Posts

The Role of AI in Liquidity Management | Webinar | July 21

13-07-2022 | treasuryXL | Kyriba | LinkedIn |

 

Join this 15-minute bitesize webinar with a leading Kyriba Liquidity Management specialist to learn how artificial intelligence and machine learning are being applied in today’s liquidity management processes and how they will affect the future of treasury.

 

 

Emerging technologies are changing the way finance functions operate, opening up new opportunities for treasury and enabling teams to deliver increased value to the organization. As a new decade emerges, executives are looking to artificial intelligence and machine learning as a means for enhancing overall operations.

 

In this session he will discuss:

  • Difference between Business Intelligence, Artificial Intelligence and Machine Learning
  • Why are AI Solutions needed for best-in-class enterprise liquidity management ?
  • What Kyriba offers
  • Challenges of building AI forecasting solutions within an organization

 

 


Recording Webinar | How successful master data management can help you secure financial processes?

12-07-2022 | treasuryXL | Nomentia | LinkedIn |

Recently, treasuryXL partnered with Nomentia on a live webinar on how successful master data management can help you secure financial processes.

Watch the recording of this session for free now by clicking on the image below!



In this webinar, we discussed how you can manage your Master data in a safe way, how you can prevent fraud and sanction risks through the management of this data, and the subsequent processes that make use of your master data. This ranges from the creation of counterparties in your ERP to the safeguard checks in your payment process and system.

More specifically, we will discussed the following topics:

  • Introduction to Master Data management
  • Managing the counterparty Master Data in your ERP
  • Trends that companies face related to Master Data
  • High-risk processes using your master data
  • Steps to create a safe and secure culture within your company
  • Setting up appropriate processes and systems to enable security

Watch the recording now!


 

 

 

Perfecting the Cash Forecast

21-06-2022 | treasuryXL | Kyriba | LinkedIn |

 

By Bob Stark, Global Head of Market Strategy

Source



The number one treasury issue that causes CFOs the most potential concern is unreliable cash visibility and forecasts, according to a Nov. 2018 CFO Publishing survey, “3 Key Areas Where CFOs Say Treasurers Need to be More Strategic.”

Every organization talks about forecasting more effectively, but few allocate sufficient people, time, and technology to build an effective program. Understanding the importance of an accurate cash forecast that can be relied upon for key financial decisions is critical to making the right investments in forecasting. While there are many reasons to forecast, such as protecting against currency volatility, there are a few key areas that should be addressed to help CFOs and treasurers further make the connection between accurate cash forecasting and bottom-line financial performance.

So, what is cash forecasting? Cash forecasting, when performed accurately, enables greater certainty of projected cash balances. Longer term investing, reduced borrowing costs, more effective hedging programs and better mobility of global cash, cash positioning is concerned with today and often the next five business days. The purpose is to manage daily liquidity to ensure shortfalls are covered and surpluses are concentrated to earn some yield on excess cash. 

Cash budgeting is performed by finance teams such as FP&A and is more focused beyond one year – although with increased emphasis on free cash flow guidance, the reconciliation of indirect budget-based forecasts with direct cash flow forecasts is increasingly managed quarterly. 

Cash forecasting typically extends cash positioning with horizons anywhere from one week to one year. Forecasting leverages multiple data sources to increase confidence in the projected cash balances so that better cash decisions can be made. The value of forecasting is based upon the value of those better decisions.

So why forecast? Ineffective cash forecasting costs money and impacts shareholder value. A poorly executed program drives a number of negative consequences so it is critical to understand the link between effective cash forecasting and bottom line financial performance. Excuses such as “we’re cash rich” or “interest rates are too low” no longer satisfy investors who demand that cash be deployed or returned to them. Without adequate visibility of forecast cash and where cash needs to be deployed to meet growth targets, CEOs and CFOs risk looking foolish in front of shareholders and analysts. 

