Tag Archive for: treasury

Stock exchanges and blockchain: open positions

| 18-7-2017 | Carlo de Meijer |

Just like banks, a growing number of exchanges worldwide have already taken a serious look at the way they can leverage blockchain technology. This in order to ‘get rid of’ the existing time consuming, cost inefficient and risky operations. Ranging from Abu Dhabi to Toronto they are experimenting with various use cases ranging from settlement, over-the-counter trading to proxy voting. Others have just started and have or are having hosted blockchain events such as the Jamaica Stock Exchange (Blockchain Masterclass) and the Tel Aviv Stock Exchange (Hackathon) not wanted to be left behind. In this blog I will make a ‘tour de table’ (in alphabetic order) around the various blockchain-related activities of stock exchanges worldwide.

Exchanges: Tour de Table

Abu Dhabi Securities Exchange (ADX)

The Abu Dhabi Securities Exchange (ADX) has started implementing blockchain technology, enabling shareholders to participate ‘with further transparency’ while using e-voting techniques. The technology was used recently (end March 2017) at the annual general meetings (AGM) for six listed companies, including two private joint stock companies and four public joint stock companies, on the ADX.

“I encourage companies to use blockchain technology. I am confident that more training and practice of this technology will widen positive outcomes and bring more companies to use this technology. This will go in line with Abu Dhabi 2030 Economic Vision that seeks to strengthen digital transformation in the UAE.”Rashed Al Blooshi, ADX chief executive

Australian Stock Exchange (ASX)

One of the forerunners in the blockchain race is the Australian Stock Exchange (ASX). The ASX already announced early 2016 that it had teamed up with blockchain startup Digital Asset Holdings to develop a new distributed ledger solution for investors, listed companies, and intermediaries, for clearing and settling trades. This to replace the existing Clearing House Electronic Subregister System (CHESS).

The exchange has now completed the initial phase of its DLT testing, and their blockchain prototype has ‘met performance, security and scalability thresholds’. The company’s shareholders report, released in February, stated that the ASX is on track for a decision in late 2017 on whether distributed ledger technology (DLT) represents a suitable replacement for the ASX’s CHESS system. The final decision on the company’s post-trade infrastructure will be made in 2018. Only then will a blockchain solution progress into full production

The ASX recently built a dedicated blockchain showcase space, called ‘acceler8’, in their Sydney headquarters. The set-up of a ‘purpose built demonstration suite’ is aimed to ‘bring to life’ the possibilities of distributed ledger technology, to help stakeholders understand what is possible.

“It is one thing to talk about blockchain, but in order to really understand its capabilities, you need to see it in action.” Peter Hiom, ASX deputy CEO

Deutsche Börse Group

Deutsche Börse Group has been making substantial investments in the development and introduction of ‘state-of-the-art’ blockchain services. The German exchange is working on several prototypes related to blockchain technology and DLT.

Recent developments include a solution for cross-border securities transfer in cooperation with the Liquidity Alliance and a functioning prototype for the settlement of securities transactions in cooperation with Deutsche Bundesbank, Germany’s central bank.

Deutsche Börse and Deutsche Bundesbank presented their first functional prototype for the blockchain technology based settlement of securities transactions against instant and delayed payments in November 2016. This concept is based on a blockchain from the Linux Foundation’s Hyperledger project, and will allow for functionality for the settlement of securities in a delivery-versus-payment mode for centrally-issued digital coins (as collateral).

“Along with the Deutsche Bundesbank we are innovatively and creatively addressing potentially radical technological opportunities for the financial sector. We will continue to do our utmost to leverage blockchain’s efficiency potential and to better understand and minimize the associated risks of this technology.” Carsten Kengeter, CEO of Deutsche Börse

The system will also be capable of settling basic corporate actions such as coupon payments on securities and the redemption of maturing securities. Next to that the prototype will enable the maintenance of confidentiality and access rights, which will be done in a blockchain-based concept on the basis of a flexible and adaptable rights framework.

The Deutsche Bundesbank and Deutsche Börse stated that they plan to further develop the prototypes during 2017. They said that the developed products will be used to “analyse the technical performance and the scalability of this kind of blockchain applications”.

