Recording Panel Discussion | Treasury Trends for 2023

28-11-2022 | treasuryXL | Nomentia | LinkedIn |

Recently, we had a panel discussion about a few major treasury trends for 2023 together with Nomentia and experts Pieter de Kiewit, Patrick Kunz, Niki van Zanten, and Huub Wevers. If you didn’t get the chance to attend the webinar, you can find the recording here.

During this interactive live discussion we covered some of the following topics:

  • Market and FX Risk management in current times of uncertainty.
  • Top treasury technologies to consider for 2023. Will APIs deliver their promises?
  • Building the bridge between Ecommerce and treasury.
  • The rapidly changing role of treasury to facilitate business success
  • Treasury technology visions beyond 2023.



[WEBINAR] FRTB – Are Banks Ready To Be Compliant?

23-11-2022 | treasuryXL | Refinitiv | LinkedIn |

Join experts across the industry for this complimentary webinar to explore how to prepare for – and comply – with the Fundamental Review of the Trading Book (FRTB) regulation in 2023.


  • Webinar: FRTB – are banks ready to be compliant?
  • Date: Tuesday, November 29
  • Time: 09:00 EST / 14:00 GMT / 15:00 CET
  • Speakers:
    • Hany Farag, Senior Director and Head of Risk Methodology and Analytics, CIBC
    • Fausto Marseglia, Head of Product Management, FRTB and Regulatory Propositions, Refinitiv, an LSEG Business
    • [Moderator] Lisa Regan, Head of Sales, EMEA, Enterprise Data, Refinitiv, an LSEG Business\
    • Volker Wellmann, Risk and Resource Manager at BNP Paribas, BNP Pariba




Only one week left! Live Panel Discussion: Treasury Trends for 2023

10-11-2022 | treasuryXL | Nomentia | LinkedIn |

A friendly reminder that next week at 11 AM CET (November 17th), we’ll be collaborating with Nomentia.

Participate in our live panel discussion regarding 2023’s predicted treasury trends. We invited industry experts to join us and have an open debate about the issues that treasurers would need to think about in 2023. Additionally, there is the option to ask questions.

Date & Time: November 17, 2022, at 11 AM CET | Duration 45 minutes

Some of the topics we’ll cover:

  • Market and FX Risk management in current times of uncertainty.
  • Top treasury technologies to consider for 2023.
  • Will APIs deliver their promises?
  • Building the bridge between Ecommerce and treasury.
  • The rapidly changing role of treasury to facilitate business success
  • Treasury technology visions beyond 2023.p


November 17 | 11 am CET | 45 minutes

Panel discussion members:

Pieter de Kiewit, Owner of Treasurer Search (Moderator)
Patrick Kunz, Independent Treasury Expert (Panel member)
Niki van Zanten, Independent Treasury Expert (Panel member)
Huub Wevers, Head of Sales at Nomentia (Panel member)






How Treasurers Can (Still) Get Ahead During Uncertain Times

08-11-2022 | treasuryXL | GTreasury | LinkedIn |

Victoria Blake, the Chief Product Officer at GTreasury, recently ran through four trends that corporate treasurers ought to be paying careful attention to—particularly as ongoing economic uncertainty heads into 2023.

Blake argues that “treasurers without a connected treasury are left playing an ever-widening game of catch-up.” She offers specific advice for how treasurers can approach FX rate visibility, cash forecasting, bank fee analysis, and API connectivity. This is a must-read treasurer as they plan their treasury technology strategies for 2023.

MENA Investment Banking Review First Nine Months 2022

02-11-2022 | treasuryXL | Refinitiv | LinkedIn |


Refinitiv Deals Intelligence brings you the MENA Investment Banking performance review, covering First Nine Months 2022.
Access this report for Investment Banking fees, volumes, and league tables across M&A, Equity Capital Markets, and Debt Capital Markets. Examine deal flows, top deals, most active nations, and most active sectors.


Report Highlights

An estimated US$1.1 billion worth of investment banking fees were generated in the Middle East & North Africa during the first nine months of 2022, 5% more than the same period in 2021 and the highest first nine-month total since 2008.  Almost half of this year’s fees were generated during the first three months of the year, with quarterly fees declining in the following two quarters.  Fees totalled US$186.4 million during the third quarter of 2022, the lowest quarterly total in the region in six years.

The value of announced M&A transactions with any MENA involvement reached US$69.7 billion during the first nine months of 2022, 17% less than the value recorded during the same period in 2021.  Despite the decline in value, the number of deal announcements in the region increased 5% from last year to the highest first nine-month total since our records began in 1980.

MENA equity and equity-related issuance totalled US$15.3 billion during the first nine months of 2022, the highest first nine-month total since 2008.  Proceeds raised by companies in the region increased 166% compared to the first nine months of 2021, while the number of issues increased 110%.

MENA debt issuance totalled US$18.3 billion during the first nine months of 2022, down 80% from the value recorded during the same period in 2021 and the lowest first nine-month total since 2011.  The number of issues declined 68% from last year at this time.

