Whitepaper Download: Negen valutafouten die uw bedrijf moet vermijden (Dutch)

10-06-2020 | XE |

Xe ondersteunt meer dan 6.000 bedrijven per jaar wereldwijd bij het beheren van hun vreemde valuta en het vooruit plannen om risico’s te beperken. Maar nog veel meer bedrijven laten de zaken op hun beloop en maken keer op keer dezelfde fouten.

XE heeft de kennis en ervaringen gebundeld in een handleiding waarin maar liefst 9 cruciale valutafouten worden beschreven die je als bedrijf moet vermijden.

Klik hieronder op de afbeelding voor meer informatie en download de whitepaper.

In deze whitepaper gaan we dieper in op die fouten,
om meer bedrijven te helpen dit in de toekomst te voorkomen.

Veel voorkomende uitdagingen zijn:

  1. Niet weten of u valutarisico loopt of in welke mate
  2. Geen beleid voor valutarisicobeheer hebben
  3. Alleen naar de koersen kijken
  4. Geen inzicht hebben in de verscheidenheid aan producten die voor uw bedrijf beschikbaar zijn

 

 

 

 

Press release | New Cashforce office in Warsaw, Poland fuels its cash forecasting product excellence

08-06-2021 | treasuryXL | Cashforce |

Cashforce, an innovative Cash Forecasting and Working Capital Analytics solution provider, has announced it will open a new office in Warsaw, Poland to expand the company’s activities. This new office will further accelerate Cashforce’s growth and market presence on a global scale with the addition of a new technical team. For this expansion, various product-focused positions are becoming available, ranging from Chief Architect and team leaders to analysts and front-end/back-end engineers.

“We are delighted to share the news of the opening of our product-focused branch. Together with our new platform which launches soon, we continue to push the frontier of Cash Forecasting & Working Capital product excellence,” said Nicolas Christiaen, CEO of Cashforce.

Cash forecasting remains a top priority of any corporate and Cashforce offers a unique solution to assist finance and treasury departments in this challenge. Building upon years of experience, we’re reinforcing the vision to save time and cash by offering automated Cash Forecasting technology. Our new platform is equipped with real-time data processing capabilities, an intuitive user-experience that lowers the barrier to entry and enhanced (AI-powered) scenario building capabilities.

Jan Bakker, COO of Cashforce, adds: “It’s great to see our global presence ramping up. By reinforcing the product team with various technical positions, we’re ready to further integrate the latest and greatest technologies into our product.”

As a Fintech scale-up disrupting the treasury space, we are experiencing substantial international growth. To make our ambitious vision a reality, we are looking for motivated candidates to join us in creating a world-class product. Of course, it all starts with the amazing people. You can become a part of a dynamic and global team that encourages ownership, diversity and personal growth. Learn more about our company culture here.

WANT TO BE A PART OF OUR FINTECH EXPERIENCE? FIND OUT MORE ON OUR OPEN POSITIONS HERE.

___

Cashforce is a ‘next-generation’ Cash Forecasting & Working Capital Analytics solution, focused on automation and integration. Our cloud-based software enables corporates to unlock their data and create smarter decisions, saving time and money. By integrating internal & external company data (ERPs, TMS, data lakes etc) and processing them through machine learning techniques, our SaaS solution provides insight into Cash Flows & Working Capital, automates manual and cumbersome Treasury tasks and enables AI-powered-scenarios. Cashforce is used by midsize and large corporates and has users in over 120 countries.

When Cash is key, Cash Forecasting and Working Capital leads your company towards a crystal-clear future. When Cash is key … Cashforce.

 

Press contact
Benjamin Bergers
[email protected]
+32 (0) 479 66 27 21

 

Texpo Webinar | Dark Data- Search, Collate, Conquer – Making Sense of Unstructured Cash Forecasting Data

| 08-06-2021 | treasuryXL | Cashforce

Our Partner Cashforce is holding a webinar hosted by Texpo, in which the topic ‘Dark Data: Search, Collate, Conquer – Making Sense of Unstructured Cash Forecasting Data’  is presented together with  David Jacoboski, CTP (Drew Marine).  Dark data is defined as unused or hidden data from relevant departmants in your business, which might have intrinsic value. Watch the full webinar below ??

 

Blockchain, IoT and 5G: a Marriage a Trois

| 07-06-2020 | Carlo de Meijer | treasuryXL

Long-time Blockchain has been looked at as an isolated technology. Recently however we see a growing trend of blockchain being integrated with other technologies such as Big Data, Artificial Intelligence amongst others. An interesting development that can be observed is the growing attention of corporates to use blockchain for IoT or Internet of Things applications. And that is not strange. The IoT market is increasing drastically and this is expected to continue in an accelerated way triggered by the recent uptake of the 5G network. But with this there arise a number of big challenges that may limit its future growth. Blockchain is seen by a growing number of corporates as the technology that could solve a number of these issues. Let’s have a look!