The volatility in global currencies shows no signs of abating, meaning that the pressure on CFOs to maintain the value of foreign cash inflows and outflows persists. Companies can experience earnings per share losses from unexpected and unhedged currency impacts or have difficulty in maintaining (let alone increasing) return on cash in a post-Basel III environment. 

Forecasting cash will allow segregation of operational and non-operational cash into time buckets as well as deliver the needed accuracy to allocate cash to longer duration investment strategies. This will help preserve previously realised investment returns or help to find an alternative for cash balances that are no longer wanted by your bank!

Certainty in projected cash balances drives the CFO’s ability to anticipate and prepare for corporate actions and strategic investments. For example, without confidence in cash forecasts, the CFO and treasurer are not relied upon to contribute to key M&A decisions such as providing guidance on the components of cash, debt and equity to calculate a total acquisition cost.

When cash is held globally, share buybacks or dividend hikes are a challenge. Often CFOs find it cheaper to borrow cash domestically than repatriate funds – yet this analysis requires certainty into projected cash balances. Confidence in the forecast is critical to optimize business value; CFOs need an effective cash forecast in order to make commitments on how to reinvest cash to meet organic growth targets. Lack of confidence will lead to unnecessary borrowing or equity financing.

Consolidation of data – Finding the right information and determining the most efficient (i.e. automated) way to integrate it into a consolidated forecast system is key. 

While automation is important, data quality is also paramount to success. When building the forecast, each line item may be sourced in different ways. The source of the information will determine the best way to build the forecast for each line item. For example, many treasury teams prefer to import accounts payable data directly from the ERP while for receivables information they may wish to extrapolate historical data and model using a linear regression. For treasury teams to be effective, it is important that all methods be fully automated and secure so that initial setup, maintenance, and daily execution to build the forecast are easy and can be maintained by the user (and not require re-programming).

Collaboration – Making decisions on the best data to build the forecast also requires determining who to collaborate with to smoothly access that key information. In many cases, treasury does not have direct authority over the people that own systems and/or business responsibilities that offer that data Yet, treasury relies upon this outside information to build a comprehensive forecast, so good internal communication skills are critical to receiving quality information in a timely way. Accounts Payable, FP&A, IT, Regional Controllers all forecast projections for decentralized organizations. Many treasury teams plan, with their CFOs, a top-down collaboration model that builds effective cash forecasting into the team’s objectives and compensation. This draws attention to the forecasting objectives and motivates each team to fulfill their roles.

Measurement – The most important – and often overlooked – step is the measurement of forecast accuracy. Implementing a process to measure forecast accuracy at a detailed level to identify the source of variances is critical to improving quality and ultimately reducing forecast variances. Equally important is implementing a feedback loop – to systems and to people – that ensure that forecast data is improved based on variances that were identified. The feedback loop is especially important when non-treasury resources are contributing to the forecast to ensure that the right behaviors and cash forecast numbers are positively reinforced while opportunities for improvement are well communicated. This is especially effective when feedback is aligned to KPIs and quarterly objectives of those outside of the treasury team.

Key to success – A forecast variance analysis should be detailed with multiple ‘snapshots’ taken. If only a summary picture is reviewed (e.g. how effective was forecasting over a 3-month period) then a lot of the variability is hidden within that timeframe. Measuring daily, weekly, or bi-weekly will help uncover the ups and downs between forecast and actuals that might otherwise go unnoticed. Fortunately, the business intelligence features of a TMS such as Kyriba offers the data visualization and analytics required to offer this level of detail. Cash forecasting is especially important if you are “cash rich” with a high percentage of non-operational cash deposits. Multinationals with significant foreign revenues must forecast better, so they can hedge effectively and deliver cash predictability to their stakeholders. The key to forecasting is flexibility so that you have many options to model the different streams of forecast data. The accuracy of your data will determine if importing, regressing, extrapolating, or other methods of calculations are needed to build your forecast effectively. 

Without measuring forecast accuracy, it is impossible to know if you are good at forecasting. Data visualization helps focus on important variances – whether by category, time bucket, or geography – and isolate what data needs to be improved for future forecasting. ROI of cash forecasting is very high.

