| 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.
| 16-03-2021 | treasuryXL | Nomentia |
Payment fraud has become a real and permanent threat for companies of all sizes. No company can afford to close their eyes on the risks – fraudsters target all industries, and large and small businesses alike. It is the eleventh hour to start focusing on the safety of your payment process if you want to avoid financial damage.
The good news is that the fraudsters prefer easy targets, so even raising awareness on the topic in your organization is a step in the right direction. With this blog, I want to share 5 concrete tips for preventing payment fraud and improving the safety of your organization’s payment process.
Do you know who has access to your payments at each stage of the process? Risky task combinations may have formed overtime without anyone noticing that a single person can, for instance, create a new payment in the system and approve it to be paid. Overly broad user rights leave unnecessary room for both malpractice and costly mistakes. Applying strong user rights management – the four-eye principle, for example – is a quick way to reduce the risks. You should require double approval also on the changes made in the vendor master data, as well as user rights.
Design a secure payment process with best practices approach. Establishing a “no PO, no pay” principle where invoices are approved for payment only if they have a purchase order number or if they are paid to registered suppliers supports preventing payment fraud. You can improve the safety of manual payments when you utilize the ready-made templates of a payment system and demand multi-factor identification from the person who makes the spontaneous request for payment. Many CFO attacks could have been prevented if the origin of an email payment request had been confirmed via another channel.
You would be surprised if you knew how many companies have gaps in their payment process, creating payment fraud risk. For example, if the payment file batches are waiting to be uploaded to bank in a folder or file share, it leaves the data open for tampering even if the process up to that point had been secure. Eliminating manual phases through automation is one of the best ways to increase safety as it reduces not only the risk of fraud but also the risk of mistakes.
Standardized and harmonized practices build up transparency, which makes spotting and preventing payment fraud easier. Create a uniform, company-wide process for handling payments and make sure that there are no routes round it. By centralizing all your bank connections to a single system, you will take transparency to another level, and, in addition, you are able to better control the risk related to data transfer and system management.
It is not rare that payment fraud is discovered only by accident. As a part of good risk management, you need to focus also on the measures that help you spot the fraudulent payments that manage to go through your defenses. Keep an eye on payments that are going to unknown bank accounts or that are made outside normal payment schedule. Your payment system should support you in risk management and filter out deviations from your payment flows before they are paid. Machine learning and artificial intelligence will soon create new possibilities for recognizing and managing deviations in accounts payable in a more real-time and automated fashion.
Preventing payment fraud in an ever-changing threat landscape requires that you take a comprehensive and proactive approach. I recommend that you download and read our e-book, where we take a look at this topic in detail, and provide you with all the different perspectives a corporate payment process should be examined from. In the e-book, you will find best practices and concrete advice you need to keep your organization from falling victim to payment fraud.
Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!
| 15-02-2021 | treasuryXL | OpusCapita |
Maybe not quite unleash but the better word might be superpower. Because payment templates are truly what will take your set-up to the next level. We are continuing our popular live demo webinar set-up where our solution managers will provide a quick deep dive into one topic and how this is working in our solution.
Payment templates allow you to publish templates for manual payment that you can use to process payments.
In this webinar we will show you how you can:
And on top of that we will provide a practical application to how those templates can make your daily life easier.
Cash Managers, Treasurers, and anyone looking to optimize their payment processes.
Jouni is Solution Manager at Nomentia and has over 10 years of experience in corporate cash management and has deep expertise in cash forecasting, payment factories and in-house banking, and process development. Previously Jouni has worked in product management, consulting and R&D.
Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!
| 10-02-2021 | treasuryXL | Nomentia |
Recently, Nomentia held a webinar about the key Trends in Treasury and Cash Management. The recording of this webinar “Treasury Trends 2021” is now available for you on demand. Feel free to rewatch it as much as you like!
Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!
| 04-02-2021 | Cashforce
Next week, our Partner Cashforce is speaking at Citi’s 2021 Corporate #Liquidity Forum: The Resilient Digital #Treasury Global Conference together with their client Kiera Agnew, assistant treasurer at Kellogg Company. During this event, Treasury Trends & Priorities, Cash & Liquidity Management, and more interesting Treasury Topics will be discussed. Don’t miss it!
