Recording Webinar | How successful master data management can help you secure financial processes?

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12-07-2022 | treasuryXL | Nomentia | LinkedIn |

Recently, treasuryXL partnered with Nomentia on a live webinar on how successful master data management can help you secure financial processes.

Watch the recording of this session for free now by clicking on the image below!

In this webinar, we discussed how you can manage your Master data in a safe way, how you can prevent fraud and sanction risks through the management of this data, and the subsequent processes that make use of your master data. This ranges from the creation of counterparties in your ERP to the safeguard checks in your payment process and system.

More specifically, we will discussed the following topics:

  • Introduction to Master Data management
  • Managing the counterparty Master Data in your ERP
  • Trends that companies face related to Master Data
  • High-risk processes using your master data
  • Steps to create a safe and secure culture within your company
  • Setting up appropriate processes and systems to enable security

Watch the recording now!

 

 

 

A guide to cash flow forecasting tools in 2022

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07-06-2022 | treasuryXL | Nomentia | LinkedIn |

A company’s worst nightmare is to run out of cash or completely miscalculate future cash in- and outflows. To prevent such doom scenarios from happening, companies use cash flow forecasting tools to help them understand current or future cash positions. Having accurate cash forecasting analyses in place is important because they are fundamental for your company’s growth. You can base your strategic investments and financial decisions on them, and they help you decide on how you shape the future of your company.

Source

As with most things, cash flow forecasting is easier said than done. Developing accurate forecasts can be a challenging job. Especially when your business is increasing in size, you need to consider many aspects. Fortunately, there are several great cash flow forecasting tools to help you overcome the challenges you have, to make forecasting easier and more accurate.

 

What is cash flow forecasting? 

Simply put, cash flow forecasting is the practice of understanding your movement of money that goes in and out of the business, now, in the short-term, or in the long-term. A higher cash inflow than outflow results in a positive cash flow position. And when your cash outflow is bigger than your cash inflow, it results in a negative cash flow position.

Many professionals understand that analyzing cashflows is important yet fail to build reliable processes to do so accurately. Robust cash forecasting will help you understand what your cash position is now, and in the future, simply by analyzing cash in- and outflows.

 

The challenges of cash forecasting

We will not go too much into detail to discuss the challenges of cash forecasting, which we already did in this article. But commonly, treasury and finance teams struggle with two main reoccurring challenges:

 

1. Manual processes (lack of automation)

One of the key challenges in cash forecasting remains the amount of manual labor that goes into it. Especially when your organization is larger, and you need to combine financial data from different banks, subsidiaries, and ERP systems. Depending on how frequently your team runs the forecasting process, it can become very time-consuming.

According to different sources, it is recommended that treasury and finance teams run forecasts on a weekly basis to increase financial control. Imagine all the hours that go into this process by doing so manually: collecting data from multiple data sources and recording everything into your spreadsheets. And that doesn’t even include running the analyses to base your strategic decisions on. To top it off, the spreadsheets also contain many errors, which makes them less reliable.

To add to that, by collecting your forecasting data periodically you never have real-time insight into your cash position because your cash predictions may have changed already the day after you made your analysis.

 

Cash flow challenges graph
Having flexible cash flow and liquidity reporting, and collecting data on cash flows was found most challenging or very challenging for around 70% of decision-makers according to our study with Forrester.

 

2. Lack of centralization

As mentioned earlier, it is a very inconvenient aspect to create liquidity and forecast reports when the data you need is scattered across multiple systems. In global companies, you would need to access several bank accounts to check balances. Or you are working with different subsidiaries, where you need to rely on the timeliness and accuracy of your colleague’s input. Whatever systems you’re using, having a centralized place that automatically pulls all the data from them into one place in real-time can benefit you tremendously.

 

What is a cash flow forecasting tool?

Effective cash flow forecasting tools are there to help you overcome typical forecasting challenges. They help you manage and track all your business cash flows now and in the future. Allowing you to make better strategic and investment decisions for your business.

 

The advantages of using a cash forecasting tool 

There are various solutions available on the market, and they all work differently. Ideally, a tool should be able to help you with your cash forecasting in various ways.

Access real-time information

A great tool gives you an instant overview of your cash position, inflows, and outflows at any time you need it. The more up-to-date your data is, the better you can justify your decisions.