In summary, the value of forecasting is driven by what your organization can do with additional cash. The value of cash can be measured by investing longer with higher returns on cash, repaying debt, earning yield from early supplier payments, or investing in new organizational projects. Perfecting the cash forecast means freeing up cash from working capital and directing towards these higher value uses.



A guide to cash flow forecasting tools in 2022

07-06-2022 | treasuryXL | Nomentia | LinkedIn |

A company’s worst nightmare is to run out of cash or completely miscalculate future cash in- and outflows. To prevent such doom scenarios from happening, companies use cash flow forecasting tools to help them understand current or future cash positions. Having accurate cash forecasting analyses in place is important because they are fundamental for your company’s growth. You can base your strategic investments and financial decisions on them, and they help you decide on how you shape the future of your company.

Source



As with most things, cash flow forecasting is easier said than done. Developing accurate forecasts can be a challenging job. Especially when your business is increasing in size, you need to consider many aspects. Fortunately, there are several great cash flow forecasting tools to help you overcome the challenges you have, to make forecasting easier and more accurate.

 

What is cash flow forecasting? 

Simply put, cash flow forecasting is the practice of understanding your movement of money that goes in and out of the business, now, in the short-term, or in the long-term. A higher cash inflow than outflow results in a positive cash flow position. And when your cash outflow is bigger than your cash inflow, it results in a negative cash flow position.

Many professionals understand that analyzing cashflows is important yet fail to build reliable processes to do so accurately. Robust cash forecasting will help you understand what your cash position is now, and in the future, simply by analyzing cash in- and outflows.

 

The challenges of cash forecasting

We will not go too much into detail to discuss the challenges of cash forecasting, which we already did in this article. But commonly, treasury and finance teams struggle with two main reoccurring challenges:

 

1. Manual processes (lack of automation)

One of the key challenges in cash forecasting remains the amount of manual labor that goes into it. Especially when your organization is larger, and you need to combine financial data from different banks, subsidiaries, and ERP systems. Depending on how frequently your team runs the forecasting process, it can become very time-consuming.

According to different sources, it is recommended that treasury and finance teams run forecasts on a weekly basis to increase financial control. Imagine all the hours that go into this process by doing so manually: collecting data from multiple data sources and recording everything into your spreadsheets. And that doesn’t even include running the analyses to base your strategic decisions on. To top it off, the spreadsheets also contain many errors, which makes them less reliable.

To add to that, by collecting your forecasting data periodically you never have real-time insight into your cash position because your cash predictions may have changed already the day after you made your analysis.

 

Cash flow challenges graph
Having flexible cash flow and liquidity reporting, and collecting data on cash flows was found most challenging or very challenging for around 70% of decision-makers according to our study with Forrester.

 

2. Lack of centralization

As mentioned earlier, it is a very inconvenient aspect to create liquidity and forecast reports when the data you need is scattered across multiple systems. In global companies, you would need to access several bank accounts to check balances. Or you are working with different subsidiaries, where you need to rely on the timeliness and accuracy of your colleague’s input. Whatever systems you’re using, having a centralized place that automatically pulls all the data from them into one place in real-time can benefit you tremendously.

 

What is a cash flow forecasting tool?

Effective cash flow forecasting tools are there to help you overcome typical forecasting challenges. They help you manage and track all your business cash flows now and in the future. Allowing you to make better strategic and investment decisions for your business.

 

The advantages of using a cash forecasting tool 

There are various solutions available on the market, and they all work differently. Ideally, a tool should be able to help you with your cash forecasting in various ways.

Access real-time information

A great tool gives you an instant overview of your cash position, inflows, and outflows at any time you need it. The more up-to-date your data is, the better you can justify your decisions.

 

Connect and centralize all source-systems

Especially for larger enterprises with multiple banks, ERPs, and other source systems, a tool needs to be able to flawlessly connect to all of them. That’s the only way for you to combine all the financial data required to make accurate cash forecasts.

