Tag Archive for: payments

Mobile finally makes treasury easier

| 20-7-2017 | Udo Rademakers |

On the 12th of May 2017, in GTnews an article has been placed regarding “Mobile finally makes treasury easier”. The article describes how Citibank is working to replace tokens with mobile phones and testing a multitude of options for finding a more convenient solution.

I am used to work with multiple tokens with a variety of passwords and different kind of banking applications/websites. For some of the banking sites, authorisation of payments via a smart phone was quite difficult and working from the desktop was required. A way of solving the „multiple token issue”, is using a third party provider which (re)connects all payments via (cloud based) multi-bank platforms, however this is not needed for each and every Treasury department.

If banks are working on an easy authorisation method via modern, smart and above all secure technology (like digital fingerprint ), I am confident that the payment control and executions for most Treasurers (and CFO`s) will improve. Especially for the ones who are frequently travelling. If the improved –token free- payment authorisation process could be integrated with the process of obtaining information, input & approval of transactions, viewing of balances including „smart alerts“, corporate banking via mobile technology will reach the next stage in the area of cash management as well.

However, even with the greatest solutions in place, an outage of mobile network or running out of battery remains a risk – now the holiday season started perhaps anyway good to be offline for a while.

 

Udo Rademakers
Independent Treasury Consultant & Interim Manager

 

 

 

Why Is Bank Independency Important?

|12-7-2017 | Mark van de Griendt | PowertoPay/Unified Post | Sponsored content |

As financial technologies develop, bank independency is something more and more companies adopt. Bank independency not only means that financial streams are dealt with online and require less manual interventions (straight through processing). Mainly not having to rely on the services provided by the bank where the account is held is also an important one when talking about bank independency. A couple of things mentioned below emphasise the importance of being, or becoming, bank independent.

The changing landscape

Since the economic crisis, the banking landscape has become a more dynamic environment. Besides banks going bankrupt we have also seen banks that have withdrawn themselves in certain geographical or business areas. This gave CFO’s in the corporate sector headaches for having to find another bank and to ‘move’ its business. A good example of a (sudden) change of the financial landscape is the Brexit. Not knowing what the Brexit will bring in this perspective, one thing we do know is that the changing banking landscape is here to stay.

Where using bank-independent tools, products or instruments doesn’t solve the problem of finding another bank, it does take away having to start up a time-consuming project changing the applications used in the various financial processes. Bank independency will become more and more common as the banking landscape continues to change.

Formats & Interfaces

Another good reason to use bank independent solutions is not to find yourself in a so called lock-in situation when looking at file-formats and interfaces. Where local formats or proprietary interfaces may have their benefits, formats and interfaces will be subject to change or even may be replaced by the bank offering the service. Recently a bank had decided to phase out a proprietary reporting format. Although this was done with an alternative reporting format and customers had a reasonable period to migrate, many of them were confronted with major changes in their business applications from which many of them being legacy systems.

Again in this case using a bank independent solution will not prevent you from change but a good bank independent solution or tool will offer the flexibility to deal with this type of change outside the corporate IT domain. Still a project but one with less impact on the organisation. When using fully bank independent instruments (for example MT101) the number of changes are limited to a bare minimum and in case of compliance will always be dealt with by the vendor as part of its service.

Cost Savings

Last but not least a bank independent will save costs. Of course there is an investment consideration with regards to a bank independent solution but when looking at the business case the benefits of not having to manage changes due to compliancy or technological developments will in most cases create a break-even point somewhere in year 2.

Recent customer case-studies even showed a significant decrease in costs in year 1 simply by not having to change its output from their applications creating payment instructions when expanding their business to other regions using new local banks. By itself not a bad investment, even when leaving the non-qualified benefits of bank independency aside.

Mark van de Griendt – Cash Management Expert at PowertoPay

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Please also read: 7 reasons why you should do e-invoicing too.

 

The EU and blockchain: taking the lead? (II)

|6-7-2017 | Carlo de Meijer | treasuryXL |

In his article ‘The EU and blockchain: taking the lead? ‘, our expert Carlo de Meijer writes that the EU, after having a ‘wait and see’ attitude for a long time, seems to be taking steps (may be) to become one of the leading economic blocks in the blockchain race. He believes that it is worthwhile to take a closer look at the EU initiatives. We have made a summary of this article. In part (I) we dealt with the European Commission. Today we present you the summary of what Carlo de Meijer writes about the European Parliament, the European Central Bank and the European Supervisory Authorities.