? February 10th, 10am – 12pm EST (4pm – 6pm CET)
Key Topics include:
For More Information and How to Register click HERE ?
01-02-2021 | Treasurer Search |
Sometimes it’s good to check if your assumptions are right. We think we know what the bottlenecks are in finding treasury employees. But what do treasury hiring managers experience in their search? We created a survey and this is to inform you about the results. This survey is not so much about our services but about recruitment processes in general. Of course we use the results to check if we do a proper job.
We identified four important client employee groups that are included in treasury recruitment. The first is the hiring manager, for instance the group treasurer. She might include treasury staff members, the direct colleagues who will work with the new employee. This is the second group. The third group consists of HR specialists and internal recruiters, the fourth and last are group finance leaders like a CFO. The first two groups responded well so we will focus on their input.
The following statements summarize what treasurers tell us about recruitment for their team:
This is input we can work with. It emphasizes the importance of us doing thorough and continuous market research: who are the treasury experts, where do they work, what are their contact details, what is their search status? So as soon as the search starts, we are prepared. This is the biggest taks of half of our team. Building a presentation is often a matter of days or a week. But also, where are the bottlenecks in an average search process and what can we do about these? My personal observation is that this often is caused by hurdles in the coordination between groups. And to conclude, of course we will also create content that will help our clients in cv screening and interviews.
We will continue the survey and ask non-treasurers for their input. We expect they will need different support. What might be interesting and cannot be put in a short survey is the opinion of treasurers about the treasury expertise of their HR counterpart. Or what HR experts think about the interview skills of treasurers. A quick self-assessment only goes so far…
Informing each other about processes and frustrations remains important. As external recruiters we notice that each of the four groups mentioned needs different input. And the groups need to communicate among each other, as one can notice with input like “HR often confuses treasury with general finance” and “job titles do not tell the full story, look at the tasks”.
Let me conclude with what can frustrate us as recruiters. In the text box there were requests like “high quality treasurers with some experience” or “extrovert treasurers”. This reminds me of my time working in Germany. My recruitment colleagues would sigh and say their client instructed them to find a “eierlegende Wollmilchsau”: a pig that lays eggs, brings wool and milk. We can only do so much and luckily we can help most.
What does frustrate you in finding treasurers?
| 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.
| 26-01-2021 | treasuryXL | Nomentia |
Initiating a crisis management strategy is now top priority for people, businesses and Governments alike. Utilizing and developing survival capabilities is proving challenging for many organisations, including cash flow forecasting and managing risk around major supply chain disruptions.
Diligent Cash Management and scenario analysis are both integral to managing uncertainty during the current crisis but also positioning finance and treasury leaders as pivotal to driving successful recovery planning.
Most organisations have a real need to understand what their current liquidity is: today, tomorrow and into the future. Finance and treasury must continue to run the business as best as they can but, to do this effectively, they need to know how much cash they have to work with on a daily basis. Therefore, group-wide, real-time cash visibility and future cash forecasting are crucial – if you don’t have enough liquidity in the business then trouble could be looming on the horizon.
The first step is to figure out what the real cash picture looks like, identify gaps and put the necessary measures and contingencies in place to avoid nasty surprises. Bill payment periods may have to be extended, funding requirements and arrangements revisited, hedging policies re-worked etc but the big picture i.e. cash visibility, is critical.
Cash forecasting comes next in order of priority, gathering a full and concise picture of short-term cash availability is imperative. Maximising business agility with some ‘what if’ scenario modelling may be required, for example: what happens if we don’t get paid a percentage of what we are expecting, what fall back positions do we have on government grants, loan agreements etc. Again, the key driver is knowing your current cash picture now and today, allowing you the best possible position for making strategic, next-step decisions. And the situation is real, a Guardian report, on the 2nd April, states 6 out 10 (60%) UK firms have no more than 3 months of cash left!
Many companies are struggling with cash forecasting, they simply don’t have adequate tools in place. What can they do, right now, given the logistics of remote working?
