Webinar Series Treasury Management | “Bitcoin. Is this the New Reality in Corporate Treasury or is it a Hoax?”

| 12-04-2021 | VU Amsterdam |

This Webinar is offered to you by the postgraduate programme Treasury Management & Corporate Finance at the School of Business and Economics.

Webinar Treasury Management in short

Date:     Wednesday 28 April 2021
Time:     19.00 – 20.30 hrs.
Costs:    Free-of-charge

Bitcoins are in the news. Opinions vary a lot in between “the new global currency standard” and “difficult to understand in practice and governance”.  Corporate Treasurers need at least to have a start of an opinion. We see Tesla and other big corporates currently buying crypto currencies. What are opinions among corporate treasury professionals? Is investing surplus cash in crypto currencies the new reality in corporate treasury or is it a hoax?

Tristan Verhagen, a student in our TM&CF programme, will introduce the topic at this webinar. Tristan will share his provoking ideas about investing surplus cash in Bitcoin. Is this the New Reality in Treasury or a Hoax? Tristan wrote an academic paper on this subject and this has added value in terms of a new insight for the treasury professional and is very useful for experts as well as laymen to be updated on the issue.

Description Academic Paper

As the world grapples with the COVID-19 pandemic, it’s important for (institutional) investors and (corporate) treasurers to understand the effects of central bank and government intervention. Especially in the context of Bitcoin and the unique attributes it possesses. The role of central banks and governments in stabilizing the economy and the realization of economic growth in the aftermath of crises is becoming ever more important. Currently central banks and governments are “all in” to cushion the effect(s) of the current crisis. The response is considered to be bigger and broader than it was for the great financial crisis. Interest rates are historically low and central bank balance sheets have expanded considerably. This led to a significant increase in the money supply, which sparked a debate among economists about the implications for inflation.

When central banks and governments worldwide enact in ‘quantitative easing’ and increase the money supply, the associated fiat currencies depreciate in value. In contrast, Bitcoin experiences a ‘quantitative tightening’ (or reduction) of new supply as halving events programmatically decrease the number of new Bitcoin entering circulation regardless the demand for the asset. This feature is native to the digital protocol and possibly makes it the ultimate ‘store of value’ asset. During times of economic uncertainty and in a world where ‘software is eating the world’ more and more (institutional) investors and (corporate) treasurers are becoming convinced of the potential of Bitcoin. The paper/discussion aims to investigate to what extent this is justified.

Speakers

Tristan Verhagen MSc MSRE graduated in Strategic Management from Tilburg University. Real estate is the cornerstone of his career. He has worked for various real estate investors and is now Director Finance & Control at Eigen Haard. A few years ago, he fell through the Bitcoin rabbit hole and since then his views on money and monetary policy have changed significantly. He is open to the idea that Bitcoin’s unique properties will in the future lead to it becoming an important (macro) asset and therefore suitable for a large group of investors (e.g. insurance companies and pension funds).

Strong ideas are worth to have strong opposition, so we have two panel members to challenge the vision of the keynote speaker.

Wilko Bolt is a Senior Economist in the Economics and Research department at De Nederlandsche Bank in Amsterdam and Professor of Payment Systems at the Vrije Universiteit Amsterdam. His current research focuses on the payment economics, digital currencies, two-sided markets theory and antitrust implications. He has published in journals such as American Economic Review, European Economic Review, Economic Theory, International Journal of Industrial Organization, International Journal of Central Banking and Journal of Money, Credit and Banking. Bolt was awarded the Hennipman Prize by the Dutch Royal Economic Association in 2007 for his research.

Joan Schutte joined ASML back in 2014 as VP & Corporate Treasurer and is responsible for Treasury, Corporate Finance and Insurances globally. From 2010 to 2014 Joan was Director Treasury for VimpelCom (Veon) in Amsterdam. Before that, he worked 12 years for US based Sara Lee Corporation in various Treasury roles in Curaçao, Singapore and Chicago and as Finance Director for the global procurement function in Utrecht. Joan started his career in Treasury in Belgium for CSM NV and Campbell Soup Company. Joan holds a MSc in Economics from the University of Amsterdam. He serves on the Board of the Dutch Association of Corporate Treasurers (DACT) and has served on the Board of the Association of Corporate Treasurers Singapore (ACTS).