 

Automate the process of collecting data for you 

Both the gathering of real-time information and connection to all source systems should be automated by the tool or software. That way you can automatically gain real-time insight into your cash position without manual labour.

 

Automatically able to create reports and infographics based on your data

Following up on the previous point, once your tool has automatically-collected data, it should be able to visualize it in a customized way that suits your needs. Whether it is certain types of reports, graphs, or other dashboards.

 

Save resources while enabling better decision-making

Better and faster analyses of your cash position and forecast without creating reports manually will help you save the time that you can use for making strategic decisions.

 

The different types of cash forecasting tools

 

Basic tools for small and medium-sized companies 

Market research has shown that in the U.S. in 2018 alone, around 63% of companies used spreadsheets for budgeting and reporting purposes. Even though this number was declining, spreadsheets are still considered the most basic go-to tool for cash flow forecasting.

 

The two main (free) providers for cash forecasting tools on a basic level (they don’t need explanation):

  • GOOGLE SHEETS 

  • MICROSOFT EXCEL 

 

Of course, you can make your spreadsheets as advanced as you want. But the fact is that most smaller organizations traditionally use spreadsheets to do their cash flow forecasting. Their set-ups are less sophisticated and with fewer data sources. As a result, it’s easier to pull the data you need.

The advantage of spreadsheets is that they are very cheap and effective. Yet, once your organization grows bigger and you start using several banks, and other source systems like ERPs, they become unmanageable and start taking a lot of your team’s resources.

 

Intermediate tools for small and medium-sized companies

There are several intermediate cash forecasting tools that are increasingly helpful for smaller and medium-sized companies compared to the basic tools. Sometimes they can replace spreadsheets completely, but most often they complement them.

 

1. POWER BI

Microsoft’s Power BI is a tool that can collect data from different sources and allows you to visualize them through dashboards. Though it’s a handy tool, it requires quite a bit of training and getting used to. Connecting Power BI to your systems, importing data, and building the right reports can still require a lot of manual labor.  

Power BI’s list of systems you can connect to is limited. Especially bank and ERP connections are lacking which are usually required for bigger companies.

Power BI Dashboard
Power BI dashboard example

 

2. CAUSAL

If you have an accounting system, a CRM, and some data warehousing system, chances are that Causal can help you out collecting that data in one place. Their data visualization tool will help you better understand the combined data from your connected places.

Just like Power BI, Causal is unable to connect to financial institutions, like banks, that are often required to get a better understanding of your cash position.

 

3. SHEETGO 

Sheetgo is a handy tool when you want to combine the data from different spreadsheets. The more spreadsheets with financial data you have the more challenging it is to combine them and build accurate cash flow forecasts.

Sheetgo does not take away the manual work that includes pulling data from source systems. It is more a tool made to integrate with Google Sheets or Microsoft Excel.

Sheetgo cash flow template
Sheetgo’s cash flow template

 

4. NOMENTIA LIQUIDITY 

If you’re looking for a cash flow forecasting tool that can connect multiple source systems, banks, and ERPs – then Nomentia Liquidity is a great option. Nomentia Liquidity gives you visibility over your past, present, and future cash positions.

Nomentia automatically pulls all data from different source systems and visualizes them in a customized format for each client. The implementation is also done together with a dedicated customer specialist, so you don’t have to worry about any manual labor or integration problems.

Nomentia Liquidity dashboard
Nomentia’s liquidity dashboard

 

Advanced solutions for medium and big-sized companies

If you’re looking for more complete cash forecasting services, then you need to consider the top treasury and cash management vendors that are well known. Most of these vendors offer Software as a Service (SaaS) solutions which take away the work of managing the solution.

 

1. NOMENTIA CASH FORECASTING 

Nomentia’s cash forecasting SaaS solution allows you to do forecasts as detailed as you require. You can run real-time forecasts continuously based on a collection of all scattered systems that hold your financial data.

The platform works very intuitively, and you can even run simulations for possible scenarios. The data visualization can be customized by yourself or by specialists from Nomentia. In contrast with other vendors, you can only opt for the cash forecasting module without committing to any other modules offered by Nomentia.

