Is it time to revisit your bank connectivity solution?

| 29-09-2020 | treasuryXL | Enigma Consulting

A lot of organisations have implemented a corporate payment hub for bank connectivity at the time SEPA was introduced in Europe (2012). Since then the technology has changed drastically and new solutions offer richer functionality at a far more efficient operating model via Software-as-a-Service (SaaS). It is time to revisit your bank connectivity domain!

The usage of Corporate Payment hub solutions for bank connectivity between the corporate ERP/TMS systems and their bank relations is growing strongly. Trends as digitization, standardisation and the increased focus on fraud– and risk management make the automation of the connectivity with banks a topic on the management agenda. There are currently three interesting developments that result in an increased focus on bank connectivity in the Dutch marketplace:

  1. The increased focus of being in control by the Corporate treasurer

In the past the Treasurer was merely focused on the high value/low volume treasury payments and not too much looking at the commercial payment flows. From the discussions of Enigma with many corporate treasurers we see an increased focus on being ‘in control’ e.g. reduce manual activities, reduce the number of tokens for Electronic banking systems, have real-time insight in liquidity. The enhanced propositions of TMS systems and network facilitators like SWIFT, further encourages he logical step to automate the bank connectivity. This includes not only the automation of the payment flows but also the receipt and distribution of bank statements internally.

  1. New solutions are introduced with a revolutionary operating model

On the solutioning side we see interesting developments as well. New (fintech) vendors like Cobase, OpusCapita or TIS take (multi-tenant) SaaS as starting point reducing the IT footprint and enabling corporates to benefit from developments for other clients as well. Especially on the bank connectivity we see a shift in “tailor made customer demand” to “best-practise solution provider experiences” and therefore leveraging investments done for other clients which are already ‘part of the standard solution’. Some vendors even go further to support the entire bank onboarding ‘as a service’ making life very easy for corporates that do not want to know details about formats, channel options and contacts. Other (as well SaaS) vendors like BELLIN or Serrala focus on the creation of complete ecosystems and partnerships with other solution providers further strengthening the value proposition and relevance.  

  1. Replacing (legacy) Payment Hub solutions

A third interesting development is that ‘early stage’ payment hub solutions are at the end of their economic life cycle and need to be replaced. With the introduction of SEPA in 2012 a large number of corporates decided to implement a payment hub. Main focus at that time was on reducing the complexity of change to their existing IT landscape. At that time Payment hub solutions especially played a role in:

  • File conversion or enrichment capabilities from legacy (domestic in NL Clieop) formats to SEPA formats
  • SEPA Direct Debit mandate management to manage the (too complex) ‘first’ versus ‘recurrent’ rulebook guidelines and generation of mandate IDs
  • An alternative for ‘bank connectivity’ channels that banks decided to phase out to simplify their SEPA programmes (e.g. ING Finstream channel)

The state of technology at that time was completely different than nowadays. API’s, SaaS or Cloud did not exist. IT deployment method was ‘on-premise’ with a significant IT footprint and initial CAPEX investment.

In the past months Enigma Consulting has had multiple discussions on the necessity to replace these ‘early days’ payment hubs. Our Request-for-Proposal projects have interestingly resulted in a quite positive business case for different reasons:

  • Large additional investments (sometimes upgrades) are required in the legacy solutions to improve the IT security or make new business features available. New solutions immediately will eliminate these costs.
  • Pricing was high in comparison to current (often shared) solutions with more attractive pricing.
  • Some vendors have changed ownership and focus on the payment hub solution is gone (or ambitions at that time have not paid out) whilst new solutions do understand current market drivers and developments in the payment domain. One vendor recently informed their clients that they intend to withdraw entirely from the market.
  • New SaaS/Cloud solutions significantly reduce the IT footprint and therefore require far less (often scarce) capacity from IT for maintenance/upgrades.
  • Current Payment hub solutions offer a wider range of services and can be integrated far easier (API’s) with other solutions that are as well required (e.g. cash management, fraud, treasury, ERP).
  • Many payment hub solutions now offer a full support for ‘on-behalf’ POBO/COBO processing in combination with in-house banking and/or virtual account solutions.

Is bank connectivity a topic on its own?

Not per se. Although the topic itself can perfectly be addressed as single issue we see that our clients link the required change in this domain to a broader discussion on their financial value chain. Often a required change in the bank connectivity domain goes hand-in-hand with broader discussions on the Target Operating Model for payments, incorporating all market developments (outside in), internal ambitions (inside out) and discussion on the bank relation(s) itself. The selection of the best fitting vendor for the payment hub should than be seen in the broader perspective of a mid-term payments roadmap.

So what to do now?

We advise you to (let) revisit the solution you have in place for your bank connectivity. If not automated yet, there might be a strong business case to change this by improving efficiency and reducing risks. If a solution is already in place, there may be arguments to benefit from a replacement by one of the new solutions that offer more for less. You could even look beyond only bank connectivity and look at the entire payments domain to check if you are sufficiently prepared for the future taking into account all market developments in the payment domain.

