Only 5 days left until the International Treasury Management Virtual Week 2020

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| 16-09-2020 | Eurofinance | treasuryXL |

Don’t miss the Treasury Event of the Year! If you haven’t signed up already, here is a reminder to join this great virtual event with incredible speakers and live sessions.

Virtual Event

Now more than ever, we need to learn and engage with other treasury professionals around the world, so that we can navigate and overcome the unprecedented challenges we are facing.

As the current situation unfolds, the role of the corporate treasurer is evolving and becoming more strategic than ever before. The complexities and function of treasury within the business is changing even more rapidly. The question is: What does the future of treasury look like and how will this affect my team? And where can I turn for world-class advice on building resiliency, supporting the business and addressing future challenges?

Look no further than EuroFinance’s International Treasury Management Virtual Week taking place 21-25 September. It will see world-leading treasurers and economists come together to address these issues, deliver big picture global insights and share the essential granular knowledge you and your team need for the path ahead. In the spotlight will be the latest on cash flow forecasting, supply chain finance, tech, liquidity and FX and payments plus much more.

Speakers and Live Sessions

The line-up of speakers is impressive with the likes of Shell, Alibaba Group, HP Inc., eBay, Finnair, Microsoft, Intel Corporation, Schlumberger, Booking Holdings Inc. and Rio Tinto holding centre stage in one of the 75+ live sessions. But don’t worry if you miss a session, they will be available on-demand for you to watch at a time that suits you.

The custom-built virtual conference platform will bring the experience of a live event to life in a virtual world. It offers plenty of opportunities to network and learn from your global peers, plus a smart calendar to build your schedule.

Free Registration

The great news is, the 2020 event comes without a price tag! It is free for corporate treasurers. So, you can get all the world-class expert knowledge and insights you expect from the leading treasury event without the costs of registration, flights, accommodation or even expenses.

What are you waiting for? Set your treasury team up to thrive not just to survive.

Register for free today!

 

Partner Interview Series | XE the world’s trusted currency authority

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15-09-2020 | treasuryXL | XE |

XE provides a comprehensive range of currency services and products, including their Currency Converter, Market Analysis, Currency Data API and quick, easy, secure Money Transfers for individuals and businesses. They leverage technology to deliver these services through their website, mobile apps and over the phone.

We will take a deeper dive into the market, XE businesses and the future of FX.

AN INTRODUCTION TO

Wybe Schutte is head of Business Development Europe at XE.com. Wybe’s career has always centered around international business development and managing relationships. Within XE.com both play an important part as globally we XE is the trusted partner of many business in helping them manage & mitigate the risk that is associated with dealing with multiple currencies, be this through simple rate regulation or looking at high level currency risk management & hedging solutions.

We asked him 10 questions. Let’s go!

 

INTERVIEW

1.Can you tell something about XE and its mission?

At Xe, we live currencies. Most people know Xe from the currency converter, however we also provide international money transfer services for business for over 25 years.  Xe’s Business Solutions supports company’s that have an exposure to foreign currency, supporting them to safeguard profit margins and improve cashflow through quantifying the FX risk they face and implementing strategies to mitigate it. So that our clients can focus on their core business and do not have to worry about their FX.

2.What kind of FX risk types exists and how does XE deal with it?

We look within each business to see where the currency risks are, and whether these can be offset. For example, any sales made in Euros could be offset against Euro costs. If there is still an exposure this is where products such as Forward Contracts can be considered in order to provide protection against the risk. Currency risk can be divided into three types: Transactional Risk, when a business deals in a country that differs to their base currency; Transnational Risk, when a business has an asset or liability overseas on their balance sheet, and Economic Risk where a movement in the exchange rate can give a business a competitive advantage when competing for a particular market.

3.How can you measure the different types of FX risk?

FX Risk can either have a negative or positive impact on a business’ bottom line. If you look back over the last 10 years you can understand what the potential impact could be in the most extreme, least extreme and average scenarios over your given timeline.

This can be done by looking at the high & low points of the market and a business’ FX exposure. This step helps companies to understand what the impact of the net exposure can have on the bottom line.

4.What are the most common critical FX problems that businesses have?

