Tag Archive for: interview

Partner Interview Nomentia | Best-of-breed cash & treasury management solutions

10-11-2020 | treasuryXL | Nomentia |

It has been a crazy year for OpusCapita with a lot of positive changes. OpusCapita recently joined forces with Analyste and merged into Nomentia.

Nomentia is a Nordic powerhouse for global cash management. By believing in a world in which businesses can make the right decisions no matter how unpredictable the times are, their SaaS-based platform offers solutions for cash forecasting & visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. Nomentia currently serves 2,300+ clients in over 100 countries processing more than 200 billion euros annually.

AN INTRODUCTION TO…

 

Meet Jukka Sallinen , Deputy CEO at Nomentia.

Jukka is a cash management domain expert with a strong hands-on background from international and complex payment factory and SWIFT projects. Previously Jukka had been working in various R&D roles, focusing on bank and ERP integrations and security topics.

” We are the bridge between finance and treasury ”

 

 

We asked him 9 questions. Let’s go!

INTERVIEW

1. Nomentia, what is the core business and what is its mission??

Our vision is to create solutions that make the life of modern CFO’s and Treasurers easier. We provide best-of-breed cash and treasury solutions that are the bridge between Finance and Treasury. Best-of-breed means that we focus on challenges that matter for modern CFO’s and treasurers to stay ahead of the curve and help their business to prosper.

We solve the challenges that professionals face in their daily work:

End-to-end & total visibility of cash flows is ever important. By visibility we of course mean visibility to cash flows, bank accounts, payments and future cash flows. But today, visibility is also more and more a risk & compliance related challenge. To whom I am going to pay? How do I mitigate the risk of fraud? Another visibility challenge is the whole topic of working capital where cash & liquidity forecasting & analytics solutions will play a role.

While visibility could be classified as internal challenge an example of external challenge Treasurers are facing is financial crime which is globally a trillion-dollar industry. Payment fraud and cybercrime faced by corporates remains significant and growing problem. To fight back corporates are mitigating these risks by harmonizing bank connectivity & payments into a centralized payment hub.

Finally, finance organizations seeking for return of investments from their Treasury or Finance solutions typically look increasing automation and efficiency in financial processes. Automating & harmonizing bank statement processing and accounts receivable reconciliation (automatic matching) holds typically largest savings potential.

By focusing on these challenges that matter to modern CFO and Treasurers, Nomentia is different. Monolithic finance and treasury systems are not quick and flexible enough to face the challenges of today and thus remain largely un-used.

2. OpusCapita recently formed a new company together with Analyste. What was the main reason for this? 

There is a growing need for choosing best-of-breed cloud solutions to solve particular business challenges today’s organizations are facing, which cannot be addressed by traditional monolithic tools. And treasury and finance organizations are no different. We are in a journey to create a leading cloud native cash management company as one.

3. What constitutes this Nordic powerhouse?

We took the best practices of both companies and combined them into one integrated solution for Finance and Treasury professionals. Nowadays, companies need multiple tools and systems. Is anyone convinced that the trend would go backwards? I mean look at your mobile phone. More apps keep coming and we as consumers add more. As business consumers we don’t want to be different, right?

A modern company needs a sales and customer relationship management, marketing automation tools, billing systems, project management tools, HR systems and various business solutions – and Finance & Treasury are no different. Often at some point we fall into the trap of looking for one platform to solve all challenges. But there never will be one, because we cannot possibly know everything a platform needs to solve to adapt in changing business environment. You end up using only small fraction of such monolithic platform with a very high price tag or building very customized solutions.

4.You talk about best-of-breed, what does it mean and what is the customer benefit?

Now, what does this mean for treasury and cash? A one-for-all solution would be a single solution to solve all your finance & treasury & cash management issues. That at least used to be sort of IT’s dream come true. One can clearly see benefits such as having less systems to integrate or less business partners to deal with. Also, commonly heard argument is to claim you would have “all the data at your hand in one place” which often shrinks into a mere sales argument.