Contact

Are you interested in how we can help you with your bank connectivity challenge or do you want to understand how we can support you with your Payment Roadmap?

Just contact me on: [email protected] or look at http://www.enigmaconsulting.nl

 

 

Cashforce is advancing cash forecasting innovation with the launch of its “Cashforce NextGen” platform

| 28-09-2020 | Cashforce | treasuryXL |

Cashforce has announced it is launching “Cashforce NextGen”, their new software platform, leveraging years of experience in delivering data-driven cash forecasting. With this new platform Cashforce wants to lower the barrier of entry for cash flow forecasting by introducing real-time data processing, a more intuitive user experience, enhanced scenario building capabilities and more AI-powered-algorithms. Cashforce NextGen will be launched in Q1 of 2021.

“Through years of experience in cash flow forecasting at organizations with various complexities, we’ve learned that the perfect solution should be able to adapt to the client’s maturity in order for them to scale their cash flow forecasting process at their own pace,” says Cashforce CEO Nicolas Christiaen. “Our NextGen platform will allow global & local users to start forecasting using an easy workflow and then perfect their process gradually using system integration capabilities, real-time data processing and smart alerting functionality. Simply said, Cashforce NextGen will deliver a swiss army knife for modern day cash forecasting.”

Current Cashforce users are also excited about the upcoming NextGen platform. “Thanks to Cashforce, we are able to analyze a lot more data at a higher quality than we had ever been able to before,” says James Kelly, Group Treasurer at Pearson. “Cashforce boosted our cash forecasting process with AI-powered algorithms and scenario-building capabilities generating significant savings in annual borrowing. With the NextGen platform, I’m most excited to use real-time data to improve the accuracy of our scenario models even further.”

The NextGen platform is being built in conjunction with clients and prospects (through an Early Adopter Program), top-tier treasury advisory firms and global cash management banks. The first rollout is scheduled for early 2021. Find more info on Cashforce NextGen and its launch!

 

About Cashforce        

Cashforce is a Cash Forecasting & Working Capital Analytics platform for corporates, focused on analytics, automation and integration. Cashforce connects the Treasury department with other finance / business departments by offering full transparency into its cash flow drivers, accurate & automated cash flow forecasting and treasury reporting. The platform is unique in its category because of the seamless integration with numerous ERPs & banking systems, the ability to drill down to transaction level details, and the intelligent AI-based simulation engine that enables multiple cash flow scenarios, forecasts & impact analysis.

 

Senior Analist Financieringen & Treasury (m/v)

25-09-2020 | Treasurer Search | treasuryXL

Onze Partner Treasurer Search is op zoek naar een Business Opbouwer (m/v) TMS / Financïele Software voor een opdrachtgever die al decennia actief is in de markt voor treasury management systemen. Samen met de sales manager ga je de Nederlandse markt veroveren:

  • Je buitenlandse collega’s werken je in, vertellen je waarom deze software de internationale treasury software markt tegenwoordig leidt, zowel qua technologie als qua groei. En op welke wijze zij succes hebben, wat je daar van kan overnemen en hoe ze je kunnen helpen;
  • Je bepaalt wat de klanten zijn die je het liefste voor je organisatie wint. En hoe je met hen een relatie op opbouwt.
  • Vervolgens snel aan de slag: heel veel bellen, maar ook events en social media!

Je vormt een tandem met de sales manager waarin hij buiten en jij binnen opereert. Vanzelfsprekend zijn door corona de kaarten opnieuw geschud en bedenk je met hem en je collega’s in London wat nu de beste aanpak is.

Ideale Kandidaat

Dit is geen baan voor mensen zonder ervaring. Je sprak al veel met financials, dat kunnen treasurers zijn maar ook CFOs en controllers. Op hun vakgebied hoef je geen expert te zijn, je moet wel vertrouwen en een relatie op kunnen bouwen. Je bent resultaatgericht en niet bang het eerste contact te leggen. Mogelijk is dit de baan die je al langer deed en doorzet, mogelijk wil en kan je verder in deze groeiende organisatie.

Onze Opdrachtgever

Onze opdrachtgever is al decennia actief in de markt voor treasury management systemen. De afgelopen jaren is er veel geïnvesteerd in technologie en is het bedrijf één van de weinigen die wereldwijd de markt bewerkt. De technologie is ijzersterk maar de organisatie is niet techniek-verliefd: klanten helpen en overtuigen, daar gaat het om. Commercie wordt op een heel doordachte manier gedaan, er is meer dan voldoende ruimte voor lokale initiatieven.