Businesses that have a transactional exposure to the currency markets can differentiate between committed and forecasted exposures. A committed exposure is when the price for a good or service in a foreign currency is known and contracted. Therefore, any movement in exchange rate has a direct impact on their profit or cost unless hedged. A forecasted exposure is when a business looks to the period beyond the committed period to see what their requirements may be. Confidence levels into forecasted periods can vary largely and it is normally the case that the further out a business forecasts, the lower the confidence levels.

5. How can businesses protect their bottom line against the currency markets?

There are a number of key stages that a business can look to follow in order to mitigate FX volatility. Firstly, Identify the type of risk, quantify the risk elements, and then look to build a strategy and agree the implementation process. These stages will allow you to decide the products that are most suitable, so you can then move to market timing and execution. Lastly, you should look to review, revise and adjust your approach on a regular basis. It is important to remember that it is not about market speculation but about mitigating your risk.

6.What is, in your perception, the biggest benefit of a working Foreign Exchange strategy?

Given the ever-uncertain world in which we currently live in, finance departments and treasury centres could be looking to build a strategy to deal with currency fluctuations, which over time could have a considerable impact on your company’s bottom line. A structured approach to foreign exchange risk can enable your business to make strategic planning decisions, rather than attempting to respond to day-to-day developments in the market.

7. Do you experience differences in FX before COVID19 and the time we live in now? What are the differences?

There has been significant movements in the currency markets during the Covid19 period and there are still many factors that influence the daily rates. During these uncertain times our clients are looking for certainty and stability. And although price is always important, other key factors like security and credibility became more important. Naturally each of our clients has been impacted very differently and we have worked with them to provide the solutions and flexibility they needed. We have welcomed many new clients from new geographies? as they were growing, and we supported existing clients that were growing or adapting their business models to suit the changing market.

8.The market is always changing, how does XE stay top of mind of the latest developments in the currency world?

We work closely with our clients to continuously understand their needs and adjust accordingly. Our expert Dealers keep a close eye out on the market. Understanding the movements, resistance levels, and key economic & political updates that can influence the market so that our clients do not have to worry about that. Xe also works closely with our sister companies and parent company Euronet Worldwide.

9.How does the future of FX look like in your perspective?

The near future could be set to weather extraordinary levels of balance sheet expansion and recession, potentially leading to a longer stimulative/expansionary monetary policy which could in turn depress currency rates of the countries that bear them. Near to medium term impacts of this could include a lack of major economic expansion as capital returns are often negative when factoring inflation. This may mean that we see a re-composition of FX strength toward commodity-based currencies (CAD/AUD/NZD) and alternative safe havens (CHF). However, we could see this shift in the longer term as public debt, in particular, becomes more tenable and attractive at such low interest rates and could invite broader investment for countries and to a degree private industry.

We have witnessed ample FX market volatility from an increased reliance on a more narrow data core. Inflation and interest rates and also public debt and balance sheet expansion narratives are having the most impact on rate movements. With this in mind; where much of the corrective forces required are formed around policies related to these key issues, it appears that volatility could behere to stay for at least the coming 6-12 months and beyond.

10.How does the future of FX look like in your perspective?

Supporting a scale-up with their complex FX requirements and enable them to grow their business in a short period of time by eliminating the FX risk and provide significant costs savings along the way.

 

About XE

At XE, they live currencies. XE provides a comprehensive range of currency services and products, including their Currency Converter, Market Analysis, Currency Data API and quick, easy, secure Money Transfers for individuals and businesses. They leverage technology to deliver these services through their website, mobile apps and over the phone.

Last year, XE helped nearly 300 million people access information about the currencies that matter to them and over 350,000 people used XE to send money overseas. Thousands of businesses relied on XE for information about the currency markets, advice on managing their foreign exchange risk or trusted XE with their business-critical international payments.

International Payments & FX Risk management for business

XE Business Solutions can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. We provide a comprehensive range of currency services and products to help you access competitive rates with greater control.

At XE, they share the belief that behind every currency exchange, query or transaction is a person or business trying to accomplish something important, so XE works together to develop new and better currency services that put their customers first.

