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Announcement | FIS is partnering with Cashforce to bring best-of-breed cash forecasting abilities to its TMS system

08-11-2021 | treasuryXL | Cashforce

Our partner Cashforce is excited to announce that FIS has launched a new cash forecasting and working capital data analytics solution: FIS Cash Forecasting with Cashforce. FIS Cash Forecasting with Cashforce complements and integrates with FIS Treasury & Risk Mgr (Quantum & Integrity edition) and gives organizations the ability to forecast their cash position & FX exposure more accurately for the short & long term.

FIS is enabling mid-market and enterprise companies to manage their cash more effectively, overcoming the existence of
fragmented data, disparate workflows, limited transparency into root-cause analysis and the inefficiency of manual
reporting. With the launch of FIS Cash Forecasting with Cashforce, organizations will gain the ability to forecast their cash
position more accurately for the near term and into the future.

“The solution leverages deep insights into working capital drivers and all the power of artificial intelligence to turn
educated guesswork into specific, reliable predictions,” said Nicolas Christiaen, CEO of Cashforce. “With out-of-the-box
ERP connectivity and the ability to feed forecast data into FIS Treasury and Risk Manager – Quantum Edition and FIS
Treasury and Risk Manager – Integrity Edition, management teams are empowered to generate more timely reporting and
organize their workflow to streamline the cash forecasting process and sharpen decision-making.”

According to PwC’s 2021 Global Treasury Survey, cash and liquidity management – together with funding and capital
structure – are the top two priority topics for treasurers and CFOs. In fact, nearly one third (32%) of respondents to the
2021 FIS Readiness Report indicate that they are investing in digital technology to improve cash visibility.

FIS Cash Forecasting with Cashforce is responding to that need, helping corporations overcome the problem of
fragmented data by consolidating information from ERPs, AR/AP, procurement, sales, treasury management and other
systems while leveraging pre-built connectors that ensure a seamless flow of high-volume, granular data. Smart
forecasting logic creates highly accurate forecasts to evaluate different scenarios, analyze impact and calculate
forecast/actuals variance. Collaboration across the organization is simple with easy-to-define workflows that result in an
enterprise-wide forecast that can be consumed by treasury.

“We wanted to find a partner that could complement our treasury management solutions with an AI-driven cash
forecasting solution to help solve our clients’ forecasting challenges. I am happy to say Cashforce is that partner,” said
Steve Evans, senior vice president, Product Management, Corporate Liquidity and Insurance at FIS. “And because the
solution is SaaS-based, it is easy to implement and maintain – enabling treasury departments to focus on running their
treasury operation.”

 

Request a demo

 

About Cashforce

Cashforce is a ‘next-generation’ Cash forecasting & Working Capital Analytics solution, focused on automation
and integration. Our cloud-based software enables corporates to unlock their data and create smarter decisions,
saving time and money. By integrating internal & external company data (ERPs, TMS, data lakes etc) and
processing them through machine learning techniques, our software provides insight into cash flows & working
capital, automates manual and cumbersome treasury tasks and enables AI-powered-scenarios. Cashforce is
used by midsize to large corporates and has users in over 120 countries. To learn more, visit www.cashforce.com. Follow Cashforce on LinkedIn and Twitter.

About FIS

FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our employees are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS ranks #241 on the 2021 Fortune 500 and is a member of Standard & Poor’s 500® Index. To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).

 

 

 

Partner Interview | CEO Nicolas Christiaen about how and why they built Cashforce NextGen, the ‘next generation’

05-10-2021 | treasuryXL | Cashforce

 

Why did Cashforce create the ‘NextGen’? What’s the vision behind this great concept? We have asked CEO Nicolas Christiaen 10 questions regarding the creation of the NextGen platform.

Find out why Cashforce created NextGen, what makes it unique and what solution the platform offers to treasurers.

Introduction Nicolas

Nicolas Christiaen is the CEO and Co-founder of Cashforce, an industry leading cash forecasting and working capital insights system. Nicolas has an extensive background in finance analytics, cash management and cash forecasting. He has led the effort to bring Cashforce to multi-national firms in distribution/retail, manufacturing and logistics/services industries. Nicolas uses his experience to drive both product development and thought leadership within Cashforce, resulting in a user base that benefits, not only from the system, but also the best practices that helped design it. Prior to Cashforce Nicolas worked as a management consultant at PwC and was a serial entrepreneur, founding two other software companies. He is frequently a guest speaker in the FinTech community and you will often find him on panels at international treasury conferences.

