IFRS 13: When Counterparty Risk Hits Your Bottom Line

Mon, 01 Apr 13 00:00:00 +0100

Financial Liberalisation Initiatives in China

Mon, 01 Apr 13 00:00:00 +0100

Making the Most of Your Cash Under Basel III

Fri, 01 Mar 13 00:00:00 +0000

Businesses need to review their core banking relationships, fully understand the regulators� new deposit definitions and be vigilant in their cashflow forecasts and account structures.

Sunshine Through the Clouds? Research findings on progress towards SEPA migration

Fri, 01 Mar 13 00:00:00 +0000

Many treasurers will read another article about SEPA and wonder �why do we need to be told so many times?� The reason is that not everyone has heard, and even fewer have listened.

From Regulation to Catalyst for Change: Findings of the SEPA Workshop

Fri, 01 Mar 13 00:00:00 +0000

To what extent are companies able to leverage SEPA, and which major areas require attention for a successful SEPA project? The Editor speaks to several experts and corporates in search of an answer.

Planning for SEPA Migration

Fri, 01 Mar 13 00:00:00 +0000

SEPA migration is an urgent, challenging and substantial undertaking - every project will entail different challenges, impact a large number of shareholders, and time is flying by rapidly.

Treasury Outlook for 2013: A Year of Opportunity

Fri, 01 Mar 13 00:00:00 +0000

Is 2013 the year everything changes? While the economic challenges are far from over, proactive corporates are also sensing the opportunities afforded by the new landscape.

Fuelling Global Growth with SWIFT

Fri, 01 Mar 13 00:00:00 +0000

With Chinese companies increasingly seeking new international opportunities for both sourcing and sales, cash management and banking relationships are becoming increasingly complex. Huawei implemented an innovative solution.

Treasury Barometer 2012-13

Fri, 01 Mar 13 00:00:00 +0000

Participants at the Cash Management University completed a short survey in advance of the event, with a view to exploring changing trends and behaviours in cash and treasury management.

Speeding the Invoice Flow at Thames Water

Fri, 01 Mar 13 00:00:00 +0000

For the UK's largest water company, an investment in invoice management automation has transformed the accounts payable process. Today 65% of the 80,000 invoices received annually are processed automatically.

IAS 39 and Hedge Accounting - For Better or For Worse?

Fri, 01 Mar 13 00:00:00 +0000

Has IAS 39 and the hedge accounting exception been beneficial for the profession of the treasurer or not - and how will its successor improve upon it?

Growth Opportunities Across the Globe

Fri, 01 Mar 13 00:00:00 +0000

Richard Jaggard, Standard Chartered Bank, talks to us about growth strategies for treasurers, cash management and liquidity trends, and the growing interest of multinational corporations in RMB.

Treasury Technology: Out with the Old, in with the New Generation

Fri, 01 Feb 13 00:00:00 +0000

Technology vendors that can't convert to cloud-based SaaS technology or keep up with the increasingly sophisticated needs of treasury will have a tough time remaining independent.

Shifting Sands of International Trade

Fri, 01 Feb 13 00:00:00 +0000

The Editor examines the shift in trading routes from western economies to north-south and south-south trade, and notes how all companies should leverage the opportunities that this development provides.

Efficient Cash Flow Forecasting - a Best-Practice Guide

Fri, 01 Feb 13 00:00:00 +0000

Optimising your cash flow forecasting can lead to an immediate increase in financial performance. Through the implementation of best practice, organisations can know exactly where their cash is and can manage liquidity risk more effectively.

Developing and Implementing Strategy for Managing Risks in the Supply Chain

Fri, 01 Feb 13 00:00:00 +0000

Coca-Cola's Director of Risk Management, Supply Chain & Technical talks risk management with us - particularly focusing on the renewed interest in enterprise risk management (ERM) practices.

Cash is Yesterday's News: The Transformation of Payments

Fri, 01 Feb 13 00:00:00 +0000

The world of commerce is undergoing a digital transformation thanks to the emergence of new payments instruments, and the march of 'smart' devices - be they phones or tablets - is revolutionising the way that enterprises and customers interact.

Opportunity and Growth Potential in Central & Eastern Europe

Fri, 01 Feb 13 00:00:00 +0000

CEE is proving resilient and flexible in its ability to diversify its reliance on the Eurozone, and create a favourable environment for growth. Consequently, the prospects for CEE are very positive.

Centralisation for Enhancing Financial Performance

Fri, 01 Feb 13 00:00:00 +0000

After a period of rapid growth and acquisition, Brady Corporation's treasury recognised the need to undertake a complex transformation to enhance processes and reduce costs to remain competitive and effective.

Optimising Payments and Cash Management with SAP and SWIFT

Fri, 01 Feb 13 00:00:00 +0000

In 2008, Danfoss decided to improve the infrastructure of its treasury by implementing a payments factory and in-house bank, and to replace its TMS and improve cash flow forecasting.

Fitch Survey: European Treasurers Yet to Define Impact of Regulatory Change

Fri, 01 Feb 13 00:00:00 +0000

Fitch questioned 68 European treasurers on the instruments they use for cash investment, with a particular focus on MMFs, and found that many have not adequately anticipated the impact of a potential regulatory move to VNAV.

The Cost of Security Today

Fri, 01 Feb 13 00:00:00 +0000

Over the last five years, European treasurers have learned to manage counterparty risk, becoming more cautious when investing their funds. However, interest rates are so low today that security has a cost. How can treasurers find a return while keeping down the risk incurred?

Upgrading Treasury to First Class

Tue, 01 Jan 13 00:00:00 +0000

Whilst many individual challenges lie ahead for treasury professionals in 2013, we can all be doing more to ensure that we increase efficiency in certain areas. We use cross-currency payments (FX) as an example.

Corporate Innovation & Excellence: Experiences and Insights of the 2013 Editor's Award Winners

Tue, 01 Jan 13 00:00:00 +0000

The Editor reviews the experiences of some high achieving treasuries we featured in 2012 - and selects her award winners for the best case studies in our seven Corporate Award categories.

The TMI Tax Doctor: Achieving Your Hedging Objectives

Tue, 01 Jan 13 00:00:00 +0000

In his latest column, the TMI Tax Doctor answers two questions concerning the management of cash tax volatility as a result of hedging foreign exchange (FX) exposures.

An Optimal Banking Structure in Russia

Tue, 01 Jan 13 00:00:00 +0000

Kraft Foods Russia rationalised their bank relationships in order to manage counterparty risk more effectively, streamline connectivity and centralise liquidity. We find out how it was done.

Navigating Cash Markets by Exploring Separately Managed Accounts

Tue, 01 Jan 13 00:00:00 +0000

Managing cash in separately managed accounts (SMA) should be considered by institutional investors as a real option where the benefits of customisation can be realised.

Selecting the Best SWIFT Service Bureau

Tue, 01 Jan 13 00:00:00 +0000

It can be a challenge for treasurers new to SWIFT to make the right choice when selecting a SWIFT service bureau. Marcus Hughes offers advice.

A Resolution to Collaborate: Procurement and Treasury in 2013

Tue, 01 Jan 13 00:00:00 +0000

We consider the opportunities for proactive engagement between Treasury and Procurement - and explain some of the benefits that can be gained by this engagement.

Driving Growth and Innovation through in Latin America

Tue, 01 Jan 13 00:00:00 +0000

Techniques such as supply chain financing are becoming an important complement to traditional trade finance instruments in Latin America and other emerging markets.

Addressing Cash Management Complexity in Turkey through a One Bank Strategy

Tue, 01 Jan 13 00:00:00 +0000

Following a period of geographic expansion and financial process optimisation, Johnson Controls Inc. made the decision to appoint one bank per country for cash management.

From Hedge Accounting to Strategic Hedging

Tue, 01 Jan 13 00:00:00 +0000

DONG Energy's Group Treasurer explains the benefits gained by abandoning hedge accounting in favour of a hedging strategy that was more closely aligned to the needs of the business, and implementing a new income reporting strategy.

Facilitating Treasury Transformation in 2013

Tue, 01 Jan 13 00:00:00 +0000

Reval's Chief Executive Officer and Chief Technology Officer discuss the year ahead, looking at what is driving treasury transformation, the demands of new regulations and treasurers' priorities in 2013.

e-BAM: a Banking Connectivity Fantasy?

Tue, 01 Jan 13 00:00:00 +0000

e-BAM is an acronym that still conceals plenty of mysteries for many treasurers. Is it a fantasy or a true message type? Fran�ois Masquelier defines the outlines and challenges of this coming era in the banking relationship.

TMI Awards 2012 for Innovation and Excellence

Tue, 01 Jan 13 00:00:00 +0000

Now in their fourteenth year, our Awards celebrate the banks, consultants and technology suppliers who have been voted best in their field by our readers.

Gaining the Benefits of Renminbi Liberalisation

Thu, 01 Nov 12 00:00:00 +0000

Careful planning and ongoing vigilance are essential in order to gain the benefits of renminbi internationalisation.

Tricks of the Trade

Thu, 01 Nov 12 00:00:00 +0000

Of the growing network of trade between emerging economies, it is the relationship between Brazil and China that has risen to pre-eminence, with bilateral trade between the two economies now worth approximately US$100bn.

Treasury Technology: There's an App for That

Thu, 01 Nov 12 00:00:00 +0000

Innovation in treasury is as important today as it was fifteen or twenty years ago, and here the Editor discusses the new focus on usability, accessibility and operability, including the emergence of new adoption models and the development of cloud-based technology.

Managing Treasury Globally: Breaking the Mould

Thu, 01 Nov 12 00:00:00 +0000

There is a perception that many multinationals head-quartered in the US could best be described as US-based companies with international operations, rather than as truly global companies. While this may sound like a technical distinction, the implications can be wide-ranging.

Facilitating Global Success with the Right Relationship Approach

Thu, 01 Nov 12 00:00:00 +0000

Banks are often accused by corporates of approaching their relationship coverage with a big bang approach - yet all clients are unique and to that extent so too must the way banks interact with them be.

SWIFT Access Service Powers Improvements at National Grid

Thu, 01 Nov 12 00:00:00 +0000

National Grid was looking to improve security and process efficiency for its high value payments whilst providing a scalable foundation for future treasury projects such as introducing a new treasury management system (TMS). We find out how they achieved this.

SEB Guide to Working Capital 2013 - Introduction

Thu, 01 Nov 12 00:00:00 +0000

An overview of the contents for the guide, explaining why the path of more specific, industry-based approach was necessary and how this will help to take the working capital concept to the next level of detail and practicality.

A Komplett Approach to Working Capital Enhancement

Thu, 01 Nov 12 00:00:00 +0000

SEB not only provides working capital services for web-commerce giant Komplett Group, but the bank also supports the company across a wide range of advice and support across the company's complete spectrum of cash, trade and financing needs. Featuring comment from PwC's Director of Working Capital.

Efficient Treasury Management in the Professional Services Industry

Thu, 01 Nov 12 00:00:00 +0000

Leading engineering company Sweco has pursued a successful growth strategy in recent years, which has required a focus on mitigating core business risks and optimising working capital management. Featuring comment from PwC's Director of Working Capital.

Changing Culture and Behaviour to Optimise Working Capital

Thu, 01 Nov 12 00:00:00 +0000

Royal Unibrew's Group Treasurer outlines how the company have fostered a culture in which every individual is focused on constant improvement and refinement of the company's cash, treasury and working capital management. Featuring comment from PwC's Director of Working Capital.

Factoring Solutions for Working Capital Optimisation

Thu, 01 Nov 12 00:00:00 +0000

For companies such as Bombardier Transportation, which has a highly rated customer base with a strong payments record, treasury has to find alternative working capital solutions. Featuring comment from PwC's Director of Working Capital.

Leveraging Trade Finance for Working Capital Optimisation

Thu, 01 Nov 12 00:00:00 +0000

Reducing the overall working capital requirement is a priority for Ruukki - a leading international provider of energy-efficient steel solutions - so that the company can maximise investment in the business. Featuring comment from PwC's Director of Working Capital.

Better Information - Better Decisions

Thu, 01 Nov 12 00:00:00 +0000

In 2008, Celesio AG Head Office used an accounting software that was becoming outdated, and a TMS that did not support increasing reporting requirements. We document the company's move from two stand-alone applications to an integrated SAP solution.

Creating New Value through Shared Services

Thu, 01 Nov 12 00:00:00 +0000

Recent surveys reveal that around one third of SSCs have consistently been able to deliver 10% year-on-year savings over an extended period, suggesting that there is a substantial number of SSCs that need to adapt and seek opportunities in order to find new ways of delivering continued value.

A Local Approach to Treasury Efficiency

Thu, 01 Nov 12 00:00:00 +0000

While many companies have sought to centralise their cash and treasury operations in recent years, companies such as France T�l�com have adopted a more bespoke approach according to the specific needs of the business.

Pioneering eBAM for Efficiency and Control

Thu, 01 Nov 12 00:00:00 +0000

USI has become one of the first companies to adopt both an efficient process for managing bank account information internally, and to extend this solution to incorporate eBAM - as this article describes.

Enhancing the Customer Experience Through a Period of Transformation

Thu, 01 Nov 12 00:00:00 +0000

Banks such as Societe Generale have a major role to play in facilitating the upcoming SEPA transformation; however, the bank is also undertaking an internal transformation which will enhance its ability to meet the pan-European needs of its customers.

Understanding Cash Investment Trends

Thu, 01 Nov 12 00:00:00 +0000

SunGard recently commissioned a study among corporate treasury professionals to understand corporate attitudes to cash investment, including strategic cash holdings, asset allocation, investment policies and transaction execution. We outline some of the key findings.

Pioneering a Transformation in Receivables Optimisation

Mon, 01 Oct 12 00:00:00 +0100

While optimising collections can be more difficult than optimising payments, the business imperative to focus on receivables is becoming stronger as the impact of doing so can be dramatic.

Ready or Not, Here Comes SEPA!

Mon, 01 Oct 12 00:00:00 +0100

Over the past few months, it is of no surprise that SEPA has rapidly increased on many client meeting agendas. In essence, time may no longer be on everyone's side.

Global Growth Generators: A New Economic Picture for 2050

Mon, 01 Oct 12 00:00:00 +0100

The Editor discusses the latest reports on globalisation and provides a valuable summary of the opportunities provided by the world's fastest growing economies, featuring expert comment from HSBC's Head of Global Payments and Cash Management.

Managing Cross-Border Payment Costs, Risks and Efficiency

Mon, 01 Oct 12 00:00:00 +0100

In a growing number of businesses, traditional treasury mechanisms for facilitating cross-border trade no longer support emerging business models effectively, necessitating new techniques and approaches.

Building a Treasury Function to Support Business Growth

Mon, 01 Oct 12 00:00:00 +0100

We speak to Celio's Group Treasurer about how she established a new cash and treasury management function to support the company�s current and future international strategy.

Enhancing Efficiency and Risk Management in Cash Collection

Mon, 01 Oct 12 00:00:00 +0100

Grupa Żywiec collects around half of its revenues in cash. As this can be expensive and subject to a variety of risks, it was important for the company to have an efficient, cost-effective and risk averse means of collecting, posting and reconciling cash.

The Power of Positive Partnerships

Mon, 01 Oct 12 00:00:00 +0100

Growth may be harder to find these days, but, for countless UK companies, the US remains a huge and natural expansion arena. And it's clear that our transatlantic traders have greater need than ever for expert and flexible funding.

A Notional Approach to FX Hedging

Mon, 01 Oct 12 00:00:00 +0100

We speak to the treasurer at Henry Schein, Inc., who outlines how leveraging a global, multi-currency notional cash pool has enabled the company not to simply optimise liquidity - but also hedge their FX risk more effectively.

Looking After Cash - On Both Sides of the Atlantic

Mon, 01 Oct 12 00:00:00 +0100

TMI's Chief Executive introduces our US Cash supplement with an overview of the contents.

Managing Liquidity Globally: Mission Impossible?

Mon, 01 Oct 12 00:00:00 +0100

Companies are increasingly shifting away from a domestic or regional approach to liquidity management and many are aiming to build a global liquidity overlay structure. But is true global liquidity management a realistic goal?

Pioneers of New Generation Treasury

Mon, 01 Oct 12 00:00:00 +0100

Will the next generation of treasury solutions come from the likes of Deutsche Bank's Autobahn App Market? By delivering powerful solutions, this approach is revolutionising banking technology like no other.

Optimising Cash & Liquidity Management in Europe

Mon, 01 Oct 12 00:00:00 +0100

In 2008, MeadWestvaco made the decision to optimise cash management and placed a European Treasury Director in Switzerland. This article explores the background of the cash management optimisation project, achievements so far, and plans for the future.

CAREful Approach to Cash Management

Mon, 01 Oct 12 00:00:00 +0100

For CARE, a leading humanitarian organisation fighting global poverty worldwide, the way they manage their cash is a vital way in which they can demonstrate accountability. We explore the reasoning behind their current and planned initiatives and how they aim to achieve them.

The Treasurer's Voice: Centralising and Optimising Payments

Mon, 01 Oct 12 00:00:00 +0100

Making payments efficiently, securely and cost-effectively is a priority for every company, but this becomes particularly complex for multinationals with a diverse global supplier base. However, centralisation is not a magic wand. As payments centralisation has been a trend for a number of years, there is often a misconception that all large companies have already embarked on this route.

An Investment Revelation for Corporate Treasurers

Mon, 01 Oct 12 00:00:00 +0100

The Editor discusses some of the current issues in the money funds industry, and how corporate investment behaviour is changing.

Unlocking the Potential of Emerging-Market Cities

Mon, 01 Oct 12 00:00:00 +0100

Most companies still take a national or regional view when allocating resources for global growth. They should shift their focus to fast-growing cities.

Will the Cavalry Arrive in Time?

Mon, 01 Oct 12 00:00:00 +0100

This article addresses the problems of the way in which ESMA plans to apply the exemption granted to corporate treasurers for dealing in OTC type derivative products. Over three and a half years after the start of the long-drawn out financial crisis, the regulators have still not delivered this reform.

Managing Working Capital Through Uncertainty

Sat, 01 Sep 12 00:00:00 +0100

Anyone hoping that 2012 would herald brighter economic horizons will so far have been disappointed. Economic stagnation is affecting both sides of the Atlantic, with extreme volatility in Europe.

Shared Services, Shared Success

Sat, 01 Sep 12 00:00:00 +0100

Featuring insights from BNP Paribas and Citi, the Editor looks at some of the considerations when setting up or evolving a shared service centre, and also how companies are continuing to reap the benefits of centralisation.

A Cash Management Authority in Africa

Sat, 01 Sep 12 00:00:00 +0100

Ten years ago, establishing a corporate treasury hub in Africa would have been a relatively unusual move for a multinational corporation. More recently, however, Africa has become a more attractive place to do business.

A Fitness Programme for Treasurers

Sat, 01 Sep 12 00:00:00 +0100

Treasurers must regularly revisit liquidity and working capital structures and processes to ensure that they remain world-class. This article outlines a five-step programme that will help enable treasurers to position the company for future growth.

Implementing Technology to De-risk Treasury

Sat, 01 Sep 12 00:00:00 +0100

We speak to AstraZeneca about their successful implementation of a new TMS, the importance of the client/vendor relationship and their plans for the future.

Centralisation and Bank Rationalisation in Central & Eastern Europe

Sat, 01 Sep 12 00:00:00 +0100

Air transport specialist SITA launched a series of initiatives with a view to rationalising technology, centralising financial activities, and replacing fragmented bank relationships with regional banking partners.