Euronext and others develop blockchain infrastructure for SME post trade

Euronext (Amsterdam, Paris and Brussels) and a number of financial institutions including names like BNP Paribas Securities Services, Caisse des Dépôts, Euroclear, S2iEM and Société Générale, in collaboration with Paris EURPLACE, last year June signed a Memorandum of Understanding to explore together the development of a post-trade blockchain infrastructure for SMEs in Europe.

“We wanted to engage collaboratively in order to mount an innovative project with the potential to drive the transformation of the post-trade market. By pooling our strengths in this ground-breaking area, we are focusing on new solutions that will give small and mid-sized companies — key actors for growth in Europe – easier access to the financing they need. With this project, we are securing the means to seize opportunities that blockchain distribution can offer: speed of execution, low cost and security.”

Open to other international partners, this pilot agreement aims to improve SMEs’ access to capital markets while facilitating secure and transparent post-trade operations. It is part of the development of a new regulatory environment in France that allows the issue and circulation of securities using blockchain technology.

Mission will be to harness blockchain technology in the design, development and deployment of innovative solutions for post-trade. By reducing transaction costs while maintaining a high level of security, the company would help SMEs raise funds more easily on capital markets.

National Stock Exchange of India (NSE)

The National Stock Exchange of India (NSE), HDFC Securities, along with a group of domestic Indian banks are collaborating on a know-your-customer (KYC) data trial, testing blockchain technology. Blockchain startup Elemential provided the technology for the trial. 

The NSE has been testing the tech since as early as September last year. The test involved a shared environment in which the stock exchange would on-board customer data, while different entities (banks and regulators) could access this information in real-time. The first stage of the trial was completed in January. The next stage is expected to see the use of real customer data.

Japan Exchange Group (JPX)

Early last year, it was revealed that IBM had teamed up with Japan Exchange Group (JEX), which operates the Tokyo exchange, to start experimenting with blockchain technology for clearing and other operations. The Japan Exchange Group (JPX) and IBM are working towards testing the potential of blockchain technology for use in trading in low transaction markets. JPX is embracing a proof-of-concept that is investigating how blockchain could be used to create new systems for the trading of low-liquidity assets.

They had run two separate trials and concluded that digital ledger technology “has the potential to transform capital market structure by encouraging new business development, improving operation efficiency, and contributing to cost reduction”.

JPX is also working on trials with Nomura Research Institute (NRI) to examine how blockchain technology could be applied in the securities market.

Korea Exchange Exchange (KRX)

South Korea’s securities exchange operator the Korea Exchange (KRX) launched a blockchain-powered platform for the off-board trading market, linking sellers and buyers to trade securities. This platform named Korea Start-up Market (KSM), is an OTC- platform for using blockchain technology to enable equity shares of startup companies to be traded in the open market. South Korea’s exchange was revealed to be developing a blockchain platform to facilitate securities trading between buyers and sellers, directly, as early as March 2016.

The new feature will see its roll-out by implementing a blockchain platform called ‘Coinstack’, developed by Korean startup Blocko. With a focus on document and identity authentication, Coinstack is serviced both via cloud and on location, while supporting all protocols and applications build on the blockchain technology.

“This is the first example of commercialization in which blockchain is applied to the Korean over-the-counter market. Notably, the Coinstack development platform supports both Bitcoin blockchain-based contracts and Ethereum-based smart contracts.” Blocko CEO Won-Beom Kim

London Stock Exchange (LSE)

The London Stock Exchange (LSE) has emerged as one of the most active on blockchain technology. In late 2015, the exchange was already among a cross-industry group of institutions investigating how blockchain technology could be used to change the way securities trades are cleared, settled and reported in Europe. The group — named Post Trade Distributed Ledger Working Group — also includes UBS, CME Group, Societe Generale, LCH.Clearnet and Euroclear. The consortium, which is particularly interested in using blockchain for post-trade processes, now has nearly 40 members.

If you want to read about more stock exchanges please refer to the full list in Carlo de Meijer’s article on LinkedIn.

Open positions of exchanges towards blockchain technology

The number of exchanges worldwide that is joining the many financial institutions in the blockchain and distributed ledger technology race is continuously growing. The potential to enable stock exchanges to significantly reduce the cost, complexity and increase the speed of trading and settlement processes in a secure manner, has attracted many exchanges worldwide to explore this new technology. However, it remains to be seen whether blockchain will soon be accepted by exchanges on a large scale and form the backbone of future stock exchanges. This given the many remaining challenges. But the optimism is certainly high. For the time being stock exchanges are taken open positions.