European Parliament

European Parliament  votes for smart regulation of blockchain technology

Last year June the European Parliament voted for ‘smart regulation’ of blockchain technology, taking a hands-off approach. The MEPs voted in a proposal set out in a resolution drafted by Jakob von Weizsäcker, suggesting that a new task force established at the EU level which would be overseen by the European Commission, should build expertise in the underlying technology. It would also be tasked with recommending any necessary legislation, but the text warns against taking a ”heavy-handed approach” to this new technology.
The proposal clearly stated that distributed ledger technology should not be stifled by regulation at this early stage.

EPRS blockchain report

In February the European Parliamentary Research Service (EPRS) published a new report “How blockchain technology could change our lives”, providing an introduction for those “curious about blockchain technology” and aimed at stimulating reflection and discussion.

“Spotlight on Blockchain” workshop

In collaboration with the European Commission, the European Parliament has organised various blockchain events including a kick-off conference on “Demystifying Blockchain” and a series of workshops to look at blockchain developments and use case applications.
A session of discussion early May held at the European Parliament (EP) centred on the future of blockchain regulation in the 28-nation economic bloc. The “Spotlight on Blockchain” workshop, was hosted jointly by the European Parliament and the European Commission.
Part of the program initiated by the Blockchain Observatory was to cautiously approach the who, what and why of blockchain legislation.

European Central Bank

Report: Distributed Ledger Technology (DLT) – challenges and opportunities for financial market infrastructures

The European central bank (ECB) has led a study to analyse the benefits and risks of blockchain technology and consider its possible integration in its market infrastructure. The final report named Distributed Ledger Technology (DLT) – challenges and opportunities for financial market infrastructures was published in March this year.

In the report the ECB acknowledges the various benefits of DLT, such as the ability to lower back office costs and improve reconciliations by enabling automatic updates of records as well as shortening settlement cycles and therefore reducing collateral requirements.
The ECB however concluded that the distributed ledger technology does not (yet) meet the Bank’s requirements in terms of safety and efficiency. The bank is not firmly opposed to blockchain, but it considers that the technology is not mature enough to be integrated into its infrastructure as it is constantly evolving, citing deficiencies in safety and security. The report’s tone is in keeping with the ECB’s cautious approach to DLT and mirrors previous statements made by bank executives.
The European Central Bank has ruled out using distributed ledger technology within the so-called Eurosystem’s market infrastructure for the foreseeable future, until the software meets high safety and reliability standards.

“Yet the technology does not yet meet the ECB’s standards for safety and efficiency, says the report” “The ECB is open to considering new ways to enhance its market infrastructure. However, any technology-based innovation would have to meet high requirements in terms of safety and efficiency.

DLT Project Team

Nonetheless, the ECB is keeping its options open, recognising the benefits that the technology could bring to securities settlement. To this end, the ECB has created a DLT Task Force to “bring together market experts on financial innovation and cyber security. Its objective is to avoid any negative consequences of technological innovation regarding the harmonisation and integration of post-trade markets in Europe and to explore the potential of DLT to help remove some of the remaining barriers to a fully integrated post-trade market in Europe”. For that they hired a senior technology executive, Dirk Bullman, with practical experience in distributed ledger applications and front and back office project management expertise

T2S

The ECB will continue to monitor DLT’s developments and could use the technology in the administration of Target2Secrities. The report states that DLT could play an important role in the administration of Target2Secrities, as well as helping to achieve its overall aim of “deeper integration of financial markets”.
Bullmann’s group is now exploring how DLT could be used in its new securities clearance platform T2S. Central securities depositories (CSDs) that participate in T2S today can effectively pool their securities so they can be bought and sold by investors across Europe. Since some technology would need to be selected in standardizing the issuance, Bullmann said DLT was a natural candidate for testing.

ECB – Bank of Japan joint initiative

The ECB has also launched a joint research project with the Bank of Japan in December last year to study the impact of new innovations of the global financial market and explore possible use of blockchain technology for market infrastructure services.
Bullmann’s task now is to coordinate with the Bank of Japan (BOJ) to explore topics such as how financial market participants could send payments using the technology, prioritizing how a certain payment might be cleared, for instance.