While choosing best-of-breed companies can build network of integrated products and solutions. Benefits are often ones like paying and implementing only what you really need, much quicker implementation time and thus quick payback time, more standard features and no customization and vendor locking. Even the integration – a classical tarpit in IT projects – is often surprisingly simple because best of breed providers works very well together

Treasury or Finance is not an island. It is not the treasury that really is changing but the world around it. How companies are purchasing goods, sales are becoming digital, buying journey shifting to marketplaces and technology and software connecting everyone and concerning almost any business will sure keep changing the work that needs to be done by Treasury and Finance teams. Our claim is that networks and best-of-breed is more adapted to change.

5. How does the customer journey look like from start till end? And how long does a project take?

This really depends on the customers and their needs and how their internal processes look as well. We adjust to our customers’ needs.

6. Can you give us an outlook on the product developments that are scheduled?

The most important achievement is that we’ve now released our first versions from next generation Nomentia products that are based on a modern cloud architecture. We have been working on for the last four to five years to come up with the next generation – which is by the way already fifth generation if we look how our products have evolved from 80’s. Our customers should expect a whole new user experience from all our applications as many modules have not only got a completely new front end in HTML5 but a backend and business logic as well.

One of the new developments our customers should be looking carefully is that we are bringing better productized analytics capabilities to our next generation product as we speak. With analytics capabilities we mean payment behavior analytics and statistics, performance analysis and working capital related key performance indicators.

7. What has been your best experience in your career at OpusCapita, now Nomentia?

Next spring shall mark me already fifteen years in the company. Both OpusCapita and Analyste had gone such an exciting journey first as an independent company and then as part of larger enterprises, and finally again independent but together. It’s hard for me to rank all the memories I’ve collected with such a fantastic team and individuals that have participated into this journey. However, I still do remember with warmth some of the early development projects that helped us to become more international, such as joining to SWIFT Lite 2 program as global early adopters in 2013. And of course, winning the hearts of first global customers for the new service back then.

I’ve always got inspiration from challenging projects, working with new technology, and working to productize something that no one has done before. I feel that our employees at Nomentia are in a privileged position, since we work with such an exciting customer base and deliver software for so critical processes.

8. What has been the biggest success story of OpusCapita, now Nomentia, so far?

Although both Analyste and OpusCapita  have their roots in early 80’s we’re truly living the moments of biggest success right now. The company has never been filled with such a talented people, have such great solutions, and finally a market position to grow and create a European (or rather global) Fintech success story.

9. The year is 2025, what have been the OpusCapita/Nomentia successes over the last years?

The world of CFO and Treasurer is changing probably faster than never. Our five-year plan is obviously to grow significantly, which means double-digit revenue growth year-on-year. Much of our growth comes from international markets where I would expect us to cement our positions in several new markets as a viable and market leading choice of a modern CFO.

We will be significantly larger and stronger European Fintech company than we are today. When it comes to successes, I believe it is all about the journey rather than single events. We must work hard every day to win our customers hearts, and to have an atmosphere where employees find it exciting to wake up every Monday and be a part of our success story. Work hard, learn something new every day, and do it with a smile, and the journey will reward you.

 

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 aderito.duarte@tis.biz or request a demo at www.tis.biz/en.

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

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

Recap of the first ‘Meet the Expert’ interview series and full overview

| 04-08-2020 | by Kendra Keydeniers |

A couple of months ago, we started the ‘Meet the Expert’ interview series with experts from the treasuryXL community with different treasury expertise.

Treasury needs to deal with an increasing availability of alternative financial products, intensifying risk management requirements, regulatory and compliance constraints.

What do our experts think about this rapidly growing movements within the treasury world? What developments do they expect in the future? What opportunities do they see?

We interviewed 10 experts over the last 10 weeks and asked them about their treasury career, experiences, the future of treasury and of course how COVID19 impact treasury from their perspective.

