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Crisis Management: Why Treasury & Finance are pivotal to recovery
| 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.
Top things businesses should be concentrating on during the current crisis
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.
Actionable advice for post-crisis future planning
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.
About Nomentia
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!
What’s Money Transfer really about?
21-01-2021 | treasuryXL | XE |
Don’t let the technical details overwhelm you. Online money transfer is a quick, simple, and secure process for any of your currency exchange needs.
Have you ever sent money via any means that doesn’t require walking into a physical bank to complete the transaction? That’s money transfer. It’s a simple process of receiving or sending money to a local or an international recipient without any physical cash.
Money transfers are usually available in two forms: payment and transfer.
When you use a debit card at a store or your boss gives you your paycheck through direct deposit, you’re experiencing small-scale money transfer.
When you’re sending money to another account or person, whether it’s across town or across the world, you’re also making a transfer.
There are four key types of money transfer services to choose from. These are:
Wire transfer
Online money transfer
Bank draft
Money orders
You can use any of these methods for local and international money transfers—but not all options are created equal.
What’s the difference between the four types of money transfer?
Wire transfers are one of the common money transfer services that you can use to transfer funds from one bank account to another bank account or to a cash office.
Online money transfer usually involves sending and receiving funds via an online remittance company (such as Xe) anywhere in the world. Users can easily transfer funds from their phone or their desktop computer, and watch them be deposited in their recipient’s bank account within days (or hours, or even minutes). Better still, funds can be transferred in almost all known currencies across the world.
Bank drafts are mostly used for making payments to companies or organizations abroad. A money transfer company or a bank can issue a bank draft and it is cashable at a financial institution. Bank drafts seem to be the most expensive type of money transfer. However, larger companies and institutions prefer using bank drafts because of their audit trail features and security.
To use a money order for sending funds, the sender is required to go to a cash office to create the money order for a precise cash office and recipient to pick up. All the sender has to do is notify the recipient about the money order. It’s the responsibility of the recipient to pick up the money order at the cash office.
What type of money transfer should you choose?
The easiest, fastest, and most reliable method of money transfer is online money transfer. It involves sending or receiving money anywhere across the world instantly via an online remittance service provider such as XE.
For a small fee, you can easily send money abroad to anyone including your spouse, friends, loved ones, colleagues, employers or even your own account in another country. The online remittance service provider you choose (hint, hint, we recommend choosing Xe) will complete the transaction via their secured web-based platform so your recipient can get the money in no time at all.
What makes online money transfer such a great method? Well…
Why should you choose online money transfer over the other methods?
These are the key benefits of sending money via online money transfer:
How soon do you want your recipient to get the money you want to send over to them? If you choose an online money transfer service, your recipient will get the money quickly, making it the best choice when you’re on a deadline. Online money transfer isn’t just fast, it’s also secure and convenient. The process is simple and will take you just a couple of minutes on the phone or online, and your money and information will be secure during its trip around the world. Even more, if your money isn’t transferred or delivered for whatever reason, the money transfer company will inform you and help you to resolve the situation. If you ever need a fast, secure, and safe method of sending money or payments abroad, money transfer is the best option.
Money transfer is the cheapest method of sending money to anyone or making payments either locally or abroad. If you choose the bank-to-bank method of transferring money or use a third-party agent, you’ll end up paying a lot of fees. This is mostly because banks and third-party agents have a larger overhead cost which they transfer to their customers in form of charges. And those upfront transfer fees aren’t the only extra cost—you’ll also get a worse exchange rate, and could be charged additional hidden fees during the transaction. Those costs add up!
In contrast, online money transfer service providers only charge a small sum, and you’ll always know what you’re paying before you confirm the money transfer. So, if you’re interested in paying a lot less for a faster and safer money transfer method, use an online money transfer service like Xe.
Did you just breathe a sigh of relief? Online money transfer doesn’t involve any paperwork. You wouldn’t have to bother about filling paper forms or stacking paper receipts as proof of transactions. You can easily complete all your transactions online without any paper and you can view your transactions history anytime you want. And as an added bonus, if you’re planning to send multiple money transfers to the same recipient, we’ll securely save their information (and yours) for quick transfers in the future.
Have you ever had any reason to transfer money during an emergency in the middle of the night or while you’re busy at work? Going to the bank at such hours or even a third-party agent isn’t an option. But with online money transfer, you can easily initiate a money transfer at any hour of the day or night, without even getting out of bed. Online money transfer services have no opening or closing hours. Rather, they are available 24/7 to help you initiate whatever transaction you want. More so, customer support is often available 24/7 as well, making the online money transfer a more convenient option.
