Kyriba Webinar: Modernising Global Corporate Payments to Prevent Fraud

04-11-2020 | treasuryXL | Kyriba |

These last few months have highlighted that Payments Fraud continues to be a major problem, with fraudsters quick to leverage the global pandemic, with the amounts involved considerable.

In this session Kyriba’s Paul Simpson will be joined by Helen Alexander from SWIFT and James Bushby from MasterCard, to explain what institutional payment fraud is, with a specific focus on the technology and processes that treasury and finance teams can employ to minimise risk.

In particular, the agenda will follow:

  • What institutional payment fraud is and the internal processes and technology to consider, with SWIFT
  • How a payment hub mitigates against Fraud for Corporates, with Kyriba
  • Introduction to how MasterCard is helping fight Financial Crime

Register your place by filling in the form to your right and we will be in touch!

Date:

November 12th, 09:30- 10:30 (CET)

Contact:

Partner Interview Series | The deeper dive with Treasury Intelligence Solutions (TIS)

03-11-2020 | treasuryXL | TIS |

2020 is a special year in so many ways. For our partner TIS it has been a great year with an expansion of the BENELUX team and a realisation of a double digit growth.

In this interview we will take the deeper dive with TIS Benelux. What have been the greatest successes in the BENELUX? What are the biggest changes in this market? How do you see the future of corporate payments?

TIS (Treasury Intelligence Solutions GmbH), founded in Walldorf, Germany in 2010, is a global leader in managing corporate payments. The Financial Times named TIS as one of “Europe’s Fastest Growing Companies” for 2019 and 2020. Offered as Software-as-a-Service (SaaS), the TIS solution is a comprehensive, highly-scalable, cloud platform for company-wide payments and cash management.

AN INTRODUCTION TO

Meet Aderito Duarte, Sales Executive at TIS and responsible for new business in the BENELUX region.

Aderito has spent over 10 years in the SaaS industry working for different vendors in various sales (leadership) roles, both in local and international markets. He is an ambitious sales professional with a record of over-achievement and demonstrated success in a highly competitive market.

He has a strong background in new business sales and relationship building. Performance, development and contribution are the key words that drive his career and enable him to mobilize the team, partners, clients and prospects.

We asked him 7 questions. Let’s go!

INTERVIEW

1. What is your background and why did you decide to join TIS (Treasury Intelligence Solutions)?

For very long time I worked as a sales executive for large organizations like ADP, Oracle and SAP.  Then I decided it was time for something different, something more agile and more entrepreneurial. At TIS I can act as a true entrepreneur and always put my customers first. I contribute to my customers’ success while having fun and developing myself together with other colleagues from the Benelux Team. I cannot wish for more.

2. Tell us briefly about TIS, its solution and the most important benefits for your customers.

TIS was founded in 2010 in Walldorf, Germany. Its core offering is a cloud-based Software-as-a-Service platform for corporate payments and cash management. Currently there are about 180 colleagues working from six offices globally including Germany, Bulgaria, the Netherlands, and USA. The TIS solution has been successfully used for many years in both large and medium-sized companies, including Adecco Group, Hugo Boss, Fresenius, Fugro, LANXESS, OSRAM and QIAGEN. More than 25% of DAX companies are already TIS customers. Working with TIS allows customers to significantly reduce cost and manual effort in their payment processes. The risk of manual errors can be mitigated, and treasury teams are freed up to direct their attention to more strategic and value-adding tasks. The TIS platform creates an end-to-end payment experience by connecting to virtually any ERP system and any bank with an extensive payment format library. Instead of a plethora of different E-banking tools, all payments can be made securely through one platform, anytime, anywhere. With such consolidation of payments and accounts information, the clients can have a centralized overview of real-time cash visibility.