But what is Internet of Things?

IoT or Internet of Things has emerged as a network of internet connected devices. These devices range from simple consumer-devices to heavy industrial machines and may include laptops, smartphones, smart gadgets, smart watches, smart and digitalized vehicles, smart bicycles, medical sensors, smart security systems etc. These IoT devices are integrated with high definition technology like sophisticated chips, sensors, or functional software, that makes it possible for them to communicate or interact over the internet smoothly and exchange information with each other. IoT involves first of all sensing, monitoring, and exchange of data, followed by efficient data storing and processing using technologies like cloud computing. Data is thereby transmitted from the device to the IoT network where the information is managed using analytics and then directed back to the IoT equipment. The analytics capabilities of the IoT use these data to convert insights into action, impacting business processes and leading to new ways of working.

In the meantime the Internet of Things has provided many services in the fields of intelligent transportation, smart cities, medical treatment, smart agriculture and many others. These IoT-based solutions allow the automation of daily tasks and enable effective monitoring and control of the connected devices. This may result in improved efficiency and convenience in performing tasks.

Challenges

The advancements in IoT have popularized the development of 5G-enabled-IoT applications. 5G, the next generation of mobile networks, promises remarkable performance improvements  and is envisaged to broaden IoT’s scope and fields of applicability. Such 5G IoT applications however  pose stringent requirements such as high capacity, assured privacy & security, scalability of heterogeneous applications, ultra-low latency, optimized use of network resources, efficient energy management and low costs.

Since current mobile networks including 5G and also more general IoT systems are based on centralized models they may face big challenges to meet-up the requirements of future 5G-enabled-IoT use cases. With the huge number of devices set to enter IoT networks in the coming years, these centralized arrangements have very restricted scalability, while exposing a large number of vulnerable points that could endanger network security and can become extremely costly and sluggish.

a. Scalability
One of the most crucial difficulties with current 5G IoT networks is that of scalability. IoT relies on centralised cloud-based architecture for their control and management. It would be an urgent task for the centralised cloud servers to scale up their capacity and computing power and handle the massive amounts of data collected by a large network of sensors. With the increasing number of devices and the huge amount of data they are generating, current centralised systems to authenticate, authorise and connect different nodes in a network may become a great bottleneck.

b. Security
Another fundamental problem with current 5G IoT systems that may hinder its large-scale development, is their security architecture. A centralised client-server model managed by a central authority would make it vulnerable to a single point of failure. Many IoT devices have very low security features embedded into them. As a result they may get affected by privacy and security breach, while there is reduced safety for users. That make them an easy target for cyber-criminals to exploit the weak security protection to hack them into launching DDoS attacks.

c. Privacy
Another problem is privacy. The IoT network can process data transactions across multiple devices that are owned and administered by different organisations. This makes it difficult to identify the source of any data leakages in case of a cyberattack. Additionally, the IoT generates a vast amount of data, and with multiple stakeholders involved, the ownership of the data is not always clear. This could potentially undermine the reliability of IoT sensors. Measures to ensure the integrity of IoT devices such that they cannot be altered by external interventions are thus key to securing a safe environment for data recording and transactions.

d. No common standards and protocols
The devices in an IoT network are part of different technology standards with different protocols, making it difficult to build a coherent system. The data generated in the networks have different ownership and are highly noncoherent, hence, hard to trace and audit. Data could either be locked in or may not be inter-operated because of different communication standards and protocols and operating systems.

e. Lack of auditability and control over data sharing/usage
In an IoT network a huge amount of data is generated from devices that are proprietary to several enterprises. It is difficult to manage and audit such data in terms of who owns them, where from are they generated and how can they be processed. Most of the times such data is not under the control of all the intermediate parties involved such as equipment vendors, service providers or users who share a common platform.

Blockchain can be of great help

These  issues have become key in IoT systems and if not solved may aggravate when the increase in IoT products will accelerate. Continuing the use of centralized solutions 5G IoT driven applications will not only struggle to meet the demands but will also adversely affect the projected visions of IoT. To solve these issues blockchain or distributed ledger technology (DLT) is increasingly seen as a promising solution to help address these challenges in a unified and decentralised way.

Blockchain, can play an important role in how devices will communicate directly between each. Blockchain, as a distributed database system, can record all information about transactions. This fits perfectly into the basic functions and architecture of the IoT. The distributed nature of blockchain allows the industrial entities and various IoT devices to exchange data to and from their peers, eliminating the centralized operational requirement. Blockchain thereby enables users of 5G IoT networks to interact and transact (store and retrieve data) with ensured data provenance and authenticity, accountability, immutability, and non-repudiation for every user. Blockchain can thereby help alleviate the security, privacy and scalability concerns associated with IoT, by building trust, cost reduction and the acceleration of transactions, without relying on central participants.

