updates & trends TREASURY SOLUTIONS GUIDE 2019
TREASURY SOLUTIONS 2019 updates & trends
PREFACE Treasury departments are becoming more and more strategically oriented, however, operational Treasury management remains one of the core activities. Financial technology (FinTech) is around to support corporate Treasuries to optimize Treasury processes and to increase the value that Treasury can add to the business. Next to the optimization potential, the trend towards digitization brings additional risks that have to be mitigated, for example cybersecurity and new regulatory risks. Digitization also requires more advanced technological and more in-depth compliance skills to be present in the Treasury department. Next to digitization, new financial regulations, increased geopolitical uncertainty and volatility will impact the Treasury function now and tomorrow. But the impact is not only on Treasury, it is on the company as a whole. As companies develop new business models, often driven by technology or new regulations, the Treasury function may need to adapt to facilitate new Treasury demands of these new business models. Very often digital transformation programs are in place within companies, but Treasury is not always involved in such new initiatives or pilots. This seems to be a paradox in the trend of becoming more strategically oriented towards the business. The question for Treasurers is whether they are able to support new business models and/or if the Treasury organisation itself should innovate its processes using new technologies. Overall interesting, but also challenging times to be a Treasurer. When and how to be prepared for what’s next? Adaptive Treasury Treasurers seem to be cautious when adopting innovative financial technology. Recent studies show that Treasurers 2 TREASURY SOLUTIONS 2019 often still adhere to more ‘traditional’, mature and proven IT solutions. These solution providers are all investing and preparing themselves to be ready for digital innovation. Competition however increases, from new FinTech companies and start-ups that can benefit from new technologies without having to deal with legacy systems. These companies also work with more lean and agile processes that facilitate a quick entry to the market, often done in co-creation with corporates. We expect digital Treasury innovation to become more explicit and present in the coming years. Of course there will not be a big bang, but it is not to be ignored. With techniques like Robotic Process Automation (RPA), daily repetitive tasks of a Cash Manager can be optimized. When applying Artificial Intelligence (AI) decision making can be improved by unveiling insights that were previously hidden in (big) data. Examples are the identification of cost drivers and improved forecasts, enabling Treasurers to be much more proactive instead of reactive and to bring down the heavy workload of active forecasting. We believe that Treasurers need to take the ‘Adaptive Treasury’ approach, whereby there is not only awareness, but also a roadmap available for digital innovation. The roadmap should clearly set the ambition level, but it is not a static plan. In the new world, quick feedback loops are required to rapidly prepare for new situations and to be ready to absorb and embed innovation in small realistic steps that are tested, improved if necessary and implemented. The roadmap is impacted by the current maturity level of the Treasury organisation. Also, the role of the Treasury towards the business is a key factor. An inhouse bank offers other opportunities compared to situations where the Treasury department solely acts as a business consultant. Other key factors are the current system landscape and the relevant external relations. Within Orchard Finance, we support companies to define their roadmap and to realize an adaptive Treasury organisation.