 

Carlo de Meijer

Economist and researcher

 

TreasuryXL: How the eating of the pudding goes so far…

| 13-7-2017 | treasuryXL |

In April 2016 we started a new venture – treasuryXL – and as with most brilliant ideas, the proof of the pudding is in the eating. Now – one year and a few months further – we look back to see how the eating went. In a positive sense there was enough pudding provided and we are proud to present to you some real XL-growth figures.

 

Connect and share information with the treasury community!

This is what we aim for: to be an open platform for organizations with treasury and cash or risk management exposure with or without a treasurer and or the experts surrounding them. We want to share news, opinions, vacancies and events on a daily basis with you. The figures show that you know how to find us.

Plenty of articles – one every workday

 With the help of our group of experts and partners, we really did reach one of our main targets: publishing a new article every workday and we find this quite an accomplishment.

The topics varied  from news items to background information, all treasury-related and the treasury community reacted very positively. If you want to take a look I invite you to visit our articles page on treasuryXL and fill in the ‘Search’ for a specific topic.

XL growth figures

If you start a website for a community from scratch you always have to wait and see how readers appreciate what you present to them. In the case of treasuryXL we are proud to tell you that almost 10.000 (unique) readers found our website and opened approximately 19.000 different pages since the site went online.

Approximately 1.300 unique users regularly open over 10.000 pages per month and stay quite long to read articles, vacancies or other information. There has been a steady consistent growth in visitor numbers and the figures have trebled since April 2016. That is a fantastic growth for us and proof that we are realizing a need within the market for professional, well written treasury related articles.

We also found a considerable number of new partners who consider treasuryXL a valuable partner to promote their products and services. It goes without saying that the benefits are mutual. The most important is, of course, to provide valuable information for our readers. If you want to bring your own products and services under the attention of treasurers, CFO’s and other financial professionals do not hesitate to contact us.

Towards new horizons

These figures make us proud, but are no reason to stand still. We will continue to develop our interaction with the community, as shown by our unique, bespoke and innovative Flex Treasurer service. We have plenty of plans for events and new projects and  will be available to you every day with interesting news and relevant information.

 Annette Gillhart – Community Manager treasuryXL

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Decentralised data capture, centralised data analysis: a case study

| 10-7-2017 | Hubert Rappold | TIPCO Treasury Technology GmbH | Sponsored content |

From now on, Faber-Castell will be organising its cash flow forecasting, accounts and derivatives with TIP. Regardless of where in the world, TIP allows the many subsidiaries of the multi-national to forecast and plan without major time inputs. Data capturing is decentralised while data analysis is centralised.

Case study

Groups with international subsidiaries need to regularly request all financial data from their subsidiaries spread around the world. This requires a lot of time and robust review procedures. Our web-based treasury information platform, TIP, allows the decentralised input of these data, irrespective of the various source systems, and their automatic reporting to Group Treasury. On behalf of the well-known family-owned company Faber-Castell, we recently implemented a solution which allows this stationery manufacturer to access and plan its group-wide data, ranging from its financial status and cash flow forecasting to its derivative management. Find out more about the implementation and how Quick Guides helped Faber-Castell subsidiaries to get started with the new system in their case study.

TIPCO Treasury Technology

TIPCO provides treasury reporting and cashflow forecasting solutions for over 120 companies. TIP automatically compiles existing data from various systems (TMS, ERP, etc.) and prepares analyses of these. This avoids the need to capture data manually, which is one of the most common causes of inaccurate data. Huge data volumes can be processed within seconds and reports can be set up and managed flexibly, even if the company’s requirements change. A smart cashflow forecasting module utilises that data and allows modification and simulation of forecasts.

You can read more about their case study by clicking on this link.

If you want to find out more about TIPCO and their services and products please refer to their company profile on treasuryXL.

