Online checkout starts before the payment solution (Dutch Article)

| 17-11-2021 | treasuryXL | EcomStream | Ramon Helwegen |

Het sleutelmoment in de e-commerce-funnel is de betaling. Online betalen blijft een hobbel, zeker in vergelijking met het gemak van contactloos en zonder pincode betalen in de winkel. Snelle en gemakkelijke betaling online verdient daarom speciale aandacht.

Het is goed om je te realiseren dat een klant online meerdere processen doorloopt voordat een conversie kan plaatsvinden. Tijdens dit proces bied je de klant zoveel mogelijk aandacht, beleving  en gerichte informatie over dat waar hij of zij naar op zoek is. Dit alles binnen de ‘wetten’ van de optimale online klantbeleving.

Snel betalen

Maar zodra de klant de keuze definitief heeft gemaakt volgt het betaalproces. Voor jou als verkoper is dat een belangrijk proces op weg naar conversie, maar voor je klant is het een noodzakelijk kwaad waarin hij inhoudelijk veel minder geïnteresseerd is. De keuze is gemaakt en je klant wil gewoon zo snel mogelijk weg. In dit proces is snelheid dus van het grootste belang. Hoe sneller je klant kan betalen en vertrekken, hoe kleiner de kans dat hij  alsnog afhaakt.

De online sales funnel is geen lineair proces. Knip het daarom in tweeën:

  • Online shoppen = Aandacht en beleving
  • Online afrekenen = Snelheid

Schematisch zou je er zo naar kunnen kijken:

De snelheid van het afrekenproces bepaalt mede of je klant het inderdaad gaat halen tot en met de betaling. Hoe meer tijd je klant kwijt is aan dit proces, hoe groter de kans op afhakers (drop-offs).

Het grootste deel van het afrekenproces bevindt zich overigens buiten het domein van de betaalprovider. Er zijn uitzonderingen, bijvoorbeeld wanneer je klant met PayPal betaalt, maar dan gaat het dus om een situatie zonder vrije keuze van de betaalmethode. Ook is de afweging vanuit het ‘kosten-versus-conversie’-oogpunt in dit geval vaak uitdagend.

Het online afrekenproces eindigt bij de betaaloplossing

Mooi zo: je klant heeft het gehaald tot aan de betaalpagina. In dit laatste gedeelte van de checkout is de betaaloplossing van je betaalprovider wél van grote invloed op de conversie. Zowel net vóór de betaling als net ná de betaling door je klant.

Enkele aspecten van net vóór de betaling waarbij de betaaloplossing van invloed is op de conversie lees je hieronder. Het gaat hier over zaken die van toepassing zijn op de betaalpagina. Het gaat hier over aspecten die van toepassing zijn op de betaalpagina. Dus vanaf de keuze van betaalmethode, ofwel het moment dat je klant daadwerkelijk wil gaan betalen. Ook noem ik aspecten van net ná de betaling waarbij de betaaloplossing van invloed is op de conversie. Het  gaat hier om aspecten waarbij je klant het hele checkout-proces met succes heeft doorlopen, op de laatste betaalknop heeft gedrukt, en er toch een kink in de conversiekabel komt.

