Are You Still Thinking About Virtual Accounts or Already Implementing POBO and COBO?

| 04-08-2021 | treasuryXL | Nomentia |

Companies are increasingly focusing on harmonising their banking landscape to obtain better visibility of Cash balances, to mitigate Fraud Risks and to improve automation and security in their treasury processes.

In a world where the next fraud attempt is lurking around every corner, no company wants to create processes with different banks, tokens, and user lists for each of their different local entities. With this harmonisation, companies start to rethink their processes, and this naturally leads to in-house banking, including POBO and COBO. This is because the question soon arises as to why, for example, not all euro payments should be handled from one account, if that were possible within the regulatory context.

Setting up an in-house bank doesn’t happen overnight. It’s the result of several steps taken to centralise an organisation’s cash management. The six steps are:

  1. Managing corporate bank account structure. You can read more in our bank connectivity guide.
  2. Harmonising and centralising payment process. It’s also a way to mitigate the risk of payment fraud. You can read more in our payment fraud ebook.
  3. Streamlining internal payments. This is a logical next step after managing your corporate bank account structure.
  4. Establishing POBO.
  5. Establishing COBO.
  6. Centralising control over financing.

Today we would like to focus on POBO and COBO. They are the ultimate goals of a payments project because they create transparency and make cash management processes more efficient and automated. This sounds great, right? So why, then, aren’t all organisations just setting up POBO and COBO and calling it a day?

Moving from disparate processes, tools and a varied (if you want to be positive) banking landscape to a centralised treasury doesn’t happen easily. Companies might even feel hesitant about implementing on-behalf-of structures because their set-ups are too complicated. That’s an interesting point and I’d like to stress that the more complex a company is in its cash management or enterprise resource planning (ERP) structures, the more they will benefit from an on-behalf-of set-up.

Increased control, transparency, and efficiency

In the POBO model, the subsidiaries process the payment data in their systems according to internally harmonised processes, and the group treasury decides on the most cost-efficient payment method and banking connection. The group treasury is able to centralise cash outflows, which significantly enhances the safety of and control over the payment process.

COBO and POBO make it possible for the group to reach the highest level of independence from banks and maximise cost efficiency.

The benefits of POBO and COBO can be summarised into increased control, transparency, and efficiency. But there are also challenges associated with on-behalf-of structures that need to be evaluated before setting them up.

Where there’s a benefit there’s a challenge

POBO is possible for most payment types, but some are regulated in such a way that they cannot be completed by the on-behalf-of method. This is often related to tax or salary payments. Legal restrictions specific to each country can make it difficult to set up POBO and companies need to assess whether the benefits they will gain are worth the effort. There is no one true answer for all companies; it really depends on the level of complexity they are facing.

Another reason why companies might feel hesitant about implementing POBO is because they use multiple ERP systems. If that is the case, the mere idea of POBO is simply far too complicated. To be honest, when we hear that ‘excuse’ we see it as a challenge, and it makes us happy. Because this then means we can talk about payment factories –especially our payment factory solution. We can create a process that makes it possible for all entities to pay with internal bank accounts as payments-on-behalf-of. I’d even go so far as to say that the more ERP systems a company has, the more benefits it will get from POBO.

When it comes to COBO, the main challenge is that companies are dependent on their buyers to know what to collect from whom. Companies need to retrieve all accounts receivable (AR) information and maintain an overall view of account balances. In some countries that might be relatively easy, as invoices generally have a reference number. But that’s not the case in all countries. It comes back to identifying incoming payments correctly. For example, this can be achieved by matching payments to open invoices. A solution for automatic bank account reconciliation would be able to automatically match incoming payments based on information provided, for example in the message to the right AR account. We took a closer look at the topic in this blog post about how an in-house bank with modern matching solves the COBO challenge.

That said, of course, it’s not an easy task to create on-behalf-of structures, but it’s something that organisations will greatly benefit from if done correctly.

 

 

 

The Art of Selecting Suitable Treasury Technology

| 21-07-2021 | treasuryXL | Nomentia |

Many Corporate Treasury functions are aware of the importance of utilizing technology to deliver improved efficiency and control in their treasury operations. This is being driven by the increasing pace of regulatory change, continuously evolving business models, volatile economic conditions, and fast-growing technological developments. Also, treasurers are recognizing the benefits of a strategically focused ‘smart treasury’ – one that utilizes the latest technology to be more integrated, automated, and optimized; adding value to the business.