Did you miss an interview? No worries, here is a full overview of the ‘Meet the Expert’ series:

 

 

 

Bertus van de Kamp

Senior Business Consultant & Cash Management Specialist

read interview

 

 

 

 

 

Wim Kok

International Business Consultant & Trade Finance Specialist

read interview

 

 

 

 

 

Aastha Tomar

FX & Derivatives | Debt Capital Markets | MBA Finance | Electrical Engineer | Sustainability

read interview

 

 

 

 

 

Michael Ringeling

Corporate Treasury, Corporate Control and Banking

read interview

 

 

 

 

 

Olivier Werlingshoff

Cash- and Treasury management

read interview

 

 

 

 

 

Ger van Rosmalen

Trade Finance Specialist

read interview

 

 

 

 

 

Francois De Witte

Owner at FDW Consult | Sr. Project Manager at Gaming1 | CFO at Safetrade Holding

read interview

 

 

 

 

 

Arnoud Doornbos

Interim Treasury & Finance | Consultant | FX & Interest Derivatives | Treasury Outsourcing| Risk | Fintech | TMS

 

 

 

 

 

 

Vinzenco Masile

Treasury Expert/Credit Risk Manager

read interview

 

 

 

 

 

Arnaud Béasse

Debt Management Specialist

read interview

 

 


A big thank you to everyone that worked with me on this series, to everyone that selflessly shared their knowledge and experience with all of us! You guys rock.

If you’ve enjoyed our series so far, don’t worry, this is just the beginning! We are looking into more perspectives to share with you later this year when we will start the second ‘Meet the Expert’ interview series.

Take care and thanks for reading,

Kendra Keydeniers
Community & Partner Manager at treasuryXL

Meet our Experts – Arnaud Béasse

28-07-2020 | Arnaud Béasse | treasuryXL

Welcome to the 10th and last (for now) interview of the ‘Meet the Expert’ series. This time we interviewed our brand new Expert Arnaud Béasse. Arnaud is founder of the advisory firm Arts+Brands and an expert in Debt Management. He started his career as Regional Financial Controller, cumulating the responsibility for IT.

Arnaud has more than 17 years experience in Banks focusing successively on Structured Asset Finance, Corporate Banking, DCM and in Multinational Corporates for their Energy and Metals trading and Project Finance. He created Arts+Brands to expand his entrepreneurial spirit by advising small ventures and start-ups (Fintech, Biotech, IT) for their Fund Raising and Finance strategy and also by getting involved in the daily operations.

Arnaud is fluent in English, German and French and is used to work in international, multi-cultural and virtual teams environments.

We asked him 11 questions, let’s go!

How did your treasury journey start?

During my first assignment as a regional financial controller, I have been immediately confronted to a complex consolidation of cash streams from different emerging countries with different currencies and regulations. Finding secure and systematic solutions has been challenging but also interesting and fun. This was the beginning of my treasury discovery, from which I moved then to asset finance, project finance, trade and export finance and later to the complete « corporates and markets » solutions offered by a large European bank.

What do you like about working in Treasury?

I find the central role played by treasury in supporting a business very motivating: it manages all financial resources a business needs to generate returns. Perfect understanding and anticipation of the needs (planning) and an accurate analysis of the resources available (controlling) are therefore essential. I also like the necessity of combining short term priorities like cash management and long term planning like investments.

What is your Treasury Expertise?

Capitalising on my long banking and large corporates experience, I have acquired a strong knowledge of all kind of debt solutions associated with credit, regulatory, compliance competencies. I have specialised in Debt Management, Fund Raising, Asset Finance, Leasing, Cash Flow Management, Trade and Export Finance and Project Finance. I am currently focusing on Sustainable Finance to support firms aligning their finance resources with their commitments towards the environment.

What’s the most important factor in debt management?

The starting point of debt management is a careful analysis and control of the cash flows. Borrowings need to align with the business cycle of the company and eventually its equity profile. Once the needs of each business line and the corresponding cash flow generation are consolidated, the adequate debt structure can be designed with a mix of junior to senior, short term to long term solutions and a calibrated interest rates structure.