3. What have been your greatest successes in BENELUX?

Looking at 2020, a year full of challenges for us all, I am very proud that we will realize double digit growth.  Next to that we are building a diverse team with different competences and skills to serve our customers’ needs. Another important aspect to the TIS Benelux success is the strong partner community we are building to support our customers in the region. For example, recently we formed a new partnership with Cashforce and extended our partnership with Orchard Finance.  Above all these achievements, the feedback we receive from customers in the Benelux explains why we received the 2019 TMI award for outstanding customer experience. For example, Simon Karregat, Group Treasurer at Fugro NV says: “With TIS, we have a central overview of worldwide payments, and now just use one platform instead of different banking tools. This enables us to embed our payment transactions within our ERP landscape and realize straight-through processing.” It is always our top priority to generate true business value for our clients.

4. What in your opinion are some of the biggest changes in this market in BENELUX?

Recently we have received many questions from both Treasurers and IT professionals concerning the digitalization or streamlining of the corporate payment process in the big context of the S/4HANA migration. When it comes to SAP (ECC) ERP migration to SAP S/4HANA, there have been a lot of initiatives in the organizations to guarantee a smooth and on-schedule move. The area of corporate payments is a critical part in this migration due to its impact on the group-wide business continuity. It is important to understand customers current needs and determine the appropriate S/4HANA migration scenarios. For that, TIS has published a Whitepaper to help our customers understand the complexity of such migration and the importance of choosing specialist vendors such as TIS in order to maximize the win with SAP S/4HANA.

Another trend we see is, people are working more from home and need the right tools to manage payments, location independently, which potentially increases the risk of fraud. Our view is that payment security is a much broader topic than just payment fraud. Therefore, payment fraud prevention or detection can only be a meaningful exercise when it is an integral part of a company’s overall payment security strategy. While it is not necessary to centralize all the actual payments’ process to prevent fraud, it is key to bring all functions and information together using a single payments’ gateway. Here you can read more how the TIS platform supports our customers to protect their organizations from payment fraud.

5. The world is changing rapidly especially in financial services, how does TIS stay one step ahead of its competitors?

Our solutions are based on a deep understanding of the market, the customer’s needs and our continuously updated vision for the future. Ten years ago, when TIS was founded, there was almost no bank-agnostic payments platform that allowed Treasurers to manage all accounts, transactions, and balances from one platform. Treasurers lacked transparency and cash visibility to make informed decisions. In-house solutions were expensive and time-consuming to develop. Joerg Wiemer, co-founder and Chief Strategy Officer of TIS, was then the SVP and Head of Global Treasury at SAP. He knew the problem inside and out because he was living that problem every day. When the company was founded, the market was still skeptical about using a cloud solution for payments. However, Joerg and Erol Bozak (cofounder and Chief Product Officer of TIS) believed that cloud was the answer to corporate payments and cash management with its high scalability, fast roll-out and a centralized overview regardless of the complexity of a company’s payments landscape. As many treasury teams all over the world are working from home nowadays, a cloud-based payments platform has been proven to be a blessing to our customers who have confirmed to us that they did not have to make significant changes to their payments processes. Meanwhile TIS continuously grows its payment format library, connects to more banks worldwide, and invests heavily in adding meaningful innovations to the platform.

6. In 5 years from now, how will TIS look like?

In 2019 and 2020, two years in a row TIS has been named by the Financial Times as one of Europe’s fastest growing companies. In 2019, the total payment transaction volume of the company was more than that of PayPal. We believe that the demand for agile, flexible and scalable cloud-based payments platform will only grow. This year May, TIS received $20 million additional funding from renowned technology venture funds. We are planning to use this funding to accelerate product development and to further scale operations in Europe and in the US, in order to meet growing international demand. It is hard to predict the future, but I would say in five years from now, TIS will grow its footprint in more regions and it will play a much bigger role in the ecosystem beyond corporate payments.

7. What is TIS’ vision for the future of corporate payments?

Rather than one-stop finance solutions, the future of corporate payments lies in Best-of-Breed solutions. We can observe this trend in the consumer market, where consumers expect to pick and choose from solutions that best meet their needs. In corporate payments, this is still a fairly new concept, however, one with great promise. Corporates get the best products and services in the market that are enabled through APIs, most importantly, that fit best to their specific corporate needs. This new Best-of-Breed ecosystem will also allow corporates to share data more easily with their business partners, helping them achieve better information sharing and service offering.