  • De juiste mix van relevante betaalmethoden. Je PSP kan je hier onderbouwd inzicht in geven. Welke betaalmethoden zijn in je marktsegment noodzakelijk om een optimale conversie te behalen. Kijk hiervoor ook naar verschillende landen en voorkeuren. Maar maak per betaalmethode ook de ‘kosten-versus-conversie’-afweging.
  • Zorg dat alleen klanten voor wie de betaalmethoden relevant zijn deze te zien krijgen op de betaalpagina. Het heeft bijvoorbeeld geen zin om een Engelse klant te confronteren met iDEAL als mogelijke betaalmethode.
  • Zorg ervoor dat je klant de betaling doorloopt in de look & feel van je bedrijf. Ook als je nog gebruik maakt van een redirect-pagina naar je betaalprovider.
  • Geef klanten de mogelijkheid om betaalgegevens op te slaan. Dat stimuleert niet alleen herhalingsaankopen, maar het invoeren van een 16-cijferig creditcardnummer geeft een grote kans op fouten.
  • Een responsive mobiele klantbeleving met een finger-friendly numeriek toetsenbord en een numerieke veldherkenning is wel zo prettig voor je klant.
  • De ‘achtergelaten winkelwagen’-recovery. Een verlaten winkelwagentje opvolgen in een branded e-mail kan je klant motiveren om toch af te rekenen.
  • Retries: wordt de betaling toch niet geaccepteerd? Zorg er dan voor dat je klant een alternatieve betaalmethode krijgt aangeboden, maar zonder dat de winkelmand per ongeluk wordt geleegd.
  • Fraude: een klant kan met een gestolen credit card afrekenen, of het geleverde ter discussie stellen. In beide gevallen staat de conversie op losse schroeven. Verkoop je een fraudegevoelig product of een fraudegevoelige dienst, zorg dan voor een goede fraudemanagementoplossing waarmee je de balans tussen je conversie en  je frauderatio goed kunt managen.
  • Het optimaliseren van autorisatie-success rates op creditcardtransacties: dit is vooral  interessant als je veel naar relatief ‘exotische’ landen verkoopt waar de autorisatie success rate op creditcards laag kan zijn. Steeds meer PSP’s bieden netwerkoplossingen waarmee ze de autorisatie-success rate kunnen verbeteren.

Conclusie

In de winkel betalen kan tegenwoordig makkelijk en snel. Je houd je telefoon dicht bij de terminal en klaar. Online betalen is helaas vaak nog tijdrovend. Want zodra je klant in het online winkelmandje op “bestellen” klikt wordt een checkout-proces doorlopen. De optimalisatie van dit proces vindt plaats binnen en buiten het domein van je betaalprovider. Een snel checkout-proces met een geoptimaliseerde klantbeleving helpt je klant om deze laatste fase van je funnel met succes te doorlopen.

 

 

 

Ramon Helwegen

 

 

 

 

About EcomStream

EcomStream is an independent consultancy and is specialized in optimization of online, omnichannel and marketplace payment solutions, and optimization of checkout flows.

The goal is to achieve much lower costs for you while creating a much better customer experience for your customers.

Thanks to its lean organisational model, EcomStream will help you to reduce the cost of ownership of your payment solution and to improve your ROI, fast.

How To Expand Your Business Overseas

11-11-2021| treasuryXL | XE | LinkedIn

As a growing business, expanding overseas can present a lot of exciting opportunities. However, it also requires some careful thought as it can seriously disrupt your existing business activities – even if only temporarily. Therefore, it’s vital that business owners looking to expand have fully understood the impact this will have on the day-to-day running of the company, as well as determining whether the rewards are going to outweigh the risks. If going overseas is the next important step for your business, that’s great news, but knowing where to start can be tricky. You need to gain a deep understanding of the competition, local market, whether you’ll need new office space and how you’ll build your international team.

That’s why we’ve put together this guide. Below, we’re going to take a look at eight steps you must take when expanding your business overseas if you hope to succeed.

Read on to find out more.

1. Perform due diligence

Following on from what we said above, before you expand overseas, it’s crucial that you understand the marketplace, competition and the risks. The best way to do this is to perform a deep dive due diligence. This should involve:

  • A market segmentation analysis to determine if your product will be well received in the local market

  • A product gap analysis when compared with other local goods or services
    Competitor analysis

  • Your market opportunity/sizing

  • How you’ll need to grow/adapt your team to cater for your international expansion

By doing so, you can determine whether this is going to be the right move for your business and your workforce whilst weighing up the risks and rewards.

2. Put together a detailed strategy and business plan

As with any new business decision – especially one of this size – a detailed strategy and business plan need to be created. This needs to take into account the specific economic, cultural, governmental and market conditions in the local area.

Your strategy should include your short, medium and long-term goals, and it should set out your metrics for measuring success. It’s also important to create a budget, tactical plan, key dates and marketing strategy.

By putting together a localised strategy in this way, you can stay on the path to success whilst ensuring that your move overseas stays in line with the overall business goals and objectives.

3. Create a frontline team

When moving your business overseas, it can be tempting to quickly try and build a local team from scratch. This can be extremely time-consuming, risky and means your expansion is not going to get off to the best start.