 

Introduction NextGen

Cashforce is a “next generation” cash forecasting and working capital analytics solution focused on automation and integration. By using Cashforce’s cloud-based Software-as-a-Service (SaaS) platform, corporates can unlock the potential for their data to help make smarter decisions, saving time and money in the process. Cashforce can consume a large variety of data, process that data using machine learning and get insights into cash flows and working capital. Cashforce NextGen eliminates the manual and cumbersome treasury tasks around cash forecasting, enabling its users to take advantage of AI-powered scenarios and a strong workflow for distributed treasury teams. The Cashforce system serves mid-to-large-sized corporates and is currently being used at over 70 companies and as many countries.

INTERVIEW

1. Can you remember your “A-ha!” moment that made you realize Cashforce NextGen needed to be built?

Yes, I can remember it well. We were working on a proof-of-concept exercise with a huge dataset, imagining ways to manage this large amount of complex data. We have always tried to challenge ourselves to look for ways to do things better. Our technical team of UX and system performance specialists began laying out the case to use the latest technology to provide, not only the functionality, but also the scalability and performance we would need to meet projected commitments and fulfill the product vision. The team did a fantastic job and really showed me the “art of the possible”. That did it for me and we immediately switched gears to figure out how we could make this happen.

2. What critical issue does the Cashforce NextGen immediately resolve for the treasurer?

Right now, treasurers struggle to provide their stakeholders with accurate forecasts. This is due to the difficulty of consolidating data into one place, and dealing with complexities like intercompany payments, various payment behaviors and overdues. Treasury practitioners want to be able to drill into the data and to use the output to make important decisions from “how much excess cash do I have to invest for the short term?” to “how much cash will we have in three months when our planned acquisition closes”? It is hard to do that when your forecast is sub-par. Cashforce helps you pull data from every location where it resides so you can start with a complete picture. Then we layer our analytics on top of that, so that you have a clear picture of what is coming in and going out. The result is that the forecasted cash positions become meaningful enough that you can incorporate them into strategic plans.

3. How does the new platform differentiate from the other players in the market?

Cashforce began its journey from a working capital analysis point-of-view and we built our cash forecasting capabilities on top of that by linking to ERP systems. This had the effect of enriching the quality of the forecasts that we could generate and made them more useful. The ERP connectors themselves are a large differentiator: they ensure a seamless flow of granular, system-based data. This creates a fully transparent view into cash. On top of that, Cashforce applies smart forecasting logic (including AI-based algorithms, P&L-to-Cash logic, payment behavior analysis…) to build highly accurate and automated forecasts for the short, mid & long term. An intelligent simulation engine allows the Treasury department to evaluate different scenarios, analyze their impact and calculate the forecast/actuals variance.

4. Can each ERP system work with the Cashforce NextGen also when you work with multiple ERP’s located in different countries?

Yes, we have many clients that use Cashforce to pull in data from multiple ERP’s. Sometimes it is different instances of the same ERP, and sometimes it is a different ERP altogether. Either way, we configure Cashforce to pull in the needed data automatically, so that the end-users can start using the system with the data already loaded.

5. What is the biggest challenge you experienced while creating this new platform?

When you are trying to build a really remarkable product, there is always a tension between the ideal vision, the dream state, and what development can realistically deliver to meet market and client expectations and keep our overall momentum. On top of that, the pandemic struck while we were in the middle of our efforts, and this put an enormous strain on our timelines, productivity and ability to collaborate in real-time in the way you need to make something special. Doing that through web meetings can slow things down quite a bit, but luckily we already had a solid plan, an established process and an effective line of communication. This enabled us to keep going and now that we are moving back to normal, we are positioned to get out there and show what NextGen can do.

6. What is, in your perception, the biggest benefit of working with Cashforce NextGen?

As we brought Cashforce NextGen to market, we found that several benefits jumped out to our clients: Time-savings, Money-savings and the ability to use knowledge of your current and future cash positions to elevate forecasting to a strategic level. Many of our clients need to actively manage cash to invest or borrow properly, as needed and to make acquisitions. But they are using old tools and forecasting modules that simply didn’t give them what they needed. With NextGen, we have the highest degree of automation, the best workflow, the latest AI and machine learning models to improve forecasting and it all sits in a great user interface that is so easy to use. Sorry to not say one benefit, but the truth is the benefits are many.