How will Blockchain bring these benefits for IoT?

a. Immutability
The distributed ledger in a blockchain system is tamper-proof. Each transaction is recorded, put into a data block, and added to a secure, immutable data chain that cannot be changed. No single organisation has control over the vast amount of data generated by IoT devices. This immutability is regarded as a principal strength of blockchain-based smart contracts, as it removes the need for trust among the involved parties.

b. Improved security
Blockchain’s strong protection against data tampering helps prevent a fraudulent device from disrupting synergy of communication systems by injecting or relaying harmful information. Using blockchain to store IoT data would thus add another layer of security that hackers would need to bypass in order to get access to the network. The blockchain technology thereby holds the potential to securely unlock the business and operational values of 5G networks to support common tasks, such as sensing, processing, storing, and communicating information.

c. Transparency
Blockchain also provides transparency, by allowing anyone who is authorised to access the network to track the transactions that happened in the past. Compared to the ordinary database systems in IoT ecosystems the distributed ledger provides capability to transparent record keeping of the events logged, while the ledger is protected against alterations with the utilization of digital signatures. Through transparency of smart contracts, the trust in 5G IoT networks is decentralized. The deployment of smart contracts in IoT makes the nodes trustworthy and compliant in the specific business ecosystem.

d. Guaranteed integrity
Blockchain as well as blockchain-based smart contracts may also ensure the accountability and integrity of IoT related networks. Smart contracts can be defined as software codes enforcing the regulatory criteria and make them transparently available. These contracts entirely depend on transparency and consistent integrity of all member nodes. The much more robust level of encryption provided by blockchain makes it virtually impossible to overwrite existing data records.

e. Accelerated data change
The performance of the entire IoT ecosystem in terms of higher throughput and latency depends on the accelerated operation of data change in the IoT nodes. As the number of interconnected devices grows, blockchain and smart contracts may provide a viable solution as it can enable fast processing of the growing number of transactions and coordination among the huge number of connected devices. The centralized validation of a particular data can be replaced by decentralized validation with the use of smart contracts deployed on the IoT node itself. This may drastically diminish the data validation time, as well as the chances of manipulation or access.

f. Reduced costs
And as a result of all this, the operational costs of an IoT ecosystem can be minimized when  blockchain and smart contracts are utilized. Blockchain and smart contracts can allow IoT companies to reduce their costs by eliminating the processing overheads (deploying expensive high-end computing infrastructure) related to IoT gateways, associated with middlemen and intermediaries.

Applications of Blockchain IoT

Blockchain IoT applications are increasingly used in various sectors like supply chains, transportation and logistics, retail, automotive, healthcare, manufacturing, construction, government, energy and utility. Corporations are thereby focusing on increasing operational efficiency through real-time data management and automation of tasks. Blockchain IoT applications are  thereby used for purposes like process automation, supply chain management, smart cities, smart homes, asset tracking and monitoring, data analytics, data sharing and communication, smart cars, decision analytics, home automation, and smart grids.

Supply chain
Blockchain and smart contracts may be of great added value in the 5G IoT smart  supply chain. Blockchain IoT applications for tracking purposes are especially used by supply chains to track the location of goods as they are shipped, and ensuring that they stay within specified conditions. The blockchain can store, manage, protect and transfer all this smart information, such as the temperatures, position, arrival times, and status of shipping containers as they move. Sensors give companies end-to-end visibility of their supply chain by providing data on the location and condition of the supplies as they are transported around the globe.  Immutable blockchain transactions help ensure that all parties can trust the data and take action to move products quickly and efficiently.

Maintenance
Blockchain IoT asset tracking devices are also used by a lot of businesses for long-range identification of assets and machinery to record activity and output as an alternative to cloud solutions. This is especially important for predictive maintenance modelling. The ability to track components/spare parts that go for instance into an aircraft, automobile, or other products is critical for both safety and regulatory compliance. IoT data stored in shared blockchain ledgers enables all parties to see component provenance throughout a product’s life.  From engines to elevators, blockchain provides for a tamper-free ledger of operational data and the resulting maintenance.

Smart city and smart homes
Blockchain IoT solutions are increasingly being used in smart cities to enable the services such as payments, e-Governance, security, and surveillance of the smart cities. Smart cities are the implementation of advanced modern techniques in the urbanization to improve the quality of human life.

Blockchain IoT solutions also find their way in smart homes, that are intended to automate the entire home environment comprising of home appliances and devices. Blockchain can thereby fuel different use cases such as smart home monitoring, remote accessing, energy optimization, surveillance and so on.