Salaris en vergoeding

De bedrijfscultuur is merkbaar prestatiegericht, de on-target-earning voor deze rol is €60K, waarvan een derde bonus. Deze is uncapped. De onderneming investeert in opleiding en een loopbaan ontwikkelen, in Nederland of internationaal, is mogelijk.

Voor kandidaten die passen en interesse hebben, is een uitgebreide beschrijving beschikbaar.

Contact person

Pieter de Kiewit

T: (0850) 866 798
M: (06) 1111 9783
E: [email protected]





Location

Nederland – Home Office


APPLY HERE

How to Effectively Track Your Expenses

24-09-2020 | treasuryXL | XE |

When you look for advice on how to create a budget or save more money each month, the first step is usually to track your expenses. But how do you really do that?

Tracking your expenses is a great way to start creating your personal budget, but it’s also a great way to:

  • Spot patterns in your spending, including potential problem areas
  • Be more conscious of your day-to-day spending and prevent impulse purchases
  • Set realistic financial goals
  • Reduce stress surrounding your finances.

But how exactly do you track your expenses, especially when you have a lot of them? Are you supposed to track everything down to the $2 you spent on a drink at the vending machine? Where do you start? How often should you track your expenses? Tracking your expenses sounds straightforward enough, but when you don’t know where to start, it can feel like an overwhelming task. We’re here to help. Keep reading to learn more about how to track your expenses and where to go once you’ve done that.

Write it all down

Yes, all of them. Don’t just track the big purchases or the regular payments. Everything from your rent or mortgage payments to your occasional takeout order needs to be tallied up. Think of it this way: does it cost you money? If so, add them to the list, even if they don’t feel like traditional “expenses”. We recommend splitting your list into three categories: daily, weekly, and monthly. This will help you to understand your short-term, in-the-moment spending habits as well and also keep track of spending over time, to better spot patterns.

How you do it doesn’t matter. Some people prefer the old-school pencil-and-paper method, while others prefer to use spreadsheets or computer programs. There are even budgeting apps that you can use to track your expenses and generate a budget. Choose whichever method you’re comfortable with and know you’ll stick with, and get started!

Break them into categories

If you’ve ever sought out advice on saving money, it’s almost certain that you’ve been advised to remove or reduce your unnecessary expenses and purchases. And it’s true: not all expenses are created equal. Some are essential to keep yourself alive and well, while others might be technically unnecessary but built into your current routine and lifestyle, while others are in-the-moment impulse buys. Budgeting advice typically dictates setting aside a certain amount of money for the unnecessary but enjoyable purchases each month after you’ve already established how you’ll cover your essential expenses. In order to differentiate between the three, we recommend further categorizing your expenses. Consider using the following categories:

  • Bills and other essential regular payments (such as rent or mortgage payments, student loans, car payments, credit card payments, insurance, or utilities)
  • Nonessential regular payments (such as streaming platforms, online subscriptions, gym memberships, and other services)
  • Groceries
  • Eating out or ordering in
  • Gas
  • Prescriptions or medical costs
  • Pet costs (if you’re a pet owner)
  • Charitable donations
  • Personal spending (such as online shopping or buying other goods or services solely for enjoyment)
  • Caring for your family or sending money to loved ones

With each expense type, consider: is this necessary? If not, is this something that brings me happiness or fulfillment? What would happen if I didn’t spend money on this? These questions will help you to determine where these expenses fit in your overall budget.

Look for patterns

Granted, your expenses won’t always be exactly the same. For example, winter holidays mean that you’re likely to spend a little more than usual in December, while you may have some months without many social gatherings or events that necessitate spending money. However, general trends will pop up. For example, do you always stop at the same coffee shop before work? Do you typically order takeout on Fridays? Do you pay for 4 different streaming services, but only consistently use one? How many online purchases did you make this month? How much is your old car costing you in repairs and maintenance?

Some patterns may not surprise you, but others may be eye-opening. Seeing just how much you spend each month on certain things could make you think: do I really need to be spending this much money on these things? Are there other areas in my life where I could use this money?

Use it to form smart financial habits

Now that you know what your expenses are, you’re well on your way to forming a smart, sustainable budget. Compare your expenses to your current monthly income and calculate how much is left over each month. Are you happy saving this much each month? What are you doing with the extra money?

If you’d like to have more left over each month, now’s the time to turn back to your categorized expenses and calculate where you could stand to spend a little less. You could even put “savings” down as a consistent monthly expense, and hold yourself accountable for putting a certain amount of money away each month. Just like your budget, your expenses should be revisited on a regular basis as your circumstances and spending habits change. If your current spending habits aren’t working for you, give it another go.

One common mistake is to immediately cut out all or most of your “unnecessary” spending, but just like immediately cutting out all remotely unhealthy foods from your diet, it’s likely not going to be sustainable in the long run and will only lead to resentment. You’re allowed to have fun and spend money on yourself! Tracking your expenses and creating a budget is the way to do it while still being financially responsible and planning for the future.