European Supervisory Authorities

The joint committee of the European Supervisory Authorities has released a report in April on Risks and Vulnerabilities in the EU Financial System, in which cybersecurity, including the rising use of blockchain technology, is marked as a major concern for the financial sector.

While further study is required before the EU submits new regulation regarding the financial sector and FinTech adoption, also the European Securities and Markets Authority (ESMA) has undertaken a study of cyber risk and controls of financial institutions throughout the EU. These results will be analyzed in light of existing regulations and used in making future recommendations. In June the ESMA publicized its response to the commission’s proposal on FinTech regulation following a public consultation.

ESMA and regulation

The ESMA, has stated in a new report that the current regulatory framework in effect does not pose a hurdle for the adoption and development of blockchain or distributed ledger technology in the short term. The report acknowledges the benefits of adopting blockchain before notably adding that blockchain applications are still at a nascent stage and, as such, do not require regulation. Regulatory action for blockchain technology at this ‘early stage’ is ‘premature’, said the European Securities and Markets Authority (ESMA) in its report.

The ESMA states that it does not see blockchain technology, through its fundamental core concept of decentralization, post a threat to central financial market infrastructures. The ESMA deems it “unlikely” that blockchain technology would eliminate financial market infrastructures such as Central Securities Depositories (CSDs) and Central Counterparties (CCPs). Still, the watchdog says it “realizes” that blockchain technology may render some traditional processes redundant, or affect and “change the role of some intermediaries through time”

ESMA adds that the presence of blockchain technology “does not liberate users from complying with the existing regulatory framework, which provides important safeguards for the well-functioning of financial markets.” The ESMA will continue to monitor developments in the Fintech space, to assess if blockchain technology requires a regulatory response.

European Union Agency for Network and Information Security (ENISA)

The European Union Agency for Network and Information Security (ENISA) also entered into the blockchain debate with a report launched in December 2016 aimed to provide financial professionals in both business and technology roles with an assessment of the various benefits and challenges that their institutions may encounter when implementing a distributed ledger.
ENISA analysed the technology and identified security benefits, challenges and good practices. There are however new challenges that the technology brings, like consensus hijacking and smart contract management. Additionally, it highlights that public and private ledger implementations will face different sets of challenges.

ENISA has identified good practices to overcome the issues identified as well as introduce the key concepts that decision-makers should be aware of when approaching this technology. Some good practices are: using recovery keys; using multiple signatures for authorizing and processing transactions; and, using library of standardized smart contracts.

In this paper, they also identified that there are challenges that may require further development, such as: anti-money and anti-fraud tools; interoperability of blockchain protocols; and, legal provisions and tools for implementing privacy and the right to be forgotten.

You can read the full article by clicking on this link.

 

Carlo de Meijer

Economist and researcher

 

 

Banking license Klarna & Adyen: The end of their competitive advantage?

| 5-7-2017 | Pieter de Kiewit |

Last weeks the payment service providers (PSPs) Adyen and Klarna received banking licenses. The gap between Fintech and traditional banks is being closed with the new kid on the block entering the traditional market. I can see the parallel to Amazon taking over Wholefoods and entering traditional retail. Markets are reshaped over and over. The question I ask myself is: will these new kids be able to change how traditional retail and banking is done and make a real difference?

Compliance

As to compliance in the banking sector this might be a challenge. The regulators think that by imposing new legislation on banks they will prevent all that went wrong in the past. I think this is an illusion. The effect is an increasing demand for experts who can take care of compliance. As a treasury recruiter I know bankers, also the ones with the proper expertise are fleeing the bank because compliance is demotivating a lot of them. This results in an increase in recruitment assignments and salary levels. This is not an issue relevant for Amazon.

The upside for the PSPs in comparison to Amazon is that they will be able to work with state of the art technology and challenge traditional banks who have to work with legacy systems. As far as I know, Amazon is not planning to close traditional outlets. And retail always has had a quite modern infrastructure. I cannot see yet how they would be able play the technology trump as hard as the PSPs can.