Inspiring and Empowering Today's Treasury Pioneers

Sat, 01 Sep 12 00:00:00 +0100

Tapping into potentially new supplier and customer markets is an exciting proposition. Treasurers may not, however, always be inclined to share in this pioneering spirit. After all, they are responsible for putting in place the financial infrastructure for doing business in a territory that may be unfamiliar and integrating it into the global framework.

Managing Financial Risk in the Face of Uncertainty

Sat, 01 Sep 12 00:00:00 +0100

As the global financial crisis demonstrated, every market participant is affected by extreme market events. Only with complete visibility into various risks can treasurers be confident in their risk management practices.

Optimising Cash and Liquidity to Reduce Financing Costs

Sat, 01 Sep 12 00:00:00 +0100

In 2011, GlaxoSmithKline's Group Treasury embarked on a cash and treasury optimisation project with very specific cost, risk and efficiency objectives. Initially, the project is focused on Europe but will ultimately be rolled out globally.

Implementing an FX Hedging Strategy to Facilitate International Growth

Sat, 01 Sep 12 00:00:00 +0100

To facilitate the continued expansion of the business, and avoid the negative impact of increased exposure to foreign currency volatility, we needed to put in place an efficient and robust forecasting and FX hedging process.

How We're Reinforcing the 'Open Account'

Sat, 01 Sep 12 00:00:00 +0100

In today's uniquely risk-laden global conditions, how can we strengthen the essentially trust-based advantages of Open Account trading? As UK corporates seek to streamline their financial supply chain, this is an increasingly pertinent question.

RFPs and How to Ensure They Succeed

Sat, 01 Sep 12 00:00:00 +0100

How best to select your suppliers objectively and honestly, observing treasury management principles and best practices. This articles describes the basic rules that you are recommended to follow to make your request for proposal a success.

The TMI Tax Doctor: Cash Pooling

Sat, 01 Sep 12 00:00:00 +0100

TMI's Tax Doctor looks at the differences in tax treatment between notional and target balancing cash pooling arrangements and also the value added tax ('VAT') implications of incorporating a payment on behalf of ('POBO') service within an existing cash pooling arrangement.

The Evolution of Relationship Banking

Sat, 01 Sep 12 00:00:00 +0100

Relationships between corporates and their banks have never been more important, but they have also changed beyond recognition in recent years.

SEPA in Italy: a Step Forward, Backwards

Wed, 01 Aug 12 00:00:00 +0100

The EU's objective to create a common European payments market will officially take a step forward with the mandatory adoption of SEPA instruments within the European economic area from February 2014. But how will this 'starting point' affect payments in Italy?

From London in 2012 to Basel in 2013

Wed, 01 Aug 12 00:00:00 +0100

Over the next five years, the regulatory and market environment for banks, and the institutional customers with whom they work, will become barely recognisable compared with the conditions that existed before the 2008-9 crisis. The Editor summarises the key elements of Basel III and looks how new regulation will affect banks and corporates alike.

The Treasurer's Voice: Connectivity

Wed, 01 Aug 12 00:00:00 +0100

We look at how corporate treasuries and shared service centres (SSCs) are connected with their banks and the outstanding challenges that remain.

Understanding Industry-Specific Challenges

Wed, 01 Aug 12 00:00:00 +0100

Deutsche Bank is reconfiguring its Trade & Cash Solutions Advisory team to adopt a dedicated industry-orientated advisory approach, focusing on four different sectors. Alexander Mutter describes how this has enabled the bank to look at pressing issues in the various industries and how they may affect the client, notably SEPA and Basel III.

Implementing an Enterprise Risk Management Approach

Wed, 01 Aug 12 00:00:00 +0100

ABB's treasury have developed an enterprise risk management approach that has revolutionised the way that risks are prioritised, monitored and mitigated - allowing treasury to evolve and become a strong partner to the business.

Fuelling Corporate Growth in Middle East & North Africa

Wed, 01 Aug 12 00:00:00 +0100

We discuss the growing importance of the Middle East & North Africa to corporate treasurers, and how their strategic plans in the region are being supported.

Streamlining Confirmation Matching at Thomas Cook

Wed, 01 Aug 12 00:00:00 +0100

We look at the significant benefits a new confirmation matching system has brought to the Thomas Cook Group - including the ability to manage confirmations on an exception basis and a comprehensive audit trail.

Leveraging Trends in Europe to Achieve Business Transformation

Wed, 01 Aug 12 00:00:00 +0100

We talk to Karin Flinspach of Citi, who discusses the cash management trends and opportunities that are emerging both in Europe and more widely - and suggests how corporate treasurers can best take advantage.

Five Steps to a More Effective Global Treasury

Wed, 01 Aug 12 00:00:00 +0100

Demands on the corporate treasurer are changing, and many are struggling to keep up. Here's where to start.

IFRS 9, the Long-Awaited Accounting Standard

Wed, 01 Aug 12 00:00:00 +0100

European treasurers keep asking the EACT whether it sees something coming in terms of of a financial instruments accounting standard. Whilst slow in coming, the final version of IFRS 9 should be published very soon.

United We Stand: An Interview with Gerard Hartsink, Chairman of the European Payments Council

Fri, 01 Jun 12 00:00:00 +0100

The Editor talks to the Chairman of the European Payments Council as he comes to the end of the tenure. In addition to his EPC role, Mr Hartsink is also Executive Chairman of CLS, following an extensive career at ABN AMRO, and is a Board Member for SWIFT.

Climbing the SEPA Mountain

Fri, 01 Jun 12 00:00:00 +0100

SEPA end dates have at last been defined, and corporate treasurers and finance managers cannot afford to lose any time in progressing their SEPA migration projects. We ask some experts to share the benefit of their experience of SEPA projects.

Pioneering SEPA Migration at EDF

Fri, 01 Jun 12 00:00:00 +0100

EDF was an early adopter of SEPA Credit Transfers (SCT), having made the decision to migrate in 2008. We explore EDF's migration experiences, project outcomes and provide advice to corporates that are planning the migration.

Efficiency & Technology for Enhanced Treasury Management

Fri, 01 Jun 12 00:00:00 +0100

Every organisation's ambition is to grow more quickly and more sustainably than its competitors. Pivotal to achieving growth is both operational and financial efficiency, and risk mitigation. We look at one way to deliver these solutions.

Mitigating Risk and Creating Competitive Advantage through Trade Finance

Fri, 01 Jun 12 00:00:00 +0100

The global financial crisis illustrated the importance of trade finance to increase predictability of cash flow, release working capital from the supply chain, and - perhaps most importantly - to manage supply chain risk.

Implementing SWIFTNet as Part of an Efficient Treasury Infrastructure

Fri, 01 Jun 12 00:00:00 +0100

ITV Plc was seeking to create an efficient treasury function that would reduce complexity, meet their current treasury, cash and risk management needs today, and accomodate changes to the business in the future. We document their experiences.

Going Global with SEPA

Fri, 01 Jun 12 00:00:00 +0100

Dr Ohmayer, in conversation with the Editor, shares his expertise on SEPA and argues that banks' and corporations' investment in SEPA has far wider implications than simply the euro payment area.

The Treasurer's Voice: SEPA Migration

Fri, 01 Jun 12 00:00:00 +0100

In this edition of the Treasurer's Voice, which features responses from over 100 corporations, we find out how much progress companies have made towards SEPA adoption, some of the obstacles that may remain, and companies' actual or anticipated outcomes.

Pioneering SWIFT Corporate Connectivity in China

Fri, 01 Jun 12 00:00:00 +0100

We speak to one of the first banks in China to offer SWIFT connectivity through SCORE about why they chose to offer this service.

The Importance of Not Being Earnest

Fri, 01 Jun 12 00:00:00 +0100

When pass through the threshold of work we all too often become stern, unemotional and won't engage in laughter or social engagement. Yet laughter is one of the most powerful tools for achieving employee engagement.

Rethinking People Development in Finance

Fri, 01 Jun 12 00:00:00 +0100

For all the innovation in financial management over the past 20 years, it's remarkable how little the process of hiring and developing finance talent has evolved. Many believe that rotational assignments can create the breadth that finance function generalists - and future CFOs - need.

The Mobile Treasury - Fact or Fiction, Freedom or Fear?

Tue, 01 May 12 00:00:00 +0100

Knowing a company's cash position and being able to manage risk at any point in time is crucial. For a treasurer to be able to obtain information any time on a mobile device - as well as on a desktop or laptop - is a significant benefit.

The Treasurer's Voice: RMB Cross-Border Trade Settlement

Tue, 01 May 12 00:00:00 +0100

We use the results of our survey to explore the degree of familiarity that treasurers have with the opportunities for RMB cross-border settlement and the extent to which they are using RMB for cross-border trade.

Strategic Financing in Asia

Tue, 01 May 12 00:00:00 +0100

There are a variety of drivers for the growth of financing in Asia, as Asian multinationals seek to expand outside of the region, and foreign multinationals increase the scale of their operations within Asia.

Pioneering SWIFT Corporate Access in Poland

Tue, 01 May 12 00:00:00 +0100

EDF decided to establish a SSC to manage its different entities without merging them. A new ERP was started across all companies to rationalise IT costs and harmonise processes and reporting, followed by the implementation of SWIFT connectivity. Payments are now successfully processed through the new payment factory.

A Bespoke Approach to Personal Digital Signatures

Tue, 01 May 12 00:00:00 +0100

We spoke to Lafarge about their SWIFT connectivity project in 2009. The company has rolled out the system across 10 countries since then, as well as choosing an automated and secure means of digitally signing payment instructions across all its banks. We catch up with their Head of Treasury Control.

Building a World-Class Cheque Processing Capability

Tue, 01 May 12 00:00:00 +0100

Once Union Pacific Railroad decided to bring cheque processing and imaging in-house, the Accounting and IT teams worked together to effect this, with specialist software. We look at the implementation process and the benefits of the new system.

Meet the Chinese Consumer of 2020

Tue, 01 May 12 00:00:00 +0100

Our understanding of consumer trends to date, coupled with an analysis of the economic and demographic factors that will further shape them in the next decade, serve as a useful lens for contemplating the profile of the Chinese consumer in 2020.

An Innovative Approach to Extending Treasurers' SAP Functionality through bdf Consultants' Cash Cockpit

Tue, 01 May 12 00:00:00 +0100

We discuss bdf Consultants' innovative new cash positioning tool, the Cash Cockpit, which supplements corporate customers' SAP installation.

Extending the Working Capital Toolkit

Sun, 01 Apr 12 00:00:00 +0100

The use of commercial card programmes is a vital tool in treasurers' inventory to optimise payment processes and working capital whilst also enhancing payment information and providing additional advantages.

The Treasurer's Voice: eBAM

Sun, 01 Apr 12 00:00:00 +0100

We asked treasurers about their opinions and experiences of eBAM (electronic Bank Account Management) and received an overwhelming 260 responses in just two weeks. What became very clear, however, was that although eBAM appears to have become a familiar concept, there are some common misunderstandings about what eBAM really is.

TMI Tax Doctor: Debt Restructuring

Sun, 01 Apr 12 00:00:00 +0100

The TMI Tax Doctor is designed to look at some of the tax issues associated with treasury globally. This column deals with a UK tax-related question around debt restructuring, and the key tax issues to consider when assessing potential jurisdictions for a group treasury and finance company.

Managing Risk in a New Environment

Sun, 01 Apr 12 00:00:00 +0100

Since 2008-9's harsh climate, treasurers have become more savvy, better prepared and more able to prioritise the risk management issues that matter most. The Editor looks at current trends and priorities in risk management.

Optimising Liquidity Management

Sun, 01 Apr 12 00:00:00 +0100

Effective liquidity management is an ambition for every treasurer globally. During the 5th Cash Management University, hosted by BNP Paribas, workshop participants discussed some of the ways that they had optimised liquidity management, with both a regional and global view.

Automating P2P to Enhance Performance

Sun, 01 Apr 12 00:00:00 +0100

Bayer embarked on a radical process of optimising and automating the P2P cycle, which proved to be highly successful. We outline the various steps taken which substantially improved its P2P metrics - including the introduction of an online portal.

Using Cash and Treasury to Improve Business Performance

Sun, 01 Apr 12 00:00:00 +0100

The author summarises the thoughts of a panel discussion at BNP Paribas' 5th annual Cash Management University on the subject of using cash and treasury to improve business performance.

Improving Communication to Deliver Greater Value

Sun, 01 Apr 12 00:00:00 +0100

One priority for Agrium in recent years has been cash flow forecasting, which led the firm to develop two dashboards. In turn, these have contributed to sharing cash flow forecasts with business units and providing senior management with insight into treasury's business.

Whether or Not to Collaterlise the Hedging Process: That is the Question

Sun, 01 Apr 12 00:00:00 +0100

Whether we like it or not, in future the hedging of financial risks may never be the same again. In one sense, the dilemma is in choosing between significantly better hedging or trading terms - but with potential cash volatility and higher administrative cost in exchange, and poorer terms with no cash volatility or additional administrative cost.

Defined Benefit Pensions: Overcoming the Obstacles to Buyout

Sun, 01 Apr 12 00:00:00 +0100

In recent years, full scale pension buyouts have been rare despite an increasing corporate focus on the pensions 'endgame'. Yet innovative new approaches to buyout may prove more tempting for treasurers and CFOs.

A New Era of Professionalism in Trade Finance

Sun, 01 Apr 12 00:00:00 +0100

TMI looks at the impact of new regulation for corporates engaged in international trade, the key factors influencing current corporate trade agendas, and the changes we can expect to see in the trade landscape one year from now.

The Year of Living Divergently

Thu, 01 Mar 12 00:00:00 +0000

Will 2012 be a re-run of 2011 or will we experience something quite different? We highlight what senior investment leaders across various asset classes expect to be the main themes of 2012.

Certainty of Uncertainty: Changing Investment Approaches

Thu, 01 Mar 12 00:00:00 +0000

Despite the challenging economic environment, treasurers are having to deal with more cash than ever - but what are the various short-, long- and medium-term options for treasurers looking for suitable repositories for their surplus cash?

The Treasurer's Voice: New Technology & Social Media

Thu, 01 Mar 12 00:00:00 +0000

Is the use of new technology and social media amongst treasurers living up to the hype? Are treasurers, together with their banks and suppliers, leveraging the potential of new technology?

Road to Recovery

Thu, 01 Mar 12 00:00:00 +0000

Global growth remains sluggish and the situation in the Eurozone has become more pressing. At the same time, however, support for the global recovery has never been stronger.

Making the Tough Choices

Thu, 01 Mar 12 00:00:00 +0000

After Rio Tinto acquired Alcan in 2007 it needed to rationalise its entire treasury operation. The changes often required hard choices and decisions, but have transformed treasury into an efficient and transparent business function.

Rapid Response to Achieving Cash Management Objectives

Thu, 01 Mar 12 00:00:00 +0000

At the start of 2011, Merck embarked on a project to rationalise its banking partners and streamline its cash management activities. Despite ambitious targets and an aggressive timeline, Merck's treasury has achieved impressive results within nine months of embarking on the initial planning stages.

From Operational Efficiencies to Strategic Value: Realising Treasury's Potential

Thu, 01 Mar 12 00:00:00 +0000

Brocade's treasury department, recipient of multiple treasury awards, has raised the standard to which every treasury can aspire. Brocade's treasurer, Jean Furter, describes how the treasury department has differentiated itself, and the value that it has been able to contribute to the business.

Unlocking Liquidity Through Supply Chain Finance

Thu, 01 Mar 12 00:00:00 +0000

We report on how a workshop on supply chain finance captured the imagination of many at the 5th annual Cash Management University.

Chile, Peru and Uruguay: Small but Smart

Thu, 01 Mar 12 00:00:00 +0000

On the South American continent, three countries offer a friendlier environment than others for treasurers to manage cash, liquidity, foreign exchange risks and cross-border transactions.

Leveraging Opportunities in China

Thu, 01 Mar 12 00:00:00 +0000

An interview with two senior Deutsche Bank executives about treasury objectives in China, one of the world's most compelling markets.

A Treasury Wish List

Thu, 01 Mar 12 00:00:00 +0000

We describe the concerns of corporate treasurers with regard to bank account management and try to determine the wish list of processes for its future enhancement.

Making Corporate Cash Work Harder

Wed, 01 Feb 12 00:00:00 +0000

That high yields are no longer a valid justification for cash and liquidity management inefficiencies is just one of the indications of a shift in corporate attitudes to cash and liquidity management.

The Treasurer's Voice: Centralisation

Wed, 01 Feb 12 00:00:00 +0000

Our latest Treasurer's Voice poll focused on centralisation, exploring the degree to which companies globally have already centralised their treasury activities, what factors have delayed their plans in the past, and the challenges that remain.

Trading Out of the Crisis

Wed, 01 Feb 12 00:00:00 +0000

To trade out of the crisis successfully requires the right financial frameworks that allow every buyer and seller to manage their risk and liquidity. The Editor discusses with two experts how we, as treasurers and finance managers, should be putting our companies in a position to do this.

Using Technology to Gain Visibility over Investments

Wed, 01 Feb 12 00:00:00 +0000

What are the best strategies and tools to maximise return on surplus cash? Many argue that it is hard to beat MMFs when one considers the benefits that electronic platforms and portals bring with them.

Defining Treasury Policy for Emerging Markets

Wed, 01 Feb 12 00:00:00 +0000

Timken takes a bespoke approach to defining treasury policy and in particular has expanded its concept of risk, and has adopted competitive bidding through an independent electronic dealing system.

Payments in Practice: Achievements in Centralisation

Wed, 01 Feb 12 00:00:00 +0000

Drawing conclusions from two extremely useful case studies that deal with different aspects of payment centralisation.

Beyond Treasury: A Service Provider to the Business

Wed, 01 Feb 12 00:00:00 +0000

The authors describe the developments in their approach to treasury since their 2007 article in TMI, including an itemisation of the key enablers for the success of the treasury optimisation and an outline of future plans.

Spotlight on Corporate Cash Investment Priorities

Wed, 01 Feb 12 00:00:00 +0000

SunGard report some fascinating conclusions from their recent online survey regarding investment trends and corporate treasurers' priorities.

Technology Priorities: Enhancing the Customer Experience

Wed, 01 Feb 12 00:00:00 +0000

Diane Reyes speaks to TMI about her views on trends and opportunities for technology in the payments and cash management space.

2011 Corporate Awards for Innovation & Excellence

Wed, 01 Feb 12 00:00:00 +0000

We are delighted to announce the winners of 2011 Corporate Awards. Six in number, they are specially chosen by our Editor Helen Sanders and generously supported by ING. Each of these awards has been presented based on articles that have appeared in TMI during the course of 2011.

Smoothing the Onboarding Process

Sun, 01 Jan 12 00:00:00 +0000

It�s no surprise that access to intelligent technology has become an important element when choosing a cash management provider. We look at how having the right solution in place can make a world of difference to a company.

The Treasurer�s Voice: Bank Relationships

Sun, 01 Jan 12 00:00:00 +0000

This article is the first in a new series in TMI, �The Treasurer�s Voice� in collaboration with Treasury Strategies Inc. Each month we will publish a short survey (which you can find on our website) to which we invite all treasury professionals to respond. The results are then analysed by our Editor, including comment from industry experts.

Making the Most of the Renminbi Opportunity

Sun, 01 Jan 12 00:00:00 +0000

Moves towards liberalising the renminbi in China are good news for international companies looking to expand their trade business in the region � but making the most of these trade opportunities requires banking relationships that help corporates navigate the financial risks that remain prevalent in the region.

