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.

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

The Treasurer’s Toolkit: Unpacking the DNA of a successful treasurer in 2025

8-9-2020 | treasuryXL | Refinitiv |

How did treasurers become the guardians of business risk?

In the aftermath of the financial crisis, corporate treasury teams were thrust into the spotlight when businesses prioritised cashflow as banks’ appetites to lend waned. Since 2008, the role of the corporate treasurer has evolved from that of a diligent back-office function, to increasingly become more of a strategic advisor to the board. Today’s corporate treasurers have a much broader remit and the subsequent onslaught of regulations such as Basel III, Dodd Frank, MiFID II and the International Accounting Standards have ensured that the treasurer now plays a critical role in ensuring the survival, and success, of businesses.

To sustain this advisory relationship with senior stakeholders and further develop as a strategic lead in the global competitive business landscape, corporate treasurers must understand the vital skills and relevant experiences that will not only help propel their careers but differentiate them from others in the market.

78 per cent of respondents agree that treasurers across the world are now expected to do more with less

In this ground-breaking research report The Treasurer’s Toolkit, Refinitiv has identified key trends in how corporate demands have shaped the skillsets, desired experience and typical profiles of the modern corporate treasurer. Our research incorporated the views of 250 CFOs, heads of finance and recruitment professionals, across five continents in businesses varying in size, from fewer than 100 employees to more than 5,000. In this report we take a deeper dive into the research, to unpack the DNA of the successful treasurer, now and in the future.

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

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

Large platforms mainly invest in stones: social value decreases

31-08-2020 | Lex van Teeffelen | treasuryXL

Due to the corona crisis, loan volume shrank by 37% for corporate loans with crowdfunding platforms. Unique, because since the foundation of crowdfunding platforms there has only been growth. The first half of 2020 was so bad that a number of platforms made use of the NOW scheme. Yet there is also good news. A number of platforms are growing rapidly. Five platforms have also been admitted to the SME Corona Guarantee Scheme. What are the main developments? And where are the largest platforms?

(Blog in Dutch)

Het goede nieuws

Het gaat een aantal platforms voor de wind. NLInvesteert neemt de koppositie over als marktleider in het eerste halfjaar 2020. Onderscheidend door de sterke risicobeoordeling en de lage default. Maar ook SameninGeld voor particulier vastgoedfinanciering en LenderSpender voor consumentenleningen groeien door.

Eindelijk toegang tot overheidsgaranties

Na veel lobbywerk in Den Haag is de kogel door de kerk. Ook crowdfundingplatforms kunnen overbruggingskredieten met staatsgaranties aanbieden. Het gaat om BMKB-Corona regeling tot 1,5 miljoen euro met een aflosvrije periode tot 18 maanden en een maximale looptijd van 4 jaar. Een aantal platforms heeft concessies moeten doen. Naast de crowd dienen ook professionele/grote investeerders mee te doen. De website van het RVO is wat traag met alle partijen te vermelden, maar de volgende crowdfundingplatforms zijn geaccrediteerd: Geldvoorelkaar, VoordeGroei, OneplanetCrowd, Coöperatie NLInvesteert en October. Vreemd genoeg krijgen ook de flitskredietverstrekkers Swishfund en Yeaz toegang tot de staatsgarantie. Die trekken ondernemers qua kosten en rente het vel over de neus. En dat met staatsgarantie!

NOW-aanvragen

Het Europees opererende platform October van Franse origine, is de grootste aanvrager van de platforms in de eerste NOW-ronde met 151K. Maar ook marktleider 2019 Geldvoorelkaar voelde de pijn en ontving 136K. De derde grootste aanvrager was DuurzaamInvesteren (Crowdinvesting BV) met een toegekend bedrag van 83K. Deze partij heeft onder meer de Triodos Bank als aandeelhouder. Flitskredietverstrekker Swishfund spant echter de kroon met 313K.