However, as the treasury technology landscape continues to evolve at a rapid pace, many organizations find it difficult to successfully adopt this technology, either because their entry point is not clear or because they had previously made the leap and are now struggling to keep pace with the evolution. There are a multitude of options and considerations for those looking for the right solutions, which are important to understand before deciding on what is right for an organization.

We have outlined below some key insights and considerations when selecting suitable technology solutions.

Develop a treasury technology roadmap

Your roadmap should consider essential functional requirements that must be satisfied immediately – current hot topics include improved cash visibility, robust and accurate cash forecasting, a more efficient payments and receivables process, and fraud prevention. All of these areas are ‘must-haves’ for many organizations, so the first building block for the roadmap is finding a solution that can satisfy them.

However, alongside considering your immediate needs in your roadmap it is also important to plan for the future. To do this, you must look at the internal and external drivers of change for your business and how the treasury will need to support that.

An example of an internal driver could be where accelerated geographical growth is expected, and therefore treasury will be required to rapidly connect with new banks, set up new accounts, and adopt new currencies. This comes with challenges around dealing with country-specific requirements for payment formats and new types of bank connectivity, so your chosen technology solutions should be capable of adopting these easily.

Similarly, for external drivers you can look at the current markets you operate in and identify any expected developments in payments and banking initiatives. Current examples of external drivers for those operating in the Nordics and Europe include the P27 Nordic payments initiative or PSD2 electronic payments services regulations. Once again, your technology solutions should be chosen to ensure you are able to keep pace with these changes.

Self-hosted versus SaaS solution

We find that a number of treasuries have had historic on-premise solutions which have not always kept up to date with the developments in functionality and the market. As a result, treasurers have had to establish a number of in-house workarounds which are costly and complex to maintain.

To improve upon this, most technology companies now provide a solution that is delivered as software-as-a-service (SaaS), a deployment method that comes with several benefits.

SaaS solutions are hosted in the ‘cloud’ and hence there is no need for the organization to manage technical matters such as maintaining appropriate servers, backups, etc. Because the solution is managed in the cloud by the vendor, there is no longer a need for users to manually upgrade their solutions and perform the associated regression testing – upgrades are tested and deployed by the vendor on a regular basis, ensuring all organizations using the solution are using the latest version containing the latest functionality. Over the past years, we have seen an increasing number of solutions being offered as a SaaS solution and can see this as a trend that will continue to dominate in the future. You should also consider your organization’s overall IT strategy as it is critical to ensure you are aligned with this.

All-in-one versus best of breed

Over the years we have seen significant shifts in the treasury technology market with innovative and specialized Fintech solutions driving advancements in the market. These applications are often focused on specific areas of functionality rather than covering the broad set of requirements a treasury function may have. They are often meant to be complemented by other platforms to form a suite of treasury applications that cover all requirements.

Hence, the key consideration for an organization is whether to opt for an ‘all-in-one’ TMS or to deploy a stable of ‘best of breed’ solutions. An all-in-one TMS comes with clear benefits such as a single platform to handle all treasury transactions/processes and fewer interfaces to monitor and maintain.

However, for some organizations the all-in-one TMS comes at a significant initial and ongoing cost commitment when their requirements aren’t as broad compared to the functionality on offer. Although many of the vendors of all-in-one TMSs allow organizations to choose which modules of the platform they utilize for a reduced license fee, it is often not the case that if you are only using 50% of the functionality you will be paying 50% of the price. A much more palatable solution comes in the form of best-of-breed solutions, which deliver a more flexible technology landscape utilizing specialized systems that may address the many unique requirements of a treasury function, at a lower cost than the all-in-one TMS. Previously the use of multiple platforms was not favorable due to difficulties that could be faced such as technical integration and reporting. However, the rising use of digital APIs has improved the way systems interface with each other. Also, data-warehouses coupled with BI solutions has enabled reporting based on data sourced from a variety of platforms.

Typically, when implementing a new system you will sign a license agreement for a minimum 5-year term, so it is important to ensure you have considered the suitability of the technology partner(s) and the functionality to support you in your digitalization over many years. During the selection process, it is important to perform an analysis of partners and vendors focused on their experience, innovation roadmap, development track-record, reliability, and support model. These are attributes that will demonstrate to you that the vendor is able to support your business not only now but also in the future, as your operations and the demands placed upon the treasury function change as your business grows and evolves.

Final comments

One size does not fit all treasury functions, as each organization’s treasury remit and activities will drive the appropriate solution or solutions.

 

Nomentia Cash Management Release Info Event

| 15-06-2021 | treasuryXL | Nomentia |

Welcome to the Nomentia 2021 first release information event this year to hear and see the top new features and updates of the Cash Management solution.