Instead, you should consider relocating some of your key senior staff, even if the move is just temporary. By relocating proven and talented members of your team to your overseas location, you can hit the ground running.

After all, they already know the business, so they can get things set up. They can then help with the recruiting process to ensure that you employ local people who fit with the company culture and can continue to drive the business forward. This will obviously take a bit of work and lots of incentives to have staff members be willing to relocate but taking most of the stress out of it with luggage shipping and providing temporary housing is a good start.

4. Make sure your goods or services are prepared

Your gap analysis should have highlighted any areas of weakness, so you need to take the necessary steps to get your goods or services ready for the new local marketplace. This means:

  • Making changes to ensure your goods or services stand out from existing offerings

  • Determining whether you need to localise your goods or services. For example, does the name translate OK into the local language or does it need changing?

  • Getting a patent and trademark review to ensure your ideas cannot be duplicated by another local provider

  • Conducting tests and quality assurance to ensure your goods or services are up to local standards

  • Starting to build a local logistics and distribution network

5. Determine your organisational readiness

A one size fits all approach will not work when it comes to moving your business overseas. This is because the different languages, regulations, laws, customs and cultures will impact how you implement business policies and procedures.

Therefore, you need to make sure that your business can be flexible and accommodate these differences. You also need to evaluate your current structure and whether this will work in another country.

Not only this, but you need to decide on the average salaries, compensation packages and types of benefit programs you’ll be able to offer to your workforce. Remember, if you want to attract talented local professionals, you need to offer competitive packages.

6. Create a marketing strategy

When entering a new market, you need to make sure you have a go-to marketing strategy in place to help you effectively sell your goods or services overseas. This requires a strong sales model and methodology, as well as a pricing model that reflects the local market.

You also need to make sure that your branding will be well received by your new international customer base and create a marketing strategy that shouts about this.

7. Consider your legal readiness

Just as with your organisational readiness, you also need to make sure that you have all the necessary legal documentation and regulations in place, especially because some countries can be very litigious. If you’re unsure what you need to do, it might be time to get a professional opinion before spending time and money expanding overseas.

By ensuring that you get all the right local commercial agreements in place, review any local industry regulations and just generally stay proactive, you can mitigate the risks of legal action or problems further down the line.

This also includes getting the proper tax and finance infrastructures set up so that your foreign branch of the business is adhering to all local corporate policies and procedures.

8. Start establishing relationships with local businesses

The final step in this guide is to start establishing relationships with local businesses to give your own business a strong competitive advantage.

In doing so, you can create a supporting ecosystem of complementary products and services by working closely with local providers. For example, this could be manufacturers, shipping and courier services or local banks.

Now you’re finally ready to make the leap; you should be all set up financially, legally and with a team of talented professionals ready to help expand your business.


Cash Flow Forecasting – Why having the right tools can prove a significant advantage

| 10-11-2021 | treasuryXL | Nomentia | LinkedIn

Introduction David Kelin

 

 

David Kelin is the Managing Director of DNA Treasury Limited. He is a cash management specialist with over 30 years of experience working with corporates and financial institutions. Expertise in helping companies analyse their cash management requirements. He has experience in providing advice on treasury management systems selection. Recently he attended a roundtable discussion on cash flow forecasting for Nomentia, and tells us why cash flow forecasting is a crucial activity for every treasury department.

 

 

 

Round table on cashflow forecasting

I recently chaired a roundtable discussion on cashflow forecasting for Nomentia, a market-leading cash management & treasury solutions provider headquartered in Finland. The group included a cross section of treasury professionals representing a wide range of industry sectors and companies of varying sizes but each shared one common objective: how to best improve their cashflow forecasting processes and methods.

Of the many interesting themes to emerge, one challenge remained agnostic to each treasurer: securing ongoing collaboration from their business units and subsidiaries in the provision of reliable, consistent and accurate cashflow data. Given the importance of accurate cashflow forecasting for organisations of all sizes in today’s economic climate, this is one area of the cash forecasting process we’ll return to at a later stage in this article.

According to the Office of National Statistics (ONS) in the UK, 90% of businesses fail due to cash flow issues. Sir Richard Branson summed it up very well when he said, “Never take your eyes of the cash flow because it’s the life blood of the business.”