 

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

 

 

 

Blockchain becomes a reality: growing adoption

| 23-09-2020 | Carlo de Meijer | treasuryXL

Early July I wrote my blog Blockchain and Interoperability: key to mass adoption. There I concluded that “we may say that blockchain seems to be at the threshold of widespread acceptance and adoption”.

This conclusion was confirmed by Deloitte’s Third ‘Global Blockchain Survey 2020’ studying the investment and development trends in blockchain technology. This Survey showed that attitudes toward blockchain have obviously, and measurably, shifted in a positive way. It showed progress in the adoption and implementation of real-world blockchain solutions across a variety of businesses and sectors. Organizations have increased their investments, demonstrating their commitment to blockchain technology. But what about COVID-19?

Deloitte 2020 Global Blockchain Survey

Deloitte’s 2020 Global Blockchain Survey shows the results of a poll amongst almost 1500 senior executives and practitioners from 14 countries that was conducted between February 6 and March 3 this year. Those interviewed had at least a “broad understanding of blockchain, digital assets, and distributed ledger technology (DLT)”.

Main findings

The Survey observed a change in attitudes towards blockchain, with more positive feedback. One of the main conclusions was that blockchain is “solidly entrenched in the strategic thinking of organisations”.

According to the Survey “organizations appear to be more committed than ever” to blockchain. Compared to Deloitte’s 2019 Global Blockchain Survey, there was a significant increase in the interest and implementation of blockchain across businesses. This is further confirming blockchain’s maturity as a valid solution for many institutions and enterprises.

Blockchain already is an integral and vital tool upon which—and with which—new, innovative solutions are being created, and the Survey shows confidence amongst respondents that blockchain solutions will gain even greater traction within the global business community over the next 12 to 24 months.

General consensus, as a key takeaway from the report, was around acceptance of blockchain’s scalability, which continues to increase. 88% believe blockchain is highly scalable and will eventually become mainstream.

Strategic priority for organisations

But let’s look somewhat deeper into the various results. One of the main conclusions is that blockchain technology is increasingly becoming a true strategic priority for organisations. This was affirmed by 55% (2019: 53%) of respondents saying blockchain is critical and in their top-five strategic priorities, with 66% of executives forecasting investments of $1million or more in the next 12 months.

More than four in five respondents (83%) in the Deloitte Survey believe they will lose competitive advantage if they don’t adopt blockchain (2019: 77%). 63% said it was vital to move forward in the blockchain space.

Blockchain initiatives: real-world use cases

In terms of applications, increased advances of large-scale blockchain initiatives are occurring, such as blockchain-based financial infrastructure to simplify global money movement and commerce, as well as distributed ledger technology (DLT) for trade finance and blockchain track-and-trace platforms, among others.

The Survey also revealed increased blockchain initiatives in daily processes. These smaller-scale examples of blockchain adoption, such as title transfer and protection, patient data storage and retrieval, and more efficient voting or food sourcing tracking are “proving to be just as transformational in the way people live and the way work gets done”, according to the Survey.

Adoption of blockchain-based solutions

Adoption of blockchain-based solutions is increasing across organisations, with technology, media and telecommunications (TMT), financial services and non-food manufacturing industries leading the trend.

The number of companies around the globe now driving to intensify their blockchain (and digital asset) integration is speeding up according to the recent Survey. As to what drove them to innovation, 86% of respondents cited their executive teams saying that there are compelling business cases for the use of this technology.

This year, almost twice as many firms surveyed have integrated blockchain solutions compared to 2019. The Survey discovered that 39% of respondents had already implemented blockchain into their operations (2019: 23%), clearly showing this technology is gaining traction. The production figure was even higher at 46% for organizations with more than $1 billion in revenues.

When it comes to preparations for a blockchain-based future, 82% of respondents said they are already hiring new staff with blockchain expertise or plan to do so within the next 12 months (2019: 73%).

Where are corporations using blockchain?

According to the Survey, the top five use-cases for blockchain mentioned by the respondents include digital currencies (33%), data access and sharing (32%), data reconciliation (31%), identity protection (31%), and payments (30%), while track- and trace and asset protection, were adopted by between 27% and 33% of respondents.

Proliferation of digital assets

An interesting part of the Survey is the growing acceptance of digital assets. The Survey unveils the growing role and evolution of digital assets in the near future. 70% of respondents consider the pace of regulatory changes for blockchain and digital asset solutions as very or somewhat fast.

“Digital assets are now enabling enhanced commercialisation models across industries and geographies.” Deloitte Survey

Nearly 89 per cent of those surveyed believe that digital assets will be very or somewhat important to their industries in the next three years.

“Our survey confirms what we see in the marketplace — a proliferation of digital assets used as a means of exchange, a store of value, digital representations of specific assets, or equity in a company,” Rob Massey, partner, global and US tax leader for blockchain and digital assets, Deloitte Tax LLP

Digital assets can be used for a variety of purposes. Respondents who considered digital assets in their business models were most focused on enterprise controlled (64%) followed by general asset-backed (63%), while cryptocurrency comes at number three, with 59%.