Streamlining Cash Management in a Decentralised Global Company

Sun, 01 Jan 12 00:00:00 +0000

AkzoNobel enhanced its cash management infrastructure, rationalising its many bank relationships, using cash pooling where possible, and is in the process of rolling out its payment factory. We talk to the Head of Treasury Operations about this major transformation.

Looking Ahead to 2012

Sun, 01 Jan 12 00:00:00 +0000

While the new environment is one of uncertainty, in which corporates need to make contingency plans and stress test their liquidity and risk positions, it is also one of opportunity.

Treasury Outsourcing in Practice

Sun, 01 Jan 12 00:00:00 +0000

SGS decided to outsource many of its treasury activities to a third party provider, which proved to be a highly successful move. SGS�s Group Treasurer outlines the various parameters involved in choosing an outsourcer and the risks and rewards � useful advice for companies contemplating a similar step!

The Risks of Having Too Much Cash

Sun, 01 Jan 12 00:00:00 +0000

Cash is neither a static nor risk-free asset, and can easily turn from asset into headache. Although there are many benefits of holding onto it, it is crucial that the decision is made following a full analysis of the risks and costs involved.

A Pan-European Banking Relationship

Sun, 01 Jan 12 00:00:00 +0000

syncreon is listed in Ireland with holding company, HQ and treasury in the US. The article describes how its bank relationships work successfully in the various areas where the company is active, and also how use of an electronic banking system for payments and bank statement retrieval has led to increased efficiency.

Understanding Repurchase Agreements

Sun, 01 Jan 12 00:00:00 +0000

The repurchase agreement market is one of the largest and most actively traded sectors in the short-term credit markets and an important source of liquidity for money market funds and institutional investors. We look to explain the fundamentals of this vital sector and provide insight into its usage and operation.

Industry, Energy and Passion in Global Transaction Services

Sun, 01 Jan 12 00:00:00 +0000

TMI talk to Neal Livingston about his perceptions and aspirations in his new role as Head of EMEA Global Transaction Services (GTS) at RBS.

The Worst of Times for Money Market Funds?

Tue, 01 Nov 11 00:00:00 +0000

With the money market fund sector searching for a new equilibrium, treasurers will face challenges as they seek the right balance between security, liquidity and yield. But there is every reason to be optimistic.

Untapped Potential: Purchase to Pay

Tue, 01 Nov 11 00:00:00 +0000

�Purchase to pay� refers to the series of processes that take place between the issue of a purchase order, through to receiving, approving and reconciling an invoice, and approving and making payment to the supplier. The Editor looks at how far we�ve really gone in achieving an efficient purchase-to-pay cycle and where we are going from here.

Mitigating Risk at Transport for London

Tue, 01 Nov 11 00:00:00 +0000

In 2008, Transport for London received government approval to enter into derivative instruments for the purposes of risk management. TfL decided to opt for a valuation tool that would help it to implement best practices. The author describes the benefits of using the system and implementation process.

A Collaborative Approach to Optimising Cash Investment

Tue, 01 Nov 11 00:00:00 +0000

Once Honeywell was permitted to invest in MMFs, among its wide range of investments, the company followed the IMMFA Code of Practice to help identify MMFs that met its investment criteria. Honeywell have now rolling out their chosen portal globally, achieving visibility over all its fund holdings.

Leveraging a Single Platform for Financial Optimisation

Tue, 01 Nov 11 00:00:00 +0000

MetaCase�s client decided to transform its business and technology, in order to rationalise different information systems and make its processes more efficient. The client appointed MetaCase to analyse its financial processes and implement a pilot Target One project. We describe the project.

Soaring to New Treasury Heights

Tue, 01 Nov 11 00:00:00 +0000

Treasury at Alitalia has changed unrecognisably over a relatively short period of time, moving from a decentralised culture with general treasury resourcing to a centralised panel of treasury specialists. This has benefitted the business immeasurably, with greater integrity and visibility over data, a better ability to define and deliver a competitive growth strategy and position for future business growth.

Bank Connectivity for Strategic Advantage

Tue, 01 Nov 11 00:00:00 +0000

Statoil launched a cash management optimisation project in 2009. This has four key elements: bank connectivity; bank account management; review of liquidity structure and banking partners; and optimising the in-house bank. We look at how they have improved their bank connectivity � and outline plans for the next phase, eBAM.

Reduced Costs, Efficiency and Control through Corporate Cards

Tue, 01 Nov 11 00:00:00 +0000

In 2008, Rockwool introduced ING�s Corporate Card Solution for employees expenses in order to increase convenience, control & process efficiency. This article shares some of the experiences the company had.

The Interconnection Between the Eurozone Debt Crisis and Payments Market Harmonisation

Tue, 01 Nov 11 00:00:00 +0000

Where exactly does the SEPA rubber hit the Eurozone debt crisis road? Bob Lyddon of the IBOS Banking Association has the answers.

Corporate Cash Management in India and Beyond

Tue, 01 Nov 11 00:00:00 +0000

The degree of economic volatility in India is less than in many other markets in the world today, in parts thanks to the support of the huge domestic economy, with GDP growth predicted to be at around 8%. Nimesh Karwanyun, BNP Paribas, assesses the cash management challenges and opportunities for corporates within this current environment.

A Collaborative Approach to Efficient Reconciliation

Tue, 01 Nov 11 00:00:00 +0000

Optimising receivables is a growing focus for treasurers and finance managers globally. Ensuring that cash is received as quickly as possible is essential to accelerating the cash flow cycle, providing liquidity and reducing the need for borrowing. However, just as important as receiving cash is ensuring that it is reconciled quickly and accurately.

Google�s CFO on Growth, Capital Structure, and Leadership

Tue, 01 Nov 11 00:00:00 +0000

Patrick Pichette describes the attitudes and behaviour that Google hopes will keep it growing like a start-up.

Facilitating Trade and Economic Transformation

Tue, 01 Nov 11 00:00:00 +0000

We talk to Ashutosh Kumar about the current trends for trade finance, including what the impact of the RMB liberalisation is likely to be.

Because It's Worth It!

Sat, 01 Oct 11 00:00:00 +0100

It is often argued that cash flow forecasting is not worth the effort, as the time and energy needed to achieve a meaningful forecast is disproportionate. The author categorically debunks this myth.

The Importance of Standardisation to Today's Treasurer

Sat, 01 Oct 11 00:00:00 +0100

Standardisation is becoming ever more important in the current economic climate. It has, for example, allowed banks to focus more and more on the financial services they offer rather than competing in the way information exchange is set up with each particular client.

When Domestic and International Collide

Sat, 01 Oct 11 00:00:00 +0100

The Editor considers some of the current and future cash priorities of companies either headquartered or doing business in the US, and how they are being supported by their banks.

The Importance of Visibility and Control: Managing Liquidity in Turbulent Times

Sat, 01 Oct 11 00:00:00 +0100

While the ongoing crises in the Eurozone are a concern for all, the situation need not be one of doom and gloom - increasing the visibility and control of liquidity and working capital can help Europe's corporate navigate turbulent times.

Cash Centralisation to Support Strategic Expansion

Sat, 01 Oct 11 00:00:00 +0100

Toy company, Giochi Preziosi, tell us about their successful cash centralisation project � and how this project fits into a wider cash management transformation project.

Bringing eBAM a Step Closer

Sat, 01 Oct 11 00:00:00 +0100

The prospects for electronic bank account management are excellent � so it�s no surprise that the market is beginning to wake up to the vast potential it can offer.

Implementing Technology to Achieve Group Strategy

Sat, 01 Oct 11 00:00:00 +0100

In 2007, Group Treasury at R�my Cointreau embarked on the process of replacing its legacy treasury management system (TMS), ahead of major commercial and financial restructuring. Luc Vlaminck details the challenges and benefits of the project.

Managing Liquidity in Today's Low Rate Environment

Sat, 01 Oct 11 00:00:00 +0100

The authors discuss the outlook for short-term yields, why today's yields may persist for the foreseeable future, and strategies that may offer higher returns in today's environment.

Leveraging Cash Management Potential in Italy and Across Europe

Sat, 01 Oct 11 00:00:00 +0100

Cash management and payment practices are converging across Europe, yet Italy, like other countries, retains some specific features in its cash management and payments landscape. More than ever, companies are looking for support to address the strategic challenges of implementing consistent payments and cash management solutions across Europe.

Pioneering XML for Cash Management Centralisation & Integration at NYSE Euronext

Sat, 01 Oct 11 00:00:00 +0100

We talk to NYSE Euronext about appointing one European cash management provider, implementing a zero balance account cash pool, and standardising their payment processing.

The Credit Spectrum

Sat, 01 Oct 11 00:00:00 +0100

Looking at credit risk through a variety of measures provides a more holistic view of credit worthiness than is common in traditional cash management and corporate treasurer practice.

Expanding Horizons at Bank of America Merrill Lynch

Sat, 01 Oct 11 00:00:00 +0100

Bank of America Merrill Lynch�s Head of Global Transaction Services offers his insight to TMI about the current challenges facing their clients � and how he sees the role and priorities for treasurers changing in the future.

Putting Treasury Objectives into Practice

Thu, 01 Sep 11 00:00:00 +0100

We feature the views of three of the key TMS vendors on the tools that treasurers are using to realise their main objectives, specifically the TMS that typically forms the core of their infrastructure.

From Greenback to Renminbi � the Internationalisation of CNY

Thu, 01 Sep 11 00:00:00 +0100

Foreign exchange control in China is likely to be liberalised at a controlled pace. Furthermore, the expectation of a strengthening of the RMB and the higher interest rate differential will promote the attractiveness of RMB assets as a new asset class.

Driving Innovation in a Global Economy

Thu, 01 Sep 11 00:00:00 +0100

SEB�s Head of Global Transaction Services offer an overview of the articles found within this SEB Guide to Treasury Innovation.

Meet Today�s Treasurer

Thu, 01 Sep 11 00:00:00 +0100

The author explores the evolving role of treasury, paying particular attention to how the financial crisis accentuated pressures on liquidity and counterparty risk, and ongoing currency and commodity volatility sharpened treasurers� focus on minimising exposures.

Anticipating the Treasury of the Future

Thu, 01 Sep 11 00:00:00 +0100

H�kan Lundgren talks to TMI about Sony Ericsson�s small, efficient and highly specialist treasury function, their treasury outsourcing provider and their key strategic activities.

First Steps in Collaboration

Thu, 01 Sep 11 00:00:00 +0100

The authors describe the importance of collaboration, both internally and externally, and the vital role that both structured and ad-hoc exchange of information has to play in equipping treasurers with the means to fulfil their transactional and strategic function.

A Fresh Approach to Treasury Optimisation

Thu, 01 Sep 11 00:00:00 +0100

A new environment requires a new approach to optimising processes and information flows across treasurers� expanding horizon. The authors look at one way to provide a structured approach to identifying, prioritising and delivering the initiatives that will deliver the greatest value.

Achieving the Next Level in Streamlined Connectivity

Thu, 01 Sep 11 00:00:00 +0100

Microsoft was a trailblazer for SWIFT Corporate Access during the early years, and has continued its pioneering approach by being the first corporate globally to adopt the ISO 20022 XML Standard.

Technology for Treasury Transformation

Thu, 01 Sep 11 00:00:00 +0100

After a review of treasury and risk management systems, GDF Suez implemented Thomson Reuter�s KTP system. This gave the company a single system for all cash, treasury and risk management activities with a single channel to its bank through SWIFT.

Optimising Collections and Cash Concentration at ALBA

Thu, 01 Sep 11 00:00:00 +0100

ALBA�s Head of Treasury explains the treasury function at the company, and describes to TMI the reasoning behind the recent decision to embark on a project to optimise its banking and cash management solutions.

Transforming Global Trends into Competitive Opportunities

Thu, 01 Sep 11 00:00:00 +0100

Exactly how can your company leverage the major trends of today, and what challenges do these trends create for multinational corporates? Michael Guralnick has the answers.

Give it or Steal it Back�

Thu, 01 Sep 11 00:00:00 +0100

The EU has a plan for adopting stricter capital requirements and better corporate governance for banks and investment firms (the so-called �CDR IV� project). Despite the fact it only concerns financial institutions, this projected Directive could indirectly heavily impact non-financial corporates.

Investing in the CNH Market: Challenges and Opportunities

Mon, 01 Aug 11 00:00:00 +0100

The opening of the dim sum bond market is potentially the most exciting development in the international bond markets since the creation of the Eurobond market in the 1980s.

The Long Run to Centralisation

Mon, 01 Aug 11 00:00:00 +0100

The road to centralisation may be long and bumpy, but don�t let that put you off. Greg Zabikow outlines the steps necessary to transform treasury from an operational centre to a powerful strategic force within the business.

From Alternative to No Alternative Financing

Mon, 01 Aug 11 00:00:00 +0100

Alternative financing, such as factoring and reverse factoring, is becoming an important element in the financing portfolio of companies of all sizes. We review some of the principal options.

Treasury Transformation to Minimise FX Risk

Mon, 01 Aug 11 00:00:00 +0100

When faced with reduced profit margins due to negative FX movements, DFS engaged with their banking partner and came up with a unique cross-currency, cross-border solution.

Assessing Banks� Confidence After the Crisis

Mon, 01 Aug 11 00:00:00 +0100

Financial-services executives report a mostly positive outlook on banking � and some signs of industry complacency.

Supporting a New Decade of Treasury

Mon, 01 Aug 11 00:00:00 +0100

While liquidity and financial risk functions remain at the core of treasury activities, the effects of the financial crisis mean treasurers must conduct a broader spectrum of activities within an enterprise-wide framework.

Expanding International Horizons

Mon, 01 Aug 11 00:00:00 +0100

TMI talks to Judd Holroyde of Wells Fargo about the banking needs of US corporations, particularly mid-market companies, extending outside of their domestic market.

The Role of Technology in Achieving Operational and Strategic Objectives

Mon, 01 Aug 11 00:00:00 +0100

A recent study amongst European corporate treasurers revealed some fascinating attitudes towards treasury technology. Paul Wheeler examines the findings.

OTC Derivatives: a Victory or a Battle Lost?

Mon, 01 Aug 11 00:00:00 +0100

Fran�ois Masquelier takes a look at the potential effects of the proposed OTC derivatives regulation.

Brave New Treasury

Wed, 01 Jun 11 00:00:00 +0100

The global financial crisis triggered a transformation for treasury in Asia. Maneesh Goel examines how approaches to treasury in Asia have changed.

A Statistical Approach to Receivables Risk

Wed, 01 Jun 11 00:00:00 +0100

What are the recent developments in credit and collections management, and how can these techniques contribute to an effective liquidity and working capital strategy?

Treasurer as Technologist

Wed, 01 Jun 11 00:00:00 +0100

Skanska decided to replace its current spreadsheets for FX transactions with a more sophisticated system, which they developed internally. This proved highly effective for FX management and has subsequently been extended into a full treasury system, also designed in-house.

An Expense Management System Avoids Drama in a Crisis

Wed, 01 Jun 11 00:00:00 +0100

Four key points for how companies can control cash and the burden on employees when emergencies cause unexpected expenses.

Making the Decision to Hedge

Wed, 01 Jun 11 00:00:00 +0100

FX hedging is often a fundamental element of every treasurer�s role, but what are the keys to a company's success in this area?

From Multi-Domestic to Multinational: Selecting Card Acquirers in the Eurozone

Wed, 01 Jun 11 00:00:00 +0100

The use of cards and e-payments by consumers continues to grow rapidly, and the Payment Services Directive (PSD) will have a considerable impact on the market. But what are the current trends in cards acquiring in the Eurozone, and what should treasurers consider when selecting a card acquirer?

Investing in a Low Interest Rate Environment

Wed, 01 Jun 11 00:00:00 +0100

As the financial markets stabilise, but with low interest rates persisting, treasurers are investing in a wider range of investment products than those they have used in recent years � and are matching their investment criteria with an appropriate instrument rather than choosing only the shortest-term products.

Cash Management Transformation in Asia

Wed, 01 Jun 11 00:00:00 +0100

Following a period of rapid growth, Asia has become more important than ever for AkzoNobel. The most recent phase of their transformation project � a project which has been well documented by TMI � is the optimisation of their cash management processes in Asia.

Breaking Down the Barriers to SWIFT

Wed, 01 Jun 11 00:00:00 +0100

Once the preserve of large multinational corporations, SWIFT connectivity has become a viable option for corporate treasuries that are seeking to improve working capital management and reduce costs. Find out what the options for SWIFT participation are � and how best to take advantage.

New Opportunities in Transaction Banking

Wed, 01 Jun 11 00:00:00 +0100

We discuss the role of Global Transaction Banking, SEPA migration and the key trends for the modern-day treasurer with UniCredit�s Head of International Cash Management Sales.

EACT News

Wed, 01 Jun 11 00:00:00 +0100

The EACT Chairman reflects on May�s EACT board meeting, and discusses the latest EACT contributions to the global regulatory framework. Fran�ois Masquelier also contributes an article describing the possible impact, both financial and organisational, of the numerous and restrictive new post-2008 financial crisis standards.

Modernising the Finance Department�s Role

Wed, 01 Jun 11 00:00:00 +0100

The new CFO has arrived in his most recently updated version. His job has evolved considerably over the last few years because of fundamental changes in the environment in which he operates, just as happened with the treasury manager�s job. After spending a huge amount of time on compliance, he is now being asked to improve the organisation�s performance. He is being asked to be transparent, multi-skilled, efficient, proactive and a visionary. This is a very wide-ranging job description which this article sets out to illustrate.

Painting a New Financial Picture

Sun, 01 May 11 00:00:00 +0100

Transformation and optimisation projects amongst Bank of America Merrill Lynch clients are at an all-time high, and the primary considerations of these projects are information and education.

Delay the Yacht, Get on Board with SEPA

Sun, 01 May 11 00:00:00 +0100

With defined deadlines now set for the retirement of domestic payment instruments, to be replaced by SEPA payments, treasurers cannot reasonably expect to delay their migration to SEPA beyond late 2012 for credit transfers and 2013 for direct debits. TMI outline the benefits that accrue from the changeover.

Managing Risk, Leveraging Opportunities

Sun, 01 May 11 00:00:00 +0100

In the first of four features from Goldman Sachs Asset Management, the author asks what the current key trends affecting money market fund (MMF) providers and their clients are.

Corning�s Treasury: Best in Class

Sun, 01 May 11 00:00:00 +0100

In 2003, Corning decided to rationalise its banking and cash management structure. The treasury centre has subsequently been transformed into a highly effective, best-in-class function. We find out how they did it, and what their plans are for the future.

Treasury as Value Creator in a Decentralised Company

Sun, 01 May 11 00:00:00 +0100

As treasurers are constantly striving to create more visibility and control, the common perception is that a centralisation is the �right� business model, and therefore a decentralised approach must be �wrong� � for some organisations, however, a decentralised business environment can create significant advantages.

Optimising Cash Management in a High Performance Organisation

Sun, 01 May 11 00:00:00 +0100

Linde is a world leading gases and engineering company that saw a large growth in net profits due to a high performance organisation initiative. TMI talks to the company�s treasury about their experiences when implementing this, along with a new, enhanced cash management and banking organisation.

SEPA Direct Debits: Corporate Change, Business Benefits

Sun, 01 May 11 00:00:00 +0100

What opportunities are available to forward-thinking corporates in regard to SEPA Direct Debits, and how can they find business benefit in SEPA? Garry Young, Director of Corporate Services and SaaS, Logica, has the answers.