XE is proud to be part of Euronet Worldwide (Nasdaq: EEFT), a global leader in processing secure electronic financial transactions. XE is part of the Money Transfer Division of Euronet and is the unification of HiFX and XE.com.

Visit XE.com

Read XE blogs

OpusCapita shares exciting news – A Nordic Powerhouse

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| 07-09-2020 | treasuryXL | OpusCapita |

In July OpusCapita and Analyste announced that they entered a transaction. Now the companies are about to launch the new company they form together.

Make sure to sign up here to be the first to know more.

 

About OpusCapita

OpusCapita enables organizations to buy and pay quickly and securely, with a real-time view of their business. OpusCapita customers use their source-to-pay and cash management solutions to connect, transact and grow. OpusCapita processes over 100 million electronic transactions annually on its Business Network.

 

 

Visit OpusCapita

Visit Partner Page

Read Customer Success Stories

Partner Interview Series | A deeper dive with Paul Simpson from Kyriba

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01-09-2020 | treasuryXL | Kyriba |

In the upcoming weeks, you will get inspired by the treasuryXL partner interviews. Each interview will be different, the only thing we can recommend: Learn, Discover and Enjoy!

The first interview to start with is Kyriba where we will take a deeper dive into their recent hosted webinar about Mitigating Fraud With a Corporate Payment Hub.

AN INTRODUCTION TO

 

Paul Simpson is Strategic Payments Director at Kyriba who also was one of the presenters during the webinar in July.

We asked him 9 questions and 3 bonus questions. Let’s go!


INTERVIEW

1. Can you tell us about the Corporate Payment Hub and your specific role?

My role is to promote the Kyriba Payment Hub, to make customers and prospects aware that we also have a powerful payment module. Often people think of Kyriba for TMS, but we have far more to offer, for example an anti-fraud solution in addition to payments. As part of my role at Kyriba, I look at the constantly changing payment landscape to inform treasurers and finance teams of these changes, whether that’s regulatory or technological. The Kyriba Payments Hub detangles what I call the “ERP payment spaghetti”, streamlines global bank connectivity and format transformation, whilst providing companies with real-time fraud detection. This can also accelerate ERP cloud migration projects.

2. What is the core issue the Corporate Payment Hub aims to address and how does it differentiate it from the other players in the market?

Essentially a payment hub gives our clients a single, consolidated point of access across bank accounts, giving the ability to set up payments, define different payment types and provide notification of pending approvals. Kyriba provides this visibility by consolidating payment streams from different systems – ERPs, finance, treasury, legal, capital markets and decentralised teams, thus transforming dis-aggregated processes into a single source of record for all outgoing payments, all done with built-in fraud detection. We also, uniquely, support and maintain a “bank” of over 45,000 bank formats in-house via our bank formats team. This allows the payment hub to transform payment data into bank-specific file formats and connects directly with global banks via multiple protocols, including host-to-host, SWIFT and regional networks. Other providers build each bank format for each customer at a high cost and development time. The Kyriba payment hub is designed to work across different ERP solutions, whereas ERP systems will not work across other instances.

3. Can each ERP work with the Corporate Payment Hub also when you work with multiple ERP’s located in different countries?

Absolutely. The Kyriba payment hub is designed to work with multiple ERP systems across different countries.

4. What are the most common fraud scams that businesses are dealing with?

Fraudsters are trying to use the current crisis to their advantage. With people working from home, for example, they may attempt to ask finance to make payment to a new bank account – knowing the sign off process is not as robust as it was when teams were all together in the office.

5. What’s the difference in Fraud Scams before COVID19 and the time we live in now?

We have research that shows the number of fraud scam attempts is up by nearly a 1,000 times since Coronavirus. The finance sign-off process for making payments are defragmented as people are working from home. This is where the Kyriba payment hub can bring standardised workflows, sign-off and approvals together to help eliminate fraud

6. What critical elements of Fraud are often overlooked by businesses?

Businesses fail to use AI and machine learning in addition to rule-based technology and processes to reduce fraud. This is a key component of the Kyriba Payment Hub

7. What has been the best experience of one of your customers working with the Corporate Payment Hub?

We are able to cut the time and cost of a customer migrating their ERP solutions to the cloud, as we can handle all the payment connectivity and formats etc “out the box”, thus saving the company many 100,000s of Euros, and 6 months or more in time, whilst also providing and standardising work flow sign off processes etc.