If you want to learn how TIS can help you gain cash visibility and full control over your payments, please reach out to me via [email protected] or request a demo at www.tis.biz/en.

What is a forward exchange contract? (Dutch item)

| 21-10-2020 | Erna Erkens | treasuryXL |

Een valutatermijncontract is een contract tussen twee partijen met een valutadatum in de toekomst (bijv. 1,2,3 6 of 12 maanden), maar waar u nu de valutakoers voor afspreekt. Die staat dus vast.

Ongeacht hoe de koers beweegt tijdens de looptijd van uw termijncontract. U weet precies waar u aan toe bent. Het is één van de manieren om uw bedrijf te beschermen tegen een valuta- / wisselkoersrisico.

Als u internationaal handelt en u gaat een bedrag in een vreemde valuta ontvangen of betalen, dan kan dit  valutarisico’s met zich meebrengen. Doordat de valuta- / wisselkoersen veranderen kan uw resultaat worden beïnvloed. Dit kan positief maar ook negatief zijn. Een valutatermijncontract is een manier om dit risico beperken.

Een valutatermijncontract kan voor u dus interessant zijn als u nu al weet dat u in de toekomst een bedrag in vreemde valuta moet betalen of gaat ontvangen. Maar als de wisselkoers op de afgesproken datum gunstiger is dan op het moment dat u het termijncontract heeft afgesproken profiteert u daar niet van. Daar tegen over staat, dat als de koers veel slechter geworden is in de tussenliggende periode kost u dat ook geen geld.

U moet er wel zeker van zijn dat u het bedrag in de vreemde valuta moet betalen of ontvangen. U gaat immers een contract aan en u bent verplicht om de afgesproken hoeveelheid vreemde valuta te kopen of verkopen op de afgesproken datum. Ook als uw internationale overeenkomst niet door gaat. Een valutatermijncontract is geen geschikt instrument als u nog in het offertestadium zit met de andere partij. Als de opdracht toch niet doorgaat,
kunt u het valutatermijncontract namelijk niet meer zonder kosten beëindigen. Tijdens een offerte periode kan een valuta optie een oplossing zijn.

Voordelen van een valutatermijncontract

Het afsluiten van een valutatermijncontract brengt een aantal voordelen met zich mee.

  • U bent beschermt tegen ongunstige koersontwikkelingen voor het afgesproken bedrag en de afgesproken looptijd.
  • U heeft duidelijkheid en zekerheid over de kosten of de opbrengsten in Euro’s.

Wat spreekt u af in een valutatermijncontract?

U sluit een overeenkomst met een andere partij, meestal uw bank of een valutabroker, waarin u afspreekt:

  • Welke valuta u wilt kopen en welke valuta u wilt verkopen.
  • De looptijd van de transactie. Dus per welke datum u de aan-/verkoop wilt doen. De datum heet in het contract de valutadatum.
  • De wisselkoers waarop u de transactie wilt afsluiten. De vastgelegde wisselkoers wordt de termijnkoers genoemd.

Wat kost het afsluiten van een valutatermijncontract?

ls u een valutatermijncontract afsluit hoeft u hiervoor geen kosten te betalen. De kosten zijn al verwerkt in de wisselkoers (marge) en er zijn verder geen andere kosten. Als u de zaak doet bij een valutabroker moet u nog een (meestal kleine) vergoeding betalen voor de betaling van de bedragen en misschien ook voor de ontvangsten op de rekening van de broker. Bij de bank gaat het op de vreemde valuta rekening en daar zijn verder geen kosten aan
verbonden. Voor de eventuele betaling moet u ook wel transactiekosten betalen maar deze vallen niet onder de kosten van het termijncontract.

Wat als u het valutatermijncontract toch tussentijds wilt beëindigen?