 

Connect and centralize all source-systems

Especially for larger enterprises with multiple banks, ERPs, and other source systems, a tool needs to be able to flawlessly connect to all of them. That’s the only way for you to combine all the financial data required to make accurate cash forecasts.

 

Automate the process of collecting data for you 

Both the gathering of real-time information and connection to all source systems should be automated by the tool or software. That way you can automatically gain real-time insight into your cash position without manual labour.

 

Automatically able to create reports and infographics based on your data

Following up on the previous point, once your tool has automatically-collected data, it should be able to visualize it in a customized way that suits your needs. Whether it is certain types of reports, graphs, or other dashboards.

 

Save resources while enabling better decision-making

Better and faster analyses of your cash position and forecast without creating reports manually will help you save the time that you can use for making strategic decisions.

 

The different types of cash forecasting tools

 

Basic tools for small and medium-sized companies 

Market research has shown that in the U.S. in 2018 alone, around 63% of companies used spreadsheets for budgeting and reporting purposes. Even though this number was declining, spreadsheets are still considered the most basic go-to tool for cash flow forecasting.

 

The two main (free) providers for cash forecasting tools on a basic level (they don’t need explanation):

  • GOOGLE SHEETS 

  • MICROSOFT EXCEL 

 

Of course, you can make your spreadsheets as advanced as you want. But the fact is that most smaller organizations traditionally use spreadsheets to do their cash flow forecasting. Their set-ups are less sophisticated and with fewer data sources. As a result, it’s easier to pull the data you need.

The advantage of spreadsheets is that they are very cheap and effective. Yet, once your organization grows bigger and you start using several banks, and other source systems like ERPs, they become unmanageable and start taking a lot of your team’s resources.

 

Intermediate tools for small and medium-sized companies

There are several intermediate cash forecasting tools that are increasingly helpful for smaller and medium-sized companies compared to the basic tools. Sometimes they can replace spreadsheets completely, but most often they complement them.

 

1. POWER BI

Microsoft’s Power BI is a tool that can collect data from different sources and allows you to visualize them through dashboards. Though it’s a handy tool, it requires quite a bit of training and getting used to. Connecting Power BI to your systems, importing data, and building the right reports can still require a lot of manual labor.  

Power BI’s list of systems you can connect to is limited. Especially bank and ERP connections are lacking which are usually required for bigger companies.

Power BI Dashboard
Power BI dashboard example

 

2. CAUSAL

If you have an accounting system, a CRM, and some data warehousing system, chances are that Causal can help you out collecting that data in one place. Their data visualization tool will help you better understand the combined data from your connected places.

Just like Power BI, Causal is unable to connect to financial institutions, like banks, that are often required to get a better understanding of your cash position.

 

3. SHEETGO 

Sheetgo is a handy tool when you want to combine the data from different spreadsheets. The more spreadsheets with financial data you have the more challenging it is to combine them and build accurate cash flow forecasts.

Sheetgo does not take away the manual work that includes pulling data from source systems. It is more a tool made to integrate with Google Sheets or Microsoft Excel.

Sheetgo cash flow template
Sheetgo’s cash flow template

 

4. NOMENTIA LIQUIDITY 

If you’re looking for a cash flow forecasting tool that can connect multiple source systems, banks, and ERPs – then Nomentia Liquidity is a great option. Nomentia Liquidity gives you visibility over your past, present, and future cash positions.

Nomentia automatically pulls all data from different source systems and visualizes them in a customized format for each client. The implementation is also done together with a dedicated customer specialist, so you don’t have to worry about any manual labor or integration problems.

Nomentia Liquidity dashboard
Nomentia’s liquidity dashboard

 

Advanced solutions for medium and big-sized companies

If you’re looking for more complete cash forecasting services, then you need to consider the top treasury and cash management vendors that are well known. Most of these vendors offer Software as a Service (SaaS) solutions which take away the work of managing the solution.

 

1. NOMENTIA CASH FORECASTING 

Nomentia’s cash forecasting SaaS solution allows you to do forecasts as detailed as you require. You can run real-time forecasts continuously based on a collection of all scattered systems that hold your financial data.

The platform works very intuitively, and you can even run simulations for possible scenarios. The data visualization can be customized by yourself or by specialists from Nomentia. In contrast with other vendors, you can only opt for the cash forecasting module without committing to any other modules offered by Nomentia.