Hubert Rappold – CEO at TIPCO Treasury & Technology GmbH

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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

 

 

 

Cryptovaluta: Goudmijn of zeepbel?

| 23-6-2017 | Olivier Werlingshoff | BNR | treasuryXL |

 

Een paar dagen geleden was op de site van BNR een artikel te lezen over de hype rond cryptovaluta. Onder cryptovaluta verstaan wij digitale munteenheden zoals bitcoins en etherum, soms ook alternatieve geldsystemen genoemd. Wij hebben onze expert Olivier Werlingshoff gevraagd hoe hij de situatie rond cryptovaluta inschat.

Cryptovaluta

BNR beschrijft de hype als goudkoorts en vraagt zich af, of het niet gaat om een nieuwe intenet zeepbel. Toezichthouder AFM stelt volgens BNR dat het grootste deel van de ‘cryptovaluta’s’ de waarde voor de reële economie nog moet bewijzen. Ondertussen stroomt het geld de markt in. De bitcoin is nog altijd de grootste en kost nu 2750 dollar. Op 1 januari was dat nog 960 dollar. De nummer twee, ethereum, is gestegen van 8 dollar op 1 januari naar nu zo’n 397 dollar. Dit betekent dat de ethereum dus bijna 50 keer over de kop is gegaan in een half jaar tijd. Deze enorme rendementen trekken natuurlijk mensen aan. Maar de AFM waarschuwt mensen. Beleggingsspecialisten vrezen dat mensen die nog nooit een aandeel hebben gekocht, nu in cryptocurrencies stappen, zonder zich goed te hebben ingelezen. ‘Hun doel is niet om te investeren, maar om snel rijk te worden.’  Maar dat lukt nu misschien niet meer. Het lastige van beleggen is namelijk dat op het moment dat werkelijk iedereen de kansen ziet en wil profiteren, het eigenlijk te laat is.

Olivier Werlingshoff geeft de volgende commentaar:

“Ik ben het eens dat de snelle stijging van de koersen van de Crypto Valuta een hausse is. In informele sfeer krijg ik meer en meer te maken met vragen of ik ook al bitcoins heb gekocht en hoeveel winst ik inmiddels gemaakt heb! Het lijkt heel erg op de gesprekken over internet gerelateerde aandelen eind jaren 90. Ook toen zag je snel stijgende koersen en dezelfde informele gesprekken ontstaan.

Nadeel van de bitcoin en andere cryptovaluta’s is het  hoge risico dat ermee samenhangt. Zolang de volatiliteit hoog is zal het moeilijk zijn om deze te gebruiken voor zakelijke transacties. Ik ben van mening dat na een “shake out” een enkele zal blijven bestaan, de volatiliteit zal afnemen en mogelijk kan de cryptovaluta, die er dan wel nog is, dan pas gebruikt worden voor zakelijke transacties.
Maar eerst zal de zeepbel in waarde,  die is gecreëerd moeten knappen!”

Olivier Werlingshoff - editor treasuryXL

 

Olivier Werlingshoff

Owner of Werfiad

 

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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2 most common financial risks faced by a company

| 16-6-2017 | Victor Macrae | 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. From our expert Victor Macrae we received another article on risk management, of which we thought that it adds some extra aspects to the earlier article on riskmanagement. 

An important task of a treasurer is to fully understand the financial risks that impact the firm. Two risks faced by most companies are interest rate risk and foreign exchange risk. Both risks can negatively impact the firm’s financial statements and can ultimately even lead to bankruptcy!

Interest rate risk

Interest rate risk originates from interest bearing liabilities. Most firms have loans. In the case the interest rate is variable, the interest paid varies according to an agreed market rate, such as Euribor or Libor. The risk is that the market rate will increase to a level where the firm is not able to pay its interest payments any more. In that case the firm is in default and theoretically the loan provider can request full loan redemption. In practice the loan provider is now in charge and will increase the margins on the loan as a result of the higher counterparty risk and also other charges such as fees of lawyers will be due. In order to mitigate interest rate risk a firm can use fixed rate loans or use variable rate loans in combination with interest rate derivatives such as interest rate swaps or options.