The Orchard Finance Treasury Solutions Guide In this edition of the Treasury Solutions Guide 2019 we have included many solution providers from the Treasury ecosystem that might (continue to) play a role in tomorrow’s Treasury department. In addition, we are pleased to provide updates on some of the observed key trends with case studies and articles. Orchard Finance has many years of experience in combining Treasury and system knowledge with up to date knowledge of the regulatory environment and technologies. We are valued by many recurring customers for our pragmatic, result-driven approach in supporting corporate treasurers in optimizing their processes and system infrastructure. We hope you find this guide useful and are grateful for the support, insights and contribution our clients and the solution providers have delivered. Enjoy reading the guide and do not hesitate to give us your feedback or make suggestions for our 2020 guide. We highly appreciate the ongoing dialogue with our clients and look forward to your input. Esther Goemans-Verkleij, Partner Treasury UPDATES & TRENDS 3
TABLE OF CONTENTS Digital Treasury Innovation Bloomberg Corporate Risk Cashforce DataLog Finance FIS Treasury Solutions ION Treasury IT2 an ION Treasury solution ITS an ION Treasury solution Kyriba City Financials an ION Treasury solution Reval an ION Treasury solution How we centralised cash and transformed global Treasury reporting with Salmon TMS Salmon Treasurer SAP Treasury TIP Titan TM5 TreasuryMetrics TreasuryXpress Trinity TMS TWIN ZenTreasury TIP – Adding ‘flow’ to your Treasury processes Adyen Apexx 360T Bizcuit Bloomberg FXGO Cobase 6 10 11 12 13 14 15 16 17 18 19 20 22 23 24 25 26 27 28 29 30 31 32 36 37 38 39 40 41 4 TREASURY SOLUTIONS 2019
Ebury FIS Trax Payment Factory FIS Short term CM portal Fluidly Franx Isabel 6 PowertoPay SWIFT Tikkie Business TIS Treasury Delta Case study: Stedin Bank Brokers C2FO CRX Markets European Primary Placement Facility (EPPF) Flinqer Frenns iBanFirst PrimeRevenue Dutch insurance company de Goudse Verzekeringen prefers Cobase ComplyAdvantage DiliTrust Easytrade Kantox Rabo eBusiness Tradle About Orchard Finance Our international partners Contact We would like to stress that all profiles that are included in the Guide are based on the input provided by the supplier itself. UPDATES & TRENDS 5 42 43 44 45 46 47 49 50 51 52 53 54 57 59 60 61 62 63 64 65 66 68 69 70 71 72 73 76 77 78
DIGITAL TREASURY INNOVATION Over the years Orchard Finance has developed a deep knowledge of Treasury organisations, processes and systems. The speed of technological developments in recent years has broadened the range of solutions that support Treasury departments in their increasingly complex responsibilities. Working with many TMS providers has given us an inside track on their recent developments. And thanks to long-term relationships with leading banks, information on relevant bank innovation is readily available. In 2018, Orchard Finance joined the Holland FinTech ecosystem to add insights on FinTech developments to our knowledge base and to have access to new solution providers that are (or will become) relevant in the near future. By organizing events we facilitate knowledge sharing between our customers, solution providers and our consultants. Our knowledge is built on information shared by subject matter experts from different sources, but most value obviously comes from realizing Treasury innovations together with our clients. In this edition of the Treasury Solutions Guide we share our insights on Treasury Technology. Key observations in recent years: Spreadsheet tools like Excel are still widely used in day-to-day Treasury processes; Electronic banking systems and multi-bank platforms are used by many clients to facilitate bank connectivity; Web-based dealing platforms make FX trading accessible and efficient; Virtual accounts and eBam can support corporates with a high volume of of bank accounts; Treasury Management Systems are still the most integrated solution for treasurers. g y DIGITAL TREASURY INNOVATION Capital Structure Intercompany Financing Credit Rating Equity Interest Rate Risk Mgmt Dividend Working Cap Solutions Non Bank Funding Bank Financing Big Data Artificial Intelligence Cash Flow Forecasting Daily Cash Management ST Funding & Investment Exposure management Bank Account Management ROADMAP FOR INNOVATION is impacted by: 1. Treasury ‘evolution’ and Organisation Intercompany Netting Operational Payments Treasury Payments 2. Treasury Role(s) Trade Finance 3. Treasury System Infrastructure 4. External Relations Project Finance Debt Capital Markets y TECHNOLOGIES & INNOVATIONS Platform Analytics Instant payments IAM RPA API DLT Reporting & Analytics Exposure Identification Valuation MtM (Hedge) Accounting Compliance Cyber Security N.B.: other treasury activities like tax, pensions, insurance, credit management and commodities have more specific requirements Potential of new technologies to enhance Treasury Processes: by Orchard Finance Technology creates new opportunities for Treasury innovation Since many industries are disrupted by technological innovations, Treasury teams are equally expected to adapt to changing environments. Banks almost without exception have funds to develop FinTech solutions and most are involved in blockchain consortia. 6 TREASURY SOLUTIONS 2019 Risk & Control Cash Management Finance