Focus on cash flow

Cash flow management is crucial for business survival and well-informed decision making around cash flow maximisation can ensure companies are adequately equipped to navigate times of uncertainty and plan for the long-term. Focussing on cash flow, rather than profit, is what successful businesses do. Let’s think of this in simple terms: a profit-making business that does not manage its cash flows effectively can struggle to pay suppliers and suffer from subsequent delays in meeting customer demand. The end result is unhappy suppliers, lost customers and a negative impact on profits.

The burning question therefore remains, if we unanimously agree that cash flow management is vital to business success, then why does it continue to prove an ongoing headache for many organisations. A sentiment I regularly encounter when meeting with treasurers across my network and hotly resonated during the course of the roundtable in question.

Data is key

When we explored this matter in more detail there was a broad consensus that cash flow forecasting is only as good as the data it comprises. The old adage of Garbage In, Garbage Out (GIGO) is true for cash flow forecasting. Inaccurate data leads to inaccurate forecasting, rendering the process inadequate and almost unfit for purpose.

The key outcome? Data is absolutely key. But data can come from many different sources for example the P&L, ERP systems, payroll etc. These data sources tend to be reliable in so much as they reflect known activities, however as a panel member correctly pointed out, relying on data that is derived from the P&L alone, to produce the forecast, does not lead to accuracy. You must also get the business units to provide and update cash flow forecast data in order to complete the picture.

Securing business unit ‘buy-in’ to the benefits of the forecasting process and, just as importantly, being able to depend on their full collaboration around accurate data provision can sometimes prove a hard challenge – here’s some guidelines to increase your likelihood of success:

  1.  Get senior management buy-in: the panel agreed it’s not enough for Treasury to simply tell the businesses to provide accurate, timely and reliable data. The process should be endorsed and championed by senior management through regular communication to the business units
  1.  Communication, Communication, Communication!: business units must also buy-in to the process. Companies that are the most successful at cashflow forecasting agree that when business units understand the importance of good forecasting, they tend to do a better job of providing quality data. A good example of this was offered by one of our panel members –

“We meet with our business units on a regular basis to explain why we ask them for cash flow forecast information. We always say that poor cash forecasting affects our bottom line. If you get your forecasting wrong, then your exposures are wrong, your hedging is wrong and this can ultimately lead to a potential FX loss which in turn, affects the P&L.”

Another treasurer further explained:

“The best business units are those who have bought into the forecasting process and understand its importance to the whole organisation. They take pride in providing accurate data in a timely manner. This behaviour doesn’t happen overnight but as a result of a change in the company culture which they have bought into. Cash flow forecasting is now part of our Key Performance Indicators (KPI’s).”

  1.  The right tools for the job: getting buy-in from business units takes more than just great communication. Panel members were clear that you need to make the data provision process as easy as possible, given most business units are busy running day-to-day operations and have limited bandwidth.

Providing the right tools for the job demonstrates treasury’s commitment to supporting business units with their part of the process. Spreadsheets can be a quick, no-cost tool of choice but are prone to human error and require consolidation at treasury level. Spreadsheets are also time-consuming, not user-friendly and limit data manipulation capabilities around forecast comparisons, variance analysis, what-if scenarios etc. Modern and affordable specialist cloud cash forecasting systems are fast replacing spreadsheets as the forecasting tool of choice, allowing business units input or update data from anywhere, quickly, efficiently and accurately.

In summary, cash flow forecasting is a crucial activity for treasury departments everywhere but to do it well you need to ensure that the entities supplying the information have bought into the process and are provided with the best tools for doing it.

 

CONTACT US 

 

 

 

 

Announcement | FIS is partnering with Cashforce to bring best-of-breed cash forecasting abilities to its TMS system

08-11-2021 | treasuryXL | Cashforce

Our partner Cashforce is excited to announce that FIS has launched a new cash forecasting and working capital data analytics solution: FIS Cash Forecasting with Cashforce. FIS Cash Forecasting with Cashforce complements and integrates with FIS Treasury & Risk Mgr (Quantum & Integrity edition) and gives organizations the ability to forecast their cash position & FX exposure more accurately for the short & long term.