Foreign exchange risk

Foreign exchange risk occurs when a firm has subsidiaries abroad or when it transacts in a foreign currency. Suppose a firm with the euro as home currency sells products in Japanese Yen (JPY). Payment is due in three months’ time. If the JPY has weakened against the euro with 20% when the payment is due after three months, the revenues in euro are 20% lower. If the margin on the sales was 15%, then the negative foreign exchange rate change has led to a loss of 5%. Foreign exchange rate risk can be mitigated by various means, such a moving production to countries where the firm sell its products in order to match the currency of cash in- and outflows. Furthermore, derivatives such as forwards or options can be used to mitigate foreign exchange risk.

3 steps

The first step in managing interest rate risk and foreign exchange risk is to examine how the firm is exposed to these risks. The second step is to measure the impact of the volatility of interest and currency rates to which the firm is exposed on its financial statements. In the third step, if the effects are serious, the treasurer should consider which of the available options for risk mitigation best suits the firm.

Victor Macrae

 

 

Victor Macrae

Owner of Macrae Finance

 

 

 

How to get a fair deal on your derivatives trades

| 15-6-2017 | Simon Knappstein | treasuryXL

 

We discovered the article ‘Are you getting a fair deal on your derivatives trades” on treasurytoday. In the article derivatives are described as a good tool to mitigate risk and protect the company’s financials from moves in the market. However, derivatives come at a cost and often these costs are also hidden, which means that the  treasurer cannot be sure that he is getting a fair deal.

 

Price of the deal

Greater transparency is needed and  that was the reason why company NEXTrioptima developed its triCalculate solution. When treasurers execute a deal with a bank they typically cannot see how the price of the deal is calculated and what the bank is charging them for credit risk.The tool triCalculate tries to change this by taking the corporate’s derivatives trade file, a credit curve file and a credit support annex (CSA) file (where one exists) and running these through a series of highly complex mathematical simulations. The result: an accurate XVA calculation that enables corporates to quickly identify and price the impact of a counterparty default and the cost of funding a derivative portfolio. This is the first Software as a Service (SAAS) on the market. The tool does not only provide  companies with  greater transparency over their current derivative portfolio, but also offers the chance to plan new deals much better.

We asked our expert Simon Knappstein if this tool is really worth the while.

All the capital a derivative trade consumes, or is expected to consume, over its lifetime is  increasingly incorporated in the price of a trade. CVA, a valuation adjustment for counterparty credit risk was initially the major adjustment, soon to be followed by FVA (funding value adjustment) and many related adjustments that go under the umbrella name XVA. Properly calculating these adjustments for every trade on a portfolio basis is difficult and time consuming. So the new product offering TriCalculate by NEX TriOptima looks like a promising tool for corporate treasurers to help them gain insight in the pricing process of derivatives offered by their bank. By the way, being able to calculate a fair value on a potential trade does not guarantee you a fair deal, but it will certainly help.

Simon Knappstein - editor treasuryXL

 

Simon Knappstein

Owner of FX Prospect

 

 

 

More articles of this author:

FX global code of conduct

Negatieve interest rate policy: No lasting effect on FX

 

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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Breakfast Session: Cash Flow Forecasting

| 2-6-2017 | Olivier Werlingshoff | Proferus BV | Sponsored content |

 

Proferus helps companies enhance their forecasting processes to fully take advantage of new opportunities and to get in control over their cash flows. Proferus will host their first breakfast session of a series dedicated to CFOs, Senior Cash Managers and Treasures, this time focusing on Cash Flow Forecasting.

Proferus

Proferus has expertise developing tailored solutions to improve cash management and treasury processes and has a strong partnership network to help companies introduce new tools and techniques to achieve their goals.

Breakfast Session

On June 20th, Proferus will host the first breakfast session of a series dedicated to CFOs, Senior Cash Managers and Treasures, this time focusing on Cash Flow Forecasting.

Content

In this session Proferus we will focus on sharing best practices and a round table about the following topics:

  • Cash Forecasting strategies Direct vs Indirect approach
  • Round table The Need for Cash Flow Forecasting
  • Cashforce Cash forecasting 2.0

Joining us in this breakfast session, Nicolas Christiaen Founder of CashForce will give real life examples of how CashForce is deployed to help companies efficiently deploy cash force forecasting for treasury management.

Date & Time

Tue 20 June 2017, 08:30 h  – 10:00 h
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Location

Proferus
87 De Entree
1101 BH Amsterdam-Zuidoost
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Proferus would be pleased to welcome you.
If you want to register for the event please click on this link.