 

2. KYRIBA CASH AND LIQUIDITY

Kyriba has a tool for cash forecasts that combines multiple data sources. They can provide you with daily, weekly, monthly, or yearly cash forecasts.

In their SaaS, Kyriba has a worksheet that can help you automate manual work and connect different systems to each other for better-centralized cash forecasting analyses.

 

3. GTREASURY CASH FORECASTING

The cash forecasting tool by Gtreasury allows you to combine data into a single worksheet and run different analyses within it. You can run forecasts daily, weekly, monthly, quarterly, or annually.

A recent feature GTreasury introduced is the trademarked SmartPredictions, which can predict future liquidity and changing conditions with the help of data imports and artificial intelligence.

 

4. COUPA CASH AND LIQUIDITY

Coupa’s treasury solution includes a cash forecasting module that can build scenarios, and do analyses to measure your short, mid, and long-term business liquidity.

The financial data is captured in a reporting functionality that treasury teams can easily analyze and share within the organization. Coupa offers both standard and customized reports.

 

5. SERRALA CASH MANAGEMENT AND FORECASTING

Serrala offers cash forecasting as part of its bigger cash management solution. The module can be set up for cash flow-based planning categories, scenarios, and simulations.

The solution helps you automate your processes by configuring the settings yourself, and it gives you insight into your cash position through the consolidation of various data sources.

 

The right tool for your company depends on your needs  

A cash flow forecasting tool can be beneficial for you to tackle the manual labor and time consumed due to a lack of centralization. If your set-up is not that advanced yet, you can rely on solutions like spreadsheets or intermediate tools like Power BI, Causal, Sheetgo, or Nomentia Liquidity.

For bigger companies with several source systems, we recommend looking into advanced cash forecasting tools that will significantly decrease your costs. Even if the initial investment of buying such a solution may appear slightly higher.


 

 

REMINDER WEBINAR | The Evolution of Open banking, Connectivity and Real time: How will APIs change the Treasurer’s daily life?

06-06-2022 | treasuryXL | Kyriba | LinkedIn |

Live session | June 14 | 11 am CET

Do you know how to take use of APIs’ benefits for small, medium, and large companies? APIs are a real-time catalyst for providing CFOs and treasurers with a 360-degree perspective of their liquidity management. Discover everything there is to know with our partner Kyriba; our next live session will take place on June 14 at 11 a.m. CET.



Join the panelist discussion to hear from experts in the field

  • Pieter de Kiewit, Owner of Treasurer Search is moderator of this session. With his passion for treasury and his wide industry knowledge he is the obvious person to ask the right questions to the experts.
  • Patrick Kunz, owner of Pecunia Treasury & Finance and highly valued treasuryXL expert. With Patrick’s impressive career within the World of Treasury, you can really say that he lives and breathes Treasury.
    Patrick is performance driven. He is an open minded, outgoing, rational person who is comfortable communicating and convincing on all levels of management. Patrick has worked with both international corporates from all fields of business as well as national non-profit organisations.
  • Félix Grévy, VP Product, Open API and Connectivity, Kyriba
    Felix Grevy has more than 20 years of experience working in Financial Technology and held various roles in product development, sales and product management.
    He has been working on API for the last 5 years, building and launching successful API platforms. He has joined Kyriba in 2020 to lead the API and connectivity strategy

We will go around several questions:

  • Who should, own/build the API; Bank, customer or TMS provider? If a bank builds one should it be open source?
  • How can APIs contribute to accounting or controlling, in situations where there are intraday statements, but accounting is only able to process them with end of day statements? Two-way traffic: API’s for both statements / Camt for instant payments
  • How does the CFO leverage the instant payments vs instant acknowledgement?
  • APIs vs Swift. How do they operate together?

Registration

Discover everything there is to know about APIs and how to unify data in a single platform to deliver key insights.

Register today for the next event on API and its advantages.