If you decide to send money via a bank, here’s what you’ll have to do:
Go to the bank. (Hope you remembered to get your recipient’s information beforehand!)
Wait in line. (Who knows how long that’ll take?)
Once you reach a teller, fill out the transfer paperwork. (Already sent a transfer to this person, at this location? Doesn’t matter.)
Online money transfers have no wait time, and no queues. You’re not required to leave the spot you are in or visit any location to make a money transfer. The entire process is easy, dependable, and efficient.
Using an online money transfer platform doesn’t require any skill or knowledge. Rather, online money transfer platforms are user-friendly, easier to navigate and use for any type of money transfer without the assistance of anyone or a third-party. This makes the entire user experience a very positive one giving you the opportunity to complete as many transactions as you want.
Interested in sending money with Xe? Take just 3 minutes to see what you’ll need to do.
Why choose Xe Money Transfer?
Sending money via Xe is fast, convenient, user-friendly, and secure.
Money transfers are completed within 1-4 business days, but often complete within 24 hours (or less).
You’ll get competitive exchange rates for your money.
You can transfer money to over 130 countries.
You can download the Xe mobile app on AppStore or Google Play and transfer money on the go.
Enjoy expert customer support for all transactions and inquiries
No hidden fees.
When you make a money transfer through Xe, you can trust that your money will reach its destination quickly, securely, and with no hidden fees.
Are you curious to know more about XE?
Maurits Houthoff, senior business development manager at XE.com, is always in for a cup of coffee, mail or call to provide you detailed information.
Visit XE.com
Visit XE partner page
Three Basic Principles your Company needs to follow to prevent Payments Fraud
| 20-01-2021 | TIS |
Even the best tech solutions may not help you prevent and detect fraud, if your basic security procedures are insufficient. Based on our experience helping world leading brands set up proper controls against payments fraud, we believe that payment security is a much broader topic than just fraud. Therefore, payment fraud prevention or detection can only be a meaningful exercise when it is an integral part of a company’s overall payment security strategy.
Fraudsters come up with new ideas to scam companies all the time. As digitalization transforms the way payments are being made, the risk for cybercrime also increases. Recently, companies have become prey to business email compromise attacks (BEC): Someone will impersonate a high-level manager and tell an employee that due to extraordinary circumstances they need to make a payment right then and there. As the name suggests, this is usually done via email, but fraudsters have become more creative. In some instances, a voice imitation software was used to convincingly fake a manager’s voice on the phone. Because of nefarious scams like this, it is important to raise awareness for security and fraud prevention among your employees.
However, fraud is not always an external threat. Often, fraud happens within a company. For big companies it can be a struggle to keep track of all payments that are made across their worldwide subsidiaries – especially, if they are made manually. Unfortunately, fraudulent payments made by employees are usually detected afterwards – if they are detected at all.
It is therefore important to build a payments security strategy that works on all levels. But what does that mean? Where should a company begin?
A good start is to make sure that you have a system where each step of a payment process is visible and well-documented. Remember: Transparency and visibility are the enemies of fraud. You should always have control of all your payments. Standardization of payment processes and workflows is one step closer to better visibility and control. This way, fraud can be stopped before it has even happened. The following three basic principles can lay the groundwork:
1. Segregation of duties
This is a no-brainer. When responsibilities are shared, people can keep an eye on each other. Ideally, every critical payments’ process should involve multiple people or even multiple departments. Suspicious transactions are spotted at once.
2. A single payments’ gateway
Even if your payments are not fully centralized, it is very helpful to have a single payments’ gate. Combined with value-added services such as validation, multi-step authorization and routing, payments can be managed end-to-end. Additionally, centralized data visibility supports internal controls and audit compliance and the monitoring of transactions becomes much easier.
3. Appropriate designation of signature authority
Multi-level approval processes need clearly defined designation of signature authorities. Make sure that your workflows are sufficient and flexible enough to accommodate your company’s needs.
The TIS corporate payments platform has designed many enablers and features for its cloud-based platform to support payment security. You can standardize and automate your payments processes, enforce segregation of duties, and manage signature authorities from wherever you are.
About TIS
TIS (Treasury Intelligence Solutions GmbH), founded in Walldorf, Germany in 2010, is a global leader in managing corporate payments. The Financial Times named TIS as one of “Europe’s Fastest Growing Companies” for 2019 and 2020. Offered as Software-as-a-Service (SaaS), the TIS solution is a comprehensive, highly-scalable, cloud platform for company-wide payments and cash management. The TIS solution has been successfully used for many years in both large and medium-sized companies, including Adecco Group, Hugo Boss, Fresenius, Fugro, Lanxess, OSRAM and QIAGEN. More than 25% of DAX companies are already TIS customers.