05-06-2023 | The Swift network – a cornerstone of global financial communication and is well known there are however advantages and disadvantages to different connectivity channels for corporates. The video explains how the SWIFT network operates and facilitates secure, standardized messaging between financial institutions across the globe.
24-05-2023 | Are you looking for a simplified multi-banking solution? This video provides an informative overview of Cobase and our innovative platform. The video covers the features and benefits of our different products, which are designed to streamline your multi-banking experience.
09-05-2023 | Are you struggling to optimize your cash management and treasury operations? See how Univé, a leading cooperative insurance company in the Netherlands, achieved success with Cobase.
20-04-2023 | An inspiring and insightful client case study involving Cobase and Evos, a leading liquid energy and chemical storage company with terminals across Europe. This case study is a prime example of overcoming challenges and achieving success through proactive partnership and innovative solutions.
06-04-2023 | As many in the field have long known, it is not just people with a finance background who make the best treasurers. It is about having the right skills and the right drive to succeed in this challenging but rewarding career. For Treasurer & Insurance Risk Manager Marc Rossel, it was his fascination with risks that led him to his current position. He is happy to share his story and views on the interesting paths that can lead to a career in treasury.
23-03-2023 | Cobase | treasuryXL | LinkedIn | Recruiting in treasury is not just about getting the top of the class or people with great accounting skills. It is about making sure you get people who really fit the team and the (digital) tools you are working with. But if you take your time and really focus on the ins and outs of treasury, you can definitely hire the best and build a solid team that can help your organisation move forward. Francois Masquelier is Chair of the European Association of Corporate Treasurers and is happy to share his thoughts on the subject.
08-03-2023 | Cobase | treasuryXL | LinkedIn | In this competitive market, finding the hidden gems in treasury can be quite a challenge. There must be some talented candidates out there, but how do companies find them? We put this question to one of the hidden gems that was actually found. Hanan Peerun is a Treasury Operations Specialist at GroFin, a financial institution. Her insights will go a long way to answering the question, ‘How do I find and train a great treasurer?
28-02-2023 | Cobase | treasuryXL | LinkedIn | Banking software giant Temenos tasked Cobase with devising a better system for the management of its global bank relationships, cash, and FX. The results have slashed manual processes and reliance on spreadsheets, saving the treasury team vital hours in the day.
18-01-2023 | Cobase | treasuryXL | LinkedIn |
The importance of secure treasury functions cannot be underestimated. Fraud prevention – including sanctions checking – has long been one of the main drivers of change in corporate payments.
Similarly, treasury teams that rely on a bank connectivity partner for all their bank connections need to be sure that they work in a secure and reliable way. This is especially important for bank administration, where access to various accounts might need to be changed quickly or revoked instantly.
In the final blog in this series we look at the benefits of maintaining a complete audit trail of payment activities and the advantages to be gained from having a consistent payment approval workflow across business units.
For the majority of companies the answer to the question ‘Do you have a complete audit trail on your payment activities’ would be no because they are (for example) relying on calculations presented in an Excel document where there are many opportunities for data to be amended or accessed without proper authorisation. Payment details are then manually re-keyed in ERP or bank systems. And to add, also counterparty details could be changed without sufficient oversight or control.
The purpose of an audit trail is to capture the end-to-end flow of a payment covering questions such as why it was originated, the person or persons who originated it, who it was approved by, and when it was executed.
In some cases this audit will be initiated by a regulator (in the case of financial institution clients), whereas for corporates the request may come from a variety of sources including:
Having access to an audit trail, a one-click overview of current user access rights, and approval mandates is a useful tool for any corporate looking to increase both the security and efficiency of its treasury operations and identify where steps could be removed from the process as well as to inform decisions around centralising or localising these functions.
Treasurers need to ask themselves if they have gaps in their payment approval workflows and/or local discrepancies and whether they have a central – in other words, at the push of a button – overview of payment approval rights across their organisation.
It is also important to ensure that the organisational design and policies are in place around approvals within the accounts payable and receivables teams. Approval processes that have deviated from the norm are potential signs of bank account fraud or false invoicing.
To prevent false invoicing, a limited number of users should have the ability to create new payees, settlement instructions, and cash transfers. Eliminating manual handling of payment data removes many opportunities for fraud.
Automating manual processes in invoice handling and payment processing also adds to the transparency, quality and speed of payments. Harmonised practices increase transparency and visibility, while uniform processes help to track cash outflows across the entire organisation and thus mitigate risk of both external and internal fraud.
Treasury teams looking to optimise their cash management processes realise that making smart decisions requires tactical and strategic planning. However, there are a number of principles that can be applied by any business to increase the level of insight into how funds move into and out of their organisation.
That’s why we created ‘The ultimate guide for achieving efficient and safe multibank cash visibility and payments’. In this guide you’ll find questions that you can ask yourself to determine your current level of efficiency and spot the areas you might need to improve.
12-01-2023 | treasuryXL | LinkedIn |
A new year, a new edition in which we discuss the latest treasuryXL poll results. It is encouraging that once again many treasurers participated in the vote. We examined the voting patterns of treasurers and gathered the perspectives of experts Jack Gielen and Konstantin Khorev on the topic of APIs in treasury.
It is commonly understood that APIs are prevalent in today’s digital landscape. However, corporate treasurers can also reap benefits from API technology and its advantages. If you are unsure about the importance of APIs in Treasury or need more information, you should definitely watch the recording of the joint webinar together with Cobase on the future of APIs. It is encouraging that once again many treasurers participated in the vote. The current treasuryXL poll remains open and we encourage you to continue to have your voice heard! You can cast your vote on this link.
Question: Who should “give a push” and work on APIs?
That looks quite straightforward: partners should join forces. Do the treasuryXL experts agree, or what is their view on this?
Jack voted for the option that partners should join forces.
“APIs and the benefits are clearly on the map but there is also an understanding that there is still work to be done before those benefits will really be realised”
It is good to see that regarding the results of this poll, the market agrees that the success of corporate APIs and OpenBanking requires cooperation and cannot be dictated by 1 party. This means Treasurers clearly understand the complexity of the playing field. At the moment, although there are many initiatives by individual parties, there is a need to create a good partnership where the whole eco-system works together
The main benefits that APIs could realise if banks and companies were to work together are:
These benefits translate into being able to use the systems the treasurer has chosen more efficiently and better, more up-to-date insight into status, exposures and required actions.
Recently, Cobase set up the webinar “The Future of APIs” in collaboration with treasuryXL to discuss this topic. I was particularly impressed by the level of knowledge Treasurers have gained over the past year which was also reflected in the questions. APIs and the benefits are clearly on the map but there is also an understanding that there is still work to be done before those benefits will really be realised. Ultimately, the priority with the end customer, the treasurer, will determine how quickly other market players act.
Konstantin voted for the option that partners should join forces.
“By working together, we can achieve a more efficient and effective treasury management system.”
I agree with the majority view that the implementation of APIs in the treasury field should be a collaborative effort. Banks will play a key role in implementing these changes, but it is also crucial for corporates and TMS providers to set and specify the requirements. This ensures that the solutions being implemented align with the unique needs and goals of each individual corporate, and TMS providers can develop the tools and services necessary to support these needs. By working together, we can achieve a more efficient and effective treasury management system.
Recently, my latest article on this topic was published on treasuryXL. In it, I try to make it plain that APIs are a nice and easy solution, although they come with some limitations and challenges. At the same time, I believe that the future of bank connectivity lies in API technology. What do you think?