Data Analytics
Blockchain IoT can also be applied to data analytics to investigate different types of data. It can be used by businesses for predictive and descriptive analysis to improve customer knowledge, enhance operational efficiency, and create business value. Businesses are increasingly using Blockchain IoT data analytics to determine trends and patterns by analysing big and small data to extract meaningful insights.

Smart healthcare 
Blockchain IoT has numerous applications in the healthcare industry. The technology can be used to provide high-quality medical services using smart devices. IoT devices can collect health care data, and these data is stored online. They can be accessed anytime by a physician, Blockchain can as a result enable secure and trusted IoT medical automation systems for real-time monitoring, logging privately medical history, sharing securely medical documents and supporting vital data which can help in making clinical decisions.

Smart farming
The concept of smart farming can revolutionize the agriculture industry. Farmers can use smart blockchain IoT farming applications for optimizing a lot of different activities such as determining the best time to harvest plants, as these devices can detect weather conditions and other environmental data. But also creating fertilizer profiles based on the chemistry of soil, and sensing soil nutrients and moisture levels. Blockchain enabled IoT applications for agriculture purposes can help to boost both the quality and quantity of agriculture production,  while minimizing the cost.

Key players in the Blockchain IoT market

A growing number of companies are leveraging blockchain technology to allow any IoT device to securely connect, interact and transact independently of a central authority. Key players include big tech companies like Amazon, Cisco, Huawei, IBM, Intel, Microsoft and SAP as well as big blockchain platforms such as Ethereum, the Linux Foundation and R3. And a growing number of smaller companies using blockchain to make the Internet of Things safer and smarter have entered (or are entering) the market. Some interesting newcomers:

Ambrosius
Ambrosius is a public permissioned blockchain ecosystem with a large number of decentralized node operators securing the network. The Ambrosus blockchain is optimized for interconnectivity with IoT devices, sensors, existing ERP systems, and other enterprise management software. Ambrosius is used for decentralized applications, securing the Internet of Things, physically tracking real-world assets, and integrating blockchain into enterprise software.

Atonomi
Atonomi is an open platform that encourages third-party development. Atonomi provides IoT developers and manufacturers with an embedded solution to secure devices with blockchain-based immutable registration of identity and reputation tracking. While device identity is recorded and validated on an immutable ledger, device  reputation is calculated and recorded based on monitored transactions. This enables fluid interactions between validated IoT devices, regardless the manufacturer, across the Atonomi trust environment.

Chain of Things
Chain of Things (CoT) is a consortium of technologists and leading blockchain companies. It investigates the best possible use cases where a combination of blockchain and IoT can offer significant benefits to industrial, environmental, and humanitarian applications. So far, CoT has built Maru, an integrated blockchain and IoT hardware solution to solve issues with identity, security, and interoperability.

IOTA
IOTA is a protocol for fast transaction settlement and data integrity, with a Tangle distributed ledger that eliminates the need for expensive mining (validation of transactions). IOTA is an infrastructure for IoT devices that need to process large amounts of micro data. Features of the Tangle ledger are machine-to-machine communication, fee-less micropayments, and quantum resistant data. IOTA has built a sensor data marketplace and is entering the market for data-driven insights, supported by more than 20 global corporations.

Modum.io
Modum.io combines IoT sensors with blockchain technology, providing data integrity for transactions involving physical products. The modem sensors record environmental conditions, such as temperature, that goods are subject to while in transit. When the goods arrive at the next transit point or end customer, the sensor data is verified against predetermined conditions in a smart contract on the blockchain. The contract validates that the conditions meet all of the requirements and triggers various actions such as notifications to sender and receiver, payment, or release of goods.

Xage Security
Xage is the world’s first blockchain-enabled cybersecurity platform for IoT companies. Their technology can manage billions of devices at once and can even self-diagnose and heal possible breaches. Xage is proximality used by IoT companies in the transportation, energy and manufacturing industries.

Blockchain IoT market 2020–2026

An interesting report was recently launched by Markets & Markets, forecasting the development of the global Blockchain IoT market till 2026. Especially the need for IoT security, simplified processes supported with transparency and immutability, and high adoption of blockchain-based IoT solutions using smart contracts and Artificial Intelligence (AI) are expected to surge demand for the blockchain IoT market globally.

Main highlights

  • The global Blockchain IoT market is expected to grow tenfold from USD 258 mio in 2020 to more than USD 2.4 bn by 2026, an average yearly growth of more than 45%.
  • Whereas the hardware segment (including IoT sensors and crypto wallets) showed the highest share up till now, due to growing demand and infrastructure for deploying, developing and managing blockchain applications, software and platforms are forecasted to take the lead.
  • Data security held by far the largest market share in 2020, due to the crypto mechanisms used of the blockchain. The smart contracts segment is expected to be the fastest growing during the forecast period due to the increasing use of blockchain IoT in the construction industry.
  • While the government segment held the largest market share up till now due to the increasing government initiatives and use of blockchain IoT across the many smart city projects, verticals such as supply chain, logistics, automotive, healthcare, manufacturing and construction are also expected to register a high demand for blockchain IoT.
  • The growing adoption of blockchain and IoT technologies across the retail sector is also expected to drive market growth during the forecast period. Retailers increasingly use IoT and blockchain technology to track products in stores, prevent product tampering, and increase security across retail stores.