The webinar is on June 22nd 15:00 CET / 16:00 EET with a duration of 45 minuten. As we are updating the solution frequently, we will invite you to our biannual release information events so that you can stay up to date with the latest releases. In this session, we will introduce the best picks of the new features from all Nomentia Cash Management modules.

In the webinar, we will cover the following areas:

At the end of the webinar, you will have the opportunity to ask questions.

The webinar will also be recorded and we will send it to you shortly after the webinar has ended.

REGISTER NOW

 

Meet the speakers

Jaakko Kilpinen

VP of Product and Solutions, Nomentia

Jaakko has over 20 years of experience in corporate cash management and has deep expertise in cash forecasting, netting, and In-House banking. Jaakko has previously held e.g. a position as Group Treasurer in a publicly listed Finnish company.

Pamela Quiroga Badani

Solution Manager

Pamela is a finance and accounting professional. Previously, Pamela worked as a Finance Analyst and for the past four years, she has been working with implementations in consultant and project management roles.

About Nomentia

Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!

 

 

 

 

 

 

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

| 02-06-2021 | treasuryXL | Nomentia |

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

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

It all started with a legit-looking email like usually

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

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

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

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

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

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

How to avoid something like this happening to you? 

There are a few tips that you should always remember.

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

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

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

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

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

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

About Nomentia

Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!

 

 

Barbara Babati

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

 

 

 

 

 

Successful Businesses Excel At Cash Management

18-05-2021 | treasuryXL | Nomentia |

Nomentia commissioned Forrester Consulting to evaluate the current state of Cash and Treasury management in large global multinationals, the challenges, and the opportunities to move forward.


Embrace future-fit Cash management

We commissioned Forrester Consulting to create a study to understand how global decision-makers will embed cash management excellence into daily operations, processes, and decision-making in 2021 and beyond.

  • Cash flow management tools | To improve visibility and forecasting, companies are adapting cash management, payment efficiency, and cash flow liquidity tools.
  • Improve cash flow visibility | Cash flow transparency, flexible reporting, and data collection can eliminate the high costs associated with the lack of cash flow visibility.
  • Automate core processes | Automating core day-to-day tasks while guaranteeing payment security brings efficiency into the high complexity of treasury operations.

83% of decision-makers at large multinational enterprises say that low Cash visibility has hidden costs 

Understand the cash flow, payment visibility, and efficiency ->  Decision-makers agree that improving data analytics, increasing cash management and payment efficiency, maximizing cash flow liquidity, and improving cash flow and finance reporting are their top priorities in 2021 and beyond.

67% say it’s challenging or very challenging to collect data on cash flow

Technology can help to enable better cash management. Treasury management solutions with analytics, security, and automation can turn treasury from a cost center to a strategic revenue-creating opportunity.

52% of business leaders are prioritizing adopting SaaS Treasury management solutions

Download Study

Learn how companies are enhancing their cash excellence to strengthen and transform cash management operations.



5 concrete tips for preventing Payment Fraud

| 16-03-2021 | treasuryXL | Nomentia |

Payment fraud has become a real and permanent threat for companies of all sizes. No company can afford to close their eyes on the risks – fraudsters target all industries, and large and small businesses alike. It is the eleventh hour to start focusing on the safety of your payment process if you want to avoid financial damage.

The good news is that the fraudsters prefer easy targets, so even raising awareness on the topic in your organization is a step in the right direction. With this blog, I want to share 5 concrete tips for preventing payment fraud and improving the safety of your organization’s payment process.

Get rid of risky task combinations

Do you know who has access to your payments at each stage of the process? Risky task combinations may have formed overtime without anyone noticing that a single person can, for instance, create a new payment in the system and approve it to be paid. Overly broad user rights leave unnecessary room for both malpractice and costly mistakes. Applying strong user rights management – the four-eye principle, for example – is a quick way to reduce the risks. You should require double approval also on the changes made in the vendor master data, as well as user rights.

Build your payment process on best practices

Design a secure payment process with best practices approach. Establishing a “no PO, no pay” principle where invoices are approved for payment only if they have a purchase order number or if they are paid to registered suppliers supports preventing payment fraud. You can improve the safety of manual payments when you utilize the ready-made templates of a payment system and demand multi-factor identification from the person who makes the spontaneous request for payment. Many CFO attacks could have been prevented if the origin of an email payment request had been confirmed via another channel.