The webinar is moderated by Pieter de Kiewit, he is treasury aficionado, recruitment consultant and owner of Treasurer Search. Together with his team, Pieter finds candidates for interim assignments and permanent positions in corporate treasury. Pieter holds an MSc. in Organizational Science (Technische Bedrijfskunde, Universiteit Twente) and has over 25 years experience in international recruitment. In many ways he contributes to the treasury community by connecting people and companies. He supports educators, for example as a member of the management board of the RT programme of the Vrije Universiteit Amsterdam. On a regular basis he blogs, presents and moderates with the purpose to make treasury known by a bigger audience and facilitate experts to deepen their knowledge.

For whom?

We specifically invite our alumni of the PGO Treasury Management & Corporate Finance and those interested to join the programme and DACT members.  Of course, those professionally involved in the subject, TreasuryXL – followers, are also very welcome to join. A truly inclusive (corporate) treasury community!

 

 

WANTED | Interim Senior Treasury Analyst

09-04-2021 | Treasurer Search | treasuryXL

Our Partner Treasurer Search is looking for an Interim Treasury Analyst for an organization offering industrial services to clients around the world using a large asset base. The ideal candidate for this position has a long and solid track record in corporate treasury. As a person she asks for and finds the tasks with highest priority. Furthermore she is able to initiate and analyze documentation and complex quantitative reporting. She is able to present and convince in- and external stakeholders using solid arguments.

Tasks Interim Treasury Analyst

Within the three person treasury team, all members are generalists. Corporate finance and cash operations are covered relatively well. The focus in tasks will be on bank & other external relations, reporting & analysis, and transactions in FX, interest, derivatives and trade finance.

Client

Our client offers industrial services to clients around the world using a large asset base. The market feels the effects of covid-19, important decisions are being made. The company culture is hands-on, direct and result oriented.

Remuneration and Process

Indication of the hourly candidate fee is €90. The project will start as soon as possible and will last at least 3 months.

The Treasurer Test might be part of the recruitment process.

Location

Tilburg Area / Home Office

Contact person

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

 

APPLY HERE

 

Partner Interview Series: Padraig Brosnan, CEO and Founder of Treasury Delta, a corporate treasury RFP platform

| 08-04-2021 | treasuryXL | Treasury Delta | treasuryXL are delighted to share the interview with CEO and Founder of Treasury Delta, Padraig Brosnan.

Read more

How can Xe help your manufacturing business with its international payments and FX requirements?

08-04-2020 | treasuryXL | XE |

Xe can help businesses in the manufacturing sector to make quick international payments and prepare for currency market volatility.

How can exchange rate movements affect your business? If your business operates in multiple countries, imports or exports goods or services abroad, or deals with foreign currencies in any capacity, exchange rate movements can have a significant impact on your business’s operations and bottom line.

Let’s consider how exchange rate movements could impact manufacturers who regularly purchase products and parts. Even if the costs of these parts and products remain steady, currency values will not. The currency markets are constantly in flux, and volatility in the markets could increase the costs of your imports, or even reduce your profitability.

In addition to preparing for potential market volatility, an experienced foreign exchange and international payments provider can also provide your business with a quick, reliable and cost-effective way to make your business payments, and help you to come up with a strategy to minimize your risk exposures and effectively plan for future FX outcomes.

What can a manufacturing business do to improve its FX outcomes?

The first step is finding the right international payments and foreign exchange provider. Just as each business is different, each provider is different, and the right provider for your business will have the right tools and services to help your business craft the strategy that suits your business’s needs.

At Xe, we understand that each business has its own FX requirements. Today, we work with over 13,000 businesses of all sizes across all industry sectors and offer each one the products, services, and guidance that it needs for its operations.

We can help your manufacturing business:

  • Maintain steady importing costs;

  • Save time on your international payments with our quick and easy transactions;

  • Save money on your international payments with better rates and fees than what your bank would offer.

Learn More

What Xe can do for your manufacturing business

In addition to offering our experience and expertise to help your business craft its own foreign exchange strategy, we also offer up an array of products and services that include:

  • Spot transfers, so you can purchase currency and send your international payments quickly, easily, and “on the spot”.

  • Market orders, so you can set a target exchange rate for an automatic transfer once it’s been reached, so you can secure the rates you want for your payments that aren’t time-sensitive.

  • Forward contracts, so you can lock in today’s exchange rate and schedule a future transfer on that date and ensure that your payment will send on time and you can avoid potential market volatility.