Both modern challengers do have an obvious competitive advantage. Especially for the PSPs I wonder if the extra burden of compliance will outweigh this advantage. Both client perception and cost levels will have to be monitored closely. The interesting thing of this all is that, by the time we might be able to know, the market situation might have been flipped twice again. It are interesting times, not?

Pieter de Kiewit

 

 

Pieter de Kiewit
Owner Treasurer Search

 

 

More to read from this author: 

Interesting transfer Joop Wijn from ABN to Adyen

 

 

Trade Finance – funding your imports and exports

|28-6-2017 | Vincenzo Masile | treasuryXL |

 

You might visit this site, being a treasury professional with years of experience in the field. However you could also be a student or a businessman wanting to know more details on the subject, or a reader in general, eager to learn something new. The ‘Treasury for non-treasurers’ series is for readers who want to understand what treasury is all about. Our expert Vincenzo Masile tells us more about trade finance products.

 

Trade finance instruments

International and domestic trade is highly complex and involves a web of intricate risks. Trade finance instruments are available to deliver fast, efficient, reliable and comprehensive solutions for every stage of a company’s trade value chain to support their foreign trade activities.
Trade finance products can be combined and shaped into a custom-built product that helps reduce company’s risks and will enable the business to flourish.

Innovative tailored short, medium and long-term trade finance solutions enable banks to meet their corporate and financial institutions client’s global import and export needs in a timely, efficient, risk adverse manner.
Trade finance products include letters of credit, documentary collections and bank guarantees. With a letter of credit (also known as a documentary credit), the buyer’s bank guarantees payment to the seller if certain criteria are met. Documentary collections, just as letters of credit, reduce the payment risks on international trade transactions, and with a bank guarantee company obligations to third parties are ensured. All these products offer security and protection against risks if an international trade transaction does not go as planned.

Funding and security

Importers and exporters can also use a letter of credit to obtain financing. An exporter, for instance, can obtain funding from his local bank to manufacture the goods as this bank is assured that payment will follow when the documents are presented under the credit.

In summary, it is not difficult to see the potential complexity of the arrangements on offer and the variety of ways in which they can be beneficial to a company. It is paramount, however, to work with a bank that fully understands the financial instruments available and their protocols and applicability in the overseas markets. Given this, trade finance and cash management are powerful tools for business growth and momentum.

Vincenzo Masile

Treasury Expert/Credit Risk Manager

 

 

 

Bank Account Management – A Treasurer’s Guide

| 22-6-2017 | Treasury Intelligence Solutions GmbH (TIS) | Sponsored content |

Bank Account Managment knows many issues and the Guide of TIS reviews them,  lists best practices and various suggestions to improve the process at your organization.

Risk and liquidity management are top of mind for treasurers in today’s business climate highlighting the importance of bank accounts. They are necessary to pay, receive and store money and also to protect resources and facilitate treasury management. Companies must have at least one bank account, some have hundreds and a few require thousands of bank accounts to conduct their business. Bank accounts are also the means by which companies are connected to other businesses, people and the banks where the accounts are held. This makes the business of bank account management not only an important task but in the current hyper-connected environment of cybercrime, terrorism, fraud and tax evasion a mission critical function. Failure to properly manage bank accounts has the potential to cause material disruption or business failure for the account holders.

If you want to read more about this subject please click on in this whitepaper.

Treasury Intelligence Solutions GmbH (TIS)

Since 2010, Treasury Intelligence Solutions GmbH (TIS) has been combining their treasury management experience and know-how with their cloud computing and virtualisation expertise. The TIS solution is the result of these efforts: comprehensive, highly scalable and extremely secure SaaS solution to process, analyse and document all treasury management processes.

 

Succesful breakfast session at Proferus

|21-6-2017 | Proferus | treasuryXL | Sponsored content |

We reported earlier that Proferus BV, Amsterdam organised a breakfast session, the first of a series, dedicated to CFOs, Senior Cash Managers and Treasures, this time focusing on Cash Flow Forecasting. The session has taken place yesterday and we want to share a short impression with you.

In their first session Proferus focussed on sharing best practices aound the topics cash forecasting strategies, direct vs indirect approach, the need for cash flow forecasting and forecasting software from CashForce. Nicolas Christiaen,  founder of CashForce gave real life examples of how CashForce is deployed to help companies efficiently deploy cash force forecasting for treasury management.