From which a first pilot ‘product’ is a letter of credit enabled by Distributed Ledger Technology. Other applications for blockchain are found in cross border transactions and Treasury payments. A lot of buzz and funding surrounds blockchain and many pilots are started to learn from. Consumer payment processing is an area where many innovations are connected and where ‘Big Tech’ is making a mark, for example Amazon Go. The impact of instant payments will start to unfold in the coming years and will definitely change current daily Cash Management processes. Payments is also an area where full attention needs to be on security, anti-fraud and anti money laundering. Payment fraud detection can be facilitated by artificial intelligence and Identity and Access Management innovations to make digital processes more secure. Nevertheless the human factor remains to be considered given the rise in ‘CEO Fraud’. API SaaS Blockchain AI RPA Triggered by PSD2 and facilitated by API’s, more 3rd party multibank tools for statement and payment processing are expected to enter the market. Other 0% 5% 10% 15% 20% 25% 30% Author: Ariane Hoksbergen, Senior Manager Treasury Technology 12% 35% 25% Cash Management Risk & Control TMS Finance 28% Non-bank sources of funding (e.g. platforms for factoring) and FX trading platforms become accessible to a larger group due to a continued shift towards online and digital solutions. A more accurate Cash Flow forecast is achieved by using Artificial Intelligence, starting with pattern recognition. To make operational Treasury processes, for example daily cash positioning or payment processing, more efficient, Robotic Process Automation is already on the agenda for many treasurers. Other tools and systems that are not specifically aimed at Treasury might also be worth investigating like work flow management systems and contract management systems. Tools to make data analysis easier and more intuitive are largely available. Excel is still a key tool, but alternatives or compatible solutions are to be considered to enhance analysis and facilitate decision making. In this guide we have gathered Treasury technology solutions specifically targeted at treasurers and have included solutions that have the potential to make an impact in coming years. Treasury needs and relevant technologies: by Orchard Finance UPDATES & TRENDS 7 Technologies DIGITAL TREASURY
Treasury reinvented. CASH FLOW ANALYTICS CASH FLOW FORECASTING WORKING CAPITAL ANALYTICS SMART BANK TREASURY CONNECTIVITY
LOOKING FOR A SECURE AND AUTOMATED ROUTE TO YOUR BANK? STREAMLINE YOUR PAYMENT PROCESSES WITH THE POWERTOPAY PAYMENT HUB: COST-EFFECTIVE AND EFFICIENT PowertoPay is a reliable full service payment provider who delivers optimal service to both its partners and global customers during the efficient, transparent and accessible centralization and redesign of cashless payment processes. PowertoPay developed the first state of the art “Payments as a Service” SaaS Corporate Payment Hub; a strong, proven and easy accessible solution to process all payments related information. Our SaaS solution is based on Straight Through Processing and is a cost-efficient method to exchange payment files in easy, controlled and secure way. The PowertoPay Corporate Payment Hub already processes millions of international payment and statement files daily for over 300 recognized brands across a wide range of markets and industry verticals. Would you like to know more about the PowertoPay Corporate Payment Hub? Please visit www.powertopay.com or contact us via sales@powertopay.com PowertoPay I Empower your payments UPDATES & TRENDS 9 THE SAAS CORPORATE PAYMENT HUB
BLOOMBERG CORPORATE RISK Bloomberg L.P. 1981 New York, USA Private Global TMS / (Hedge) Accounting / Exposure Identification / Valuation, MtM / (Management) Reporting and Analytics Company description Bloomberg Professional Services – the Bloomberg Terminal and its enterprise data management and integration services – provide real-time data, breaking news, in-depth research and powerful analytics to help financial professionals make smarter, faster and more informed decisions. Product description Bloomberg's valuation and risk product covers a wide set of asset classes encompassing a broad spectrum of financial instruments, including cash products, exchange-traded, over-the-counter derivatives and structured products. MARS provides you full transparency into and flexibility with market data and pricing models. Bloomberg MARS Valuations is built on a comprehensive quantitative library that offers a range of pricing models. Whether you are pricing typical Treasury contracts such as FX forwards & options, vanilla & cross currency interest rate. Functionalities Bloomberg's Corporate Risk solution offers the ability to add value to your treasury. Pre trade price analysis, trade execution, lifecycle management, risk management and hedge accounting and can be integrated with a TMS or ERP system. The solution aggregates your business exposures and associated hedges, allowing you to compare the results against your risk policies. Leveraging customized corporate views for foreign exchange, interest rate products, and commodities, you can analyze the sensitivity of your portfolios, as well as simulate future interest rate risks and costs based on underlying commercial and financial flows, then execute appropriate hedging strategies with comprehensive hedge accounting support for IAS39, IFRS 7,9,13 and ASC 815,820. Bloomberg's Hedge accounting is SOC1 certified. Achievements WatersTech award for best reference data; Chartis Risk Quadrant, for front office risk and credit risk. “Discover Bloomberg’s Corporate Risk solution, the TMS that delivers Automated Risk Management, E-trading and Accounting in one Bloomberg-powered workflow solution.” Bloomberg. Scan to go to the website 10 TREASURY SOLUTIONS 2019 BLOOMBERG L.P.