Download the report

Understanding the Importance of Working Capital for Treasury

27-10-2022 | treasuryXL | TIS | LinkedIn |

Working capital is a critical consideration for any business – particularly in an uncertain economic environment. If a company’s working capital is not managed effectively, the company may struggle to meet its obligations, secure the right level of funding, or invest in growth. But for many companies, gaining full visibility over working capital is often a difficult task – especially given how it is an activity that spans many different parts of the business.

Going a step further, recent economic and geopolitical events from the past couple of years have presented even more challenges to working capital management. In fact, PwC’s Working Capital Study 21/22 found that net working capital days reached a five-year high in 2020, “driven by the shock and uncertainty of the COVID 19 pandemic.” More recently, the 2022 AFP Strategic Role of Treasury Survey identified working capital improvements as one of the two most challenging tasks faced by treasury professionals today.

In order to manage working capital effectively, companies first need to understand it – you can’t manage what you can’t measure, as the saying goes. With this in mind, let’s dive a bit deeper into the core dynamics of working capital and the subsequent implications for treasury and finance.

What is Working Capital Anyway?

Simply put, working capital is the cash that businesses can use to meet their day-to-day financial obligations, such as for paying rent, employee salaries, and supplier invoices. Calculated as the difference between a firm’s current assets and its current liabilities, a strong working capital position is essential to the smooth running of any company. For this reason, working capital is often described as the lifeblood of a business.

Working capital can be measured using a variety of metrics. The following concepts are key when it comes to understanding the component parts of the working capital cycle:



  1. Days Sales Outstanding (DSO) measures how long it takes a company to collect cash from customers and clients (i.e. accounts receivable).
  2. Days Payables Outstanding (DPO) measures how long the company takes to pay its suppliers (i.e. accounts payable).
  3. Days Inventory Outstanding (DIO) measures how quickly the company sells its inventory.
  4. Cash Conversion Cycle (CCC) measures how long the company takes to convert the cash spent on raw materials into sales. This is calculated as follows: CCC = DSO + DIO – DPO.

As a rule of thumb, the shorter a company’s cash conversion cycle, the more efficiently it is using its working capital – although typical cash conversion cycle times can vary considerably between different industries, world regions, and company sizes. Any company’s cash conversion cycle can also be adjusted by optimizing one or more of the above components: companies can speed up customer collections, delay/expedite payments to suppliers, and/or alter the timeframe that cash is tied up in inventory.

You might also like: What is Working Capital Management, examples of typical acitivties and frequently asked questions; Explained by treasuryXL experts

How Does Working Capital Impact Treasury & Finance?

Treasury and finance teams have an important role to play in optimizing their company’s working capital.  Working capital is critical to a company’s financial health: if the business doesn’t have enough cash readily available, it may struggle to pay its obligations on time. It may also seek more external financing than is really needed or may lack the funds needed to invest in innovation or business growth.

In order to effectively manage these cash inflows and outflows, treasury must not only have an accurate and timely view of their “current” working capital status, but they must also have a grip on future cash flows as well. This means that treasury must be proactive in developing cash forecasts that reflect anticipated changes in working capital, including deviations in supplier invoicing or payment behavior, as well as changes to the level of planned spend by procurement and other internal departments.

By working with other departments such as procurement, AP, and AR, the treasury team is well placed to drive improvements to the cash conversion cycle and unlock the company’s working capital. Because treasury typically seeks to maintain global visibility and control over cash positions, payments activity, and general financial workflows, they are in the perfect position to evaluate and influence high-level working capital decisions. For this reason, treasury is sometimes referred to as the “steward” of working capital internally.

However, there are a variety of hurdles that can negatively impact treasury’s view of, and control over, working capital.


Challenges in Managing Working Capital

While the importance of effective working capital management is clear, there are a number of reasons why this can be a challenge:



Disparate Data Sources: By its nature, managing working capital means optimizing activities that span different departments within the organization, including accounts payable (AP), accounts receivable (AR) and procurement, as well as treasury and finance. Working capital needs to be managed holistically, with access to data from these different parts of the business – but this can be constrained by siloes and disparate systems and data sources.

Lack of Alignment & Communication: Effective working capital management can be held back by a lack of awareness or competing priorities across different parts of the business. Because there are a range of departments that need to be on the same page in order to drive working capital optimization, it can be difficult to align the KPIs and drivers of each department to achieve a cohesive strategy. For this reason, a strong focus on working capital is needed from senior management in order to ensure a consistent approach across the organization.

Global Operational Complexity: Payment practices, vendor or customer behavior, and internal business models can vary considerably across different countries and regions, which can make it difficult to manage working capital consistently at a global level.

Supply Chain Relationships: The relationship a company maintains with its vendors and suppliers within the supply chain can have a massive impact on working capital. For example, companies frequently adjust their working capital position by either reducing or extending the time they take to pay invoices to suppliers. However, these strategies can have an adverse impact on vendor relationships, especially if companies choose to delay payment as long as possible. As such, working capital strategies that focus on altering vendor invoicing or payment terms should always be treated carefully.