A majority of respondents from each country, 83% of the respondents (and even 94% in China) said they strongly (or somewhat) believe digital assets will serve as an alternative to, or even replacement for, fiat currencies in the next five to ten years.

“While our survey revealed great faith in digital assets’ future importance, it shows no clear or specific consensus about exactly how those assets will be used or the specific role they will play—a kind of incoherence that we have seen in blockchain use cases in the past and today,” Survey

A vast majority of respondents expressed confidence that they will meet their regulatory burdens. Some 80% claimed to be very or somewhat prepared to deal with the regulatory aspects of digital assets (KYC, Tax, GAAP/FAS, etc.).

Other areas

The Survey also deep-dived into the issues of global digital identity and consortia and governances.

The Survey explored the use of global digital identity. 90 % of respondents believe global identity will be very or somewhat important in their future blockchain and digital assets strategies. Among the applications of digital identity, global financial transactions (29%) and data privacy (27%) stand to benefit the most.

The 2020 Survey studied the issues faced by enterprises when joining a consortium. It revealed leadership perspectives around joining consortia and an increased understanding of the benefits of consortia to help address regulatory and other complexities of implementing blockchain.

These same leaders thereby shared concerns about how consortia are run, how decisions are made, and how profits are shared across memberships. The most prominent challenges for 41% of the respondents of joining a consortium were the inability or incompetence  to create fair and balanced governance rules and poorly defined roles and responsibilities of members.

These concerns can be exacerbated further based on geographic, namely cross border, and industry-specific governance.  I described that in detail in one of my earlier blogs “Blockchain consortia need good governance: but how?”.

Blockchain and the regions

While global adoption has increased, blockchain adoption proved to be uneven in different countries. Countries’ averages are varying wildly whereby China turned out to be one of the biggest supporters of blockchain and digital assets.

While in China 59% of the respondents stated that their companies have already incorporated blockchain into production, this figure is almost twice as small (31%) in the US. The APAC region stood at 53%. Other countries are also outpacing America in terms of blockchain integration. Throughout the European Union including the United Kingdom, blockchain is witnessed as a matter of priority with multiple approaches.

Countries worldwide also follow multiple approaches. Asia Pacific responses revealed a widespread recognition of blockchain’s strategic value, while China expressed concerns over cross-border implications. Germany exhibited substantial activity around crypto regulation.

The UK market is seeing ongoing and increasingly mature activity across key sectors with several substantial projects now live, typically among industries reliant on complex, multiparty, and international supply chains. UAE is evolving as a digital assets hub with a consistently growing ecosystem. While Israel is emerging as a leader in blockchain innovation.

Sceptics

However, sceptics about blockchain remain. It is important to note that 54% of respondents said that blockchain is overhyped, compared to last year’s 43%. This has all to do with remaining barriers. The respondents claim there are still a number of organisation or project barriers that prevent them from adopting and implementing blockchain.

According to the Survey the top barriers of blockchain adoption include: implementation: replacing or adapting an existing legacy system (35%), concerns over sensitivity of proprietary information (34%), potential security threats (34%) an lack of regulatory clarity.

As companies develop use cases and adopt digital assets, the most significant problem areas are new tax and regulatory compliance structures. A patchwork approach, different regulatory treatments, or improperly defined parameters could threaten the underlying advantages of these blockchain solutions. But companies are not impressed by this, and some 80% claimed they were prepared to deal with regulatory aspects of digital assets.

Along with regulatory uncertainty, 58% of respondents said cybersecurity was also impacting their blockchain and digital asset strategy. Meanwhile, 21% said cybersecurity was the only hindrance to advancing their strategy.

But what about the impact of COVID-19?

According to the KPMG COVID-19 Survey that was published in August, blockchain investments fell by 63% because of COVID-19. The report compiled by KMPG International and HFS Research, is drawing on a survey of 900 technology executives from different organizations on the Forbes Global 2000 list of the largest companies in the public that have more than $1 billion in annual revenue.

According to the report roughly 40% of the executives indicated that they had moved to entirely cease investment into the emerging technology initiatives. Distributed ledger technologies (DLT) slid from the largest emerging technology sector with an average investment of $18 million in March/April,  to the second smallest with $6.5 million in May/June.

7% of the executives said COVID-19 had significantly changed strategic priorities for emerging technologies. In the earlier survey, the priorities were cost reduction and improved brand value. Since May/June, emerging technologies are now assessed based on survival.

The report also found that 59% of the executives believe that the pandemic created an impetus to accelerate digitization initiatives. After the heavy funding cuts for blockchain that occurred in 2020, global companies are looking forward to the technology as a way to regain a competitive advantage in the business landscape after the Corona crisis. They predicted that blockchain will be one of the five emerging technology sectors that will see increased investments from enterprises over the next 12 months.