CASHFORCE Cashforce Private 2012 Herentals, Belgium Europe & United States TMS / Daily Cash Management / Cash Flow Forecasting / Working Capital Solutions / (Management) Reporting and Analytics Company description Cashforce is a ‘next-generation’ Cash Forecasting & Treasury platform, focused on automation & integration. Cashforce provides crystal clear cash visibility to corporates with a yearly turnover from € 100 million to € 50 billion across the world from Amsterdam, Antwerp, Paris, London & New York. Product description Cashforce connects the Treasury department with finance & business departments by offering full transparency into the Cash Flow drivers, accurate & automated Cash Flow forecasting, as well as flexible Treasury reporting. Cashforce offers a modular solution: Cash Flow Analytics; Cash Flow Forecasting; Working Capital Analytics; Smart Treasury; Bank Connectivity. The platform is unique because of the seamless integration with numerous ERPs & banking systems, the ability to drill down to transaction level details & the intelligent AI-based simulation engine that enables multiple Cash Flow scenarios, forecasts & impact analysis. Functionalities Cash Flow Analytics: classification of actuals based on bank statement(s) and/or General Ledger Transactions from ERP(s) offering full cash visibility. Cash Flow Forecasting: intelligent cash forecasting engine enabling accurate & automated cash forecasts, including impact-analysis of multiple scenarios. Working Capital Analytics: a clear dynamic view on your operational working capital and its underlying drivers, even in the most complex businesses. Smart Treasury: streamlines all day-to-day Treasury operations (Deal Management, In-house Banking, Inter-company netting, Hedge Accounting ). Bank Connectivity: an integrated solution for bank statement aggregation & payment hub capabilities in collaboration with our preferred bank connectivity partners. Flexible Reporting: drill-down to the transaction-level details across all modules offering extensive and customizable reports/dashboards. Achievements Since its inception of a mere 5 years ago, Cashforce has been helping companies across industries & across the world and has become a thought leader on optimizing cash & working capital visibility in renowned Treasury communities & magazines. Treasury reinvented. Scan to go to the website “In my 25 years’ experience of looking at Cash Flow solutions, Cashforce is a gamechanger! It saves you real money by functionality & cuts through the usual complexity of ERP reporting & forecasting.” Brian Shanahan, Cash & Working Capital Specialist at Informita. UPDATES & TRENDS 11 CASHFORCE
DATALOG FINANCE DataLog Finance 1997 Paris, France Private Europe TMS / Daily Cash Management / Cash Flow Forecasting / Treasury Payments / Interest rate risk management Company description DataLog Finance provides since 1997 on premises or SaaS solutions designed to satisfy all present and future needs of corporate treasuries, now fully integrated in the Front-to-Backto-Book-to-Payment TMS Treasury Line. Product description Best-of-breed, the smart TMS Treasury Line is the first Frontto-Back-to-Book-to-Payments software package meeting all the corporate treasurers' expectations in a unique full Web system: Management of financial transactions and associated risk; Payment and collection centralization; Comprehensive cash and liquidity management and netting; Accounting; Forecasts/ Actual reconciliation; Trade management, control, automatic accounting and creation of related payments (by segregated profiles of users); Trade confirmation matching tool (replacing SWIFT Accord); Single data repository; Full security; Via a Web browser, SaaS or on-Premise. Functionalities Treasury Line’s key functionalities: Bank Comm (SWIFTNet FIN, FileAct, gpi, eBICS) Import-export engine for any data, format, file and volume; All possible incoming flows (bank statements, status, balance report, banking fees, market data feeds), payments and collections; 12 TREASURY SOLUTIONS 2019 Full separation between the decision-making (Front), control (Middle) and accounting (Back) thanks to its full customizable workflow engine; Treasury forecast, pooling and netting; Risk mgt; Business Intelligence (reporting, scheduling, displays for any type of data), Messaging, Notifications; Automation (macros, scheduler, entry accounting); Strong administration (transactions, users, workflows, rights) and auditing; Customization (unlimited workflows, preferences); BAM and eBAM (banking powers and account mgt); Investment and Debt mgt. Achievements Present in 100+ countries. 