What has been your best experience in your debt management career until today?

I remember a dramatic situation occurring during a local currency crisis in an emerging country, where we had arranged a large equipment finance. The debt repayment plan did not anymore match with the borrower’s cash flow generation and we were heading straight to a default situation. After long and numerous discussions, we managed to get transferred a large position on natural resources the company was owning but not operating and structured it in a way that the majority of risks were covered, the credit committees and respective boards were satisfied and ultimately the borrower managed to earn additional profit. I admit there is a part of luck in this experience but getting from this desperate situation to a point where all parties were so happy has been my most fulfilling experience so far!

What has been your biggest challenge in your career?

I consider the toughest challenges in a company are almost always linked to human resources management and termination of assignments. But if we remain within the treasury topic, my biggest challenge so far has been to accept a board decision not to conclude an M&A transaction, whereby all indicators (profit, risk, market position, further opportunities) were very favourable for the group and I had worked for more than one year on the case. Some months later, upon publication of the yearly results, it became clear why the project was rejected!

What is the most important lesson that you have learned as a treasurer?

Along the various experiences I had with treasury, the most important lesson might be to always seek the most simple and straight forward option. There are many ways of hedging a currency position, improving the average interest rate of a pool of debt facilities, leverage the value of an asset, optimise the return of positive cash position. But the risk and time associated to it can rapidly be disproportionate to the purpose and the size of the original transaction. Treasury shall normally create value, not necessarily profit!

How have you seen the role of Corporate Treasury evolve over the years?

Obviously, the role of Corporate Treasurer has become more and more complex. Treasury needs to deal with an increasing availability of alternative financial products, intensifying risk management requirements, regulatory and compliance constraints. But at the same time, the emergence of digital treasury platforms and integrated cash management systems are making the steering of treasury much easier and more accurate.

The coronavirus is undoubtedly an unprecedented crisis. In general, can you elaborate on the impact this virus has on treasury from your perspective?

Treasury is between a rock and a hard place: as a consequence of the crisis, sales are dropping and cash flows are missing but the financial obligations (debt, salaries, rents, supply, …) remain and the access (if not the availability) of financial resources become difficult. For treasurers who had a prudent cash flow management with enough resources to bridge the gap, it has been a confirmation for their risk management strategy. For others with more lean structure, it is, in the best case, a very stressing moment trying to find last minute and costly (not only in terms of interest rates) funding solutions. Some businesses, which have bet on a very tight business model, will probably be restructured. The crisis will certainly lead corporates to adopt more careful models with sufficient reserves and flexible organisations but also postponed or reduced investments.

What developments do you expect in corporate treasury in the near and further future?

The main trend is definitively the further digitisation of the treasury functions, offering more reliable, more secure and faster execution of the transactions: payments, cash management, trading, trade and export instruments, guarantees, etc. As the execution of transactions will be more and more automated and integrated in the supply chain systems, treasurers will shift their focus on analysing and planning for the financial resources in order to formulate strategies.

Another interesting trend for the treasurer is the further development of the non-banking debt market. This shall broaden the borrowers’ horizon, balancing again the bargaining power in favour of the corporates and generating even more tailor-made/OTC debt solutions.

What is your best advice for businesses without a Treasurer?

Running a business without a treasurer can only be considered for small businesses. For standard operations, managing the daily needs with modern digital tools will always become easier, even if substantial support shall be required during the implementation of a system. Once the system is running, the daily treasury tasks can be integrated in the accounting and finance agenda.

However, as soon as operations get more complex (investment, take-over, international development, restructuring…), the support of a specialist remains essential, be it for a limited period of time like part-time or ad interim…

 

 

Arnaud Béasse

 

 

 

 

Does your business need support in Treasury or a Treasury QuickScan?

We have treasurers available, go to Rent a Treasurer for all information.



