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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.
Live Demo: Ready for fraud prevention? – TIS shows you how!
| 29-05-2020 | TIS |
“Due to unforeseen circumstances this live demo session had to be cancelled. We will inform you once registration for the next session is open”.
Live Demo: Ready for fraud prevention? – TIS shows you how!
Friday June 5, 2020 from 2.00 pm to 2.30 pm CEST | 30-minute demo |
See different fraud scenarios in the TIS fraud case study and learn how TIS can help you preventing such cases. They will present different TIS functionalities and will take your high level questions at the end of the session.
Date, time and registration
Date: 5 June, 2020
Start: 2:00-2:30 PM CEST
The Impact of COVID19 on the Dutch economy
| 29-05-2020 | Vincenzo Masile | treasuryXL |
Recently, it was determined that the Dutch GDP fell by -1.7% in the first quarter of 2020, suggesting that the economic impact of the corona-virus was mild, at least in international comparison. Although the second quarter is likely to be much worse, the ‘intelligent lock-down’ as dubbed by Prime Minister Mark Rutte, has economically paid off so far.
Given the Dutch economy’s high degree of openness and the fact that Dutch expenditure data for January and February was disappointing, the small GDP decline might be a bit surprising. What stands out as more important, however, is the relative mildness of the Dutch lock-down compared to many Europe. That said, the Dutch government has decided to extend economic support measures by three months until September. The emergency package 2.0 means 13 billion euros of additional fiscal support.
Economic and Financial support
The existing support measures were about to expire by June 1, 2020, but have now been extended until September 1, 2020. Some conditions for public support have been made stricter. For example, firms using the wage subsidy – the main instruments of the support package, will be temporarily (in 2020) forbidden to pay out any dividends or executive bonuses or execute share buy-backs.
The firm will also be obliged to encourage employees to train or retrain and prepare the workforce for future proof jobs. Income support for self-employed people will start to be conditional on the financial position of the partner. Some major restriction to the wage subsidy scheme will be lifted and conditions of the “emergency packages 2.0” are more tailor-made for specific industries. Firms will no longer have to pay a fine for firing workers due to economic reasons, although they will still have to pay back the subsidy. Furthermore, season-sensitive industries will be able to benefit from tweaks to the reference period of their wage bill. The scheme has also been made more generous with respect to the size of the subsidy – 140% of wages instead of 130% (of which they get 90% proportional to turnover losses), in light of the fact that some firms not only have social security to pay on top of wages but also have high non-wage fixed cost.
Apart from the effect of a falling tax base (i.e. automatic stabilization), the direct costs of the extension of the emergency packages have been estimated by the government at 13 billion euro (1.6% of GDP in 2019) for 2020, excluding support for air carrier Air-France – KLM. This comes on top of an existing package of about 14% of GDP (estimates based on government figures), of which 2.2% GDP involved direct net additional expenditures such as gifts, 4.2% GDP in loans and tax deferrals, 1.8% GDP in guarantee and insurance budgets and 5.6% GDP in automatic stabilization for 2020. The bulk of the cost of the extension comes from the direct cost of the wage subsidy scheme and benefits assistance scheme for the self-employed, which mostly qualify as gifts, bringing the total direct net additional expenditures for 2020 to 3.9% of 2019 GDP.
Forward
In line with the earlier announcement, the lock-down will be lifted gradually, allowing for the start of partial economic recovery from the low production levels of April and May. Bars, restaurants, cinemas and theaters will be allowed to reopen on 1 June, generally starting with a maximum of 30 guests at 1.5 meters distance. In the first week of June, all schools including secondary and tertiary will reopen too.
The Dutch government is following other European governments in choosing a path of gradual resumption of economic activity combined with continued economic support. This should mitigate the economic consequences of the corona-virus at least to some extent. However, this won’t prevent the large decline in GDP in the second quarter, after the relatively “mild” decline in the first quarter. It is important to outline the on- going negotiations between EU countries regarding the so-called recovery fund (estimated amount Euro 500 bn.) and the impact on the EU economies.
If a reasonable compromise is reached this can boost the Q3 and Q4 outlook across all EU and the impact on the Dutch economy will be beneficial too.
Vincenzo Masile
Treasury Expert/Credit Risk Manager
Press Release: TIS Raises $20m as Demand Grows for its Leading SaaS B2B Payment Platform
| 27-05-2020 | TIS |
Our Partner TIS (Treasury Intelligence Solutions), a leading cloud platform for managing corporate payments and cash flows, announced it has raised $20 million in additional financing led by Aquiline Technology Growth, an early- and growth-stage fund managed by Aquiline Capital Partners. The round also included participation from existing investor 83North. Aquiline joins previous investors 83North, Target Partners and Zobito. Investment from Aquiline and 83North will be used to continue rapid global expansion.
The company plans to use the new funding to further accelerate product development and to scale operations in Europe and in the US, in order to meet growing international demand. Many globally recognized organizations, including Adecco Group, Bertelsmann, Hugo Boss, Fresenius, Fugro, Lanxess, ManpowerGroup, OSRAM and QIAGEN, already use TIS to standardize and analyze payment flows and to obtain liquidity overview throughout their organizations.
Click on the banner to read full press release.
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.
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