 

2. KYRIBA CASH AND LIQUIDITY

Kyriba has a tool for cash forecasts that combines multiple data sources. They can provide you with daily, weekly, monthly, or yearly cash forecasts.

In their SaaS, Kyriba has a worksheet that can help you automate manual work and connect different systems to each other for better-centralized cash forecasting analyses.

 

3. GTREASURY CASH FORECASTING

The cash forecasting tool by Gtreasury allows you to combine data into a single worksheet and run different analyses within it. You can run forecasts daily, weekly, monthly, quarterly, or annually.

A recent feature GTreasury introduced is the trademarked SmartPredictions, which can predict future liquidity and changing conditions with the help of data imports and artificial intelligence.

 

4. COUPA CASH AND LIQUIDITY

Coupa’s treasury solution includes a cash forecasting module that can build scenarios, and do analyses to measure your short, mid, and long-term business liquidity.

The financial data is captured in a reporting functionality that treasury teams can easily analyze and share within the organization. Coupa offers both standard and customized reports.

 

5. SERRALA CASH MANAGEMENT AND FORECASTING

Serrala offers cash forecasting as part of its bigger cash management solution. The module can be set up for cash flow-based planning categories, scenarios, and simulations.

The solution helps you automate your processes by configuring the settings yourself, and it gives you insight into your cash position through the consolidation of various data sources.

 

The right tool for your company depends on your needs  

A cash flow forecasting tool can be beneficial for you to tackle the manual labor and time consumed due to a lack of centralization. If your set-up is not that advanced yet, you can rely on solutions like spreadsheets or intermediate tools like Power BI, Causal, Sheetgo, or Nomentia Liquidity.

For bigger companies with several source systems, we recommend looking into advanced cash forecasting tools that will significantly decrease your costs. Even if the initial investment of buying such a solution may appear slightly higher.

 

 

REMINDER | Webinar | How successful master data management can help you secure financial processes? May 18th

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10-05-2022 | treasuryXL | Nomentia | LinkedIn |

 

Find out how to manage your Master Data in a safe way including how to prevent fraud in this upcoming webinar next week on May 18 together with Nomentia, featuring Mark Roelands, Kendra Keydeniers and Huub Wevers!

Date & time: May 18, 2022 at 14:00-14:45 PM CET | Duration 45 minutes

In this webinar, we’ll discuss how you can manage your Master data in a safe way, how you can prevent fraud and sanction risks through the management of this data, and the subsequent processes that make use of your master data. This ranges from the creation of counterparties in your ERP to the safeguard checks in your payment process and system. 

More specifically, we will discuss the following topics:

  • Introduction to Master Data management
  • Managing the counterparty Master Data in your ERP
  • Trends that companies face related to Master Data
  • High-risk processes using your master data
  • Steps to create a safe and secure culture within your company
  • Setting up appropriate processes and systems to enable security

 

Throughout the webinar, you get a chance to ask any questions that arise.

Click here to register now!

Webinar Nomentia & TreasuryXL

Meet the speakers

Mark Roelands
Risk and Compliance Specialist
GRC Consulting

Kendra Keydeniers
Director Community & Partners
TreasuryXL

Huub Wevers
Head of Sales
Nomentia







 

 

 

Webinar | How successful master data management can help you secure financial processes? May 18th

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02-05-2022 | treasuryXL | Nomentia | LinkedIn |

 

We’re excited to announce our upcoming webinar together with Nomentia on May 18th, featuring Mark Roelands, Kendra Keydeniers, and Huub Wevers!

Date & time: May 18, 2022 at 14:00-14:45 PM CET | Duration 45 minutes

In this webinar, we’ll discuss how you can manage your Master data in a safe way, how you can prevent fraud and sanction risks through the management of this data, and the subsequent processes that make use of your master data. This ranges from the creation of counterparties in your ERP to the safeguard checks in your payment process and system. 

More specifically, we will discuss the following topics:

  • Introduction to Master Data management
  • Managing the counterparty Master Data in your ERP
  • Trends that companies face related to Master Data
  • High-risk processes using your master data
  • Steps to create a safe and secure culture within your company
  • Setting up appropriate processes and systems to enable security

 

Throughout the webinar, you get a chance to ask any questions that arise.

Click here to register now!