7. What is the overall feeling of your customers about NextGen?

Our customers are very excited about the new product, just as we are. Prior to development, we made sure to meet with our clients, share the vision and gather their feedback, especially pain points. It was a great feeling when we went back to them to show our first demonstration of NextGen, you could feel the excitement in the air.

8. Can you give us an outlook on the product developments and tell us a bit more about your vision?

Cashforce’s vision has always been to save time and money for finance and treasury departments. Over the years, we have accumulated expertise around different approaches to short- mid-and long-term forecasting, connectivity with different ERP’s and TMS’s, designing sustainable workflows and integrating technologies such as artificial intelligence and machine learning. We want to leverage this knowledge alongside future-facing technologies, such as APIs, to create a new platform that is state-of-the-art and capable of consuming billions of transactions in real-time. However, we don’t plan to stop at consolidation and analysis of the data. We are working with our clients to build out the system to take the “next action”in their treasury processes. By linking with trade execution platforms and Treasury Management Systems (TMS), Cashforce will be a decision-making engine that drives our customers’ workflows.

9. The world is always changing, how does Cashforce stay one step ahead of its competitors?

The treasury world is always changing and will always be changing. It’s up to us to change with it and keep up with shifting consumer needs. Companies that focus on the past tend to stay in the past. So you must know what technology is out there, what is possible, what is available, what works and what doesn’t. For example, AI and machine learning will become ubiquitous and woven into the fabric of finance and treasury. That is why we want to lead the charge to use new methods and new technology. The better informed our clients are, the better prepared they will be to handle these changes as they happen.

10. Looking back on your Cashforce career, what is ‘the thing’ you are most proud of?

I have had the opportunity to work with some very talented people at Cashforce. I am most proud of our ability to create an environment that empowers our people to be as successful as they can. To see these talented people bring Cashforce NextGen to life has been an amazing experience.

 

 

 

Helping Hand: Using Cashforce to Manage Growth Through M&A

24-08-2021 | treasuryXL | Cashforce

How one treasurer used Cashforce technology to improve forecasting and support growth.

When one treasurer saw that his team was getting too bogged down managing the company’s dozens of bank accounts across 25 entities, he sought out an automated cash management system, but he had a concern: the company is continually growing through mergers and acquisitions, and in the past, new accounts made everything muddy.

  • The process of integrating a new entity and any accounts it brings along can be cumbersome—and who knows if their ERP would even be compatible with the automated solution he chooses?
  • He said that Cashforce, a cash forecasting and working capital analytics solution that can work with multiple ERPs, was the answer. “Cashforce’s ability to take feeds from multiple ERP systems was big.”

New accounts, new problems. 

Before turning to Cashforce, the treasurer had significant capital committed to grow the business through acquisitions. He only had two or three people managing this aspect, and he said the company’s TMS offered little assistance.

  • “Cash is our lifeline,” he said. “To me, the most important thing is knowing how much cash we have and where it is.
    • “We’re not over-leveraged, but we’re leveraged,” he said, so finding a cash management solution that provides quick access to every detail was crucial.
  • But the treasurer said his company doesn’t expect accounts that come with newly acquired companies to work with its preexisting ERP system. Cashforce, which can take data feeds from new ERP systems, was the key.
  • “We needed a cash management solution that integrated with our current ERPs and future ERPs to be able to feed data into the tool,” he said.

Feel the force.

Because Cashforce can take those inputs, the treasurer said it could work. But would it actually save enough time, and free up cash through efficient management of working capital? The solution, he said, had four clear advantages that made cash forecasting “a lot more accurate” in just six months:

  1. Ease of use, with data visualization tools that teams can use without having to dig into reams of numbers.
  2. The ability to drill down into the data into transaction-level detail.
  3. The ability to take these now automatically generated data-driven insights to management instead of spreadsheets.
  4. The ability to view daily bank positions.

Feel the force. 

Because Cashforce can take those inputs, the treasurer said it could work. But would it actually save enough time, and free up cash through efficient management of working capital? The solution, he said, had four clear advantages that made cash forecasting “a lot more accurate” in just six months:

  1. Ease of use, with data visualization tools that teams can use without having to dig into reams of numbers.
  2. The ability to drill down into the data into transaction-level detail.
  3. The ability to take these now automatically generated data-driven insights to management instead of spreadsheets.
  4. The ability to view daily bank positions.