Final remarks

The expected potential of  the 5G IoT market today is limited by an extremely fragmented IoT ecosystem. Blockchain technology appears as potentially the most suitable and efficient way to the various 5G IoT challenges. For optimising the value of blockchain the creation of common ecosystems with commonly accepted standards and global protocols is thereby of utmost importance. To achieve that, standardized infrastructures, open application programming interfaces (APIs) and collaborations among stakeholders are urgently needed. That means that many stakeholders, even competitors in the same industry, should collaborate and adopt a shared distributed ledger platform with compatible standards protocols enabling users to access all connected applications. If so that would be a great marriage a trois between blockchain, IoT and 5G.

 

 

Carlo de Meijer

Economist and researcher

 

 

 

 

Source

How to set up a forward contract and lock in a rate for your business

03-06-2020 | treasuryXL | XE |

A forward contract gives you and your business certainty, allowing you the peace of mind to have confidence that your international exposures are taken care of.

At Xe, we work with businesses of all sizes across many industries. We recognize that each business has its own requirements for its payments, and thus we offer a diverse suite of money transfer products and solutions in order to meet each business’s international payment needs.  Let’s say that you’ll need to make a payment in the future. Right now, the rates are in your favor, but your payment is weeks or even months away, and you’re worried that the rates could change in the coming weeks, which would make your upcoming payment much more expensive than it would be now. You can’t influence the markets, but is there anything you can do to avoid feeling the brunt of currency market volatility?

In that case, the forward contract would be the right solution for you. Let’s take a closer look at what that is and how it could help your business.

What is a forward contract? 

A forward contract is an agreement to buy or sell an asset at a specified price on a specified future date. In the context of money transfer, this is how it works:

  • You specify which currencies you’d like to exchange, and get a quote at the current exchange rate.

  • You select the date on which you’d like to send this transfer, and provide all necessary recipient and payment information.

  • On that date, the transfer will automatically trigger, and will convert and send at the previously established rate.

You could think of it as the “buy now, send later” money transfer option. You’ll do the work of setting up the transfer now, and your currency exchange will happen at the current exchange rate, but the transfer itself won’t happen until the date you’ve specified.

Why is a forward contract useful? 

A forward contract can be useful in two ways: allowing you to lock in your rate to avoid future volatility, and to ensure that your payment will be sent (and delivered) by a certain date.

Changes in currency values can dramatically impact the cost of your business money transfers. If the currency that you’re sending weakens, or the currency you’re transferring to strengthens, a simple payment could suddenly become much more costly for your business. A forward contract gives you and your business certainty, allowing you the peace of mind to have confidence that your international exposures are taken care of.

Additionally, if your payment needs to be delivered by a certain date, arranging your payment in advance can ensure that it will be sent on time. No matter how busy things get leading up to the transfer date, you can rest assured that your payment is taken care of.

How to set up a forward contract 

If you’re interested in setting up a forward contract and securing a rate for your business’s upcoming money transfer, give us a call to set that up with our team. If you don’t already have an Xe account, take a look at our guide to registering for a business account. 


Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multi billion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page

 

 

 

Payment Fraud | A 750 000 euro Financial Scam that could happen even to you

| 02-06-2021 | treasuryXL | Nomentia |

Have you read the recent news on how Bol.com deposited almost 750 000 euros into a fraudulent bank account over a year ago? Simply, they thought they were making a payment to Brabantia, a household goods manufacturer. If you are not familiar with the story, here is it in a nutshell:

At the same time, Brabantia did not receive the payment, so obviously, they took a lawsuit to the court. And that was the point when the court discovered that Bol fell for a financial scam.

It all started with a legit-looking email like usually

In November 2019, Bol received an email in poorly written Dutch. Nevertheless, the email looked legit like it has been sent from Brabantia including the company’s logo. They were asking Bol.com to transfer the outstanding payment to an account in Spain.

The Bol employees fell for the trick. No surprises there, as these emails can be very well-crafted and if you have never seen one before, you could become a victim too.

The court thought the scam email was obvious and easy to recognize 

Bol tried to get out of paying Brabantia claiming that the company’s employee fell for a business email compromise, and they were accused that they did not use two-factor authentication in the Microsoft 0365 environment. The story doesn’t tell if the email was really sent from Barbantia using a stolen username and password but hopefully, it still makes you want to protect your accounts with multi-factor authentication (MFA).