Het is tijdens de looptijd niet mogelijk om de overeenkomst kosteloos te beëindigen. Het is wel mogelijk om nog een valutatermijncontract af te sluiten, maar dan tegengesteld. In dit contract worden dezelfde bedragen en
valuta opgenomen, alleen tegen de huidige wisselkoers. In de nieuwe wisselkoers zijn dan weer de kosten (marge) voor de bank opgenomen. Op de afgesproken valutadatum worden dan beide valutatermijntransacties afgewikkeld op de rekening. Wat overblijft is het verschil in geld tussen de 2 koersen van de twee valutatermijncontracten. Er blijft dan dus een resultaat over. Dat kan voor- of nadelig zijn.

Wat gebeurt er als u de valuta later moet betalen of later ontvangt?

Als door omstandigheden de datum van betaling of ontvangst uit de originele overeenkomst verschuift, kunt u het valutatermijncontract verschuiven door gebruik te maken van een valutaswap. Wilt u hier mee over
weten, mail mij dan op [email protected].

Hoe werkt het in de praktijk: een voorbeeld van een valutatermijncontract

Er is een bedrijf Cool Fashion BV. Cool Fashion BV zit in het hogere segment van de herenmode. Cool Fashion BV laat voor het eerst een deel van de collectie produceren in China. De afspraken zijn gemaakt en kleding is over 6 maanden in de haven van Rotterdam. Het gaat om een levering van USD 250.000. Op het moment dat beide partijen akkoord zijn, is de EUR/USD koers 1.1250. De Chinese producent wil in USD betaald worden. Deze USD moeten worden
aangekocht door Cool Fashion BV. De betaling gaat in 2 keer. USD 125.000 na 3 maanden en USD 125.000 als de kleding in Rotterdam aankomt, dus over 6 maanden. Cool Fashion BV heeft als calculatiekoers aangehouden 1.1000 in de boekhouding.

Cool Fashion BV kan wachten met de aankoop van de USD tot de datum van de betaling. Dus over 3 maanden USD 125.000 kopen en over 6 maanden weer USD 125.000. De kans is heel groot dat de EUR/USD koers tussendoor flink beweegt. Deze koersbeweging kan van grote invloed zijn op de winst op dit deel van de collectie.

Cool Fashion BV kan er voor kiezen om op het moment van het akkoord tussen Cool Fashion BV en de producent uit China de USD op termijn aan te kopen. Dat kan door een valutatermijncontract af te sluiten.

Wat is een termijncontract?

Een termijncontract is een afspraak met bijvoorbeeld een bank, waarin Cool Fashion BV nu de afspraak maakt met hun bank om nu met een looptijd van 3 maanden de eerste USD 125.000 aan te kopen met een valutadatum 3
maanden verder.

Stel het is 1 juli, dan zal Cool Fashion BV USD 125.000 per 1 oktober aankopen. De USD worden dan op 1 oktober (als dit een werkdag is) op de USD rekening geboekt en de Euro’s worden ook op 1 oktober ten laste van de Euro rekening geboekt. Bij het afsluiten van een termijncontract is het noodzakelijk om een vreemde valuta rekening te hebben, in dit geval een USD rekening.  Er moeten ook een aantal documenten w orden getekend met de bank en er moet (interne) limietruimte voor zijn. Dit is een onderdeel van de kredietpositie de klant bij de bank heeft.

Stel de actuele koers van de EUR/USD is 1.1250. Dan is op dit moment de termijnkoers over 3 maanden 0.0021 hoger. Dus is de koers per oktober 2020: 1.1250 + 0.0021 = 1.1271.

Het verschil tussen 1.1250 en 1.1271 noemen we het agio.

Er is sprake van een agio als de termijnkoers hoger is dan de  actuele koers van vandaag. De oorzaak ligt in het renteverschil tussen de 2 valuta’s in het betreffende valutapaar. In dit geval is de Euro rente lager dan de USD rente. Dit verschil was 6 maanden geleden nog veel groter. Toen was het verschil tussen de USD rente en de Euro rente veel groter. De USD rente was toen veel hoger dan nu. De FED heeft sindsdien een aantal keer de rente verlaagd door onder andere de coronacrisis.