Bonus: data literacy.

 An added “unofficial” benefit of Cashforce that the treasurer added was change management—the opportunity to get a once data-hesitant team to embrace the possibilities offered by analytics.

  • Though he wasn’t intending on using Cashforce to manage credit and collections, through encouraging his team to dig into the data, “one of the biggest advantages is I got my C&C manager to give me a much more accurate forecast.

 

 

Press release | New Cashforce office in Warsaw, Poland fuels its cash forecasting product excellence

08-06-2021 | treasuryXL | Cashforce

Cashforce, an innovative Cash Forecasting and Working Capital Analytics solution provider, has announced it will open a new office in Warsaw, Poland to expand the company’s activities. This new office will further accelerate Cashforce’s growth and market presence on a global scale with the addition of a new technical team. For this expansion, various product-focused positions are becoming available, ranging from Chief Architect and team leaders to analysts and front-end/back-end engineers.

“We are delighted to share the news of the opening of our product-focused branch. Together with our new platform which launches soon, we continue to push the frontier of Cash Forecasting & Working Capital product excellence,” said Nicolas Christiaen, CEO of Cashforce.

Cash forecasting remains a top priority of any corporate and Cashforce offers a unique solution to assist finance and treasury departments in this challenge. Building upon years of experience, we’re reinforcing the vision to save time and cash by offering automated Cash Forecasting technology. Our new platform is equipped with real-time data processing capabilities, an intuitive user-experience that lowers the barrier to entry and enhanced (AI-powered) scenario building capabilities.

Jan Bakker, COO of Cashforce, adds: “It’s great to see our global presence ramping up. By reinforcing the product team with various technical positions, we’re ready to further integrate the latest and greatest technologies into our product.”

As a Fintech scale-up disrupting the treasury space, we are experiencing substantial international growth. To make our ambitious vision a reality, we are looking for motivated candidates to join us in creating a world-class product. Of course, it all starts with the amazing people. You can become a part of a dynamic and global team that encourages ownership, diversity and personal growth. Learn more about our company culture here.

WANT TO BE A PART OF OUR FINTECH EXPERIENCE? FIND OUT MORE ON OUR OPEN POSITIONS HERE.

___

Cashforce is a ‘next-generation’ Cash Forecasting & Working Capital Analytics solution, focused on automation and integration. Our cloud-based software enables corporates to unlock their data and create smarter decisions, saving time and money. By integrating internal & external company data (ERPs, TMS, data lakes etc) and processing them through machine learning techniques, our SaaS solution provides insight into Cash Flows & Working Capital, automates manual and cumbersome Treasury tasks and enables AI-powered-scenarios. Cashforce is used by midsize and large corporates and has users in over 120 countries.

When Cash is key, Cash Forecasting and Working Capital leads your company towards a crystal-clear future. When Cash is key … Cashforce.

 

Press contact
Benjamin Bergers
[email protected]
+32 (0) 479 66 27 21

 

Texpo Webinar | Dark Data- Search, Collate, Conquer – Making Sense of Unstructured Cash Forecasting Data

| 08-06-2021 | treasuryXL | Cashforce

Our Partner Cashforce is holding a webinar hosted by Texpo, in which the topic ‘Dark Data: Search, Collate, Conquer – Making Sense of Unstructured Cash Forecasting Data’  is presented together with  David Jacoboski, CTP (Drew Marine).  Dark data is defined as unused or hidden data from relevant departmants in your business, which might have intrinsic value. Watch the full webinar below ??

 

Overcoming Resistance | Integrating Data in Cash Flow Forecasting

| 17-05-2021 | treasuryXL | Cashforce |

Treasurers at mid-cap Corporates looking to use large-scale data analysis to enhance cash flow forecasting are finding colleagues hesitant.

The advantages of using sophisticated data analysis in cash flow forecasting are clear to a growing number of treasurers intent on improving accuracy and eliminating human error. But implementing and executing a data-driven approach often requires collaboration with teams outside treasury, such as AR and credit collections—and some NeuGroup members are meeting resistance.

  • Solid support from leadership and showing the benefits of data analysis may make the transition smoother and help get members of other teams on board.
  • That key insight emerged from a recent discussion at a meeting of NeuGroup for Mid-Cap Treasurers, sparked by a presentation about data-enhanced cash flow forecasting from Cashforce. Read an earlier article from Neugroup here.
  • “A data mindset requires an analytical filter,” one member said, and if another team does not thrive on data, it takes some effort to get colleagues to buy in.