 


LIVE SESSION | The Evolution of Open banking, Connectivity and Real time: How will APIs change the Treasurer’s daily life?

27-05-2022 | treasuryXL | Kyriba | LinkedIn |

Live session | June 14 | 11 am CET

How to benefit from the advantages of APIs, for small, medium, or large companies?

APIs are a key work in Treasury Management Systems and the link to multibank platforms. APIs are a catalyst in real time to grant CFOs and treasurers a 360 view of their liquidity management.


Webinar June 14, Kyriba and treasuryXL


Join the panelist discussion to hear from experts in the field

  • Pieter de Kiewit, Owner of Treasurer Search is moderator of this session. With his passion for treasury and his wide industry knowledge he is the obvious person to ask the right questions to the experts.
  • Patrick Kunz, owner of Pecunia Treasury & Finance and highly valued treasuryXL expert. With Patrick’s impressive career within the World of Treasury, you can really say that he lives and breathes Treasury.
    Patrick is performance driven. He is an open minded, outgoing, rational person who is comfortable communicating and convincing on all levels of management. Patrick has worked with both international corporates from all fields of business as well as national non-profit organisations.
  • Félix Grévy, VP Product, Open API and Connectivity, Kyriba
    Felix Grevy has more than 20 years of experience working in Financial Technology and held various roles in product development, sales and product management.
    He has been working on API for the last 5 years, building and launching successful API platforms. He has joined Kyriba in 2020 to lead the API and connectivity strategy

We will go around several questions:

  • Who should, own/build the API; Bank, customer or TMS provider? If a bank builds one should it be open source?
  • How can APIs contribute to accounting or controlling, in situations where there are intraday statements, but accounting is only able to process them with end of day statements? Two-way traffic: API’s for both statements / Camt for instant payments
  • How does the CFO leverage the instant payments vs instant acknowledgement?
  • APIs vs Swift. How do they operate together?

Registration

Discover everything there is to know about APIs and how to unify data in a single platform to deliver key insights.

Register today for the next event on API and its advantages.

 


The Role of APIs in Strategic Cash Forecasting

19-05-2022 | treasuryXL | Kyriba | LinkedIn |

 

By Andrew Deichler, Content Manager and Strategic Marketing

Source



Cash forecasting has undergone some substantial changes over the past couple of years. While forecasting has always been important, the COVID-19 pandemic highlighted just how critical it is, and why CFOs are prioritizing it more than ever.

In a recent webinar, Bob Stark, global head of marketing for Kyriba, and Lisa Husken, value engineer at Kyriba, discussed the current and future state of strategic cash forecasting. When exploring the data, one key point became clear—APIs are the key to more accurate cash forecasts.

How Forecasting Has Changed

Prior to the pandemic, many organizations with high idle cash balances might not have prioritized forecasting, Husken noted. However, once the pandemic hit, as well as other issues that followed like supply chain disruptions, even cash-flush companies quickly saw the important role forecasting played in their liquidity strength.

Risk management has also become more of a focus in the pandemic era as macroeconomic factors impacted FX, interest rates, the supply chain, and inflation. This prompted a shift from organizations generally producing one cash forecast to looking at multiple scenarios for cash and liquidity. “The ‘what-if’ scenarios became increasingly important,” Stark said. “It’s not like they didn’t happen before… but everyone became intrigued by [scenario planning] come 2020.”

Data-Driven Decision-Making

Given the focus on risk and the necessity to explore multiple potential scenarios, today’s treasury functions are focusing heavily on data-driven decision-making. Organizations have more data than ever before, and they need real-time access to it in order to make strategic decisions. And the only way to facilitate that is through APIs; “You can’t become more data-driven without actually having integrated platforms with APIs,” Stark said.

While many organizations view APIs as connectors that allow companies to access their banks and real-time payments, they have much greater potential. They have the ability to unify data, bringing information together into one, composable system, Stark explained. They can take a company’s system of record (the ERP), merge it with a treasury management system, and also bring in data sets from other internal and external sources, such as purchase requisitions, purchase orders, invoices, sales forecasts, etc.