Webinar Nomentia & TreasuryXL

Meet the speakers

Mark Roelands
Risk and Compliance Specialist
GRC Consulting

Kendra Keydeniers
Director Community & Partners
TreasuryXL

Huub Wevers
Head of Sales
Nomentia







 

 

 

The 6 main benefits of adopting an in-house bank

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30-03-2022 | treasuryXL | Nomentia | LinkedIn |

An in-house bank is a group or a legal entity that provides banking services to different business units within the organization. The in-house bank replicates the services that are typically provided by banks. The in-house bank offers solutions for payments, liquidity management and cash visibility, payments on behalf (POBO), collections on behalf (COBO), FX requests, funding, and working capital to business units.

Source

When organizations are looking for a way to improve cash flow processes, cash visibility, and reduce bank fees, the in-house bank can be a great alternative compared to working with countless banks internationally.

While the in-house bank is not an option in every country due to regulations, when it’s possible to use it, it will decrease the company’s vulnerability to regulatory changes as these could negatively impact business operations. Organizations are not only protecting themselves against regulatory changes of countries, but also against changes on the bank’s side for example when it comes to updating new payment file format standards.

What are the top 6 benefits of an in-house bank?

 

Among the many benefits of implementing an in-house bank, centralized control, improved liquidity management, reduced banking fees, automated bookkeeping, globally harmonized payment processes and full visibility into subsidiary balances are perhaps the most important ones that organizations can realize.

 

1. Centralized control

 

Centralized control by the group is by far the biggest benefit of adopting an in-house bank to help with topics such as global payment processes, financing, investments, corporate-wide FX risk exposures, and hedging.

An in-house bank is especially favorable for companies with large amounts of cash or when there’s a constant need to move money between subsidiaries and the group. While the group gains a bigger control, business units and subsidiaries will have their own sub-accounts within the in-house banks. The balance limits are set and reviewed centrally based on the organization’s treasury policy by the group.

The group will be able to minimize global payments that include foreign exchange or cross-border payment fees as all the transactions can be conducted centrally instead of going through local payment processing third parties. With an in-house bank, there’s clearer visibility into the overall net positions per currency to manage and it’s possible to hedge FX risk at the group level for currency protection and fewer hedging transactions.

Also, subsidiaries do not necessarily need to go to banks for loans, but instead, the loan can be funded by the organization. Lending money to the subsidiaries can be significantly cheaper than paying high-interest rates to a third party like a bank or a creditor. Centralizing the internal financing to the in-house bank provides an easy way to document the processes for compliance as well as the process becomes more simple as all the applications will go through the group.

With a centralized in-house bank, treasury will have greater control over all the treasury processes, and this could significantly improve the liquidity position of the company.

 

2. Improved liquidity management 

 

Through the in-house bank, liquidity can be centrally managed and the group can decide whether external funding is required based on the cash position. With centralized reporting, the group does not only have better real-time visibility into the available cash, but decision-making becomes faster as the result of the available information. This is also beneficial for subsidiaries and business units as they will be able to receive funds a lot faster as a result of the automated cash pooling. This also ensures that there is adequate liquidity when and where it is needed instead of having excess amounts of cash on the accounts of subsidiaries that do not necessarily need the money at that point.

Of course, from time to time, organizations still need external funding for investments, but then it’s also easier to qualify for funding with better terms as a group than as a stand-alone subsidiary.

 

3. Reduced banking costs & fewer banking partners

 

Getting started with an in-house bank will mean that the external banking cost will be reduced to the minimum so it’s a lot more cost-effective than using external banks globally. It’s also possible to save on bank transaction fees since the internal transactions do not need to go through external banking partners.

Centralizing the banking relationship management to group treasury can also increase negotiating power, so the enterprise can get better prices and improved services.

 

4. Automated reconciliation and improved month-end process activities

 

In-house bank users can auto-reconcile incoming payments and collections for higher efficiency. In a similar manner, inter-company cash flows can be also executed and posted. Balance reconciliation and reporting can be automated by fetching all account statements from the banks and allocating the transactions to the subsidiary’s in-house bank accounts. The rules of allocation can be set on a bank, company, or even an account level.

 

5.    Harmonized payment processes for all internal, external, and on-behalf-of payments

 

Using an in-house bank can remove the need for a separate netting solution. Instead, with an in-house bank, you can create the exact same process both for internal and external payments. When the internal payments remain internal and they do not require receivable-driven netting, you gain benefits such as always up-to-date bank account statements and fully automated reconciliation of internal transactions.