Blockchain won’t be cut across the board. Projects that are close to production or already live are less likely to be put on hold if they can show reasonably quick returns. Blockchain tools that can help improve a company’s visibility into its own supply chain are the sorts of candidates that could attract budget. Applications that combine blockchain with other more “survival oriented” emerging technologies could also do better.

Blockchain is a reality already!

The Corona-crisis will undoubtedly have negative impact on blockchain for some time. Companies will turn their interest towards less ambitious, more targeted projects.

But the substantial portion of respondents of the Deloitte Survey who already have blockchain in production in their organization highlights the growing maturity. There is however still substantial work to be done. The report does note that “it remains an iterative process, with bumps remaining in the road”.

“As companies adopt and implement blockchain solutions, and as leaders increasingly accept blockchain as a fact rather than a future breakthrough, there remains an underlying level of uncertainty about current and future applications of blockchain technologies.” “We don’t expect that organisations will sort this all out right away – this process will continue to take time, depending on industry, maturity, risk tolerance, and budgets.” Deloitte Survey

But the sentiment at companies towards blockchain has definitely changed. This technology is increasingly becoming a reality for many of them, not just in the future but already!

 

 

Carlo de Meijer

Economist and researcher

 

 

 

 

Source

Partner Interview Series | More than a decade of Treasurer Search proudness

22-09-2020 | treasuryXL | Treasurer Search |

Treasurer Search is founded in 2009. Treasurer Search recruits candidates for both permanent and temporary treasury positions in industry, trade, services and non-profit. They recruit treasury professionals of all levels, from young graduates to senior treasury professionals, for positions including corporate treasurer, cash manager, treasury controller, treasury consultant, treasury analyst, assistant treasurer and group treasurer.

AN INTRODUCTION TO

 

Pieter de Kiewit, Treasury Aficionado, Recruitment Consultant and Owner of Treasurer Search. His market focus is the BeNeLux and Germany, his clients are mainly corporates, non-profit and consultancy organizations. Pieter holds an MSc. in Organizational Science and has over 25 years experience in international recruitment. In many ways he contributes to the Treasury Community by connecting people, companies, education and events.

We asked him 11 questions and 2 bonus questions. Let’s go!

 

INTERVIEW

1. Can you tell us about Treasurer Search and its mission and vision?

In our vision the professional field of treasury will further evolve and serve a broader group of organizations. It is our mission to listen to treasurers, business and HR leaders and make robust matches taking everybody’s interest into account.

2. What was the main reason to start with Treasurer Search in 2009?

For me as a person, my first professional choice was recruitment. In 2009 I worked in the recruitment industry for 15 years in various roles with two international market leaders. I decided I wanted to recruit in a way that suited my clients, candidates and me best. And that an own organisation was the best structure to do so. Already early in my career I searched group treasurers and liked the job type in so many ways. With the expert combination of both recruitment and treasury, I think we can optimize our added value best.

3.  How would you describe your company in 3 words?

Results, expertise, authentic

4. Can you take us with you into your company culture? How would you describe it?

We take pride in what we do, want to show our added value and like our job. We are Dutch, direct, informal and also very much interested in you and what keeps you busy. We are here to stay and want to build long lasting relationships. And we are not afraid to try or even initiate something new.

5. What is, in your perception, the biggest benefit for clients and candidates to work with Treasurer Search?

Understanding the recruitment industry is not hard. What sets us apart from other executive search firms are our treasury expertise which enables us to dig in deeper. And our long lasting relationships. 90% of the candidates we find a position for, we had prior contact with. Over 50% of our revenue is repeat business and we are still growing. Clients like us because we find better candidates, quicker for a fair, market level fee.

6. What has been your biggest challenge since the start of Treasurer Search? And how did you deal with it?

Our USPs are stability and treasury expertise combined with recruitment skills. People who combine these aspects are few. We have taken steps not only forward but also back because new colleagues realized after a while that their motivation did not match the mission of Treasurer Search. By now we have a stable team and cautiously continue moving forward. In recruitment for our own organisation we spent even more time in informing potential colleagues.

7. What is the best learning experience you ever had as business owner of a treasury recruitment club?

The treasury community is an interested and intrinsically motivated group of people. Always willing to brainstorm and join. In order to channel positive input into plans that bring us the results we strive for, we cannot lose focus. That brings best results. Over time I better learned to avoid distractions but are not done learning.

8. In the last 10 years, what are the main differences in the world of treasury & recruitment?

Too many to make a comprehensive list. What strikes me most in treasury is that the professional level of treasurers is going up. Treasurers are nowadays educated at a higher level, better communicators and continue to invest in treasury education. Treasury is getting the platform it deserves.
Also recruitment is constantly changing. The success of a new hire will never be an exact science but we try to avoid risk. New insights and technology in our field resulted in www.treasurertest.com. In my opinion a perfect example of recruitment new style.