How Does TIS Help Treasury Manage Working Capital?

In order to drive improvements to working capital, treasury teams first need full visibility over their company’s global cash, payments, and invoicing activity. As noted above, obtaining this data in an accurate and timely manner presents a major challenge for most companies, as does the task of effectively analyzing and leveraging it.

In order to simplify these tasks for treasury, TIS recently launched a new solution, TIS Working Capital Insights, which provides companies with 360-degree visibility over their core working capital metrics and KPIs.



With this suite of capabilities, organizations can seamlessly integrate their ERPs and corresponding AP and AR data with our solution in order to review payment terms and behavior for vendors and customers, analyze invoice and billing activity, and measure all elements related to their net working capital status and cash conversion cycle.

As TIS enables clients to aggregate and classify their data, users can evaluate their metrics globally or granularly according to specific entities, regions, or customers and suppliers. Users can also leverage TIS’ visual dashboards for intuitive reporting and refine their analyses by any timeframe to view activity and cash flows through customizable and flexible parameters.

By leveraging these tools in conjunction with TIS’ other liquidity and payment management solutions, organizations can access all data and information related to their global cash balances, payment statuses, and broader working capital operations for the entire company. The result is total visibility and control over working capital, and a much easier workflow for identifying the best strategies to optimize it.

For more information about TIS Working Capital solutions, download the full factsheet or request to speak with one of our experts!

Live Panel Discussion: Treasury Trends for 2023

25-10-2022 | treasuryXL | Nomentia | LinkedIn |


Join us on our live panel discussion about treasury trends for 2023. Together with Nomentia we invited industry experts who will have an open discussion on the things you need to consider as a treasurer in the year 2023. There’s the possibility to ask questions as well.



Some of the topics we’ll cover:

  • Market and FX Risk management in current times of uncertainty.
  • Top treasury technologies to consider for 2023.
  • Will APIs deliver their promises?
  • Building the bridge between Ecommerce and treasury.
  • The rapidly changing role of treasury to facilitate business success
  • Treasury technology visions beyond 2023.p


November 17 | 11 am CET | 45 minutes

Panel discussion members:

Pieter de Kiewit, Owner of Treasurer Search (Moderator)
Patrick Kunz, Independent Treasury Expert (Panel member)
Niki van Zanten, Independent Treasury Expert (Panel member)
Huub Wevers, Head of Sales at Nomentia (Panel member)






Everything you need on the Standardised Approach

13-10-2022 | treasuryXL | Refinitiv | LinkedIn |


How can data and analytics help banks meet the FRTB Standardised Approach deadline? This blog by Refinitiv helps you understand everything you need on the Standardisded Approach.

Read more

Eurofinance remains THE event for corporate treasurers | By Pieter de Kiewit

12-10-2022  treasuryXL | Pieter de Kiewit | Treasurer Search  LinkedIn


Throughout covid times the organizers of Eurofinance remained active and were able to create interesting web-based events. Still, general opinion in last weeks’ event in Vienna was that there is nothing like the live thing. The programme was packed with interesting content, the event floor with interesting companies and visitors.

By Pieter de Kiewit

Communication leading up to the event and the venue, the Wien Messe, radiated experience in events of this size. The numbers of representatives and visitors were impressive. Luckily, the venue is big enough to not nerve the visitors who have to get used to large crowds again.

The programme was spread out over the very large room for plenary meetings, five large rooms for parallel session with presentations & panel discussions and “open rooms” on the trade floor. Key note speakers like Guy Verhofstadt and Goran Carstedt were able to enthuse with stories beyond the scope of treasury, others covered topics about treasury technology, both practical & visionary and treasury organization, for example about my personal favourite, the treasury labour market.

For many, the trade floor was easily as interesting as the content. Visitors gained market information, for example preparing for a TMS selection and implementation. Also reuniting with old treasury friends and getting to know new ones, was relatively easy during well catered breaks. Some of the visitors created new legends during the Thursday night afterparty that is not covered by this looking-back-blog.

As treasuryXL ambassador I visited the various partners of the platform present and received positive feedback on the event. So Cobase, Kyriba, TIS, CashForce, Nomentia, Refinitiv and CashAnalytics, we hope to see you again in Barcelona again and welcome a number of new ones.


Hasta luego,







Thanks for reading!

Pieter de Kiewit



Amid Ongoing Economic and Geopolitical Uncertainty, Treasurers Must Turn to Data and Technology

12-10-2022 | treasuryXL | GTreasury | LinkedIn |

Helen Kane, the Risk and Exposure Fellow at Hedge Trackers (a GTreasury company) recently sat down with The Global Treasurer to discuss how treasury teams can approach yet more global uncertainty.

Kane, along with the global head of corporate cash management at Deutsche Bank, lends expertise to the current state of deglobalization, the supply chain, and more—as they relate to treasury operations.

“Treasury strategies and skill sets that drove success in the 1990s were different from those in the 2020s. My advice for all treasurers is to be open to change, be open to learning, and be ready to flex, all while maintaining those historical controls and implementing new ones to safeguard your assets,” says Kane.