Cool Fashion BV kan ook de 2e USD 125.000 per 1 januari 2021 (6 maanden) aankopen met een termijncontract. De koers van vandaag is 1.1250 het agio voor 6 maanden is 0.0045 punten.

Dus dan is de termijnkoers 1.1250 + 0.0045 = 1.1295.

Dit is als u koper bent van USD en dus verkoper van de EUR een voordeel. Als u verkoper bent van de USD en koper van de EUR, dan is dat voor u een nadeel. De aankoop van de Euro’s wordt duurder.

Het misverstand over termijnkoersen

Dagelijks heb ik contact met medewerkers van bedrijven, die internationaal handelen. Een bedrijf, wat internationaal handelt en een valutarisico heeft, krijgt vaak te maken met de termijncontracten. In een termijncontract staat de termijnkoers.

Een veelvoorkomend misverstand is, dat mensen denken dat als de termijnkoers hoger is dan de huidige koers, dit komt doordat de verwachting is dat de koers zal gaan stijgen. Dit is een misverstand.

De hoogte van de termijnkoers is niet afhankelijk van de verwachting van de koers, maar van het verschil van de rentestanden van de 2 muntsoorten in de valutakoers over de periode van het termijncontract.  De termijnkoers is afhankelijk van het renteverschil tussen de 2 valuta van het valutapaar. We nemen als voorbeeld de
EUR/USD koers. De EUR rente is lager dan de USD rente. Dat zorgt ervoor dat de EUR/USD koers op termijn hoger is dan de koers van vandaag. Dat betekent dat als u koper bent van USD en verkoper van EUR de USD op termijn goedkoper wordt.

Hieronder vindt u wat dit op 3, 6 en 12 maanden voor u uitmaakt.

We gaan van een actuele EUR/USD koers uit van 1.1250

Wanneer u EUR/USD verkoopt en dus USD koopt op 3 maanden is de koers 1.1271
Dat is over USD 1.000.000 EUR 1.656.17 meer opbrengst

Verkoopt u EUR/USD en dus USD koopt op 6 maanden is de koers 1.1295
Dat is over USD 1.000.000 EUR 3.541.39 meer opbrengst

Verkoopt u EUR/USD  en dus USD koopt op 12 maanden is de koers 1.1345
Dat is over USD 1.000.000 EUR 7.443.32 meer opbrengst.

Dus als u koper bent van USD en verkoper van Euro’s werkt de termijnkoers in uw voordeel. Als u verkoper bent van USD en dus koper van EUR werkt dit helaas in uw nadeel. Dit zegt overigens helemaal niets over het nut van het wel of niet aan- of verkopen op termijn. Het is wel iets om rekening mee te houden bij bijvoorbeeld de calculatiekoers die u berekend. Zeker als u verkoper bent van USD en koper van USD. Dan heeft u minder opbrengst in Euro’s.

Een valutatermijncontract is een complex financieel product. Laat u daarom altijd goed informeren door een financieel expert voordat u een valutatermijncontract afsluit.

Erna Erkens

 

 

Erna Erkens

Owner at Erna Erkens Valuta Advies (EEVA)


Bron

Technology in 2024: Is your trading desk ready?

20-10-2020 | treasuryXL | Refinitiv |

Traders around the world find themselves having to adapt quickly to AI and emerging technologies, the move to automation, and the need to demonstrate best execution.

To understand what this means for the future, Refinitiv teamed up with Greenwich Associates to produce a three-part series called ‘The Future of Trading’.

In our first report, we found broad consensus (78%) that technology has created better and more efficient financial markets.  However, opinions vary on what will bring the greatest future impact—and how soon.

AI and machine learning are widely expected to be the most disruptive. Beyond that, perspectives are split: traders are looking for immediate impact from execution management systems (EMS) and from short and longer term investment in trade performance analytics. Across capital markets, though, the focus is firmly on long-term, strategic and defensive cybersecurity and real-time risk management solutions.