Subsidiaries also benefit from the harmonized payment processes. They won’t lose value dates and the month-end closing can be automated.

Payments-on-behalf-of (POBO) minimize the reliance on external bank accounts by subsidiaries. With POBO, subsidiaries continue to process payments in the same way as before while using the debtor’s in-house bank account number.

With Collections-on-behalf-of (COBO), it’s possible to define allocation rules based on transaction details to allocate cash to in-house bank accounts. With virtual bank accounts offered by external banks, it is easy to set up an automated COBO process.

 

6. Full visibility on subsidiary balances

 

Without a centralized control that an in-house bank offers, the group treasury has often had the challenge of the lack of visibility into the cash balances of the subsidiaries. With an in-house bank, it’s possible to manage multiple cash pools to gain full visibility on subsidiary balances.

It is more beneficial to pool all cash and credit balances instead of having cash lying idle on the accounts of the subsidiaries. Business units may run net credit or debit balances in the subaccounts and either earn or pay interest on the net debit/credit balances.

When the group needs to borrow money to the business units, they can set their own interest rates that can even vary based on the subsidiary’s size and profile.

 

Should you implement an in-house bank?

 

There’s no simple answer to this question. It should be a strategic decision and should be aligned with your organization’s roadmap.

To identify whether the in-house bank is the right solution for you, carefully evaluate your current processes: what is working and what could be improved? Could some of the above-mentioned benefits make your operations more profitable by controlling the organization’s cash centrally?

Of course, you may already have a good solution for example for liquidity or bank fee management, but if you have business units and subsidiaries globally and you are going to invest heavily in development, you deal with local taxation, transfer pricing, you may want to consider the option of implementing an in-house bank in the near future.

Before you make a decision, you should also be aware of the regulations of all the countries you are operating in, whether POBO & COBO are allowed in those countries, and what paperwork you need to move forward with an in-house bank.

Implementing an in-house bank is a significant undertaking as it will require buy-in from many departments, however, in the long-term, you will be able to build better processes, improve visibility, and save money.

 

 

7 Cash Management Trends for 2022

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16-02-2022 | treasuryXL | Nomentia | LinkedIn |

While the show must go on and treasury and finance teams had a busy life at the start of the year, it’s time to take a look at the ever rapidly changing cash management trends of 2022.

While PWC has predicted that the top priorities for CFOs in 2022 will be advanced cash and liquidity management, technology and digital innovation, fraud and cybersecurity, and business partnering, we also internally discussed what trends we see emerging during the new year.

 

1. Digitalization of the processes continues

A year ago, this time, we commissioned a Forrester study, ‘Successful Businesses Excel At Cash Management’, to discover how top decision-makers see the state of cash management. We were ready for some interesting findings but what we found was even more interesting than what we expected.

Clearly, during the past years, a lot has changed as finance and treasury teams had to adjust to the new reality that the global pandemic has brought on all of us. While digitalization has been on the agenda of everybody for some time, it’s been time to speed up the transformation.

While the digital transformation has started in many enterprises already years ago, the work continues to reap the benefits of cloud-based cash and treasury management technology to improve organizational flexibility, cash management processes, and security.

Better digitalized processes do not only make the life of employees easier, but companies can also untap hidden cash, inject accurate forecasting into decision making while improving their day-to-day treasury and finance operations with automation.

While last year enabling home working and ensuring business continuity was a significant driver, for sure, we are moving towards a world where the next items on the cash management wish list will climb up the priority ladder.

 

2. Payment solution for cash flow efficiency

Payments are the core of every business process, but compliance is often the main driver for many to improve existing processes. It’s often the same when companies adopt a payment tool for their global payments to improve the efficiency of their global B2B payments. Having a single tool allows more control over how payments are processed, approved, and released to the banks.

Payment efficiency is also the first step for many other cash management priorities, such as better liquidity management and cash visibility

In the process of setting up a payment solution, the hardest part of working with ERPs, existing TMS, and multiple banks is also tackled and can be utilized for implementing new solutions along the way.

Adapting a tool for payment tool can also make centralized user rights management easier.