5,000+ entities using our solutions daily in 60+ large companies. 1.2B+ transactions per year and 1/3 of French direct debits transiting through Treasury Line. All bank formats supported. 99.98% SaaS availability rate. Scan to go to the website “Since we went live, the system has proved very successful, we need far fewer fixes, and we have been very satisfied with the project outcomes.” S-A Dos Santos, Cash Manager (Yara International ASA). DATALOG FINANCE
FIS TREASURY SOLUTIONS FIS 1968 Public Global TMS / Daily Cash Management / Cash Flow Forecasting / Treasury Payments / Risk and control Company description FIS is a global leader in financial services technology. FIS serves more than 20,000 clients in over 130 countries. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. Product description FIS offers sophisticated Treasury management solutions to manage risk, cash, liquidity, accounting, payments processing, managed bank / SWIFT connectivity and more. The solutions help consolidate data from multiple in-house systems, drive workflow and provide connectivity to a broad range of trading partners including banks, SWIFT, FX platforms, money markets, and market data. The technology is supported by a full range of services delivered by domain experts, including private managed cloud and SaaS services, Treasury operations management, SWIFT administration, managed bank connectivity and bank onboarding. Functionalities FIS’ comprehensive Treasury technology is used by corporate Treasury departments for everything from complex hedge accounting to basic cash positioning. The ease with which our Quantum and Integrity solutions can integrate with ERP and other specialized systems is considered a significant benefit by our clients. Our dedication to the full spectrum of Treasury business requirements, from bank connectivity to Cash Management to risk management, coupled with our ability to easily interface with peripheral systems, translates to a much more seamless, simple implementation, with a single vendor. Functionalities include: Cash Management; Risk Management; Hedge Accounting; Debt and Investment; Bank Account Administration; Managed Bank Connectivity; Payments ; Shortterm Cash Management; Reconciliation; Cloud Technology; And more. Achievements Best Overall Treasury Management Solution & Cash Management Solution (for FIS Integrity SaaS); Global Best Treasury Management Software Award in the Global Finance World’s Best Treasury & Cash Management Banks and Providers 2018. Jacksonville, Florida "We created a real-time view on all exchange-rate driven variances of our global FX positions, showing actuals and forecasts of our anticipated hedging results based on current market developments." Mark Andre Mohn, Senior Treasury Manager, Adidas AG. Scan to go to the website UPDATES & TRENDS 13 FIS
ION TREASURY ION Treasury Dublin, Ireland 1998 Private Global TMS / Daily Cash Management / Risk and Control / (Management) Reporting and Analytics Company description ION Treasury, a division of ION, is the largest provider of Treasury and risk management solutions in the world. With over 1,300 direct clients across six continents, ION Treasury is a powerful community shaping the global Treasury landscape. ION is the only corporate Treasury solution provider that has the financial strength, breadth of products, and commitment to continuous innovation to deliver on Treasury's diverse and changing technology needs. Product description Seven unique Treasury and risk management solutions that collectively cover every facet of the Treasury environment. When deciding which delivery method is right for your organization, ION Treasury will help you navigate the differences between multi-tenant SaaS, cloud and on-premises delivery. City Financials: best suited for companies seeking strong controls and standard workflows. IT2: best suited for companies seeking a fully integrated Treasury and risk management solution where they can define and control their workflows with integrated process maps, workbenches and dashboards. ITS: best suited for companies located in Central Europe, needing regional Treasury and risk specialization. Openlink: best suited for large multi-national