Despite this, the court ruled in the favor of Brabantia and ordered Bol to pay the outstanding payment. The reasons for it were the following:

  •  The court believed the email was clearly a phishing email due to grammar errors. Previously, all communication between the two companies happened in Dutch, while the scam email was written in mixed Dutch and English.
  • The court thought that Bol should have been suspicious about the odd request to transfer money to a Spanish bank.

How to avoid something like this happening to you? 

There are a few tips that you should always remember.

  1. Always be suspicious: Always be suspicious, especially, when you are handling large payments. If you have the slightest doubt about the legitimacy of the request, something is probably wrong.
  2. Never accept a payment alone: In this case, always ask for help! Never send out payment before at least you had a second pair of eyes looking at it. In most companies, that’s an everyday process.
  3. If you are in doubt, ask for help: Still, if there is even one person that is a tiny bit unsure, don’t process the payment. Ask for more help within your treasury or financial department, procurement, or even from your cybersecurity department. Your cybersecurity team will be able to tell with high likelihood whether the email is real or not.
  4. Use a payment hub: Payment hubs come with features that enhance the security of processing payments. Consider using the following: Workflows to manage authorization of different payment flows | Approval limits for different payment types | Templates to limit and control releasing of manual payments
  5. Strict processes to update supplier master data: Supplier master data should be correct in the ERP system. It should only be managed by procurement who has strict processes in place to validate the possible changes before updating master data. Always execute payments according to registered beneficiary bank account details.
  6. Don’t skip the CyberSecurity and phishing training: While you may think it’s easy to spot phishing emails, it’s not. Especially when we are talking about financial scams. Spear phishing is a growing business and it’s expected to grow to 1,4 billion US dollars by 2022. Scammers can work even two weeks on crafting an exceptional financial scam to lure in financial professionals to make a large payment. Good phishing training should be targeted for your expertise and prepare you through challenging exercises to spot potential scams. It’s always better to report an email to your security team and ask for their opinion than make a payment and regret it later.
  7. Care about security: Security is a bigger part of treasury operations than you would think. Make sure that you care about security. Things like using a strong password, updating the password frequently, using multi-factor authentication, or not sharing user rights matter and can do a lot.

When you care about security, you also show a good example to the rest of the team.

Trust your instinct and the learnings of this story and the security training

Always rather take longer to process the payment than pay a scammer! Creating good and strict payment processes and workflows can help with this. Also, trust your own and co-workers’ instinct if you feel like something is off.

Stay curious about financial scam news to know what the latest trends are and how hackers will try to trick you. Work closely with your security department! It’s in everyone’s best interest to avoid falling victim to a scam.

It’s not a question of whether you will receive financial scams and phishing emails, but when you will get them. Be prepared that you will be targeted and face the situation with confidence to avoid making a payment.

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!

 

 

Barbara Babati

Barbara is working in the marketing department at Nomentia. Previously, she worked in cybersecurity and data integration industries.

 

 

 

 

 

Why CFOs Should Foster Stronger Relationships with Banks

01-06-2021 | treasuryXL | Kyriba |

CFOs are the custodians of financial growth for enterprise business, and a key part of that role is to build and foster mutually beneficial relationships with banks and funding partners. Since banking relationships are built upon the provision of services; whether those are lines of credit, daylight overdrafts, bank account reporting, payments, foreign exchange or concentration / pooling structures, CFOs can and should maximise the value derived from partner financial institutions.

One of the first mistakes a CFO or finance professional can make is in selecting or expanding a relationship with a bank ill-equipped to handle the global nature of their business and geographic footprint.

For example, banking relationships have implications across borders as many strong financial institutions are partnered with local banks or their own local branches providing much needed local expertise. Navigating difficult tax and reporting requirements, local format and regulatory requirements or unique depository scenarios all call upon strong relationships with banks familiar with your localisation needs.

Automating your banking interactions and reporting with technology is an area of concern.

In this scenario, CFOs are not able to take advantage of the full range of banking services since lapses and gaps in technology solutions do not provide for straight-through processing of payments or the automatic posting of cash and transactional details from bank-provided daily bank statements. Banks have evolved their services to provide much more flexibility and sophistication with regards to intraday bank statements, high levels of detail within bank statements and the frequency of sharing this information up to 4 to 5 times per day. Without the right technology solution to handle cash and liquidity forecasting, CFOs are leaving value on the “proverbial table” in the form of lost opportunities to invest, grow the business, or mitigate risk. Meanwhile, the lack of finance and treasury tools and automation associated with technology solutions, keeps staff tied to daily, tactical tasks versus a focus on strategic support and projects.

How well do CFOs understand the full potential of their banking relationships?