Positioning for a New Era at Commerzbank

Sun, 01 May 11 00:00:00 +0100

The union between Commerzbank and Dresdner Bank in 2008 was one of the biggest projects in the history of German banks, with major repercussions for customers, employees and the wider market. We talk to the Global Head of CMIB at the new Commerzbank about the integration, and how the bank is positioned for the future.

EACT News

Sun, 01 May 11 00:00:00 +0100

The EACT Chairman reflects on the latest regulatory issues for SEPA implementation, IFRS developments and the corporate use of SWIFT.

Through the Glass Darkly: Transparency Can Be a Dangerous Illusion

Fri, 01 Apr 11 00:00:00 +0100

Some MMF portals have developed functionality to deliver cross-portfolio analysis of fund holdings. However, the author argues that there are fundamental flaws in the ability of portals to provide meaningful and consistent information.

Have Cards Become an Anachronism?

Fri, 01 Apr 11 00:00:00 +0100

Cards are now used across a vast array of corporate activities and, increasingly, as the basis of customer and distributor incentives. But does the diversity in the way that card programmes are used suggest that the concept of �cards� is becoming an anachronism?

Process, Technology and Skills: The Experience of a CFO in Africa

Fri, 01 Apr 11 00:00:00 +0100

The role of the CFO is changing rapidly at both a regional and global level � but how exactly? The author draws on her own experiences working in a key growth market for IBM to explain this transformation in detail.

Technology for Tomorrow�s Treasury

Fri, 01 Apr 11 00:00:00 +0100

In 2006, easyJet reorganised its treasury accounting structure and decided to implement a new TMS, which went live in October 2009. We examine the benefits of this implementation and the company�s future plans.

Shared Services for Shared Success

Fri, 01 Apr 11 00:00:00 +0100

In 2007, Siemens UK undertook a major transformation project, which included moving certain OTC (Order to Cash) functions from Prague to Bangalore. We examine the outcomes of the project.

Be Ready! Internal Controls in Treasury Departments

Fri, 01 Apr 11 00:00:00 +0100

Improving internal controls in the treasury departments of European MNCs is of the utmost importance � and the critical and specific feature of their work make treasury managers potential specialists in internal control.

What�s at Risk? The Use of Sensitivity Analysis to Measure Your Portfolio�s Risk

Fri, 01 Apr 11 00:00:00 +0100

How do you decide where to begin with sensitivity analysis? We provide an in-depth look at different methods and what to consider when incorporating Value-at-Risk (VaR) into your risk management process.

An Insight into BlackRock�s Cash Management Business

Fri, 01 Apr 11 00:00:00 +0100

TMI talks to Rich Hoerner and Simon Mendelson about today�s investment priorities for international investors, the MMF industry, and more.

EACT News - April 2011

Fri, 01 Apr 11 00:00:00 +0100

The latest EACT news deals with the upcoming EACT Board meeting and the EACT�s comment letter in response to IASB ED/2010/13 on Hedge Accounting (Third ED on IFRS 9).

Global Regulatory Changes Affecting the Money Market Fund Industry

Tue, 01 Mar 11 00:00:00 +0000

Several reform measures associated with money market funds have been introduced since the credit crisis, but are the latest planned changes a step too far?

Taking Responsibility for India's Future

Tue, 01 Mar 11 00:00:00 +0000

India now has the world's second largest population and is the seventh fastest growing economy in the world. So why do some multinational corporations still ignore India and sideline it by giving preference to China?

With You Across Europe

Tue, 01 Mar 11 00:00:00 +0000

Baudouin Prot, CEO of BNP Paribas, examines the continuing success of the Cash Management University, and explains how it is informed by the cash management needs of BNP Paribas' clients.

Managing Cash as a Corporate Asset

Tue, 01 Mar 11 00:00:00 +0000

UPS' global treasury organisation is a success story from which all treasurers can learn. This article outlines their four pillars of operational success.

Leveraging People and Technology for Value Creation

Tue, 01 Mar 11 00:00:00 +0000

Facing serious working capital challenges, the Bharat Petroleum Corporation engaged with their banking partner, BNP Paribas, to come up with a solution. Following implementation, the benefits of this project were found to be considerable for both the company and their customers.

Home and Away: Making Your Cash Work

Tue, 01 Mar 11 00:00:00 +0000

Making your cash work, both in-country and cross-border, requires a delicate balancing act. This roundtable discussion details some of the conclusions reached by participants at the Cash Management University as to how best to make your cash work.

Mon, 01 Nov 10 00:00:00 +0000

The Yen Bubble: Chronicle of a Burst Foretold

Fri, 01 Oct 10 00:00:00 +0100

In an economic context that is globally dominated by considerable uncertainty, financial markets in general, and foreign exchange markets in particular, have adopted a wait-and-see policy. This paralytic phrase, marked by the absence of strong trends, has one notable exception: the yen, which is undergoing an impressive rise. A word of caution from the authors though: in light of the global market context, the margin for further increases should start to diminish and the main medium-term scenario can only be one of progressive decline. Despite this, however, the situation also provides a good example of how industrial companies, when faced with extreme foreign exchange levels, can take a major turn in the foreign exchange hedging policy of their highly probable future cash flows.

China: Realising or Inhibiting Potential

Fri, 01 Oct 10 00:00:00 +0100

The many challenges and opportunities of operating in China, and the effects of the newly expanded RMB cross-border trade and settlement scheme are discussed by the Editor in a wide-ranging article following her recent visit to the country, with input from experts from J.P. Morgan and Standard Chartered.

A Virtual Approach to Treasury & Payments Centralisation

Fri, 01 Oct 10 00:00:00 +0100

Pierre Fabre made the decision to centralise its treasury activities whilst implementing a virtual payments factory to support local payments and collections. To achieve this, the company has implemented SWIFT connectivity and XML-based messaging formats to achieve the degree of standardisation that was required. This included appointing HSBC as its service bureau partner. The project has proved positive both in terms of increasing efficiency and control, but also in enhancing both internal and external relationships.

Developing Team Culture for Client Success

Fri, 01 Oct 10 00:00:00 +0100

Mark Grant is one of the few executives today who has remained with the same, Lloyds Banking Group, throughout his career. In 2009, Mark became Head of Global Financial Institutions at Lloyds, adding another major role to his already successful career. Following a period of unprecedented change, including the merger of Lloyds TSB and HBOS, forming Lloyds Banking Group, the largest UK banking acquisition in history, Mark is uniquely positioned to develop the Financial Institutions Group (FIG) within Lloyds. This article looks at Mark�s vision for his new role, and some of his experiences and characteristics that will undoubtedly ensure his success.

Implementing a Best-Practice Treasury Infrastructure

Fri, 01 Oct 10 00:00:00 +0100

A. Schulman had been using spreadsheets to manage its treasury and cash management requirements across its three treasury centres in Ohio, Mexico and Belgium. Following a detailed selection process, A. Schulman selected IT/2 based on functional support of its global requirements, including cash concentration and in-house banking in Europe, vendor reputation and auditability. The system has now been implemented successfully and the company has a best-practice treasury infrastructure to support its current and future treasury cash management requirements.

Time to Become SWIFT Savvy...

Fri, 01 Oct 10 00:00:00 +0100

Colin Digby examines how SWIFT's corporate model is now, more than ever before, a realistic option for a lot of corporates considering a bank agnostic connectivity model.

Mobile Banking: A Treasury Game Changer?

Fri, 01 Oct 10 00:00:00 +0100

As mobile devices are usually thought of in consumer terms, their ability to offer more complex services to corporatte treasurers has yet to be fully explored. The author looks at why this may be, and how this is changing.

Has Your French Subsidiary Talked to You about Connectivity Recently?

Fri, 01 Oct 10 00:00:00 +0100

A major preoccupation for treasurers in companies of all sizes throughout France today is the upcoming decommissioning of the X25 network in September 2011. This will impact most organisations with entities in France, as X25 is used for data exchange with their banks, as part of the ETEBAC protocol. Citi�s Vincent Couche, Director and EMEA Corporate Product Sales, and Nasseira Rida, Head of Cash Management for France, provide a survey of the alternatives.

Are Your Internal Controls Effective and Efficient?

Fri, 01 Oct 10 00:00:00 +0100

This article examines the new reporting requirements for internal controls following the transcription of the 8th Directive into the legislation of some European countries. Compliance with the Directive may offer companies unaffected by the Sarbanes-Oxley Act the chance to benefit from this cumbersome exercise. How should we carry out a review of internal controls? How can this undertaking be linked to ERM reports?

Executive Interview: Emerging from the Crisis

Fri, 01 Oct 10 00:00:00 +0100

An Interview with George Nast, Standard Chartered Bank

EACT News

Fri, 01 Oct 10 00:00:00 +0100

This month's EACT News.

Quarterly Survey Reveals Treasurers� Uncertainty

Wed, 01 Sep 10 00:00:00 +0100

In this article, the authors analyse the findings of the July 2010 EuroFinance Quarterly Global Business Confidence Survey. In particular, the authors look at how the corporate treasurers� biggest concern is the difficulty in forecasting their cash flows � even overtaking the state of the economy itself as their number one challenge.

Through Rain, Wind & Snow: The Season for Liquidity Management

Wed, 01 Sep 10 00:00:00 +0100

The days of cheap, readily accessible cash are over. In her cover story this month, the Editor discusses the implications of Basel III for corporates, and shows how, with a higher premium on liquidity in the long term, treasurers now need to look beyond crisis management to a long-term business model for maintaining access to liquidity, and enabling the company to invest in business growth and competitive advantage.

Demand for FX4Cash � A Global Cross-Currency Payment Platform

Wed, 01 Sep 10 00:00:00 +0100

In this article, Timothy Merrell explains how several enhancements to Deutsche Bank�s FX4Cash platform have broadened its functionality and increased its utility to corporate clients.

A Custom Approach to Treasury Outsourcing

Wed, 01 Sep 10 00:00:00 +0100

Treasurers have become increasingly aware of the opportunity to outsource their treasury operations to banks� agency treasury services (ATS) in recent years. What is often less apparent is the differentiation that exists between ATS, and how this affects the type of services that an agency treasury can provide.

Supplier Finance to Enhance Working Capital and Reduce Risk

Wed, 01 Sep 10 00:00:00 +0100

Bayer decided to introduce a supplier financing programme as part of a wider working capital initiative, in order to increase DPO without negatively impacting suppliers. In addition to the working capital benefits for Bayer, there were considerable benefits in mitigating supply chain risk and optimising internal processes. Once suppliers recognised the benefits of the programme, links between Bayer and their suppliers were strengthened.

Global Transaction Banking at UniCredit

Wed, 01 Sep 10 00:00:00 +0100

Marco Bolgiani discusses different aspects of UniCredit�s Global Transaction Banking product.

Concentrating Cash and Positioning for Growth at Panini

Wed, 01 Sep 10 00:00:00 +0100

Peter Harris and Fabrizio Masinelli, from the Panini Group, describe how UniCredit helped the company to a successful implementation of cash pooling.

Financial Supply Chain & Working Capital Management

Wed, 01 Sep 10 00:00:00 +0100

Markus Wohlgeschaffen focuses on UniCredit�s approach to the financial supply chain and working capital management.

Standardised Bank Account Management in a Changing Environment

Wed, 01 Sep 10 00:00:00 +0100

Some years ago, after a period of organic growth and M&A, Thermo Fisher decided it needed bank account management tools and services. Weiland�s BRMWeb was chosen and successfully implemented. An important aim is to have close partnerships with the firm�s 25 cash management banks, who are being encouraged to support eBAM. Future plans include integrating the system with Identrust, a provider of identity solutions, and extending access to the system via the firm�s intranet.

Project Success in Complex, Pan-European Payments and Cash Management

Wed, 01 Sep 10 00:00:00 +0100

In the previous edition of TMI, Peter van Rood and Gerrit Gramser of AkzoNobel described their process for defining their cash management objectives, appointing regional banking partners, and implementing the first stages of their payments and cash management project. ING was delighted to be appointed as AkzoNobel�s European cash management bank. In this article, the author looks at AkzoNobel�s cash management project in more detail, illustrating how ING work with their multinational clients with implementation needs in multiple countries.

Payments Integration for Working Capital Optimisation and Process Efficiency

Wed, 01 Sep 10 00:00:00 +0100

The role of corporate treasurers has traditionally involved disciplines such as cash management, debt, investment and foreign exchange management. Today, accentuated by the global financial crisis, treasurers have become more actively engaged in the business of seeking financially sustainable business practices, sufficient access to liquidity, and appropriate risk management in line with stakeholder objectives. Anupam Sinha discusses the expanding role of the corporate treasurer and how an effective banking partner can help to provide holistic solutions from procurement through to payment.

From Cash Management to Cash Flow Management

Wed, 01 Sep 10 00:00:00 +0100

In this interview, Arne Borkowski discusses client advisory services, and how the right advisory services can support treasurers� cash flow management objectives.

Developing A Leading Edge Treasury System

Wed, 01 Sep 10 00:00:00 +0100

When TUI Travel was formed in 2007 from the merger of two other travel companies, it inherited two legacy TMSs with no communication between them. After a careful selection process, OpenLink�s Findur system was chosen to replace the previous systems. Phases 1 and 2 of implementation focused on core functionality and risk management respectively. The new system has provided great flexibility and increased efficiency, consistency, transparency and control to the company�s treasury operations.

Why Clarity is an Asset

Wed, 01 Sep 10 00:00:00 +0100

Colin Cookson, Head of Liquidity at Aviva Investors, explains why corporate treasurers are looking for better information on how and where their money is invested.

Executive Interview: Customer Service Still Key in New Banking Environment

Wed, 01 Sep 10 00:00:00 +0100

In this Executive Interview, Tim Fitzpatrick discusses with TMI the priorities for treasurers in the current financial climate and the future of the branch banking infrastructure in Europe post-SEPA.

EACT News

Wed, 01 Sep 10 00:00:00 +0100

Richard Raeburn looks at the Basel III initiative, the publication of the European Commission�s proposed regulatory framework for derivatives, and the proposed agenda for the EACT�s next six-monthly meeting. EACT News also includes the comments of the EACT in response to the Consultation on Standardisation and Exchange Trading of OTC Derivatives (CESR/10-610, issued by CESR on July 2010).

Optimising Cash and Working Capital in a New Environment

Sun, 01 Aug 10 00:00:00 +0100

Constrained liquidity in the banking market, along with the downturn in consumption and public expenditure, have forced companies to postpone their long-term investment strategies and focus instead on more conservative business strategies. Cash and working capital have become top priorities and many corporates are now engaging in programmes to optimise inventory, payables and receivables management. In this article, D�maso Cebri�n looks at how this has led to the growth of supply chain finance and how it can lead to an improvement in financial efficiencies, as well as effectively managing risk.

A Bespoke Approach to Commoditised Products

Sun, 01 Aug 10 00:00:00 +0100

For corporation, the reliance on commodities either as inputs or outputs is often fundamental to the business. Over recent years, we have seen unprecedented volatility in the price of all kinds of commodities, and in this article the Editor considers what developments we might witness in the future, and how the corporate community is responding.

Raising the Bar in Client Onboarding

Sun, 01 Aug 10 00:00:00 +0100

Complex onboarding processes have long proved a headache for corporates seeking to establish new transaction banking relationships. However, this could soon be a thing of the past. Russell Graham at Deutsche Bank explains how the latest initiatives are easing this process and improving the client experience over the entire lifecycle of a relationship.

Commodity and FX Risk Management � An Integrated Approach

Sun, 01 Aug 10 00:00:00 +0100

Nothing focuses attention on an organisation�s financial risk management capabilities like a bout of sustained market volatility. When financial markets destabilise, as we saw in 2008 and 2009, risks that may once have been seen as a low priority by many organisations, suddenly become much more visible. Both foreign exchange and commodity prices have witnessed dramatic increases in market volatility since 2007, creating an increased requirement for corporate treasurers to ensure that these risks are being effectively managed. In this article, Kevin Lester and Alexander Haigh examine the importance and benefits of an integrated approach to commodity and FX risk management, look at commodity price volatility, liquidity and basis risk, and the many other factors that must be taken into account in order to successfully manage the risk of both.

Rationalising the Transaction Banking Infrastructure

Sun, 01 Aug 10 00:00:00 +0100

In this interview with AkzoNobel, we complete the series in which we have explored various aspects of the treasury transformation project that has been inspired and guided by Group Treasurer, Peter van Rood. In this edition, Peter van Rood and Gerrit Willem Gramser describe how they have rationalised their transaction banking infrastructure and set the framework for enhancing the company�s financial efficiency.

Realising the Benefits of e-Invoicing

Sun, 01 Aug 10 00:00:00 +0100

Replacing a manual invoicing process with an automated e-Invoicing solution can be challenging to implement, but can produce many advantages.

Pioneering European Direct Debits (SEPA) and Mandate Management

Sun, 01 Aug 10 00:00:00 +0100

Since the European Direct Debits went live last November, ING has been a pioneer in supporting clients migrating from domestic direct debits arrangements. In this article, three ING managers describe how the bank has addressed some of the experiences of corporate clients, and the solutions that are assisting efficient migration.

Selecting a Treasury Management and Modelling Tool at PPL

Sun, 01 Aug 10 00:00:00 +0100

About five years ago, PPL embarked on a multiyear system project to combine payments and collection processing into one system. More recently, the company decided to acquire a new TMS, and after reviewing various alternatives chose Wall Street Systems� Wallstreet Suite. This provides the required instrument modelling capabilities through a single database, and will be used as a front-office system for treasury. Implementation has started and the company aims to go live on the new system at the end of Q1, 2011. This article describes the system selection process and decision-making, and the challenges encountered between selection and implementation.

Automating Payments Processes at EATTA

Sun, 01 Aug 10 00:00:00 +0100

The EATTA decided to review its trading processes due to advances in technology and an isolated event when a broker failed to remit funds. The aim was to retain existing trade rules while automating and accelerating the payment processes and increasing transparency. The new electronic payment system mitigated some risks and has reduced the time between payment and release of tea. Future plans include the introduction of an electronic auction similar to that which has been developed in India.

You Need to Have a Conversation with Your Bank

Sun, 01 Aug 10 00:00:00 +0100

Bank Account Management (BAM) and communicating with banks is a major challenge faced by every corporation with bank accounts. Dan Gill explains how automated programmes, along with SWIFT eBAM, stand poised to change the way we talk with our banks, revolutionising bank account management in much the same way email changed the concept of mail forever.

Managing Pension Risk: The Need for More Accurate Cash Flow Analysis

Sun, 01 Aug 10 00:00:00 +0100

Defined Benefit (DB) pension scheme sponsors are being hindered in their efforts to calculate risk positions accurately by shortcomings in traditional valuation methods. These shortcomings include the time taken to complete the actual valuation, inefficient models and lack of transparency. New solutions are being developed to counteract these problems, including web-based risk management platforms.

Executive Interview: Enhancing Customers� Experience and Exceeding Expectations

Sun, 01 Aug 10 00:00:00 +0100

This month�s Executive Interview is with Markus Strau�feld, Head of International Cash Management Sales at UniCredit Group. TMI ask Markus about UniCredit�s approach to customer delivery, their local and central support infrastructure for clients, and what makes UniCredit�s implementation process unique. Markus also talks to TMI about the internal challenges that clients typically experience and how UniCredit can help them to overcome these issues.