Thankfully there’s a lot they can do, and quickly. Ensuring whatever systems they have in place for managing liquidity are as automated as possible to enable real time, up to date information access on cash visibility. If automation is a problem or the company is still using traditional manual processes, then change as soon as possible. This is not as difficult as it sounds as many cash management solutions are now available on monthly on-demand payment plans, cloud based and can be installed quickly and efficiently without the need for IT involvement, onsite implementation teams or large upfront fees.
Given the availability of cloud-based cash forecasting solutions, systems can also be accessed remotely so staff working from home can work as efficiently and effectively as if they were operating from their respective office environments.
Preparedness. Post-crisis analysis will be critical for all organisations. Some will have managed better than others, particularly those who had previously invested in technology upgrades and system automation. Questions around: how well we were prepared, what worked or didn’t work so well, will be food for thought for all business leaders.
But the fact remains technology is absolutely key to maintaining business agility and formulating crisis preparation. Automating as many tasks as possible, in order to provide real-time access to all the data and information needed to make quick and informed decisions, can mean the difference between success and failure. Many organisations will use the time now and post-crisis to reassess technology needs and processes and plan investment in tech upgrades and automation to improve agility, accuracy and efficiency for the future.
Here’s a round-up of some actionable advice for finance and treasury leaders:
Information is power, now more than ever.
Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!
| 18-01-2021 | Bas Meijer |
Can you remember when your current Cash Management structure has been set up? Probably at a point in time when there was a refinance, additional funding need or when a new treasurer came on board. The world is changing, your clients and their behavior are changing, therefore probably your Cash Management environment needs changing.
Unfortunately these changes are not automatically translated and implemented into your Cash Management setup. And as not every bank is the same, some banks cannot provide the Cash Management setup your corporate needs.
Reflecting the Cash Management needs every 3-5 years is a good habit. Solutions are evolving, banks are changing their focus & pricing can be renegotiated. But the most important goal is that the Cash Management setup should fit your corporate like a glove, not too big, an certainly not too small.
TreasuryXL has multiple experienced Treasures with up-to-date knowledge and experience, who can help your organisation to achieve these goals. Maybe your corporate is ready to take the next step, or your Cash Management infra structure is outdated. Is there need for automation, independent banking portal, TMS or market data provider?
From experience this review brings a contribution to the bottom line. But not only in money, also in speed and accuracy. With new tooling your current choices can be reviewed in time, which helps you to make the next steps down the road. The Treasury Department is never static, and should always adapt to the changing environment. Make sure that your Treasury function, how big or small, fits like a glove to the needs of the corporate!
Treasury Specialist
| 04-01-2021 | treasuryXL | Nomentia |
A new year is just ahead of us. And what better way to start the year than to look at trends that will shape our business in the coming months.
Some of the trends derive from the global pandemic that is still showing its effect on the global economy and businesses around the world but other trends have been long brewing or just got further amplified.
Date: Thursday, January 14, 2021
Start: 13:00 CET / 14:00 EET
Duration: 45 minutes
Register: click here
Cash Managers, Treasurers, and Finance leaders working in international companies who are interested in understanding the landscape they are operating in and want to stay up-to-date with developments.
Jukka is a cash management domain expert with a strong hands-on background from international and complex payment factory and SWIFT projects. Previously, Jukka has been working in various R&D roles, focusing on bank and ERP integrations and security topics.
David Kelin possesses invaluable commercial experience gained from over 35 years working in leading organizations in the areas of liquidity, treasury, and cash management. He has a keen interest in treasury technology and has written many articles on the topic. David owns and manages DNA Treasury Ltd where he provides advice to corporates and banks on treasury and liquidity. He has worked with 100’s of companies. He also runs a treasury training company which has developed courses and trained over 1,000 treasury professionals over the years.
Nomentia is a Nordic powerhouse for global cash management. We believe in a world in which businesses can make the right decisions no matter how unpredictable the times are. Our SaaS-based platform offers solutions for cash forecasting and visibility, global payments with bank connectivity, reconciliation, in-house banking, guarantees, and FX dealing. We serve 2,300+ clients in over 100 countries processing more than 200 billion euros annually. Cash is king!
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