  • Risk management, so our team of currency experts can create a customized risk management strategy for your business’s foreign exchange needs, and you can devote your time to your business.

Get Started

 

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

 

 

 

Invite Refinitiv Newsletter | Corporate Treasury Data

06-04-2021 | treasuryXL | Refinitiv |

Trusted by 15,000+ corporate treasurers, our Partner Refinitiv’s free monthly mail contains the latest Refinitiv data insights, must-read analysis and practical advice for Corporate Treasury teams. We dig into everything from Cash management, Market monitoring, Funding, Investments, Trading, Risk and Sustainable finance: supporting your workflow from start to finish.

Subscribe to their Corporate Treasury newsletter today to:

  • Receive expert analysis on marking-moving events
  • Keep ahead of industry developments and their impact on your team and business
  • Get exclusive access to our data-based insights and interactive charts

       REGISTER HERE

 

How to get a quote for fast and secure money transfers for your business

01-04-2021 | treasuryXL | XE |

By signing up for a free Xe Business account, you can quickly and easily get quotes for fast money transfers for your business’s international payments.

Getting a quote is the first step to making a business international payment. And while it may sound simple enough, if you don’t know where to begin or who can help you get a quote, it can quickly grow overwhelming.

We understand that you might not have the time to learn all about the process before getting a quote. We’re here to make it quicker and easier for you, so you don’t have to take any time away from your business.

There are a few questions you should ask yourself first:

  • Do you know what type of payment you’ll need to make?
  • Do you know where to go to get a good exchange rate for your transfer (or even that you can shop around for rates)?
  • Are you working with a knowledgeable foreign exchange provider that can help you find the best rate and choose the right payment solutions for your business?

At Xe, we can help you with all of the above. Here’s how you can get a quote for your business’s next international payment.

Learn More

How to sign up for an Xe business account

Before you can get a quote, we’ll need you to sign up for an account so we can understand what your business is looking for. Fortunately, an account is free and signing up will take just a few minutes. We’ll ask you for some information about your business. This will vary, but these details typically include:

  • Registered business name
  • Country of registration
  • Registration number
  • Type of business
  • Nature of business

Once you’ve filled that in, we’ll then want to know some information about you. In order to create an Xe Business account, you will need to be a director. We’ll ask for:

  • Your name
  • Your title
  • Your mobile phone number
  • Your date of birth
  • Your address
  • The email address and password you’ll use to sign in.

One last step to go—we’ll prompt you to provide:

  • Where you’ll be sending money from
  • The currencies you’re expecting to send
  • How many transfers you’re planning to send.

Once that’s been submitted, one of our team members will get in touch with you, typically within the day. We’ll confirm the details you provided and, once that’s completed, you’ll be all set to start making payments.

Get Started


How to get a quote for your business

Good news! Once you’ve signed up, getting a quote is quick and easy.

  1. Sign in to your account.
  2. Select the currencies you’d like to exchange.
  3. Enter the amount you plan to send.

That’s all! The send rate and cost for your transfer will pop up automatically. If you’re happy with the quote and want to proceed with your payment, hit “New Transfer” to continue on to making your transaction.

Get Quote

We hope this has helped break the process down for you. If you have any questions or need additional assistance with your payments, you can also contact our team by phone or by email.

 

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

 

 

 

Beheer van wisselrisico’s | Indekken of niet?

| 31-3-2021 | François de Witte | treasuryXL |

Internationaal zaken doen is onvermijdelijk verbonden met financiële risico’s. Hoe kunt u wisselkoersrisico’s op een verantwoorde wijze beheren?

Omschrijving

Weet u hoe verantwoord moet omgaan met wisselkoersrisico’s? Het antwoord geenszins éénduidig … Maar wat zeker is, is dat goede beslissingen beginnen bij een concrete inschatting van dit risico.

Assessment van uw wisselkoersrisico’s

Het is belangrijk om uw risico’s te identificeren en te kwantificeren. Koopt of verkoopt u in vreemde munten? Welke klantenrisico’s hebt u? Hebt u investeringen of leningen in vreemde valutas? En wat met andere cash flow risico’s? U moet beslissen in welke mate deze risico’s kunnen worden vermeden en of ze aanvaardbaar zijn.