With such expansive capabilities, it’s plain to see why APIs are the perfect tools for forecasting. A survey of over 800 finance executives by IDC and commissioned by Kyriba revealed that 88% of them are prioritizing APIs this year. That’s because CFOs understand that APIs can unify forecast data across their organizations so that they can make better decisions. They are demanding more precise cash forecasting and liquidity planning.

And they are right to demand it, because at the moment, they don’t have the insights they need. The survey also revealed that currently only 15% of finance leaders leverage real-time data to drive insights, and only 25% of finance teams reliably forecast cash and liquidity beyond one month.

Husken noted that those two data points go hand in hand. Reflecting on her previous role as a treasury practitioner, she noted that once forecasts go beyond 4 weeks, their accuracy tends to be 50% at best. “If you don’t have access to that real-time data, then you’re not utilizing the most up-to-date information,” she said. “Then how could you be as accurate as you could be going out further than four weeks.”

Better Forecasting Rewards

Improving the forecast would provide treasury and finance teams with more confidence to capture higher yield, which is desirable in a rising interest rate environment. With the insight strong forecasting provides, some Kyriba clients have been able to decrease the amount of cash they commit to working capital on a both short-term and a long-term basis and divert it to higher-yielding activities.

For example, through improved forecasting with Kyriba, Health Care Service Corporation (HCSC) was able to reduce working capital holdings by nearly $4 billion. The health insurance company was then able to make more strategic investment decisions earlier in the day, resulting in a 5% increase in investment returns. Short-term returns grew by $40 million, while long-term returns have seen an increase of $140 million.

Looking ahead, treasury teams may reap even higher rewards as interest rates increase. The culmination of data that APIs facilitate will create better forecasts, enabling organizations to put cash on the balance sheet to the best possible use. Borrowing will get more expensive as interest rates increase, but APIs can vastly enhance the decision-making process.

Listen to the full webinar here. And for even further insights, download the AFP Treasury in Practice Guide, Treasury Opportunities in Strategic Cash Forecasting.



REMINDER | Webinar | How successful master data management can help you secure financial processes? May 18th

10-05-2022 | treasuryXL | Nomentia | LinkedIn |

 

Find out how to manage your Master Data in a safe way including how to prevent fraud in this upcoming webinar next week on May 18 together with Nomentia, featuring Mark Roelands, Kendra Keydeniers and Huub Wevers!

Date & time: May 18, 2022 at 14:00-14:45 PM CET | Duration 45 minutes



In this webinar, we’ll discuss how you can manage your Master data in a safe way, how you can prevent fraud and sanction risks through the management of this data, and the subsequent processes that make use of your master data. This ranges from the creation of counterparties in your ERP to the safeguard checks in your payment process and system. 

More specifically, we will discuss the following topics:

  • Introduction to Master Data management
  • Managing the counterparty Master Data in your ERP
  • Trends that companies face related to Master Data
  • High-risk processes using your master data
  • Steps to create a safe and secure culture within your company
  • Setting up appropriate processes and systems to enable security

 

Throughout the webinar, you get a chance to ask any questions that arise.


Click here to register now!

Webinar Nomentia & TreasuryXL


Meet the speakers

Mark Roelands
Risk and Compliance Specialist
GRC Consulting

Kendra Keydeniers
Director Community & Partners
TreasuryXL

Huub Wevers
Head of Sales
Nomentia








 

 

 

Webinar | How successful master data management can help you secure financial processes? May 18th

02-05-2022 | treasuryXL | Nomentia | LinkedIn |

 

We’re excited to announce our upcoming webinar together with Nomentia on May 18th, featuring Mark Roelands, Kendra Keydeniers, and Huub Wevers!

Date & time: May 18, 2022 at 14:00-14:45 PM CET | Duration 45 minutes



In this webinar, we’ll discuss how you can manage your Master data in a safe way, how you can prevent fraud and sanction risks through the management of this data, and the subsequent processes that make use of your master data. This ranges from the creation of counterparties in your ERP to the safeguard checks in your payment process and system. 