EACT News

Sun, 01 Aug 10 00:00:00 +0100

Richard Raeburn provides readers with an update on the progress of future regulation of the use of derivatives. The EACT also provide a statement in response to the European Commission�s Consultation on the Regulation of Derivatives and Market Infrastructures.

Cash Management in Mexico: Looks like Heaven in the Region

Tue, 01 Jun 10 00:00:00 +0100

Mexico is still in recovery from the 2008 crisis. The country is slowly registering signs of improvement in its industrial production, exports and level of employment, but as yet nothing compared to the Mexico of the early years of 2000. Florent Michel looks at payments and collections in Mexico, the dynamic foreign exchange market, and the ease with which it is possible to acquire funding and manage your liquidity.

In the Footsteps of the Bison

Tue, 01 Jun 10 00:00:00 +0100

Polish Bank Pekao SA was one of the few success stories during the financial crisis. Whereas many banks suffered heavy losses, or deteriorating results, it maintained high profitability. In this article, the authors examine the cautious and reasonable policies applied by Pekao � both prior to and during the crisis � which allowed them to achieve this, and how every financial institution can learn from this example.

Leveraging Opportunities in Latin America: Insights into Cash Management in Brazil, Argentina and Mexico

Tue, 01 Jun 10 00:00:00 +0100

Five years ago, a great deal of conference talk revolved around the �BRIC� countries � Brazil, Russia, India and China. In reality, the logic of grouping these countries together was tenuous at best, with the only common factors being double digit growth and the potential for foreign investment. Since then the �BRIC� economies have each had to tackle their own challenges and pursued their own distinct strategy and growth paths. While Asia, particularly China, has dominated much of the trade press, Latin America has remained largely resilient during the crisis and companies of all types are increasingly recognising the potential in the region. In this article, the Editor, Helen Sanders, provides an overview of the short term and longer-term opportunities for growth in Latin America.

Cash Management in Argentina: A Solid System but Needs Fresh Air

Tue, 01 Jun 10 00:00:00 +0100

Over the last few years, Argentina has witnessed a significant evolution and strengthening of its domestic financial system, and particularly a modernisation of its cash management environment. Nonetheless, when it comes to payments cash is still king, as Jorge Barnfather explains. The author also details the importance of 24-hour cheque clearing, direct debit and Interbanking, a specific multi-payment platform for high value transactions. Other topics covered in this article include collections, foreign currency accounts, and short-term liquidity management.

Cash Management in Brazil: Driving a Fast Car...

Tue, 01 Jun 10 00:00:00 +0100

In this article, Florent Michel of Latina Finance provides an insight into treasury and cash management in Brazil. In particular, Florent examines the complex Brazilian tax system, the efficient payments and collections system, and explains why liquidity management is potentially the most difficult issue that treasury professionals in Brazil must deal with.

EACT News

Tue, 01 Jun 10 00:00:00 +0100

Richard Raeburn, Chairman of the EACT, details the first meeting of the SEPA Council and the latest advances in regards to OTC derivatives� regulatory proposals.

Discovery and Rediscovery: Familiar Solutions for New Challenges

Tue, 01 Jun 10 00:00:00 +0100

Michael Gilham and Colin Hemsley of Lloyds Banking Group look at how the financial crisis has meant that treasurers have had to seek alternative sources of financing as opposed to relying on bank facilities for short-term funding.

Executive Interview: Leveraging Growth Opportunities in Middle East and North Africa

Tue, 01 Jun 10 00:00:00 +0100

In this month�s Executive Interview, we ask Jeremy Shaw about why the Middle East and North Africa is such an important market for J.P. Morgan, the impact of the debt crisis in Dubai, and how J.P. Morgan are helping clients active in MENA.

Red 7... the Winning Number for Money Market Funds?

Tue, 01 Jun 10 00:00:00 +0100

This article describes the accounting issues often encountered by many treasurers when they invest in money market funds (MMF). The IMMFA has recently issued two interesting policy papers about the international standards IAS 7 and IFRS 7, which aim to provide guidance for fund users. Fran�ois Masquelier examines these papers in further detail.

Hybrid Innovation at TenneT

Tue, 01 Jun 10 00:00:00 +0100

TenneT decided to acquire Transpower, a high voltage business which had previously belonged to E.ON, and for which the asking price was EUR885m. However, borrowing the full amount in the capital markets would have lowered the company�s A-range credit rating. After discussions with the State of the Netherlands, the owner of TenneT, the firm entered into a special arrangement with the Dutch government to secure an equity contribution, and also issued a hybrid bond, which was heavily oversubscribed. The author summarises the rationale for hybrid debt and provides advice to other corporate who contemplate issuing a hybrid bond.

Enhancing Project Success for Innovation, Efficiency and Competitiveness

Tue, 01 Jun 10 00:00:00 +0100

In this article, the authors look at some of the techniques in which treasurers and their teams, corporate and/or project finance managers can leverage their innovative transaction banking services to support capital projects whilst remaining aligned with the company's balance sheet and working capital objectives. In doing this, the authors make in depth references to three case studies that concern securing long-term capital and supplier financing programmes.

Financing the Business

Tue, 01 Jun 10 00:00:00 +0100

In this interview, the fourth in the series, we continue our exploration of AkzoNobel�s treasury transformation project spearheaded by Group Treasurer Peter van Rood. This month�s edition sees Peter building on some of the financing experiences he shared with TMI during the second interview, including AkzoNobel�s approach to both internal and external financing, featuring Peter together with Brune Singh and Harry Blok, Director of External Markets and Director of Corporate Finance respectively.

Enhancing Collections Efficiency and Customer Satisfaction

Sat, 01 May 10 00:00:00 +0100

Australian-based company Atlas Copco was experiencing problems with its collections, which involved many manual processes and difficulties in settling disputes. In early 2007 the company decided to implement SunGard�s AvantGard Receivables, which was already in use in its UK business. Many benefits have accrued from the new system, including DSO reduction by up to six days, process standardisation and speedier issue resolution. Future aims include further reduction of DSO and continuing to serve the needs of the business without adding to collections staff.

Strategies for Centralisation, Visibility, and Control in Uncertain Times

Sat, 01 May 10 00:00:00 +0100

Faced with a liquidity crisis in 2008, Aviapartner put in a new financial team who formulated a new financial strategy including restructuring debt and increasing capital. A single cash management bank was appointed and a physical cash pool implemented. SEPA migration was an intrinsic part of the reorganised cash management structure, in order to achieve the desired standardisation. The company�s experience underlines the importance for treasurers to get key financial players and business partners to migrate to SEPA, and for those companies which have not done so to adopt SEPA before failure to do so puts them in a negative position vis-�-vis their competitors.

Optimising the Treasury Technology Framework

Sat, 01 May 10 00:00:00 +0100

In the last two editions of TMI, Peter van Rood, Group Treasurer of AkzoNobel, introduced the treasury transformation project that he has spearheaded, and outlined the approach that the company has taken to defining treasury policies, including exploring how the company obtained financing during the climactic period of late 2008 and early 2009. In this edition, Peter and Treasury Controller Johan talk about the new treasury technology infrastructure that was put in place to support the new evolving needs of the business.

From West to East

Sat, 01 May 10 00:00:00 +0100

Speech by Michael Geoghegan, Chief Executive, HSBC Holdings plc, to the American Chamber of Commerce in Hong Kong, 27 April 2010-06-08.

No More Excuses: Invest, Implement and Innovate

Sat, 01 May 10 00:00:00 +0100

Treasurers face constant challenges in keeping pace with the rapid changes in technology, and frequently bemoan the fact that they have not got access to the requisite tools. The Editor points out that in many cases the installation of new systems is unnecessary because full use is not being made of what is already to hand, as well as surveying new developments in the field.

Greece Sneezes, Europe Catches Cold? Avoiding Contagion in Corporate Liquidity & Risk Management

Sat, 01 May 10 00:00:00 +0100

The degree of exposure to so-called �PIIGS� countries amongst foreign banks, and the impact on euro volatility, means that all companies need to review their risk, whether or no they have direct activities in these countries. Mark Beard and Hugo Parry-Wingfield of Citi Global Transaction Services outline a risk management strategy to avoid contagion.

Risk Appetite: Are You Hungry for Risk?

Sat, 01 May 10 00:00:00 +0100

The notion of having an appetite for risk is something of a paradox in times of crisis. Generally speaking, no one likes risk; we all strive to limit it as much as possible. However, behind this notion is hidden the idea of determining a company�s profile. Without a precise definition of its profile, how can one adopt the appropriate strategy that would be approved by the company�s shareholders? Defining this profile is a prerequisite for ERM (Enterprise Risk Management). In this article, Fran�ois Masquelier demystifies this somewhat confusing concept.

Breaking Down Barriers: More efficient de-risking of defined benefit pension schemes

Sat, 01 May 10 00:00:00 +0100

Defined benefit pension schemes are experiencing severe problems with volatility and funding, and many sponsoring companies are seeking ways to de-risk their schemes. There is a positive aspect to proposed changes in IAS 19, which will remove one of the main barriers to effective de-risking. This includes the proposed abolition of the expected ROA component from the P&L calculation and of the �corridor� method from pension accounting. In this article, Matthew Bale examines the potential impact of the proposed changes, and how treasurers can consequently focus on more effective management of their pension risk.

A New Environment for Cash & Trade

Sat, 01 May 10 00:00:00 +0100

In this month�s Executive Interview, Vivek Ramachandran, Head of Cash & Trade at Barclays Corporate, discusses some of the key trends relating to cash, liquidity management and trade in the current climate.

EACT News

Sat, 01 May 10 00:00:00 +0100

The EACT Chairman discusses the content of the latest EACT board meeting, the latest news regarding regulatory debate on OTC derivatives, and the implementation of SEPA.

Etex's Approach to Cash Centralisation

Thu, 01 Apr 10 00:00:00 +0100

After 15 years of mergers and acquisitions, Etex recognised the need for cash centralisation while recognising the various needs of its local businesses. The company decided to use ISABEL, which enables it to access MT 940 across Europe, with five cash pools. The author describes the challenges in implementing the project posed to the small treasury team, and how they were overcome. The outcome has been very successful, and the company is likely to use greater cash concentration in the future, balanced with the need to maintain a breadth of banking relationships.

Using SWIFT to Create a Best Practice Treasury Infrastructure

Thu, 01 Apr 10 00:00:00 +0100

Johnson Matthey's Group Treasury wanted to integrate its banking information with its TMS without multiple interfaces. After considering various options, SWIFT Corporate Access was chosen, and a business case put together. Implementation began in September 2009, with the key partners in the project: the first banks, TMS vendor and service bureau, IT/2. SWIFT Connectivity will now be rolled out across the company's remaining banks. The authors itemises some of the lessons learnt during the first stage of the SWIFT project.

Seeking Strategic Advantage in a New Era of Treasury Management

Thu, 01 Apr 10 00:00:00 +0100

The recent crisis has been remarkable not only in the depth of financial turmoil, but also the speed with which it struck. Eric Seifert examines the fundamental changes in the way that corporate treasurers manage the liquidity and risk management needs of the business.

What Matters Today - #6 Centralisation & Rationalisation

Thu, 01 Apr 10 00:00:00 +0100

In this final article in J.P. Morgan's series on the issues that matter most to treasurers today, Andy Ponsford and Seamus Desouza take a look at some of the principal objectives that have been common to virtually every treasury both during and subsequent to the crisis: centralisation of treasury activities and rationalisation of banking relationships.

Thinking the Unthinkable: A new chapter in FX risk management?

Thu, 01 Apr 10 00:00:00 +0100

One of the implications of the financial crisis has been the impact on the way that corporate treasurers have approached their foreign exchange (FX) risk, which has been radically altered by unprecedented market volatility, combined with uncertainty of revenues. The Editor hears from three senior bankers their views on what treasurers can and should be doing to mitigate these risks.

Applying Treasury Policies - Financing during the crisis

Thu, 01 Apr 10 00:00:00 +0100

In the previous edition of TMI, Peter van Rood, Group Treasurer of AkzoNobel, introduced the treasury transformation project that he has pioneered since joining the company in September 2007. Every aspect of treasury has seen radical change and enhancement, including banking infrastructure, policies and processes, treasury skills, IT and internal business relationships. In this edition, Peter talks to Helen Sanders, TMI Editor, about the role of its revised treasury policies, both for the treasury transformation and for the ongoing financial risk management of AkzoNobel.

Unprecedented Opportunity: The BRIC countries under a new economic lens

Thu, 01 Apr 10 00:00:00 +0100

As companies jockey to benefit from the changing dynamics of globalisation, a handful of emerging economies are enjoying an ever-expanding sphere of influence. Brazil, Russia, India, and China widely referred to as the BRIC countries, now carry significant clout on a global stage. Together, these four nations, while not formally aligned politically, are emerging as important locations for aspiring businesses in all industries. It may not be long before virtually every company will do business with the BRIC countries. The author explains the enormous ramifications this would bring with it, alongside the many new challenges, from a banking perspective.

Top Priorities for 2010: Maximising the value of your treasury

Thu, 01 Apr 10 00:00:00 +0100

Economic Windstorms that have swept through the globe over the past few years show signs of subsiding, although they continue to stir in certain pockets. Swirling market volatilities, vagaries in capital marketes access, bank defaults and safeguarding cash buffers have shaped a full agenda for treasurers in 2010. Recent Citi research shed light on seven top treasury management priorities among major corporations as they prepare to seize growth opportunities that are lurking around the corner.

Internal Controls for the Treasury: The missing piece...

Thu, 01 Apr 10 00:00:00 +0100

Many companies, because they are listed on the American stock exchange, have had to comply with Sarbanes-Oxley for five years or more. They must produce detailed reports of their internal controls, and treasury is no exception. In Europe, the gradual transcription into domestic law of the EU's Eight Directive (e.g., the German BilMoG) makes it mandatory to document the existence of internal controls, thus supplementing risk management system measures. Unfortunately, although rules and policies often exist, the controls have not been made official and are not effective, particularly with respect to the treasury. In this article, the author describes an approach for implementing these controls.

Credit Derivatives: A crystal ball for treasury managers?

Thu, 01 Apr 10 00:00:00 +0100

Credit default swaps (CDS) are rapidly becoming a vital risk measurement tool in treasury management. In this article, Farooq Jaffrey explains why screen-based credit pricing is increasingly important to businesses which have historically relied on traditional methods of measuring credit risk to suppliers, customers, debtors and bank counterparties.

Asian Banks - Leading the Way to Recovery

Thu, 01 Apr 10 00:00:00 +0100

While entering the Asian market offers huge opportunities, it also poses great challenges - especially given the resilience shown by the region's local banks during the economic downturn. The author examines the effect of the financial crisis on the Asian banking sector, and why it is now seen as the growth centre of the world.

Executive Interview: The Way Ahead for Money Market Funds

Thu, 01 Apr 10 00:00:00 +0100

In this month's Executive Interview, we talk to Travis Barker, in his capacity as Head of Business Development for HSBC Global Asset Management's money market funds (MMF) business. He is a highly influential figure in the MMF industry, both in his role at HSBC and as Chairman of IMMFA (Institutional Money Market Funds Association). In this interview, we talk to Travis about HSBC's view on how the demand for MMFs has changed since the crisis, and what the future could hold.

EACT News

Thu, 01 Apr 10 00:00:00 +0100

In this month's EACT News section, Richard Raeburn discusses the SEPA implementation process and the proposals for regulation of OTC derivatives.

Overhaul of IAS 39: Revolution or simplification?

Mon, 01 Mar 10 00:00:00 +0000

In this article, Fran�ois Masquelier discusses the overhaul of IAS 39, why it is needed, and what implications it could have.

Bringing 'Tomorrow's Answers Today' to Treasury

Mon, 01 Mar 10 00:00:00 +0000

Over subsequent editions of TMI, Helen Sanders will be interviewing Peter van Rood on each aspect of AkzoNobel's treasury transformation. In the first interview of this series, Peter introduces some of challenges and changes that treasury needed to address.

A New Bank for a New Decade

Mon, 01 Mar 10 00:00:00 +0000

The acquisition of Fortis Bank by BNP Paribas is one of the most significant events in recent banking history. Pierre Fersztand explains how this acquisition can be viewed as a positive outcome of the crisis, for both the bank and its clients.

SEPA Direct Debits: Opportunity or Opprobrium

Mon, 01 Mar 10 00:00:00 +0000

There has been a marked lack of interest in SEPA Direct Debit (SDD) since it went live last November. The Editor explains just what SDD entails, the challenges facing its adoption and the actions that treasurers should be taking now to ensure that it can finally succeed as it should.

What Matters Today - #5 Visibility and Control: Global Card Programmes

Mon, 01 Mar 10 00:00:00 +0000

In this penultimate article in J.P. Morgan's series on the issues that matter most to treasurers today, Alan Koenigsberg and Cate Luzio explore trends and opportunities in the use of global commercial card programmes, including travel and entertainment (T&E) and purchasing cards.

VaR and its Role in the Credit Crisis

Mon, 01 Mar 10 00:00:00 +0000

In this article, the author distinguishes two chief causes of the financial crisis: the financial industry's compensation structure, which encourages risk taking, and reliance on flawed measures of risk. Furthermore, the author explains the pros and cons of Value at Risk, and reveals the massive understatement of risk made by banks, which treated structured products as AAA/Aaa bonds in models that do not allow for correlation to switch from positive to negative.

Building for Recovery: Tomorrow's SSCs

Mon, 01 Mar 10 00:00:00 +0000

Over the past twenty years, shared service centres (SSCs) have grown in importance as a means of standardising financial processes such as payments, creating economies of scale and lowering costs. Initially, SSCs were established by large multinational corporations, but a wide spectrum of organisations that seek to establish central visibility and control over financial processes are realising the benefits of shared services environments. This article looks at how leading corporations are addressing today's business challenges and leveraging new opportunities in their SSCs, creating greater value for the business.

A View of 2010: Leveraging Relationships to Improve Financial Resilience and Customer Sevice

Mon, 01 Mar 10 00:00:00 +0000

The recent financial crisis has changed the financial markets - and the players within them - dramatically and irreversibly. Unlike previous economic downturns, the effect of the crisis was synchronised across all of the world's major economies. Even countries that did not sink into negative growth, such as China and India, saw significant government intervention to shore up the financial community. The start of 2010 has seen positive economic signs continue in most regions, but uncertainty remains, particularly relating to the speed and sustainability of growth, and the regulatory response to the crisis. This article considers the economic outlook, which although brighter than a year ago remains fragile, and explores what financial institutions require from their UK banking partner in this environment.

Executive Interview: Meeting the New Demands of Chinese Corporates

Mon, 01 Mar 10 00:00:00 +0000

In this month's executive interview, Ms Xu Yan of the Industrial and Commercial Bank of China talks to TMI about how the crisis affected ICBC's client's business and their cash management needs. Ms Xu Yan also discusses the increasing pace of RMB regionalisation, and how ICBC are helping international companies with cash management needs within China.

An Indian Approach to Global M&A: An Interview with the CFO of Tata Steel

Mon, 01 Mar 10 00:00:00 +0000

In this article, Koushik Chatterjee discusses the approach of Tata Steel, the Indian multinational, to outbound mergers and acquisitions. He also explained its response to the global financial crisis.

EACT News

Mon, 01 Mar 10 00:00:00 +0000

In this month's EACT News, Richard Raeburn discusses which topics might be on the agenda at the next EACT meeting, and explains the latest news on the regulation of OTC derivatives.