FIS is enabling mid-market and enterprise companies to manage their cash more effectively, overcoming the existence of
fragmented data, disparate workflows, limited transparency into root-cause analysis and the inefficiency of manual
reporting. With the launch of FIS Cash Forecasting with Cashforce, organizations will gain the ability to forecast their cash
position more accurately for the near term and into the future.

“The solution leverages deep insights into working capital drivers and all the power of artificial intelligence to turn
educated guesswork into specific, reliable predictions,” said Nicolas Christiaen, CEO of Cashforce. “With out-of-the-box
ERP connectivity and the ability to feed forecast data into FIS Treasury and Risk Manager – Quantum Edition and FIS
Treasury and Risk Manager – Integrity Edition, management teams are empowered to generate more timely reporting and
organize their workflow to streamline the cash forecasting process and sharpen decision-making.”

According to PwC’s 2021 Global Treasury Survey, cash and liquidity management – together with funding and capital
structure – are the top two priority topics for treasurers and CFOs. In fact, nearly one third (32%) of respondents to the
2021 FIS Readiness Report indicate that they are investing in digital technology to improve cash visibility.

FIS Cash Forecasting with Cashforce is responding to that need, helping corporations overcome the problem of
fragmented data by consolidating information from ERPs, AR/AP, procurement, sales, treasury management and other
systems while leveraging pre-built connectors that ensure a seamless flow of high-volume, granular data. Smart
forecasting logic creates highly accurate forecasts to evaluate different scenarios, analyze impact and calculate
forecast/actuals variance. Collaboration across the organization is simple with easy-to-define workflows that result in an
enterprise-wide forecast that can be consumed by treasury.

“We wanted to find a partner that could complement our treasury management solutions with an AI-driven cash
forecasting solution to help solve our clients’ forecasting challenges. I am happy to say Cashforce is that partner,” said
Steve Evans, senior vice president, Product Management, Corporate Liquidity and Insurance at FIS. “And because the
solution is SaaS-based, it is easy to implement and maintain – enabling treasury departments to focus on running their
treasury operation.”

 

Request a demo

 

About Cashforce

Cashforce is a ‘next-generation’ Cash forecasting & Working Capital Analytics solution, focused on automation
and integration. Our cloud-based software enables corporates to unlock their data and create smarter decisions,
saving time and money. By integrating internal & external company data (ERPs, TMS, data lakes etc) and
processing them through machine learning techniques, our software provides insight into cash flows & working
capital, automates manual and cumbersome treasury tasks and enables AI-powered-scenarios. Cashforce is
used by midsize to large corporates and has users in over 120 countries. To learn more, visit www.cashforce.com. Follow Cashforce on LinkedIn and Twitter.

About FIS

FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our employees are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS ranks #241 on the 2021 Fortune 500 and is a member of Standard & Poor’s 500® Index. To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).

 

 

 

A Review of EBICS & One of Its Most Unique Payment Features for Corporates

08-11-2021| treasuryXL | TIS | LinkedIn

In the early 2000s, a team of German banks began collaborating on a project to simplify and harmonize corporate payment processes across Europe. After several years of development, the Electronic Banking Internet Communication Standard (EBICS) was released and has since become a critical component of Europe’s broader corporate payments infrastructure — particularly within Germany, France, Austria, and Switzerland. With regards to the EBICS protocol, one feature of particular interest to corporates is VEU – meaning “Verteilte Elektronische Unterschrift”. In English, the abbreviation EDS is used, which stands for Electronic Distributed Signature. In this blog, a technical summary and sample use case of EDS are provided in order to demonstrate the security and data quality-related benefits for corporates and banks. For more information on EDS, you can also download EBICS’ recent technical whitepaper, which is linked here (download the PDF marked “Final” and see page 148). 

A Recap of EBICS: 16+ Years of Bringing Structure to European B2B Payment Standards  

For those who may be unfamiliar, the Electronic Banking Internet Communication Standard (EBICS) is a German-based transmission protocol that helps regulate the standards and formats that many European banks (including those in France, Switzerland, Germany, Austria, and other regions of the Single Euro Payments Area (SEPA)) use for transmitting corporate financial and payments information between one another.    