8. What is, in your perception, the biggest benefit of a working with the Corporate Payment Hub?

True, real-time visibility of all payments, from all systems, in one place with enhanced fraud protection and built in work flow.

9. What is your best fraud prevention advice for businesses?

Prevention is always better than cure! I always preach this. Always use combined workflow and AI / Machine learning technology together – the best of both worlds.

BONUS QUESTIONS

Have you ever experienced a fraud scam yourself? If yes, how did it impact you?

I have never experienced a fraud scam myself, the protection I had in place alerted me to a potential scam and I took action.

How are you defending yourself against payments fraud?

Every payment has to be checked via a rule and AI/Machine Learning process.

How does the future of fraud prevention look like in your perspective?

Fraudsters are getting more sophisticated, with only 6% of Corporates using machine learning/AI, they need to use the latest technology or be left behind and suffer fraud.

About Kyriba

Kyriba is the global leader in cloud treasury and finance solutions, delivering mission-critical capabilities for cash and risk management, payments and working capital solutions.

Kyriba empowers CFOs and their teams to transform how they activate liquidity as a dynamic, real-time vehicle for growth and value creation, while also protecting against financial risk. Kyriba’s pioneering Active Liquidity Network connects internal applications for treasury, risk, payments and working capital, with vital external sources such as banks, ERPs, trading platforms, and market data providers. Based on a secure, highly scalable SaaS platform that leverages artificial and business intelligence, Kyriba enables thousands of companies worldwide to maximize growth opportunities, protect against loss from fraud and financial risk, and reduce costs through advanced automation. Kyriba is headquartered in San Diego, with offices in New York, Paris, London, Frankfurt, Tokyo, Dubai, Singapore, Shanghai and other major locations.

Visit Kyriba

EuroFinance International Treasury Management Virtual Week 21-25 September 2020

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| 25-08-2020 | Eurofinance | treasuryXL |

The pandemic sent shockwaves through global financial markets and confronted businesses with extreme scenarios.

Virtual Event

Now more than ever, we need to learn and engage with other treasury professionals around the world, so that we can navigate and overcome the unprecedented challenges we are facing.

As the current situation unfolds, the role of the corporate treasurer is evolving and becoming more strategic than ever before. The complexities and function of treasury within the business is changing even more rapidly. The question is: What does the future of treasury look like and how will this affect my team? And where can I turn for world-class advice on building resiliency, supporting the business and addressing future challenges?

Look no further than EuroFinance’s International Treasury Management Virtual Week taking place 21-25 September. It will see world-leading treasurers and economists come together to address these issues, deliver big picture global insights and share the essential granular knowledge you and your team need for the path ahead. In the spotlight will be the latest on cash flow forecasting, supply chain finance, tech, liquidity and FX and payments plus much more.

Speakers and Live Sessions

The line-up of speakers is impressive with the likes of Shell, Alibaba Group, HP Inc., eBay, Finnair, Microsoft, Intel Corporation, Schlumberger, Booking Holdings Inc. and Rio Tinto holding centre stage in one of the 75+ live sessions. But don’t worry if you miss a session, they will be available on-demand for you to watch at a time that suits you.

The custom-built virtual conference platform will bring the experience of a live event to life in a virtual world. It offers plenty of opportunities to network and learn from your global peers, plus a smart calendar to build your schedule.

Free Registration

The great news is, the 2020 event comes without a price tag! It is free for corporate treasurers. So, you can get all the world-class expert knowledge and insights you expect from the leading treasury event without the costs of registration, flights, accommodation or even expenses.

What are you waiting for? Set your treasury team up to thrive not just to survive.

Register for free today!