CFOs must be involved in understanding the health of the banking relationship and managing, or at least receiving updates on banking scorecards and other metrics to ensure the bank relationship is being leveraged to its full potential. For instance, more than ever, banks often provide or are partners in enabling Supply Chain Financing or Discounting scenarios to help both sides of the financial supply chain achieve their objectives. CFOs, again, must leverage their banking relationships while coupling them to technology options such as a solution with Dynamic Discounting or Supply Chain Finance to maximise bank services.

Additionally, visibility to liquidity in near or real-time is a must-have for CFOs.

Liquidity planning is critical for CFOs in good times and in bad. Historical market drops have highlighted the importance of having real-time access to information about your total liquidity position, understanding what level of cash is flowing through all systems, and what level of liquidity can be allocated to invest in growth opportunities or simply pay employees. CFOs in many cases can partner with banks to develop a mutually beneficial relationship. At the end of the day, Treasurers provide the CFO with the assurance that assets are safeguarded and the organisation has the liquidity required to meet obligations and fund strategic decisions. This is only possible if they too have immediate visibility into their positions.

Finally, there is risk in having all of your eggs in one basket.

CFOs should have a backup plan – having your liquidity, services and debt instruments with one bank can prove to be risky. When financial crises strike from internal or external factors (like margin calls, bankruptcies, etc.), these financial risks are mitigated when the CFO has a back-stop and other banking partner options to keep the lights on and the supply chain flowing. Having major and minor banking relationships can help keep banks competitively working for you while giving your organization financial and liquidity options to keep operations moving.

Refinitiv Corporate Treasury Data Insights | May 2021

31-5-2021 | treasuryXL | Refinitiv |

Andrew Hollins, Director of Corporate Treasury Proposition at Refinitiv, brings you the May 2021 round-up of the latest Corporate Treasury Data Insights.

  1. The latest Refinitiv Deal Makers Survey analysed market sentiment to gauge which M&A sectors will thrive during 2021, while global banking investment fees hit new heights.
  2. A look at the markets statistics from President Joe Biden’s first 100 days in office, and why USD cash fallbacks form a crucial element of the LIBOR transition.
  3. Plus, news on U.S. identity theft, crude oil prices and FX market innovation, as well as a round-up in Refinitiv Corporate Treasury Newsbeat.

Corporate Treasury Chart of the Month

Our latest Deal Makers Sentiment Survey reveals two clear M&A winners emerging from the turmoil of 2020: Technology and Healthcare. Beyond these sectors, M&A optimism tails off quickly, with notable falls including Consumer Retail. On average, deal makers predict a 6 percent increase in M&A activity this year, which bodes well for corporates with access to capital.

Corporate Treasury Data Insights: Subscribe to our newsletter

Global investment banking fees set all-time record

Refinitiv’s leading fee model revealed investment banking fees reached US$39.4 billion during the first quarter of 2021, posting a 45 percent increase compared with the first quarter of 2020 and the strongest opening period since records began in 2000.

Imputed fees in the EMEA region increased 27 percent to US$8.1 billion during first quarter of 2021.

You can access these exclusive modelled fees in Eikon to benchmark against peers, or to support mandate allocation purposes. Navigate to Company Overview -> Event -> Company Deals -> [Asset Type] Equity to compare the latest deals and access detailed tear sheets.

Join our upcoming Refinitiv Academy session for deeper insight on building peer comparison models in Eikon.

Screenshot of Refinitiv Eikon – Capital Market Transactions. Corporate Treasury Data Insights May 2021
Click the image to request a free trial of Refinitiv Eikon

Biden’s first 100 days in 10 charts

U.S. President Joe Biden’s first 100 days in office saw records in both M&A and capital markets, with the S&P 500 recording a stronger performance than any other president in recent history. Here are 10 charts that tell the story.

USD cash fallbacks: a key component of the LIBOR transition

With the most widely used tenors of USD LIBOR subject to cessation immediately following publication on 30 June 2023, how can fallback rates support a smooth transition in the cash markets?  We’ve also put together a guide to help you navigate the LIBOR transition.

Image promoting Refinitiv's Navigating the LIBOR transition guide. Corporate Treasury Data Insights | May 2021

New Report – U.S. Identity Theft: the Stark Reality

With an estimated 42 percent increase in identity-related losses from 2019 to 2020, coinciding with a shift towards digital payment methods during the pandemic, identity crime remains a steadfast challenge.

A new report commissioned by GIACT, a Refinitiv company, uncovers the striking pervasiveness of identity fraud perpetrated against U.S. consumers. GIACT is also hosting a free webinar this Thursday (20 May) on how you can Safeguard Faster Payments: KYC, Account Validation Compliance and Best Practices. Secure your spot!

Have crude oil prices peaked?

The market has recovered following the Coronavirus-induced collapse in prices. With the price now stable at around $60/bbl, Market Voice analyses if this is a pause for breath or a natural ceiling.

