http://www.treasury-management.com Wed, 22 Feb 2012 23:55:42 UTC http://www.treasury-management.com/article/1/219/1873/smoothing-the-onboarding-process.html 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. Sun, 01 Jan 2012 00:00:00 UTC http://www.treasury-management.com/article/1/219/1874/the-treasurerÂ’s-voice-bank-relationships.html 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. Sun, 01 Jan 2012 00:00:00 UTC http://www.treasury-management.com/article/1/219/1875/making-the-most-of-the-renminbi-opportunity.html 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. Sun, 01 Jan 2012 00:00:00 UTC http://www.treasury-management.com/article/1/219/1876/streamlining-cash-management-in-a-decentralised-global-company.html 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. Sun, 01 Jan 2012 00:00:00 UTC http://www.treasury-management.com/article/1/219/1877/looking-ahead-to-2012.html 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. Sun, 01 Jan 2012 00:00:00 UTC http://www.treasury-management.com/article/1/219/1878/treasury-outsourcing-in-practice.html 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! Sun, 01 Jan 2012 00:00:00 UTC http://www.treasury-management.com/article/1/219/1879/the-risks-of-having-too-much-cash.html 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. Sun, 01 Jan 2012 00:00:00 UTC http://www.treasury-management.com/article/1/219/1880/a-pan-european-banking-relationship.html 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. Sun, 01 Jan 2012 00:00:00 UTC http://www.treasury-management.com/article/1/219/1881/understanding-repurchase-agreements.html 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. Sun, 01 Jan 2012 00:00:00 UTC http://www.treasury-management.com/article/1/219/1882/industry-energy-and-passion-in-global-transaction-services.html TMI talk to Neal Livingston about his perceptions and aspirations in his new role as Head of EMEA Global Transaction Services (GTS) at RBS. Sun, 01 Jan 2012 00:00:00 UTC http://www.treasury-management.com/article/1/215/1850/the-worst-of-times-for-money-market-funds-.html 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. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/215/1851/untapped-potential-purchase-to-pay.html ‘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. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/215/1852/mitigating-risk-at-transport-for-london.html 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. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/215/1853/a-collaborative-approach-to-optimising-cash-investment.html 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. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/215/1854/leveraging-a-single-platform-for-financial-optimisation.html 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. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/215/1855/soaring-to-new-treasury-heights.html 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. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/215/1856/bank-connectivity-for-strategic-advantage.html 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. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/215/1857/reduced-costs-efficiency-and-control-through-corporate-cards.html 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. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/215/1858/the-interconnection-between-the-eurozone-debt-crisis-and-payments-market-harmonisation.html Where exactly does the SEPA rubber hit the Eurozone debt crisis road? Bob Lyddon of the IBOS Banking Association has the answers. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/215/1859/corporate-cash-management-in-india-and-beyond.html 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. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/215/1860/a-collaborative-approach-to-efficient-reconciliation.html 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. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/215/1861/googleÂ’s-cfo-on-growth-capital-structure-and-leadership.html Patrick Pichette describes the attitudes and behaviour that Google hopes will keep it growing like a start-up. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/215/1862/facilitating-trade-and-economic-transformation.html We talk to Ashutosh Kumar about the current trends for trade finance, including what the impact of the RMB liberalisation is likely to be. Tue, 01 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/1/210/1813/because-its-worth-it!.html 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. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/1/210/1810/the-importance-of-standardisation-to-todays-treasurer.html 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. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/1/210/1811/when-domestic-and-international-collide.html 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. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/1/210/1814/the-importance-of-visibility-and-control-managing-liquidity-in-turbulent-times.html 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. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/1/210/1812/cash-centralisation-to-support-strategic-expansion.html Toy company, Giochi Preziosi, tell us about their successful cash centralisation project – and how this project fits into a wider cash management transformation project. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/1/210/1815/bringing-ebam-a-step-closer.html 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. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/1/210/1816/implementing-technology-to-achieve-group-strategy.html In 2007, Group Treasury at Rémy 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. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/1/210/1817/managing-liquidity-in-todays-low-rate-environment.html 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. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/1/210/1818/leveraging-cash-management-potential-in-italy-and-across-europe.html 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. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/1/210/1819/pioneering-xml-for-cash-management-centralisation-&amp;-integration-at-nyse-euronext.html We talk to NYSE Euronext about appointing one European cash management provider, implementing a zero balance account cash pool, and standardising their payment processing. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/1/210/1820/the-credit-spectrum.html 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. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/1/210/1821/expanding-horizons-at-bank-of-america-merrill-lynch.html 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. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/1/208/1793/putting-treasury-objectives-into-practice.html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/1/208/1792/from-greenback-to-renminbi-–-the-internationalisation-of-cny.html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/1/208/1795/driving-innovation-in-a-global-economy.html SEB’s Head of Global Transaction Services offer an overview of the articles found within this SEB Guide to Treasury Innovation. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/1/208/1796/meet-todayÂ’s-treasurer.html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/1/208/1797/anticipating-the-treasury-of-the-future.html Håkan Lundgren talks to TMI about Sony Ericsson’s small, efficient and highly specialist treasury function, their treasury outsourcing provider and their key strategic activities. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/1/208/1798/first-steps-in-collaboration.html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/1/208/1799/a-fresh-approach-to-treasury-optimisation.html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/1/208/1800/achieving-the-next-level-in-streamlined-connectivity.html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/1/208/1801/technology-for-treasury-transformation.html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/1/208/1802/optimising-collections-and-cash-concentration-at-alba.html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/1/208/1803/transforming-global-trends-into-competitive-opportunities.html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/1/208/1804/give-it-or-steal-it-backÂ….html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/1/203/1716/investing-in-the-cnh-market-challenges-and-opportunities.html 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. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/1/203/1718/the-long-run-to-centralisation.html 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. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/1/203/1717/from-alternative-to-no-alternative-financing.html 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. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/1/203/1719/treasury-transformation-to-minimise-fx-risk.html 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. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/1/203/1720/assessing-banksÂ’-confidence-after-the-crisis.html Financial-services executives report a mostly positive outlook on banking – and some signs of industry complacency. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/1/203/1721/supporting-a-new-decade-of-treasury.html 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. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/1/203/1722/expanding-international-horizons.html 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. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/1/203/1723/the-role-of-technology-in-achieving-operational-and-strategic-objectives.html A recent study amongst European corporate treasurers revealed some fascinating attitudes towards treasury technology. Paul Wheeler examines the findings. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/1/203/1724/otc-derivatives-a-victory-or-a-battle-lost-.html François Masquelier takes a look at the potential effects of the proposed OTC derivatives regulation. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/1/197/1690/brave-new-treasury.html The global financial crisis triggered a transformation for treasury in Asia. Maneesh Goel examines how approaches to treasury in Asia have changed. Wed, 01 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/1/197/1691/a-statistical-approach-to-receivables-risk.html What are the recent developments in credit and collections management, and how can these techniques contribute to an effective liquidity and working capital strategy? Wed, 01 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/1/197/1692/treasurer-as-technologist.html 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. Wed, 01 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/1/197/1693/an-expense-management-system-avoids-drama-in-a-crisis.html Four key points for how companies can control cash and the burden on employees when emergencies cause unexpected expenses. Wed, 01 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/1/197/1694/making-the-decision-to-hedge.html 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? Wed, 01 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/1/197/1695/from-multi-domestic-to-multinational-selecting-card-acquirers-in-the-eurozone.html 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? Wed, 01 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/1/197/1696/investing-in-a-low-interest-rate-environment.html 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. Wed, 01 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/1/197/1697/cash-management-transformation-in-asia.html 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. Wed, 01 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/1/197/1698/breaking-down-the-barriers-to-swift.html 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. Wed, 01 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/1/197/1699/new-opportunities-in-transaction-banking.html 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. Wed, 01 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/1/197/1700/eact-news.html The EACT Chairman reflects on May’s EACT board meeting, and discusses the latest EACT contributions to the global regulatory framework. François Masquelier also contributes an article describing the possible impact, both financial and organisational, of the numerous and restrictive new post-2008 financial crisis standards. Wed, 01 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/1/197/1701/modernising-the-finance-departmentÂ’s-role.html 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. Wed, 01 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/1/195/1675/painting-a-new-financial-picture.html 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. Sun, 01 May 2011 00:00:00 UTC http://www.treasury-management.com/article/1/195/1676/delay-the-yacht-get-on-board-with-sepa.html 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. Sun, 01 May 2011 00:00:00 UTC http://www.treasury-management.com/article/1/195/1677/managing-risk-leveraging-opportunities.html 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. Sun, 01 May 2011 00:00:00 UTC http://www.treasury-management.com/article/1/195/1678/corningÂ’s-treasury-best-in-class.html 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. Sun, 01 May 2011 00:00:00 UTC http://www.treasury-management.com/article/1/195/1679/treasury-as-value-creator-in-a-decentralised-company.html 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. Sun, 01 May 2011 00:00:00 UTC http://www.treasury-management.com/article/1/195/1680/optimising-cash-management-in-a-high-performance-organisation.html 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. Sun, 01 May 2011 00:00:00 UTC http://www.treasury-management.com/article/1/195/1681/sepa-direct-debits-corporate-change-business-benefits.html 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. Sun, 01 May 2011 00:00:00 UTC http://www.treasury-management.com/article/1/195/1682/positioning-for-a-new-era-at-commerzbank.html 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. Sun, 01 May 2011 00:00:00 UTC http://www.treasury-management.com/article/1/195/1683/eact-news.html The EACT Chairman reflects on the latest regulatory issues for SEPA implementation, IFRS developments and the corporate use of SWIFT. Sun, 01 May 2011 00:00:00 UTC http://www.treasury-management.com/article/1/188/1647/through-the-glass-darkly-transparency-can-be-a-dangerous-illusion.html 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. Fri, 01 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/1/188/1648/have-cards-become-an-anachronism-.html 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? Fri, 01 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/1/188/1649/process-technology-and-skills-the-experience-of-a-cfo-in-africa.html 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. Fri, 01 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/1/188/1650/technology-for-tomorrowÂ’s-treasury.html 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. Fri, 01 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/1/188/1651/shared-services-for-shared-success.html 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. Fri, 01 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/1/188/1652/be-ready!-internal-controls-in-treasury-departments.html 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. Fri, 01 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/1/188/1653/whatÂ’s-at-risk-the-use-of-sensitivity-analysis-to-measure-your-portfolioÂ’s-risk.html 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. Fri, 01 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/1/188/1654/an-insight-into-blackrockÂ’s-cash-management-business.html TMI talks to Rich Hoerner and Simon Mendelson about today’s investment priorities for international investors, the MMF industry, and more. Fri, 01 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/1/188/1655/eact-news-april-2011.html 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). Fri, 01 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/1/184/1624/global-regulatory-changes-affecting-the-money-market-fund-industry.html 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? Tue, 01 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/1/184/1625/taking-responsibility-for-indias-future.html 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? Tue, 01 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/1/184/1626/with-you-across-europe.html 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. Tue, 01 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/1/184/1627/managing-cash-as-a-corporate-asset.html UPS' global treasury organisation is a success story from which all treasurers can learn. This article outlines their four pillars of operational success. Tue, 01 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/1/184/1628/leveraging-people-and-technology-for-value-creation.html 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. Tue, 01 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/1/184/1629/home-and-away-making-your-cash-work.html 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. Tue, 01 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/1/184/1630/implementing-technology-to-achieve-group-strategy.html In 2007, Group Treasury at Rémy 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. Tue, 01 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/1/184/1631/supply-chain-financing-an-alternative-to-bank-lending-and-supplier-risk-management.html With the variety of products available, treasurers are sometimes a little confused about the difference between the supply chain financing solutions available. This article serves to demystify some of the misunderstandings attached to supply chain financing. Tue, 01 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/1/184/1632/the-third-act-of-ifrs-9-revolution-or-simple-reform-of-hedge-accounting.html Is the third and last act of IAS 39 revamping a revolution or a simple reform of existing principles? François Masquelier describes the main key proposals made by the IASB in London for financial instruments hedge accounting. Tue, 01 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/1/184/1633/aligning-strategy-with-client-objectives.html Maurice Cleaves discusses Barclays Corporate's cash management strategy, and the key challenges facing corporate treasurers today. Tue, 01 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/1/184/1634/eact-news-march-2011.html The EACT Chairman delivers the latest news regarding the continuing debate over the regulation of derivatives. Tue, 01 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/1/183/1615/changing-dynamics-between-banks-and-corporates.html Post-crisis, banks must maintain close contact with their corporate clients to ensure they understand – and have the abilities to meet – their needs. Following a recent discussion with Daniel Radomski, CFO of EurotakGroup, a Scandinavian group of companies in the building and property services sector, Michael Burkie, Market Development Manager for BNY Mellon Treasury Services EMEA, outlines how a new perspective on local-global collaboration can help banks meet the rapidly-evolving needs of their corporate clients. Tue, 01 Feb 2011 00:00:00 UTC http://www.treasury-management.com/article/1/183/1616/can-treasurers-solve-the-global-energy-crisis-.html Treasurers, like politicians and CEOs, need to recognise that future economic stability, corporate growth and energy sustainability are inextricably linked. The Editor discusses how companies can gain strategic and competitive advantage by leveraging the new opportunities that innovative energy technologies present. Tue, 01 Feb 2011 00:00:00 UTC http://www.treasury-management.com/article/1/183/1617/ten-years-of-ias-39-what-next-.html The ten years of IAS 39 has changed our lives as treasury managers. We have been involved with and using ‘hedge accounting’ for so many years that we have almost forgotten the days of local GAAP that went before it. IN this article, we want to make some comments on the future IFRS 9 but also put together some of the thoughts of practitioners, treasury managers and academics on this financial instrument accounting standard that has revolutionised the way we carry out treasury management. Tue, 01 Feb 2011 00:00:00 UTC http://www.treasury-management.com/article/1/183/1618/the-euro-–-anticipating-the-end-game.html Patrick Butler, a member of TMI’s Editorial Panel, surveys the current state of the euro. If there is no progress in achieving true convergence, he says, sooner or later countries which cannot keep pace with core Europe in the current system may well be forced to consider exit, with all the attendant dislocation, complexity and cost. Tue, 01 Feb 2011 00:00:00 UTC http://www.treasury-management.com/article/1/183/1619/introducing-direct-debit-for-customer-convenience.html GreenThumb has over 200 franchises in the UK and almost 5,000 customers, carrying out over two million lawn treatments annually. Traditional methods of payment such as cash and cheques proved unsatisfactory and the company wishes to spread its costs throughout the year. Early in 2010, GreenThumb introduced a direct debit scheme run by Direct Debit Limited. This has proved highly convenient and satisfactory to the company and customers alike, and the project has lent the company a competitive advantage when sourcing new customers. Tue, 01 Feb 2011 00:00:00 UTC http://www.treasury-management.com/article/1/183/1620/an-efficient-cash-chain-makes-for-good-credit.html CFOs, FDs and treasury functions are coming to terms with the ‘perfect storm’ that currently hangs over the business credit areas and directly impacts their cash management techniques. Though we are now in 2011, rather than abating the storm is still gathering force. So what’s behind this, and how can we weather its effects and sail out the other side without storm damage? What is causing the storm to gather force? We believe there are five major assets. Tue, 01 Feb 2011 00:00:00 UTC http://www.treasury-management.com/article/1/183/1621/fx-industry-at-regulatory-crossroads.html The Foreign Exchange (FX) event hosted in Brussels on 12 January 2011 by the Association for Financial Markets in Europe (AFME), in conjunction with HSBC, arrived at a critical time for an industry under the regulatory spotlight in Europe and the US. With the Dodd Frank Act stirring debate on the exemption for FX forwards and swaps and the European Commission to follow the US lead under two separate legislative umbrellas, EMIR and MiFID, time is running out to make the case for FX exclusion from mandatory clearing. And, as delegates at the AFME event earned, the unintended consequences of the proposed legislation could have a serious economic impact on both corporates and pension funds. Tue, 01 Feb 2011 00:00:00 UTC http://www.treasury-management.com/article/1/183/1622/the-ceoÂ’s-guide-to-corporate-finance.html Strategic decisions can be complicated by competing, often spurious notions of what creates value. Even executives with solid instincts can be seduced by the allure of financial engineering, high leverage, or the idea that well-established rules of economics no longer apply. Such misconceptions can undermine strategic decision-making and slow down economies. The authors look at a number of ways to solve this problem, and provide four principles that can help you make great financial decisions – even when the CFO is not in the room. Tue, 01 Feb 2011 00:00:00 UTC http://www.treasury-management.com/article/1/183/1623/a-trusted-banking-partner-in-saudi-arabia.html Tristan Attenborough, Head of Saudi Arabia, Treasury & Securities Services J.P. Morgan, discusses the expansion of the bank’s business in Saudi Arabia. Tue, 01 Feb 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1577/implementing-efficient-treasury-management-services-in-china.html The author looks at why the Chinese market is such an important factor to consider when formulating a global treasury management strategy, and explains what benefits a customer can expect to receive when developing their operations in China in partnership with a Chinese bank. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1578/beyond-facebook-social-media-for-professionals.html The growth of social media, which has been explosive in the last few years, looks set to continue. The Editor discusses the opportunities that such media already present to the treasury and finance community, and examines how this might develop in the future. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1579/cautiously-optimistic-despite-a-challenging-environment.html Following the highly successful BNP Paribas Cash Management University on 25-26 November 2010, we were delighted to talk to Baudouin Prot, Chief Executive Officer of BNP Paribas, who gave the welcome address at the event. TMI 192 will feature some of the discussions and conclusions of the Cash Management University. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1580/prioritising-working-capital.html Since the financial crisis first struck, working capital management has become one of the key topics on treasurers’ agenda, particularly as financing has become less accessible and more expensive for many companies. In reality, effective management of working capital is essential to a healthy business whatever the economic situation, including an efficient cash conversion cycle and the ability to forecast cash flow with confidence. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1581/factoring-in-pharmaceuticals.html ANZAG, a leader in the German wholesale pharmaceuticals market, decided to address some aspects of its medium-term funding requirements by putting in place a factoring programme for its business in Germany. The selling of accounts receivable through a factoring arrangement allowed ANZAG to obtain cash for immediate needs while reducing the size of ongoing borrowing facilities. Deutsche Bank brought in two separate factors to handle the volume of receivables included in the EUR 130m revolving facility. This novel and complex approach to financing in the pharmaceuticals wholesale sector has reduced ANZAG’s reliance on the global capital markets and secured the company’s medium- to long- term financial future. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1582/achieving-treasury-vision-2010-at-bucher-industries.html In 2007 Bucher developed its Treasury Vision, aiming to create a highly automated operation including selecting and implementing a new TMS to replace its current combination of automated and manual processes. After consideration of various systems IT2 was selected as the new TMS and was implemented on a modular basis – first cash management, then accounting. The article describes the various challenges met along the way to straight-through processing and the successful outcome with gains not only to the back office but elsewhere in the company. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1583/cash-management-in-a-new-world.html TMI presents a discussion between treasurers in the Netherlands and Luxembourg, and BNP Paribas executives. Helen Sanders, TMI Editor, chaired the discussion, which focuses particularly on the current priorities for the corporate treasurer within the broad subjects of cash management, working capital and corporate-to-bank relationships. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1584/a-better-way-to-anticipate-downturns.html The author looks at how credit markets, though harder to follow than equity markets, provide clearer signs of looming economic decline. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1585/delivering-domestic-and-regional-excellence-in-cash-management.html Latin America is a priority for Grupo Santander, with 10% market share and over one-third of the group’s attributable profit. By the end of 2009, Santander had over 37 million customers in the region with an ongoing strategy of investment. The strength of Santander’s cash management offering was recently recognised in TMI’s Award for Innovation and Excellence in Cash Management in Latin America. We were delighted to talk with Carlos Gutiérrez Salán, Global Head of Cash at Santander, about doing business in Latin America. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1586/eact-news.html In this month's EACT News, Richard Raeburn discusses regulation of derivatives, the IASB’s project to replace IAS 39, and the consultation by the European Commission on the credit rating agencies (CRAs). Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1587/tmi-awards-2010-for-innovation-and-excellence-(part-1).html We are delighted to announce the winners of the TMI Awards 2010 for Innovation and Excellence. This year we are pleased to present 50 Awards to banks and professional service providers, as well as 6 special Corporate Recognition Awards. Now in their twelfth year, our Awards are particularly valued by those who receive them, and these pages celebrate the achievements of the banks, vendors and suppliers who have delivered real value to their corporate customers. Part 1 includes an introduction to the Awards by the CEO of TMI, Robin Page, and Helen Sanders, Editor of TMI, and details the winners of our Corporate Recognition Awards. To view the TMI Awards 2010 supplement in full please visit our Supplements section or visit the following URL: http://www.treasury-management.com/articles.php?pubid=4&issueid=182 Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1588/tmi-awards-2010-for-innovation-and-excellence-(part-2).html We are delighted to announce the winners of the TMI Awards 2010 for Innovation and Excellence. Part 2 details a selection of the winners of our Best Bank Awards (including the categories of Cash Management, Risk Management, and Financial Supply Chain). To view the TMI Awards 2010 supplement in full please visit our Supplements section or visit the following URL: http://www.treasury-management.com/articles.php?pubid=4&issueid=182 Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1589/tmi-awards-2010-for-innovation-and-excellence-(part-3).html We are delighted to announce the winners of the TMI Awards 2010 for Innovation and Excellence. Part 3 details a selection of the winners of our Best Bank Awards (including the categories of Cash Management, Risk Management, and Financial Supply Chain). To view the TMI Awards 2010 supplement in full please visit our Supplements section or visit the following URL: http://www.treasury-management.com/articles.php?pubid=4&issueid=182 Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/181/1590/tmi-awards-2010-for-innovation-and-excellence-(part-4).html We are delighted to announce the winners of the TMI Awards 2010 for Innovation and Excellence. Part 4 details the winners of our Professional Awards and Technology Awards. To view the TMI Awards 2010 supplement in full please visit our Supplements section or visit the following URL: http://www.treasury-management.com/articles.php?pubid=4&issueid=182 Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/1/179/1554/the-sepa-experience-switching-to-sdd.html While SEPA has been a hot topic for the banking industry over the past few years, it is only just heating up for business across Europe. Although adopting SEPA can seem a daunting task, it does not have to be. Businesses who choose to work with experienced SEPA experts will find that they can make the switch to SEPA in a business-as-usual manner. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/1/179/1555/mmfs-a-regulatory-concerto-.html Since Lehman Brothers collapsed and the Prime Reserve Fund ‘broke the buck’ regulatory changes to MMFs have been widely anticipated. The Editor looks at what changes have already been made and what other issues are influencing the MMF market today. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/1/179/1556/controlling-liquidity-across-the-group.html The complex liquidity needs of REWE Group are managed in the firm’s central treasury, in its Integrated Treasury System linked to SAP-based treasury management software. Forecasting is continually updated on a rolling basis with the use of standard reporting techniques. Guidelines for the group’s worldwide liquidity are provided centrally and monitored through internal and external credit lines at group and subsidiary levels. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/1/179/1557/dealing-with-longevity-risk.html Despite treasurers and finance directors becoming more and more concerned about the impact that increasing life expectancy may have on the financial viability of their defined benefit (DB) pension scheme, few to date have transacted on a longevity risk-transfer deal. TMI asked Matthew Bale, Director and co-Head of Clients Solutions at PensionsFirst, how sponsors should assess the value-for-money offered by such solutions. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/1/179/1558/revisited-a-focused-approach-to-risk-management.html In mid-2009, Maciej Müldner, Treasurer of Skanska Poland outlined how treasury approach risk management in light of the crisis. Just over a year on, this article summarises Skanska’s strategy, its effectiveness and how the business has developed. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/1/179/1559/bridging-local-and-corporate-needs-in-cee-with-a-regional-network-bank.html To identify and benefit from local investment conditions in CEE, as well as supporting the cash management needs both of local entities and the wider company, companies need a banking partner with local expertise, and solutions to support domestic needs and wider corporate objectives. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/1/179/1560/insourcing-treasury-operations-at-borealis.html Treasury operations at Borealis had been outsourced for a number of years until 2008, when it was decided to bring them back in-house. After an evaluation process the company selected IT2 as its TMS supplier and began the integration process with SAP. Banking relationships were also reconsidered and while RBS remained Borealis’ key cash management bank, Nordea and RZB were appointed for the firm’s Nordic and East European activities respectively. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/1/179/1561/driving-growth-in-the-industrials-sector.html The huge breadth of the industrials sector – it covers automotives, aviation and aerospace, shipping, logistics, paper and packaging, heavy machinery, cement, power technology and construction – means that at first glance the companies covered by it appear to have little in common. However, for CFOs and treasurers of companies from all the sectors contained within individuals, three themes stand out: the need for control, visibility, and efficiency of the system they use to manage cash. The authors discuss these three themes in relation to some of these industries, looking at the new challenges and how the financial and economic crisis has undoubtedly opened a new chapter in the world’s economic growth. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/1/179/1562/using-supply-chain-finance-to-improve-cash-conversion.html The onset of the financial crisis and consequent drying up of Copap’s bank funding led the company to identify areas in which it could increase cash flow. These were receivables and payables management, asset-backed lending solutions and an efficient financial platform. The article describes how each of these areas was addressed, and Copap’s new banking relationship with HSBC. Factoring companies and credit insurance have also proved key to Copap’s continuing success. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/1/179/1563/executive-interview-a-cohesive-approach-to-investment-and-corporate-banking.html Barclays Corporate as a brand was launched earlier this year, the new face to market of a corporate bank that had been realigned internally to bring the operation even closer to the group’s investment bank, Barclays Capital. In this interview, Barclays Corporate’s Chris van Niekerk, Managing Director, Multinational Corporates, discusses how the corporate and investment bank work together to provide a full banking solution for large corporate clients. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/1/179/1564/credit-supply-outstrips-demand-for-us-fortune-500.html TMI is delighted to publish this year’s prestigious US Leader Awards made by Greenwich Associates, giving the results of their interview with Fortune 500 cash management specialists and other financial professionals on market trends and their relationships with their banks. Our readers can view the full supplement by visiting the following URL: http://www.treasury-management.com/articles.php?pubid=4&issueid=177 Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/1/179/1565/corporate-treasury-management-credit-driving-bank-selection.html TMI is delighted to publish this year’s prestigious US Leader Awards made by Greenwich Associates, giving the results of their interview with Fortune 500 cash management specialists and other financial professionals on market trends and their relationships with their banks. Our readers can view the full supplement by visiting the following URL: http://www.treasury-management.com/articles.php?pubid=4&issueid=177 Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/1/173/1518/the-yen-bubble-chronicle-of-a-burst-foretold.html 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. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/1/173/1519/china-realising-or-inhibiting-potential.html 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. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/1/173/1520/a-virtual-approach-to-treasury-&amp;-payments-centralisation.html 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. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/1/173/1521/developing-team-culture-for-client-success.html 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. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/1/173/1522/implementing-a-best-practice-treasury-infrastructure.html 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. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/1/173/1523/time-to-become-swift-savvy....html 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. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/1/173/1524/mobile-banking-a-treasury-game-changer-.html 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. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/1/173/1525/has-your-french-subsidiary-talked-to-you-about-connectivity-recently-.html 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. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/1/173/1526/are-your-internal-controls-effective-and-efficient-.html 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? Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/1/173/1527/executive-interview-emerging-from-the-crisis.html An Interview with George Nast, Standard Chartered Bank Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/1/173/1528/eact-news.html This month's EACT News. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1468/quarterly-survey-reveals-treasurersÂ’-uncertainty.html 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. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1469/through-rain-wind-&amp;-snow-the-season-for-liquidity-management.html 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. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1470/demand-for-fx4cash-–-a-global-cross-currency-payment-platform.html 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. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1471/a-custom-approach-to-treasury-outsourcing.html 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. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1472/supplier-finance-to-enhance-working-capital-and-reduce-risk.html 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. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1473/global-transaction-banking-at-unicredit.html Marco Bolgiani discusses different aspects of UniCredit’s Global Transaction Banking product. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1474/concentrating-cash-and-positioning-for-growth-at-panini.html Peter Harris and Fabrizio Masinelli, from the Panini Group, describe how UniCredit helped the company to a successful implementation of cash pooling. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1475/financial-supply-chain-&amp;-working-capital-management.html Markus Wohlgeschaffen focuses on UniCredit’s approach to the financial supply chain and working capital management. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1476/standardised-bank-account-management-in-a-changing-environment.html 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. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1477/project-success-in-complex-pan-european-payments-and-cash-management.html 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. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1478/payments-integration-for-working-capital-optimisation-and-process-efficiency.html 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. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1479/from-cash-management-to-cash-flow-management.html In this interview, Arne Borkowski discusses client advisory services, and how the right advisory services can support treasurers’ cash flow management objectives. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1480/developing-a-leading-edge-treasury-system.html 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. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1481/why-clarity-is-an-asset.html 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. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1482/executive-interview-customer-service-still-key-in-new-banking-environment.html 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. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/165/1483/eact-news.html 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). Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1448/optimising-cash-and-working-capital-in-a-new-environment.html 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, Dámaso Cebrián 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. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1449/a-bespoke-approach-to-commoditised-products.html 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. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1450/raising-the-bar-in-client-onboarding.html 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. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1451/commodity-and-fx-risk-management-–-an-integrated-approach.html 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. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1452/rationalising-the-transaction-banking-infrastructure.html 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. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1453/realising-the-benefits-of-e-invoicing.html Replacing a manual invoicing process with an automated e-Invoicing solution can be challenging to implement, but can produce many advantages. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1454/pioneering-european-direct-debits-(sepa)-and-mandate-management.html 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. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1455/selecting-a-treasury-management-and-modelling-tool-at-ppl.html 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. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1456/automating-payments-processes-at-eatta.html 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. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1457/you-need-to-have-a-conversation-with-your-bank.html 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. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1458/managing-pension-risk-the-need-for-more-accurate-cash-flow-analysis.html 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. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1459/executive-interview-enhancing-customersÂ’-experience-and-exceeding-expectations.html This month’s Executive Interview is with Markus Straußfeld, 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. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/163/1460/eact-news.html 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. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/1/160/1426/cash-management-in-mexico-looks-like-heaven-in-the-region.html 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. Tue, 01 Jun 2010 00:00:00 UTC http://www.treasury-management.com/article/1/160/1422/in-the-footsteps-of-the-bison.html 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. Tue, 01 Jun 2010 00:00:00 UTC http://www.treasury-management.com/article/1/160/1423/leveraging-opportunities-in-latin-america-insights-into-cash-management-in-brazil-argentina-and-mexico.html 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. Tue, 01 Jun 2010 00:00:00 UTC http://www.treasury-management.com/article/1/160/1425/cash-management-in-argentina-a-solid-system-but-needs-fresh-air.html 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. Tue, 01 Jun 2010 00:00:00 UTC http://www.treasury-management.com/article/1/160/1424/cash-management-in-brazil-driving-a-fast-car....html 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. Tue, 01 Jun 2010 00:00:00 UTC http://www.treasury-management.com/article/1/160/1433/eact-news.html 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. Tue, 01 Jun 2010 00:00:00 UTC http://www.treasury-management.com/article/1/160/1431/discovery-and-rediscovery-familiar-solutions-for-new-challenges.html 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. Tue, 01 Jun 2010 00:00:00 UTC http://www.treasury-management.com/article/1/160/1432/executive-interview-leveraging-growth-opportunities-in-middle-east-and-north-africa.html 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. Tue, 01 Jun 2010 00:00:00 UTC http://www.treasury-management.com/article/1/160/1429/red-7...-the-winning-number-for-money-market-funds-.html 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. François Masquelier examines these papers in further detail. Tue, 01 Jun 2010 00:00:00 UTC http://www.treasury-management.com/article/1/160/1430/hybrid-innovation-at-tennet.html 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. Tue, 01 Jun 2010 00:00:00 UTC http://www.treasury-management.com/article/1/160/1428/enhancing-project-success-for-innovation-efficiency-and-competitiveness.html 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. Tue, 01 Jun 2010 00:00:00 UTC http://www.treasury-management.com/article/1/160/1427/financing-the-business.html 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. Tue, 01 Jun 2010 00:00:00 UTC http://www.treasury-management.com/article/1/157/1389/enhancing-collections-efficiency-and-customer-satisfaction.html 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. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/1/157/1390/strategies-for-centralisation-visibility-and-control-in-uncertain-times.html 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-á-vis their competitors. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/1/157/1391/optimising-the-treasury-technology-framework.html 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. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/1/157/1392/from-west-to-east.html Speech by Michael Geoghegan, Chief Executive, HSBC Holdings plc, to the American Chamber of Commerce in Hong Kong, 27 April 2010-06-08. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/1/157/1393/no-more-excuses-invest-implement-and-innovate.html 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. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/1/157/1394/greece-sneezes-europe-catches-cold-avoiding-contagion-in-corporate-liquidity-&amp;-risk-management.html 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. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/1/157/1395/risk-appetite-are-you-hungry-for-risk-.html 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, François Masquelier demystifies this somewhat confusing concept. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/1/157/1396/breaking-down-barriers-more-efficient-de-risking-of-defined-benefit-pension-schemes.html 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. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/1/157/1397/a-new-environment-for-cash-&amp;-trade.html 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. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/1/157/1398/eact-news.html 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. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1367/etexs-approach-to-cash-centralisation.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1368/using-swift-to-create-a-best-practice-treasury-infrastructure.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1369/seeking-strategic-advantage-in-a-new-era-of-treasury-management.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1370/what-matters-today-6-centralisation-&amp;-rationalisation.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1371/thinking-the-unthinkable-a-new-chapter-in-fx-risk-management-.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1372/applying-treasury-policies-financing-during-the-crisis.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1373/unprecedented-opportunity-the-bric-countries-under-a-new-economic-lens.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1374/top-priorities-for-2010-maximising-the-value-of-your-treasury.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1375/internal-controls-for-the-treasury-the-missing-piece....html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1376/credit-derivatives-a-crystal-ball-for-treasury-managers-.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1377/asian-banks-leading-the-way-to-recovery.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1378/executive-interview-the-way-ahead-for-money-market-funds.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/155/1379/eact-news.html In this month's EACT News section, Richard Raeburn discusses the SEPA implementation process and the proposals for regulation of OTC derivatives. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/1/152/1331/overhaul-of-ias-39-revolution-or-simplification-.html In this article, François Masquelier discusses the overhaul of IAS 39, why it is needed, and what implications it could have. Mon, 01 Mar 2010 00:00:00 UTC http://www.treasury-management.com/article/1/152/1332/bringing-tomorrows-answers-today-to-treasury.html 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. Mon, 01 Mar 2010 00:00:00 UTC http://www.treasury-management.com/article/1/152/1344/a-new-bank-for-a-new-decade.html 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. Mon, 01 Mar 2010 00:00:00 UTC http://www.treasury-management.com/article/1/152/1345/sepa-direct-debits-opportunity-or-opprobrium.html 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. Mon, 01 Mar 2010 00:00:00 UTC http://www.treasury-management.com/article/1/152/1346/what-matters-today-5-visibility-and-control-global-card-programmes.html 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. Mon, 01 Mar 2010 00:00:00 UTC http://www.treasury-management.com/article/1/152/1347/var-and-its-role-in-the-credit-crisis.html 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. Mon, 01 Mar 2010 00:00:00 UTC http://www.treasury-management.com/article/1/152/1348/building-for-recovery-tomorrows-sscs.html 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. Mon, 01 Mar 2010 00:00:00 UTC http://www.treasury-management.com/article/1/152/1349/a-view-of-2010-leveraging-relationships-to-improve-financial-resilience-and-customer-sevice.html 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. Mon, 01 Mar 2010 00:00:00 UTC http://www.treasury-management.com/article/1/152/1350/executive-interview-meeting-the-new-demands-of-chinese-corporates.html 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. Mon, 01 Mar 2010 00:00:00 UTC http://www.treasury-management.com/article/1/152/1351/an-indian-approach-to-global-m&amp;a-an-interview-with-the-cfo-of-tata-steel.html 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. Mon, 01 Mar 2010 00:00:00 UTC http://www.treasury-management.com/article/1/152/1352/eact-news.html 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. Mon, 01 Mar 2010 00:00:00 UTC http://www.treasury-management.com/article/1/151/1320/treasury-transformation-through-troubled-times.html 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. Mon, 01 Feb 2010 00:00:00 UTC http://www.treasury-management.com/article/1/151/1321/creating-competitive-advantage-through-cash-management.html In 2007, Istanbul-based Arçelik 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, Arçelik'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. Mon, 01 Feb 2010 00:00:00 UTC http://www.treasury-management.com/article/1/151/1322/leader-death-taxes-and-black-swans.html 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. Mon, 01 Feb 2010 00:00:00 UTC http://www.treasury-management.com/article/1/151/1323/will-the-tiger-see-rmb-becoming-king-of-the-jungle-.html 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. Mon, 01 Feb 2010 00:00:00 UTC http://www.treasury-management.com/article/1/151/1324/an-early-warning-system-for-asset-bubbles.html 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. Mon, 01 Feb 2010 00:00:00 UTC http://www.treasury-management.com/article/1/151/1325/visibility-visibility-visibility.html 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. Mon, 01 Feb 2010 00:00:00 UTC http://www.treasury-management.com/article/1/151/1326/minimising-sepa-migration-risk-a-practical-approach.html 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. Mon, 01 Feb 2010 00:00:00 UTC http://www.treasury-management.com/article/1/151/1327/working-capital-as-a-lever-of-profitability.html 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. Mon, 01 Feb 2010 00:00:00 UTC http://www.treasury-management.com/article/1/151/1328/treasury-collections-challenges-in-the-us-insurance-industry.html 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. Mon, 01 Feb 2010 00:00:00 UTC http://www.treasury-management.com/article/1/151/1329/emerging-from-the-crisis.html 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. Mon, 01 Feb 2010 00:00:00 UTC http://www.treasury-management.com/article/1/151/1330/eact-news.html 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. Mon, 01 Feb 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1286/the-payment-services-directive-what-corporates-have-been-waiting-for-.html 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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1287/strategies-in-a-new-financial-climate.html 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. <br> <br>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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1288/what-matters-today-4-creating-a-sustainable-liquidity-strategy.html 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. <br> <br>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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1289/managing-cash-during-the-crisis.html 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. <br> <br>The author also shares group experiences and observations of how best to increase treasury resilience in volatile and complex economic conditions. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1290/changes-pending-for-money-market-funds.html 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. <br> <br>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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1291/implementing-payments-and-collections-technology.html 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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1292/leveraging-an-erp-system-in-a-shared-sevices-centre-environment.html 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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1293/east-european-focus-the-retail-&amp;-consumer-industry-in-russia-and-cis.html 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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1294/east-european-focus-the-rewards-of-russian-retail.html 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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1295/east-european-focus-retailing-in-russia-hit-hard-by-the-crisis-but-a-good-time-for-foreign-entrants.html 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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1296/east-european-focus-cyprus-gateway-for-russian-and-cis-companies-to-the-london-capital-markets.html 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. <br> <br>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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1297/a-pan-regional-approach-to-liquidity-and-bank-connectivity.html PSA Peugeot Citroën 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. <br> <br>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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1298/the-new-generation-of-commercial-cards.html 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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1299/why-corporates-are-looking-to-regional-banks.html 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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1300/new-ways-to-present-a-financial-statement.html 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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1301/managing-counterparty-risk-in-otc-derivatives.html 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. <br> <Br>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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1302/executive-interview-revolutionising-relationship-banking.html 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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/146/1303/eact-news.html 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. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/1/145/1275/leader-efficiency-through-innovation.html 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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/1/145/1276/tipping-the-balance-present-and-future-for-mmfs.html 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. <br> <br>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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/1/145/1277/technology-transformation-at-nutreco.html 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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/1/145/1278/what-matters-today-3-relationships.html 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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/1/145/1279/getting-to-grips-with-working-capital.html 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. <br> <br>This article outlines some of the challenges and considerations in achieving this. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/1/145/1280/the-birth-of-rmb-cross-border-trade-settlement.html 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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/1/145/1281/tracking-benefits-and-managing-cash-flow.html 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. <br> <br>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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/1/145/1282/bringing-it-all-together-a-cohesive-approach-to-liqudity-and-risk.html 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. <br> <br>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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/1/145/1283/improving-returns-from-cross-border-cash-balances.html 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. <br> <br>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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/1/145/1284/relationships-risk-and-regional-banking.html 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. <br> <br>In the latest issue of TMI, our editor, Helen Sanders, interviews SEB's Head of Global Transaction Services, Mikael Björknert, 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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/1/145/1285/eact-news.html 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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1230/leader-three-degrees-of-liquidity.html 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. <br> <br>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. <br> <br>In addition to this, the article examines the use of Money Market Funds for their short-term investment strategy. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1231/sibos-reflections.html 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. <br> <br>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. <BR> <br>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). <BR> <br><i>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.</i> Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1245/executive-interview-energising-corporate-banking-in-a-new-world.html 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. <br> <br>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1232/filling-the-gaps-money-market-funds.html 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. <br> <br>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1233/the-ox-and-the-frog-german-conglomerates-in-the-current-crisis.html Is this worldwide recession sounding the death knell for the large family-owned groups? François 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. <br> <br>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. <br> <br>François 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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1234/what-matters-today-2-efficiency.html 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. <br> <br>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. <br>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. <br> <br>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). Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1235/to-hedge-or-not-to-hedge.html 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. <br> <br>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. <br> <br>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1236/supply-chain-finance-moving-from-concept-to-implementation.html 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. <br> <br>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1237/cash-pooling-in-cee-at-hoval.html 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. <br> <br>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1238/the-new-liquidity-paradigm-focus-on-working-capital.html 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. <br> <br>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. <br> <br>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1239/pan-european-cash-centralisation-for-cash-flow-efficiency.html 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. <br> <br>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. <br> <br>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. <br> <br>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1240/working-capital-and-liquidity-management-safety-first.html 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. <br> <br>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. <br> <br>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1241/meeting-the-cash-management-needs-of-nordic-companies.html 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. <br> <br>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1242/todays-vital-need-for-transparent-valuations.html 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. <br> <br>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1243/a-new-bank-with-new-horizons-the-new-commerzbank.html 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. <br> <br>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. <br> <br>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1244/a-new-focus-on-money-market-funds.html 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. <BR> <BR>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/141/1246/eact-news.html 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). <br> <br>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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1214/contents.html Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1215/leader-clients-demand-innovation-in-difficult-times-.html 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. Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1216/international-news-and-people.html Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1217/dates-for-your-calendar.html Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1218/letter-from-the-editor.html We are delighted to bring you this month's edition of TMI in which a wealth of bankers, corporate treasurers and other industry experts share their experiences and thoughts. This month's corporate contributors reflect a truly global sweep, from Vedior in Asia Pacific through to WellPoint in the United States, Gulf Energy in Africa and ASSA ABLOY in Europe. We are pleased to start a new series in TMI in association with J.P. Morgan, in which key executives share their insights into the most significant issues affecting treasurers today, accompanied by an Executive Interview with Linda McLaughlin-Moore on some of the developments currently taking place in Asia. Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1219/shared-service-centres-driving-positive-change.html Establishing shared service centres for centralising financial activities such as payments and collections is often a desirable activity from a shareholder’s perspective; however, their introduction can inevitably result in concerns and dissent amongst other parts of the business, where local responsibility may appear to be eroded and business functions moved to remote locations. From a treasurer’s point of view, centralising financial processes should bring a variety of benefits in terms of financial supply chain management, working capital optimisation and forecasting. In fact, treasurers should be closely involved in all aspects of a SSC migration, from developing the business case through to planning its activities, establishing technology and bank connectivity through to full migration. Without close integration between treasury and a financial SSC, many of these potential benefits are lost. In some companies, the SSC is part of treasury; in others they work in tandem; in others again, there is little or no interaction between the two so treasurers are losing out on leveraging these benefits, and failing to take advantage of shared objectives... Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1220/what-matters-today-1-risk-management.html In this first article in a series by J.P. Morgan, we look at some of the key issues affecting treasurers today and offer insights into ways of addressing them. In this edition, we look at risk management, which has become an integral element of every decision made in treasury. While treasury has always been tasked with managing risk, the profile of the risk management function has been elevated over the past two years, with the board now seeking a closer involvement in risk identification and mitigation. This is leading to heightened visibility of the activities that treasury undertakes, and increased recognition of its value to the enterprise. Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1221/implementing-an-anti-money-laundering-system-–-is-it-worth-it-.html Financial intelligence units around the world and the regulators responsible for implementing the new anti-money laundering (AML) regimes are quick to use statistics to prove the effectiveness of the new rules. However, some leading academics challenge these claims, and in fact say that there is no evidence to support the importance currently being attached to effective AML processes. Compliance and reporting rules are now well and truly part of the everyday business landscape in every country. No matter whether you manage a one-person bureau de change or are the compliance officer for a global bank, you have the same obligation to satisfy the regulators that you have a robust anti-money laundering and counter-terrorism financing process in place within your business. Unfortunately making these processes an intrinsic part of your business is costly and time-consuming, and not just during their implementation but as part of your on-going business... Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1222/cash-and-treasury-management-in-rapidly-growing-countries.html In the last two editions of TMI, we have been pleased to feature the 3rd BNP Paribas’ Cash Management University, which takes place on 8 – 9 October 2009 in Paris, France. This year, the event will focus on two of treasurers’ most important priorities: liquidity and risk. In the third article in this series, we preview another of the workshops that will take place during the event, looking at some of the issues for treasurers managing cash and treasury in the newer, rapidly growing economies, such as in Asia, Central and Eastern Europe (CEE) and the Middle East. Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1223/optimising-the-order-to-cash-cycle-at-vedior-asia-pacific.html Vedior Asia Pacific’s credit and collections processing is centralised in a shared service centre (SSC) in Sydney, Australia. This SSC handles the majority of accounts receivables activities for the organisation’s operating locations across Australia and New Zealand. The credit and collections team based in the SSC comprises 16 team members, including 12 collections staff and four allocation staff. The firm uses Microsoft’s Great Plains as its enterprise resource planning (ERP) system across eight separate databases for each of its brands. Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1224/looking-into-the-crystal-ball-the-future-of-global-liquidity-management.html The next few years look set to usher in major changes in the way in which corporations manage their global liquidity. While some of the factors likely to drive these changes have been present for a while, the economic environment plus recent developments in regulation and technology will have a significant impact too. Swee Siong Lee, Global Head of Liquidity Management, Transaction Banking at Standard Chartered, examines how treasuries may need to revise their global liquidity management strategies in the light of these developments. Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1225/migrating-the-treasury-function.html In 2008, ASSA ABLOY migrated its group treasury department from Geneva to Stockholm, a major undertaking involving an entirely new treasury team. Now that the department has been established in Stockholm for a year, this article looks back at some of the challenges and opportunities that the project presented, and makes some suggestion to other companies embarking on a similar project based on our experiences. Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1226/securing-credit-during-the-crisis.html Gulf Energy has a small treasury function in terms of staff numbers, but the department is responsible for managing large cash balances. Treasury uses spreadsheets to manage its activities, but Oracle Financials was recently installed, and the intention is to use this for cash flow reporting in the future. In addition, we have some experience of treasury management systems (TMS) so this is a possible route going forward... Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1227/implementing-a-tms-for-cash-optimisation.html WellPoint operates a centralised group treasury, divided into different functional areas. As the company is the result of several mergers, however, our business organisation and processes are complex, with over 100 operating companies, some of which were state-regulated and some unregulated. At the time of the merger between WellPoint and Anthem, we had two separate cash management functions, we had disparate account structures and ways of managing cash, and we wanted to integrate these into a single cash desk. Although we had a single treasury management system (TMS) in place, this was an old system that no longer supported the evolving needs of the firm; furthermore, the system was no longer supported by the original vendor. We did not consider it feasible to build our own replacement TMS; however, we needed to find a way to manage our business objectives and produce the large number of automated reports on which we relied... Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1228/change-and-innovation-in-asia.html With this year’s Sibos event taking place in Hong Kong this month, Helen Sanders talks to Linda McLaughlin-Moore, who has been responsible for driving significant innovation and change in payments and cash management across Asia. Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/140/1229/eact-news.html Tue, 01 Sep 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1187/how-is-your-bank-handling-sepa-direct-debit-.html Corporates are beginning to review their direct debit strategies and consider best practice collections procedures which leverage the bank’s SDD capabilities. As the deadline looms closer, for those who have yet to take any major steps, the time to act is now... Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1188/the-rising-sun-of-international-treasury-in-japan.html Japan is typically considered an elusive place to do business, with a highly regulated, perhaps introspective market, and impenetrable traditions and business conventions. However, with Japanese multinationals dominating the electronics sector and increasingly the auto industry, the second largest GDP in the world (World Bank, 2008) and a programme of financial reform, are the old assumptions still valid? Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1189/a-focused-approach-to-risk-management.html Skanska globally combines both centralised and decentralised elements in its financial management. Skanska Financial Services SFS) provides a central in-house bank, but there is also a treasury function for each business unit. In some cases, as in Poland, this comprises a team of 12 individuals, while in other countries the treasury function may be smaller. Treasury in Poland needs to support between 100-300 projects each season, each one of which operates as a separate entity. Around seven members of the team provide daily financial operational support to these projects and the remainder are involved in cash management. Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1190/payments-automation-at-gjensidige.html The cash management organisation at Gjensidige is responsible for banking communications, payments, collections and daily cash management, with investments handled separately. We work with SEB and DNB; currently SEB is a primary banking partner in Norway but we may extend this relationship in the future to other countries in which we have subsidiaries. Cash centralisation is more difficult for an insurance company than for other types of company as special rules apply to the industry, but we are aiming to adopt a single banking relationship to achieve better terms and visibility over our cash. In Sweden, we are restructuring the organisation in October 2009 which will allow us to centralise cash more easily. Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1191/seb-guide-to-liquidity-optimisation-an-integrated-approach-foreword.html After many long months of tension and uncertainty, there are signs that the financial crisis is finally starting to subside. As the ‘real’ economy was slower to be affected, its recovery is also proving slower, and many industries, across both production and service sectors, remain gripped by recession, with the disappointment of lay-offs and postponement of capital projects. However, while pessimistic commentators predict that some of the worst-affected businesses may not have a realistic chance of recovery until 2011, it seems likely that others will experience a more rapid change of fortune as consumer confidence improves. Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1192/seb-adapting-to-a-new-world-managing-counterparty-risk-&amp;-bank-relations.html Treasurers are under pressure to manage credit risk more effectively, optimise cash management and working capital, and to keep credit channels open. These challenges can create competing demands unless treasurers maintain a clear view of what the business requires and where the greatest value is derived from their banking relationships, and where they can afford to negotiate. As treasurers seek to rationalise their banking partners, and build closer relationships based on mutual trust and understanding of each other’s business drivers, it is increasingly important to select banks with the necessary expertise across the financial supply chain, including trade finance as well as cash and working capital management. Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1193/seb-addressing-the-liquidity-challenge.html Liquidity is an integral element of the treasury function: this in itself is neither new nor surprising. However, as a consequence of recent events, it is now many treasurers’ top priority. Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1194/seb-grasping-the-forecasting-nettle.html Cash flow forecasting has been at the top of treasurers’ lists of priorities for a number of years. For example, it was identified by 55% of treasurers in the SEB/gtnews Cash Management Survey 2007 as their primary objective. According to the same survey a year later, in the light of market events, forecasting was, for the first time, superseded by liquidity management. However, as the previous article highlighted, forecasting and liquidity are closely interlinked, and to be effective at gaining control over cash flow, and ensuring appropriate access to cash, requires treasurers to create regular cash flow forecasts. But why has forecasting been so elusive in the past, and how can this be resolved? Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1195/a-global-payments-strategy-at-alcatel-lucent.html Until 2005, Alcatel had been using a banking system provided by one of its primary cash management banks for high volume payments and we had no immediate plans to change. However, in December 2005, the bank announced that the system would be decommissioned during the course of the following year, which meant that we had no choice but to change the way in which we made our payments. We had two options: either to migrate to the new web-based banking system that the bank proposed, or find an alternative, bank- agnostic tool for bank communications. We reviewed the new web-based banking tool, but decided that it was less user- friendly than we would have liked, and we saw the attraction of a bank-independent system. We also wanted a solution that would support IBAN (International Bank Account Numbers) in anticipation of SEPA (Single Euro Payments Area) which the bank’s system did not do. Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1196/managing-risk-in-the-new-financial-climate.html In last month’s edition of TMI, we introduced the 3rd BNP Paribas’ Cash Management University, which takes place on October 8 – 9 2009 in Paris, France. This year, the event will focus on two of treasurers’ most important priorities: liquidity and risk. In the second article in this series, we preview another of the workshops that will take place during the event, looking at treasurers’ approach to risk management, and how this may have changed over the past year Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1197/the-better-the-brakes-the-faster-the-car-adding-value-through-improved-erm.html European companies have been using Enterprise Risk Management (ERM) to varying degrees as part of an ongoing effort to raise awareness and promote appropriate risk management responses and deliver value for stakeholders. More recently rating agencies have added to the clamour for increased transparency of risk management, providing senior management with an increased incentive to revise and improve ERM processes Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1198/what-next-for-cross-border-payments-.html An Interview with Ebru Pakcan, Head of Payments, EMEA, Treasury and Trade Solutions, Citi GTS Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1199/enhancing-and-integrating-financial-processes-at-rewe.html At REWE Group, we have embarked on a variety of cash and trade finance initiatives in recent months, with a view to optimising trade finance, cash management and liquidity planning and integrating financial information more effectively. Around 18 months ago, we restructured our finance department, which includes both treasury and trade finance, and put in place a new team. Since then, working with SEB, we have made a number of substantial achievements to enhance our internal and external processes. Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1200/eact-news.html Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/138/1201/the-new-generation-of-cash-management.html An Interview with Jason Singer, Managing Director, Head of International Cash Portfolio Management, Goldman Sachs Asset Management Sat, 01 Aug 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1138/liquidity-challenged-banks-need-strong-partnerships.html As a result of the global economic crisis, banks and corporates are under unprecedented pressures with respect to liquidity management. Many smaller and regional banks – despite efforts from central banks to pump cash into the beleaguered banking system – are facing funding dilemmas. This, in turn, is having an adverse effect on corporates. The pre-credit crunch days of cheap liquidity that could always be relied upon to ease most cash management concerns are well and truly over. In order to emerge from the wreckage of the credit crunch in a position to move forward, therefore, banks need to make significant changes... Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1141/keeping-the-liquidity-tap-on.html The liquidity crisis, which indeed it has been, has seen the liquidity tap (faucet) gradually turned off since the summer of 2007. Not only has the flow been reduced, but the cost of liquidity has increased dramatically. September 2008 saw a sharp reduction in flow, leaving just a dripping tap into an empty sink. Nearly a year on since Lehmans, where are we now? There have been signs of recovery and the elusive hand of the markets (and to some extent governments) may gradually be turning the tap back on, but costs remain high and firms are jostling to fill their cups from the trickle and there is not enough to go around. Where are firms today from a liquidity perspective, and what should their focus now be? While the free flow of liquidity could, with hindsight, perhaps not have continued indefinitely, treasurers today are far more aware of the need to manage their liquidity risk closely, perhaps the most considerable change in treasurers’ approach to liquidity in the past twelve months. Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1142/centralising-treasury-and-cash-management-processes-in-the-volkswagen-group.html The expansion of Volkswagen’s global presence over the last few decades has led to increased financial and liquidity related risks. Consequently, Volkswagen was seeking a comprehensive solution to manage financial transactions, global cash flows and financial risks more accurately. In 2005, Volkswagen AG decided to replace its legacy in-house cash, payment and treasury management solutions with an integrated platform based on SAP, referred to as the ‘Global Treasury Platform’. In summary, the Global Treasury Platform provided the following capabilities and objectives... Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1143/ebilling-=-environmental-billing-at-dhl.html In October 2008, DHL, global leader in the international express and logistics industry, announced its plans to eliminate over one third of the 18 million paper invoices it sends out across Europe annually by 2010, saving approximately 2,400 trees and 600 tonnes of C02 each year. DHL customers using the eBilling service no longer need to receive their invoices on paper, they simply log in to an online portal to view and approve them electronically. In this interview, Brian Thumwood, eBilling Manager, Europe at DHL talks to Helen Sanders, Editor. Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1144/managing-liquidity-and-short-term-investment.html BNP Paribas will once again be hosting its renowned Cash Management University on October 8-9 2009 in Paris, France. This year’s event, following a remarkable year for the financial world, focuses on two of treasurers’ most important priorities: liquidity and risk. In this new series of articles, we preview some of the themes and industry experts who will be part of the event, and follow up on the key findings. In this opening article, we speak to participants in one of the workshops which will form part of the Cash Management University Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1145/a-new-dimension-to-fx-dealing.html Banks are seriously contemplating credit-adjusting the prices they quote on FX derivative transactions. The credit parameter to be included in price quotes would have a significant impact on the cost of hedging, unless corporates use collaterals. It may turn out to be one of the consequences of the current financial crisis... Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1146/a-treasurers-dilemma.html Since the implementation of IFRS, many treasurers have had to increase their focus, and indeed have had their decisions increasingly driven by the accounting for certain transactions. In some cases this has been beneficial, as the accounting has provided increased economic transparency. On the other hand, we have seen a few cases where treasurers have opted for what they felt are less desirable economic alternatives, as they felt the accounting for the more economically sensible options was so misleading that it was not a sensible choice. At RBS, we have recognised the challenges that many of our customers have faced with certain aspects of IFRS in general, and specifically IAS 39. This article provides an overview of some of the more common ways we have assisted treasurers with the impact of IFRS... Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1147/united-we-stand-divided-we-fall-.html The current economic conditions have obviously precipitated many shifts in financial and commercial behaviour, with some of the most intriguing of these changes currently taking place in supply chains. This was readily apparent during the ongoing series of thought leadership forums organised for senior Asian corporate treasury personnel by Standard Chartered Bank’s Transaction Banking team, where participants discussed the increasingly symbiotic nature of their supply chain relationships... Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1148/correlation-between-credit-ratings-and-defaul-frequencies.html The year to-date count of defaults by S&P-rated corporates now stands at 68 globally – well more than triple the 19 defaults that occurred during the same period in 2008. Meanwhile, by region, the US has maintained its lead, with 54 defaulted issuers so far this year. Furthermore – as Standard & Poor’s latest Global Corporate Default Update, published 6th April 2009, also reports – 35% of defaults this year are outside of the US. This contrasts with 5% of defaults this time in 2008 – illustrating just how global the current economic and credit pressures have become. In addition, Standard & Poor’s has also recently published its Annual Global Corporate Default Study and Rating Transitions for 2008. Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1149/cash-management-in-a-credit-crisis-a-case-study.html Every treasurer has been forced to review how they manage their cash and liquidity since the crisis first struck. In this case study, we use a real-life example of a global insurance company and explore how treasury has dealt with the changing marketplace... Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1150/operational-efficiency-with-swift-at-world-first.html World First is the UK’s fastest growing foreign exchange broker, offering private individuals and companies excellent service and highly competitive foreign currency exchange rates. Based in London, it was founded in 2004 and has since worked with over 20,000 private clients and 3,000 companies. In 2008, the company’s foreign exchange transaction volume was over £1bn. Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1151/prioritising-sustainability-and-efficiency.html In the last edition of TMI, we discussed the financial drivers of a ‘green’ corporate strategy in addition to the more obvious environmental and ethical benefits. One bank which has pioneered environmental and social responsibility is Citi, through collaborative initiatives such as the Equator Principles, but also through the independent activities and personal commitment of its executives. In April 2009, Francesco Vanni d’Archirafi, formerly Citi’s Global Head of Treasury and Trade Solutions, was appointed Chief Executive Officer of Global Transaction Services (GTS). The ‘green’ agenda is a personal priority for Francesco, and we are delighted in this month’s edition of TMI to discuss his thoughts in more detail. Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/131/1152/eact-news.html In this month’s Note I thought it would be interesting to have an update on the work that Gianfranco Tabasso has been doing, on behalf of the EACT, on issues around the development of the payments infrastructure within the EU... Wed, 01 Jul 2009 00:00:00 UTC http://www.treasury-management.com/article/1/129/1126/leader-strength-through-integration.html On 12th May 2009, BNP Paribas completed the acquisition of Fortis Bank, becoming the number one bank in Europe for deposits and comprehensive European coverage. Following months of uncertainty and fragility in the banking market, BNP Paribas has remained resilient through the crisis. With the acquisition of Fortis Bank, the newly combined business is poised for future success in supporting our clients and delivering product and service innovation. BNP Paribas and Fortis Bank are highly complementary businesses, with each partner bringing strength and expertise in particular customer segments and geographies. Mon, 15 Jun 2009 00:00:00 UTC http://www.treasury-management.com/article/1/129/1128/doing-well-by-doing-good.html In this month's special feature article, Helen Sanders, Editor TMI,looks at whether the enviromental message is still being heard by corporates, above the cacophony of current economic laments Mon, 15 Jun 2009 00:00:00 UTC http://www.treasury-management.com/article/1/129/1129/corporate-finance-a-common-sense-approach-to-creating-competitive-advantage.html In the past, banks’ primary risk consideration was return on capital. Today,the efficient use of capital has become a priority; however, risk and reward need to be balanced as part of any financial decision, whether bank or corporate. As part of the risk management process, banks and their corporate customers are developing closer relationships, so that each party better understands the risks and requirements of the other. This is not a “one way” process; just as banks need to be assured that they will receive back money they have lent, counterparty credit risk is equally a concern for corporate treasurers. Mon, 15 Jun 2009 00:00:00 UTC http://www.treasury-management.com/article/1/129/1130/energy-global-greenhouse-gas-emission-strategies-and-trends-for-us-industrials.html Although overshadowed by the financial tumult of recent months, there is little doubt that with the new White House administration will come significant changes in both the US stance on climate change internationally and in Federal legislation. Energy and climate change played a significant role on the campaign trail with President Barak Obama’s platform including stimulus for alternative energy sources and an emissions cap and trade scheme promising to deliver significant cuts to emissions over coming decades. Mon, 15 Jun 2009 00:00:00 UTC http://www.treasury-management.com/article/1/129/1131/receivables-enhancing-receivables-for-improved-business-performance.html Since the start of the financial crisis, working capital management has become a dominant theme for corporate treasurers. In a constrained credit market with a high cost of borrowing through overdrafts or the capital markets, corporates are forced to look internally for ways to address costly inefficiencies in the financial supply chain, unlock working capital from within the business and make savings through operational efficiencies. Mon, 15 Jun 2009 00:00:00 UTC http://www.treasury-management.com/article/1/129/1132/treasury-technology-using-a-money-market-funds-portal-at-balfour-beatty.html Although the market remains very volatile, we do not anticipate any change to our short term investment strategy. Our investment approach is already very conservative, and although we may consider investment in government debt in the future, we are comfortable with our current strategy. We have had a very positive experience with MyTreasury and using a MMF portal has had a very favourable impact on our treasury activities Mon, 15 Jun 2009 00:00:00 UTC http://www.treasury-management.com/article/1/129/1133/regulation-could-brunei-darussalam-be-asias-next-leading-location-for-regional-treasury-centres.html As an increasing number of treasurers seek to centralise their treasury activities through a regional treasury structure, most multinational corporations look towards Singapore or Hong Kong as the location of their regional treasury centre for Asia. However, as these are high cost locations, in a competitive climate, there are potentially newly emerging locations in which to base regional treasury centres. In this article, Rady Roswanddy Roslan and Dr. Petr Polak consider the potential in Brunei Darussalam. Mon, 15 Jun 2009 00:00:00 UTC http://www.treasury-management.com/article/1/129/1134/cash-management-liquidity-risk-management-tools-for-treasurers.html Given the current environment, companies are holding more cash today than in previous years to brace themselves for the prolonged credit crisis at hand. Currently all companies in the S&P 500 stock index have increased their cash across the board by 1.5% year on year. Technology companies, who remember well the dot-com crisis earlier in the decade, have stock-piled nearly $232bn in cash and cash equivalents (up 6% year on year). In the risk-driven world of hedge funds, managers are moving into the safe haven of cash, effectively foregoing potential returns for the assurance of liquidity and the ability to pounce on opportunities to buy beaten-down assets. How does this translate for a corporate treasurer in today’s highly volatile environment? Mon, 15 Jun 2009 00:00:00 UTC http://www.treasury-management.com/article/1/129/1135/executive-interview-the-dawn-of-elnvoicing.html Two and a half years ago, Billington was formed as a joint venture between Getronics (now part of KPN) and ING, focusing initially on providing elnvoicing capabilities to the business-to-consumer (B2C) market. Since then, the company has expanded its range of services to support business-to-business (B2B) elnvoicing and supports clients across Europe. In November 2008, ING took full ownership of Billington and a substantial stakeholding in technology partner Anachron. In this interview, Helen Sanders talks to Job van Luyken, Managing Director of Billington Mon, 15 Jun 2009 00:00:00 UTC http://www.treasury-management.com/article/1/129/1136/eact-news-.html This article explains the impact of MiFID (Market in Financial Instruments Directive) on the relationship between corporate and investment firms as regards the rules of conduct. It describes the two major innovations implemented by this regulation: systematic categorisation of customers; and tests (suitability and appropriateness). This article also underlines the necessity to watch carefully the variable geometric nature of the duty of information for professional clients. Mon, 15 Jun 2009 00:00:00 UTC http://www.treasury-management.com/article/1/127/1086/changing-times-for-corporate-cash-management.html The ongoing economic turmoil has led to rapid developments in treasury and cash management. Banks and their corporate clients need to stay abreast of developments to ensure they emerge from the crisis unscathed, says Marilyn Spearing, Deutsche Bank’s Head of Cash Management Corporates. Fri, 01 May 2009 00:00:00 UTC http://www.treasury-management.com/article/1/127/1089/picking-up.html Very often at treasury conferences, liquidity is described as the lifeblood of an organization, effective liquidity management is not just about the substance which is pumped around the body of the company, but also the arteries through which it flows. For this reason, a focus on payments and how they are channelled in and out should be amongst the priorities for a treasurer in the new financial climate in which we find ourselves. In this article, we survey some of the trends and developments in payments, particularly in the United States, where the move toward payment automation has taken place a little later than in Europe and parts of Asia Pacific. Fri, 01 May 2009 00:00:00 UTC http://www.treasury-management.com/article/1/127/1090/maximising-opportunities-in-the-americas.html Corporates in the Americas, like their counterparts globally, are challenged to optimise liquidity, improve working capital and manage risk to succeed in today’s turbulent economic times. The weakening of the US financial services sector has created a multitude of uncertainties in the Americas and globally, says David Conroy, Americas Head of Trade Finance and Cash Management Corporates, Global Transaction Banking, Deutsche Bank. Fri, 01 May 2009 00:00:00 UTC http://www.treasury-management.com/article/1/127/1091/building-for-the-future.html A. Schulman is a leading international supplier of high-performance plastic compounds and resins, which are used as raw materials in a variety of markets. The company’s principal product lines consist of proprietary and custom-formulated engineered plastic compounds, colour concentrates and additives that improve the appearance and performance of plastics in a number of specialised applications. Headquartered in Akron, Ohio, A. Schulman employs approximately 2,200 employees and has 16 manufacturing facilities in North America, Europe, Mexico and the Asia-Pacific region. A. Schulman stock is quoted through the Nasdaq National Market System (Symbol: SHLM). Fri, 01 May 2009 00:00:00 UTC http://www.treasury-management.com/article/1/127/1092/pioneering-technology-in-treasury-new-trends.html In an environment where every company executive is tasked to “do more with less”, the role of technology is crucial in facili- tating both operational and strategic enhancements to the business. Treasury is no exception, with a range of new oppor- tunities to leverage technology in pursuit of enhanced business performance. In this article, we look at the market forces which are shaping innovations in financial technology and how Citi is both driving and responding to treasurers’ evolving technology demands. Fri, 01 May 2009 00:00:00 UTC http://www.treasury-management.com/article/1/127/1093/is-sepa-truly-pan-european-.html Dutch airline KLM was one of the first companies to implement the SEPA Credit Transfer on a large scale. What lessons can we learn from its experience? Fri, 01 May 2009 00:00:00 UTC http://www.treasury-management.com/article/1/127/1094/building-a-standardised-and-simplified-treasury.html Standardised and simplified operations are essential for any corporate treasury that wants to improve its operational efficiency and help contribute to the organisation’s wider strategic goals. Fri, 01 May 2009 00:00:00 UTC http://www.treasury-management.com/article/1/127/1095/implementing-fx-prime-brokerage-at-panalpina.html Treasury at Panalpina is responsible for providing cash management, corporate finance and risk management services to the company in line with both a long term strategy and annual targets. Achieving this requires a dedicated and professional team, and sophisticated, automated systems with a high degree of straight-through-processing (STP). One of treasury’s major activities is FX trading, for which treasury acts as a service provider to the company, as opposed to taking positions as a profit centre. We aim to manage our risks in line with corporate policy and we have a stringent approach to counterparty, settlement and operational risk. Fri, 01 May 2009 00:00:00 UTC http://www.treasury-management.com/article/1/127/1096/traversing-the-liquidity-gap.html In this month’s edition, we are privileged to be able to interview Dominic Broom, Head of Market Development, Treasury Services EMEA, The Bank of New York Mellon, who talks about pressures and challenges that are facing many mid-cap companies, and how their banks can help. Fri, 01 May 2009 00:00:00 UTC http://www.treasury-management.com/article/1/127/1097/the-cfos-role-in-navigating-the-downturn.html Aglobal downturn might appear to give companies with sufficient resources an unprecedented opportunity to buy assets or acquire market share on attractive terms. Indeed, many nonfinancial companies seem well positioned to do so, having entered the present crisis with stronger balance sheets than they had in past recessions, when businesses that followed countercyclical patterns of cash utilisation and spending fared much better than those with purely defensive strategies. CFOs will need to replace traditional approaches to budgeting and planning with a more aggressive one underpinned by a re-examination of earlier assumptions about earnings and growth and about how deep the downturn will be. Fri, 01 May 2009 00:00:00 UTC http://www.treasury-management.com/article/1/127/1098/setting-the-ratings-record-straight.html In response to recent criticism of credit rating firms, Barry Hancock, Managing Director and European Head of Corporate & Government Ratings at Standard & Poor’s Ratings Services explains the role and record of ratings and the new measures it is adopting. Fri, 01 May 2009 00:00:00 UTC http://www.treasury-management.com/article/1/127/1099/eact-news.html Fri, 01 May 2009 00:00:00 UTC http://www.treasury-management.com/article/1/123/1061/crisis-to-competitive-advantage.html 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. Sun, 01 Mar 2009 00:00:00 UTC http://www.treasury-management.com/article/1/123/1062/letter-from-the-editor.html Overview of the issue Sun, 01 Mar 2009 00:00:00 UTC http://www.treasury-management.com/article/1/123/1063/looking-east-the-islamic-alternative-.html 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 2009 00:00:00 UTC http://www.treasury-management.com/article/1/123/1064/expanding-in-mena-the-deutsche-experience.html Sun, 01 Mar 2009 00:00:00 UTC http://www.treasury-management.com/article/1/123/1065/optimising-collections-at-pt-indomobil.html Collecting cash on time is critical to every organisation. There are various elements in achieving this, from ensuring that it is as convenient as possible for customers to pay, through to efficient reconciliation, cash visibility and debt collection capabilities. Firms working predominantly in the business-to-business space, with lower volumes of collections and customers with structured accounts payable processes, tend to find collections easier. For retail companies with many thousands of individual customers, the experience can be very different. Sun, 01 Mar 2009 00:00:00 UTC http://www.treasury-management.com/article/1/123/1066/asset-financing-for-competitive-advantage.html Read through the financial pages of any newspaper and you will be hard pushed to find much in the way of good news. In the UK, one of the countries hit hardest by the economic downturn, the economy contracted by 1.5% during the last quarter of 2008, following a slide of 0.6% during the previous quarter. Many companies are struggling to maintain liquidity in an environment where credit may be harder to obtain and certainly more expensive, while revenues may be less predictable than in recent years. The immediate temptation by a business may be to freeze their budgets and cut costs, but those best placed to survive the recession and possibly emerge more competitive are those that take a longer-term approach to their investment programmes. Sun, 01 Mar 2009 00:00:00 UTC http://www.treasury-management.com/article/1/123/1067/mobius-bullish-on-the-year-of-ox.html On January 26th, China and Chinese all over the world celebrated the beginning of the Year of the Ox. I would prefer to call it the Year of the Bull because we expect that 2009 will be the year that the emerging stock markets witness a substantial recovery and China should lead the way to that recovery. The investment prospects and long-term outlook for China are excellent for a number of reasons .... Sun, 01 Mar 2009 00:00:00 UTC http://www.treasury-management.com/article/1/123/1068/finding-stability-in-an-unstable-world.html While 2007 and 2008 saw a tidal wave rush through the financial markets, 2009 is proving to be the year in which every industry is affected by turbulence and uncertainty. We continue our series of executive features with an interview with Pierre Fersztand, Global Head of Cash Management at BNP Paribas, who describes some of the ways that treasurers can create some stability in their company in an environment where uncertainty seems to permeate every part of the business. Sun, 01 Mar 2009 00:00:00 UTC http://www.treasury-management.com/article/1/123/1069/ing-guide-to-financial-supply-chain-optimisation.html In the earlier parts of this special Guide to Financial Supply Chain Optimisation, brought to you by ING, we have explored the elements which comprise the financial supply chain, from order to cash to purchase to pay, including both trade and cash. We have also considered various ways of leveraging financial assets such as purchase orders and receivables. In the final part of the Guide, we consider some of the opportunities to reduce costs and enhance efficiency in the financial supply chain further.... Sun, 01 Mar 2009 00:00:00 UTC http://www.treasury-management.com/article/1/123/1070/swift-connectivity-at-hifx-plc.html HiFX implemented SWIFT connectivity to enhance processing of payments and collections, and to extend the payment cut-off window, enabling a more competitive service. Indirect connectivity through SMA Financial has reduced the amount of resourcing required by HiFX considerably, and has been a cost-effective alternative to direct connectivity. STP rates have increased from 90%-99% as a result of the new technology infrastructure including SWIFT connectivity HiFX's volumes have increased by 1000% since using SWIFT, and they are now one of the largest corporate users of SWIFT .... Sun, 01 Mar 2009 00:00:00 UTC http://www.treasury-management.com/article/1/123/1071/the-competitive-edge.html In the first part of this article, Dr Linda Taylor looked at the political skills which treasurers need to secure their position and achieve career success. In this second part, she looks at the social skills, and offersadvice on effective networking. Sun, 01 Mar 2009 00:00:00 UTC http://www.treasury-management.com/article/1/123/1072/eact-news.html Sun, 01 Mar 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1037/six-pillars-of-banking-wisdom.html 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 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1038/contents.html 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 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1039/international-news-and-people.html Latest News and People in Focus Sun, 01 Feb 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1040/trimming-the-sails-the-2009-risk-agenda.html Nothing we do in life is free of risk, and if it were, it would not be much of a life at all. Business success is created by knowing