Automate and focus on end-to-end safety

You would be surprised if you knew how many companies have gaps in their payment process, creating payment fraud risk. For example, if the payment file batches are waiting to be uploaded to bank in a folder or file share, it leaves the data open for tampering even if the process up to that point had been secure. Eliminating manual phases through automation is one of the best ways to increase safety as it reduces not only the risk of fraud but also the risk of mistakes.

Improve transparency

Standardized and harmonized practices build up transparency, which makes spotting and preventing payment fraud easier. Create a uniform, company-wide process for handling payments and make sure that there are no routes round it. By centralizing all your bank connections to a single system, you will take transparency to another level, and, in addition, you are able to better control the risk related to data transfer and system management.

Keep an eye on deviations

It is not rare that payment fraud is discovered only by accident. As a part of good risk management, you need to focus also on the measures that help you spot the fraudulent payments that manage to go through your defenses. Keep an eye on payments that are going to unknown bank accounts or that are made outside normal payment schedule. Your payment system should support you in risk management and filter out deviations from your payment flows before they are paid. Machine learning and artificial intelligence will soon create new possibilities for recognizing and managing deviations in accounts payable in a more real-time and automated fashion.

Preventing payment fraud in an ever-changing threat landscape requires that you take a comprehensive and proactive approach. I recommend that you download and read our e-book, where we take a look at this topic in detail, and provide you with all the different perspectives a corporate payment process should be examined from. In the e-book, you will find best practices and concrete advice you need to keep your organization from falling victim to payment fraud.

About Nomentia

Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!

Meet Jukka Sallinen

 

 

Nomentia Webinar: Payment Templates

| 15-02-2021 | treasuryXL | OpusCapita |

Live Demo: Unleash your payments with payment templates

Maybe not quite unleash but the better word might be superpower. Because payment templates are truly what will take your set-up to the next level. We are continuing our popular live demo webinar set-up where our solution managers will provide a quick deep dive into one topic and how this is working in our solution.


Payment templates allow you to publish templates for manual payment that you can use to process payments.

In this webinar we will show you how you can:

  • Lock and hide fields, and mark the desired fields required. You can also define whether a section is automatically expanded or not when a payment template is selected.
  • What type of security settings you can and possibly should set up for payment templates.

And on top of that we will provide a practical application to how those templates can make your daily life easier.

When?

  • February 18th, 2021
  • 13:00 CET / 14:00 EET

Who should attend?

Cash Managers, Treasurers, and anyone looking to optimize their payment processes.

Meet the speaker

Jouni Round

Jouni Kirjola

Jouni is Solution Manager at Nomentia and has over 10 years of experience in corporate cash management and has deep expertise in cash forecasting, payment factories and in-house banking, and process development. Previously Jouni has worked in product management, consulting and R&D.

Register Here

About Nomentia

Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!

Nomentia – Treasury Trends 2021

| 10-02-2021 | treasuryXL | Nomentia |

Recently, Nomentia held a webinar about the key Trends in Treasury and Cash Management. The recording of this webinar “Treasury Trends 2021” is now available for you on demand. Feel free to rewatch it as much as you like!

Watch The Webinar

About Nomentia

Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!

Crisis Management: Why Treasury & Finance are pivotal to recovery

| 26-01-2021 | treasuryXL | Nomentia |

Initiating a crisis management strategy is now top priority for people, businesses and Governments alike. Utilizing and developing survival capabilities is proving challenging for many organisations, including cash flow forecasting and managing risk around major supply chain disruptions.

Diligent Cash Management and scenario analysis are both integral to managing uncertainty during the current crisis but also positioning finance and treasury leaders as pivotal to driving successful recovery planning.


Top things businesses should be concentrating on during the current crisis

Most organisations have a real need to understand what their current liquidity is: today, tomorrow and into the future. Finance and treasury must continue to run the business as best as they can but, to do this effectively, they need to know how much cash they have to work with on a daily basis. Therefore, group-wide, real-time cash visibility and future cash forecasting are crucial – if you don’t have enough liquidity in the business then trouble could be looming on the horizon.

The first step is to figure out what the real cash picture looks like, identify gaps and put the necessary measures and contingencies in place to avoid nasty surprises. Bill payment periods may have to be extended, funding requirements and arrangements revisited, hedging policies re-worked etc but the big picture i.e. cash visibility, is critical.

Cash forecasting comes next in order of priority, gathering a full and concise picture of short-term cash availability is imperative. Maximising business agility with some ‘what if’ scenario modelling may be required, for example: what happens if we don’t get paid a percentage of what we are expecting, what fall back positions do we have on government grants, loan agreements etc. Again, the key driver is knowing your current cash picture now and today, allowing you the best possible position for making strategic, next-step decisions. And the situation is real, a Guardian report, on the 2nd April, states 6 out 10 (60%) UK firms have no more than 3 months of cash left!