 

3. Security is an unavoidable topic

When we are talking about payments, we must discuss security. During last year, financial fraud cases have been making headlines globally. For compliance, organizations must have the basic security measures in place, but finance and treasury are departments that need more advanced risk mitigation capabilities to tackle financial crime and fraudulent attempts to safeguard the company’s funds and financial stability. To tackle security concerns, partnering up with the information security team and finding the right vendors can provide you with the necessary precautions.

Companies are starting to utilize artificial intelligence and machine learning for catching suspicious fraudulent activity or to spot manual errors.

As all companies could be subject to financial crime, investing in fraud prevention should be a no-brainer. It’s almost like insurance for minimizing the risk of an actual incident.

 

4. Outsourcing bank connectivity

You will rarely meet someone that would say that bank connectivity is not a challenge. Yet, it’s something that everybody must have in place. In the Forrester study, 76% of the respondents believed that bank connectivity for fetching statements and intraday material is valuable for their treasury and cash management activities.

Connecting to banks is a challenge due to the different communication protocols and file formats. When banks make changes on their end, the existing connectivity should reflect on that too.

This is only part of the challenge. On the other end, there should be a connection to ERP systems (like SAP or other) or to a TMS to fetch all the accounts payable data instantly. This requires working with another communication protocol and another data format.

Between the two different data formats, there must be a data mapping to make sure that the communication between the bank and the organization works flawlessly.

It is challenging enough to set up a bank connection with a single bank. Imagine doing this process with multiple banks

That’s why most organizations are opting for bank connectivity as a service where companies like Nomentia have already over 10 800 bank connections established and expertise to take care of the rest.

Ps.: We have also created a cool video on how easy it can be to outsource the management of your bank connections:

 

5. We are saying goodbye to spreadsheets

Let’s be honest, cash forecasting with excel is challenging:

  • It’s easy to make an error
  • It’s undocumented – if the owner of the spreadsheet leaves the company, it may take some time to understand the logic behind it
  • There is no audit trail for compliance

Two of the main reasons that are holding back companies from purchasing a solution for liquidity management is the cost and the perception that it’s easy to create cash flow forecasts with spreadsheets and that is how it’s been always done. However, the trend is shifting and more companies start to realize that an actual liquidity management tool would have more benefits.

Using a tool for liquidity makes collecting forecasts and actuals automated and the data can be collected from multiple source systems to help to understand the organization’s current, past, and future liquidity positions to optimize cash flows and FX positions to optimize internal and external funding.

Liquidity management software today is extremely user-friendly and intuitive to use so that users can create reports easily to create accurate reports.

 

6. Reconciliation for all

Comparing bank statements against your accounting to make sure the amounts match each other is not too difficult for small firms where their clients and cash flows come from fewer sources and banks. In enterprises, reconciliation may not be so straightforward. In our Forrester survey, 61% of decision-makers say it’s challenging or very challenging to reconcile payments.

Thus, we expect that automation of the reconciliation process will be the star of 2022 so that organizations can streamline the process for faster month-end closing.

 

7. Alignment between treasury, finance, and IT

According to finance executives, the lack of alignment is the top barrier to better cash management. This is something that at Nomentia we’ve been experiencing firsthand. In a recent interview with TMI, Jukka Sallinen, Nomentia’s CEO said the following:

“Lack of collaboration between different functions within the organization is one of the significant hurdles. There should be more roadmapping and alignment between treasury, finance, and IT. Many solutions provided by software vendors have grown into do-it-all monolithic systems. That, unfortunately, often leads them to be mediocre at best and none of the three departments is entirely happy to work with them. In addition, while there has been lots of talk about open banking and standardization to improve the efficiency of cash management processes, most of these promises have remained unfulfilled.

I believe treasurers want more flexible and fast solutions that can solve their specific challenges and integrate well with their core treasury management system (TMS) and other systems. While it is obviously everyone’s responsibility to look at the big picture, maintaining the growing number of systems and surveying the providers’ landscape is often left to IT. Greater collaboration would be preferable.”

Setting up new solutions, bank connections, or improving security requires cooperation between the different stakeholders and in 2022 they will need to strengthen their alliance for actualizing the strategic benefits of cash management.

 

Cash Management tools are becoming more democratic

Cash management solutions becoming more accessible for businesses of all sizes. As it’s time to digitalize treasury and finance, there are affordable options available for anybody for all the solutions mentioned above. A payment factory, liquidity management, or reconciliation can be easily implemented for a fair price tag in almost any business. The trend has been moving from one-size-fits-all solutions to a hyper-modular approach: you take the solution that you need and integrate it into your existing solution stack so that you can pick the best solutions from different vendors.