Access full report

Sign up for The Dutch Top 100 Credit Managers

19-10-2020 | treasuryXL |

De Vereniging Voor Credit Management (VVCM) start met het samenstellen van een Top 100 Credit Managers in Nederland. Heb jij als credit manager bijzondere projectresultaten behaald? Of ken je iemand anders die in deze lijst niet mag ontbreken? Lees dan verder…

Over de VVCM Credit Managers Top 100

De VVCM Credit Managers Top 100 zet jouw succes in de schijnwerpers. Deelname aan deze competitie kan jou helpen om de groeiambities van jouw bedrijf verder waar te maken, of je eigen carrière een boost te geven. Een nominatie levert ook contacten met andere koplopers en ingangen in het netwerk van de VVCM op.

De VVCM hecht veel waarde aan de professionalisering van het vakgebied Credit Management in het Nederlandse bedrijfsleven. Welke bijdrage lever jij hieraan? Heb je je workflow gedigitaliseerd of geautomatiseerd, maak je gebruik van innovatieve tools, heb je hick-ups in het order-to-cash proces op weten te sporen en geëlimineerd, heb je het bedrijfsresultaat geoptimaliseerd, het topmanagement van strategisch advies voorzien? Meld je aan!

Hoe werkt deelname?

Zoals elke wedstrijd kent de VVCM Credit Managers Top 100 spelregels. Bijvoorbeeld over wanneer je voldoet aan de criteria. Dat is eigenlijk al als je in een credit management functie werkzaam bent en leiding geeft aan een team. Het maakt niet uit wat je officiële functietitel is, of je lid bent van de VVCM of niet en welke sector je vertegenwoordigd. Iedereen is welkom voor deelname!

We zijn op zoek naar bijzondere, baanbrekende, laterale, innovatieve, verrassende initiatieven die een significant, aantoonbaar positief effect hebben gehad op de kwaliteit van creditmanagement. Beoordeling vindt plaats via expertpanels. Deze (externe) deskundigen beoordelen de inzendingen binnen hun vakgebied. Zij bepalen volgens dezelfde criteria de uiteindelijke volgorde en wie zich 1 jaar lang in de Credit Managers Top 100 kan profileren.

Wat mag je verder verwachten?

De VVCM wil jou graag helpen om een volgende stap te zetten. Dit doen we door:

  • De mogelijkheid om inspirerende blogs en vlogs de publiceren
  • De mogelijkheid tot het geven van een gastcollege of kennissessie
  • Een online event en aandacht via social media
  • Contacten met andere prominenten en partners

In de afgelopen jaren zijn er al veel Credit Managers van het Jaar uitgeroepen en de variatie is groot. Overeenkomst tussen al deze credit managers is dat ze als eindverantwoordelijke betrokken zijn geweest bij een verbeterproject waarin creditmanagement een prominente rol heeft gespeeld.

MELD JE AAN

Is a Letter of Credit (L/C) a dying product?

| 13-10-2020 | Ger van Rosmalen | treasuryXL

In this blog , Ger van Rosmalen explains why you need to ask for a Transferable Letters of Credit when your bank doesn’t want to increase credit limits but even want to lower credit limits.

This blog continues in Dutch language…

Is een Letter of Credit ( L/C) een uitstervend product? Nog steeds worden wereldwijd door importeurs en exporteurs risico’s afgedekt met L/C’s. Als ik kijk naar de afgelopen jaren met het toenemende aantal bedrijven dat ik mocht helpen met het structureren van L/C deals dan ben ik ervan overtuigd dat L/C’s het bedrijfsleven nog lange tijd zullen helpen om de kloof tussen onbekende importeurs en exporteurs financieel te dichten. Ja, er zijn alternatieven en daar moeten we onze ogen niet voor sluiten maar deze zijn (nog) geen gelijkwaardige vervanging voor deze in mijn ogen uitstekende betalingsinstrumenten.

