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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Technology in 2024: Is your trading desk ready?
20-10-2020 | treasuryXL | Refinitiv |
Traders around the world find themselves having to adapt quickly to AI and emerging technologies, the move to automation, and the need to demonstrate best execution.
To understand what this means for the future, Refinitiv teamed up with Greenwich Associates to produce a three-part series called ‘The Future of Trading’.
In our first report, we found broad consensus (78%) that technology has created better and more efficient financial markets. However, opinions vary on what will bring the greatest future impact—and how soon.
AI and machine learning are widely expected to be the most disruptive. Beyond that, perspectives are split: traders are looking for immediate impact from execution management systems (EMS) and from short and longer term investment in trade performance analytics. Across capital markets, though, the focus is firmly on long-term, strategic and defensive cybersecurity and real-time risk management solutions.
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Sign up for The Dutch Top 100 Credit Managers
19-10-2020 | treasuryXL |
De Vereniging Voor Credit Management (VVCM) start met het samenstellen van een Top 100 Credit Managers in Nederland. Heb jij als credit manager bijzondere projectresultaten behaald? Of ken je iemand anders die in deze lijst niet mag ontbreken? Lees dan verder…
Over de VVCM Credit Managers Top 100
De VVCM Credit Managers Top 100 zet jouw succes in de schijnwerpers. Deelname aan deze competitie kan jou helpen om de groeiambities van jouw bedrijf verder waar te maken, of je eigen carrière een boost te geven. Een nominatie levert ook contacten met andere koplopers en ingangen in het netwerk van de VVCM op.
De VVCM hecht veel waarde aan de professionalisering van het vakgebied Credit Management in het Nederlandse bedrijfsleven. Welke bijdrage lever jij hieraan? Heb je je workflow gedigitaliseerd of geautomatiseerd, maak je gebruik van innovatieve tools, heb je hick-ups in het order-to-cash proces op weten te sporen en geëlimineerd, heb je het bedrijfsresultaat geoptimaliseerd, het topmanagement van strategisch advies voorzien? Meld je aan!
Hoe werkt deelname?
Zoals elke wedstrijd kent de VVCM Credit Managers Top 100 spelregels. Bijvoorbeeld over wanneer je voldoet aan de criteria. Dat is eigenlijk al als je in een credit management functie werkzaam bent en leiding geeft aan een team. Het maakt niet uit wat je officiële functietitel is, of je lid bent van de VVCM of niet en welke sector je vertegenwoordigd. Iedereen is welkom voor deelname!
We zijn op zoek naar bijzondere, baanbrekende, laterale, innovatieve, verrassende initiatieven die een significant, aantoonbaar positief effect hebben gehad op de kwaliteit van creditmanagement. Beoordeling vindt plaats via expertpanels. Deze (externe) deskundigen beoordelen de inzendingen binnen hun vakgebied. Zij bepalen volgens dezelfde criteria de uiteindelijke volgorde en wie zich 1 jaar lang in de Credit Managers Top 100 kan profileren.
Wat mag je verder verwachten?
De VVCM wil jou graag helpen om een volgende stap te zetten. Dit doen we door:
In de afgelopen jaren zijn er al veel Credit Managers van het Jaar uitgeroepen en de variatie is groot. Overeenkomst tussen al deze credit managers is dat ze als eindverantwoordelijke betrokken zijn geweest bij een verbeterproject waarin creditmanagement een prominente rol heeft gespeeld.
MELD JE AAN
What is a wire transfer, and is it the best choice for sending your money?
15-10-2020 | treasuryXL | XE |
At its simplest, the term “wire transfer” refers to the electronic transfer of money from one person to another, typically using a bank.
But this doesn’t mean wire transfer is just another term for “money transfer”. There are stark differences between money transfers and wire transfers.
Unlike online money transfers, wire transfers primarily use networks like the Society for Worldwide Interbank Financial Telecommunication (SWIFT) or Fedwire to transfer funds between banks. To make wire transfer (and why it’s different from online money transfer) crystal clear to you, let’s peek into the basics, such as how to wire money to someone, how fast it is, and whether it’s convenient (and to what degree).
What does it mean to “wire” money?
To wire money simply means to electronically transfer it from a sender’s bank account to the recipient’s one. You can use it to send money to a business or to another person, whether he or she is living on the other side of your street, or across the globe. It’s an alternative option for transferring money domestically or overseas to sending a money order or a check.