Of course, implementation of new cash management solutions will require cooperation and alignment between different departments, prioritization, as well as finding the right strategic vendor that can support the organization’s finance and treasury roadmap.

 

 

Nomentia Now Available in the Microsoft Azure Marketplace

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01-02-2022 | treasuryXL | Nomentia | LinkedIn |

Microsoft Azure customers worldwide now gain access to Nomentia to take advantage of the scalability, reliability and agility of Azure to drive application development and shape business strategies.

HELSINKI, Finland — February 1, 2022 — Nomentia, a leading European provider of cash and treasury management solutions, today announced the availability of Nomentia Bank Connectivity as a Service in the Microsoft Azure Marketplace, an online store providing applications and services for use on Azure. Nomentia customers can now take advantage of the productive and trusted Azure cloud platform, with streamlined deployment and management.

 

“Adding Nomentia to Microsoft Azure Marketplace will help IT departments achieve desired connectivity between banks and internal systems, faster than ever before” Anna-Lisa Natchev, Chief Growth Officer of Nomentia

 

“Nomentia is addressing some of the major challenges treasury, finance and IT teams are facing during the digitalization and transformation of treasury and finance processes. We not only take care of ERP integrations, but also offer unrivaled bank connectivity-as-a-service across the market. Adding Nomentia to Microsoft Azure Marketplace will help IT departments achieve desired connectivity between banks and internal systems, faster than ever before. Using Nomentia’s bank connectivity-as-a-service can significantly reduce IT burden and ensure treasury and finance departments can start building better processes to improve operations, data output quality, security and compliance assurance,” says Anna-Lisa Natchev, Chief Growth Officer of Nomentia.

“Through Microsoft Azure Marketplace, customers around the world can easily find, buy, and deploy partner solutions they can trust, all certified and optimized to run on Azure,” said Jake Zborowski, General Manager, Microsoft Azure Platform at Microsoft Corp. “We’re happy to welcome Nomentia’s solution to the growing Azure Marketplace ecosystem.”
The Azure Marketplace is an online market for buying and selling cloud solutions certified to run on Azure. The Azure Marketplace helps connect companies seeking innovative, cloud-based solutions with partners who have developed solutions that are ready to use.

About Nomentia

Nomentia is a category leader within European treasury and cash management solutions. Nomentia’s mission is to provide unparalleled cloud treasury and cash management solutions for and with our customers. Today, Nomentia is solving the challenges of modern treasurers and cash managers across 2,000+ businesses in over 80 countries, processing more than 800 billion euros annually. Nomentia solutions specialize in global payments, bank connectivity-as-service, cash-forecasting and visibility, bank account management, financial process automation, treasury workflows, FX risk, in-house banking, and trade finance. For more information, visit www.nomentia.com.

 

For more information, press only:

Anna-Lisa Natchev, Nomentia, Chief Growth Officer, +358 50 413 0704, [email protected]

Barbara Babati, Nomentia, Head of Marketing, +358 40 762 3356, [email protected]

 

 

WEBINAR ALERT | Bringing Cash Management Solutions to the Benelux

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treasuryXL | Nomentia |

Date & time: January 27, 2022 at 12:00-12:45 PM CET/ 13:00-13:45 EET | Duration 45 minutes

Nomentia has been the market-leading solution provider in the Nordics for global payment and cash flow forecasting solutions. Finally, our solutions are now available for you in the Benelux in French and Dutch besides English.

In this webinar, we will introduce our Payment module for global, centralized management of B2B payments, the anomaly detection add-on for tackling fraud and errors, cash forecasting & visibility, as well as bank connectivity as a service.

Join the webinar to learn more about: 

  • Why do you need a centralized payment tool?
  • Why would you switch from a legacy local multi-EB system to a new SaaS Multi-Bank system?
  • How our customers benefit from using Nomentia Payments?
  • How to tackle fraud and manual errors with automated anomaly detection?
  • Why should you switch from spreadsheets to a liquidity management solution?
  • How does Nomentia cash forecasting work in practice?
  • Nomentia’s hyper modular bank connectivity as a service:
    • How does this work?
    • How can you benefit from it?