Het is natuurlijk toegestaan, maar het staat niet chic. Deze platforms behoren bepaald niet tot de kleintjes. Dat kleinere non-profit platforms als VoordeKunst en Kentau de NOW aanvragen, is meer vanzelfsprekend.

DuurzaamInvesteren krijgt navolging

Bij DuurzaamInvesteren gaat het al een tijd niet goed. Niet alleen scoort dit platform hoog op het aantal ondeugdelijkheden, ook blijft het volume achter bij de concurrenten sinds begin 2019. Een doorn in het oog is dat DuurzaamInvesteren proposities van de eigen aandeelhouders YardEnergie en Greenchoice plaatst. Hoe kan het platform daarbij objectiviteit garanderen? Helaas volgt aandeelhouder Lambert Kassing van KapitaalopMaat dit slechte voorbeeld op met deze propositie. Ook KapitaalopMaat kent weinig transacties met daarbij ook een hoge (loss giving) default. De aandeelhouder is tevens actief voor de Stichting Zekerheden KapitaalopMaat. Wederom ongewenste verstrengeling van belangen. Belanghebbenden kunnen melding doen bij de AFM.

Vastgoedtransacties zonder heldere risicobeoordeling

Waar de platforms voorheen vooral werkkapitaal verschaften, groeit nu de objectfinanciering – meer specifiek de vastgoedfinanciering – snel. Bijgaand ziet u een indicatief overzicht van de Onroerend Goed (OG) proposities van de drie grootste platforms (2020 YTD) op 18 augustus 2020 om 00.00 uur.

Tweederde of meer van de verstrekte leningen (in volume) is nu vastgoedfinanciering. Hoewel Geldvoorelkaar de meeste proposities post (66%), wordt zij in volume voorbijgestreefd door Collin Crowdfund en NLInvesteert. Dat investeerders wat te kiezen hebben blijkt uit de ranges in Loan To Value (LTV) en de geboden rentes. Op het eerste gezicht lijkt NLInvesteert het betere risico/rendement aan te bieden. Let wel, het aantal waarnemingen is beperkt. De proposities binnen en tussen de platforms wijken sterk van elkaar af. In een enkel geval wordt niet eens onderpand gevestigd, soms een tweede hypotheek (= lastig uitwinbaar), veelal een eerste hypotheek met (te) hoge LTV.

Er ontbreken veel indicatoren om OG proposties op waarde te kunnen schatten: de beoordeling van de locatie, de courantheid en verhandelbaarheid van het pand, de staat van onderhoud (binnen- en buitenkant), de kosten van achterstallig onderhoud of bouwkundige gebreken. Taxatierapporten worden niet bijgevoegd.

Investeren in vastgoed met eerste hypotheek is niet risicoloos. In een crisis komen meer bedrijfspanden leeg te staan. Daarmee daalt de waarde. Geen huurder, betekent sowieso een zeer lage waarde. Excecutieverkoop levert een fractie van de getaxeerde waarde op. Wachten op de juiste koper meer, maar gaat gepaard met doorlopende kosten. Bij particuliere woningen is dat risico minder groot. Maar in ontvolkte en sterk vergrijzende regio’s zeker aanwezig. Meer dan 65% LTV bij courante bedrijfspanden en 80% LTV bij particulier vastgoed voor investeringsdoeleinden is onverstandig. Vooral Geldvoorelkaar en Collin Crowdfund overschrijden die grenzen regelmatig. Geen van de drie platforms hanteert overigens expliciete pricingscriteria voor vastgoedproposities. Andere beoordelingscriteria zijn nodig.

Investeren in de reële economie of meedeinen met speculanten?

Naarmate er meer gehandeld wordt in particulier onroerend goed, zullen de platfoms meebewegen. Daar waar nieuwe panden en projecten worden gerealiseerd via aan-, ombouw en nieuwbouw, zie ik toegevoegde waarde. Daar waar ondernemers hun kosten gelijk kunnen houden met verwerving van het bedrijfspand niet. Investeren in stenen is – zeker nu – slecht voor de liquiditeit van een onderneming. Cash is King in crisistijd.