Treasury Transformation through Troubled Times

Mon, 01 Feb 10 00:00:00 +0000

Webasto developed a new treasury vision with three elements: an in-house bank; closer partnerships with subsidiaries; and better corporate governance. Consequently, cash flow forecasting has been improved and refinancing has been successfully achieved. Treasury operations have been streamlined, and treasury established as a partner to the business units. Future plans include further centalisation and a revised netting process.

Creating Competitive Advantage through Cash Management

Mon, 01 Feb 10 00:00:00 +0000

In 2007, Istanbul-based Ar�elik decided to implement a new banking and cash management structure. At the time the household appliances and consumer electronics company had 14 operating subsidiaries and over 25 banking relationships globally. After an extensive evaluation process it chose ABN Amro, now the Royal Bank of Scotland, to be its cash management partner. The acquisition of Grundig Multimedia emphasised the need to centralise cash, which the company achieved via a cross-currency notional pool. In this article, Ar�elik's Finance Director provides a summary of the challenges the project presented and the resulting benefits of the project. Future plans include centralising financial operations, possibly within a shared services environment.

Leader: Death, Taxes and Black Swans

Mon, 01 Feb 10 00:00:00 +0000

In this article, Jiro Okochi examines how the recent unpredictability of the market has emphasised the increasing importance of risk management. The only way to avoid this unpredictability, he writes, is to hedge because, after all, forecasting the market can be a dangerous game. The author also examines the effect of the regulatory changes related to OTC derivatives.

Will the Tiger See RMB Becoming King of the Jungle?

Mon, 01 Feb 10 00:00:00 +0000

Since July 2009, companies with locations across South East Asia have been able to settle cross-border trade transactions with eligible firms in China in RMB. Helen Sanders asks what this project is likely to mean for companies trading in China, both now and in the future, and if we are likely to see the Chinese authorities forging ahead to achieve full RMB convertibility and creating a world currency of the future. This article showcases the views of four key experts in this field on the project today and the future potential of the RMB.

An Early Warning System for Asset Bubbles

Mon, 01 Feb 10 00:00:00 +0000

New research from the McKinsey Global Institute shows that the right tools could have identified the recent global credit bubble years before the crisis broke.

Visibility, Visibility, Visibility

Mon, 01 Feb 10 00:00:00 +0000

Finnish chemicals company Kemira was struggling to produce accurate and consistent cash flow forecasts, with multiple channels for data collection and a confused bank account structure. The company decided to revise its processes, adopting straight-through processing and implement a new system for cash positioning and forecasting. Preferring a bank-independent system, Kemira chose Trezone, from the Finnish company Exidio. The author identifies the benefits from the new system, including the reduction of idle cash, rationalisation of banking arrangements and improved risk and cash management.

Minimising SEPA Migration Risk: a practical approach

Mon, 01 Feb 10 00:00:00 +0000

With the Single Euro Payments Area (SEPA) now a reality, and momentum building towards a migration deadline, companies should be considering their migration plans seriously. SEPA brings a wide variety of benefits, particularly for companies operating across borders. However, every company that is seeking to maximise payments, collections and cash management efficiency should be considering SEPA migration now to leverage the advantages of payments harmonisation in Europe. Every major change project inevitably presents some challenges. Therefore, to help clients implement SEPA payments and collections as smoothly as possible and take early advantage of SEPA benefits, Citi has formed a strategic alliance with leading payments processing provider, Experian Payments, to provide customers with an innovative SEPA data conversion service based on proven, robust processes and technology.

Working Capital as a Lever of Profitability

Mon, 01 Feb 10 00:00:00 +0000

Despite a great deal of research being done on classical working capital indicators (DSO, DPO and DIO), it seems that little attention has been paid to the relationship between working capital levels and profitability. PricewaterhouseCoopers has conducted a European study analysing trends in working capital management but also its link with profitability (as measured by the return on net assets or RONA). In this article, the authors provide a summary of the objectives and conclusions of the study.

Treasury Collections Challenges in the US Insurance Industry

Mon, 01 Feb 10 00:00:00 +0000

Efficient, timely collections are a priority in every industry, and each has a different set of challenges according to collection volumes, customer base and business organisation. The insurance sector in the United States is going through a period of significant change as electronic payment methods replace checks, and insurance firms seek new ways of ensuring process efficiency to increase their competitive advantage. To understand some of the needs, challenges and opportunities in treasury collections amongst insurance companies more fully, BNY Mellon commissioned a research project with an independent consultancy firm, involving some of the leading insurance companies in the United States. This project revealed significant insights into the insurance segment, but many of these can also be applied to other business segments. This articles highlights some of the key findings of the project.

Emerging from the Crisis

Mon, 01 Feb 10 00:00:00 +0000

In this month's executive interview, TMI talk to Shahrokh Moinian of Deutsche Bank about how large corporates have managed their treasury and cash management activities in response to the crisis, how their attitudes towards the bank have changed, and how banks are reacting to new demands from their corporate clients as the banking landscape changes. Additionally, Deutsche Bank's position in this new banking landscape is examined in terms of people, geographies, products, and client experience.

EACT News

Mon, 01 Feb 10 00:00:00 +0000

In this month's EACT News installment, Francois Masquelier explores the ideas put forward by the Committee of European Securities Regulators in a recent consultation paper regarding a common definition of European MMFs. Additionally, Richard Raeburn discusses the resilience of the single currency in Europe and the relevance it has to the EACT, particularly in relation to SEPA. He also offers an update regarding the OTC regulatory proposals.

The Payment Services Directive - What corporates have been waiting for?

Fri, 01 Jan 10 00:00:00 +0000

Ask any corporate treasurer what he or she is looking for and the response is likely to be the execution of payments within a clearly defined time-frame and the certainty of funds to aid cash-flow management - imperative in economically unstable times. In this article, Alan Verschoyle-King examines whether or not Europe's Payment Services Directive (PSD) could be the answer to a treasurer's prayers.

Strategies in a New Financial Climate

Fri, 01 Jan 10 00:00:00 +0000

Prompted by the credit crisis, Panalpina adjusted its treasury approach in the light in market trends. This included responding to increased FX volatility and reviewing investment policy on counterparties and instrument tenors, and hedging exposure to interest rate differentials between CHF and EUR/USD.

The article summarises the actions taken by the company, both immediate and longer-term, once it had reviewed its financial activities. Panalpina also created a new cash management vision, which anticipates implementing a single global TMS to consolidate its transactions, analysis and reporting onto a single platform to be integrated with its ERP.

What Matters Today - #4 Creating a Sustainable Liquidity Strategy

Fri, 01 Jan 10 00:00:00 +0000

During this series of TMI articles, J.P. Morgan has explored some of the priorities for corporate treasurers that have emerged since the financial crisis. Many of these, such as risk management, the need for efficiency and the value of bank relationships, are not new but have been given greater priority as the markets have become constrained.

In this article, the focus is on another issue which, while a universal theme for treasury, has become far more compelling: liquidity management. While it has always been a priority for every treasurer, a new set of concerns has arisen, coupled with an increased focus from the CFO and the board. This article explores these concerns and how treasurers, in partnership with their banking partners, are responding.

Managing Cash During the Crisis

Fri, 01 Jan 10 00:00:00 +0000

As the liquidity crisis developed, the Publicis Groupe - one of the world's largest communications groups - decided on various measures to optimise its cash flow. It looked at upstream activities, ensuring that all stakeholders were committed to cash objectives. The group also focused on cash management activity, in particular having optimal visibility on its cash position. Downstream activites were examined, including investments.

The author also shares group experiences and observations of how best to increase treasury resilience in volatile and complex economic conditions.

Changes Pending for Money Market Funds

Fri, 01 Jan 10 00:00:00 +0000

The upheaval in the money market fund sector during the past 18 months has prompted a number of proposed regulatory changes in the United States, United Kingdom and Europe. Although designed to enhance the safety and transparency of these investments, the proposed changes are also likely to cause institutional investors to rethink their approach to investing money market funds.

David Rothon, global fixed income product specialist at Northern Trust explains why investors have demanded a higher level of transparency so as to understand the underlying risks with a fund, and what these proposed changes may mean in the long term for money market funds.

Implementing Payments and Collections Technology

Fri, 01 Jan 10 00:00:00 +0000

After its demerger from Norsk Hydro, Yara International ASA decided to choose a new payments factory and in-house banking system. Yara considered five different systems and eventually chose DataLog Finance's CashPooler system, plus SAP to manage this, using the BCA model. In its first year of operation the new system has proved very successful; it was greeted enthusiastically by users and can be accessed by subsidiaries globally through a web interface. Siri-Anne dos Santos (cash manager at Yara) discusses the system decision, implementation and the project outcomes. Plans are under way to extend the system to domestic payments in Africa, Asia and Latin America.

Leveraging an ERP System in a Shared Sevices Centre Environment

Fri, 01 Jan 10 00:00:00 +0000

In this article, Fiona Deroo of the Bank of America explains how, by leveraging technology globally in a shared services centre environment, a single financial ERP system can eliminate redundancies, enhance productivity, and raise standards across the organisation. This white paper reviews the key issues, including common drivers and typical obstacles, considerations in selecting an ERP system, and typical challenges encountered during implementation.

East European Focus: The Retail & Consumer Industry in Russia and CIS

Fri, 01 Jan 10 00:00:00 +0000

Nick Page, a partner in PricewaterhouseCoopers LLP (UK), introduces the East European Focus section in TMI181 with a short overview regarding how Russia's Retail and Consumer Industry is recovering from the economic crisis, and how it has developed into a veritable retail paradise in the last decade.

East European Focus: The Rewards of Russian Retail

Fri, 01 Jan 10 00:00:00 +0000

The Russian retail market is exciting and dynamic despite the financial crisis. It has the potential to be the largest in Europe with a population of around 142 million consumers. The unconsolidated nature of much of the retail market provides ample opportunity for foreign entrants. Andy Garbutt details how you can enter such a market, the barriers to entry, and the future of of the market, as well as looking at IKEA's success story in the area as a useful template.

East European Focus: Retailing in Russia - hit hard by the crisis, but a good time for foreign entrants

Fri, 01 Jan 10 00:00:00 +0000

The financial crisis in combination with the fall in oil and other commodity prices has hit Russia exceptionally hard. Most Russian retailers were expanding aggressively in a race to penetrate the market, entering a significant part of the larger cities as soon as possible. However, in spite of the dour current conditions, stronger retailers can still show healthy growth figures, benefiting from weak competitors and the penetration potential. Additionally, hardly anyone has doubts about the long-term potential of the Russian retail market.

East European Focus: Cyprus - Gateway for Russian and CIS Companies to the London Capital Markets

Fri, 01 Jan 10 00:00:00 +0000

Cyprus has rightly emerged as one of the most favoured holding company jurisdictions worldwide. The main characteristics of Cyprus that establish it as a gateway for Russian and CIS companies to the London capital markets include its excellent tax regime for holding companies, a transparent and reputable financial centre, Cyprus' healthy economy and infrastructure, and its favourable legal and regulatory environment.

This article also details how Cyprus has developed into a major player in relation to Foreign Direct Investment (FDI) into countries of the CIS region and Eastern Europe.

A Pan-Regional Approach to Liquidity and Bank Connectivity

Fri, 01 Jan 10 00:00:00 +0000

PSA Peugeot Citro�n work with more than 50 banks across the group, which makes it important to have an efficient structure to achieve transparency and control over cash. Consequently, PSA have a centralisation strategy to consolidate group cash on a daily basis across both commercial and financial entities.

Its focus during 2009 has been the integration of CEE cash management activites with the rest of Europe. This has been accomplished in partnership with Societe Generale. Rationalisation of payments is next on the agenda, with plans to implement SWIFT connectivity with all the firm's subsidiaries.

The New Generation of Commercial Cards

Fri, 01 Jan 10 00:00:00 +0000

Commercial cards, such as T&E (travel and entertainment) and purchasing cards have become increasingly popular as finance managers recognise the benefits of greater spending control and ease of reconciliation. As a global leader in commercial card services, Citi is now unveiling the next generation of payments processing, Citi Virtual Card Accounts (VCA), increasing transaction security and purchasing control whilst further increasing purchasing convenience. Citi VCA is currently nearing the end of its initial pilot phase and will be distributed widely within 2010. In this article, Manish Kohli, EMEA Wholesale Cards Head at Citi, discusses virtual card accounts in more detail and the potential advantages for corporates.

Why Corporates are Looking to Regional Banks

Fri, 01 Jan 10 00:00:00 +0000

In this article, Robert C. Statius-Muller of Greenwich Associates explores how the desire to eliminate risk from business and balance sheets is driving companies around the world to seek out relationships with regional banks that are able and willing to provide products for newly intensified risk management initiatives.

New Ways to Present a Financial Statement

Fri, 01 Jan 10 00:00:00 +0000

Following the recent proposals published by the International and U.S. Financial Accounting Standards Boards for the presentation of financial statements, Sue Harding, European Chief Accountant for Standard & Poor's Ratings Services, discusses how helpful the proposed changes would be for credit analysis.

Managing Counterparty Risk in OTC Derivatives

Fri, 01 Jan 10 00:00:00 +0000

The collapse of major financial institutions such as Lehman Brothers has brought counterparty risk to the top of many corporate agendas. One way of managing this type of risk is by entering into collateral agreements with your counterparty. Another method is to purchase insurance related to your hedge provider. Alternatively, internal processes can be tailored to address the key topics of diversification of counterparties; ISDA and CSA; counterparty credit review; and active disaster management.

Amol Dhargalkar of Chatham Financial, which is the largest independent interest rate and currency hedging consultant in the world, explains three common strategies used to manage counterparty risk and provides a case study example of how one firm manages this risk.

Executive Interview: Revolutionising Relationship Banking

Fri, 01 Jan 10 00:00:00 +0000

Relationship banking has been discussed a great deal during 2009 and we have seen a number of announcements from banks about the way that they are adapting their sales model. Standard Chartered implemented a relationship-driven model in transaction banking nearly three years ago, so in this interview TMI discuss what this move means in practice with Tarek Anwar, Managing Director and Global Head of Sales, Transaction Banking, who initiated this transformation.

EACT News

Fri, 01 Jan 10 00:00:00 +0000

This month the EACT news section in TMI brings with it the latest news regarding the opportunities created by the new appointments within the European Union in Brussels, and discusses the continuing debate over the evolving proposals for regulation of the OTC derivatives market. Further to this debate, Olivier Brissaud asks whether corporates will be the victims of financial regulation.

Leader: Efficiency Through Innovation

Sun, 01 Nov 09 00:00:00 +0000

In the wake of the global financial crisis, corporations and other businesses have heightened their focus on how to reduce risk, optimise working capital, and make financial processes more efficient and transparent. In this article, Cindy Murray details how the Bank of America Merrill Lynch�s clients are helping them develop plans for global interoperability and how they are introducing the latest and best technology in the area of payments in order to achieve this efficiency and transparency.

Tipping the Balance: present and future for MMFs

Sun, 01 Nov 09 00:00:00 +0000

With many parts of the world starting to pull out of financial crisis and the financial markets returning to confidence and liquidity, some investors are starting to cast their eyes around for greater yield opportunities. Helen Sanders, TMI Editor, asks if we are in danger of forgetting the lessons that we have learnt from the market collapse in this month�s cover story. In particular, this article focuses on money market funds (MMFs) and the way in which they are proving to be a steadfast and reliable means of investing cash while satisfying the company�s security and liquidity objectives at the same time. Looking ahead, proposed regulation should make it easier for investors to identify the MMFs that meet their investment objectives.

Duncan Thomson, the Investment Director at Scottish Widows Investment Partnership, and David Rothon, Fixed Income Product Specialist at Northern Trust, also put across their opinions regarding the growth and benefits of MMFs in the face of the crisis and the post-crisis market. The article also details currency-specific funds (USD, GBP, and EUR) and explains how the forthcoming MMF regulations will bring new clarity for investors, and why it is important that investors take advantage of this standardisation.

Technology Transformation at Nutreco

Sun, 01 Nov 09 00:00:00 +0000

As the business needs of Amsterdam-based company Nutreco evolved, they found that the treasury management system (TMS) they were using had become inflexible and unsuited to their needs. In order to achieve the process enhancement and automation they required, Nutreco decided to evaluate alternative TMS options with a view to replacing their existing system. In this article, Jan Slootweg explains the process Nutreco went through in selecting a new TMS, how they implemented the IT/2 system they selected, and the benefits and challenges caused by the implementation of the system.

What Matters Today - #3: Relationships

Sun, 01 Nov 09 00:00:00 +0000

In the last two editions of TMI, J.P. Morgan has explored some of the issues that matter most to treasurers today, focusing firstly on risk management and secondly on efficiency. In the third article of the series, J.P. Morgan examine the importance of relationships between corporations and their banking partners and how banks such as J.P. Morgan are ensuring a strong, positive relationship from the first engagement through many successful years of working together. Over recent months, when both banks and corporations have been under stress, the right relationships, built on trust and open communication, have been essential in weathering the difficult times.

Getting to Grips with Working Capital

Sun, 01 Nov 09 00:00:00 +0000

In January 2008, PPG made their largest-ever acquisition by purchasing the Dutch-based SigmaKalon from financial sponsor Bain Capital. This acquisition differed from previous M&A activity as the two organisations were of comparable size in Europe, but with very different business models. However, in order to leverage the full potential of the new organisation, and optimise cash concentration for the repayment of corporate debt, Treasury needed to combine the cash management activities of PPG and SigmaKalon in an efficient manner.

This article outlines some of the challenges and considerations in achieving this.

The Birth of RMB Cross-Border Trade Settlement

Sun, 01 Nov 09 00:00:00 +0000

Although EUR and GBP are commonly used for international tradde, the USD remains the trading currency of choice in many parts of the world, including trade with, and amongst countries in Asia. For China, as the world's second largest exporter and third largest exporter, creating the optimum conditions for exporters and importers has become a major priority. The need to trade in USD, however, is potentially a major hindrance for both Chinese companies and their international trading partners, not least due to restrictions on the convertibility of RMB. At the same time, the Chinese government and central bank are keen to avoid deregulating the market to the extent that the currency is put at risk through speculation. This article details the implementation of the pilot scheme, the interest in RMB trade settlement, potential future developments and what considerations companies should have if they wish to advantage of RMB trade opportunities.

Tracking Benefits and Managing Cash Flow

Sun, 01 Nov 09 00:00:00 +0000

Experience suggests that two of the biggest changes any business will ever go through are a major cost-cutting programme or a merger/acquisition - with the former particularly relevant in the current climate. In both cases, organisations have to take a long, hard look at every aspect of their operations in order to derive the last penny of value. When value is measured in monetary terms, as it usually is, that means they have to understand what impact these changes will have on their cash flow in both the long and short terms.

In this article, Ben Scott Knight (Director at Concentra) details the importance of tracking incoming and outgoing monies effectively, and the key role that technology can play.

Bringing It All Together - A cohesive approach to liqudity and risk

Sun, 01 Nov 09 00:00:00 +0000

The 3rd BNP Paribas' Cash Management University took place in Paris, France between the 8th and the 9th of October 2009. It proved a marvellous opportunity for over 200 senior corporate treasury professionals and industry experts to share and explore ideas, case studies and new opportunities for liqudity optimisation and risk management. With both a broad agenda during the plenary sessions and the chance to discuss issues in detail during a series of specialist workshops, there was plenty of food for thought for treasurers, whatever their primary areas of interest. This TMI article documents some of the key messages and overall conclusions of the Cash Management University.