Actieplan

Dan blijft de belangrijke vraag natuurlijk welke acties u neemt nadat uw situatie in kaart is gebracht. Worden de risico’s getransfereerd naar derden? Worden de risico’s ingedekt door verzekeringen of andere wisselkoersinstrumenten. Om de juiste verantwoorde beslissingen te nemen, moet u beschikken over het inzicht in deze verzekerings- en indekkingstechnieken. Hoe organiseert u een performante controle, opvolging en rapportering van de risico’s?

Voor wie is deze opleiding bestemd?

Deze module richt zich tot bedrijfsleiders, alsook alle financieel verantwoordelijken, treasurers, leden van het treasury team, controllers, financieel adviseurs, accountants, relatiegelastigden ondernemingen bij financiële instellingen.

Voorkennis

Financieel basisinzicht en ervaring met financiële transacties is vereist. Voelt u zich hier nog onvoldoende mee vertrouwd dan kan u voorafgaand de opleidingsmodule ‘Cash- en werkkapitaalbeheer’ volgen.

Bijkomende info

Dit programma komt in aanmerking voor 6 uur permanente vorming ITAA.

Programma

1. Financieel risico management: algemeen

  1. Definitie
  2. Identificatie, kwalificatie en kwantificatie van de risico’s
  3. Risico tijdslijn
  4. Verzekerings- en indekkingstechnieken: instrumenten
  5. Risico politiek: strategie en tactiek
  6. Risicomanagement: procedures, opvolging, controle en rapportering

2. Wisselkoersrisico’s

  1. De financiële markten – algemeen
  2. Type exposures: transactie, boekhoudkundig en economisch
  3. Natuurlijke indekkingen
  4. Interbancaire markt versus futures
  5. Instrumenten voor de indekking van de wisselrisico’s
  • FX: Spot (contante) indekking
  • Forward (termijn) indekking
  • Currency swaps
  • Valuta-futures
  • Valuta-opties
  1. Contractuele aspecten – ISDA documentatie
  2. Bancaire aspecten: risicoweging
  3. Regulering
  4. Boekhoudkundige aspecten
  5. Aanbevelingen
  6. Case study in groep

Lesdata

Datum Startuur Einduur
maandag 19/04/2021 09:00 12:00
maandag 26/04/2021 09:00 12:00
Data onder voorbehoud van eventuele wijzigingen

Meer informatie en inschrijven: Klik Hier

 

Francois de Witte

 

François de Witte

 

 

 

 

 

 

ACT Webinar – Sustainability and ESG: what role should you play?

31-03-2021 | treasuryXL | Refinitiv |

Webinar on April 22 at 12:30-13:15 BST

This webinar, in association with our Partner Refinitiv, will take place on Thursday 22 April at 12:30 – 13:15 BST.

Will upcoming sustainable regulatory and political change result in clearer and globalized standards?

Today, no two treasury teams seem to have a consistent view of their roles and responsibilities when it comes to sustainable finance. However, will upcoming sustainable regulatory and political change result in clearer and globalized standards and benchmarks? What should treasurers be watching out for? And what action should they take?

Join us for a practical discussion where we’ll outline the most significant developments coming our way – and how treasurers can respond effectively to protect P&L and balance sheets, supporting future growth ambitions.

Topics to be discussed:

Where we are today
  • When we say ‘Sustainable Finance’ and ‘ESG’ – what do we mean?
  • Various roles we see treasurers play today
  • Overview of the political and regulatory landscape
Opportunities to drive sustainable growth and leadership and solve for potential challenges
  • EU Taxonomy – impact of proposed changes and opportunities to be exported
  • Opportunity – Issuance of Green and Transition Bonds and how to stop brainwashing
  • Global ESG reporting and benchmark landscape
  • Carbon pricing
    – > What is happening and how to compare the performance of peers
    – > How to understand and report on Scope 2 and 3 emissions

       REGISTER HERE

 

Webinar Recording: The importance of cash management during the crisis | the impact of the pandemic

| 31-03-2021 | treasuryXL | Cashforce |ACT

Rewatch ACT’s session ‘The importance of Cash management during the crisis: the impact of the Pandemic’ with David Shinkins (Barclays), James Marshall (Virgin Media), Hailey Laverty Hotels & Resorts) & Nicolas Christiaen from our Partner Cashforce.

 

 

 

Centralising Payments and Fraud Management with Kyriba – Şişecam

30-03-2021 | treasuryXL | Kyriba |

Şişecam is a Turkey-based, multi-national glass manufacturer that wanted to centralise payments, get better visibility of the group’s accounts and reduce the potential for fraud. Kyriba helped them achieved all this – and more.