During the meeting there was a livley discussion about the need of cash flow forecasts and the difference between the direct and indirect method. Ideas were shared as well as experiences and practical examples. The presentation of the cash forecasting system of Cashforce by Nicolas Christiaen was well received and very interesting.

The breakfast session had a good attendance and positive reactions! Proferus already started to plan and organize the next meeting!

If you want to know more about the breakfast session you can download their presentation: [button url=”https://www.treasuryxl.com/wp-content/uploads/2017/06/Presentatie-liquiditeitsplanningen-Proferus-1-2.pdf” text=”View presentation” size=”small” type=”primary” icon=”” external=”1″]

treasuryXL & Proferus BV

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PSD2 is coming soon: Some information about PSD2 summed up

| 14-6-2017 | Mark van de Griendt | PowertoPay |

PSD2 is approaching soon, just a few months left. But do you know what exactly PSD2 is? And more important, what does PSD2 mean for your businesses? PSD2 enables relations of banks, to use (selected) third-party providers to manage their financial data. In the near future, you maybe will use social media to directly pay your bills, while still having your money safely placed in your own bank account(s).

PSD2

With the coming of PSD2, banks are obligated to provide these (selected) third-party providers access to their customers’ accounts through open API’s. This will enable third-parties to create financial services on top of the banks relation data or banks’ infrastructure.

Banks get a different role and since these third-party companies can now be their competition, banks are working together with these FinTech companies. PSD2 will fundamentally change the order to cash value chain, what business models are profitable, and customer expectations. Through the directive, the European Commission aims to improve innovation, reinforce consumer protection and improve the security of internet payments and account access within the EU and EEA.

For banks, PSD2 might possess substantial business challenges. IT costs will increase dramatically due to new security requirements and the opening of API’s. And, as FinTech’s take over the customer interaction, banks may find it increasingly difficult to differentiate themselves in the market for offering loans. The first business cases show us successful new products for renewed loan offerings based on actual data, PSD2 will boost product development, end-users will take advance of new market propositions.

What exactly will PSD2 bring?

  • The introduction and regulation of third-party payment service providers
  • 2 types of providers will be selected, those that offer:
    • Payment Initiation Services Providers – PISP
    • Account Information Service Providers – AISP
  • The unconditional right of refund for direct debits under the SEPA CORE scheme
  • A two-factor authentication check out system
  • Ban on additional costs for card payments
  • Better consumer protection against fraud, capping any potential payments if an unauthorized payment is made up to €50
  • Improved consumer protection for payments made outside of the EU or in non-EU currencies

Sources:

SEPA for corporates
Evry

 
Mark van de Griendt – Cash Management Expert at PowertoPay

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Payment threat trends

| 12-6-2017 | Lionel Pavey |

In the article ‘payment threat trends’ on FinExtra.com you can read that the European Payments Council provides an insight into the latest developments on threats affecting payments, including cybercrime. You can also download the document, which is divided in two sections. One analyses threats including denial of service attacks, social engineering and phishing, malware, mobile related attacks, card related fraud, botnets, etc… Another section aims to include early warnings on threats related to emerging technologies which could lead to potential fraud, including cloud services and big data, internet of things and virtual currencies.

Payment policies

Generally, companies will have a secure, written policy for making payments. These will be generated from the purchasing and bookkeeping systems and should be reconciled. Beneficiary static data should be restricted to view only for the staff – only authorized staff can make and amend the data.
Payments relating to creditors should only be processed if a purchase order has been originated internally and is approved. All payments should be uploaded to recognized bank systems and verified with a six-eyes doctrine.

The biggest area of concern relates to electronic payments outside of the abovementioned process – namely via credit cards. If inventory levels are not correctly monitored then it can occur that a one-off purchase order is made. Payment should be made through a recognized payment provider such as Ideal or PayPal. Furthermore, the issuing of credit cards to key personnel leads to many more risks that can not be directly controlled by the company.

Risks for companies

When using a credit card in a public area, there are a few obvious dangers:

  • Card being stolen
  • Open WIFI in the area
  • Skimmers applied to hand held card devices

Up to now, the majority of payments have occurred on stand-alone bank software. As we enter the electronic age of disintermediation, there are many companies offering payment services. Blockchain and bitcoin are the obvious examples. No system is completely secure but, in the past, banks have made good on any loses if it was shown that the banks systems were at fault. However, hacking into Blockchain wallets and taking electronic coins has occurred and the losses are not covered as they are not run by banks or governments.