Included in this article is a particularly useful 'Treasurer's Checklist' that lays out the general objectives, processes and fundamental disciplines a treasurer must follow in order to provide an effective treasury strategy.

Improving Returns from Cross-Border Cash Balances

Sun, 01 Nov 09 00:00:00 +0000

Based in the US, Qualcomm Incorporated is one of the world's leading providers of wireless communication technology and services. With global operations and an expanding international presence, the company was eager to find solutions to improve the efficiency of its centralised treasury. Of particular concern was how to enhance the management and interest result on their growing portfolio of local currency accounts.

The solution that Qualcomm found was RBS's Cross-Border Cash Optimisation (CBCO) plan. This article details how the plan benefitted Qualcomm, as well as the challenges Qualcomm still faced.

Relationships, Risk and Regional Banking

Sun, 01 Nov 09 00:00:00 +0000

Over the past 150 years, SEB has developed a strategy, culture and product set to serve the needs of both large and mid-sized corporations, and institutional clients. SEB support these organisations in SEB's home markets, which extend across the Nordics, Baltics and Germany, and also facilitate their international expansion throughout Europe and globally. To enable this, SEB have adopted a highly collaborative approach, both with client organisations and partner banks, allowing SEB to provide outbound services to it's clients across 80 markets worldwide.

In the latest issue of TMI, our editor, Helen Sanders, interviews SEB's Head of Global Transaction Services, Mikael Bj�rknert, about a range of subjects, including cash management (specifically the attitude of SEB customers to SEPA and the future of SEPA in Europe), corporate-to-bank relationships, and what the future holds for the banking industry.

EACT News

Sun, 01 Nov 09 00:00:00 +0000

This month the EACT news section in TMI brings with it the latest news regarding the progress of SEPA and discusses the continuing debate over regulations for the OTC derivatives market.

Leader: Three Degrees of Liquidity

Thu, 01 Oct 09 00:00:00 +0100

The recent market turmoil has increased the focus in terms of liquidity management for treasurers. In Issue 179's Leader article, Jason Singer explains how a straightforward division of liquidity into three categories - primary, secondary, and tertiary - can reap instant rewards and provide a more stable balance between return, risk, and liquidity.

The article investigates how unfolding market events and evolving technology should prompt treasurers to review their policies on a regular basis, and that by dividing liquidity into three categories the process of reviewing and improving a company's risk management policies can become much more than a one-off project.

In addition to this, the article examines the use of Money Market Funds for their short-term investment strategy.

Sibos Reflections

Thu, 01 Oct 09 00:00:00 +0100

Helen Sanders reports from this year's conference in Sibos for the cover story of the October 2009 issue of TMI. From the corporate treasurer's point of view, Sibos is often viewed as somewhat of a 'single issue' event; namely the issue of SWIFT Corporate Access. The events of the past year, however, have lent a new interest to developments raised at Sibos. Consequently, the article looks in particular at how the increased cost pressure and growing regulatory burden has affected banks of all sizes and in what ways this put a new emphasis on themes such as collaboration.

The success of SWIFTNet as the definitive interbank communication channel is a good example of how co-operation can and has worked, and leads to contemplation that SWIFT (itself owned as a co-operative by the banking community) may be able to play a larger role in facilitating greater collaboration. Certainly, there is now recognition amongst banks that barriers to communication will compromise their competitive position.

Also included in this month's cover story are three Quick Q&A sessions regarding the evolution of SWIFT within the corporate community and the importance of the Corporate Forum as part of Sibos. TMI gets the views of Elie Lasker (Head of Corporate Market at SWIFT), Bob Blair (Head of Channel Management, Asia, at J.P. Morgan Treasury Services), and Neal Livingston (Managing Director of Transaction Banking at Standard Chartered Bank).

The article is the first in a series of three TMI articles discussing issues raised at Sibos. The other articles will appear in future issues of TMI.

Executive Interview: Energising Corporate Banking in a New World

Thu, 01 Oct 09 00:00:00 +0100

The executive interview in the October 2009 issue is with Catherine P. Bessant following her recent appointment as President of Global Corporate Banking, an integral part of the Global Corporate Banking & Investment Banking business for Bank of America Merrill Lynch.

She discusses the changes of behaviour amongst corporate clients over the past twelve months, the differences that the Merrill Lynch aquisition is making to the business, and how she sees the future of transaction banking in the new world with Helen Sanders, the TMI editor.

Filling the Gaps: Money Market Funds

Thu, 01 Oct 09 00:00:00 +0100

The financial crisis has transformed corporate perceptions of liquidity and risk, and treasurers are now seeking more secure, diversified and liquid investments for their short-term cash flow. Mark Allen explains the new industry proposals for complete transparency over what a Money Market Fund comprises and why MMFs are potentially the ideal replacement for short-term deposits.

The article also describes why the proposals are needed, and how they aim to both strengthen the resilience of MMFs in a crisis and ensure fair treatment of investors whilst still providing historically reliable and convenient means for them to achieve their security, liquidity, and yield demands. Additionally, the differences between 'Short-term' MMFs and 'Regular' MMFs under the new proposals are analysed in order to show how the proposals will make it easier for investors to make informed investment choices.

The Ox and the Frog - German Conglomerates in the Current Crisis

Thu, 01 Oct 09 00:00:00 +0100

Is this worldwide recession sounding the death knell for the large family-owned groups? Fran�ois Masquelier explains how it is reasonable to believe that the European economy, and the German economy in particular, will evolve and gradually change, leaving in it's wake an era of large family-controlled companies.

Germany�s economy is founded on powerful family dynasties, with over 90% of groups family-owned, yet there are inflexibilities in family-owned groups that are exposed when there are serious economic difficulties. Succession is a major issue for these firms and the governance model in such groups often needs to be revised.

Fran�ois Masquelier argues that the organisational and shareholder structures of these industrial giants will need to be more flexible and better adapted to the current economic environment and to the inevitable changes that every company will have to make or they have little chance of avoiding refinancing problems or worse.

What Matters Today - #2: Efficiency

Thu, 01 Oct 09 00:00:00 +0100

In last month's issue of TMI, a new series of articles addressing the topics that matter most to treasurers was introduced by J.P. Morgan. September�s article focused on risk management, which is a topic closely connected with this month�s topic: operational and financial efficiency.

Optimising operational and financial efficiency are among the primary objectives for corporate treasurers as any enhancement within these areas is likely to result in both financial advantage and process efficiency, and also mitigate the risk of error and fraud.
In addition to this, efficient business processes reduce cost, pressure on margins, and facilitate better decision-making based on greater visibility over information and transactions.

This article discusses the business challenges that standardisation addresses with particular regard to the SWIFT Corporate Access programme, the ongoing adoption of SEPA, and cross-border constraints on transactional efficiency (especially outside of Europe).

To Hedge or Not To Hedge

Thu, 01 Oct 09 00:00:00 +0100

For years, treasurers have been tackling the problems of interest and exchange rates in an analytical and structured manner, in order to get to grips with the effect on overall profits and interest expenditure. In particular, commodities buyers have had to cope with extreme price increases and price fluctuations. Where it was not possible to cushion or pass on the effects of the price rises, they often had a negative impact on company profits.

In this article, Wolfgang Frontzek discusses why an active financial risk management process is necessary and the questions that treasurers must answer in order to evaluate risk strategies and make use of derivative instruments.

Additionally, treasurers can discover the right situation in which price hedging is recommended, and how a good hedging strategy can make and implement necessary adjustments in order to maintain or expand the competitive position, as well as save a significant amount of time.

Supply Chain Finance: Moving from Concept to Implementation

Thu, 01 Oct 09 00:00:00 +0100

The growth of supply chain financing (SCF) has accelerated in response to continued credit and liquidity challenges in today's market. As more companies adopt SCF programs, the dialog has moved from conceptual solution to fast and practical implementation, and SCF is beginning to be acknowledged as a process that is delivered through a robust technology platform resulting in an enhancement of operating efficiency.

This article reviews SCF in light of current market challenges around working capital and related risk issues, offers a practitioners' guide to implementing a SCF program, and highlights considerations in choosing a banking partner. It also describes the SCF value proposition - namely the measurable financial value and strategic benefits - and provides examples of experiences from both buyers and suppliers in order to provide a rounded evaluation of SCF.

Cash Pooling in CEE at Hoval

Thu, 01 Oct 09 00:00:00 +0100

Hoval is a relatively small, family-owned company based in Liechtenstein that provides sophisticated traditional and renewable heating and ventilation technology. Until recently, Hoval had a decentralised treasury approach, with each business unit managing its own cash and treasury management requirements. In recent years, however, it has undertaken a major project to centralise and optimise its cash and treasury activities. The company appointed regional banking partners with which it could work across the group, and successfully implemented overlay cash pooling (cash concentration) arrangements in all the countries in CEE where it operated. Hoval now intends to extend its core cash management structure more widely in CEE and beyond.

Michael Walser, Head of Treasury at Hoval, explains the decision to centralise, the implementation and outcome of overly cash pooling arrangements, and the company�s future initiatives. He also gives details as to what lessons can be learnt from the experiences of Hoval�s cash management project.

The New Liquidity Paradigm: Focus on Working Capital

Thu, 01 Oct 09 00:00:00 +0100

Since the onset of the economic crisis, liquidity has taken on an importance that outweighs earnings growth to creditors and investors alike. Consequently, treasurers and CFOs have heightened their focus on working capital as an effective lever of liquidity. As access to capital markets dried up, banks began to retool and shrink their balance sheets, and many companies turned to self-funding as traditional funding sources became scarcer, more expensive, and because the impact of forecasting errors became more significant.

Treasurers are more focused on optimising working capital and extracting liquidity otherwise trapped within their cash conversion cycles than ever before. There is growing recognition that actively managing working capital provides flexibility when alternative funding is not available and access to markets is limited.

This article focuses on how corporate treasurers can improve working capital efficiency, advocating a holistic approach in particular, and offers advice on both choosing experienced relationship banking partners and measuring performance once a cash and liquidity optimisation strategy has been implemented.

Pan-European Cash Centralisation for Cash Flow Efficiency

Thu, 01 Oct 09 00:00:00 +0100

Tokheim Group S.A.S. is one of the world�s leading manufacturers and servicers of fuel dispensing equipment. The firm has a group treasury department near Paris and local finance teams for each subsidiary which are responsible for local cash management.

In June 2008, they looked at ways to increase the efficiency of their pan-European cash management with reduced costs. At that point, the company operated two euro cash pools: the first was specific to France, through Societe Generale, and the second centralised cash flow across Tokheim subsidiaries in other parts of Europe, with a master account in France.

After a thorough selection process, Tokheim chose to use Societe Generale as their one pan-European cash management bank to manage a centralised pooling structure. This article details the implementation of the new accounts for the company�s European subsidiaries, the implementation of the bank�s electronic banking systems, and explores in detail the significant benefits that were brought to Tokheim as a result of their decision.

Vincent Monier, Group Treasurer of Tokheim Group S.A.S., also explores the challenges that the company were faced with and future plans (such as the switch to SWIFTNet as their bank communication channel in 2010) they are now able to pursue after putting in place a highly efficient centralised pan-European cash management structure.

Working Capital and Liquidity Management: Safety First

Thu, 01 Oct 09 00:00:00 +0100

Losses in the US sub-prime market have had a global impact on corporate liquidity, which has driven corporate treasuries to take measures ranging from squeezing internal liquidity to tighter risk management of banking relationships. These and other initiatives were discussed during the ongoing series of thought leadership forums organised for senior Asian corporate treasury personnel by Standard Chartered Bank�s Transaction Banking team.

This article discusses fundamental changes in the way in which corporations are managing their working capital and liquidity. In many cases, existing approaches to risk, investment (in terms of both cash and new ventures) and funding have had to change radically to cope with a new and uncertain banking world.

A range of topics were explored by the attendees, such as the drastic reduction and re-pricing of bank liquidity, the diversification of liquidity relationships in order to provide a broader banking structure, and the change in expectations regarding liquidity timelines. Additionally, the article reports upon many more issues that have been discussedd at the forum, including the minimisation of trapped cash and the problem of trapped capital (particularly for corporations active in Asia), the advisory role of banks in such situations, the liquidity implications of customer settlement, and bank liquidity risk in terms of surplus liquidity.

Meeting the Cash Management Needs of Nordic Companies

Thu, 01 Oct 09 00:00:00 +0100

This interview provides an insight into the cash management needs of Nordic companies and, specifically, how Deutsche Bank helps it�s Nordic clients to achieve their global cash management objectives. Pontus Ljungh, the Head of Corporate Cash Management Sales at Deutsche Bank in the Nordics, discusses his role in the Nordics, Deutsche Bank�s regional strategy, and the benefits of Deutsche Bank having a local office (Deutsche Bank Stockholm) for their Nordic customers, which include some of the world�s largest companies.

Additionally, this interview discovers Pontus Ljungh�s views regarding how the requirements of Nordic companies will develop over the coming years, how he sees Deutsche Bank�s Nordic-based business developing in the future, and how the Nordic approach fits in with their global strategy.

Today's Vital Need for Transparent Valuations

Thu, 01 Oct 09 00:00:00 +0100

Bob Park explains in this article how a worldwide re-examination of reporting fair values is under way by policymakers, standard-setters, and those who must comply. The rise in prominence of risks, such as the counterparty credit risks inherent in holding derivatives, have prompted treasurers to analyse risk exposure in new ways. However, accounting guidelines for measuring counterparty risk are not yet standard; the practical aspects of how to measure, manage and disclose risk have yet to arrive at common answers. Metrics such as Maximum Peak Exposures and Credit Value Adjustments are becoming better understood out of necessity.

As far as systems are concerned, the question of providing transparency is no longer optional. Transparency of models, methodologies, controls and intended uses is a matter of survival because it is a de facto obligatory requirement. We are at a point in history where closed systems are becoming obsolete, no matter how sophisticated their models claim to be, because they cannot be evaluated. Open, transparent and reliable systems will support valuation best practices of the future and meet the needs of corporate treasurers today.

A New Bank with New Horizons: The New Commerzbank

Thu, 01 Oct 09 00:00:00 +0100

The special feature in the latest TMI is a two part article that explores the meaning and implications of one of the most interesting and important mergers in recent years: the merger of Dresdner Bank into Commerzbank in May 2009 to form one new leading bank.

The first part of this special feature is an interview with Martin Blessing, the CEO of Commerzbank, in which he discusses the merger, Commerzbank's strategy for the future, and the capital strength of the new Commerzbank, along with other issues such as Commerzbank's ambitious aim of becoming Germany's leading bank for private and corporate customers.

Markus Joerg and Dirk Braun (both of Commerzbank) discuss some of the implications of the merger from a cash management perspective in the second part of this special feature.

A New Focus on Money Market Funds

Thu, 01 Oct 09 00:00:00 +0100

In the past two years, as a result of the turmoil in financial markets, investors� attitude towards cash as an asset class has gone through a fundamental change. Before the liquidity crisis, cash was generally regarded as the least risky asset class, but events of the past eighteen months, in particular the drying-up of liquidity in money market instruments and the failure of a US-based money market fund in the wake of the Lehman bankruptcy, have served as a time reminder to investors that cash is not risk free.

Money market funds, in particular, are now under closer scrutiny than ever before. Chris Cheetham (CEO Halbis, HSBC) explains why this is, the two types of constraint � external and internal � that HSBC imposes on its investable universe in order to create an effective treasury strategy, and the means in which managers can (and should) make both objectives and processes transparent.

EACT News

Thu, 01 Oct 09 00:00:00 +0100

This month the EACT news section in TMI brings with it the latest news regarding the progress of SEPA (including end-dates and governance of SEPA, and SEPA card framework).

Additionally, the article touches upon a variety of different issues, such as regulation on cross-border payments, MIF on cross-border SDD, cooperation on SCT & SDD open issues, and E-Invoicing and Expert Group.

Tue, 01 Sep 09 00:00:00 +0100

Leader: Clients Demand Innovation in Difficult Times

Tue, 01 Sep 09 00:00:00 +0100

While market conditions are certainly improving, times are still tough for many corporates and their banking partners. Providers need to continue innovating to ensure that clients have the best tools available for navigating the downturn, says Marilyn Spearing, Global Head of Trade Finance and Cash Management Corporates at Deutsche Bank.

International News and People

Tue, 01 Sep 09 00:00:00 +0100

Fri, 01 May 09 00:00:00 +0100

Crisis to Competitive Advantage

Sun, 01 Mar 09 00:00:00 +0000

The roots which have anchored almost every organisation have been ripped from the ground during the current crisis, leaving many governments, regulators, banks, large corporates, small firms and individuals alike with a sense that much that they have relied upon to fuel their business, lifestyle or economy has been taken away. In particular, cheap credit has nourished the liquidity requirements of companies and individuals in the past. Now that credit is less widely available, and more expensive, liquidity has become the top corporate priority.

Letter from the Editor

Sun, 01 Mar 09 00:00:00 +0000

Overview of the issue

Looking East: The Islamic Alternative?

Sun, 01 Mar 09 00:00:00 +0000

As the global financial markets continue to be fragile and uncertain, many people are asking if there is an alternative to the market systems and practices on which we have all relied for so many years. While the banking system is likely to see substantial changes in the future, this will take time. In addition to the conventional banking system however, increasing numbers of investors are looking to the Islamic banking market, including those without a religious connection to Islam. But what does Islamic banking mean in practice ...

Sun, 01 Mar 09 00:00:00 +0000

Six Pillars of Banking Wisdom

Sun, 01 Feb 09 00:00:00 +0000

With debt capital markets nearly frozen and the global economy sliding into a recession of uncertain magnitude and length, two topics are dominating boardroom agendas: the adequate supply and efficient management of corporate liquidity, and access to sufficient new capital at the lowest possible expense. Companies with approaching maturities have historically expected that the debt capital markets and their banks would be accessible when the time came to refinance these liabilities. But lending criteria are tightening as banks seek to safeguard their vital replenished capital in the face of an uncertain outlook for many potential borrowers. Bank consolidation is further removing the pool of potential lenders that, in good times, contributed to a ready flow of capital at historically attractive rates. The remaining banks that do have capital to lend are now fixated on achieving market-based pricing. The market for commercial paper, which once provided $1.6 trillion in short-term financing, can no longer be relied upon as a viable funding tool, while bond investors have a reduced appetite for high quality, non-cyclical issuers.

Sun, 01 Feb 09 00:00:00 +0000

TMI Leader, 2009 Risk Agenda, Electronic Payments, Foreign Exchange, SWIFT, Guide to CEE and US Markets by RZB, Treasury Management, Centralisation in China, Supply Chain, Non traditional career skills to achieve success, EACT news

Sun, 01 Feb 09 00:00:00 +0000

A Note from the Chairman...

Executive Briefing

Sun, 01 Feb 09 00:00:00 +0000

Here we present a brief summary of a selection of articles from the last issue of TMI.

Sat, 01 Nov 08 00:00:00 +0000

The upside to the current volatile and uncertain market conditions is that they beget the opportunity to make truly exceptional changes to current practices, policies and procedures. CFOs/treasurers prepared to seize these opportunities will be doing far more than merely preparing for future difficult times, they will be risk-proofing their organisations and fine-tuning them for optimal financial performance.

Sat, 01 Nov 08 00:00:00 +0000

Contents of TMI 171 - November 2008

Wed, 01 Oct 08 00:00:00 +0100

A brief review of articles published in TMI 168.