Maar wat is de toevoegde waarde van opkoop van particuliere panden? Die worden gesplitst of voor drie tot vijf personen ingericht. Huurprijzen worden flink verhoogd, stedelijke omgevingen worden onbetaalbaar voor starters en mensen met lage en midden inkomens. In plaats van honderden euro’s, stijgen de huren naar duizenden euro’s. Niet alleen het snel groeiende platform SameninGeld specialiseert zich hierin. Ook de grote platforms doen mee.

Economen in 17e eeuw noemden grond- en huizenbezitters de steriele klasse, omdat zij niet herinvesteren in directe economie en productiviteit. Adam Smith – schrijver van The Wealth of Nations – noemt hen zelfs parasieten, omdat zij “love to reap, where they never sowed”. Ook Nobelprijs winnaar Joseph Stiglitz, waarschuwt voor de ontwrichtende werking van de toenemende ongelijkheid en de accumulatie van kapitaal en bezit. En u kent vast de econoom Thomas Pikkety, die pleit voor het zwaar belasten van bezittingen en het licht belasten van arbeid?

Kleur bekennen

Met het verstrekken van overbruggingskredieten BMKB-C kunnen platforms hun rol herpakken. Banken laten steken vallen en beperken zich graag tot financieringen van 1 miljoen euro en meer.

Ik ben benieuwd waar de grotere crowdfundplatforms nu voor staan. Blijft het bij het oppikken van de restjes die de banken achterlaten? Zoals het er nu naar uitziet, lijken de grootste platforms veel op elkaar. Tijd voor fusies? Er mag wel wat meer kleur in het landschap komen*. Waar zit de toegevoegde waarde? Wat is hun Why en aan welke maatschappelijke doelstellingen dragen deze grotere platforms meetbaar bij?

 

Lex van Teeffelen

Professor Entrepreneurial Finance and Firm Acquisition

treasuryXL announces collaboration with Refinitiv, one of the world’s largest providers of financial markets data and infrastructure

| 27-8-2020 | treasuryXL | Refinitiv |

VENLO, The Netherlands, August 27, 2020 – treasuryXL, the community platform for everyone who is active in the world of treasury, and Refinitiv, one of the world’s largest providers of financial markets data and infrastructure today announced the signature of a premium partnership.

The collaboration aims at offering a continuous flow of treasury content, making treasury knowledge available. This collaboration includes:

  • collaboration on messaging, content production, and visibility
  • mutual distribution on select items of interest
  • collaboration on larger themes: event promotion, speaking and experts contribution, publications

With this collaboration, treasuryXL and Refinitiv are striving to make sure that treasurers are always up to date with the latest news and events in their field.

According to Kendra Keydeniers, treasuryXL “We are very excited to welcome Refinitiv in our community. Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. Refinitiv will have a prominent role in the Treasury Topic environment with coverage in corporate finance, risk, cash management, working capital management & treasury software which is a considerable contribution to our ecosystem.”

About treasuryXL

treasuryXL started in 2016 as a community platform for everyone who is active in the world of treasury. Their extensive and highly qualified network consists out of experienced and aspiring treasurers. treasuryXL keeps their network updated with daily news, events and the latest treasury vacancies.

treasuryXL brings the treasury function to a higher level, both for the inner circle: corporate treasurers, bankers & consultants, as well as others that might benefit: CFO’s, business owners, other people from the CFO Team and educators.

treasuryXL offers:

  • professionals the chance to publish their expertise, opinions, success stories, distribute these and stimulate dialogue.
  • a labour market platform by creating an overview of vacancies, events and treasury education.
  • a variety of consultancy services in collaboration with qualified treasurers.
  • a broad network of highly valued partners and experts.

About Refinitiv
Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime.

For more information visit: www.refinitiv.com