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Minor Treasury Management at Hogeschool Utrecht increasingly successful
| 15-8-2017 | Pieter de Kiewit | treasuryXL |
Hogeschool Utrecht started with this program three years ago and Pieter had been asked by Frans Boumans, lecturer and researcher at Hogeschool Utrecht, to contribute to create the curriculum. Pieter also assisted in finding both guest lecturers and companies providing internships. He will give a presentation to students about labour market opportunities for treasury experts on September 20th, 2017. In his article Pieter continues:
Programs like these do exist at universities in Europe and other countries. The university of Chicago has a strong reputation and we recruited two candidates from France with an extensive academic treasury curriculum. In the Netherlands the Register Treasurers post graduate program is the obvious academic way to go for a treasurer. You can only enter with experience and a degree. Graduating at master level in treasury in the Netherlands is not (yet?) organised.
By now, the Hogeschool Utrecht program has more applicants than seats. Students, not only from Utrecht, but also from other cities enroll. Their backgrounds vary from accounting, audit to business control. They find positions in SMEs, bigger corporates and the financial services industry. Recently Treasurer Search found a permanent position for a graduate with a treasury minor (again). Before we did not recruit graduates as our focus did not match the Dutch educational system. Graduates with treasury expertise were hardly available.
As from September we will continue our cooperation. Together with the people of treasuryXL we will create a brief survey in order to find out what is “hot in corporate treasury”. The results of this survey will be used to have student write papers. Interesting stuff! If you want to contribute or know more about this program you can contact Frans directly ([email protected]) or through Treasurer Search. The structure is set but for good input there is always room.
I hope all this is the preparation for an academic treasury track in The Netherlands. Time will tell.
Pieter de Kiewit
Owner Treasurer Search
More articles of this author:
Fintech recruitment considerations
Consider a treasury intern
If you are not a treasurer with the ambition of a dentist
Banker to corporate treasury transfer – A topic as relevant as ever
Trump’s determination to protect American business
| 14-8-2017 | Rob Beemster |
Many negative issues surround the President of the United States. Approval rating hits new low, surprise on his erratic conduct seems to grow daily. Trump is a unique politician. He is incomparable to any other western political leader. I want to pinpoint his monetary policy in 2017, by looking at the pattern of the dollar so far this year.
The dollar in 2017
Currency pair January 2017 August 2017 Relative decrease USD
EUR/USD 1.05 1.18 12.4%
AUD/USD 0.72 0.80 11.1%
GBP/USD 1.22 1.32 8.2%
USD/JPY 1.18 1.10 6.8%
USD/CNY 6.96 6.70 3.7%
Maybe Mr Trump does have a foreign economic policy.
He sees the results of Chinese manipulation and soft American response as an unfair trade relationship. The President of the US must do something about these unbalances. At least, this is how Trump judges.
Let’s take into account this Potus is a streetfighter. Long bilateral meetings with the Chinese are not options for Trump. Fast and furious, that it is: Bring the dollar down!!
And this is going on for half a year now. It is going the Trump way. Tough (but efficient)!
How to see the future value of the dollar?
The current outlook for the dollar against its main trading relations is related to some issues:
– Process of QE by ECB, and Euro interest rates
– North Korea
– China’s position in this geopolitical stress
– Economic conditions of the US
– Economic conditions of the main trading partners of the US
These are very important to determine the future value of the dollar. But this is the holistic view, we are all used to. Let’s be flexible and take a different stance. Just conclude as Trump will do. Be his alter ego.Then the most important issues are:
– Pattern of the Euro against the dollar and the bilateral trade balance between US and Germany
– China’s reaction to a lower dollar
– US trade balance
– US corporates repatriation of overseas cash
– US investments to produce within America
– FDI (Foreign Direct Investment) in America
This is a totally different scope. If we want to understand Trump, then we have to use his view on the international arena. The above mentioned bullet points are crucial. All can easily be measured, Trump loves that. I would like to go through these points to be able to clarify the possible outcome of the dollar for the coming time.