Transferable Letters of Credit

Bijzondere aandacht verdienen daarbij de Transferable Letters of Credit. Een speciale vorm van een L/C die uitkomst biedt als de bank kredietlimieten niet wil verhogen of zelfs verlaagt. Je doet bijvoorbeeld mooie deals met een prima winstmarge, maar je bank beweegt niet mee.

Stel je verkoopt een machine aan een klant, en die machine koop jij weer bij een producent. Hoe kun je een dergelijke deal structureren zonder dat het ten koste gaat van je beperkte werkkapitaal? Een Transferable L/C kan hier uitkomst bieden.  Je ontvangt een Transferable L/C van je koper voor een machine ter waarde van EUR 100.000. Je koopt de machine bij een producent voor EUR 90.000 en die vraagt zekerheid van betaling. Het L/C dat je hebt ontvangen kun je overdragen naar de producent voor EUR 90.000 die op dat moment zekerheid van betaling krijgt. Als de producent heeft geleverd zal de financiële afwikkeling als volgt plaatsvinden: de documenten voorgeschreven in het L/C worden door de producent via zijn bank bij jouw bank aangeboden. Zijn de documenten goed, dan mag de bank de inkoopfactuur vervangen door de verkoopfactuur en zal de marge op jouw rekening achterblijven.

Klinkt simpel, toch is het dat niet, want er gelden belangrijke spelregels. De in- en verkoop condities moeten naadloos op elkaar aansluiten dus inkoop in EUR dan ook verkoop in EUR, verkoop op CFR basis dan ook inkoop op CFR basis. De goederen mogen evenmin bewerking ondergaan. Hier moet je even voor gaan zitten, maar het maakt deals mogelijk die je anders misschien moet laten lopen. Hoewel het een bancair product is, bieden banken het in mijn ogen te weinig aan als alternatief voor kredietverlening. Soms omdat de bank er weinig of geen ervaring (meer) mee heeft of het niet wil doen omdat de exporteur hier niet veel ervaring mee heeft en de bank daarom een reputationeel risico denkt te lopen.

Conclusie

Met een goed onderbouwd verhaal kun je dergelijke L/C transacties heel goed gebruiken om jouw groeidoelstelling te realiseren, met comfortabele zekerheid van betaling.
Mijn advies is om expliciet te vragen om een Transferable L/C en neem niet te snel genoegen met een afwijzing.

TradelinQ Solutions kan je daar heel goed begeleiden. Neem vrijblijvend contact op voor meer informatie.

 

 

Ger van Rosmalen

Trade Finance Specialist

 

 

KYRIBA Global Summit

| 07-10-2020 | treasuryXL | Kyriba |

We are excited to invite you to the first ever Kyriba Global Summit, a free virtual event bringing together treasury, finance and IT teams from around the world to discuss their successes and the latest innovations in cash management, payments, bank connectivity, FX risk management and working capital management.

Hear successes and stories of transformation from some of the most recognized companies in the world with a globally diverse group of speakers.

REGISTER HERE

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.

Partner Interview Series | More than a decade of Treasurer Search proudness

22-09-2020 | treasuryXL | Treasurer Search |

Treasurer Search is founded in 2009. Treasurer Search recruits candidates for both permanent and temporary treasury positions in industry, trade, services and non-profit. They recruit treasury professionals of all levels, from young graduates to senior treasury professionals, for positions including corporate treasurer, cash manager, treasury controller, treasury consultant, treasury analyst, assistant treasurer and group treasurer.

AN INTRODUCTION TO

 

Pieter de Kiewit, Treasury Aficionado, Recruitment Consultant and Owner of Treasurer Search. His market focus is the BeNeLux and Germany, his clients are mainly corporates, non-profit and consultancy organizations. Pieter holds an MSc. in Organizational Science and has over 25 years experience in international recruitment. In many ways he contributes to the Treasury Community by connecting people, companies, education and events.

We asked him 11 questions and 2 bonus questions. Let’s go!