When the EBICS standard was first launched in 2005, it aimed to create a more secure way for banks to manage corporate payments and data workflows across Europe. Although several other standards already existed at the time, EBICS has since proven to be a superior standard and has become the leading protocol for conducting corporate payments in Europe. Today, EBICS is also widely considered as the role model for progress towards standardized corporate SEPA payments.  

In the years following its formation, EBICS has continued releasing updates to their financial messaging and payment standards as the European business and banking landscape evolves. This is done in order to provide the highest level of data quality, security, and privacy for all the participants in a transaction, including the financial institutions, their corporate clients, and any associated vendors, suppliers, and partners.  

As part of these updates, EBICS introduced the Electronic Distributed Signature (EDS) – also known as Distributed Electronic Signature (DES) – to allow orders and transactions to be authorized by multiple users and participants, even if they are operating at different companies or in unique locations and time-zones.  

Using EDS, an order or transaction remains stored in an initiating bank’s processing system until either the necessary number of signatures with suitable authorization have been received, a time limit set by the bank’s computer system has been exceeded, or the order is cancelled by the responsible parties.  

This process was introduced by EBICS in order to strengthen the controls used by organizations and institutions for initiating and approving large or complex payments within Europe. Today, it enjoys broad usage throughout the SEPA region and is considered a standard practice when conducting B2B payments.   

Who Benefits from Using the EDS Capability?  

EDS is most helpful for organizations that have users and personnel working remotely, or from offices in diverse locations and regions. It is also advantageous for companies that routinely pay hundreds or thousands of suppliers and business partners and that are subsequently at a higher risk of payments fraud. In practice, EDS enables a broader degree of control and oversight on payments by allowing signers from any company, location, or branch to each independently verify and approve an order before it is processed by the bank. At the same time, using EBICS provides a greater level of underlying remittance data for each transaction compared to other payment standards, which aids the participating banks and corporates in confirming the exact nature and status of each order.  

Integrating EDS to a company’s banking and payment landscape is usually handled directly within the payment platform used for transmitting payment instructions to the bank. For instance, a corporate that uses a TMS for executing Euro payments could access the EDS standard directly in the TMS, but they would also be able to rely on the initiating bank for additional oversight. For each payment initiated through EDS, the rules of submission can also be customized, and the fulfillment can be tracked automatically by each party and signer. While processing the order, there are also designated pathways for viewing the order status and alerting inactive signers that the transaction requires their approval.  

Utilizing the EBICS EDS Capability Through TIS   

When combined with TIS’ other data, system, and payment security measures, using EDS adds an additional layer of control for our banks and enterprise customers, as well as their suppliers and partners. For organizations that maintain an active presence in Europe, utilizing the EDS capability is also recommended in order to remain compliant with EBICS’ latest standards for payment processing, data quality, and information security.  

More information about other security and data privacy tactics employed by TIS can be found here. 

For TIS customers, the EDS capability is available for EBICS payments as a standard service. This means that multiple users, even those from different organizations, can view and authorize one single order. It also enables the provision of the first and/or second signature for electronic payment transactions to take place from completely separate locations. The authorized signatory is thus able to check and authorize the payment transaction orders provided from other branches or systems directly within the TIS platform. Authorized users can find the Distributed ES (VEU) option under Administration > Bank Transaction Manager Settings > EBICS > Download Configuration; the orders will be visible in the BTM Monitor. 

The EDS-specific data available through TIS includes the number of outstanding signatures required before an order is processed, the list of approved and pending signatures, and also details regarding the timeframe for signatories to approve the payment before it is automatically halted by the bank. The underlying remittance information on each order is also provided to users through TIS as a standard service.  

However, this information will only be visible to authorized users that are responsible for overseeing and executing the relevant orders; these settings can be configured by admins in the TIS system.  

For our enterprise and multinational clients, EDS is particularly helpful in instances where the payment approvers are globally distributed (such as with remote finance and treasury teams), or when making supplier payments to a diverse range of beneficiaries. This is because signatories from all parties and locations can authenticate and verify each transaction before it is processed, thereby adding an additional layer of security to the standard payment approval process. These benefits have been particularly important for organization in the real estate industry, as the parties in a transaction are often distributed across multiple regions and there are commonly numerous stakeholders involved in each payment. An overview of how EDS has impacted real estate can be found in our recent whitepaper, attached here.  