Meet our Experts – Vincenzo Masile

21-07-2020 | Vincenzo Masile | treasuryXL

Welcome to interview #9 of the ‘Meet the Expert” series. This time we interviewed our Expert and Treasury Specialist Vincenzo Masile. He is an experienced international finance manager who lived and developed his career in Italy, The United Kingdom, Switzerland and The Netherlands. Currently, he lives in Amsterdam, and enjoys working with people from different countries.

His fields of expertise are:

We asked him 11 questions, let’s go!

1. How did your treasury journey start?

Back in 2008 I was working as a credit manager for a large US agricultural commodities, ADM, at their cocoa operations in The Netherlands and I was asked to spend six months in Switzerland at the newly created treasury hub.

2. What do you like about working in Treasury?

I enjoy the variety of the tasks and the communication with the different company stakeholders.

3. What is your Treasury Expertise?

Cash Management, People Management, Project Management, FX, Reporting, Banks Relationships

4. Do you have examples of risk mitigation, creation of opportunities and/or cost savings?

I was the PMO of a hedging project at Netapp for the EMEA region back to 2012. Cost savings opportunities were identified improving the process accuracy on Oracle 11 and simplifying the reporting to corporate.

At Affidea I changed the cash flow forecast reporting moving from a fully manual version to a partial automated version. This change generated time saving and more accuracy.

5. What has been your best experience in your treasury career until today?

On April this year I completed an eighteen months assignment at Affidea B.V., a Dutch pan-European medical healthcare and I worked mainly from their finance ops in Budapest and occasionally from their holding office in Amsterdam.

It was a very interesting and valuable experience.

6. What has been your biggest challenge in treasury?

Lack of cash visibility especially at country level has been one of the biggest challenges I had to face to.

7. What’s the most important lesson that you’ve learned as a treasurer?

A treasurer has a watchdog role over all aspects of financial management and indeed cash will be always the King!

8. How have you seen the role of Corporate Treasury evolve over the years?

Treasury evolved from a traditional finance role into a business enabler supporting the company growth. In that respect effective communication & collaboration across different areas of business is the key.

9. The coronavirus is undoubtedly an unprecedented crisis. In general, can you elaborate on the impact this virus has on treasury from your perspective?

My view here is that treasurers should take the following steps going forward:

  • Cash flow management:  This is even more critical as we move beyond COVID-19
  •  Determine cash availability: Enables informed decisions around liquidity and cash flow, debt, FX exposures and payment priorities
  •  Scenario testing: Ensures understanding of preparedness for shocks
  •  Engage with relationship banks: Opportune time to partner with banks to fast track digital adoption of tools that provide visibility, efficiency, fraud control etc.
  •  Digitize manual processes: Ensures enhanced controls are put in place where manual payments remain – to mitigate cyber and fraud risk
  •  Monetize inventory: Inventory may be temporarily surplus to requirements because of demand gluts or supply chain disruption

10. What developments do you expect in corporate treasury in the near and further future?

Technology will play a major role in the future and this can be only beneficial to corporate treasury. Payments platforms, Fintech, Trade finance blockchain solutions, outline that the future is already here.

11. What is your best advice for businesses without a Treasurer?

It depends on the size of the company but generally speaking I strongly recommend to have on board a treasurer.

 

 

Vincenzo Masile

Treasury Expert/ Credit Risk Manager

 

 




 

Does your business need support in Treasury or a Treasury QuickScan?

We have treasurers available, go to Rent a Treasurer for all information.



Meet our Experts – Interview François de Witte

07-07-2020 | François de Witte | treasuryXL

After having worked for more than 30 years in banking, our expert François de Witte launched his own consultancy activity, FDW Consult, specialized in finance and treasury consulting. From 2014 to 2016, he was also Solution Partner Treasury & Finance at USG Professionals. Since then he took up several assignments, including one in the automotive sector with Ginion Group and with Ibanity, part of Isabel Group in the area of PSD2 and open banking. He currently is Senior Project Manager Treasury at Gaming1 (part of Ardent-Group). He is also co-founder and CFO of SafeTrade Holding. Key areas of expertise:

We asked him 11 questions, let’s go!