Overcoming intimidation. “I like to be very data-driven,” one member said. “Sometimes that doesn’t go over well in our company. It can be intimidating to people.”

  • “When you start questioning trends, it doesn’t always make people feel very good,” she continued. “I think there can be a lot of defensiveness.”
  • Another treasurer said that, in his experience, “having access to data and showing it to [staff] kind of scares them. People say they want to change—people don’t want to change.”
  • Though there can be a learning and implementation period, he said he was able to find success by stressing how much time data analysis could save in the long run.

Navigating collaboration. Some members said teams that consistently set low expectations for cash flow are often obstacles to using data that produces different, more accurate forecasts. “There can be sandbagging in the forecast, people can be resistant to being more optimistic,” one member said.

  • Another said that, though she would like to see the company implement a more data-focused model for cash flow, it would be too great a challenge to work with functions that don’t fit under the treasurer and do not share the data mindset.
  • One treasurer said his company is having these issues with its AR team, which does not report to him. “When you compare quarters, [we are] 10-15% over our forecast,” he said. “There’s a disconnect.”

Teamwork, dream work. That member said he was able to work with his company’s AR team to incorporate data and effectively eliminate the issue, though there was initial reluctance.

  • He recommends a single individual in a management role spearhead this kind of change. “If it is more driven by one leader, it is easier to shield criticism and make a right decision.”
  • The member said another source of friction can be FP&A and other finance or business leaders outside of treasury who want to maintain oversight of forecasts.
  • Though there is value in working together to incorporate data for forecasting, he said, “the entire organization needs to be ready to become more objective rather than try to manage divisions.”

 

Webinar recording: Cashforce & TIS are Partnering Up to Deliver Best-of-Breed Technology

| 17-03-2021 | treasuryXL | Cashforce | TIS

Cashforce & TIS are partnering up to deliver best-of-breed technology. Watch the webinar recording with Nicolas Christiaen and Joerg Wiemer and get to know more about this best-of-breed approach and how this partnership can help you tackle your challenges in cash flow forecasting and corporate payments.

 

 

 

The Case for a Global Payment Hub

02-02-2021 | treasuryXL | Kyriba |

Global corporate payments technology is changing at a rapid pace. So rapidly, in fact, that internal IT-managed platforms are not able to keep up and the challenges that ensue are left for the IT team to sort out.

These challenges include:

  • Insufficient Controls
    It is up to IT to protect assets from digitized fraud capabilities that are able to penetrate the standard four-eye principal and, in order to do so, IT will need to enhance controls.
  • Custom Banking Formats
    Each bank has its own specific requirements that, even within the same bank, may differ depending on payment type and bank branch location. The number of custom formats needed can make it difficult for IT to meet all global banking format customization requirements.
  • Infrastructure Costs
    The cost of building and maintaining payment connectivity infrastructure, especially given the customization requirements, can easily exceed what a company anticipated.
  • Delayed Project
    Established bank connections will need to be rebuilt as ERPs migrate to the cloud, which can greatly delay the project. And, rebuilding the connection is often made more difficult as employees leave and retire, taking with them the tribal knowledge of how the original architecture was deployed.

Let’s evaluate some of these in the context of the return on investment (ROI) your organisation would achieve by deploying a connectivity as a service global payment hub.

Enhancing Controls

The most common vulnerabilities to fraud include technical, process and simple human mistakes – and, worst case scenario, internal collusion. All of these become significantly more vulnerable when corporations rely on internally built systems and processes that depend on human control workflows with multiple checkpoints.

Today’s fraudsters are more sophisticated, able to easily penetrate corporate infrastructure and pass internal human dependent control workflows. They utilize social networks to penetrate organisations with phishing schemes that include email, as well as deep fake voice simulation software via phone that can sound exactly like your CFO or CEO requesting payment execution.

The best payment hub solution will aid the human dependent controls with machine learning technology, bringing to their attention anomalies that they must further investigate.  The solution must be able to keep up with technical assets at the fraudster’s disposal – for example, based on history alerts related to banking change and volume as well as OFAC exception.  Payment hubs with machine learning capabilities have demonstrated the ability to reduce corporate fraud exposure by at least 70%.