More specifically, we will discuss the following topics:

  • Introduction to Master Data management
  • Managing the counterparty Master Data in your ERP
  • Trends that companies face related to Master Data
  • High-risk processes using your master data
  • Steps to create a safe and secure culture within your company
  • Setting up appropriate processes and systems to enable security

 

Throughout the webinar, you get a chance to ask any questions that arise.


Click here to register now!

Webinar Nomentia & TreasuryXL


Meet the speakers

Mark Roelands
Risk and Compliance Specialist
GRC Consulting

Kendra Keydeniers
Director Community & Partners
TreasuryXL

Huub Wevers
Head of Sales
Nomentia








 

 

 

Effective API Strategies Go Beyond Banks & Payments

21-04-2022 | treasuryXL | Kyriba | LinkedIn |

 

By Brian Blihovde, Senior Director, Product Marketing

Source



Bank Connectivity is Only the Beginning of the Transformation Journey

CFOs looking to optimize their processes and systems view APIs as a gateway to enterprise-wide liquidity and the organization’s financial capabilities and health. Finance transformation starts with bank connectivity, leading to real-time decision-making, but the opportunities do not stop there. Bank connectivity and payments help finance deliver more complete, real-time information to all parts of the business. This is the benefit from composable financial systems and design. CFOs, treasurers, and their IT counterparts must all collaborate, consider and plan how transformations continue to drive impacts beyond bank connectivity for all of finance and business units as well.

Finance and the business units to include manufacturing, warehousing, inventory, sales, and distribution all comprise enterprise-level functions contributing important strategic decision-making information. APIs should be used to drive transformation, resilience of data, efficiency, and real-time reporting. Strategic liquidity decision-making will improve once IT and finance can collaborate.

Legacy Systems Don’t Exist with New Data Unification Strategies

CEOs and CFOs are finding it harder to justify an entire re-do of their systems landscapes. CFOs should not look at their systems as “legacy” as API integration can take data and transform it into information and expanded decision-making capabilities. This API-driven unification of data from systems available and stored within various databases and systems across the organization. Legacy is an outdated concept when leading-edge, comprehensive APIs are introduced as technology enablers.

Information, today, is compiled, rationalized, and optimized with APIs regardless of the source system or application; definitions of “legacy” are not relevant any longer. CFOs and finance leaders make decisions with aggregated data transformed into business intelligence repositories from the information they have today and at reduced timelines with leading APIs.

Doing More with Less: APIs Beyond the Bank

Treasury and finance can do more when they use a vendor with integrative API capabilities beyond payments and banking alone. Integrating procurement, ERPs, GLs, and other third-party systems delivers the data unification needed for a comprehensive decision-making platform. Today, APIs go beyond banking and payments for integration across:

  • Investment Portals
  • FX Trading Platforms & Hedge Management
  • Market Data Providers
  • Supplier Services (for Working Capital Programs)
  • Security Profile and Governance Management

Taking Next Steps

To obtain better, and more accurate access to finance information, APIs link the systems used to compile and compose this data into an automated and real-time systemic process. When synchronous ERP, ancillary and core treasury systems collectively feed into the strategic cash flow forecasting process and BI dashboards, the result is a comprehensive view of mid and longer-term flows equaling less effort, more insight and better decision-making.

Enterprise views of cash and liquidity begin with bank connectivity as it provides the needed access to payments, cash and liquidity availability and should always be real-time. However, it is not the end of the story; today’s organizations require more prescriptive, forward-looking capabilities only delivered with information flows like procure to pay and order to cash cycles from the entire unified financial landscape. These holistic, API-integrative systems can generate the business information and intelligence needed to quickly make better decisions and speed the success of today’s organization.

To learn more on how new leading APIs are becoming the standard for how finance and treasury become more than information stewards, but rather catalysts and centers of excellence for better strategic decision-making for their greater organizations – www.kyriba.com.