 

Active Liquidity Podcast – How AI Protects Payments During COVID19

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| 17-08-2020 | treasuryXL | Kyriba |

Our Partner Kyriba has launched their podcast, in which the Chief Product Officer Thierry Truche shares his view on how AI (Artificial Intelligence) is essential as the third line of defense for finance chiefs, ensuring payments are protected during the COVID 19 pandemic. Even if you are a company that has strong fraud prevention processes in place, remote working conditions require AI to detect abnormal payments activity. Hear why Truche sees AI as a replacement for the collective intelligence that is more present in an office setting in this episode of the Activity Liquidity Podcast!

 

 

About Kyriba

Kyriba empowers CFOs and their teams to transform how they activate liquidity as a dynamic, real-time vehicle for growth and value creation, while also protecting against financial risk. Kyriba’s pioneering Active Liquidity Network connects internal applications for treasury, risk, payments and working capital, with vital external sources such as banks, ERPs, trading platforms, and market data providers. Based on a secure, highly scalable SaaS platform that leverages artificial and business intelligence, Kyriba enables thousands of companies worldwide to maximize growth opportunities, protect against loss from fraud and financial risk, and reduce costs through advanced automation. Kyriba is headquartered in San Diego, with offices in New York, Paris, London, Frankfurt, Tokyo, Dubai, Singapore, Shanghai and other major locations. For more information, visit www.kyriba.com.

 

SOURCE

Webinar | July 16 | Mitigating Fraud With a Corporate Payment Hub

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| 22-06-2020 | treasuryXL | Kyriba |

In today’s changing IT environment, we see more corporates exposed to the risk of fraud, due to legacy controls and manual processes. With many companies applying a new ‘working from home’ strategy, the risk of fraud is bigger than ever before.

In today’s changing IT environment, we see more corporates exposed to the risk of fraud, due to legacy controls and manual processes. With many companies applying a new ‘working from home’ strategy, the risk of fraud is bigger than ever before.

During this webinar we will hear:

  • How does a payment hub support you in mitigating fraud?
  • What is rules based fraud detection?
  • Why is machine learning an important part of our fraud detection?
  • How does fraud detection fit in your overall payment processes?

Paul Simpson, Strategic Payments Director at Kyriba, together with Value Engineer, Alroy D’Cruz, will discuss these most important questions and will give you an insight on how Kyriba is supporting over 2,300 of your peers worldwide with our SaaS Payment Fraud solutions.

Presenters:

 

 

 

PAUL SIMPSON

Strategic Payments Director, Kyriba

 

 

 

 

 

ALROY D’CRUZ

Value Engineer, Kyriba

 

 



Submit on the registration page and save your place.

 

About Kyriba

Kyriba empowers CFOs and their teams to transform how they activate liquidity as a dynamic, real-time vehicle for growth and value creation, while also protecting against financial risk. Kyriba’s pioneering Active Liquidity Network connects internal applications for treasury, risk, payments and working capital, with vital external sources such as banks, ERPs, trading platforms, and market data providers. Based on a secure, highly scalable SaaS platform that leverages artificial and business intelligence, Kyriba enables thousands of companies worldwide to maximize growth opportunities, protect against loss from fraud and financial risk, and reduce costs through advanced automation. Kyriba is headquartered in San Diego, with offices in New York, Paris, London, Frankfurt, Tokyo, Dubai, Singapore, Shanghai and other major locations. For more information, visit www.kyriba.com.

7 Experts on Activating Liquidity – a Guide to Leveraging Technology to Generate New Growth

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| 11-6-2020 | treasuryXL | Kyriba |

Managing liquidity has never been easy, but new technologies are making it easier. With ease comes speed, accuracy and efficiency, enabling treasury to more effectively see, move and protect cash and generate increased business value. However, activating liquidity while navigating volatile markets can be difficult. So how does treasury leverage technology to activate liquidity and generate new growth, and what does it gain by doing so?

‘7 Experts on Activating Liquidity’ is a Mighty Guide, sponsored by leading global cloud treasury and finance solution provider Kyriba.  In this guide the question of how to leverage technology to optimise treasury and finance, extend visibility and controls, and maximise enterprise value is explored by asking seven treasury management experts from different industries the following questions:

  1. How does expanding the scope of treasury to be inclusive of cash, risk, payments and working capital increase enterprise value?
  2. How do you most effectively manage FX risk exposure, and why is it important to do that?
  3. What are the advantages of centralizing and standardizing global payment processes through a single system?
  4. What are the advantages of centralizing the management of free cash flow and liquidity in your organization?
  5. What level of integration is necessary to get a true, real-time view of cash and liquidity, and how would that real-time data enhance decision making and performance?