1. How did your treasury journey start?

My roots are not really in treasury, because I have spent 30 years in banking with ING. Mid-2013, I made a major career move to treasury & finance. I could thereby leverage on the expertise I acquired in both Corporate Banking and Payments & Cash Management.

2. What do you like about working in Treasury?

The diversity of topics and people with whom you are in contact. The treasurer monitors the cash & finance, and is in the frontline of the circulatory system of the company. In addition, in view of the technology developments and the globalisation, treasury is a fast moving discipline,

3. What is your Treasury Expertise?

Based upon a gap analysis, during the first couple of years, I strengthened my expertise in the other areas of treasury by self-training. I also started training in some subject matters, at the university and at other training organisations, and this is a good way to keep yourself updated on the latest developments.

4. Do you have examples of risk mitigation, creation of opportunities and/or cost savings?

I have done quite a number of consultancy assignments. In one of them, thanks to a complete review of the processes, including also the business, we managed to gain some 10-15 days working capital management. In another project, we reviewed the account structure and the bank lines and could generate substantial savings. During a treasury scan, I was able to identify foreign exchange risks, which had not been spotted by the management.

5. What has been your best experience in your treasury career until today?

In my current assignment, we have selected a TMS-solution (Kyriba) and are currently finalising the implementation. Simultaneously we created a cash pooling and an In-House bank and streamlined the processes.

6. What has been your biggest challenge in treasury?

When starting in treasury, I did not have experience on the field, and needed to switch from a banker’s approach to a corporate approach. If you want to be successful, you need to also have operational experience. I have spent at the start quite a lot to train myself and to get up to speed in treasury.

7. What’s the most important lesson that you’ve learned as a treasurer?

Cash is and remains king. It is very important to make the management aware of the importance of cash, even if a company is in a cash-rich position.

8. How have you seen the role of Corporate Treasury evolve over the years?

The Treasurer is becoming a business partner of the whole group. As a treasury, you get a good transversal view of the business flows. This is very nice because you are in the cockpit of the finance department.

9. The coronavirus is undoubtedly an unprecedented crisis. In general, can you elaborate on the impact this virus has on treasury from your perspective?

The COVID crisis was a wake-up call. It reminds us that it is important to keep the focus on cash and working capital management. It also highlighted the importance of good well-balanced banking relationships. During the last years, some corporates did not put the right attention to this.

10. What developments do you expect in corporate treasury in the near and further future?

Cash will remain dominant. In addition, we have the automation enabling to work more efficiently. I also see AI (Artificial Intelligence) as enabler, e.g. for cash forecasting. Blockchain will also add value in some areas, such as documentary trade.

11. What is your best advice for businesses without a Treasurer?

 Even if you do not have the critical mass to justify a treasury department, give it the right attention. Try to understand the drivers of your cash generation and to identify the risks. I would also recommend to invest in a treasury management scan.

 

 

François de Witte

Founder & Senior Consultant at FDW Consult

 

 

 

 

Does your business need support in Treasury or a Treasury QuickScan?

We have treasurers available, go to Rent a Treasurer for all information.



Meet our Experts – Interview Ger van Rosmalen

01-07-2020 | Ger van Rosmalen | treasuryXL

Our Expert Ger van Rosmalen has over 45 years of global Trade Finance expertise (Letters of Credit, Documentary Collections, Bank guarantees) mainly working for international banks. In addition, he is also frequently asked to conduct trainings for companies like EvoFenedex and Vesting Finance, as well as for Chambers of Commerce, and Professional Higher Education programs. His drive is to assist companies with Trade Finance solutions. To help companies to achieve their business objectives through a better understanding of profitable Trade Finance solutions and instruments, and to promote efficient cooperation between Sales, Finance and Logistics. Get to know him better:

We asked him 11 questions, let’s go!

1. How did your Trade Finance journey start?

My first job started 46 years ago at the Letter of Credit Department of a Dutch bank. I applied for the job of junior and when I answered the question of the HR manager “do you have bank blood?” with YES he hired me.