The term dates back to the late 1800s, when the necessary banking information was transmitted through telegraph wires. Though the transfer now happens electronically, the name has stuck.
Types of wire transfer
Wire transfers are of two types, domestic and international.
Domestic wire transfers take place within the same country.
International wire transfer is used to wire money between two different countries.
How does a bank wire transfer work?
First, you’ll need to go to your bank to conduct the wire transfer. You may be able to do this online or over the phone, but you’ll likely have to go in person. You’ll need to provide them with the following information:
The recipient’s name
The recipient’s BIC code (Bank Identifier Code) or SWIFT code
The recipient’s IBAN code (International Bank Account Number)
The recipient’s routing number (for domestic wire transfer)
The amount of money to be wired to the recipient
Next, you’ll have to deposit the money you want to wire, along with a separate transaction fee to be determined by the sending bank.
The sending bank then requests the receiving bank, via Fedwire or the SWIFT system, to credit the recipient’s account with the wired funds. One or more intermediary banks may also be involved in the process to facilitate the transfer (which likely means additional intermediary fees).
There’s no actual transfer of money. Once all banks have received the necessary information, the money is deducted from your bank account and added to the recipient’s bank account. And voilà—you’ve got your wire transfer process sorted!
How long does a wire transfer take?
Now that you know how to send a wire transfer, and have gathered all required information, setting up and initiating one is only a matter of minutes.
Depending on how soon you submit your request, banks within the US may process your wire transfer on the same day. International wire transfers take longer, but not more than 4-5 business days (at least, not usually).
There’s a specific reason why the processing time is different in both of these cases. In the case of domestic wire transfers, Fedwire or another real-time wire processing system clears the payments within a day. But since international wire transfers involve a domestic clearing house as well as a foreign processing system, these take an extra day or two.
How much does a wire transfer cost?
Bank wires are usually on the more expensive side than other types of electronic fund transfers. You may have to pay anywhere between $15 and $50 USD per transaction.
The bank levies a wire transfer fee, depending on the norms they follow and the transfer amount. At some banks, making wire transfers in-person or over the phone may cost more than wire transfers made through the bank’s website.
Of course, the fee also depends on whether the wire is domestic or international, and incoming or outgoing. Outgoing international wires are at the higher end of this price range, while incoming domestic wires are usually free to the recipient.
For example, the fees for international wire transfers going out of the US generally range from $45 to $50. At the same time, outgoing domestic transfers (if you’re in the US, and you wire money to someone else’s bank account within the US) usually cost between $25 and $30.
Some banks may also charge fees if you’re receiving wired money, though other banks may not. This fee may be between $8 and $10 for incoming transfers, or within the higher range of $15 to $20 at some banks.
Is wiring money safe?
Speaking of bank wires, these are less prone to risks of fraud than checks are. If a check bounces, several weeks may pass before you come to know that the payment was bad.
In contrast, you can’t initiate a wire transfer unless you have sufficient funds in your bank account, so it’s quite safe.
Is it more convenient than money transfers?
Uh, no. First of all, compared to money transfer, a wire transfer can cost you an arm and leg, as we’ve discussed above.
Secondly, with money transfer, you can complete the entire process from the comfort of your home, or from anywhere you are, as long as there’s an internet connection. But to send or receive a wire transfer, you have to contact your bank, or even go there in person during business hours. So you need to gather more information than a typical money transfer requires, take more time out of your day, and pay more in fees.
Yes, you can use a wire transfer to quickly transfer and receive money through a bank, even internationally, but that’s just about it. Overall, wire transfers are more expensive and less convenient than money transfers, which are usually hassle-free. That’s why we think you’ll have more peace of mind sending money with Xe.
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About XE.com
XE can help safeguard your profit margins and improve cashflow through quantifying the FX risk you face and implementing unique strategies to mitigate it. XE Business Solutions provides a comprehensive range of currency services and products to help businesses access competitive rates with greater control.
Deciding when to make an international payment and at what rate can be critical. XE Business Solutions work with businesses to protect bottom-line from exchange rate fluctuations, while the currency experts and risk management specialists act as eyes and ears in the market to protect your profits from the world’s volatile currency markets.
Your company money is safe with XE, their NASDAQ-listed parent company, Euronet Worldwide Inc., has a multi-billion-dollar market capitalization, and an investment-grade credit rating. With offices in the UK, Canada, Europe, APAC and North America they have truly global coverage.
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 the detailed information.
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