About TIS

TIS is reimagining the world of enterprise payments through a cloud-based platform uniquely designed to help global organizations optimize outbound payments. Corporations, banks and business vendors leverage TIS to transform how they connect global accounts, collaborate on payment processes, execute outbound payments, analyze cash flow and compliance data, and improve critical outbound payment functions. The TIS corporate payments technology platform helps businesses improve operational efficiency, lower risk, manage liquidity, gain strategic advantage – and ultimately achieve enterprise payment optimization.

Visit tis.biz to reimagine your approach to payments.

 

Netflix’s ‘Squid Game’ and the 45 billion won question: “How much is that worth?”

04-11-2021| treasuryXL | XE | LinkedIn

The South Korean won has unexpectedly become the world’s second-most searched currency.

It’s safe to say that almost everyone watching ‘Squid Game’ has wondered what the cash prize is actually worth in their local currency. Searches for currency conversion of the South Korean won (KRW) to various local currencies, especially the Mexican peso (MXN) and US Dollar (USD), have skyrocketed in popularity since the show started streaming on September 17th. Being the world’s most trusted currency authority here at Xe, we saw our traffic spike over 1,000% for just those two conversions alone.

45 billion is a lot of money in any currency. But for viewers everywhere, we are here to break down that number for you!

Using Xe’s live exchange rates, 1 KRW is worth approximately 0.00084 USD, or 0.01737 MXN, or… select any currency and see for yourself! That means that the cash prize amount of 45.6 Billion Korean converts to over $38,000,000 USD.

Now, if only I could find some white Vans for my Halloween costume… Those searches spiked over 7,800%!


GTreasury Announces 2021 Cash Forecasting & Visibility Survey Report, Which Covers Key Trends in Corporate Treasury

03-11-2021 | treasuryXL | GTreasury |

The new report provides in-depth insight into cash reporting, cash forecasting, and technology practices and expectations across hundreds of treasury teams

CHICAGO, Ill. – November 3, 2021 – GTreasury, a treasury and risk management platform provider, and Strategic Treasurer, which delivers consulting services for treasury management, security, technology, and compliance, today announced the release of the 2021 Cash Forecasting & Visibility Survey Report.

The survey of nearly 250 treasury professionals from across industries and continents sheds light on the current state of corporate treasury’s cash reporting practices, cash forecasting methods, technology strategies, and expectations around technology spend.

Highlights from the 2021 Cash Forecasting & Visibility Survey Report include:

  • Treasurers want real-time global cash position updating. The majority of treasurers are seeking global cash positions that can update on a real-time or intraday basis, but many report being stuck with weekly (or less frequent) updates. Just seven percent of survey respondents are currently achieving real-time cash position updates.
  • Generating cash positions is three times harder without a TMS. Only 10% of treasurers using a treasury management system report difficulty generating their cash position, compared to 33% of those who use other methods.
  • The use of AI and ML in cash forecasting is nascent but accelerating. While just 6% of respondents are currently using AI/ML for forecasting, the report indicates that number should swell to 27% of organizations within the next two years.
  • More budget is being allotted for treasury and forecasting technology. Over the next year, more than 35% of companies plan “extremely heavy spending” on treasury systems and forecasting.
  • Generating cash forecasts is difficult for half of all treasurers. Just 23% of treasurers report that building cash forecasts is a simple process within their organization, compared to the 48% of respondents indicating difficulty with this task.
  • Excel forecasters are more dissatisfied than their TMS/ERP-using peers. Compared to treasurers relying on TMS/ERP technologies, treasurers using Excel spreadsheets for forecasts are more than three times as likely to be dissatisfied with their forecasting output: 23% of those relying on Excel report discontent, compared to 8% leveraging TMS/ERP solutions.

