more about the TIS Enterprise Payment Optimization Platform.

About TIS

TIS is reimagining the world of enterprise payments through a cloud-based platform uniquely designed to help global organizations optimize outbound payments. Corporations, banks and business vendors leverage TIS to transform how they connect global accounts, collaborate on payment processes, execute outbound payments, analyze cash flow and compliance data, and improve critical outbound payment functions. The TIS corporate payments technology platform helps businesses improve operational efficiency, lower risk, manage liquidity, gain strategic advantage – and ultimately achieve enterprise payment optimization.

Visit tis.biz to reimagine your approach to payments.