9. How do you see the future of the function of treasury?

I hope and expect treasurers will be able to increase their impact. In large corporates they will be able to contribute in strategy, mitigate risk better and save cost. In mid-sized organizations they will find their spot in the CFO team where they are currently not always. The impact of treasury technology cannot be overestimated, one blog is not enough to describe that topic.

10.  How important is treasury in times like these? In times of COVID19….

The cliché “profit is an opinion, cash a reality” is currently felt stronger than ever. The treasurer that cannot show his added value in these times might not be in the right position.

11. Tell us, 10 years from now, what does Treasurer Search look like?

Predicting the future in these times is more daunting than ever, we just celebrated our first 10 years… I hope 10 years from now we can still show stability, treasury and recruitment expertise. Furthermore I hope clients who currently do not have a treasurer are happy we found one for them and also many more clients who are not based in The Netherlands enjoy our services.

BONUS QUESTIONS

What makes you happy in your work?

Results. See that my colleagues are happy in their job and help candidates and clients moving forward.

What are you most proud of in your career at Treasurer Search?

That clients call us again because they like the candidate they hired through us before. That candidates are happy in their job we found them, and for a long time. That we created an organization with employees that like coming to work to a job that pays mortgages and children’s shoes. That the treasury community knows us and knows how to find us.

Prinsjesdag 2020, unique and economically uncertain times

21-09-2020 | by Rowan Hermes | Symbid

Prinsjesdag 2020 was unique. For the first time since 1904, the Speech from the Throne (Troonrede) was not delivered in the Ridderzaal, but in the Grote Kerk. More attention was paid to the different mouth masks than to the hats on the hottest Prinsjesdag ever. Without a Golden Coach, a balcony scene and people dressed in orange, it was a sober day. But a number of traditions remained, including the leakage of some of the plans (well) before Prinsjesdag. The main message of the Speech from the Throne was that the Netherlands must brace itself for the consequences of a severe economic setback. We look at two measures that are of interest to investors.

Blog is in Dutch language:

 

Source

Business Opbouwer (m/v) TMS / Financiële Software – Dutch Speaking

18-09-2020 | Treasurer Search | treasuryXL

Onze Partner Treasurer Search is op zoek naar een Business Opbouwer (m/v) TMS / Financïele Software voor een opdrachtgever die al decennia actief is in de markt voor treasury management systemen. Samen met de sales manager ga je de Nederlandse markt veroveren:

  • Je buitenlandse collega’s werken je in, vertellen je waarom deze software de internationale treasury software markt tegenwoordig leidt, zowel qua technologie als qua groei. En op welke wijze zij succes hebben, wat je daar van kan overnemen en hoe ze je kunnen helpen;
  • Je bepaalt wat de klanten zijn die je het liefste voor je organisatie wint. En hoe je met hen een relatie op opbouwt.
  • Vervolgens snel aan de slag: heel veel bellen, maar ook events en social media!

Je vormt een tandem met de sales manager waarin hij buiten en jij binnen opereert. Vanzelfsprekend zijn door corona de kaarten opnieuw geschud en bedenk je met hem en je collega’s in London wat nu de beste aanpak is.

Ideale Kandidaat

Dit is geen baan voor mensen zonder ervaring. Je sprak al veel met financials, dat kunnen treasurers zijn maar ook CFOs en controllers. Op hun vakgebied hoef je geen expert te zijn, je moet wel vertrouwen en een relatie op kunnen bouwen. Je bent resultaatgericht en niet bang het eerste contact te leggen. Mogelijk is dit de baan die je al langer deed en doorzet, mogelijk wil en kan je verder in deze groeiende organisatie.

Onze Opdrachtgever

Onze opdrachtgever is al decennia actief in de markt voor treasury management systemen. De afgelopen jaren is er veel geïnvesteerd in technologie en is het bedrijf één van de weinigen die wereldwijd de markt bewerkt. De technologie is ijzersterk maar de organisatie is niet techniek-verliefd: klanten helpen en overtuigen, daar gaat het om. Commercie wordt op een heel doordachte manier gedaan, er is meer dan voldoende ruimte voor lokale initiatieven.

Salaris en vergoeding

De bedrijfscultuur is merkbaar prestatiegericht, de on-target-earning voor deze rol is €60K, waarvan een derde bonus. Deze is uncapped. De onderneming investeert in opleiding en een loopbaan ontwikkelen, in Nederland of internationaal, is mogelijk.

Voor kandidaten die passen en interesse hebben, is een uitgebreide beschrijving beschikbaar.

Contact person

Pieter de Kiewit

T: (0850) 866 798
M: (06) 1111 9783
E: [email protected]





Location

Nederland – Home Office


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What’s the Best Way to Exchange Your Currency for a Trip Abroad?

