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Treasury Intelligence Solutions: Centralizing Corporate Payments System
| 29-1-2019 | TIS Treasury Intelligence Solutions | treasuryXL
Interview with CEO and Co-Founder of TIS Jörg Wiemer by CIOReview
In today’s era where the face of IT is changing drastically, enterprises are facing a multitude of challenges germane to regulation, risk management, and most importantly performing business to business payments. Having served as senior vice president and global treasury veteran at SAP, Jörg Wiemer, the CEO and Co-founder of Treasury Intelligence Solutions (TIS) highlights that corporate transactions often involve multiple parties from both internal and external departments, and the legacy systems often cause recurrent delays in payments. The failure to bring this mission-critical process under control may affect the supplier relationship to the extent that the supplier may discontinue the business relationship. In the thick of grave challenges, modern CIOs are keen to bring in a robust technology that assists them to streamline payment processes. At TIS, the leadership brings to bear its vast experience to aid enterprises to efficiently and effortlessly manage corporate payments and cash flows through a SaaS platform.
The platform works as a central hub that is dedicated for enterprises to manage, organize, and analyze their corporate payments flowing across and within the organization. Through the power of SaaS, TIS’ cloud-based platform helps clients quickly connect their ERP systems with different banks to manage bank accounts. Moreover, the platform allows enterprises to perform analysis of liquidity and cash flow in real time. It also conveniently addresses complexities triggered by different communication protocols and channels, enabling clients to communicate and process transactions in their customers’ preferred language. “The clients can simply leverage the library of bank formats and the bank connector, which we have built over the last year, to allow transactions between ERPs and banks seamlessly,” informs Wiemer.
By challenging the status quo of legacy solutions, the TIS platform empowers multiple leadership executives with the ability to make smarter decisions and assists them to process, view, and analyze transactions in real time using a cash flow analytics feature. Cementing the digitalization objective of enterprises, the TIS cloud platform helps keep processes fully under control through increased efficiency, visibility, and transparency in corporate payments and audit trails.
“The clients can simply leverage the library of bank formats and the bank connector, which we have built over the last year, to allow seamless transactions between ERPs and banks”
Citing an instance, Wiemer brings to fore the case of a luxury goods company, Oettinger Davidoff AG, which faced the challenge in standardizing their payment processes while restructuring their ERP systems to migrate to SAP S/4HANA. Aside from centralizing their international payment transactions, the retail company sought to achieve a better overview of a large part of the liquidity in the company. Partnering with TIS, the client had seamless SAP integration and quick bank format hosting, which helped them successively onboard all the bank accounts to SAP without any hassle. Fast-forward to today, the client has about ten bank accounts of foreign subsidiaries in Switzerland that are connected to the TIS platform to perform all of the international payments of local subsidiaries.
Having researched the potential market for corporate payments solutions, Wiemer states that the total market for “ERP systems” is roughly about $80 billion (ERP) per year and for “payments” $1,000 billion per year, respectively. Tapping this huge market, TIS initially plans to expand its wings to Europe and the U.S. within the next month. The success of TIS reflects in its rich portfolio of clients from diverse industries including finance and insurance, retail and automobile, among others. Emphasizing the fact that TIS continues to help customers switch into a new way to collaborate and execute payments, Wiemer concludes saying, “The fintech industry will fuel the payments industry to become more efficient over time, and it will have customers save cost immensely.”
Original published on CIOReview
Crypto-assets and EU regulation: to a global format
| 28-1-2019 | Carlo de Meijer | treasuryXL
It is increasingly becoming a certainty that crypto-assets are here to stay. Also regulators are now more convinced that these will be here for the long run. Long time taken a wait-and-see attitude, there is growing consensus at European regulators to come up with EU-wide regulation. While on the one hand EU regulation could give the crypto market legitimation and encourage the adoption of crypto-assets. Doing nothing could endanger both investors and financial markets.
Question is however: how should this regulation be shaped taken account the various specifics of crypto-assets and its users. And to what extent may the EU intervene on existing local member state regulation. Early this month, both the ESMA and EBA published their advice to the relevant EU institutions.
So let’s have a deeper dive.
What are crypto-assets (not)?
What makes shaping regulation for crypto-assets so difficult is that these are a unique phenomenon when compared to conventional financial instruments. According to Oliver Wyman they are governed by “a fundamentally different set of constraints, and as a consequence regulators have to take into account these specifics”.
First of all crypto-assets are not tied to national governments and central banks. No government regulation or guidance currently exists around managing crypto-assets. Most crypto-assets are not based within any one specific jurisdiction.
Second, the crypto-asset environment is not bound to one country. There is no single sovereign state that is responsible for regulatory oversight at all times. This will make it difficult to apply traditional regulation to control these crypto-assets.
A third complicating factor for shaping regulation is that cryptocurrencies as they are generally known today in fact do not perform all the functions that are generally understood to define the term currency. They are not acting as a medium of exchange; they are not particularly good as a store of value, given their volatility; and they are not being used as a unit of account. That is why for reasons of regulation it is better to use the term ‘crypto-assets’ instead of the more commonly ‘cryptocurrencies’
Why regulation for crypto-assets?
Regulatory certainty is a critical prerequisite and catalyst for technology adoption in financial services in general, also for crypto assets. It is becoming more evident that regulatory certainty can support safe innovation in the crypto-asset sector.
There are a number of issues that ask for specific attention by regulators.
First (and foremost) from a risk point of view. There are the inherent risks to investments due to volatile crypto-asset markets, when compared to conventional fiat currencies. Related to this is the vulnerability of crypto-assets to market manipulation given that the exchanges currently “sit outside of market abuse regulations”.
There is also increased scope for hacking, leading to the theft of the crypto-assets. Crypto-asset platforms are widely considered to provide opportunities for money laundering and other criminal activities because exchanges allow anonymous access and are not governed by any (AML) regulation.
Each of the above concerns underpin the need of a secure regulatory environment that offers investors and consumers sufficient safeguards. There are however many ways to create a workable, balanced regulatory framework. One that addresses consumer and market risks while supporting innovation, efficiency and competition. But finding this is a real challenge.
Read the full article of our expert Carlo de Meijer on LinkedIn
Carlo de Meijer
Economist and researcher
1TC | Treasury Convention
| 24-1-2019 | treasuryXL |
1TC Treasury Convention, hosted by BELLIN, will take place for the seventh time on February 13/14, 2019. 1TC is the first conference in Germany dealing exclusively with treasury topics. The two-day event focuses on sharing specialized treasury knowledge and application-related expertise.
BELLIN hosts the BELLIN Community and offers an engaging program focused on customer case studies alongside product workshops. This is complemented by an exhibition showcasing select businesses who – in combination with BELLIN services and solutions – provide added value to customers.
Whether it is top management or the many BELLIN users in entities worldwide – everyone benefits from this treasury highlight. 1TC premiered in 2012, and by 2018 we could boast 420 attendees from 17 different countries.
1TC – Catch up with the BELLIN Community
The 1TC motto is, “meet, talk, learn and enjoy!” BELLIN clients, partners and exhibitors from around the globe get together to enjoy treasury input, an exhibition as well as plenty of networking time!
Meet: fellow tm5 users, the BELLIN treasury specialists and select BELLIN partners.
Talk: about new products and solutions, trends and developments, and tips and tricks.
Learn: from best practice solutions, presentations, workshops and panel discussions.
Enjoy: treasury pure, a great atmosphere and communal spirit, an outstanding evening event.
For more information or if you want to register for the event visit the events website.
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