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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:
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.
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.
The cost of building and maintaining payment connectivity infrastructure, especially given the customization requirements, can easily exceed what a company anticipated.
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:
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.
Treasury Management during the COVID 19-crisis: Opportunities & Risks – Live Webinar
| 1-2-2021 | François de Witte | treasuryXL |
As a result of the COVID19, many companies are faced with cash & liquidity problems. How do you deal with this? What tools do you have available to manage this? How do you approach the stakeholders, including the banks for additional loans. Find out in upcoming event with the help of our Expert François de Witte. Continues in Dutch…
Deze opleiding heeft als doelstelling om inzicht te geven in:
Doelgroep
De opleiding kan gevolgd worden door verschillende doelgroepen:
Vereiste voorkennis
Advanced level: biedt praktijkgerichte toepassingen op de reeds verworven theoretische kennis van de “basic level” opleidingen (uitdieping).
Programma
Inleiding: Belang van cash & liquidity management
Deel 1: Tools voor het beheer van cash & liquidity management van je onderneming:
Deel 2: Tips voor het verbeteren van je cash positie:
Deel 3: Onderhandeling van uitstel vervaldagen of nieuwe kredieten bij de banken:
Deel 4: Risico’s en opportuniteiten – Actieplan:
Q & A – Coaching
Praktische Informatie
Verder hoeft u niets te downloaden. Om de webinar te kunnen volgen, heeft u nodig: een computer, een internetverbinding en de mogelijkheid om geluid af te spelen. U krijgt via uw scherm de lesgever en de presentatie te zien. U heeft ook de mogelijkheid om gedurende de hele webinar vragen te stellen.
Methodologie
Type opleiding: Webinar (korte online opleiding)
Opleidingsmateriaal:
Totale Prijs
Leden: € 160
Niet-leden: € 180
Partner BZB: € 160
Incompany: op maat, prijzen op aanvraag
REGISTER TODAY
François de Witte
Search Frustrations of Treasury Managers
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?
Pieter de Kiewit