17-09-2020 | treasuryXL | XE |

Got an international trip coming up? Need to make a currency exchange? Let us talk you through your options.

When you’re preparing for an international vacation, there’s a lot you need to remember to bring. Between your passport, enough clothes, adapters, it’s easy to fill up a few bags with just the essentials. However…it’s also important that you don’t forget to bring some money to use on your trip. Odds are, if you’re traveling internationally, you’ll need to make payments in a different currency. What’s the best way to get the money? When should you make the currency exchange?

You have a few different options for exchanging your currency. We’re going to run through your options and let you know what the best option is and what you should do your best to avoid.

4. Using ATMs and card payments

Technically, you don’t need to make any currency exchanges. If it comes down to it, you can just go to an ATM or use a debit or credit card to make your payments. But while this option might sound like the most convenient one (at least as far as your time is concerned), it’s far from the best option.

When you visit ATMs or use your card to make payments in another country (and currency), you’re going to be subjected to numerous service fees and transaction fees each time you withdraw cash or swipe your card. If you’re there for a short time and only plan on making one or two payments that might not be so bad, but if you’re planning on making numerous purchases, these fees can and will add up—fast.

3. Exchanging in person at your destination

Another common option is waiting until you enter the country, and exchanging your currency there. People typically do this at the airport or at a local bank or currency exchange store.

While this method will let you avoid the high transaction fees, it unfortunately will not protect you from unfavorable rates of exchange. These providers are free to set their own rates, and it is very likely (especially if you’re exchanging at an airport kiosk) that the rates will give you much less for your money than if you transfer elsewhere.

And from a peace of mind perspective, wouldn’t it be nice to have your money taken care of before your arrival? That way, once you arrive, you’re free to start exploring or take a rest, without having to worry about getting money on top of wrangling your luggage and figuring out how to get to your lodgings.

2. Exchanging at the bank before your trip

As we mentioned in the previous section, it’s always nice to have your currency exchange taken care of before you reach your destination. It’s one less item to have on your to-do list when you arrive, and then if something happens upon arrival, you’ll already have the money that you need.

While banks are reliable, easily accessible, and can facilitate a currency exchange for you, they still aren’t the best option. While their rates will be better than those of airport kiosks, banks still come with a few drawbacks—namely, limited working hours, unfavorable exchange rates, and transaction fees.

So where does that leave us? Well…

1. Using money transfer to get currency before your trip

We promise we’re not biased—this really is the best option. Using an online money transfer service to exchange your currency before your trip will allow you to:

  • Avoid transaction and payment fees

  • Trust you’ll get a fair exchange rate

  • Take care of your currency exchange quickly and from your own home

  • Let you relax knowing that your currency exchange has already been handled.

It’s quick and easy to make an online money transfer. You don’t need to find a physical storefront and worry about business hours—you can initiate one on the go, 24/7, 365 days a year.

 

 

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

 

 

 

Only 5 days left until the International Treasury Management Virtual Week 2020

| 16-09-2020 | Eurofinance | treasuryXL |

Don’t miss the Treasury Event of the Year! If you haven’t signed up already, here is a reminder to join this great virtual event with incredible speakers and live sessions.

Virtual Event

Now more than ever, we need to learn and engage with other treasury professionals around the world, so that we can navigate and overcome the unprecedented challenges we are facing.

As the current situation unfolds, the role of the corporate treasurer is evolving and becoming more strategic than ever before. The complexities and function of treasury within the business is changing even more rapidly. The question is: What does the future of treasury look like and how will this affect my team? And where can I turn for world-class advice on building resiliency, supporting the business and addressing future challenges?

Look no further than EuroFinance’s International Treasury Management Virtual Week taking place 21-25 September. It will see world-leading treasurers and economists come together to address these issues, deliver big picture global insights and share the essential granular knowledge you and your team need for the path ahead. In the spotlight will be the latest on cash flow forecasting, supply chain finance, tech, liquidity and FX and payments plus much more.

Speakers and Live Sessions

The line-up of speakers is impressive with the likes of Shell, Alibaba Group, HP Inc., eBay, Finnair, Microsoft, Intel Corporation, Schlumberger, Booking Holdings Inc. and Rio Tinto holding centre stage in one of the 75+ live sessions. But don’t worry if you miss a session, they will be available on-demand for you to watch at a time that suits you.

The custom-built virtual conference platform will bring the experience of a live event to life in a virtual world. It offers plenty of opportunities to network and learn from your global peers, plus a smart calendar to build your schedule.

Free Registration

The great news is, the 2020 event comes without a price tag! It is free for corporate treasurers. So, you can get all the world-class expert knowledge and insights you expect from the leading treasury event without the costs of registration, flights, accommodation or even expenses.

What are you waiting for? Set your treasury team up to thrive not just to survive.

Register for free today!