At the end of the webinar, we’ll have time for a short Q&A session to answer your questions.

Click on the banner for registration.

Meet the speakers

Huub Wevers

Huub Wevers

Senior Sales Manager
Nomentia

Tapani Oksala

Solutions Manager
Nomentia

 

 

Survey | Anomalous Payments Detection

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15-12-2021 | treasuryXL | Nomentia | LinkedIn |

Our partner Nomentia and Netguardians, are conducting a survey for treasury and finance professionals to get a better understanding of the current challenges companies are facing in identifying and preventing anomalous payments. This way, we can provide more relevant solutions and share industry knowledge with the treasury and finance community.

Payments are growing in volume and gaining speed, with “instant payment” gradually becoming the norm. With increasing speed and volume, the risk of processing anomalous or fraudulent payments increases simultaneously. These anomalous payments may be caused by human errors or by fraudulent activities such as fraudsters impersonating CEOs, sending fake invoices, and other scams. This results in both operational and financial losses for the company.

By filling out this survey you will help advance the solutions that are needed to fight anomalous payments. You can fill out the survey completely anonymously. It takes around 5 to 10 minutes to complete the survey depending on the answers you provide throughout the survey.

We thank you for your kind participation!

 

 

How does BRITA GmbH use Nomentia Payments in Germany?

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| 01-12-2021 | treasuryXL | Nomentia | LinkedIn |

BRITA GmbH, a German water filter manufacturer with total sales of 617 million euros in the business year 2020 and 2,205 employees worldwide at the end of 2020, is the market leader in drinking water optimization and individualization. The company is represented by 30 national and international subsidiaries and branches as well as shareholdings. Brita has manufacturing facilities in Germany, Italy, China and the United Kingdom.

The challenge

Brita has a complex business. The company’s products are distributed globally in over 70 countries on all 4 continents.

Brita’s treasury department was facing the following challenges:

 

– The used multibank payment tool was discontinued.

– Lack of a system that is independent of banks.

– Lack of centralization of treasury and cash management.

 

Currently, cash management is not centralized in the company. But there are group requirements setting a minimum standard for banking systems. However, rolling out the project in Germany was the first step to evaluate the possible adoption also by the subsidiaries.

To roll out Nomentia worldwide and achieve the goal of having one system for all payment transactions, first, Brita needs to take a few vital strategic moves, such as ensuring that all subsidiaries are using a group bank and the same ERP system, as well as setting up connectivity with all the group banks to be able to handle also those payment types that cannot go through Electronic Banking Internet Communication (EBICS).

The solution

Instead of working with as many as 7 different banks just within Germany to process payments, Brita chose to use Nomentia, as a single tool that is independent of banks.

Currently, Brita is connected to two major global banks and a few local banks through EBICS. They are currently discovering the possibility to add more connections, like a host-to-host connection to a major global bank.

In the beginning, Brita’s treasury and IT departments had to work closely with Nomentia to set up the project that required a lot of communication from both parties.

 

“Once our IT understood that Nomentia can do magic by connecting to our ERP system, retrieve a file from the bank and send it to our ERP in the right format, it was easy to get their buy-in. Our team had a lot of experience with long ERP projects and they were impressed with Nomentia’s capabilities” – said Doreen Lenk, Manager Group Treasury & Risk Management.

 

Nomentia’s Payments solution is currently used by almost all Brita’s German branches and they are currently in the middle of rolling out the solution in Italy. In case that’s a success, they may look at starting to use Nomentia in other countries as well.

The benefits

Rolling out a new product for treasury management can often be a challenge. It requires strategic planning from the department, cooperation with IT, and working closely with the solution provider. In addition, aligning the group in different countries also requires a lot of paperwork as well as training.

Brita has realized three key benefits of working with Nomentia. These benefits can be even further realized after further adoption of the solution.

1. One system for all in Germany for better processes and decreasing the number of errors

 

The biggest benefit has been that German branches can use one tool to communicate with all German banks. Without Nomentia, Brita would be working with several systems from several banks. Now all transactions go through Nomentia which makes the process less error-prone.

2. Automated processes

 

The processes have been automated for the German branches and this saves a lot of time for the accountants. As Nomentia is also integrated with SAP, they can see all the invoices from SAP, too.

3. Avoid fraud

 

With having just one system in place, it’s easier to have the highest level of transparency of the transactions and access rights.

 

 

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