2. What do you like about working in Trade Finance?

Not one day, not one transaction is the same. I like to be challenged, finding solutions, be creative but always within the guidelines of compliance/AML rules. Assisting customers to close their deal. Education and training of Trade Finance solutions so customers understand the risk before signing a contract.

3. What is your Trade Finance Expertise?

I have a lot of knowledge and expertise in the field of Letters of Credit and Bank guarantees. How to apply those instruments, explain to people with different levels of Trade Finance knowledge about these products and how to be able to understand the risks and to avoid or exclude certain risks.

4. Do you have examples of risk mitigation, creation of opportunities and/or cost savings?

Risk Mitigation in Trade Finance can be the use of “confirmed” Letters of Credit, it means (if possible) that the bank of the exporter is taking over the (country/bank) risk of a foreign unknown bank. If the exporter can fulfill the conditions of the Letter of Credit his risk is his own bank. Creation of opportunities is my passion, drive and reason for being is this business for such a long time.

5. What has been your best experience in your Trade Finance career until today?

The change of UCP500 to UCP600 (Rules for Letters of Credit) was a big improvement for companies dealing with L/C’s. It is not that black and white anymore. My experience is how companies adapted to these new rules if you take them through these rules. People felt more confident in using these instruments and will be used for some time. Since UCP600 is already in force from 2007 it is expected that new rules are on their way. I hope my very best experience is yet to come when new rules will be launched. Trade has evolved and rules should adopt to that.

6. What has been your biggest challenge in Trade Finance?

My biggest challenge is every day being able to convince people to use these well established instruments.

7. What’s the most important lesson that you’ve learned as a Trade Finance expert?

To trust my instinct. Some deals are too good to be true or I just miss the logic of the transaction. My instinct has let me down only once in 46 years.

8. How have you seen the role of trade finance expert evolve over the years?

On the Sales side of the Trade Finance Expert I noticed corporates appreciate direct contact with an expert who has all the knowledge of Trade Finance from a sales perspective as well a from a operations perspective. You have become their trusted advisor in this field.

9. The coronavirus is undoubtedly an unprecedented crisis. In general, can you elaborate on the impact this virus has on Trade Finance from your perspective?

The use of Trade Finance instruments will be more important now that we are facing the Corona crisis, which will force exporters to look for other sometimes forgotten alternative solutions. High tech innovative solutions such as FinTech or Block Chain is still under construction and exporters do not have the time to investigate those solutions. They need to generate turnover and need quick available products such as Letters of Credit to support their business. I embrace those new techniques but that will not have my priority the coming period of uncertainty. People tend to say Letters of Credit are old fashioned, time consuming and too much risk. I disagree if you understand what is expected of you as exporter. If you know how to communicate with your buyer and your bank you will experience the comfort of those almost forgotten products. It is imperative that you understand and educate yourself in this field or hire experts to support you.

10. What developments do you expect in corporate trade finance in the near and further future?

It will depend on how the financial world will be able to join forces and create workable solutions. Not several small groups of banks developing their system so still fragmented but one solution workable for all parties involved in Trade Finance. If you look at the Bank Payment Obligation (BPO) it is the example how we missed the opportunity to develop one unique system. Corporates dealing with different banks and other counterparts needed several systems offered by different banks or other parties. If suppliers of the Fintech or Blockchain solutions are learning from the BPO adventure they now have the opportunity to change the world of Trade Finance significantly. Digitalisation of Trade Finance is the future whether that will be the near future or somewhere in the future is the challenge of all parties involved.

11. What is your best advice for businesses without a Trade Finance expert?

In my opinion you cannot rely on knowledge outside your company only. It will make you vulnerable. Outsourcing is not the magic word. Educate and train yourself and your staff so you understand the impact of your decisions and take responsibility.

 

 

 

Ger van Rosmalen

Trade Finance Specialist

 

 

 

 


Does your business need support in Trade Finance, Treasury or a Treasury QuickScan?

We have treasurers available, go to Rent a Treasurer for all information.