Accelerating innovation in FX markets

Refinitiv’s FX platforms reported an average daily volume of $490bn in January 2021, the second highest monthly average since reporting began. Find out how FXall gives traders greater flexibility and control over the staging and execution of their FX orders.

REPLAY: Sustainability and ESG webinar

In April, we hosted a webinar with the ACT, discussing the role treasurers should play in sustainable strategy and operations, green financing and benchmarking. You can also check-out a recent interview between Refinitiv’s Leon Saunders Calvert and Treasury Today, discussing treasury’s role in integrating financially material ESG data.

Refinitiv Corporate Treasury Newsbeat

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Looking for a Treasury Support Employee

28-05-2021 | Treasurer Search | treasuryXL

Our Partner Treasurer Search is looking for a Treasury Support Employee for an industrial conglomerate with a global presence. The ideal candidate for this position has a relevant bachelor degree and completed a first job in the back office of a corporate treasury or a bank. As a person she is very detail oriented and communicates easily with colleagues and banks around the world.

Tasks Treasury Support Employee

Working in a large team, the treasury support employee is responsible for settlements, confirmations, reconciliation of various financial, derivatives and commodity flows. She collects data and prepares analysis and reports. With her colleagues she manages the corporate treasury infrastructure and various projects.

Client

Our client is an industrial conglomerate with a global presence. In Amsterdam the centralized treasury is managed with a team with members with a wide variety of cultural backgrounds.

Remuneration and Process

The expected annual base salary for this candidate is €40K. Our client expects us to manage a thorough recruitment process including reference and diploma checks early in the process. Your input is appreciated. For candidates that qualify and are interested, further information is available.

The Treasurer Test might be part of the recruitment process.

Location

Amsterdam

Contact person

Kim Vercoulen
T: +31 850 866 798
M: +31 6 2467 9339
E: [email protected]

APPLY HERE

 

 

How to navigate changing currency markets when buying services from overseas

27-05-2020 | treasuryXL | XE |

When dealing with overseas currencies, changes in the currency markets and exchange rates could potentially change the amount that your business will need to pay.

If your business imports tangible objects from another country—such as goods, food products, materials, or machinery—then you’ll need to pay in that country’s currency. However, this doesn’t just pertain to tangible goods imported from overseas. If your business requires services from overseas employees, contractors agencies or service providers then you will also need to pay invoices or contracts in their local currency.

When dealing with overseas currencies, changes in the currency markets and exchange rates could potentially change the amount that your business will need to pay. When making regular payments—such as contract payments—having the right solutions to protect your business from market volatility can protect your business’s bottom line and keep your costs level.

What are your exposures? 

Understanding your business’s currency risk exposures is the first step to countering them to protect your business. You’ll want to consider:

  • How frequently you’ll be making payments

  • Which currencies you’ll be dealing with

  • What type of payments you’ll be sending

  • How volatile your currency pairs are.

Use forward contracts to protect your business from market motion 

If you know that you’re making payments in a volatile market, one solution you can use to reduce the impact of market motion is a forward contract.

A forward contract is a payment method that differs slightly from a typical spot transfer. Rather than making an immediate payment at the current exchange rate, it instead allows you to lock in the current rate and set a date for the payment to be sent at today’s rate.

Here is what you would do:

  1. Specify which currencies that you’d like to exchange and provide the amount you need to pay. This will give you a quote at the current rate.

  2. Enter the date that you’d like to send your payment.

  3. Provide your payment information as well as your recipient’s information.

  4. Once that date hits, the transfer will automatically send at the secured rate.

Forward contracts are a valuable tool for price protection as well as peace of mind. You can secure a favourable rate for your transfer, and you won’t need to worry about missing your payment or the markets moving in the days leading up to it. Your payment will already be secured and scheduled.

If you have a contract, then you know you’ll be making payments. With a forward contract, you can secure favorable rates ahead of time so that even if the market changes, the amount that your contract costs your business won’t.

Get Started

Working with Xe can protect your business from market motion 

A knowledgeable and experienced international business payments provider can help your business to weather the currency markets and easily navigate your payments, so you can focus on your business.

At Xe, we have nearly 30 years of experience in the currency markets. We work with over 13,000 businesses around the globe and offer them the right solutions for their operations, size, industry, and currency needs.

Some of our solutions include:

  • Easy-to-use business payment products including spot transfers, forward contracts and market orders.

  • Personalised FX risk management tailored specifically to your business.

  • Knowledgeable support from our team of currency experts.

 

Get in touch with XE.com

About XE.com

XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.

Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.

Your company money is safe with XE, their NASDAQ listed parent company, Euronet Worldwide Inc., has a multi billion-dollar market capitalization, and an investment grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have a truly global coverage.

Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.

 

 

Visit XE.com

Visit XE partner page