Pattern of the Euro against the dollar and the bilateral trade balance between US and Germany
The more than 12% revaluation will have a serious impact on the trade balance between US and Germany. When the correction emerges, Trump might temper his view on Germany. When we notice correction in the trade data, the dollar has gone far enough…
China’s reaction to a lower dollar
So far the yuan has gained some territory but not as much as other major currencies rose against the dollar. How will PBOC and the Chinese Government react on Trump’s wishes to correct the trade balance by a devaluation of the dollar against the yuan? If they take action on Trump’s stated requirements, whatever this may be, then pressure may diminish.
US trade balance
For many years the US faces a deficit on its trade balance. The more than $500 billion yearly shortage is a notable pain point. If a remarkable achievement can be noticed on short term, a more relaxed dollar attitude may be expected.
US corporates repatriation of overseas cash
In history, attempts have been organised by US governments to return overseas cash of US corporations. During President Bush jr Presidency, corporations did repatriate cash. When Trump does decrease the corporate tax tariff to 15% and he rewards the US corps to transfer their money back to the US without any other penalty payments, a large repatriation may get going. Many of these funds will until now be held in local currencies, so a switch to the dollar may occur.
US corps return back to America
Trump has ordered US companies to produce in the US instead of overseas. If he becomes successful by bringing factories back to the US, the trade balance will shift, employment will improve. Also when large repatriation is done, these funds can be invested in local factories.
FDI in America
Many non-US corporations are scared by the threat of the US government that regulations like import tariffs and other taxes may be charged on imports. It will damage the advantage corporations have experienced last couple of years due to the high dollar. If special import tariffs are installed, investments may be done in the US to avoid these special expenditures. Onshore producing on American soil will become an alternative.
How to manage this?
Foreign currency management has always been a hard part of the international business. Currency moves are unpredictable. But since Trump, one has to be aware of non-economic issues as well. Note that all the above mentioned issues can have effect on the value of the dollar. Professional guidance of your flows is becoming more and more important. Barcelona valuta experts helps you to install a decent strategy to counter unpredicted events. We guide you in protecting the cash flow.
Rob Beemster
Owner of Barcelona valuta experts BV
PSD2: The Disruption and Innovation of Open Banking
| 11-8-2017 | treasuryXL | The Paypers |
PSD2: Game changer, opportunity and challenge
PSD2 is a game changer for digital payments and commerce in Europe and will have a significant global impact. It requires financial institutions to make changes to their platforms and systems, while making strategic decisions on how they want to play going forward. These changes will require significant investment as well as a strategic shift, as banks are forced to consider how they can safely open their banking platforms to external third parties. While this may negatively impact the revenue of large banks, it can also level the playing field for smaller fintechs, as well as provide opportunity for new product innovations.
Not only do banks and other PSPs need to work toward compliance, but they also need to define their strategy to position themselves competitively in the market. They will also need to align the somewhat competing demands of rapid innovation while maintaining vigilant security as the cybercrime war continues to rage.
Innovation and Disruption
Digital transactions have had a huge impact on the evolution of the fintech industry as niche products and services have emerged to fill the crevasses left by larger financial institutions. These include services for the unbanked and underbanked, instant insurance, crowdfunded loans and global online remittance. Fintech operators have been able to rapidly innovate for many reasons: a lack of legacy back end systems, lower regulations and less online scrutiny, for example. On the other hand, large financial institutions have unwittingly become the enablers with minimal benefit.
However, PSD2 and Open Banking regulations are set to create more opportunities as both financial institutions and new providers compete to drive smarter revenue from payments. With open banking, the financial institutions would be increasingly at risk of losing their direct relationship with the customer and becoming a back end utility. On the other hand, new providers could emerge, enabling customers to access their banking services from a common portal, without having to ever log into their bank. These portals may also enable the customer to get services à la carte from a menu of banks. As such, businesses are contemplating the path forward as they wait for new payment platforms and ecosystems that lead to new business models to emerge. It will be critical for established providers to decide how to take advantage of the opportunity and not be left behind.
What are the threats and possible solutions to navigate the future according to Alisdair Faulkner?
Please read more by referring to the original article on The Paypers.