“The findings in this year’s Cash Forecasting & Visibility Survey Report provide a clear view into what matters to corporate treasury right now, and the areas that are particularly ripe for modernization,” said Craig Jeffery, Managing Partner at Strategic Treasurer. “AI and ML is arguably the biggest sea change coming to treasury teams, and it will move quickly. Treasury teams are realizing the challenges of building AI/ML-infused capabilities internally, and are instead adopting AI/ML forecasting capabilities within their existing systems. The rapid anticipated adoption here will empower corporate treasurers with transformative new practices and approaches, from treasury management to FX to payments.”


“The treasury ecosystem is constantly evolving, and this survey illuminates not just how treasury operates today, but how treasurers want – and expect – it to tomorrow,” said Michele Marvin, VP, GTreasury. “From CFOs to treasury and accounting teams, the results of this report are revelatory when it comes to navigating the current treasury technology landscape, adopting best practices, and capitalizing on the most advantageous opportunities going forward.”

Those interested in further results and analysis from the 2021 Cash Forecasting & Visibility Survey Report can view a recorded webinar, hosted by GTreasury and Strategic Treasurer, analyzing the results of this report: https://resources.gtreasury.com/Cash-Forecasting-Report-On-Demand-Webinar-Request.html

The downloadable report is available at: https://resources.gtreasury.com/Cash-Forecasting-Visibility-Report-Request.html

About GTreasury

GTreasury is committed to connecting treasury and digital finance operations by providing a world-class SaaS treasury and risk management system and integrated ecosystem where cash, debt, investments and exposures are seamlessly managed within the office of the CFO. GTreasury delivers intelligent insights, while connecting financial value chains and extending workflows to third-party systems, exchanges, portals and services. Headquartered in Chicago, with locations serving EMEA (London) and APAC (Sydney and Manila), GTreasury’s global community includes more than 800 customers and 30+ industries reaching 160+ countries worldwide.

About Strategic Treasurer

Strategic Treasurer provides consulting services for treasury management, security, technology and compliance. Corporate clients, banks and fintech providers throughout the world rely on their advisory services and industry-leading research. Strategic Treasurer is headquartered in Atlanta, with consultants based out of Atlanta, Cleveland, Detroit and Washington D.C. To learn more, visit strategictreasurer.com.


 

 

Question treasuryXL Panel #3 | Should treasury always report to the CFO?

02-11-2021 | treasuryXL | Treasurer Search | LinkedIn |

treasuryXL is the community platform for all your relevant treasury questions.

We received the following question from one of our followers… Read more

Refinitiv case study | How Haier Group uses a one-stop FX Management solution to mitigate currency volatility

1-11-2021 | treasuryXL | Refinitiv | LinkedIn

Haier Group Corporation is a Chinese multinational consumer electronics and home appliances company, designing, manufacturing and selling a full range of smart appliances, whilst also focusing on channel integrated services. Read more about how Haier Group treasury has succeeded in establishing an intelligent risk management model, covering their whole workflow by connecting with their internal accounting and funds settlement system and externally linking financial data resources (such as Refinitiv) and more than ten global banks.

Haier Group Corporation is a Chinese collective multinational consumer electronics and home appliances company headquartered in Qingdao, China. The FX risk management function under Haier Group’s treasury now controls 22 countries and areas and 20 currency pairs. Their centralised management is difficult due to the wide range of regions and currencies, while the traditional analysis and management from manual booking does not keep up with the current business development demand. Haier Group treasury has succeeded in establishing an intelligent risk management model, covering the whole process by connecting with the internal accounting system and funds settlement system and externally linking the financial data resources (such as Refinitiv) and more than ten global banks.

 

 

 

Kyriba Fact Sheet – Payment Errors & Compliance Violations

27-10-2021 | treasuryXL | Kyriba |

Payment errors and compliance violations cause significant losses for businesses of all sizes. Fraud alone cost companies more than $42 billion last year, according to PwC’s Global Economic Crime and Fraud Survey.

The repercussions are wide-ranging, from arduous public disclosures and legal fees to reputational damage. Some are the result of attacks by elite cybercriminals, while others are simple mistakes made by careless or inexperienced employees. Kyriba’s Payments Fraud Solution delivers confidence that payment fraud attempts, errors and policy violations are captured, identified, and eliminated, saving your organization time, effort, and money.

Have a read of Kyriba’s Fact Sheet to learn more about payment errors and how Kyriba can help you.