BCR Publishing
We are the leading provider of news, market intelligence, events and training for the global receivables finance industry.
Working with industry leading organisations, experts, governments and universities, BCR Publications delivers expertise in factoring, receivables and supply chain finance to a global audience.
BCR has long been a beacon of innovation and excellence in the realm of receivables finance, playing an instrumental role in shaping the industry’s international landscape. Through its comprehensive conferences, insightful publications, and thought leadership, BCR has facilitated crucial dialogues and connections among industry professionals, driving forward the development of receivables finance globally.
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Recording Webinar: How to be headhunted as a treasurer?
21-12-2022 | treasuryXL | Treasurer Search | LinkedIn |
A few weeks back, the webinar together with Treasurer Search ‘How to be headhunted as a treasurer’ took place, in which some key points regarding the current treasury market had been discussed.
In our joint webinar , these and other topics were covered by recruitment consultants Pieter de Kiewit and Haia Aaraj. The webinar is free to watch.
Interview | 8 questions for Dinesh Kumar, Treasury Strategy Consultant
20-12-2022 | treasuryXL | Dinesh Kumar | LinkedIn |
Meet our newest expert for the treasuryXL community, Dinesh Kumar.
Dinesh is specializing in architecting and leading large scale treasury technology transformations helping clients embrace the power of technology. He supports group wide treasury projects in the further development of a broad range of methods and processes in the related treasury IT systems, e.g., improvement of cashflow planning, FX management and treasury reporting.
He involves in designing overall organizational strategy in the field of treasury technology application services, including evaluating new processes, models, pricing, and tools and related competitive offerings delivered treasury Service providers.
Dinesh has successfully led large treasury transformations projects utilizing SAP S/4 HANA across US, Australia, and Middle East region.
We asked Dinesh 8 questions, let’s go!
INTERVIEW
1. How did your treasury journey start?
After finishing my studies in Finance, I started working on stock and option trading platforms at a stock broker firm. I learned the basic concepts of stocks and options. I also built up experience at the front office, middle office, and back office. During my time at this stock broker firm I received a lot of exposure working on trading platforms.
After 2 years, I got a chance to work on a SAP treasury implementation for a giant telecom company. I worked on Money Markets, Derivatives, Forex and Cash Management. Since then I am working on Treasury transformation projects for various clients in various countries.
2. What do you like about working in Treasury?
I love the diversity of challenges. You are dealing with the financial heart of the company and need to make sure that the right amount of blood reaches every cell. I was more into technology so turning treasury operations into systems was always challenging. I worked for many international clients, I had the opportunity to learn how different companies from different sectors and industries adapt their treasury operations and cash management as per various country regulations.
3. What is your Treasury Expertise and what expertise gives you a boost of energy?
I have been working in various roles on different Treasury projects, from interim roles to system implementations. My core treasury expertise areas are the selection and implementation of Treasury Technology (i.e., SAP, Payment Hubs, SWIFT, integration with Trading Platforms), Treasury Analytics and Insight, Technology Integration and Optimization, and Application Managed Services.
4. What has been your best experience in your treasury career until today?
For me, it’s working with different geographies, different people and cultural diversity that I personally feel is the greatest experience so far.
5. What’s the most important lesson that you’ve learned as a treasurer?
“Sound treasury management begins with a robust treasury policy”.
6. How have you seen the role of Corporate Treasury evolve over the years?
Treasurers play a unique role in managing a large portion of the balance sheet. In addition to the detailed understanding of the organization in which they operate, they are closest to macro-economic developments, particularly financial markets, and can offer valuable insights to support corporate strategy.
Increasingly over the last 10-15 years treasurers have been asked to play a bigger role, as a strategic partner to the board, advising on how best to build the business line with funds available. Treasurers, certainly in the larger companies, are now much more visible in the board room, recognized for the skills and knowledge they can bring to the table.
7. What developments do you expect in corporate treasury in the near and further future?
More and more treasurers are getting involved in ESG initiatives. Not only financing them but also embedding them into treasury processes and spearheading departmental sustainability projects. When discussing ESG in corporate treasury, green financing is often mentioned as one of the main instruments to support ESG goals.
I sense that treasurers generally are now exploring options other than multiple spreadsheets, excel data, and month-end accounting and reporting much more than they used before Covid. They are devoting more time and energy to enterprise digitalization and process automation. This is enhancing their ability to support the business round the clock from the office or virtually.
With the help of technologies like AI, we can make fact-based decisions much more rapidly in terms of resources available. Such advances are helping us to analyze M&A opportunities more critically, and explore funding, forecasting, and hedging options more forensically, even helping predict and shape our responses to supply chain disruptions.
Technology is allowing us to think and act differently, in a good way, and as treasurers, we have to seize it.
8. Is there anything that you would like to share with our treasury followers that they must know from you?
Finance and in particular treasury operations today are very dynamic and open to many uncertainties. And all the signs are that the current turbulence will continue for some time yet, perhaps worsen considerably.