Their insights are collected in the five chapters of this eBook. In reading them, David Rogelberg, Editor, was struck by how different the challenges are for each of the expert’s business, and how they all benefit from greater visibility into cash, payments, risk and working capital.

CFOs have a tough balancing act – trying to pursue strategic growth initiatives while minding the right level of risk. And recent global events have exacerbated this challenge. The answer to solving this problem lies in Active Liquidity – an approach to treasury and finance that elevates the impact of liquidity to generate new market value, even in volatile markets.

Kyriba is excited to sponsor this eBook, in which seven treasury leaders lend their expertise to the concept of Active Liquidity and the key pieces that it encompasses – optimizing cash, payments and risk to generate business value.  Activating Liquidity puts organizations on a path to new value creation, enabling them to:

  • Expand the abilities of treasury and finance, using liquidity as a lever to build value
  • Extend visibility and controls to see, move, protect and grow cash
  • Transform data into intelligence and drive action to maximize enterprise value

This Mighty Guide aims to provide a holistic view and credible advice by exploring, comparing and contrasting a variety of viewpoints from top experts.  The insights given by these treasury executives will give a deep understanding of the benefits of Active Liquidity and how insight into global cash, liquidity and exposure can help execute treasury strategies more easily and efficiently.

Request and download free e-book:

Kyriba is a proud sponsor of this Mighty Guide.  Kyriba empowers CFOs and their teams to transform how they activate liquidity as a dynamic, real-time vehicle for growth and value creation, while also protecting against financial risk. Kyriba’s pioneering Active Liquidity Network connects internal applications for treasury, risk, payments and working capital, with vital external sources such as banks, ERPs, trading platforms, market data providers, and other financial institutions. Based on a secure, highly scalable SaaS platform that leverages artificial and business intelligence on an API-enabled architecture, Kyriba enables thousands of companies worldwide to maximize growth opportunities, protect against loss from fraud and financial risk, and reduce costs through advanced automation. Kyriba is headquartered in San Diego, with offices in The Netherlands, London, Paris, New York, Tokyo, Dubai and other major locations.

For more information, visit www.kyriba.com.

CASH MANAGEMENT & BUSINESS RESILIENCE WEEK | JUNE 23-25 2020

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| 10-6-2020 | treasuryXL | OpusCapita |

In these unprecedented times, OpusCapita want to bring the treasury community together with a complimentary 3-day online event.

The Vital Lifeline for Senior Treasury and Finance Professionals in an Era of Crisis.

In these times of uncertainty, and with recession looming, gaining visibility and control of actual (vs forecasted) cash flow and working capital has never been more important. To this end, the OpusCapita “Cash Management and Business Resilience Week” will provide you with a vital lifeline and timely knowledge exchange platform for you to directly engage and learn from other senior treasury and finance professionals as you work to develop and implement your response strategies.

The “Cash Management and Business Resilience Week” will be streamed live over 3 days in easily digestible blocks to ensure maximised impact, flexibility and engagement but with minimum disruption to your busy schedules in these hectic and uncertain times. All content will also be recorded to enable on-demand viewing at your convenience.

Tailored content will be delivered by some of Europe’s leading names in treasury and finance in different formats from interviews, break-out sessions and panel discussions to enable conversation and takeaways.

Exclusive to senior–level corporate treasury and finance professionals, the virtual series is specifically designed with our community in mind. From live-streams featuring Europe’s leading names to an array of networking opportunities, our platform provides all the perks of a live event in the comfort of your own home, all completely for free.

Practical

When? June 23-25

For more information about the speakers, programme and free registration click here.

About OpusCapita

OpusCapita is the provider of the number one cash management software with over 800 customers across more than 100 countries. Our secure, cloud-based solution enables Treasury and Finance professionals to harmonize global processes and policies, centralize treasury and finance operations and reduce complexity. We simplify the management of all cash flows and liquidity and automate the processing of both payments and collections. All of this ensures full visibility to your cash while reducing the risk of fraud.