when to take risks and to what degree. As we navigate our way through t0he current economic downturn, fear of the unknown has encouraged many of us to ‘batten down the hatches’ and seek refuge in safe havens until the storm has passed. With every treasurer far more conscious of risk than twelve or eighteen months ago, how should we be approaching financial risk today, and how have attitudes towards risk changed? Sun, 01 Feb 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1041/migrating-to-electronic-payments-with-bank-of-americas-paymode-solution.html For many years, Cumberland Farms, like most other firms, has made its supplier payments by paper cheque, along with wire transfers and supplier initiated ACH debits. However, over recent years, there have been significant developments in the electronic payments space, and we saw the potential value of migrating to electronic payments and reducing the number of paper cheques. Consequentlywe decided to embark on an automation project with the objective of reducing costs, deploying resources on more value-added tasks and increasing our efficiency. Sun, 01 Feb 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1042/fx-wholesale-and-retail-banking-automation.html Now more than ever, banks are turning inwards to see where they can offer new services and streamline processes. Perhaps surprisingly, opportunities are still to be found within foreign exchange. In retail banking new products like pre-paid cards are emerging and many banks in the wholesale business still have the opportunity to gain efficiencies within their systems. Although both the retail and wholesale banking segments are addressing different markets within foreign exchange, both segments can apply banking automation techniques to revolutionise the way they do business. Sun, 01 Feb 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1043/rzb-special-report.html The slump in the global economy has now reached the CEE region. Although the domestic economies in the CEE countries are still supported by private consumption and investments, a gloomier mood is becoming more and more prevalent in all of the Eastern European economies. After the record growth of the past years, the Central and Eastern European (CEE) economies face a substantial cooling down. The reason is the indirect consequences of the development on the global financial market, which manifested themselves in the CEE countries over the second half of the year 2008. Sun, 01 Feb 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1044/the-swift-return-on-investment.html The following is an edited transcript of a roundtable discussion held at this year’s SIBOS event hosted by Citi. We are grateful to all those on the panel for allowing us to reproduce their comments to readers of TMI. Panel: Richard Schwartz (Chair) Director, Information Partners Ed Barrie , Group Manager, Treasury, Microsoft Corporation Hans Cobben , Group Vice President, Global Payments and Messaging Solutions, SunGard Manish Jain , Global Transaction Services, Citi Thomas Martin , Head of Operations & IT, ABB Group Treasury Sun, 01 Feb 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1045/managing-treasury-in-a-ftse-100-company.html At the recent IACT (Irish Association of Corporate Treasurers) Conference in Dublin, Antony Barnes, Group Treasurer of Experian plc delivered a presentation on his experiences of running a FTSE 100 treasury function in Dublin. This article is based on the presentation and gives an insight into some of his key areas of focus. Sun, 01 Feb 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1046/centralisation-in-china.html China - known in Chinese as the Middle Kingdom - has always considered itself a natural hub for global business activity. Many multinational companies are now trying to enter the market to take advantage of the growth, consumer market size and innovation. But many people forget how large China is - the land mass is roughly equivalent to Europe. Like Europe, China has one currency, the RMB (Chinese Yuan), - but unlike Europe, which aims to standardise rules and regulations across the European Union, - companies operating in China must deal with many different regulations - local, provincial, and central, and the sometimes varying interpretations of all these regulations. Corporates need to navigate the regulatory environment carefully, thereby making centralisation more complicated; nonetheless, we are seeing an increasing number of companies looking to centralise some or all of their treasury activities in China Sun, 01 Feb 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1047/using-financial-supply-chain-management-to-support-working-capital-at-tech-data-corporation.html Tech Data is a low-margin business with the cost of goods more than 95% of sales revenue. It is therefore vital for senior executives to find ways to preserve margins and retain the firm’s competitive edge. There are a variety of factors which can affect margins - for example, inefficiencies in the physical, information or financial supply chain. Tech Data actively manages its financial supply chain in order to maintain working capital. The company avoids using financial institutions wherever possible, reducing interest costs and thereby creating benefits for its suppliers, customers and shareholders. Tech Data has provided roughly $600m of net cash through its operating activities over the past three years and sales have increased by almost $3bn. Treasury has had a major part to play in this business transformation. For example, by extracting liquidity by working the finan- cial supply chain harder, Tech Data’s net interest supply chain expense fell by $13.4m or almost 50% in 2007 without compromising its customers or suppliers. Sun, 01 Feb 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1048/the-competitive-edge.html With companies of all types now feeling the effects of the economic downturn, following a period of rapid global and technological development, the pressures on employees, as well as organisations, have changed dramatically. The employment market in all disciplines is highly competitive and with many firms downsizing, and fewer companies hiring, competition is likely to become even more aggressive. Treasurers are not immune from this trend, but even those whose jobs would seem secure need to continue to demonstrate value both personally and as a department. With this in mind, we are delighted to present the first in a two-part series by Dr Linda Taylor. In this first article, she outlines the impor- tance of political skills. In the second, which will appear in the next edition of TMI, she looks at social skills and offers advice on effective networking. Sun, 01 Feb 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1049/eact-news.html A Note from the Chairman... Sun, 01 Feb 2009 00:00:00 UTC http://www.treasury-management.com/article/1/120/1050/executive-briefing.html Here we present a brief summary of a selection of articles from the last issue of TMI. Sun, 01 Feb 2009 00:00:00 UTC http://www.treasury-management.com/article/1/118/1025/contents.html TMI Categories: The Global Economy 2009, International News and People, Cash Management, Corporate Finance, TMI Awards, Special Report, Other, Asian Credit Crunch, Strategic Treasury, EACT News, Executive Briefing. Mon, 01 Dec 2008 00:00:00 UTC http://www.treasury-management.com/article/1/118/1024/looking-ahead-the-global-economy-in-2009.html As 2008 draws to a close, corporate treasurers and CFOs may be forgiven for looking at 2009 with some trepidation. Financial markets still face extreme levels of volatility, the financial system remains under severe pressure and we continue to see leveraged investors being forced to sell assets. On the wider economic front, the secular market dislocation we have just witnessed has lead to a real dearth of credit for companies and a severe economic downturn. Some companies have reported unprecedented negative operating conditions. The sudden deterioration in a range of key economic indicators tells a similar story. So will 2009 bring more of the same or are we getting closer to the point of maximum pain for the global financial system and the wider economy, albeit with a long healing process ahead? Mon, 01 Dec 2008 00:00:00 UTC http://www.treasury-management.com/article/1/118/1026/news-and-international-people.html A selection of news for the month. Mon, 01 Dec 2008 00:00:00 UTC http://www.treasury-management.com/article/1/118/1027/implementing-regional-banking-in-emea-and-asia-at-corning.html Corning Incorporated is the world leader in speciality glass and ceramics. Established in 1851, and headquartered in Corning, New York, Corning employs around 24,000 individuals worldwide. The company creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. 2007 revenues exceeded $5.8bn with net income of $2.15bn. Mon, 01 Dec 2008 00:00:00 UTC http://www.treasury-management.com/article/1/118/1028/managing-liquidity-risk-with-outstanding-suppliers.html Although the liquidity crisis has been rumbling on in the banking sector for almost 18 months, the collapse of Lehmans in September has pushed the crisis into the real economy. This event marked a profound transformation of the financial sector, and every government, bank, corporation and individual is now seeing the impact. What is also apparent is the phenomenal speed with which the downturn has taken place: since the summer, when it was largely “business as usual” for companies outside the banking sector, companies of all types are now experiencing a significant fall in revenues. With economic change accelerating, and such a rapid and substantial alteration in companies’ liquidity profile, the focus for all firms must be to create working capital and preserve liquidity. Mon, 01 Dec 2008 00:00:00 UTC http://www.treasury-management.com/article/1/118/1029/a-brew-with-all-the-right-ingredients.html One of the world’s largest brewers, SABMiller has brewing interests and distribution agreements across six continents. Their wide port- folio of brands includes premium international beers such as Pilsner Urquell, Peroni Nastro Azzurro, Miller Genuine Draft and Grolsch along with market-leading local brands such as Aguila (Colombia), Castle (South Africa), Miller Lite (USA), Snow (China) and Tyskie (Poland). The company is also one of the world’s largest bottlers of Coca-Cola products. At Group Treasury in SABMiller plc’s office in Woking, UK, we currently set policy, arrange the funding requirements of the group, alongside running the treasury and risk management activities of the parent company and the group’s cross- currency cash pool. Mon, 01 Dec 2008 00:00:00 UTC http://www.treasury-management.com/article/1/118/1030/credit-crunch-and-the-asian-tigers.html The extent of globalisation and the interdependence of the global financial markets are more evident today than ever before. One could have never imagined the impact of risky home loans in the US on the global equity markets and on the balance sheets of investment banks which invested in these risky assets in the secondary market. With capital troubles hitting the likes of Northern Rock, the demise of Lehman Brothers, Bear Sterns and Merrill Lynch being taken over etc., these underlying mortgage- backed assets were deemed worthless. When the first signs of trouble started surfacing, the jury was divided on the resulting impact on Asia. There were strong proponents of the ‘Asia de-coupled’ theory and some economic pundits indeed argued that the Asian economies were less reliant on the west, based on domestic demand coupled with strong growth in intra-Asia trade, resulting in Asia being insulated from the credit crisis in the US. This theory has since been amply disproved. Asset prices in Asia are on a southward spiral as investors become risk-averse and move to safer instruments such as cash deposits or need the liquidity to service their working capital requirements as banks tighten credit lines. Most Asian stock indices have fallen 30-40% from their January 2008 levels and Asian exports seem to be slowing down as demand for Asian goods softens. Mon, 01 Dec 2008 00:00:00 UTC http://www.treasury-management.com/article/1/118/1031/supporting-business-expansion-in-central-&amp;-eastern-europe.html Through astute acquisitions and licensing partnerships, Coty Inc. has become the world’s largest fragrance company and a recognized leader in global beauty with annual net sales of US$4 bn. Driven by an entrepreneurial spirit, passion, innovation and creativity, Coty Inc. has developed an unrivalled portfolio of notable brands and delivers its innovative products to consumers in 90 markets worldwide. Rapid business growth and expansion into new regions brought a variety of challenges for treasury. Until a few years ago, although we had treasury centres in New York and Amsterdam, cash management, foreign exchange and funding were largely decentralised, leading to a high cost of borrowing and difficulties in achieving visibility over liquidity and risk. Consequently, we have focussed on centralising and automating many of our treasury processes, whilst respecting the local needs in each country, so that treasury is now positioned as a strategic part of the business expansion team at Coty. Today, we have a simple, but highly effective structure in cash management, financing and foreign exchange. Mon, 01 Dec 2008 00:00:00 UTC http://www.treasury-management.com/article/1/118/1032/ing-guide-to-financial-supply-chain-optimisation-(part-2).html Part 2 of a 3 part series from ING on Supply Chain Optimisation. In this edition, ING discusses the various ways of unlocking value from the financial supply chain and how they can contribute to an appropriate and flexible financing strategy. In addition, looking at some of the new an evolving opportunities for supply chain financing. Mon, 01 Dec 2008 00:00:00 UTC http://www.treasury-management.com/article/1/118/1033/tmi-awards-2008-for-innovation-and-excellence.html Welcome to this special 10th Anniversary Awards edition, in which we recognise innovation and excellence in banking and professional services to corporate treasurers. The number of Awards and the votes by our readers has grown enormously over the past ten years, with 2008 proving a record year. We are now pleased to present 45 Awards to banks and suppliers of technology solutions and professional services to treasurers globally. Mon, 01 Dec 2008 00:00:00 UTC http://www.treasury-management.com/article/1/118/1034/eact-news.html A Note from the Chairman... Mon, 01 Dec 2008 00:00:00 UTC http://www.treasury-management.com/article/1/118/1035/executive-summary.html Here we present a brief summary of a selection of articles from the last issue of TMI. Mon, 01 Dec 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1000/capitalising-on-market-uncertainties.html 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 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1001/contents.html Contents of TMI 171 - November 2008 Sat, 01 Nov 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1002/letter-from-the-editor.html Sat, 01 Nov 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1003/news-&amp;-international-people.html A selection of news in November in the Treasury and Cash Management world. Sat, 01 Nov 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1004/rowing-from-the-rocks.html With recent announcements of recession in Japan and a growth slowdown in China, the current crisis is truly global. On the one hand, companies all over the world have the same need to manage risk and liquidity; on the other, the opportunities for liquidity management differ across regions. In this article, we look at one aspect of liquidity management, namely short term investment, and the trends in Asia in particular. Sat, 01 Nov 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1005/security-and-straight-through-processing.html Anglo American Plc typically actively manages its short term cash using AAA-rated money market funds (MMFs), mainly USD, a policy which we have had in place for a few years. As a conservative investor, maintaining high levels of security and liquidity is central to our treasury strategy and key to our rationale in using MMFs. We do not actively chase yield, prioritising security and liquidity of our funds, and our cash is used to pay down debt, wherever possible. Sat, 01 Nov 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1006/ing-guide-to-financial-supply-chain-optimisation-(part-i).html Part 1 of a 3 part series from ING on Supply Chain Optimisation. In this edition, ING introduces the financial supply chain and discusses improvements to order-to-cash and purchase-to-pay processes. Sat, 01 Nov 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1007/swift-connectivity-at-abb-treasury.html Since 2002, ABB has had a highly centralised treasury function within a relatively decentralised company. Group treasury is located in Zurich, Switzerland, with regional treasury centres in the US and Singapore. ABB recognised that accessing their banks via SWIFTNet would be beneficial, and made the decision earlier this year to connect to SWIFT, with the project initially focussing only on treasury payments, a crucial area for ABB. The decision was based primarily on security requirements, but ABB also recognised the potential to access other services from their banks through SWIFTNet in the future. The implementation of FINpayments through SWIFTNet has been a relatively straightforward process, with considerable support and advice coming from ABB’s service bureau BPP and from SWIFT. ABB went live with its first bank in October 2008 and will be live on the remaining two by year end. Sat, 01 Nov 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1008/managing-settlement-risk-at-national-express.html National Express has a centralised group treasury function, plus local treasurers based in each of their key regions, the UK, North America and Spain. To cope with increasingly complex international treasury requirements they have recently implemented the Wallstreet Treasury ASP solution, to replace the use of spreadsheets, which they considered was no longer a sufficiently solid or reliable way of managing their activities. The company has achieved significant benefits in control over inter-company funding, accounting, risk management and disaster recovery as a result. Sat, 01 Nov 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1009/centralising-regional-liquidity-management.html Konica Minolta with European Headquarters in Germany and subsidiaries across the region recently recognized the need to adopt a centralized regional liquidity management structure. The company sought to gain oversight of cash positions and mobilise cash across the region and their priorities in achieving this goal were to increase the transparency, control and centralisation of cash positions, to reduce their interest costs, shorten the balance sheet and reduce their banking costs. After discussions with several selected banks Konica Minolta chose RBS, as their partner in this project, because of the bank’s proven track record in liquidity management, their global footprint and their regional expertise. The resulting European Liquidity Management solution has now been rolled out to 19 major countries in Europe. Sat, 01 Nov 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1010/a-swift-approach-to-cash-&amp;-trade.html An Interview with Angela Potter, Head of International Cash and Trade, Commercial Banking, Barclays Sat, 01 Nov 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1011/eact-news.html A Note from the Chairman Further Intervention Required to Support Commerce by Richard Raeburn, IGTA Board Director www.igta.org Money is too dear by François Masquelier, Head of Corporate Finance and Treasury, RTL Group and Honorary Chairman, EACT Sat, 01 Nov 2008 00:00:00 UTC http://www.treasury-management.com/article/1/115/1012/executive-briefing.html Here we present a brief summary of a selection of articles from the last issue of TMI. Sat, 01 Nov 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/982/supply-chain-financing.html Cash is king and in support of this reality corporate treasurers are focusing on the company’s cash conversion cycle - how to convert assets to cash and maximize cash on a global basis. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/983/letter-from-the-editor.html Producing a monthly publication during a time of so much change and turbulence in the market has become somewhat of a frustration to me. With events moving so rapidly, how can we present something which is timely and relevant? However, when I read back the comments from our expert contributors from banks, corporates and vendors over the past few months, I realise that good advice remains good advice, whatever the market circumstances. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/984/news-in-october-2008.html A selection of News and appointments from the treasury world. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/985/the-third-movement-in-the-swift-score.html With market conditions changing daily, treasurers are caught in a whirlwind to ensure the business has the finance it needs, liquidity is maintained and that they have a firm handle on risk. Banks are changing the way that they assess the risk of their corporate customers, but are we doing the same with our banks? Disaster mitigation and recovery of all sorts has never been more important in treasury than today. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/986/launch-of-swift-alliance-lite.html An Interview with Elie Lasker, Solution Manager, Corporate Access Programme, SWIFT Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/987/making-a-compelling-case-to-join-swift.html On Day One of the SWIFT Corporate Forum at Sibos, the key theme was the value proposition of SWIFT for corporates and how to move from decision to implementation. In this summary, we outline the key points from one of the panel sessions. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/988/swift-for-mid-sized-corporates.html While Sibos 2007 was mostly attended by large, multinational corporates with multiple banking relationships, this year’s event saw a broader spectrum of companies expressing an interest in SWIFT connectivity, from mid-sized corporates to the largest multinationals, including companies with a primarily domestic focus, low volumes and few banking relationships. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/989/reflections-on-the-conference-season.html This year’s major conferences, Sibos, EuroFinance in Barcelona and the AFP Annual Conference have coincided with some of the most historic events in financial history. To discuss the mood, themes and outcomes of the events, Helen Sanders, Editor, was delighted to interview Marilyn Spearing, Global Head for Trade Finance and Cash Management Corporates, Deutsche Bank. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/990/a-new-systems-framework-at-tesco-plc.html Since the mid-90s, Tesco has been investing in new markets overseas, seeking out new opportunities for growth and ways of generating long-term returns for shareholders. Today, the group operates in 12 markets outside the UK, in Europe and Asia. Over 100,000 employees work in the company’s international opera- tions, serving over 15 million customers and generating GBP7.6bn sales and GBP370m profit. To support the increased scale and complexity of its treasury activities, Tesco has recently embarked on a project to develop its treasury technology from a series of unconnected applications to a fully integrated, best-in-class technology framework able to support the increased scale and complexity of its treasury and payments activities derived from its global expansion. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/991/nordic-capital-markets-corporates-and-investors-in-the-credit-crunch.html Despite the continued integration and even convergence of international capital markets, local capital markets in European countries have still retained some of their distinct characteristics. In some circumstances this could be seen as evidence of inefficiencies and lack of progress in integration within the European Union. However, in times as today, some local insularity shows its benefits as corporates have been able to maintain their access to diversified sources of debt and by that, protect their financial and strategic flexibility. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/992/the-national-payments-plan-what-corporate-treasurers-need-to-know.html This article outlines the most pertinent points in the National Payments Plan that will impact treasurers and provide an overview of the challenges and opportunities that the Plan will present to UK corporates. It highlights where more needs to be done to support treasurers in their adoption of the NPP’s principles and also what can be done now to prepare for the inevitable changes in the payment landscape. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/993/news-from-twist-encouraging-developments.html An ad-hoc working group of TWIST led by Steven Hartjes, Senior partner at Ernst & Young, has written a white paper about the control framework for e-invoicing. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/994/unlocking-cash-at-fci.html FCI wanted to improve its DSO position, and lacked a system which would provide the company with a comprehensive and accurate picture of its accounts receivables at any one time. It sought a solution which would establish a consistent, transparent workflow for end-to-end transaction processing and provide a centralised view of collections, as well as enhanced reporting. This article describes the system which was chosen and successfully implemented, and the significant benefits that have resulted, including unlocking cash previously tied up in overdue payments. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/995/cash-pooling-in-central-and-eastern-europe.html Cash pooling, which is such a familiar and well-established part of the routine in treasuries in most of western Europe and the US, has only recently been available in central and eastern Europe and in some parts of the region, such as the Balkans, is still embryonic. TMI is pleased to publish this Special Report, which provides a useful overview of just what can and cannot be done in the various countries. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/996/cash-pooling-and-a-business-practice.html Globalisation, calling for unification through necessity, is not a small task set before many companies – unifying procedures in several countries and/or localities, which have not always been simple and unambiguious. The process of incorporating and standardising has often been hindered by local customs and disagreements. This article describes the legal and tax environment for companies working mostly in central and south east Europe in the energy sector, the possibility of real cash pooling, how it functions and mostly how it is introduced in âEZ Group, the largest Czech holding company. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/997/cash-pooling-in-central-and-eastern-europe.html Concerning the opportunities to introduce or employ cash pooling, the Czech Republic ranks at the top of Central and Eastern Europe. There are no substantial problems in the form of legal or fiscal restrictions. Cash pooling, whether in the form of zero balancing, or of a notional, cross-currency or cross-border pool, is offered by all major banks. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/998/eact-news.html EACT elects Richard Raeburn to be new Chairman Treasurers have become ultra careful in terms of investment duration. We might think that they manage liquidity as if they had to be permanently capable of taking out billions of euros from one day to the next. CFOs often struggle to define precisely the horizon of liquidity investment. This makes the task all the more delicate for a treasurer, who cannot, from now on, benefit from market opportunities and from the possible steepening interest yield curve. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/114/999/executive-briefing.html A brief review of articles published in TMI 168. Wed, 01 Oct 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/949/letter-from-the-editor.html Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/950/focus-on-liquidity-to-win-gold.html 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. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/951/news-in-september-2008.html A selection of News and appointments from the treasury world. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/952/gathering-together-and-scattering-abroad.html 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. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/953/thinking-global.html 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. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/954/‘every-little-helpsÂ’.html Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/955/swiftnet-a-channel-for-change.html With Sibos this year attracting a record number of corporates, and an increasingly broad spectrum of corporates sharing their experiences, SWIFTNet is becoming the talking point across the corporate treasury community. But why is the story of SWIFTNet so compelling and what likely developments will we see? Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/956/leveraging-paperless-payments.html Back in 2004 Toyota decided it had to take some action to stem the inexorable paper tide which was swamping its business. All types of paper were involved but the major problem was the paper check, of which the company used many thousands every year in incentive payments to its sales professionals at dealers across the US, involving over $180,000 annually in distribution alone and significant resources in queries and dealing with lost or stolen checks. Toyota needed a solution that would free up its Finance team, reduce payment costs and eliminate check-writing altogether. The author describes the chosen program, based around a customized T oyota Visa Prepaid Card from Citi Prepaid Services, and the benefits it has brought both to the firm and to its sales professionals. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/957/internet-banking-raising-expectations.html Over the past decade, online banking has become a cornerstone in the way that banks communicate with their customers. It has long ceased to be simply a medium for information and transactions and now provides many of the services you would expect of a relationship manager. But functionality alone is not sufficient. As treasurers’ familiarity with the internet has developed, they are seeking more from their internet banking tools. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/958/responding-to-economic-uncertainty.html Although Oxford Instruments has not so far experienced any significant loss of revenue, it acknowledges that there is no room for complacency in the worsening economic climate. In this article the Group Finance Director describes the steps the firm is taking to put itself in the best position possible to weather any possible future storms. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/959/tms-transformation-at-stmicroelectronics.html Acknowledging that its treasury resources were not being utilised as efficiently as possible, ST decided that it would review all treasury processes and the relevant technology, with the object of improving automation, control and visibility and implementing an in-house bank. The firm wanted a specialist TMS to be used globally, and which would be able to cope with future requirements. This article describes how the corporate needs were assessed and how the W allSteet Suite system was chosen and implemented, with the ensuing benefits and some remaining challenges. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/960/liquidity-management.html This article is based on findings from Treasury Strategies’ 2008 Global Corporate Treasury Research Program. It reveals how, in response to financial instability, treasurers in North America, Europe and Asia are rebalancing their cash portfolios and restructuring their banking relationships, with the intention of relying more heavily in future on banking providers. Europe and North America are also increasingly turning to technological solutions, while in Asia the focus is on business development. The author examines the implications of the research findings for the providers of services: in brief, “deliver enhanced banking solutions that optimise liquidity and manage risk”. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/961/the-journey-of-currency.html This article reveals what the author calls ‘the secret life story’ of the common banknote, describing production processes, materials including polymers and plastics, how the notes are stored, put into circulation and withdrawn at the end of their useful life, and the demand for ever more sophisticated levels of security. As compliance with anti-money laundering and counter-terrorism financing regulation is increasingly being demanded in most countries around the world, it is becoming more important to step up the levels of automation of procedures surrounding the management of currency. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/962/a-methodology-for-combating-currency-volatility-madness.html This article describes how companies can transform business system data into actionable intelligence to help them manage foreign currency volatility . The author takes the example of Kennametal, a company which designs and manufactures products for the metalcutting industry, showing how they set about finding ways to automate and streamline the information gathering process, ultimately achieving the protection of corporate value and enabling Treasury to take a more central role in identifying, quantifying and managing financial risks to the organization. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/963/regulating-transformational-branchless-banking.html This article is based on assessments of policy and regulation in seven countries - South Africa, Kenya, the Philippines, India, Pakistan, Russia and Brazil - where regulation of branchless banking targeted at the unbanked poor is still not fully formulated. While there are many differences between these various countries, policy makers and regulators are facing common challenges in drawing up regulations that allow both innovation and the safe expansion of branchless banking. The authors describe the current regulatory regime in each region and conclude by providing recommendations in respect of both content and process. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/964/eact-news.html A Note from the Chairman Responding to the IASB Discussion Paper on Reducing Complexity in Reporting Financial Instruments Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/111/965/executive-briefing.html A brief review of articles published in TMI 167. Mon, 01 Sep 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/931/letter-from-the-editor.html Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/932/news-in-july-2008.html A selection of News and appointments from the treasury world. Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/933/cancelling-your-holiday-think-again.html Back in the balmy days when I was in treasury, admittedly of an extremely cash-rich company, we spent every afternoon switching in and out of USD investments - bonds, FRNs but in particular, every flavour of asset-backed security you could imagine: mortgages, credit cards, student loans, car loans. For us, the elements which defined treasury performance were i) cash balances at zero at the end of each day, without the odd collection sneaking in at the last moment, or not coming in at all, and ii) the yield on long-term investments. This is not to say that other priorities weren’t important: counterparty limits, credit ratings and endless investment policy reviews were also scrutinised, but ultimately, yield was what mattered. Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/934/nestlés-approach-to-group-pension-fund-management.html As a global company with 265,000 employees in nearly every country, Nestlé has occupational pension schemes around the world with assets amounting to close to CHF 30bn (USD 25bn), mainly in defined benefit (DB) schemes. One of the problems of having schemes in many countries is the difficulty of ensuring visibility of the position of each scheme, including ensuring that the way that assets are managed and the quality of advice which is available to the trustees of each scheme is of a consistently high quality. In 2006, Nestlé set up a new wholly-owned subsidiary company, Nestlé Capital Advisers. Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/930/prioritising-truth-and-responsibility.html A Leader article based on a translation of the Keynote Address delivered in Czech by Václav Havel, in Prague, on the 16th July 2008. Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/935/a-methodology-for-adding-value-to-business-unit-performance-through-the-management-of-financial-risk-variables.html Companies today face a multiplicity of obstacles in their quest to achieve the returns on capital required by stakeholders. The majority of these obstacles can be overcome through active management of the issues by members of the organisation. For example, production processes can be reengineered to overcome quality issues, marketing plans and strategies can be adapted to changing consumer preferences, and staff shortcomings can be addressed by appropriate training and education. All of these actions can have positive impacts on an organisation’s ability to meet its strategic targets through specific and focused interventions. Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/936/treasury-outsourcing-at-campbell-soup-company.html Campbell Soup Company has outsourced its day-to-day European treasury and cash management activities to an external provider for several years. A change in the company’s European cash management bank prompted the decision to review its outsourcing arrangements, resulting in a change of provider. This article summarises the main reasons for the change and the differences in service levels which the company has experienced, including a useful list of recommendations for firms considering making a similar move. Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/937/a-roadmap-to-global-pension-fund-management.html Multinational companies with employees worldwide are often faced with the predicament of having occupational pension schemes in different locations, resulting in disparate pools of assets and liabilities across the world. While few new schemes are defined benefit (DB) schemes and many older schemes are now closed to new members, DB schemes create ongoing challenges as the value of assets versus schemes’ liabilities fluctuates, creating new financial obligations for sponsor companies. There have been several high profile cases where controversy over a company’s occupational pension scheme has created significant problems during merger & acquisition negotiations and even caused these discussions to terminate. When the number of schemes which a company manages is multiplied, these issues become even more complex. Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/938/trends-in-supply-chain-finance.html As the impact of the global credit crunch has the knock-on effect of tightening credit criteria for corporate lending, financial directors need to look for alternative means of raising their working capital. Supply Chain Finance (SCF) is generating much enthusiasm amongst banks and their corporate customers as a means of substituting for lower credit availability. SCF structures not only allow large corporations to extend their credit terms with suppliers, but also to use the credit quality of their payables to allow their banking partner to finance their suppliers’ outstanding invoices at a favourable rate. This report updates Demica’s first SCF research from early 2007 and reveals that over nine out of ten major interna- tional banks are now offering their corporate customer SCF solutions - a virtual doubling since last year . Equally, corporations report a 65% increase in live SCF programmes compared with a year ago. Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/939/brunei-darussalam.html Brunei Darussalam has many of the most important attributes of a location for a treasury centre (TC), such as political and economic stability, liquidity, time-zone convergence and a skilled and educated workforce. However, it has not so far managed to attract many MNCs to locate their treasury centres within the country. The author suggests an approach to various reforms, such as taxation reforms, which are needed if the country is to fulfill its potential in this respect. Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/940/using-money-market-funds-during-economic-instability.html The TMI/ATEL Treasury Forum was a very insightful and interactive event and we are pleased to bring you the transcript from the session. Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/941/eact-news.html A note from the Chairman on SEPA and a balance on CAST Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/109/942/executive-briefing.html A brief review of articles published in TMI 166. Mon, 21 Jul 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/899/contents.html Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/900/leader-a-world-of-difference.html Following a decade and half of generally strong growth and benign economic conditions, the world is in the midst of a very serious financial crisis resulting in weaker global economic growth. The epicenter of this turmoil is the US and in particular the US consumer but the ripples have spread out around the world. However, the effects are not uniform: there are great differences in the fortunes of companies, markets and economies and this has profound implications for both cash management and overall working capital management. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/901/letter-from-the-editor.html Treasury should become the beacon of positive energy in your business, not in a chi/karma/crystal swinging sort of way, but by making sure that the balance sheet, working capital and management of risk is in good shape to take whatever knocks the company may receive. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/902/news-in-june-2008.html A selection of recent News and International people Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/903/negotiating-the-rapids.html The credit crunch has dominated the financial headlines for what seems like an eternity. Although it must (surely!) end eventually, in the meantime tr easur er s are having to hold their nerve and guide the company’s finances through a landscape eroded of traditional investment and financing opportunities. While balance sheet restructuring and share buybacks were frequent occurrences in the past to deliver return on equity, treasurers are now under pressure to deliver value in an environment where there would seem to be little available. In this article we steer you through the difficult straits and exhilarating rapids of delivering return on equity. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/904/satisfied-or-your-money-back-—-are-you-satisfied-with-your-treasurer-.html “We must accept the need to question what we do, which is not a gift shared by all”. This article emphasises that treasurers should take a positive interest in the satisfaction of their customers, both internal and external. This can be achieved either by discussion, or, preferably, via questionnaires and customer satisfaction studies, with the aim of developing customer loyalty. The author cites the annual EuroFinance survey, which enables the establishment of useful benchmarks. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/905/tms-implementation-at-fiberweb.html Following flotation in 2006, Fiberweb needed to be able to access its treasury system remotely, and decided to implement a best practice treasury department. This article describes the challenges the company faced, and the results and benefits from implementation of the Wallstreet Treasury ASP. These include: Improved productivity and efficiency Reduced margin for human error A more streamlined treasury Easier compliance with regulatory requirements and accounting standards Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/906/pitfalls-of-hedge-effectiveness-testing.html The choice of a hedge effectiveness testing method at the beginning of a hedge relation could make a major impact at a later date. This article describes some of the pitfalls that corporates may encounter. After describing the most important of the available methods, including the DO, VRM and RA methods, the author advises on the best way to compare how they perform in practice and comes down in favour of the RA and VRM which are more complex to implement but more consistent in assessing hedge effectiveness. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/907/enhancing-balance-sheet-efficiency.html The growth of private equity (PE) fundraising, which increased every year between 2002 and 2007, and exceeded $100 bn in 2007, has been phenomenal. PE investors led the vast majority of leveraged buy out transactions in the months leading up to the credit crunch when credit was readily available. With the markets now transformed and leveraged loans trading under par in the secondary market, banks are finding it difficult to underwrite large primary transactions on the one hand, while on the other, mezzanine finance is more constrained, resulting in increasing returns for these investors. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/908/successful-eurobond-issuance-in-2008.html One of the most significant outcomes of the credit crisis is, without doubt, the change in investors’ influence, and in particular, the type of investors which now hold most sway over the bond markets. So-called ‘real money’ investors, such as pension funds, which generally seek to buy and hold, are dominating order books and are driving pricing. In fact, these investors now represent an average of 85% to 90% of orders in corporate bond issues in 2008. What’s more, they hold individual orders larger than they would have done a year ago. This is in contrast to hedge funds and bank proprietary desk whose order sizes are significantly smaller than in 2007. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/909/optimising-working-capital-at-numico.html Numico has put a strong emphasis on optimising its working capital in order to retain its competitive position within the baby food and clinical nutrition sector. This article describes the four principal objectives of the working capital project that the company initiated in 2006, how these were achieved in practice and the benefits of having a centralised approach to financial supply chain management which means that expertise is concentrated within Treasury, allowing subsidiaries to concentrate on their core business activities. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/910/investment-opportunities-and-challenges-in-russia.html 2007 saw the highest levels of international investment flows ever recorded in Russia, with an estimated $48bn of foreign direct investment (FDI) inflows and a similar amount invested by Russian enterprises abroad. Consequently, Russia is now one of the world’s largest recipients and sources of FDI. Many domestic and international commentators have interpreted the improved investment environment as a result of the country’s favourable macroeconomic situation and a dynamic domestic market which allows incumbent firms to generate high profits and encourages them to reinvest in Russia. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/911/société-générale-expands-into-russia.html Following Société Générale’s acquisition of Rosbank, Russia’s largest privately owned retail bank, and Société Générale’s largest acquisition to date, we interview Jean-Louis Mattei, Head of International Retail Banking at Société Générale. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/912/expanding-cash-management-opportunities-in-russia.html Since many of the currency restrictions on the Russian Ruble (RUB) were lifted in mid-2006, the currency is now more easily convertible and transferable. Furthermore, across the same period, the economic situation has become less volatile and there is confidence amongst market participants of the RUB’s stability. With these two market conditions gradually improving, convertibility and stability, there are now opportunities for both corporates and financial institutions to invest in RUB and use it as a transaction currency. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/913/state-and-trends-of-the-carbon-market-2008.html The following article is the Executive Summary of the full ‘State and Trends of the Carbon Market 2008’ Report by Mr Karan Capoor and Dr Philippe Ambrosi of the World Bank. The full Report, which we would encourage readers to consult, can be accessed from the World Bank’s Carbon Finance Unit at http://www.carbonfinance.org. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/914/the-eact-board-meeting.html The Finnish Association of Corporate Treasurers joined forces with TMI and EuroFinance to organise very efficiently our first 2008 EACT Board Meeting. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/102/915/executive-briefing.html Here we present a brief summary of a selection of articles from the last issue of TMI. To order a reprint or see the full listing of TMI articles take a look at our website: www.treasury-management.com. Sun, 01 Jun 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/875/outlook-cloudy-but-improving-managing-weather-risks.html A recent survey conducted by the French business school ESSCA and AFTE, the French Association of Corporate Treasurers, showed that a vast majority of corporates have not put in place any policy to manage the financial impact of day to day changes in climate variables. Paradoxically, however, the study showed that the same cor- porates recognise that day-to-day weather changes have a significant financial impact on their turnover. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/876/contents.html List of Issue Contents Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/877/letter-from-the-editor.html This month I am writing my letter to you from Shanghai, two days after the earthquake struck Sichuan in China. We arrived yesterday, the day after the initial quake, but the aftershocks have been nearly as severe and there are fears of at least one more serious shock. I thought of plenty of things I might like to talk about in my letter whilst on the flight, but with this tragedy so immediate, and occurring so soon after the Burma cyclone, the relatively trivial subjects I had to talk about become inconsequential in the face of so much devastation. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/878/rapid-returns-in-receivables.html Those who remember the late 1980s and who also grew up in the United States (I can feel my audience diminishing as I write!) may remember Ken Hakuta, better known as ‘Dr Fad’, TV personality and inventor - for those who missed out, he’s featured on the old VHS ‘I Love the ‘80’s: 1983’. I bet you never expected to pick up that sort of trivia in a treasury publication. I haven’t seen it, in case you were wondering. Anyway, amongst (I’m sure) very many sensible comments made by ‘Mr Fad’, one struck me as actually being quite relevant: “Lack of money is no obstacle. Lack of an idea is an obstacle.” While I am not suggesting that we all send our banknotes fluttering from a top storey window (after all, many of us might feel that this is already the effect of much of the current economic uncertainty) there are significant ways in which treasurers can substantially improve their liquidity and working capital with rapid return on investment. The key is not just to throw more money and more resources at a problem, but to think creatively about addressing challenges. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/879/seb-introduction.html The last few months of 2007 and first months of 2008 have already proved one of the most eventful periods that we have seen in the financial markets in recent years. While doom-mongers predicting recession may be disappointed, there is unquestionably a re-balancing taking place in the market, with the tide of cheap credit turning and companies of all sorts, both banks and corporations, forced to seek new, creative ways of maintaining their competitive position and supporting their growth ambitions. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/880/opportunities-in-cash-&amp;-liquidity-management.html Liquidity management - ensuring the right amount of cash is available, at the right time and in the right place, is firmly positioned as a pivotal task for every treasurer. Over the past few years, many treasurers have made substantial progress towards increasing the visibility of their cash flow and centralising cash within countries or regions. However, industry surveys indicate year on year that liquidity management and particularly cashflow forecasting remain the greatest challenges facing treasurers, so why have so few managed to address these areas successfully? With credit more expensive and elusive for many companies, it is now imperative to tackle these challenges head on. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/881/extending-best-practices-into-trade-finance.html 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 cap- ital levels and increase efficiency. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/882/leveraging-opportunities-in-the-financial-supply-chain.html In recent years, companies have increasingly recognised the value of a more holistic approach to the physical supply of goods and services such as the advent of Six Sigma and ‘just in time’ production. These initiatives aim to increase the resilience of the supply chain, reduce inventory and enhance the efficiency and connection between processes at each stage of the production cycle. However, few companies have yet applied the same holistic view to their financial supply chain. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/883/financial-supply-initiatives-at-scania.html Swedish company Scania was founded in 1891 and has built and delivered more than 1,000,000 trucks and buses for heavy transport work. Today, Scania is a leading global provider of heavy transport vehicles, in over 100 countries, including heavy trucks, urban and intercity buses, industrial and marine engines. The company also markets and sells a broad range of service-related products and financing services. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/884/centralisation-to-collaboration-the-changing-role-of-treasury.html As the earlier articles in this Guide illustrate, the current uncertainty in the financial markets has emphasised the need to focus on areas such as liquidity management but also on broader themes of working capital management and the financial supply chain. While treasurers have always been closely involved with ensuring the day-to-day liquidity of the company, their ability to influence the factors which affect working capital and the different elements in the financial supply chain is gradually increasing. In this article, I would like to share my thoughts about how the role of the treasurer is changing and some of the factors which are influencing these trends. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/885/implementing-a-best-practice-treasury-at-richemont.html This article describes the four phases of treasury centralisation at the Richemont Group. Having centralised intercompany payments Group Treasury is now facing a new challenge of becoming the Financial Shared Service Centre for the Group, involving the centralisation and automation of external payments to suppliers. The author identifies the objectives of the payment factory , including reduced risk, improved enforcement of controls and enabling Group Treasury personnel to focus on strategic rather than operational activities. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/886/e-invoicing-2008-highlights-of-the-european-market-description-and-analysis.html The following article summarises the e-invoicing European market description and analysis presented by Innopay and the Euro Banking Association (EBA). E-invoicing is considered by many corporates to be an important potential development in their order-to-cash and purchase-to-pay cycles and it has been discussed as a potential benefit of SEPA. The following findings are taken from the Management Summary to the Report, which can be found at www.abe-eba.eu which we would encourage readers to download and discuss within your treasury association. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/887/gasterra-and-deutsche-bank-finding-new-cash-management-efficiencies.html GasTerra’s cash management needs are focused around high value domestic and foreign payments. A Deutsche Bank solution sought efficiencies through automating processes while increasing system stability and security. This article describes how the company selected the new system and how it operates. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/888/treasury-&amp;-systems-centralization-at-usg.html When USG decided to centralize its treasury operations and systems infrastructure, its relationship with eight different banks involved a large number of manual processes with attendant operational risk and the inability to see the company’s overall cash position until 11 a.m. each day. Additionally, USG needed an increased level of control to comply with the requirements of Sarbanes-Oxley. The author of this article describes how a new TMS was chosen and implemented and summarizes the benefits the system has brought. Future plans include rolling out the chosen system to other geographical locations and further optimization of working capital. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/889/bush-banking.html Poseidon Geophysics conducts geophysical surveys for the mining industry across much of southern Africa, so Poseidon’s managing director , Bill McLellan, is often working well off the beaten track. In the past this made even routine transactions, such as paying staff salaries, relatively cumbersome. Bill McLellan talks about P oseidon’s business and how its use of Standard Chartered’s Straight2Bank has streamlined its day to day banking and business activities. Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/1/100/890/a-note-from-the-eact-chairman.html Monthly news from the European Associations of Coporate Treasurers (EACT) Thu, 01 May 2008 00:00:00 UTC http://www.treasury-management.com/article/4/216/1863/ubs-or-the-comedy-of-repetition.html In light of the huge losses caused by a UBS trader, AFTE's Chairman asks if regulators have the will and means to adopt measures necessary to end such fraud and restore confidence in the banking profession. Tue, 15 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/4/216/1864/interview-–-françois-huchet.html We chat to François Huchet about how Razel's financial management is organised - particularly how they minimise the risks linked to construction. Tue, 15 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/4/216/1865/interview-–-olivier-casanova.html Olivier Casanova explains the main challenges facing PSA Peugeot Citroën and describes the setup of the company's finance and treasury management team. Tue, 15 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/4/216/1866/interview-–-didier-lo-nobile.html Dider Lo Nobile chats to TMI about the challenges faced by the treasury management team at Gemalto, the world number one in digital security. Tue, 15 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/4/216/1867/money-market-funds-a-global-story.html Mark Stockley helps to define the differences between the products offered in today's major markets, paying particular attention to France, which is the largest single domestic market for MMFs outside the US. Tue, 15 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/4/216/1868/interview-–-virginie-mercier.html Virginie Mercier talks to TMI about the finance department at Editis, which is the second largest publisher in France. Tue, 15 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/4/216/1869/interview-–-benoît-kerlocÂ’h.html CFAO's Director of Finance and Treasury talks to TMI about the effect of the company's listing on the stock exchange in December 2009, the impacts of the financial crisis and how the management of finances is structured at the company. Tue, 15 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/4/216/1870/interview-–-john-colleemallay.html Dassault Systems moved from a holding company treasury to a group treasury. The Director of Treasury and Finance explains the resulting organisation. Tue, 15 Nov 2011 00:00:00 UTC http://www.treasury-management.com/article/4/211/1822/treasury-and-procurement-closing-the-gap.html Prompted by the global financial crisis, procurement professionals are increasingly motivated to manage risk and increase the resilience of the supply chain. But what are the opportunities for greater collaboration between the two business functions? Wed, 12 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/211/1823/the-growing-significance-of-supply-chain-for-global-businesses.html With an efficient physical and financial supply chain now critical to the business success of every organisation, what are the immediate opportunities and benefits of treasury and procurement working more closely together? Wed, 12 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/211/1824/caterpillar-strikes-a-balance.html By implementing electronic invoicing and standardising payment terms across its supplier base, Caterpillar was able to expedite payments across multiple divisions and streamline payables processing. Wed, 12 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/211/1825/leveraging-rmb-to-reduce-risk-&amp;-fix-costs.html With China now the second largest economy in the world, no company can afford to ignore the strategic opportunities for sourcing and selling in China. Wed, 12 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/211/1826/central-procurement-the-financial-implications.html Initiatives to centralise procurement should be seen as much as an enabler of financial as operational efficiency - and hence an opportunity for treasury to drive change. Wed, 12 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/211/1827/is-it-time-for-proceasury-.html The author argues that the treasury and procurement functions can collaborate to meet and potentially exceed each of their respective objectives. Wed, 12 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/211/1828/creating-synergies-through-commercial-cards-and-payments-innovation.html The use of commercial card programmes can make a major contribution to achieving the objectives of both procurement and treasury, enhancing payments efficiency and working capital whilst supporting rich information on supplier payments and facilitating strategic supplier relationships. Wed, 12 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/211/1829/from-obscurity-to-competitive-advantage.html While objectives have not necessarily changed but merely increased in importance for the respective company since the crisis, treasury has taken on a more prominent role, and its status in the company increasingly recognised. Wed, 12 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/212/1830/helping-companies-to-achieve-their-potential-in-cee.html There are few companies today that find their suppliers and customers solely in their domestic market. We examine the benefits of choosing a regional banking partner when expanding into new regions, such as Central & Eastern Europe (CEE). Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/212/1831/landing-a-cash-pool-solution-at-eagle-ottawa.html To support the currency requirements of its business in Europe, Eagle Ottawa approached its banking partner with a view towards implementing a cash pool solution across four currencies (EUR, GBP, USD and HUF). Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/212/1832/hungary-an-economic-overview.html Hungary was a frontrunner in the transition process as the country was among the first to open up for foreign investments and new technologies. We ask how it has coped since this rapid convergence process. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/212/1833/leveraging-banking-relationships-for-cash-management-optimisation.html Fabory engaged with their partner bank in order to achieve multiple cash and treasury management objectives, such as better control over their cash flow and foreign currency exposure. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/212/1834/efficient-trade-for-competitive-advantage.html KBC explain how they developed a strong trade finance franchise in its Central European home markets by combining local business units with global efficiency. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/212/1835/innovative-cash-pooling-with-csob.html PRO.MED.CS Praha is predominantly an export business, with nearly three-quarters of its total production currently exported. They document how they used a cash pooling structure to solve their operation financing issue. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/212/1836/fast-track-to-sepa-migration-in-slovakia.html The author looks at the status of migration to SEPA in Slovakia and some of the opportunities and challenges that it presents for businesses located in the country. Sat, 01 Oct 2011 00:00:00 UTC http://www.treasury-management.com/article/4/214/1846/investing-in-a-low-interest-rate-environment.html 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. Fri, 30 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/214/1847/managing-liquidity-in-todayÂ’s-low-rate-environment.html 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. Fri, 30 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/214/1848/managing-risk-leveraging-opportunities.html 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. Fri, 30 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1725/20022-in-2011-the-emergence-of-a-standard.html The Editor gathers the views of five banks that are playing a leading role in the development and adoption of ISO 20022, discussing how the standard progressing, the challenges remaining, and how it is likely to develop in the future. Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1726/cutting-through-complexity.html Almost by definition, corporates that connect to banks via SWIFT receive more accurate and timely information on their cash positions. But what are the other benefits? Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1727/an-innovative-payments-approach-at-swiss-re.html Swiss Re, one of the world’s largest re-insurers, came up with an innovative payments solution, after making the decision to review and revise its bank connectivity. Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1728/an-holistic-approach-to-connectivity-and-integration.html As the effects of ongoing liquidity constraints and economic fragility continue to affect companies of all sizes, maximising the use of every dollar can literally make the difference between survival and ruin. Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1729/achieving-the-next-level-in-streamlined-connectivity.html 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. Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1730/promoting-innovation-and-adoption-of-swiftnet.html No longer the domain of the largest and most sophisticated corporations, SWIFTNet is now a viable and beneficial bank connectivity option, for single or multiple banks, both domestic and international flows. But what are some of the most recent trends and innovations in SWIFT connectivity for corporates? Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1731/the-importance-of-swift-connectivity-in-a-corporate-context.html There has been a noticeable acceleration in corporates accessing SWIFT to communicate with banking partners globally. We look at some of the new initiatives under way that are enhancing the experience of SWIFT for these corporations. Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1732/cgi-–-whatÂ’s-it-all-about-and-can-it-really-deliver-.html The work of the CGI now provides a clear opportunity for corporates to adopt ISO XML financial messaging in a more standardised and harmonised way. We find out how – and what other benefits it can provide. Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1733/a-decade-of-corporate-access-to-swift.html Today, most forward-looking banks recognise that SWIFT connectivity is an important part of their client communication portfolio. But what has changed in the 10 years since corporates first connected to SWIFTNet – and what does the future hold? Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1734/setting-the-standard-for-swift-connectivity.html What are the main factors corporates should weigh up when considering SWIFT connectivity, and how can they best overcome the challenges of implementation? Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1735/swift-outsourced.html Nationwide wanted to improve the way in which it managed and controlled its payments and back-office environment, and, after considering the different methods of connecting to SWIFT, it chose an outsourced SWIFT Service Bureau. Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1736/driving-straight-through-reconciliation.html Deep process-level integration between corporate clients and their banks enables straight-through reconciliation, facilitates informed decision-making based on the data available directly in the corporate ERP systems, and helps corporate clients maximise their ROI on ERP systems. Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1737/a-streamlined-migration-to-swiftnet-with-unicredit.html Deutsche Post DHL made the decision to migrate to SWIFTNet in mid-2010. We talk to them about their treasury function, the implementation process, project outcomes and future plans. Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/206/1738/sap-&amp;-swiftnet-for-treasury-&amp;-payment-efficiency.html TMI talks to Coca-Cola Hellenic, one of the largest Coca Cola bottling companies globally, about their decision to standardise and rationalise their bank connectivity in order to enhance security and compliance, improve ease of maintenance and reduce costs. Mon, 19 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/213/1837/dont-knock-derivatives.html The global financial crisis has put derivatives firmly in the sights of regulators and media commentators, but for those who are charged with managing corporate treasury operations, it is important to cut through the hype and get a firm grasp of what these tools offer in terms of sound risk management processes. Fri, 02 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/213/1838/phase-2-of-sas-money-market-dematerialisation.html The dematerialisation of South Africa's money market has been one of the past decade's most important milestones for South Africa's financial markets. We get an update. Fri, 02 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/213/1839/the-impact-of-basel-iii-on-banks-capital-and-the-corporate-treasurer.html Basel III and the emphasis on CVA will place some stringent capital requirements on derivatives - most of which are more onerous than that of Basel II and could have a significant impact on the pricing of OTC derivatives. Fri, 02 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/213/1840/financial-innovation-and-life-as-we-know-it.html The author demonstrates how financial innovation through the ages has had a positive impact on our everyday lives. Fri, 02 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/213/1841/tms-take-off.html By implementing a TMS, Etihad Airways has improved the quality and reliability of its cash and financial risk management, promoted integration between treasury and other systems, and given management reporting a boost. Fri, 02 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/213/1842/hedge-accounting-the-dark-science.html Hedging is a complex and difficult business, ill understood by markets and badly served by current accounting practices. It doesn't help that hedging usually involves the use of derivative financial instruments, long regarded as the dark science of finance. Fri, 02 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/213/1843/mobile-money-moves-ahead-in-africa.html Africa's MNOs are amongst many who are benefiting from the new revenue streams generated by mobile money. We take a closer look. Fri, 02 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/213/1844/liquidity-management-in-turbulent-times.html The current market compels management and directors to take a fresh look at liquidity risk management practices - in particular continued access to credit markets, key cash flow assumptions, what-if analysis, and contingency planning. Fri, 02 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/213/1845/african-carbon-credits-an-unexploited-commodity.html This article examines the state and trends of both the EU ETS and CDM market in detail before taking a brief look at other international compliance schemes and the voluntary market. Fri, 02 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/209/1805/driving-innovation-in-a-global-economy.html SEB’s Head of Global Transaction Services offer an overview of the articles found within this SEB Guide to Treasury Innovation. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/209/1806/meet-todayÂ’s-treasurer.html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/209/1807/anticipating-the-treasury-of-the-future.html Håkan Lundgren talks to TMI about Sony Ericsson’s small, efficient and highly specialist treasury function, their treasury outsourcing provider and their key strategic activities. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/209/1808/first-steps-in-collaboration.html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/209/1809/a-fresh-approach-to-treasury-optimisation.html 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. Thu, 01 Sep 2011 00:00:00 UTC http://www.treasury-management.com/article/4/201/1711/facilitating-growth-in-latin-america.html TMI look at the latest economic and industrial trends in Latin America – such as the liberalisation of regulatory framework in certain countries in the region that is both encouraging economic expansion and attracting foreign investors. Wed, 24 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/201/1712/brazil-from-emergence-to-arrival.html Brazil has morphed into an exciting and powerful economic force, not only in Latin America but also for the new global economy. However, whilst Brazil has emerged as a favoured location for virtually any multinational company with long-term aspirations, challenges persist in establishing operations in the country. Wed, 24 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/201/1713/build-or-buy-connecting-to-swift.html Linda Haddad looks at the key considerations to take into account when deciding which approach to take when connecting to SWIFT. Wed, 24 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/201/1714/whoÂ’s-next-emerging-market-stars-for-the-21st-century-global-economy.html Everyone wants to be at the front end of the curve, whether that’s launching a new product or entering a new market. However, we must face the reality that there are still just a finite number of new geographies to tap. Wed, 24 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/201/1715/enhancing-cross-border-supplier-relationships-in-latin-america.html With awareness and adoption of SCF growing, many multinational companies operating in Latin America are approaching their bank for flexible, client-led solutions. Working with a bank can provide a valuable advantage in providing a holistic offering across cash management, trade finance, corporate and investment banking, and much more. Wed, 24 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/198/1702/mmfs-in-the-spotlight.html TMI’s Chief Executive introduces the 2011 guide to money market funds, providing his observations on the various articles that comprise this guide. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/198/1703/governance-of-money-market-funds.html Other than investment restrictions, what arrangements exist in order to ensure that a money market fund continues to operate on a daily basis? IMMFA’s Director has the answers. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/198/1704/the-importance-of-credit-research-and-nrsro-ratings.html BlackRock’s Mark Stockley believes that money market fund advisors should not rely on a security’s NRSRO rating, but instead should consider ratings as preliminary screens in an independent credit review. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/198/1705/managing-money-market-funds-in-a-post-basel-iii-world.html Money market funds purchase a significant volume of bank debt, and are subsequently impacted by most changes which occur within banking regulation. IMMFA’s Secretary General looks at how the new Basel III requirements will affect money market funds. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/198/1706/where-is-the-best-place-for-your-cash-when-interest-rates-are-rising-.html Cash investors can guarantee that they are best positioned to benefit when interest rates begin to rise by ensuring they have the right investment strategy in place. Jim Fuell has the answers. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/198/1707/money-market-funds-as-cash-equivalents.html There are a number of factors that will influence a treasurer’s decision-making process if he/she is in the enviable position of investing surplus cash. Is it secure? Is it liquid? What return will it earn? As importantly, how will it appear on the balance sheet and cash flow statement? Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/198/1708/how-to-choose-the-right-trading-platform.html There are significant differences between portals – Justin Meadows offers a valuable list of ten searching questions that treasurers should ask before committing themselves to the use of any particular platform. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/198/1709/the-contribution-of-immfa-funds-to-the-money-market.html IMMFA commissioned PwC Luxembourg to perform a study to assess the contribution of IMMFA funds to the money markets. IMMFA’s Secretary General analyses the results. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/198/1710/the-continuing-popularity-of-constant-nav-money-market-funds.html Whereas other parts of Europe have been witnessing an outflow of assets since Q2 2009, IMMFA funds have grown by 9%. Joanna Cound looks at what makes IMMFA funds so different from their continental counterparts. Mon, 01 Aug 2011 00:00:00 UTC http://www.treasury-management.com/article/4/196/1684/priorities-and-perspectives.html While optimising the physical supply chain to anticipate and respond to changing conditions is an essential element of success, the financial supply deserves equal attention. Thu, 16 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/4/196/1685/the-challenges-ahead-for-supply-chains.html Senior executives say their companies manage key trade-offs well, yet see barriers to better performance: rising risk, lack of collaboration, and low CEO involvement. Thu, 16 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/4/196/1686/achieving-win-win-by-transforming-buyer-supplier-relationships.html The development of supply chain finance solutions heralds a new era in international trade. Now buyers can share information on a larger scale and boost the efficiency of the whole supply chain while substantial amounts of cash can be released and put to better use. Thu, 16 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/4/196/1687/supply-chain-financing-comes-of-age.html Every supply chain remains inherently fragile. While treasurers and finance managers cannot protect their supplier base physically, they are in a position to support them financially – therefore securing efficiency and preserving the company’s working capital position. Thu, 16 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/4/196/1688/realising-the-benefit-of-a-holistic-approach-to-the-financial-supply-chain.html FSC optimisation is now well established but its potential remains largely untapped. Companies who will be the most successful in a competitive, ever-changing economic environment will be those that have automated and optimised the transaction and information flow to make dynamic decisions and reduce reliance on working capital finance. Thu, 16 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/4/196/1689/building-the-supply-chain-of-the-future.html Getting there means ditching today’s monolithic model in favour of splintered supply chains that dismantle complexity, and using manufacturing networks to hedge uncertainty. Thu, 16 Jun 2011 00:00:00 UTC http://www.treasury-management.com/article/4/190/1663/germany-–-home-of-another-economic-miracle-.html This year Germany will once again enjoy strong economic growth, and prospects for 2012 are also good. But we should not draw the conclusion from the currently positive developments that the medium- to long-term outlook has improved markedly. Wed, 18 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/190/1664/from-local-to-global-with-bank-of-america-merrill-lynch-in-germany.html Beate Murray looks at some of the most important cash management trends for treasurers based in, or with significant operations in Germany. Wed, 18 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/190/1665/the-cash-investment-policy-statement-–-developing-documenting-and-maintaining-a-cash-management-plan.html The importance of a well-documented and up-to-date cash investment policy cannot be overstated – we look at the best practices when establishing, updating and maintaining this important roadmap for managing your company’s cash. Wed, 18 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/190/1666/with-you-across-europe.html BNP Paribas’ CEO examines the continuing success of the Cash Management University, and explains how it is informed by the cash management needs of BNP Paribas' clients. Wed, 18 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/190/1667/from-challenge-to-opportunity-supporting-current-treasury-needs-and-future-aspirations.html How are market trends in Germany evolving? The author examines this question from a number of perspectives - including Ravensburger’s recent SEPA implementation project. Wed, 18 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/190/1668/e-trading-at-philip-morrisÂ’-treasury.html We take a look at the highly centralised treasury function within Philip Morris International Inc. (PMI), the leading international tobacco company. Wed, 18 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/190/1669/risikoneigung-der-corporate-treasurer-wieder-etws-grö&amp;946;er.html We provide an overview of J.P. Morgan Asset Management’s latest Global Cash Management Survey. This article is available in German language only. Wed, 18 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/190/1670/cash-management-transformation-at-orsay.html Under the leadership of Group Treasurer, Arnaud Barth, international fashion retailer Orsay sought to transform its treasury operations to achieve greater efficiency in the short term, and to position the company for further growth. We detail his experiences of the project. Wed, 18 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/190/1671/optimising-collections-and-cash-concentration-at-alba.html ALBA’s Head of Treasury explains the treasury function at the company, and explains to TMI the reasoning behind the recent decision to embark on a project to optimise its banking and cash management solutions. Wed, 18 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/190/1672/smooth-workflows-for-financial-issues.html Due to the company’s global presence and wide range of locations, the treasury department at Dematic Group’s headquarters face diverse and unique challenges every day. We speak to Sandra Brühl about the department’s various responsibilities. Wed, 18 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/190/1673/the-slg-portfolio-risk-index-–-or-why-correlation-is-useful-in-visualising-risk-management.html We all know that correlation is a statistical method to express the relationship of data and their movements, but how best to calculate the correlations of all risk factors in your portfolio? Wed, 18 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/190/1674/der-rohstoffsicherungsprozess-als-treasury-herausforderung-möglichkeiten-der-systembasierten-unterstützung.html In the landscape of treasury tasks, the importance of commodity risk management has increased substantially during the last years. The main reasons for this development are the increase in volatility and the overall price increase in most commodity markets. Many companies do not longer accept the role as a pure “price taker”. They want to steer their risk position actively, similar to other financial market risks (e.g. foreign exchange, interest rates). Despite some similarities compared to these classical financial market risks, there are substantial differences too. The article describes these specifics and shows a system-based way to deal with the challenges brought into treasury by commodity risk management. This article is available in German language only. Wed, 18 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/189/1656/the-pwc-european-working-capital-study.html PwC analysed over 1,200 listed companies from 12 European countries in this insightful study on working capital management practices. The results may surprise you. Wed, 04 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/189/1657/payments-technology-itÂ’s-a-people-thing.html It is regularly noted that payments technology has changed almost beyond recognition in the past five years – the question is how best to translate this rapid technological advance into tangible benefit for your business. Wed, 04 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/189/1658/from-cash-management-bank-to-information-bank-fulfilling-a-new-role-in-cash-and-liquidity-management.html Corporate approaches to cash and liquidity management are swiftly evolving. The authors look at how Barclays Corporate are positioning themselves to support the future cash management objectives of their clients. Wed, 04 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/189/1659/stress-testing-and-the-money-market-funds-industry.html Stress testing is critical in managing the risks associated with money market funds – but how exactly does stress testing mitigate key risks? We take an in-depth look. Wed, 04 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/189/1660/achieving-counterparty-concentration-and-liquidity-risk-management-objectives.html Treasurers are generally responding successfully to the challenge of identifying investment solutions that satisfy security and liquidity requirements. The author looks at some of the ways in which they are doing this. Wed, 04 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/189/1661/bringing-foreign-currency-closer-to-home.html Where next for FX? The global cross-currency platform, FX4Cash, is providing a number of effective ideas for corporates the world over. Wed, 04 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/189/1662/enhancing-pan-european-visibility-control-&amp;-integration.html Golder, a privately-held specialist engineering firm managed from Turin, Italy, selected a new pan-European cash management bank in order to further enhance its European cash and liquidity management infrastructure. Their European CFO discusses the project. Wed, 04 May 2011 00:00:00 UTC http://www.treasury-management.com/article/4/187/1640/greenwich-associates-european-and-asian-leader-awards-2011-introduction.html Robin Page, CEO of TMI, introduces the Greenwich Associates European and Asian Leader Awards 2011. Wed, 13 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/4/187/1641/european-corporate-banking.html The combination of attractive rates in global bond markets and motivated lending by major banks over the past 12 months created an extremely favorable funding environment for the largest companies in Europe that has persisted into 2011. The result: Just two years ago, large European companies faced serious questions about how they would access the capital they needed to operate and grow their businesses. Today, many European corporate treasury officials face a much different question — How can I reduce the drag on ROE caused by all this cash sitting on my balance sheet? Wed, 13 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/4/187/1642/with-new-capital-rules-looming-questions-about-the-role-of-bank-credit.html The results of Greenwich Associates 2011 European Large Corporate Banking Study show no signs that Basel rules or national reform efforts have had an impact on bank’s credit pricing or willingness to lend. Eventually, however, the cost of bank credit will begin to reflect new reserve requirements, higher bank funding costs and the additional costs associated with stricter regulation. Wed, 13 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/4/187/1643/european-corporate-cash-management.html Now that the bank crisis seems to have receded, companies appear to be unwinding new international cash management relationships that were formed as a means of diversifying balances during the crisis. Overall, the average number of banks used by FT 500 companies for cash management declined to 5.6 in 2010 from 6.0 in 2009. That drop was driven by a reduction in the number of banks used for international cash management services. Wed, 13 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/4/187/1644/2011-greenwich-leaders-european-corporate-banking.html TMI announce the 2011 Greenwich Share and Quality Leaders in European Corporate Banking, Cash Management and Debt Capital Markets. Wed, 13 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/4/187/1645/asian-companies-tap-asian-bank-for-cross-border-expansion.html Asian companies hiring new banks to facilitate the international growth of their businesses are turning to local providers for international banking services that have traditionally been the domain of global competitors. Among the biggest beneficiaries of this very recent trend are Chinese banks. Wed, 13 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/4/187/1646/2011-greenwich-leaders-asian-corporate-finance.html TMI announce the 2011 Greenwich Share and Quality Leaders in Asian Corporate Banking, Debt Capital Markets and Cash Management. Wed, 13 Apr 2011 00:00:00 UTC http://www.treasury-management.com/article/4/186/1636/with-you-across-europe.html 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. Wed, 02 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/4/186/1637/managing-cash-as-a-corporate-asset.html UPS' global treasury organisation is a success story from which all treasurers can learn. This article outlines their four pillars of operational success. Wed, 02 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/4/186/1638/leveraging-people-and-technology-for-value-creation.html 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. Wed, 02 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/4/186/1639/home-and-away-making-your-cash-work.html 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. Wed, 02 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/4/185/1635/j.p.-morgan-global-cash-management-survey-2010.html The 12th annual edition of this survey uncovers some particularly interesting cash management trends as the world continues to recover from the financial crisis and corporate balance sheets continue to strengthen. Tue, 01 Mar 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1591/tmi-awards-2010-introduction.html Robin Page, CEO, and Helen Sanders, Editor, Treasury Management International, introduce the TMI Awards 2010 for Innovation and Excellence. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1592/tmi-awards-2010-corporate-recognition-awards.html We are pleased to announce the winners of the 2010 Corporate Recognition Awards, which are sponsored by ING. These are new awards that have been awarded by TMI to companies and individuals who are leading the treasury profession by pioneering new techniques and concepts with proven success. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1593/tmi-awards-2010-deutsche-bank.html Deutsche Bank received the most votes from our readers in two TMI Awards 2010 categories: Global Cash Management Bank of the Year and Global Risk Management Bank of the Year. Download this article to find out more, including comment from Marilyn Spearing, Global Head of Trade Finance and Cash Management Corporates, Global Transaction Banking, Deutsche Bank. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1594/tmi-awards-2010-bnp-paribas.html BNP Paribas received the most votes from our readers in five TMI Awards 2010 Best Bank categories: Cash Management for Europe, Cash Management for Southern Europe, Financial Supply Chain for Europe, Financial Supply Chain for Southern Europe, and SWIFT for Corporates for Europe. Download this article to find out more, including Pierre Fersztand, Global Head of Cash Management, BNP Paribas. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1595/tmi-awards-2010-seb.html SEB received the most votes from our readers in three TMI Awards 2010 Best Bank categories: Cash Management for Nordic Region, Risk Management for Nordic Region, and Financial Supply Chain for Nordic Region. Download this article to find out more, including comment from Lars Millberg, Head of Global Transaction Services, Corporate, Patrick Havander, Head of Concept and Packaging, Global Transaction Services, and Robert Pehrson, Head of Corporate Segment, SEB. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1596/tmi-awards-2010-bank-of-america-merrill-lynch.html Bank of America Merrill Lynch received the most votes from our readers in two TMI Awards 2010 Best Bank categories: Cash Management for North America, and Financial Supply Chain for North America. Download this article to find out more, including comment from Dub Newman, Head of Global Treasury Sales, Bank of America Merrill Lynch. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1597/tmi-awards-2010-santander.html Santander received the most votes from our readers in two TMI Awards 2010 Best Bank categories: Cash Management for South America, and Risk Management for South America. Download this article to find out more about these awards and Santander. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1598/tmi-awards-2010-hsbc.html HSBC received the most votes from our readers in four TMI Awards 2010 Best Bank categories: Cash Management for Asia, Cash Management for China, Risk Management for China, and Financial Supply Chain for Middle East & Africa. Download this article to find out more, including comment from HSBC. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1599/tmi-awards-2010-standard-chartered.html Standard Chartered received the most votes from our readers in five TMI Awards 2010 Best Bank categories: Cash Management for Middle East & Africa, Risk Management for Middle East & Africa, Financial Supply Chain for Asia, Financial Supply Chain for China, and SWIFT for Corporates for Asia. Download this article to find out more, including comment from Standard Chartered. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1600/tmi-awards-2010-unicredit-&amp;-rzb.html UniCredit received the most votes from our readers in one TMI Awards 2010 Best Bank category: Financial Supply Chain for Eastern Europe. RZB received the most votes from our readers in one TMI Awards 2010 Best Bank category: Risk Management for Eastern Europe. Download this article to find out more, including comment from UniCredit and RZB. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1601/tmi-awards-2010-société-générale-northern-trust-citi-&amp;-bbva.html Download this article to find out which awards were won by Societe Generale, Northern Trust, Citi, and BBVA. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1602/tmi-awards-2010-rbs.html RBS received the most votes from our readers in one TMI Awards 2010 Best Bank category: Risk Management for Europe. Download this article to find out more, including comment from Victoria Manning, EMEA Head of Payments, RBS. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1603/tmi-awards-2010-j.p.-morgan-treasury-services.html J.P. Morgan Treasury Services received the most votes from our readers in two TMI Awards 2010 Best Bank categories: Global Financial Supply Chain bank of the year, and Global SWIFT for Corporates bank of the year. Download this article to find out more, including comment from Brian Wedge, Client Access and SWIFT Product Manager for EMEA, J.P. Morgan Treasury Services. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1604/tmi-awards-2010-lloyds.html Lloyds received the most votes from our readers in the TMI Awards 2010 Best Bank for Corporate Finance category. Download this article to find out more, including comment from Lloyds. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1605/tmi-awards-2010-goldman-sachs-asset-management.html Goldman Sachs Asset Management received the most votes from our readers in two TMI Awards 2010 categories: Best Money Market Fund in Europe and Best Money Market Fund in North America. Download this article to find out more, including comment from Kathleen Hughes, Co-head of Global Liquidity Sales, and Jason Granet, Head of International Global Liquidity Management, Goldman Sachs Asset Management. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1606/tmi-awards-2010-j.p.-morgan-asset-management.html J.P. Morgan Asset Management received the most votes from our readers in one TMI Awards 2010 category: Best Money Market Fund in Asia. Download this article to find out more, including comment from Travis Spence, Head of Global Liquidity Asia for J.P. Morgan Asset Management. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1607/tmi-awards-2010-pwc.html PwC received the most votes from our readers in one TMI Awards 2010 category: Best Treasury Consultancy. Download this article to find out more, including comment from Sebastian di Paola, Partner in charge of PwC's Treasury Consulting practice. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1608/tmi-awards-2010-deloitte.html Deloitte received the most votes from our readers in one TMI Awards 2010 category: Best Tax Adviser. Download this article to find out more, including comment from Stephen Weston and Ben Moseley, Deloitte tax partners. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1609/tmi-awards-2010-wall-street-systems-&amp;-sungard.html Wall Street Systems received the most votes from our readers in one TMI Awards 2010 Best Technology category: Risk Management. Download this article to find out more, including comment from Paul Wheeler, Managing Director - Wallstreet Treasury, Wall Street Systems. SunGard received the most votes from our readers in four TMI Awards 2010 Best Technology categories: one of them was Customer Services. Download this article to find out more, including comment from SunGard. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1610/tmi-awards-2010-reval.html Reval received the most votes from our readers in one TMI Awards 2010 Best Technology category: Hedge Accounting. Download this article to find out more, including comment from Jiro Okochi, CEO and Co-Founder, Reval. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1611/tmi-awards-2010-sungard.html SunGard received the most votes from our readers in four TMI Awards 2010 Best Technology categories: two of them were Cash & Working Capital Solutions and Payments Solutions. Download this article to find out more, including comment from SunGard's AvantGard. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1612/tmi-awards-2010-sungard-&amp;-it2-treasury-solutions.html SunGard received the most votes from our readers in four TMI Awards 2010 Best Technology categories, including Receivables Solutions. Download this article to find out more, including comment from SunGard. IT2 Treasury Solutions received the most votes from our readers in one TMI Awards 2010 Best Technology category: Back Office & Accounting System. Download this article to find out more, including comment from Kevin Grant, Chief Executive Officer, IT2 Treasury Solutions. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1613/tmi-awards-2010-360t-&amp;-mytreasury.html 360T received the most votes from our readers in one TMI Awards 2010 Best Technology category: Best FX Dealing Portal. Download this article to find out more, including comment from 360T. MyTreasury received the most votes from our readers in one TMI Awards 2010 Best Technology category: Best MMF Dealing Portal. Download this article to find out more, including comment from Justin Meadows, CEO, MyTreasury. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/182/1614/tmi-awards-2010-awards-winners.html This article contains a full list of the winners of the TMI Awards 2010 for Innovation & Excellence. Sat, 01 Jan 2011 00:00:00 UTC http://www.treasury-management.com/article/4/180/1566/energy-&amp;-enthusiasm-in-latin-america.html Latin America brings considerable opportunity for domestic and foreign multinational companies seeking growth and increased profitability. The region’s wealth of natural resources, rising income levels and strong commitment to sustainable economic development are just some examples of why it is becoming, and should continue to be, an important part of multinational corporations’ growth strategy. In this article, Dub Newman explains why the potential opportunities in Latin America should be reason for great enthusiasm, and provides an overview of the articles in the supplement. Mon, 15 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/180/1567/leveraging-opportunities-in-latin-america-insights-into-cash-management-in-brazil-argentina-and-mexico.html The global financial crisis has helped companies to refine their investment focus and to target countries specifically offering particular opportunities in supply and/or demand. While Asia, particularly China, has dominated much of the trade press, Latin America remained largely resilient during the crisis and companies of all types are increasingly recognising the potential in the region. This is reflected too by many of the major international banks announcing their expansion in Latin America, particularly Brazil. With Latin America offering both short-term and longer-term opportunities for growth, companies of all types should be reviewing not whether but how to leverage these opportunities most successfully. Mon, 15 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/180/1568/the-bric-countries-in-2010-and-beyond.html 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 scale. Together, these four nations, while not formally aligned politically, have emerged as important locations for aspiring businesses in all industries. Naturally, this has enormous ramifications and brings with it many new challenges from a banking perspective. Mon, 15 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/180/1569/risk-management-at-vale.html Vale is the world’s second largest diversified metals and mining company, with market capitalisation of US$170bn as of November 10 2010. In 2004, the company decided to implement a risk management strategy that should encompass the integrated view of risks for the company including market, credit and operational risks. Andrea Almeida, Head of Global Risk Management at Vale, details the implementation of Vale’s risk management strategy, the effect of this strategy on other areas of the business, and looks at the next steps for Vale. Mon, 15 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/180/1570/trade-finance-drives-export-led-growth.html Exports are an important catalyst for economic growth. Yet, in times of economic contraction, the actions necessary to grow exports can contradict what companies view as critical to survival: safeguarding liquidity and conservatively managing risk. Trade finance resolves this dilemma by helping businesses grow exports to capture the demand of buyers located outside their country, while minimising the impact to their liquidity and risk profile. This article explores macroeconomic dynamics supporting a resurgence in global trade, the role of exports in business and economic growth, key challenges for companies looking to increase exports, and trade solutions that address challenges to export growth. Mon, 15 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/180/1571/balancing-compliance-&amp;-efficiency.html In this interview, TMI discuss treasury management in Latin America with Patrick Peters, Director of Finance and Treasurer of Thermaflex Latin America. Patrick explains how working in Latin America has changed over recent years from a cash and treasury management perspective, the increase in the fiscal and regulatory compliance burden, and what he sees as the key priorities for treasurers over the coming years. Mon, 15 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/180/1572/appointing-a-global-banking-partner-at-fibria.html In March 2010, leading forestry and paper company Fibria appointed Bank of America Merrill Lynch as its international banking provider. This articles look at the background behind this decision and some of the achievements that the company has accomplished so far. Mon, 15 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/180/1573/treasury-management-in-chile-maturity-and-sophistication.html In this article, Florent Michel provides an overview of treasury management in Chile, detailing the tax environment, flexible accounts management, payments and collections, the FX and interest rate market, and liquidity management in the region. Mon, 15 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/180/1574/a-shared-services-centre-roadmap.html For the earliest corporate adopters, the lure of shared services centres was all about saving money. However, today’s global companies are being compelled to explore and extract the more powerful, strategic benefits of shared services centres. Mon, 15 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/180/1575/cash-management-and-treasury-in-colombia-still-rigid-and-not-easy-to-manoeuvre.html In this article, Florent Michel provides an overview of treasury management in Colombia. Whilst there are many reasons to be positive about cash and treasury management in Colombia – the efficient clearing system, some flexibility in regard to liquidity management – the author points out that there are also many areas which need improvement in order for treasury management in Colombia to become comparable with other countries in the region. Mon, 15 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/180/1576/control-and-consistency-are-possible-through-ebam.html With the world moving faster each day, treasury management has become increasingly ruled by automation. Meetings and phone calls, while still important, have given way to e-mails, texts and instant messages that race around the globe. Yet one area of transaction banking has remained rooted in the past: bank account management. The authors explain how the possibilities of electronic bank account management (eBAM) are already being aggressively explored as a solution to this issue, as well as detailing the many benefits of eBAM. Mon, 15 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/178/1545/interbank-fees-after-the-cheque-the-direct-debit.html Only two years remain to present a long-term economic model for direct debits that is in full compliance with competition rules. AFTE firmly believes all stakeholders must be consulted. AFTE’s Chairman outlines the belief that authorities should follow the notion of ‘paying a fair price for services rendered,’ and explains the impact of the French Competition Authority’s recent decision that the image-cheque exchange fee is anticompetitive. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/178/1546/interview-–-alexis-wattinne.html Alexis Wattinne discusses the treasury structure at Bonduelle, paying particular attention to the centralisation of liquidity, handling debt, and currency management. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/178/1547/turning-obligation-into-opportunity.html In this article, the author discusses how a revised approach to bank connectivity has the potential to add considerable value to the organisation. As we move towards the ETEBAC migration deadline in September 2011, an increasing number of corporates will be seeking support from their banks. Undertaking this project earlier, before the majority of companies, means that the banks will have more resources available, and will therefore be able to provide greater assistance. More importantly, treasurers and finance managers can use this as a catalyst for cash and treasury management enhancements, delivering strategic and competitive advantage. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/178/1548/interview-–-gilles-bourron.html Gilles Bourron explains how the recent liberalisation of online gaming has had a direct affect on the business of PMU, the treasury structure at PMU, and the transition to SEPA. He also discusses how PMU manages its cash flow. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/178/1549/leveraging-technical-solutions-for-strategic-advantage.html The combination of an increased recognition of the benefits of centralisation, and the opportunity of achieving it, the need to migrate from ETEBAC and the prospect of SEPA means that treasurers in France are poised for a cash and treasury transformation. Even though there is still a degree of apathy about migration from ETEBAC and adoption of SEPA instruments, those that have already taken advantage of these opportunities have made substantial progress. In this article, the author talks about some of the challenges associated with these catalysts for change, as well as the potential business benefits involved in a connectivity transformation. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/178/1550/interview-–-catherine-debray.html Catherine Debray discusses the treasury structure of Assystem, the company’s policy regarding investment of surpluses, and information technology and banking communication – especially the importance of forecasts. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/178/1551/inteview-–-valerie-niclas.html Valerie Niclas explains the nature and principles of Pomona’s business, and looks at how this operational outline relates to the structure and principles of the treasury. She also examines debt and other causes of risk within the business, and gives us her thoughts on banking communication. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/178/1552/interview-–-michael-paradis.html Michael Paradis, Treasurer at Carpa Paris, explains to TMI a history of the company, the advantages of Carpa for the lawyer and client, and the structure of the treasury. He also discusses how the company is preparing for the disappearance of the ETEBAC protocol and the transition to SEPA. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/178/1553/interview-–-louis-soudré.html Keolis is the number one private operator of public transport in France, and holds a key position in Europe, with a strong presence in the United Kingdom, the Benelux countries and Scandinavia. Louis Soudré, Accounts and Finance Manager at Keolis, gives TMI an overview of the company, and explains why, whilst operationally decentralised, certain roles are centralised. He also explains the cash flow systems the company has in place, the cash management strategy and the make-up of the company’s financing and treasury management team. Mon, 01 Nov 2010 00:00:00 UTC http://www.treasury-management.com/article/4/175/1529/are-we-there-yet-swift-corporate-access-2010.html It is becoming clear that, while SWIFT connectivity has a valuable role to play, it complements rather than replaces existing connectivity tools. Helen Sanders examines how connectivity is, whilst being a clearly vital foundation to the bank-to-corporate relationship, only one factor in an efficient technology infrastructure and transaction and information flow. Experts from BNP Paribas, Standard Chartered, Wall Street Systems and Sterling Commerce also lend their insight to this article. Mon, 25 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/175/1530/implementing-swift-connectivity-with-bnp-paribas-at-lafarge.html Lafarge is a world leader in construction materials that enjoyed revenues of over €15.8bn in 2009. In this article, Valérie Sainsaulieu explains how Corporate Treasury at Lafarge is structured, and documents the decision to implement SWIFT connectivity, and the implementation challenges and successful outcomes as a result of this decision. Mon, 25 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/175/1531/corporate-objectives-made-possible-through-swift.html Over the past two years organisations of all types, banks and corporates alike, have reassessed their attitudes to risk, and future capital adequacy requirements under Basel III mean that liquidity will continue to command a premium. To achieve greater visibility and control over liquidity and risk in an often fragmented environment, treasurers are seeking to improve their information flows by standardising their technology infrastructure and simplifying integration between systems. Tom Durkin explains why SWIFTNet is crucial to many multinational corporations in regards to this decision. Mon, 25 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/175/1532/leveraging-bank-connectivity-to-enhance-customer-service.html World First is the UK’s fastest growing foreign exchange broker. The company recognised that SWIFT was a compelling option for them, as it would allow them to make payments and retrieve statements globally in a secure, automated manner. The author provides insight into the challenges they faced when implementing SWIFT, and how SWIFT has helped them achieve service level targets and expand service deliverability. Mon, 25 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/175/1533/simplicity-standardisation-and-security-with-swift.html Caterpillar first selected SWIFTNet for bank connectivity in 2007, and was one of the early corporate adopters of SWIFT Corporate Access under the SCORE (Standard Corporate Environment) model. In this article, Martin Bina, EMEA Treasury Operations Manager at Caterpillar, discusses the company’s experiences to date. Mon, 25 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/175/1534/key-considerations-when-looking-to-move-to-swift.html As the internal processes of businesses become more sophisticated and the options for connecting with bank systems more numerous, it is increasingly evident that the integration between the technology environments of corporates and banks is the weak link in the end-to-end processing of core financial transactions. No matter how detailed the information that is stored in a bank or corporate system, the information becomes worthless if it cannot be exchanged completely and consistently. Ian Bryant looks at how SWIFT connectivity can help to achieve outstanding corporate-bank communication, as well as other proven benefits and key considerations. Mon, 25 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/175/1535/reducing-costs-generating-revenue-the-value-of-a-bank-partnership.html Tom Shrimpton looks at the key considerations when selecting a banking partner, paying particular attention to the value that developing collaborative, holistic relationships can add to a business in today’s rapidly changing financial landscape. Mon, 25 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/175/1536/swift-–-a-powerful-proposition.html For many corporates, SWIFT is an ideal solution for their cash management needs, but it is not the only solution and will not suit all companies. Moreover, there are many options for connecting via SWIFT that need to be considered. Wilco Dado outlines some of these options, provides insight into the history of SWIFT and corporates, and looks at the benefits of choosing SWIFT Corporate Access. Mon, 25 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/175/1537/treasury-technology-innovation-at-neopost.html Neopost has a centralised approach to cash management through its holding company, although payments and collections are conducted locally. Balances are swept daily using zero balancing cash pools in five countries. Although the company has a small number of core bank, it has ten cash management banks to deal with local collections such as cheques. Neopost’s Group Treasurer, Christophe Liaudon, offers insight into the treasury enhancements they hoped would be provided when the company selected SWIFTNet in 2008, and how their banking partners played a key role in the success that followed. Mon, 25 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/175/1538/cash-and-payments-transformation-at-wienerberger.html Wienerberger has a group treasury department based in Vienna, Austria, responsible for cash management, risk management and financing on behalf of the company. Over the past five years, the company has embarked on a cash management and payments transformation project, so these functions are now centralised in treasury. A project of this type brings significant complexities, but as Wienerberger’s experiences demonstrate, the advantages can be considerable. Mon, 25 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/175/1539/a-new-chapter-in-swift-corporate-access.html This article looks at some of the trends and initiatives that are both enriching the experience of corporate users of SWIFT and making it easier to take advantage of these opportunities. Mon, 25 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/169/1495/derivative-risk-management-in-the-spotlight.html Jiro Okochi, CEO and Co-Founder of Reval, introduces Reval’s third annual TMI Guide with an article discussing the special focus on derivative risk management in the guide and its necessary relationship to the changing regulatory environment for derivative users. The author also explains how the new environment for derivative end-users is bringing risk management and compliance front and centre. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/169/1496/economic-uncertainty-and-the-value-chain-the-link-to-corporate-risk-management.html In this article, the author examines how the global financial crisis has caused companies to reassess their exposures and risk comprehensively over the long and short term, and looks at what this assessment means in practice – including an examination of the core elements of a structured risk mitigation programme that would protect multinational companies during periods of significant market volatility. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/169/1497/managing-exposure-at-ups.html As the world’s largest package delivery company, UPS’ two most significant financial exposures are foreign exchange risk and commodity risk. As the business continues to expand overseas, UPS’ non-USD revenues continue to grow, so their foreign exchange hedging requirements also increase. Jennifer Power explains UPS’ hedging philosophy and how UPS see their hedging strategy changing in the future. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/169/1498/deciding-to-hedge.html This article discusses key strategic thoughts behind deciding when and how to hedge. It addresses the main pitfalls, inherent and new challenges as well as the education of the board and essential internal hedging reporting. It also defines the appropriate tools to face (new) accounting issues, with IAS 39 and its ‘son’ coming soon. The OTC derivatives reform and its potential impacts on hedging strategies are also examined. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/169/1499/son-of-ias-39.html Many treasurers have forgotten that in January 2011 we will celebrate the 10th anniversary of IAS 39. But should this be a celebration or funeral? In the last quarter of 2010, the IAS Board is due to publish its new hedge accounting standard. It will be the third and last part of the complete revamp of IAS, which has transformed the life of corporate treasurers. What has changed since 1 January 2001? It has revolutionised the whole hedging approach of corporates. Another question is whether the overhaul of IAS 39 is a revolution or just a simplification? Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/169/1500/hedge-accounting-trends-in-asia-pacific.html In this article, Nik Tandy provides an insight into hedge accounting trends in Asia Pacific, paying particular attention to the regional variations in treasury and accounting practices and regulations, and future challenges that will soon be on the agenda for corporate treasurers in Asia Pacific. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/169/1501/choosing-a-counterparty-bank.html In the current economic environment, addressing the question for corporates of “Who do I transact with?” in respect of derivative transactions is an extremely pertinent and yet challenging one to answer. Jacqui Drew explains some of the common dilemmas and themes corporate treasurers are forced to consider when attempting to answer this question. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/169/1502/executing-the-trade-controlling-the-risk.html When executing a derivative trade, there are two major considerations a company needs to think about: who they choose as their bank counterparty and how they are satisfying their internal policies regarding derivative trading. Peter Seward, Vice President of Product Strategy at Reval, provides an insight into the key issues to consider when executing a derivative trade, dividing much of the information into a useful internal and external checklist and making clear distinctions between what a corporate treasurer must consider and what their system needs are. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/169/1503/practical-challenges-relating-to-hedge-accounting.html Companies in India are moving towards IFRS convergence from April 1 2011. The build-up towards IFRS convergence has been both challenging and tricky, with regulatory clarity on the timelines and the exact nature of revised accounting standards being difficult to obtain. In addition, given the recent global developments relating to the replacement of IAS 39 and the issuance of IFRS 9, another layer of uncertainty appears to have been introduced into the mix. Amid all this uncertainty, there are a number of practical issues that have become more evident as companies have sought to apply IAS 39 (AS 30 in the Indian context). Venkat Venkataramanan provides an in depth analysis of the challenges presented. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/169/1504/a-regressive-approach-to-hedge-accounting-at-novelis.html One of the more important decisions to be made during the life of a hedge is how to assess its effectiveness. Louis W. Edwards, Director of Derivative Accounting and Reporting at Novelis, explains how Novelis assess their hedge accounting and relationships, paying particular attention to their use of regression analysis, and the challenges they face when making these decisions. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/169/1505/post-trade-hedge-accounting.html In this article, the author provides practitioner insights into the pitfalls of re-designation and practical recommendations to minimise such effectiveness. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/169/1506/post-trade-management-of-derivative-portfolios.html Some people think that risk management decisions are concerned with what happens up to and until a trade is executed, while hedge accounting ones are concerned with what happens post-trade, i.e. once a trade in on the books. This amalgamation of the distinction between risk management and hedge accounting with that between the pre-trade and post-trade occurrence of the decision can only be maintained as long as the size of one’s financial risk is not too high. The author explains why this is a troublesome distinction, and shares four of the risk management and hedge accounting considerations that went into the set-up of Bombardier Transportation’s post-trade hedge accounting framework, with the hope that some of these insights could help the reader to optimise their own post-trade set-up. Fri, 01 Oct 2010 00:00:00 UTC http://www.treasury-management.com/article/4/176/1540/pioneering-european-direct-debits-(sepa)-and-mandate-management.html 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. Thu, 30 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/4/176/1541/project-success-in-complex-pan-european-payments-and-cash-management.html 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. Thu, 30 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/4/176/1542/bridging-local-and-corporate-needs-in-cee-with-a-regional-network-bank.html To identify and benefit from local investment conditions in CEE, as well as supporting the cash management needs both of local entities and the wider company, companies need a banking partner with local expertise, and solutions to support domestic needs and wider corporate objectives. Thu, 30 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/4/166/1484/contributing-to-client-performance-and-profitability.html In this interview, Carole Berndt and Ivo Disteelbrink discuss the merger between Bank of America and Merrill Lynch, and how this merger - which took place almost two years ago - has informed the current standpoint of the bank in regards to regulatory change and innovation, particularly in cash management. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/4/166/1485/treasury-centre-stage.html The treasury function can make or break the company and the pressure is on to have in place best-in-breed systems and controls. Matthew Davies and John Harris explain why this is the case, and why the demand for increasing transparency, operational adaptability and comprehensive risk management will only continue to increase. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/4/166/1486/case-study-out-with-the-old-in-with-the-new.html In this article, the authors examine why leading global companies may need to rethink the definition of an integrated treasury platform, using Diageo Plc - the world's leading beverage company - as an example. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/4/166/1487/optimising-treasury-through-outsourcing.html Is treasury outsourcing the answer to a dynamic and challenging global business environment? Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/4/166/1488/delivering-the-relationship.html In this article, the authors look at how, as companies diversify and expand geographically, their treasury function and needs become more complex and a centralised treasury team at corporate headquarters cannot keep abreast of every moving part at the local operating level. This article looks at some these challenges and potential solutions. Wed, 01 Sep 2010 00:00:00 UTC http://www.treasury-management.com/article/4/164/1461/innovation-for-change.html Lars Millberg provides an overview of the articles that readers will find within this special SEB Guide, and looks at the importance of innovation across the board. Mon, 16 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/164/1462/leveraging-innovative-delivery-channels-across-financial-value-networks.html The days when banks could serve their customers simply by providing finance or processing payments are long gone. Today, corporate treasurers and finance managers expect sophisticated cash and liquidity management solutions, intuitive technology that can be integrated with in-house systems and high quality information to facilitate process automation, such as account posting and reconciliation. The authors examine how this can create a virtuous cycle: as banks capture and transmit more sophisticated information, they are in a position to deliver a wider range of services across the financial supply chain, facilitate greater automation and move further up the financial knowledge pyramid. Mon, 16 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/164/1463/promoting-innovation-in-operating-efficiency-–-talking-with-treasurers.html In March 2010, SEB hosted a Financial Summit attended by 50 CFOs and Group Treasurers from top Nordic corporations. As part of its commitment to continuing and deepening the dialogue with corporate treasurers, SEB recently organised a roundtable discussion on the topic of operational efficiency, attended by treasurers from Ericsson, Holmen, Niscayah and ASSA ABLOY. This discussion is documented in this article. Mon, 16 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/164/1464/a-long-term-approach-to-core-banking-relationships-appointing-a-uk-cash-management-bank.html Until 2006, HeidelbergCement had a decentralised approach to treasury, with the Group Treasury function located in Malmo, Sweden. In 2006, the company made the decision to centralise, and relocated its Group Treasury to corporate headquarters in Heidelberg, Germany. David Flory explains why this decision was made, the challenges faced whilst approaching implementation, and why the factors for this move were reflective of a need for a long-term approach to banking relationships. Mon, 16 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/164/1465/centralisation-and-innovation-at-hoyer-group.html Björn Gerhard, Group Treasurer at Hoyer Group, explains how the decision to centralise their treasury and cash management activities led to the achievement of greater efficiency, visibility and economies of scale. Björn also explains how they have improved efficiency in regards to their banking technology, and looks to future developments at the business. Mon, 16 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/164/1466/pioneering-social-media-for-the-financial-community.html In November 2008, SEB launched an independent, online community forum for trade professionals, which has since been extended to cash management and custody. Håkan Aldrin and Patrik Havander discuss the challenges they have faced in launching the Benche, and how the Benche could be seen to reflect a wider revolution in the use of new media within the financial community. Mon, 16 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/164/1467/partnering-for-innovation-and-client-satisfaction.html Events over the past two years have seen banks stepping back and re-evaluating their strategy and investment priorities. Some have divided assets and shrunk their balance sheets, and most face the dilemma of how to satisfy the growing demands of their clients in an environment of constrained expenditure. Erik Zingmark looks at how recognition is growing in relation to the value of collaboration, and how a long-term banking relationship can mean more than product and service consistency. Mon, 16 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/162/1441/-the-changing-concerns-of-todays-treasury.html Robin Page, CEO of TMI, introduces J.P. Morgan's What Matters Today series. Mon, 09 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/162/1442/what-matters-today-1-risk-management.html In this first article in a series by J.P. Morgan, we look at some of the key issues affecting treasurers today and offer insights into ways of addressing them. In this edition, we look at risk management, which has become an integral element of every decision made in treasury. While treasury has always been tasked with managing risk, the profile of the risk management function has been elevated over the past two years, with the board now seeking a closer involvement in risk identification and mitigation. This is leading to heightened visibility of the activities that treasury undertakes, and increased recognition of its value to the enterprise. Mon, 09 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/162/1443/what-matters-today-2-efficiency.html 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. <br>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. <br> <br>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). Mon, 09 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/162/1444/what-matters-today-3-relationships.html Throughout the 'What Matters Today' series, J.P. Morgan has explored some of the issues that matter most to treasurers today. 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. Mon, 09 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/162/1445/what-matters-today-4-creating-a-sustainable-liquidity-strategy.html 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. <br> <br>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. Mon, 09 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/162/1446/what-matters-today-5-visibility-and-control-global-card-programmes.html 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. Mon, 09 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/162/1447/what-matters-today-6-centralisation-&amp;-rationalisation.html 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. Mon, 09 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/177/1543/credit-supply-outstrips-demand-for-us-fortune-500.html TMI is delighted to publish this year’s prestigious US Leader Awards made by Greenwich Associates, giving the results of their interview with Fortune 500 cash management specialists and other financial professionals on market trends and their relationships with their banks. Wed, 04 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/177/1544/corporate-treasury-management-credit-driving-bank-selection.html TMI is delighted to publish this year’s prestigious US Leader Awards made by Greenwich Associates, giving the results of their interview with Fortune 500 cash management specialists and other financial professionals on market trends and their relationships with their banks. Wed, 04 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/161/1434/introduction-to-greenwich-leader-awards-2010.html TMI's Chief Executive, Robin Page, introduces the Greenwich Leader Awards 2010 by explaining why the Greenwich Awards are so highly regarded, and providing an overview of the valuable analysis found within the supplement. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/161/1435/greenwich-leaders-european-corporate-banking.html The combination of attractive rates in global bond markets and motivated lending by major banks over the past 12 months created an extremely favorable funding environment for the largest companies in Europe that has persisted into 2010. The result: Just two years ago, large European companies faced serious questions about how they would access the capital they needed to operate and grow their businesses. Today, many European corporate treasury officials face a much different question — How can I reduce the drag on ROE caused by all this cash sitting on my balance sheet? Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/161/1436/european-corporate-banking-as-crisis-subsides-new-questions-arise.html Europe’s largest companies are reporting fewer problems securing funding for their operations and increasing demand for credit to fund growth-oriented capital expenditures. Positive developments such as this suggest that big European companies are at last emerging from a period of global recession and financial market duress. However, as these companies transition from survival mode to a more ‘normal’ posture focused on growth, Greenwich Associates consultants point out that they should be aware that, when it comes to their relationships with bank and process of financing their businesses, the new normal might be much different than the old. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/161/1437/bnp-paribas-leads-in-client-proximity-and-quality-advisory-services.html BNP Paribas received the top ranking in both Market Penetration and Quality for Large Corporate Banking in Europe in the recent Leader Awards by Greenwich Associates, bearing testimony to the bank's commitment to support the evolving needs of its corporate customers. In this feature, Filipe Simao discusses his response to receiving these Awards and explores the elements that are positioning BNP Paribas for continuing success. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/161/1438/a-leader-in-quality-deutsche-bank.html In the recent Leader Awards by Greenwich Associates, an independent guage of banks' market penetration and the quality of their services, Deutsche Bank received awards in almost every category. In this article, Marilyn Spearing, Global Head of Trade Finance & Cash Management - Corporates at Deutsche Bank, discusses her reaction to the Awards and outlines some of the factors that continue to contribute to Deutsche Bank's success. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/161/1439/asian-companies-after-the-crisis-less-reliant-on-west-for-capital-and-growth.html Asian companies are emerging from the global economic recession with a diminished reliance on Western sources of capital and a new focus on local Asian markets for growth. New research from Greenwich Associates reveals that the largest companies (annual turnover $500m and over) across Asia (excluding Japan), are reporting improved access to credit and growing demand for funding for growth oriented capital expenditures. In this article, Greenwich Associates consultants provide detailed examination of these findings. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/161/1440/greenwich-leaders-asian-corporate-banking.html Every year, Greenwich Associates interviews senior financial executives at the largest Asian companies about their banking relationships. These executives are asked to name the banks they use in overall corporate banking, cash management and capital markets advisory services, to quantify the share of their business allocated to each bank and to rate these banks according to a series of important criteria. Banks that receive the largest number of citations/market share are named Greenwich Share Leaders. Banks receiving quality ratings that exceed those awarded to competitors by a statistically significant margin are named Greenwich Quality Leaders. Sun, 01 Aug 2010 00:00:00 UTC http://www.treasury-management.com/article/4/159/1410/mmfs-the-funds-that-deliver.html In this article, Robin Page introduces TMI’s 2010 Guide to Money Market Funds by congratulating the Institutional Money Market Funds Association on their tenth anniversary, and takes a look at the content of the articles within this guide. Thu, 01 Jul 2010 00:00:00 UTC http://www.treasury-management.com/article/4/159/1411/the-instruments-purchased-by-a-money-market-fund.html Money Market Funds invest in high quality short-term debt instruments. Although the restrictions imposed upon the funds do not tend to dictate the exact types of instruments which may be purchased, the broader investment universe for all money market funds is reasonably similar. An investor should understand the types of instruments which may be purchased by a money market fund, and also appreciate how risks can vary depending on the fund’s specific composition. This article examines the key instruments in more detail. Thu, 01 Jul 2010 00:00:00 UTC http://www.treasury-management.com/article/4/159/1412/the-changing-landscape-of-cash-management-and-investment.html Travis Barker, Head of Liquidity Business Development at HSBC Asset Management, writes of the returning confidence of treasurers in ‘prime’ money market funds, i.e., those which invest in financial institution and corporate assets, reflecting a more balanced view of risk than we saw during 2008 when government funds took precedence. This is one among several positive signs that treasurers have not forgotten the lessons learned during the crisis and are taking an informed approach to their cash investments. The author also examines what this means for MMFs in the future. Thu, 01 Jul 2010 00:00:00 UTC http://www.treasury-management.com/article/4/159/1413/the-benefits-of-immfa-membership-for-investors-in-money-market-funds.html Gail le Coz, Chief Executive at the IMMFA, explains the benefits – and responsibilities – of IMMFA membership for investors in money market funds. The author also examines the three principle objectives that the IMMFA operates in accordance with, explains the latest amendments to IMMFA’s Code of Practice, and looks at why there is a need for a trade association to represent money market funds. Thu, 01 Jul 2010 00:00:00 UTC http://www.treasury-management.com/article/4/159/1414/red-7...-the-winning-number-for-money-market-funds-.html 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. These documents aim to provide guidance for fund users. Thu, 01 Jul 2010 00:00:00 UTC http://www.treasury-management.com/article/4/159/1415/giving-clarity-to-cash.html Colin Cookson, head of liquidity of Aviva Investors, explains how fund managers are evolving a more transparent approach to help clients understand exactly where their money is invested. Thu, 01 Jul 2010 00:00:00 UTC http://www.treasury-management.com/article/4/159/1416/evaluating-credit-and-counterparty-risk.html A close scrutiny of credit and counterparty risk is undertaken by the author in this article. Kathleen Hughes points out that corporate treasurers have only to look at the ongoing fiscal issues in the Eurozone, in particular the threat of sovereign default in Greece, to see why these risks need to be evaluated carefully and systematically. Thu, 01 Jul 2010 00:00:00 UTC http://www.treasury-management.com/article/4/159/1417/money-market-fund-accounting-a-brief-primer.html While most mutual funds are managed with the objective of increasing their value and providing shareholders with a return, money market funds are somewhat different. The primary objectives for money market funds are ensuring the security of capital and providing shareholders with access to that capital at all times. A return, or yield, is a secondary consideration. Although money market funds invest in assets whose value can change over time, the funds’ net asset value (NAV) may remain constant at 1.00. How can fund managers square this circle? Susan Dargan writes that the answer lies in the use amortised accounting. Thu, 01 Jul 2010 00:00:00 UTC http://www.treasury-management.com/article/4/159/1418/revisiting-the-risk-–-reward-dilemma.html Risk, of course, must always be balanced against reward, and this dilemma is the subject of the article by David Rothon. While acknowledging that the European continues to encourage conservatism in treasurers’ investment approach, particularly in relation to sovereign risk, David identifies a growing appetite for a flexible MMF product to complement prime AAA-rated funds, and to provide enhanced yield on at least a portion of the company’s cash while still maintaining security and liquidity. What would such a product look like? Bearing in mind the regulatory changes that are in process, he sees the likelihood that in addition to today’s stable NAV (net asset value) MMFs, there will be some demand for variable NAV MMFs. Thu, 01 Jul 2010 00:00:00 UTC http://www.treasury-management.com/article/4/159/1419/mmf-portals-at-the-crossroads-current-drivers-and-new-directions.html The level of market penetration of MMF portals in Europe has lagged significantly behind that in the US. This is a reflection of both their later introduction in Europe and a relatively slow rate of growth since then. However, during the last 12 months this position has changed significantly and many organisations that have not previously seen the need for a portal have either already moved across to electronic trading or are in the process of doing so. To understand why this shift has come about, Justin Meadows looks at the key business drivers facing both the investor and fund provider sides of the industry and see how these have pushed both sides towards an increase in the use of portals. Thu, 01 Jul 2010 00:00:00 UTC http://www.treasury-management.com/article/4/159/1420/the-credit-processes-operated-by-a-money-market-fund.html In this article, Jonathan Curry defines credit risk, how it is managed, and why it could be beneficial for a money market fund investor to review the credit analysis process that is performed by the money market fund manager. While the details of any credit assessment will vary by the fund manager, there are some generic aspects which are relatively consistent. The author also provides an overview of these aspects. Thu, 01 Jul 2010 00:00:00 UTC http://www.treasury-management.com/article/4/159/1421/money-market-funds-a-regulatory-update.html Regulatory change in the broader financial services industry continues apace, in order to further strengthen the financial system. Money market funds have so far been captured within these regulatory changes, in terms of both restricting the exposure to risks and providing investors with further clarity over the nature of their investment. In this article, Nathan Douglas provides a succinct review of recent changes, including the revision by the Association of its Code of Practice, initiatives by the Committee of European Securities Regulators (CESR) published in May this year and, in the US, amendments to the rules of the Securities and Exchange Commission (SEC) which govern the management and operation of MMFs. Thu, 01 Jul 2010 00:00:00 UTC http://www.treasury-management.com/article/4/156/1380/treasury-in-the-crisis-the-pwc-global-treasury-survey-2010.html In the 2010 PwC Global Treasury Survey we examine treasury’s reaction to the financial crisis, covering both the initial collapse of liquidity and the economic downturn that followed. Were treasury teams prepared, how effectively did they respond and what are the lessons for the future? With the impact of the crisis thrusting treasurers into the spotlight, how has this attention affected their influence and status within the business and how can they capitalise on the opportunities this presents? This article contains highlights of the survey. A complete version of the survey report is available directly from PricewaterhouseCoopers. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/4/156/1381/thriving-in-a-post-crisis-world.html Barclays has long been a name synonymous with quality, reliability, and customer service. Following the recent reorganisation of the business, this article examines how Barclays Corporate are approaching such post-crisis issues as the shift in focus toward working capital, the changing regulatory environment and the cash management implications of counterparty risk. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/4/156/1382/a-new-bank-for-a-new-decade.html Since the Bank of America Merrill Lynch merger in early 2009, the company has been able to position itself in such a way as to strongly support both the investment banking and capital markets needs of clients and their corporate banking requirements. Crucially, the merger has had tremendous impact on the company’s client reach, allowing it to support global needs as well as regional. Amongst other issues, the author examines the evolution of working capital optimisation to become a firmly established strategic objective for virtually all companies since the crisis, and identifies emerging trends in cash and liquidity management. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/4/156/1383/global-payment-trends-for-us-institutions-and-corporations.html Today, many large, medium-size, and small companies are looking across borders for opportunities. Faced already with expanded competition and intensified cost cutting, the business growth of these companies should not be further hampered by the cost and inconveniences of making and receiving payments. Michael Bellacosa examines the how future expansion of the US market can be achieved, trends of the current market – noting the challenges caused by the complexities of implementing payment practices worldwide – and why businesses must have a flexible business model available to provide different solutions for different situations. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/4/156/1384/from-format-to-content-taking-standardisation-to-the-next-level-.html The implementation of both SEPA and the PSD has supplied the technical and regulatory foundations to level the European playing field for payments, and is being welcomed by corporate customers, public administrators and financial institutions alike. In this article, the author examines the steps being taken toward standardisation and what this could mean for corporates in the future. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/4/156/1385/plus-Ça-change....html Michael Spiegel reflects on how some of the post-crisis changes in priorities for corporate treasurers were in fact a continuation of trends already apparent before the crisis struck, and cites examples to indicate this. The author focuses particularly on liquidity management, payments, the financial supply chain and the changing banking landscape in regards to banking relationships. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/4/156/1386/responding-to-trends-in-international-cash-management-solutions-based-on-heritage-and-innovation.html In this interview, Roemer Paquay, of ABN AMRO, discusses the structuring of the bank, looks forward to the legal merger between Fortis and ABN AMRO in the second half of 2010 and assesses the business environment in which it operates. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/4/156/1387/enhancing-the-corporate-connectivity-experience.html With liquidity elevated to a critical priority for every treasurer, Lesley White examines the emphasis on working capital management and the new opportunities provided by new technology. The author also takes a look at the regional, multi-banking model being preferred by many companies, as well as the evolution of SWIFT Corporate Access. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/4/156/1388/managing-cash-flows-in-real-time.html TechnoAlpin is the global market leader in providing and supporting snowmaking technology worldwide, and has built up a strong reputation for its innovation, engineering precision and industry expertise. The company, headquartered in northern Italy, achieved consolidated net revenues of over EUR100m in 2009. In this article, TechnoAlpin’s CFO, Mauro Ficara, describes how the group achieved a solution to its internal invoicing processes by centralising cash flow whilst ensuring that business unit staff spent less time in communication with head office on outstanding invoices, and more time on customer-facing activities. Sat, 01 May 2010 00:00:00 UTC http://www.treasury-management.com/article/4/154/1358/the-effect-of-the-financial-crisis-on-corporate-bank-relationships.html In this article, Dr Jochen Stich describes the effect of the financial crisis on bank relationships from a corporate point of view, specifically from his experiences as Group Treasurer for Porsche Holding GmbH, the largest automotive dealer group in Europe. Tue, 20 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/154/1359/treasury-that-works-a-success-story.html One of the most predominant subjects at this year's CEBIT was how web-based software systems and software as service concepts will be able to change and optimise information technology within companies. Lindner Group's Treasury Department has been working since 2008 with a forward-looking web-based application produced by BELLIN. Tue, 20 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/154/1360/collaborative-partnerships-for-sustainability-germanys-next-step.html Since the global financial crisis hit, many German corporates have begun to re-evaluate their needs and as a result, their relationships with their financial services providers. In light of views expressed by senior treasury services professionals at a recent roundtable hosted by BNY Mellon in Germany, Dany Eder, the firm's Vice President for Treasury Services in Frankfurt, discusses the importance of close bank / corporate relationships and the increased focus on stability within this relationship. Tue, 20 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/154/1361/how-sap-helps-companies-to-achieve-best-practice.html When SAP, the world's leading provider of business software, decided to implement an electronic trading platform they chose 360T's multi-bank trading platform TEX to do so. Marcus Muncan, Treasurer at SAP, explains to TMI why they chose TEX, how easy it was to implement, the key benefits of e-trading and straight-through processing (STP), and the next steps for SAP's treasury department. Tue, 20 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/154/1362/seeking-confidence-in-an-uncertain-marketplace.html With uncertainty and a lack of trust continuing to impact the banking market in Germany, some corporate treasurers are seeking a real alternative: a global bank with a proven track record, expertise and a commitment to delivering not only cash management capabilities, but a full banking product suite. After the recent expansion of their Germany-based Corporate Banking team, Heinz Hilger and Andrej Ankerst put forward the case for Bank of America Merrill Lynch as the alternative. Tue, 20 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/154/1363/pre-and-post-crisis-cash-management-priorities-for-cash-management-priorities-for-porsche.html Porsche needed to find automated solutions to access liquidity, which they achieved by pooling their liquidity through a physical (zero balancing) cash pool with UniCredit, one of their core banking partners. This meant that they could benefit from the advantages of a local approach to payments whilst managing liquidity on a net basis across the group, and ensuring that they have a complete picture of their global cash. Cash Manager Heimo Tiefenböck explains how they dealt with the crisis and why this approach was beneficial for Porsche. Tue, 20 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/154/1364/supporting-exports-with-hermes-export-credit-guarantees.html CCC Machinery GmbH (CCCM) faced the challenge of how to finance individual short-term and recurrent business transaction with the same customer, without burdening the company's existing credit facilities. The revolving HERMES-covered finance facility was found to be the best solution for CCCM and its customers. In this article, the authors discuss the detailed design of the revolving finance facility and how it helped CCCM going forward. Tue, 20 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/154/1365/a-co-operative-approach-to-change-cash-centralisation-at-csc.html Implementing a cash and liquidity management project can be a complex process, particularly in a decentralised organisation where there is a variety of internal stakeholders who are critical to the success of the project. In this article, Eric Humbert, Group Treasurer of business solutions firm CSC, shares his experiences of the initial stages of a cash centralisation project, with additional comments by Thomas Eisenhuth, Societe Generale. Societe Generale provides local banking services to CSC in parts of Europe today, and is part of CSC's evaluation for the second phase of the project. Tue, 20 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/154/1366/innovation-and-investment-in-a-post-crisis-market.html 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. Tue, 20 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/167/1489/clients-demand-innovation-in-difficult-times.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/167/1490/treasury-management-in-france.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/167/1491/meeting-the-cash-management-needs-of-nordic-companies.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/167/1492/innovation-and-investment-in-a-post-crisis-market.html 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. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/167/1493/plus-Ça-change....html In this article, Michael Spiegel reflects on how some of the post-crisis changes in priorities for corporate treasurers were in fact a continuation of trends already apparent before the crisis struck, and cites examples to indicate this. The author focuses particularly on liquidity management, payments, the financial supply chain and the changing banking landscape in regards to banking relationships. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/167/1494/swift-comes-of-age-changing-corporate-experiences.html Deutsche Bank has been one of the pioneers of SWIFT connectivity for corporates and has successfully worked with a wide range of corporate treasuries, payment factories and shared service centres to communicate financial information through SWIFT. In this article, we look at where SWIFT for corporates is today, and how this could evolve in the future. Thu, 01 Apr 2010 00:00:00 UTC http://www.treasury-management.com/article/4/147/1353/tmi-awards-2009-supplement-(part1).html Pages 1 to 5 of the TMI Awards 2009 Supplement, including forewords by TMI's Chief Executive and TMI's Editor. The awards covered in this section are Best Bank for Cash Management in Europe, Eastern Europe, Southern Europe, Nordic Region, Asia and Greater China, and Global Best Bank for Cash Management. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/4/147/1354/tmi-awards-2009-supplement-(part-2).html Pages 6 to 10 of the TMI Awards 2009 Supplement covers the awards for Best Bank for Cash Management in North America, South America, and Middle East & Africa. The other awards included are Best Bank for Financial Supply Chain Globally, in Europe, in Southern Europe, in Eastern Europe, in the Nordic Region, in Asia & Greater China, in North America, and in South America. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/4/147/1355/tmi-awards-2009-supplement-(part-3).html Pages 11 to 15 of the TMI Awards 2009 Supplement cover the awards for Best Bank for Financial Supply Chain in Middle East & Africa, Best Bank for SWIFT for Corporates in Europe, Asia, North America, and Globally. The Best Bank for Risk Management Awards are also in this section. They cover the following regions: Global, Europe, Eastern Europe, Nordic Region, Asia and South America, North America, Middle East & Africa, and Greater China. Additionally, the Best Bank for Corporate Finance Award and Best Bank for Pension Solutions Award are included. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/4/147/1356/tmi-awards-2009-supplement-(part-4).html Pages 16 to 20 of this supplement cover the Best Bank for Money Market Fund Awards. The Awards are divided into three regions: Europe, Asia, and North America. This section also includes the majority of our Technology Awards. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/4/147/1357/tmi-awards-2009-supplement-(part-5).html Pages 21 to 25 cover the Best Tax Advisor Award, Best Treasury Consultant Award, and the Editor's Recognition Awards, as well as including a full list of all Awards winners. Fri, 01 Jan 2010 00:00:00 UTC http://www.treasury-management.com/article/4/143/1257/meeting-the-challenges.html Charles Buchanan, Chairman of ACTSA, introduces The Southern African Treasurer's Special Issue on Risk Management with an overview of the progress made by the ACTSA during the past year. This includes a list of the activities hosted by the ACTSA during this time, and the challenges ACTSA face in the future in order to sustain the ACTSA's high standard of achievement. Tue, 01 Dec 2009 00:00:00 UTC http://www.treasury-management.com/article/4/143/1258/dealing-with-the-currency-crisis.html After the currency crises hit the emerging markets in 1997-98 and 2001, there was a period of good, steady results from both income and equity markets, but even before the global crisis took hold in 2008 it was becoming evident that some emerging market economies were experiencing systemic problems. However, the general opinion was that the crisis would be confined to a few developed countries and that the markets in emerging economies would only feel a minimal impact. <br> <br>Consequently, currencies in emerging markets mostly strengthened before the crisis spread around the world, and those in the main emerging countries rose by an average of 4.8% against their base between the last quarter of 2007 and August 2008. But once trouble became global, emerging markets suffered major problems. <br> <br>This article, by the Standard Bank of British South Africa, addresses these concerns as well as detailing the special characteristics that can be identified in the currencies of emerging markets in Africa, which frequently prove baffling to European and North American FX dealers. Additionally, the article includes information on why there has been a recent increase of foreign direct investors, and comment upon the resilience of emerging market economies in the face of the financial market turmoil. Tue, 01 Dec 2009 00:00:00 UTC http://www.treasury-management.com/article/4/143/1259/stp-and-the-corporate-treasury.html Straight-through processing (STP) has in the past been seen as technology that could only be afforded by banks, by other large financial institutions, and by the most complex corporate treasuries. However, corporate treasury management systems have now been evolved to the extent that they can deliver automated, cost-effective treasury process management, which allow workflows to be automatically managed and monitored. <br> <br>This article analyses, with practical examples, some of the key elements in the evaluation of potential STP benefits. The technical issues regarding STP, particularly the treasury management system it is delivered through, are also explained in detail and with clear examples. Tue, 01 Dec 2009 00:00:00 UTC http://www.treasury-management.com/article/4/143/1260/market-risk-measurement-in-context.html Traditionally, market risk is defined as the risk of losses in on- and off- balance sheet exposures as a result of market movements. The market events surrounding the 2008-credit crisis force us to have a deeper understanding of market risk process and to present its (frequently misunderstood) measurement metrics. This practical guide to market risk measurement explores these notions, illustrates the market risk management process, and highlights lessons that can be learned from the shortcomings within traditional market risk measurements approaches that were exposed by the events of 2008. Tue, 01 Dec 2009 00:00:00 UTC http://www.treasury-management.com/article/4/143/1261/strate-moves-ahead-in-the-money-market-environment.html Originally born out of the very real concern for the risks faced by practitioners on a daily basis in the ‘paper’ world, the new electronic money market system represents leading edge development by the South African market, which can rightfully claim a number of world firsts. End-to-end, straight-through processing – from the issue of an ISIN right through to maturity – means that money market securities can, in future, be issued, traded, and settled electronically. <br> <br>Dale Connock, Head of Risk Management at Strate Ltd, details the role of Strate (South Africa’s Central Securities Depository) and the specifics of the move toward standardized electronic communication between Business Partners, Participants and Strate. Tue, 01 Dec 2009 00:00:00 UTC http://www.treasury-management.com/article/4/143/1262/putting-working-capital-to-work-releasing-capital-by-accelerating-the-cash-conversion-cycle.html For the past year, firms around the world have been intently focused on preserving capital and reducing their reliance on external funding. As a result, managing working capital has become a key priority. In this report, Citi’s Financial Strategy Group analyzes recent trends in working capital management and the value creation potential from improving cash conversion cycles. Additionally, they lay out specific areas where banks can help firms improve their cash conversion cycle including changes to business processes and systems, options for vendor and supply chain financing, and liquidity management solutions. Tue, 01 Dec 2009 00:00:00 UTC http://www.treasury-management.com/article/4/143/1263/treasury-centralization-an-essential-guide-for-corporate-treasurers.html There are a variety of reasons why companies decide to centralize their treasury operations, which would typically include cash management, financing, investment and foreign exchange, including both routine activities and strategic management. The factors which bring the most significant benefit, and therefore the most compelling value proposition, will depend on the nature of the business. This article by Andrew Woods, Group Vice President at SunGard, identifies some of the most important factors in regards to treasury centralization. It also provides a list of challenges that can be met through the decision to centralize a treasury operation, and how treasury centralization can achieve this. Tue, 01 Dec 2009 00:00:00 UTC http://www.treasury-management.com/article/4/143/1264/commodity-hedging-the-advent-of-a-new-paradigm.html The events of 2008 have shaken up the risk management approach of multinational corporations (MNCs) and have given renewed emphasis to the way they handle a range of financial risks, such as commodity purchasing, liquidity, FX and funding. These issues have come to the fore for heavy users of commodities following the rollercoaster ride in the prices of oil, metals, and soft commodities. <Br> <br>Though the high prices of 2008 have now subsided, today’s situation remains woefully uncertain for the MNCs. Consequently, many firms have experienced hedging outcomes that are as unexpected as they have been painful, with the end result that they have seen significant M-t-M losses on their books. This has increased scrutiny from the board, and made ever greater calls on the expertise of the treasury function in general and on the treasurer in particular. In such conditions, complacency is not an option. <br> <br> This article details the manner in which companies must respond to a new reality in order to achieve more reliable, predictable raw material costs and similarly predictable earnings in both primary business and in the capital markets. Tue, 01 Dec 2009 00:00:00 UTC http://www.treasury-management.com/article/4/143/1265/understanding-the-benefits-of-convertible-bonds.html Though convertible bonds have been issued on international markets for a number of years, issuers in South Africa are only now beginning to recognise their benefits. Investors are also starting understand their attractions. The potential benefits of convertible bonds are explored in this article through a detailed description of what they entail and why many corporate treasurers are turning to them in order to successfully mitigate, for example, liquidity and refinancing risks. Tue, 01 Dec 2009 00:00:00 UTC http://www.treasury-management.com/article/4/143/1266/the-pricing-of-bee-share-purchase-schemes.html Black Economic Empowerment (BEE) transactions are very topical, with companies that have to date failed to put in place meaningful BEE schemes under serious pressure to do so from various interested parties. <br> <br>The Broad-Based Black Economic Empowerment Act (2003) was introduced in order to assist in ensuring a more equitable distribution of wealth amongst the people of South Africa. This act defines ‘black people’ and introduces legal mechanisms for their economic upliftment. Essentially, what is involved is the sale of a stake in the business to suitably qualified partners. In other words, the core feature of these transactions is that the seller (Vendor Company) exchanges company value for BEE credentials. <br> <br>This article explains, in detail, BEE transactions in terms of what the buyer (the BEE partner) can provide, the vendor financing and the institutional financing stages (including a mixture of both), a recommended approach by the authors of the article, and an overview relating to risk management of BEE transactions. Tue, 01 Dec 2009 00:00:00 UTC http://www.treasury-management.com/article/4/142/1247/standardisation-and-organisation-of-derivatives-markets-some-necessary-limits.html 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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/4/142/1250/treasury-management-in-france.html 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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/4/142/1251/interview-philippe-autin-treasury-director-at-the-nmpp.html Philippe Autin talks to TMI about the principal activities of the Nouvelle Messageries de la Presse Parisienne and the specifics of the NMPP's treasury department in this interview. The article includes information on the NMPP's preparations for SEPA, the concentration of the NMPP's liquidity, handling of its cash flow, and how it employs its cash resources. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/4/142/1248/interview-pierre-mences-of-the-cftc.html TMI interviews Pierre Mences, General Treasurer for the Confédération Française des Travailleurs Chrétiens, about the CFTC. This article covers the formation of the CFTC, how the Act of 20 August 2008 has changed trade unions in France irrevocably, and the ways in which the CFTC manages its treasury and finances. Pierre Mences also explains why he expects that, from 2011, all trade unions in France will have standardised accounts. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/4/142/1249/interview-lionel-garnier-denis-group-treasurer-at-alten.html In this interview, Lionel Garnier-Denis explains some background information about Alten to TMI, and how the treasury function at Alten is organised. Additionally, he discusses why Alten adopted SWIFTNet and the difficulties faced in the implementation of it. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/4/142/1252/interview-sophie-thévard-treasury-and-finance-manager-at-eutelsat-sa.html TMI interviews Sophie Thévard, Treasury and Finance Manager for Eutelsat SA, about the company she works for and the structure of a treasury function within Eutelsat's economic model. The interview covers a number of topics, from the role of the treasury team at Eutelsat in the management of payment flows and debt to the changes in Eutelsat's relations with banks that have been brought about by the economic crisis. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/4/142/1253/interview-marie-bastart-treasury-and-finance-manager-for-vinci.html Marie Bastart, Treasury and Finance Manager for Vinci, discusses how the treasury function is organised at Vinci and the impact of the financial crisis in this interview with TMI. Additionally, she explains her views on the potential changes within the business climate in the coming months, and the state of the company's relationships with its principal bankers. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/4/142/1254/interview-emmanuel-laurent-head-of-financial-operations-at-acoss.html Acoss is a public agency which was formed in 1967 to manage the joint treasury of the general account on behalf of the sickness, industrial accident, family and old-age funds covering approximately 300 social security bodies. It is also the national body for URSSAF. Emmanuel Laurent, Head of Financial Operations, talks to TMI about Acoss's resources, the amounts the agency deals with, the role that the banks play in organising the treasury requirements of the general fund, and how the SEPA project fits into Acoss's organisational structure. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/4/142/1255/interview-bernard-lubot-financial-operations-and-treasury-manager-at-areva.html Areva is a company formed in 2001 from the merger of Cogema, Framatome and CEA Industrie. In this interview, Bernard Lubot explains why Areva does not have any local treasury functions - despite the company covering a worldwide chain of indsutry and services - and the manner in which Areva manage banking flows. Bernard Lubot's views on the effect of the recession on treasury management are also included in this article. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/4/142/1256/bringing-it-all-together-a-cohesive-approach-to-liqudity-and-risk.html 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. <br> <br>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. Sun, 01 Nov 2009 00:00:00 UTC http://www.treasury-management.com/article/4/139/1203/moving-swiftly-to-swift.html With the aftershocks (we hope) of the financial crisis still shaking many firms, budgets and resource constraints are still obvious reasons - or perhaps excuses - for postponing projects that could bring advantage to the organisation. One of the projects which is, by its nature, messy and complicated, is to review and enhance bank connectivity. Although the opportunities for corporates to connect with their banks through SWIFT are developing, with steady growth in corporate take-up, should we be seeing greater interest bearing in mind the potential advantages of SWIFT connectivity? In this third edition of TMI's SWIFT Connectivity Guide, we bring you case studies from new and familiar companies which illustrate the benefits, but also the challenges, of a SWIFT strategy for corporate-to-bank communication. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/4/139/1204/swift-for-treasury-investments-at-intel.html Intel has been involved with SWIFT for many years to manage large receivables on which we needed detailed remittance information. We have also been active in promoting and formulating new messaging standards through RosettaNet, with the ultimate outcome of ISO 20022 financial messaging. With this heritage and industry insight, we wanted to leverage some of the opportunities that were available for more efficient payments, securities management and reporting. We therefore decided to implement SWIFTNet for high value payments and securities in the treasury investments area. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/4/139/1205/collaborative-treasury-solutions-–-the-next-step-in-treasury-services.html Corporates worldwide are increasingly calling for fully-integrated treasury solutions. Dominic Broom, Head of Market Development, Treasury Services EMEA at The Bank of New York Mellon, explores the need for such solutions and how collaborative partnerships between local banks and global providers can make them a reality. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/4/139/1206/leveraging-sap-and-swift-for-treasury-optimisation.html In April 2004, Samsung embarked on a five-year project focused on standardising rules, data and processes across all Samsung entities globally. Specifically, Samsung was looking to integrate all of its disparate systems into a single global Enterprise Resource Planning (ERP) platform based on SAP R/3, a company-wide platform designed to co-ordinate all resources, information, and activities associated with business processes such as payments and billing. An integral part of this project was to optimise Samsung’s treasury operations by linking SAP to SWIFTNet, the company’s choice for a platform-neutral global electronic banking network. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/4/139/1207/iso-20022-xml-–-the-story-so-far-is-more-than-just-sepa!.html Whilst the ISO 20022 XML journey only really started in June 2003, at SWIFT’s offices in La Hulpe, the progress in terms of harmonisation, coverage and most importantly adoption, has been amazing. Initially driven by a section of the corporate community under the RosettaNet PMP (payment milestone program), it embraced contributions from all of the major stakeholders – the banks, the software vendors, the standards organisations and the corporate community. The primary objective was to drive a single payment standard that could be used globally by any corporate, irrespective of size and sector and by any servicing bank regardless of location. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/4/139/1208/direct-connectivity-to-swift.html 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. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/4/139/1209/swift-comes-of-age-changing-corporate-experiences.html Deutsche Bank has been one of the pioneers of SWIFT connectivity for corporates and has successfully worked with a wide range of corporate treasuries, payment factories and shared service centres to communicate financial information through SWIFT. In this article, we look at where SWIFT for corporates is today, and how this could evolve in the future. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/4/139/1210/microsoft-corporation-swift-progress-2005-2009.html Since 2006, we have been pleased to present an evolving case study of Microsoft Corporation illustrating how the implementation of SWIFT has developed. In this feature, we take a snapshot of progress at three points: 2006, 2008 and 2009, and we are delighted to talk once again with Ed Barrie, Group Manager for Treasury, Microsoft Corporation. Microsoft Treasury, based in Redmond, Washington is a centralised operation responsible for all elements of cash management, FX, corporate finance, risk management and credit and collections. The company has around 100 banking partners and 1,000 accounts of which 400 are managed by treasury. Seven staff manage the Treasury Operations and four manage the subsidiary Cash Planning function. Microsoft started a project in 2005 to consolidate and streamline its back-office cash management operations using SAP, which is used throughout Microsoft. This included bank communication, payments, bank account reconciliation, FX transactions and creating an in-house cash centre to manage intercompany transactions and subsidiary funding. Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/4/139/1211/integration-and-optimisation-at-raymond-james-financial.html Before embarking on our new systems project, Raymond James had fairly manual processes in place. Clients could request cheques, wire or ACH payments through one of our 2,200 locations. These business centres then applied for the payment through one of our two processing centres which reviewed the approvals that are required and produced the payment in the relevant format. Depending on the client, or the type of payment, there are potentially 14 approval stages, with client instructions ranging from no approvals through to around 12. Each of the processing steps, including each approval, was performed manually, which became particularly onerous when approvals needed to be conducted by people across four separate buildings. Once the necessary approvals had been obtained, payments were given to either Accounts Payable or Treasury who entered them manually into the relevant system. Payment details were then sent back to the originating business centre in order to raise a journal entry... Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/4/139/1212/a-global-payments-strategy-at-alcatel-lucent.html Until 2005, Alcatel had been using a banking system provided by one of its primary cash management banks for high volume payments and we had no immediate plans to change. However, in December 2005, the bank announced that the system would be decommissioned during the course of the following year, which meant that we had no choice but to change the way in which we made our payments. We had two options: either to migrate to the new web-based banking system that the bank proposed, or find an alternative, bank- agnostic tool for bank communications. We reviewed the new web-based banking tool, but decided that it was less user-friendly than we would have liked, and we saw the attraction of a bank-independent system. We also wanted a solution that would support IBAN (International Bank Account Numbers) in anticipation of SEPA (Single Euro Payments Area) which the bank’s system did not do... Thu, 01 Oct 2009 00:00:00 UTC http://www.treasury-management.com/article/4/139/1213/the-great-leap-forward-community-co-operation-for-corporates-in-uncertain-times.html Our conversations with corporate treasurers in recent months have highlighted three main concerns: firstly, global cash visibility. How much cash do you have and where is it? Secondly, you may be re-examining your ap