 

INTERVIEW

1. Can you tell us about Treasurer Search and its mission and vision?

In our vision the professional field of treasury will further evolve and serve a broader group of organizations. It is our mission to listen to treasurers, business and HR leaders and make robust matches taking everybody’s interest into account.

2. What was the main reason to start with Treasurer Search in 2009?

For me as a person, my first professional choice was recruitment. In 2009 I worked in the recruitment industry for 15 years in various roles with two international market leaders. I decided I wanted to recruit in a way that suited my clients, candidates and me best. And that an own organisation was the best structure to do so. Already early in my career I searched group treasurers and liked the job type in so many ways. With the expert combination of both recruitment and treasury, I think we can optimize our added value best.

3.  How would you describe your company in 3 words?

Results, expertise, authentic

4. Can you take us with you into your company culture? How would you describe it?

We take pride in what we do, want to show our added value and like our job. We are Dutch, direct, informal and also very much interested in you and what keeps you busy. We are here to stay and want to build long lasting relationships. And we are not afraid to try or even initiate something new.

5. What is, in your perception, the biggest benefit for clients and candidates to work with Treasurer Search?

Understanding the recruitment industry is not hard. What sets us apart from other executive search firms are our treasury expertise which enables us to dig in deeper. And our long lasting relationships. 90% of the candidates we find a position for, we had prior contact with. Over 50% of our revenue is repeat business and we are still growing. Clients like us because we find better candidates, quicker for a fair, market level fee.

6. What has been your biggest challenge since the start of Treasurer Search? And how did you deal with it?

Our USPs are stability and treasury expertise combined with recruitment skills. People who combine these aspects are few. We have taken steps not only forward but also back because new colleagues realized after a while that their motivation did not match the mission of Treasurer Search. By now we have a stable team and cautiously continue moving forward. In recruitment for our own organisation we spent even more time in informing potential colleagues.

7. What is the best learning experience you ever had as business owner of a treasury recruitment club?

The treasury community is an interested and intrinsically motivated group of people. Always willing to brainstorm and join. In order to channel positive input into plans that bring us the results we strive for, we cannot lose focus. That brings best results. Over time I better learned to avoid distractions but are not done learning.

8. In the last 10 years, what are the main differences in the world of treasury & recruitment?

Too many to make a comprehensive list. What strikes me most in treasury is that the professional level of treasurers is going up. Treasurers are nowadays educated at a higher level, better communicators and continue to invest in treasury education. Treasury is getting the platform it deserves.
Also recruitment is constantly changing. The success of a new hire will never be an exact science but we try to avoid risk. New insights and technology in our field resulted in www.treasurertest.com. In my opinion a perfect example of recruitment new style.

9. How do you see the future of the function of treasury?

I hope and expect treasurers will be able to increase their impact. In large corporates they will be able to contribute in strategy, mitigate risk better and save cost. In mid-sized organizations they will find their spot in the CFO team where they are currently not always. The impact of treasury technology cannot be overestimated, one blog is not enough to describe that topic.

10.  How important is treasury in times like these? In times of COVID19….

The cliché “profit is an opinion, cash a reality” is currently felt stronger than ever. The treasurer that cannot show his added value in these times might not be in the right position.

11. Tell us, 10 years from now, what does Treasurer Search look like?

Predicting the future in these times is more daunting than ever, we just celebrated our first 10 years… I hope 10 years from now we can still show stability, treasury and recruitment expertise. Furthermore I hope clients who currently do not have a treasurer are happy we found one for them and also many more clients who are not based in The Netherlands enjoy our services.

BONUS QUESTIONS

What makes you happy in your work?

Results. See that my colleagues are happy in their job and help candidates and clients moving forward.

What are you most proud of in your career at Treasurer Search?

That clients call us again because they like the candidate they hired through us before. That candidates are happy in their job we found them, and for a long time. That we created an organization with employees that like coming to work to a job that pays mortgages and children’s shoes. That the treasury community knows us and knows how to find us.

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

| 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

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. What has been your best experience ever in the world of currencies?

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