In such a climate treasurers need a highly dynamic approach to fulfilling both their core and strategic responsibilities. They need to anticipate and react quickly to fast-moving developments.
They should not be afraid to act decisively, even though it may not be possible to do so based on having a clear direction and end-point certainty – inaction can also cause considerable damage.
Want to connect with Dinesh? Click here
Thanks for reading!
Kendra Keydeniers
Director Community & Partners, treasuryXL
What is a Unique Transaction Reference (UTR) number?
17-12-2020 | treasuryXL | XE |
Making a bank transaction or money transfer to or from India? Then you’ll need a UTR number. Here’s what it is, what it does, and how to find yours.
If you’ve ever made any inter-bank transactions in India, you’re probably familiar with UTR numbers. If you haven’t but plan on making transactions in the future, this number is a key ingredient that you’ll need if you want to make any kind of money transfer. So, what exactly is a UTR number and why is it important to your transactions?
What is a UTR number in India?
In India, “UTR number” means Unique Transaction Reference number. This number is used to identify a specific bank transaction in India. All banks in India use UTR numbers for all types of money transfer. Every UTR number is unique and each is generated to identify each fund transfer. UTR numbers in India are generated by the banks that initiate the transfer. You can easily use the UTR number to track the status of your transactions.
How do I find a UTR number?
Where exactly can you find your UTR number for each transaction? All you have to do is look at your bank statement for your UTR number. The UTR number is listed as “Ref no.” just below each transaction details. UTR numbers in India often look like this:
XXXXR7310682908954385XX
The few characters of each UTR number usually vary depending on the bank that generates them.
One of the quickest and most convenient methods of getting a specific transaction’s UTR number is from your account statement. You can easily download or just view this statement via your bank’s mobile app or internet banking. The UTR number is the 22 or 16 characters usually next to the transaction date.
What’s the importance of a UTR number in India?
The importance of a UTR number in India is to recognize and keep an eye on financial transactions. Banks can use UTR numbers to help you track your fund transfers if they are delayed, stuck, or if you intend to refer to any previous transaction for whatever reasons.
For instance, if you send some amount of money to someone and he or she claims the money wasn’t delivered or the amount was different, the bank that facilitates the transaction can use the UTR number to track it and to resolve the issue easily.
UTR numbers are generated in India when money is transferred between two banks. You can use two key methods to transfer funds between accounts held in various banks in India. The first is the National Electronic Fund Transfer normally known as NEFT. The other is the Real Time Gross Settlement known as the RTGS.
When you make NEFT or RTGS transactions in India, UTR numbers are generated. Though NEFT transactions aren’t processed instantly. Rather, they are processed in batches which means the fund transfer isn’t completed instantly. Currently in India, NEFT is done in half hourly batches from 8 a.m. to 7 p.m. on weekdays and working Saturdays.
In contrast, when you make a money transfer using RTGS in India, the fund transfer is processed instantly. As soon as you transfer funds via RTGS, the money is deposited to the recipient’s account within a period of two hours. As such, RTGS is the fastest process for transferring funds from one bank to another. Nonetheless, you can only use RTGS when the amount of money you’re transferring is less than Rs 2,00,000.
How to identify the UTR number of RTGS transactions
RTGS transactions UTR numbers are 22 characters long while NEFT transactions UTR numbers are 16 characters long. Each of the two types of bank transactions have a unique UTR number format. The UTR number format for RTGS transaction is:
XXXXRCYYYYMMDD########
Here’s a simple breakdown of the UTR number of RTGS transactions:
XXXX – indicates IFSC (this is the first 4 characters) and is the bank code of the sender
R – indicates RTGS system
C – indicates the transaction channel
YYYYMMDD – indicates the date of the transaction in this order: year, month, and day
######## – indicates the sequence number
How to find the UTR number of a NEFT transaction
As we mentioned earlier, you can find the UTR number of any transaction by checking the detailed account statement via the online banking section of your bank. So, how can you see the UTR number of a specific NEFT transaction? All you have to do is click on the transaction details or narration. You will see a detailed description of the said transaction.
You can easily identify every type of transaction by the format of their UTR number. As we mentioned earlier, the UTR number of NEFT transactions is 16 characters long. You can easily use the UTR number of a NEFT transaction to track the status of the transaction.
How to use a UTR number to track your transaction status in India
If your NEFT transfer is delayed, you may check the status of the transaction by using the UTR number. Or in the event that your account has been debited for a specific transaction but the recipient is yet to receive the fund, you can easily contact the bank’s customer support asking them to track the transaction via the UTR number.
Another option is to reach out to your assigned Relationship Manager asking them to track the status of the transaction using the UTR number.
Here are other methods of tracking the status of your transaction using the UTR number:
Visit your bank’s mobile app or internet banking account
Check the previous transfer section
Search for the specific transaction with the UTR number
The status of the transaction will be displayed
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