Letter from the Editor

Mon, 01 Sep 08 00:00:00 +0100

Focus on Liquidity to Win Gold

Mon, 01 Sep 08 00:00:00 +0100

What keeps every athlete in his game is fitness and health. Without these, success is impossible. The way to keep your company fit and ensure its financial health is liquidity. Not solvency, liquidity. Ultimately, although a much-quoted phrase, cash is king. ARTICLE PDF NO LONGER AVAILABLE.

News in September 2008

Mon, 01 Sep 08 00:00:00 +0100

A selection of News and appointments from the treasury world.

Gathering Together and Scattering Abroad

Mon, 01 Sep 08 00:00:00 +0100

Helen Sanders goes through the many challenges facing treasurers in these times of financial turmoil, The changes to the banking landscape which are taking place are not only the effect of the past few months but a longer period of transformation. In reality, developments in the way that banks engage with their corporate clients and the services they offer have the potential to be highly beneficial for corporates.

Thinking Global

Mon, 01 Sep 08 00:00:00 +0100

Pepe Jeans has diverse and complex treasury needs, requiring a mix of retail and wholesale operations. Its decision to centralise the group�s cash and treasury management activities at the Barcelona HQ required not only a new cash pool but also new group-wide procedures, transparency of information and a change in mindset. The author describes how the company�s banking needs were assessed, before the decision was taken to work with a carefully-selected group of three banks. A pan-European cash pool in EUR was established with Deutsche Bank, with a header account in Barcelona supported by a debt facility. This has brought significant benefits including greater visibility and improved interaction between subsidiaries and Group Treasury.

The Knights are Drawing in

Mon, 20 May 13 00:00:00 +0100

There are several ways in which to improve the effectiveness of a centralised treasury structure.

Fuelling Corporate Growth in Middle East & North Africa

Mon, 20 May 13 00:00:00 +0100

We discuss the growing importance of the Middle East & North Africa to corporate treasurers, and how their strategic plans in the region are being supported.

A New Season Kicks Off

Mon, 20 May 13 00:00:00 +0100

What should a treasurer be doing to plan for the worst, whilst hoping it never happens?

A Fitness Programme for Treasurers

Mon, 20 May 13 00:00:00 +0100

Ready or Not, Here Comes SEPA!

Mon, 20 May 13 00:00:00 +0100

Over the past few months, it is of no surprise that SEPA has rapidly increased on many client meeting agendas. In essence, time may no longer be on everyone's side.

Treasury Matrix Revolutions

Mon, 20 May 13 00:00:00 +0100

Facilitating Global Success with the Right Relationship Approach

Mon, 20 May 13 00:00:00 +0100

Wed, 10 Apr 13 00:00:00 +0100

As well as being essential, SEPA will improve German corporates efficiency, lower costs and allow easier access to new markets by lowering barriers.

Sat, 02 Mar 13 00:00:00 +0000

The CEE banking landscape remains very diverse, though companies headquartered there are generally seeking a cohesive domestic and pan-European payments, collections and cash management policy.

Centralisation and Bank Rationalisation in Central & Eastern Europe

Sat, 02 Mar 13 00:00:00 +0000

Enhancing Efficiency and Risk Management in Cash Collection

Sat, 02 Mar 13 00:00:00 +0000

A Local Approach to Treasury Efficiency

Sat, 02 Mar 13 00:00:00 +0000

Addressing Cash Management Complexity in Turkey through a One Bank Strategy

Sat, 02 Mar 13 00:00:00 +0000

Following a period of geographic expansion and financial process optimisation, Johnson Controls Inc. made the decision to appoint one bank per country for cash management.

Opportunity and Growth Potential in Central & Eastern Europe

Sat, 02 Mar 13 00:00:00 +0000

CEE is proving resilient and flexible in its ability to diversify its reliance on the Eurozone, and create a favourable environment for growth. Consequently, the prospects for CEE are very positive.

SEB Guide to Working Capital 2013 - Introduction

Mon, 07 Jan 13 00:00:00 +0000

Industry: Retail - A Komplett Approach to Working Capital Enhancement

Mon, 07 Jan 13 00:00:00 +0000

Web-commerce giant Komplett Group has experienced substantial and rapid growth over recent years, both within its home market of Norway and internationally across Scandinavia. Key to the company�s success is the strength of its service concept. Featuring comment from PwC's Director of Working Capital.

Industry: Professional Services - Efficient Treasury Management in the Professional Services Industry

Mon, 07 Jan 13 00:00:00 +0000

Industry: Consumer Products - Changing Culture and Behaviour to Optimise Working Capital

Mon, 07 Jan 13 00:00:00 +0000

Industry: Transport - Factoring Solutions for Working Capital Optimisation

Mon, 07 Jan 13 00:00:00 +0000

Tue, 13 Nov 12 00:00:00 +0000

Risk is the uncertainty associated with future cash flows or earnings. Risk management involves measuring and ultimately reducing this uncertainty. Depending on the source of uncertainty, risk can be reduced through operational or financial decisions.

Facilitating Japanese Globalisation through SWIFT

Mon, 29 Oct 12 00:00:00 +0000

Adoption of SWIFT by Japanese corporates is still relatively low but awareness and interest in SWIFT is starting to increase. It takes time for interest to be converted into adoption, but we expect to see a stronger take-up of SWIFT in the future for Japanese companies international payments and cash management businesses.

Experiencing SWIFT in High Definition

Mon, 29 Oct 12 00:00:00 +0000

Whilst SWIFTNet is fast becoming the bank commnucation method of choice for large multinational corporations, particularly those with multiple banking relationships on a global scale, SWIFT's potential is not restricted to the world's largest corporations.

Mon, 01 Oct 12 00:00:00 +0100

Managing Liquidity Globally: Mission Impossible?

Mon, 01 Oct 12 00:00:00 +0100

Looking After Cash - On Both Sides of the Atlantic

Mon, 01 Oct 12 00:00:00 +0100

TMI's Chief Executive introduces our US Cash supplement with an overview of the contents.

Optimising Cash & Liquidity Management in Europe

Mon, 01 Oct 12 00:00:00 +0100

Cash Management in Africa Today

Mon, 24 Sep 12 00:00:00 +0100

Ten years ago, establishing a corporate treasury hub in Africa would have been a relatively unusual move for a multinational. But as growth in the region continues corporate treasuries look to regionalise their control and therefore look for local regional cash management services.

Supporting Business Success in Africa

Mon, 24 Sep 12 00:00:00 +0100

Lonrho has been operating and developing projects in the African continent for over 100 years and has historically been a worldwide conglomerate. Their FD shares his experiences - derived from many years of supporting successful growth in Africa.

Thu, 01 Mar 12 00:00:00 +0000

Corporate treasury is at a crossroads. On the cusp of this Third Generation, treasury organisations around the world have already begun to evolve into a fully integrated financial nerve center of the organisation.

SEB�s Head of Global Transaction Services offer an overview of the articles found within this SEB Guide to Treasury Innovation.

With You Across Europe

Wed, 02 Mar 11 00:00:00 +0000

Baudouin Prot, CEO of BNP Paribas, examines the continuing success of the Cash Management University, and explains how it is informed by the cash management needs of BNP Paribas' clients.

Managing Cash as a Corporate Asset

Wed, 02 Mar 11 00:00:00 +0000

UPS' global treasury organisation is a success story from which all treasurers can learn. This article outlines their four pillars of operational success.

Leveraging People and Technology for Value Creation

Wed, 02 Mar 11 00:00:00 +0000

Thu, 30 Sep 10 00:00:00 +0100

Project Success in Complex, Pan-European Payments and Cash Management

Thu, 30 Sep 10 00:00:00 +0100

Mon, 09 Aug 10 00:00:00 +0100

What Matters Today #2: Efficiency

Mon, 09 Aug 10 00:00:00 +0100

Optimising operational and financial efficiency are among the primary objectives for corporate treasurers as any enhancement within these areas is likely to result in both financial advantage and process efficiency, and also mitigate the risk of error and fraud.
In addition to this, efficient business processes reduce cost, pressure on margins, and facilitate better decision-making based on greater visibility over information and transactions.

This article discusses the business challenges that standardisation addresses with particular regard to the SWIFT Corporate Access programme, the ongoing adoption of SEPA, and cross-border constraints on transactional efficiency (especially outside of Europe).

What Matters Today #3: Relationships

Mon, 09 Aug 10 00:00:00 +0100

Tue, 20 Apr 10 00:00:00 +0100

In this article, Jens Mikolajczak examines the positive outcomes of the crisis. In particular, he looks at the way that the elevation of cash management has affected the demands of corporate treasurers' from their banking partners.

Clients Demand Innovation in Difficult Times

Thu, 01 Apr 10 00:00:00 +0100

Treasury Management in France

Thu, 01 Apr 10 00:00:00 +0100

As in the rest of Europe - and, indeed, the world - the role of the corporate treasurer in France is changing. Emmanuel de Resseguier, Head of Global Transaction Banking France at Deutsche Bank, explains how it is changing and how the behaviour of treasurers has changed since the economic crisis. Additionally, this article examines how the developments in corporate-to-bank connectivity are affecting the provision of cash management and treasury services, and how the roll-out of SEPA and the implementation of the PSD is progressing in France.

Meeting the Cash Management Needs of Nordic Companies

Thu, 01 Apr 10 00:00:00 +0100

This interview provides an insight into the cash management needs of Nordic companies and, specifically, how Deutsche Bank helps it�s Nordic clients to achieve their global cash management objectives. Pontus Ljungh, the Head of Corporate Cash Management Sales at Deutsche Bank in the Nordics, discusses his role in the Nordics, Deutsche Bank�s regional strategy, and the benefits of Deutsche Bank having a local office (Deutsche Bank Stockholm) for their Nordic customers, which include some of the world�s largest companies. Additionally, this interview discovers Pontus Ljungh�s views regarding how the requirements of Nordic companies will develop over the coming years, how he sees Deutsche Bank�s Nordic-based business developing in the future, and how the Nordic approach fits in with their global strategy.

Sun, 01 Nov 09 00:00:00 +0000

Olivier Bornecque, Chairman of the AFTE, believes that improving and better regulating the OTC derivatives market is the order of the day. Even the final G20 press release from Pittsburgh included the idea. The AFTE, however, believe there are several points to consider before any improvements can be made. This article explains which items on the potential agenda the AFTE oppose - such as the mandatory clearing of OTC transactions - and which they support.

While more than 80% of companies now choosing to connect to SWIFT through an indirect method, such as a service bureau or member/concentrator, this was not an option for early adopters, and some companies still choose to implement direct connectivity. Helen Sanders talks to Bob Dashner, Project Manager for Chevron Corporation�s SWIFT implementation about the company�s experiences of direct connectivity to SWIFT.

Mon, 15 Jun 09 00:00:00 +0100

Hunting PLC is an international energy services provider to the world�s leading oil and gas concerns in the upstream sector. Established in 1874, it is a fully listed public company traded on the London Stock Exchange. Global �upstream� activity is co-ordinated through Hunting Energy Services. With a large presence in North America, Europe and Asia, this has spawned a small but consistently successful E&P division in the USA.

IFRS and Weather Risks: Now is the Time

Mon, 15 Jun 09 00:00:00 +0100

Wall Street has put a lot of pressure on corporates to meet the numbers and forced treasurers to tackle sales and earnings volatility through the use of rigorous hedging programmes. Most companies have dedicated resources to implement and manage IFRS compliant programmes to cover foreign exchange, interest rate and sometimes commodity exposures. To date, weather risks have not been on the radar screen, yet many studies confirm they can have financial consequences on the business and profits that can be far in excess of what currencies or interest rates can generate.

Fri, 01 May 09 00:00:00 +0100

Contents of the issue including a series of 'best practice' and 'thought leadership' articles

Treasury in Transformation

Fri, 01 May 09 00:00:00 +0100

The goal of the Corporate Treasury and Liquidity Research Programme is to help corporate treasurers and financial services providers better understand the market and provide a benchmark of current treasury practices and issues. The research programme explores the corporate treasury function broadly, encompassing treasury key issues and initiatives, organisation and staffing, liquidity management practices, treasury technology and financial services providers. This article provides extended extracts of the results of this programme. Further detail can be obtained from Treasury Strategies at www.treasurystrategies.com.

Thu, 01 Jan 09 00:00:00 +0000

The New Generation of Cash Management

Thu, 01 Jan 09 00:00:00 +0000

An Interview with Jason Singer, Managing Director, Head of International Cash Portfolio Management, Goldman Sachs Asset Management, in which he discusses AAA-rated MMFs, Libor generation, and the foreseeable future for investor behaviour.

Filling the Gaps: Money Market Funds

Thu, 01 Jan 09 00:00:00 +0000

Pioneering SWIFT Corporate Access in Latin America

Mon, 22 Sep 08 00:00:00 +0100

In 2007, Belcorp started to connect to its banks using SWIFTNet, one of the smaller firms to do so. In this interview, Helen Sanders talks to Jos� Antonio Sol�s, Senior Treasurer of Belcorp about their reasons for doing so, and some of the experiences they have had.

Behind the Figures

Mon, 22 Sep 08 00:00:00 +0100

PacNet has over 170 different bank relationships and more than 400 bank accounts globally. This has resulted in a multitude of electronic banking (EB) systems - currently, we have approximately 111. Maintaining these systems was becoming extremely difficult, as each has its own security requirements and access arrangements (smart cards, readers, digital certificates, secure ID tokens, remote devices etc.) User IDs, access rights and passwords had to be managed on each system, so with about 25 users on each system, and the occasional need to add or remove users, the administrative overhead was substantial.

Letter from the Editor

Mon, 01 Sep 08 00:00:00 +0100

It is a great pleasure for TMI to be working again with Deutsche Bank to bring you this, the third in our series of special Best Practice Guides. Once again the Guide provides real insights from practitioners on issues that are top of the treasury agenda not just during the conference season but all during the year - and the coming year does look as if it will require treasurers to be more alert than ever to the possibilities and challenges presented by this period of financial turbulence.

Mon, 01 Sep 08 00:00:00 +0100

Financial Supply Chain Management Gaining Momentum

Mon, 01 Sep 08 00:00:00 +0100

Given the correct conditions, financial supply chain management techniques can yield substantial benefits for both buyers and suppliers alike, says Axel-Peter Ohse from Deutsche Bank�s Global Transaction Banking Division.

SEPA: Where Next?

Mon, 01 Sep 08 00:00:00 +0100

While SEPA has so far gone well, more needs to be done to ensure long-term success, says Karoline von Richthofen, Head of Corporate Payments, Global Transaction Banking, Deutsche Bank.

Cross-Currency Payments can Yield Profits for Many Institutions

Mon, 01 Sep 08 00:00:00 +0100

While lower-value cross-currency payments are traditionally considered a �nuisance� by many corporates and financial institutions, a new approach could yield benefits to both, says Timothy Merrell, Head of FX4Cash, Global Transaction Banking at Deutsche Bank.

Managing Liquidity in Today�s Global Environment: Cash Concentration

Mon, 01 Sep 08 00:00:00 +0100

Liquidity management practices have long been employed by corporations to improve control of their cash, to enhance short-term investment capabilities and to reduce interest charges. However, the introduction of the euro, the evolving role of treasury into a global organization, the impact of regulatory changes along with market instabilities have further driven the need to implement efficient liquidity structures.

Tue, 01 Jul 08 00:00:00 +0100

Board members and Thank You

Tue, 01 Jul 08 00:00:00 +0100

Letter from South African Reserve Bank

Tue, 01 Jul 08 00:00:00 +0100

ACTSA Anniversary Edition

Tue, 01 Jul 08 00:00:00 +0100

Mobile Telecoms in Africa

Tue, 01 Jul 08 00:00:00 +0100

Amedia report in May 2008 said it all: �Growth in Africa�s mobile sector has defied all predictions.� The declaration, by US-based Africa Focus Bulletin, captures a widely held sentiment regarding the growth and future prospects of telecommunications in Africa. The critical message underlying Africa�s great mobile telecoms story is the fact that never before has a communication technology influenced human societies so pertinently, so rapidly.

Thu, 01 May 08 00:00:00 +0100

Last year in SEB�s �Guide to Cash Management in Northern Europe�, published in TMI (edition 156) we discussed the SEB Value Chain (TM) an innovative and comprehensive approach to unlocking value from the cash management processes of a company. This concept has proved extremely attractive to SEB�s corporate clients, enabling them to assess each cash management process objectively and put in place solutions to optimise each process, transforming a series of disconnected functions into a cash management value chain to unlock trapped cash, reduce working capital levels and increase efficiency.

Leveraging Opportunities in the Financial Supply Chain

Thu, 01 May 08 00:00:00 +0100

Financial Supply Initiatives at Scania

Thu, 01 May 08 00:00:00 +0100

Thu, 03 Apr 08 00:00:00 +0100

We are delighted to be working again with Deutsche Bank to provide the second in this series of Best Practice Guides. Deutsche Bank is well-established in the �BRIC� countries � Brazil, Russia, India and China � which are becoming increasingly important in the fields of cash and treasury management.

1st in the Deutsche Bank 'best practice' series

Thu, 03 Apr 08 00:00:00 +0100

Tue, 01 Apr 08 00:00:00 +0100

A Guide to the editorial contents of International Cash Management Guide 2008

Introducion & Overview

Tue, 01 Apr 08 00:00:00 +0100

Our Guide to Cash Management for 2008 deals with some of the most pressing topics that treasurers are currently having to deal with, and reveals a great deal of just how they and their peers are coping with the many and varied pressures which are currently bearing upon them and their often reduced staff�. The Guide also gives the results of two recent surveys, one by JPMorgan Asset Management in conjunction with the European Associations of Corporate Treasurers (EACT) and one by TMI. JPMorgan had 339 responses from corporate treasurers around the world to their annual Global Cash Management Survey, which are of particular interest because the questioning took place during the summer last year at the start of the difficulties in the credit market. Our own survey was on a different topic, we contacted 20 of the top banks operating in Europe to find out what SEPA capabilities banks are currently making available to their corporate customers and what plans they have to develop these in the future. All of them started offering SEPA Credit Transfers on the launch date of January 28 this year, and most do expect to offer the full range of SEPA products in time, with a very few exceptions. One thing that clearly emerged from the results of the survey was that banks are not quite as �SEPA ready� as we may think �. Read more

SEPA - Ready or Not?

Tue, 01 Apr 08 00:00:00 +0100

The 2008 TMI SEPA Survey - we contacted 20 of the top banks operating in Europe to find out what SEPA capabilities banks are currently making available to their corporate customers and what plans they have to develop these in the future. All of them started offering SEPA Credit Transfers on the launch date of January 28 this year, and most do expect to offer the full range of SEPA products in time, with a very few exceptions. One thing that clearly emerged from the results of the survey was that banks are not quite as �SEPA ready� as we may think �.

Risk Management in the Money Markets

Tue, 01 Apr 08 00:00:00 +0100

Not all money market funds are the same, and the recent credit crunch has focused attention on the degrees of principal protection each type provides. This article examines the growth of the money market universe over the last ten years and identifies the various risks and returns involved, emphasising the different risk profiles between enhanced and short bond funds and �treasury-style� AAA funds, together with the importance of independent credit research.

The JPMorgan Asset Management 2007 Global Cash Management Survey

Tue, 01 Apr 08 00:00:00 +0100

The 2007 survey attracted corporate treasurers from around the world who provided constructive feedback. With such a wide and varied range of respondents, the survey,which has again been compiled in conjunction with The Association of Corporate Treasurers (ACT), continues to provide valuable insights into the current dynamics that drive the cash management industry.