Barış Gokalp, Head of Treasury at Şişecam explains the background to the project: “when I joined Şişecam, it was very decentralised, with each company managing its own banking operation. We had too many banks, over 60 companies and multiple ERP systems. After 2013 we did a lot of M&A so there were various different ERPs. There was also a lots of connection types, including SFTP, fax and email, with no standardisation. Each payment operation had its own route, which made it hard to manage.”

“We realised that first we had to solve the connectivity issue with the banks. We figured out that we were spending a lot of time answering how much money do we have and also on the banking operations for our payments.”

Levent Coskuner, Managing Partner of ELC Strategy which advised Şişecam, explains the approach taken: “we knew the internal culture and structure of financing at Şişecam, so we were looking for the best global solution. Between his arrival at Şişecam and the end of 2018, Barış and I visited various countries to understand the different options. It was very important that the solution was very scalable and secure – security was one of the main issues. And given that they have multiple ERPs, we needed a standardised approach. Kyriba has the number one SaaS solution.”

The project had several key elements. “The focus was on enabling payments for ERP systems, centralising and securing them,” says Nik Romano, Head of Emerging Markets at Kyriba. “But they also wanted to gain visibility into the group’s bank accounts. Şişecam selected us as much on the capability of our technology from an application perspective as on the capability to enable connections across so many banks and so many jurisdictions.”

When the Şişecam team looked at Kyriba’s references they realised that a lot of companies have worries about transactions, and that was one of the key points in their decision.

“The number of transactions is not important to us, rather the variety of those transactions. We saw that our geographic reach – Kyriba’s and Şişecam’s – matched, and when we visited Kyriba clients to get references the feedback was marvellous!” says Gokalp.

Tackling supply chain finance was not on the initial agenda, but when the Şişecam team visited a Kyriba client in France they realised that they could also use the treasury management system for other parts of their treasury activities. So although they began with account visibility and payment operations, they realised that they could also include supply chain finance, FX management, cash flow management and cash flow forecasting.

“As the treasury director I saw that we could manage all our treasury activities on one platform with many banks, many countries and many companies. Perfect!” says Gokalp.

“We began to go live with the various countries within the Şişecam group, and by the end of 2021 we will have finished that. All the connections will be established and all the payments will be done via Kyriba. We have also begun to sort out the supply chain finance issues and we will plug the banks into our supply chain finance because we know that a company’s strength comes from its suppliers. In addition, we know that we can manage our FX position via Kyriba. So we will look at that and, if we can manage to finalise things, we will also use Kyriba’s cash flow management module by the end of next year,” says Gokalp.

Gokalp agrees that fraud was the key motivation for the group’s top management. “As all treasurers know, we need to do the checks before the money leaves,” he says. “You should establish in your workflow rules, so that if there is some ‘noise’ around a payment, you can stop it. We have begun to follow where the money is going and when it will reach us. I hope that by the end of the next year we will be fully digitalised, which is one of the objectives of our organisation. The payment file will come from the ERP and no one will be able to touch it, it goes directly via Kyriba.”

Full digitisation means that when a file is created it goes directly and securely to Kyriba, through the approval process and on to the bank. The ERP and the accountants can see in a couple of minutes what has happened to the payment and, if there is a rejection or some other problem that is also reflected back to the ERP system. This is a fully integrated process.

As with so many clients, the Covid crisis showed Şişecam just what their new system could do.

Gokalp explains: “When the pandemic hit we were initially using Kyriba with five companies in Turkey, but in two days all the companies were able to use Kyriba for payments. So the need for the people to come into the office for the signatures and approvals – that was all removed. That was a big credibility boost for the project as well. Before, it was very hard to make a payment. You sent it to the bank and then it arrived, or, if it didn’t you just sent it again. But now all this is done in 10 minutes max.”

“At first some people internally were worried about this project, but when they understood what the project entailed, they too wanted to be part of it.”

About Şişecam

Şişecam is one of the biggest glass manufacturers in the world, based in Turkey but with operations in the Eurozone, Russia, India and Egypt. The group manufactures all sorts of glass – table glass, glass packaging, flat glass and automotive glass – and also produces the chemicals used to produce glass. It has 20 companies worldwide and is working with approximately 60 banks.