Payment Connectivity Complexities  

Global banking format customization requirements are extremely complex with very limited, if any, corporate tribal knowledge related to the technical architecture and deployment. Each bank has their own specific requirements. In many cases, there may even be differences of formats within the same bank depending on branch locations. The cost of building and maintaining payment connectivity infrastructure given the customization requirements can be in the millions of dollars.

Payment hubs eliminate this cost in several ways:

  • IT no longer has to manage bank connectivity with outsourced development and maintenance of bank payment formats to the hub solution. Developing this internally can take up to 9 months for each bank at a cost of up to $150K+ per bank, not including any ERP consultant fees.  A payment hub solution will be able to deploy connectivity within weeks and provide 24/7/365 maintenance and support at a fraction of the cost.
  • Multiple systems that previously sent payments to banks can be consolidated down to one. IT will only have to manage one format which is to the payment hub.
  • Treasury can optimise banking services and remove duplication caused by the multitude of systems (including treasury and ERPs) that connected to the banks. This will standardise and enhance controls and auditability of internal workflows.

ERP Cloud Transformation

If you are considering an ERP cloud transformation or are in the process of the transition, all of the bank connectivity that is established in the current environment will have to be re-built.  Given the considerations highlighted earlier tied to the complexities, re-building all of the connections internally will be costly and risk go-live.

Connectivity as a service with the right payment hub will de-risk and accelerate cloud transformation projects. In fact, payment hub solutions provide a more than 80% improvement in time-to-value related to payment go live. This return on investment is inclusive of internal man-hour efforts, external consultant fee elimination, as well as the speed of bank on boarding timelines from up to 9 months to only a few weeks.

In conclusion, payment hubs enhance controls and keep up with the ever-changing fraud environment, eliminate any risk tied to business continuity due to internal infrastructure or tribal knowledge, and finally enable a successful ERP cloud transformation deployment eliminating any risk to internal timelines or objectives.

 

Cashforce & TIS – Partnering Up to Deliver Best-of-Breed Technology

| 29-01-2021 | treasuryXL |

In July 2020, Cashforce, the “next generation” cash forecasting & working capital analytics company and TIS, well known as a leading bank connectivity & payments provider formed a strategic alliance. This collaboration provides a unique solution for corporates looking for a rich cash forecasting and payment experience with seamless integration to their banks and enterprise systems (ERP, TMS etc.).

Join the webinar with Nicolas Christiaen, CEO & Co-founder at Cashforce and Jörg Wiemer, CSO and Co-founder at TIS and get to know more about this best-of-breed approach and how this partnership can help you tackle your challenges in cash forecasting and corporate payments.

Register Here

 

Date and Time
  • Tuesday, March 2nd 2021
  • 16:00-17:00

 

 

 

Bank independent payment platforms, ING and Cobase the new kid on the block?

| 22-1-2019 | by  Pieter de Kiewit |

With layman’s eye I follow what is happening in treasury and technology and am intrigued by the entrance of Cobase, owned by ING, in the market for bank independent payment platforms. This is not a new market with competitors like TIS, Serrala (formerly known as Hanse Orga) and PowertoPay.

If I understand the concept well, these platforms were build to make life easier for treasurers and other financials. The idea is to connect many bank accounts from different banks in one system, and this system into the company’s ERP. The system enables outgoing payments entered in the format of the ERP system, no adjustments needed, with one token to authorize. This way one can avoid using all the various authentication methods and payment formats different banks force upon users. Incoming payments through these platforms can streamline reconciliation. Security, clear information and efficiency are obvious advantages.

MNCs often work with many banks because there are only a few (some say no) banks that offer global coverage. Also many companies do not want to rely on the services of only one bank. Ending and starting cash management relations with banks is easier with an independent payment platform: a plug and play system creates a stronger negotiation position. So cost saving can be possible.

Now Cobase, fully owned by ING, enters the described market. Exciting news, but also a bit puzzling:
• Will clients, that already use a platform, switch to Cobase and put all their banking eggs in the ING basket?
• Will other banks, competitors of ING, be willing to cooperate in building the Cobase solution?
• If ING, or a competitor is present in (most of) the countries a company works in and this company is willing to work with only one bank, why use Cobase?
• And is Cobase planning to extend its services to other Treasury Management Software solution, thus entering the market of Kyriba, Bellin, IT2 and others?

From the side-line I will follow what will happen. I look forward to seeing your input. What do I overlook? I will keep you up-to-date,

Pieter de Kiewit

 

 

Pieter de Kiewit

Owner of Treasurer Search