For a company this leads to direct risks such as monetary loss, fraud and loss of reputation. Also of concern is the danger of company data being stored by external third parties.

Clearly defined doctrine

Despite all the technological advances being made that make payments easier, companies need to stick to a strong clearly defined doctrine for payments:-

  • Only payments via purchasing and bookkeeping systems
  • Restricted use of credit cards
  • Elimination of petty cash
  • Secure protection of the static data relating to creditors
  • Payments offered only through recognized bank software

Blockchain

Blockchain is a reality – its uses go far further than just payments. The technology can not be stopped – the major issues (in my opinion) revolve around the electronic currencies (Bitcoin).
Companies would do well to investigate the advantages that Blockchain offers and consider how it can be implemented within a company. Some of the potential uses include compliance, insurance, finance, energy, supply chain management, human resources, accounting, data, taxes etc.

As for payment threats – stay alert, identify and manage risks, and keep abreast of changes.

Lionel Pavey

 

Lionel Pavey

Cash Management and Treasury Specialist


Safety of payments

Payment fraud – Leoni case

Financial services en Fintech

| 9-6-2017 | Peter Schuitmaker |

 

Onlangs las ik het artikel van Derek White, business banker op Finextra.com. Hij maakt melding van de opkomst van IT technologie op het bankwezen. Met name de opkomst van artificiële intelligentie (AI) in ons leven. Fintech is een samentrekking van financial en technology. Deze technology gaat de koers voor de bankwereld beïnvloeden. Althans, dat lijkt zijn boodschap.

 

Personal assistant in de ‘cloud’

Als eerste opstapje naar de toekomst noemt Derek White de personal assistant (PA). Deze is ge-host in de cloud en communiceert via headset en smartphone met een personal data base, ook beveiligd in the cloud. De PA helpt ons gebeurtenissen en data te herinneren. Ons op eventualiteit te wijzen. Een fraaie gedachte.
Derek werkt (in zijn artikel) deze functionaliteit verder uit met betrekking tot ons financiële leven. De PA helpt ons bijvoorbeeld tijdig om van aanbieder te switchen, bijvoorbeeld als abonnementen aflopen of wanneer er zich betere aanbiedingen voordoen. Optimale inkoop van energie, telecom, data, verzekeringen, enzovoorts gaan dan geheel buiten ons medeweten om. Zo gaat een dergelijke cloud PA ons aankoopgedrag beïnvloeden, of zelfs sturen. Deze PA herinnert zich een eerdere latente behoefte. Maakt ons opmerkzaam op nieuwe aantrekkelijke aanbiedingen. En hopelijk meer dan dat. Onze PA voorkomt financiële stress, door het juiste uitgavenpatroon te kiezen. Passend binnen ons –door de PA vastgestelde– behoeftepatroon en passend binnen het –door de PA vastgestelde– privé budget. Al met al mooie visioenen. En vooral bijzonder dat dit opgetekend wordt door een business banker. Uit een –ogenschijnlijk- traditionele business bank. Met een sterke focus op B2B.

Natuurlijk is Fintech hot. De vele honderden startups die inmiddels in de westerse wereld actief zijn, leveren op een of andere manier traditionele bankproducten: financieren, investeren, betalingsverkeer, risk management, compliance, hypotheken, pensioenen. We horen steeds vaker en meer over bitcoins en blockchain.

Holland Fintech

Alleen al in Nederland zijn er ruim 300 startups die zich verenigd hebben in Holland Fintech. Dit zijn bevlogen ondernemers die, niet gehinderd door wetgeving, overhead, organisaties en structuren technologie ontwikkelen voor moderne financiële dienstverlening. Zij zien de traditionele gevestigde orde juist als een knelpunt voor economische groei. En de eigen Fintech branche als aanjager van maatschappelijke vooruitgang. Met technologie als drager en financiële dienstverlening als focus.

Ten slotte

De visioenen van Derek White zijn prachtig. Maar innovatie in de financiële wereld komt vast uit een andere dynamische omgeving.

 

Peter Schuitmaker

Registered Advisor for Business Transfer and Succession