Many companies are struggling with cash forecasting, they simply don’t have adequate tools in place. What can they do, right now, given the logistics of remote working?

Thankfully there’s a lot they can do, and quickly. Ensuring whatever systems they have in place for managing liquidity are as automated as possible to enable real time, up to date information access on cash visibility. If automation is a problem or the company is still using traditional manual processes, then change as soon as possible. This is not as difficult as it sounds as many cash management solutions are now available on monthly on-demand payment plans, cloud based and can be installed quickly and efficiently without the need for IT involvement, onsite implementation teams or large upfront fees.

Given the availability of cloud-based cash forecasting solutions, systems can also be accessed remotely so staff working from home can work as efficiently and effectively as if they were operating from their respective office environments.

Actionable advice for post-crisis future planning

Preparedness. Post-crisis analysis will be critical for all organisations. Some will have managed better than others, particularly those who had previously invested in technology upgrades and system automation. Questions around: how well we were prepared, what worked or didn’t work so well, will be food for thought for all business leaders.

But the fact remains technology is absolutely key to maintaining business agility and formulating crisis preparation. Automating as many tasks as possible, in order to provide real-time access to all the data and information needed to make quick and informed decisions, can mean the difference between success and failure. Many organisations will use the time now and post-crisis to reassess technology needs and processes and plan investment in tech upgrades and automation to improve agility, accuracy and efficiency for the future.

Here’s a round-up of some actionable advice for finance and treasury leaders:

  • Know your cash availability today and going forward, focus on: group wide, real-time cash visibility and future cash forecasting
  • Consider bill payment extensions & re-visit funding requirements
  • Cash forecast regularly & consider fall back positions across a range of scenarios
  • Automate as much as possible so you’re benefiting from real-time, up to date information on cash visibility – make those upgrades as soon as possible
  • Cloud-based cash forecasting tools are more affordable and easier to implement than you might think – empower your staff with the ability to work as effectively as required, remotely
  • Reflect on how well you were prepared for this current crisis. What worked and what didn’t work so well
  • Automate as much as possible so that you benefit from real-time, accurate data to enable you to make key decisions as quickly as possible

Information is power, now more than ever.

About Nomentia

Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!

 

 

 

Webinar: Trends for Treasury and Cash Management 2021

| 04-01-2021 | treasuryXL | Nomentia |

Treasury & Cash Management Trends 2021

A new year is just ahead of us. And what better way to start the year than to look at trends that will shape our business in the coming months.

Some of the trends derive from the global pandemic that is still showing its effect on the global economy and businesses around the world but other trends have been long brewing or just got further amplified.

Date, Time and Registration


Date: Thursday, January 14, 2021

Start: 13:00 CET / 14:00 EET

Duration: 45 minutes

Register: click here

Some of the topics Nomentia will cover

 

  • Centralization, in 2021 for real? A joint survey we did with GTNews showed that centralization is often stifled by internal roadblocks such as prioritizing the topic internally across functions.
  • This relates to the second trend for 2021, which is the role Treasury functions will take in bridging internal silos.
  • On top of this also payment fraud is a topic that has only further increased during the pandemic. Our survey shows that almost 50% of respondents consider fraud as a big challenge.
  • Lastly we will take a look at the death of monolithic platforms. In 2021 we will see the trend toward best-of-breed platforms continue.

Who should attend:

 

Cash Managers, Treasurers, and Finance leaders working in international companies who are interested in understanding the landscape they are operating in and want to stay up-to-date with developments.

Meet the speakers

jukka_round

Jukka Sallinen

Deputy CEO, Nomentia

Jukka is a cash management domain expert with a strong hands-on background from international and complex payment factory and SWIFT projects. Previously, Jukka has been working in various R&D roles, focusing on bank and ERP integrations and security topics.

 

 

 

David Kelin

David Kelin

Owner, DNA Treasury Ltd

David Kelin possesses invaluable commercial experience gained from over 35 years working in leading organizations in the areas of liquidity, treasury, and cash management. He has a keen interest in treasury technology and has written many articles on the topic. David owns and manages DNA Treasury Ltd where he provides advice to corporates and banks on treasury and liquidity. He has worked with 100’s of companies. He also runs a treasury training company which has developed courses and trained over 1,000 treasury professionals over the years.

 

About Nomentia

Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!