Visit OpusCapita

Visit Partner Page

Read Customer Success Stories

Automation key to cash forecasting in a crisis

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| 12-05-2020 | treasuryXL | OpusCapita |

As businesses face drastic cash flow issues caused by the pandemic, digitalising cash management can be key in minimising risk.

Digitalisation could be vital to cash management amid financial crisis

As businesses face drastic cash flow issues caused by the pandemic, digitalising cash management can be key in minimising risk.

“Digitalisation can mean that you have more data in your systems electronically and that, of course, helps when you need a full picture of everything. With artificial intelligence you can find patterns that are invisible to the human eye but could be quite groundbreaking. The data has been around in the ERP systems and treasury management systems electronically for quite a while,” says Karl-Henrik Sundberg, presales executive lead at OpusCapita.

“Many corporates are putting data in Excel sheets and sending Excel sheets between themselves. When you’re doing spreadsheets, there can be errors in formulas, and it’s a manual work. OpusCapita compiles everything system-wise – data file integrations or APIs, so it’s no manual work involved at all.”

In times of financial crisis, reverting to a single cash management system can be highly beneficial for businesses seeking to get insights into their currency positions in real time, so they can react to internal and systemic pressures.

“When you are operating in a global environment and the business is complex, you have very different legal entities in your group, and you have many currencies and quite a lot of bank relations and bank accounts scattered around the globe. As this is not easy, having a software tool can enable you to consolidate everything into one place.

“We offer a multi bank, so you can log into OpusCapita, and see all your balances across the globe in one view. Particularly now in these times, the CFO, or the head of treasury really needs to know, ‘what do we have on our bank accounts in Italy? Or what is the status of our cash right now in North America,” explains Sundberg.

Remaining prepared

To bridge the gap of uncertainty, Sundberg advises businesses to focus on cash visibility and forecasting through the process of automation – easing the role of treasurers controlling finances amid a crisis.

“Get the cash visibility up and running. In today’s fast paced environment, you can’t really come out to your subsidiaries around the globe and ask for a weekly cash report on a spreadsheet – that’s why we automate this as much as possible. When I was heading cash management operations & treasury back office for a global corporate, getting the visibility on cash positions was vital for succeeding in our work.

“The second thing after that is cash forecasting. With an efficient tool, you can also get a picture of all your future cash flows. You should be looking for to import, for example, accounts receivables; accounts payables; purchase orders; and sales orders. The same goes for cash visibility – if you’re a global company and you have operations all around the world, most likely you have this data in various systems. Through automation, you can combine this into one place and offer a consolidated view of future cash, cash positions and cash flows,” he says.

Access to real time data on cash flow can enhance treasurers’ confidence in pursuing business decisions, particularly as automation allows them to forecast the impact of crises.

“As a business leader, treasurer, or CFO, having that information can make you be more confident. You can use this investment to generate business growth or have the power to act on – meaning it also impacting business decisions.

“In rough times, with automated cash positions and cash flows, you can immediately see if things start going in the wrong direction as you log in into the system. It’s a kind of alert system when embarking in the wrong route. Without the system, it might take weeks before you discover it and then it might even be too late. Of course, we are not spotting the Coronavirus in the system but we are spotting the effects of the Coronavirus reflected in the cash flow,” Sundberg explains.

As part of its cash management solutions, OpusCapita offers a basic version of its cloud-based module for cash forecasting to facilitate access to treasurers’ cash positions for free until the end of 2020. This basic version can be easily extended into a full-blown cash forecasting & analytics solution, or a payment hub incorporating a multi-bank solution for outgoing payments and a matching tool to automate the incoming money with accounts receivables.

 

Read more information about Liquidity basic here.

 

About OpusCapita

OpusCapita enables organizations to buy and pay quickly and securely, with a real-time view of their business. OpusCapita customers use their source-to-pay and cash management solutions to connect, transact and grow. OpusCapita processes over 100 million electronic transactions annually on its Business Network.

Visit OpusCapita

Visit Partner Page

Read Customer Success Stories