organizations with a commodity intensive supply chain or expansive volumes and risk management needs. Reval: best suited for corporates desiring to always be on the latest version of the software, have it managed by the provider, and be able to seamlessly upgrade without an implementation project Treasura: best suited for companies ready to move off spreadsheets and automate their core Cash Management. Wallstreet Suite: best suited for large multi-nationals with configurable enterprise needs. Achievements Toyota Financial Services, an ION customer since 2006, is a Highly Commended Winner of the 2018 Adam Smith Award for “Best Funding Solution”. “ION Treasury helps companies automate Cash Management, liquidity management, risk management, hedge accounting and compliance. So, no matter where you are in your digital journey, we’ve got you covered.” ION Treasury. Scan to go to the website 14 TREASURY SOLUTIONS 2019 ION TREASURY
IT2 ION Treasury 1998 Dublin, Ireland Private Global TMS / Daily Cash Management / Cash Flow Forecasting / Treasury Payments / (Management) Reporting and Analytics Company description ION Treasury, a division of ION, is the largest provider of Treasury and risk management solutions in the world. With over 1,300 direct clients across six continents, ION Treasury is a powerful community shaping the global Treasury landscape. ION is the only corporate Treasury solution provider that has the financial strength, breadth of products, and commitment to continuous innovation to deliver on Treasury's diverse and changing technology needs. Product description Best suited for companies seeking a fully integrated Treasury and risk management solution where they can define and control their workflows with integrated process maps, workbenches and dashboards. Functionalities IT2 is highly-configurable, offering a solution that can scale and meet diverse Treasury requirements. Built for the comprehensive needs of international Treasury operations in need of superior Cash Management and funding capability, IT2 provides an integrated framework for Treasury policy, processes and performance. IT2’s state of the art, flexible integration engine can easily integrate into third-party systems. Automate multi-bank connections. Control your cash positions and liquidity risk. Build cash pools and in-house banks; Manage liquid funds, investments, trade finance, internal and external funding efficiently; Mitigate FX, interest rate, credit and commodity exposures. Benefit from value at risk and other advanced analytics; Manage online and internal trading. Execute payments efficiently. Automate cash accounting and hedge accounting; Implement segregation of duties. Benefit from security and access controls. Monitor system activity and conduct audits. Achievements ION is the supplier with the largest portfolio of different Treasury Management Systems covering Treasury needs from corporations up to central banks. Scan to go to the website “We bring unmatched market leadership and Treasury expertise to help clients transform how they manage their critical financial assets.” ION Treasury. UPDATES & TRENDS 15 ION TREASURY
ITS ION Treasury Dublin, Ireland 1998 Private Global TMS / Daily Cash Management / Cash Flow Forecasting / Treasury Payments / Risk and Control Company description ION Treasury, a division of ION, is the largest provider of Treasury and risk management solutions in the world. With over 1,300 direct clients across six continents, ION Treasury is a powerful community shaping the global Treasury landscape. ION is the only corporate Treasury solution provider that has the financial strength, breadth of products, and commitment to continuous innovation to deliver on Treasury's diverse and changing technology needs. Product description ITS is a Treasury and risk management solution for companies based in Central Europe. With broad and deep capabilities specialized to the region across cash, payments, risk and accounting, ITS meets the needs of Treasury organizations from basic to complex. It is available as an on-premises or cloud solution and implemented by our regional professional services team. Functionalities Automate multi-bank connections, cash positioning and reconciliation. Control cash positions and payments. Build cash pools, in-house banks or a payment factory; Manage debt, investments, guarantees, inter-company loans and credit facilities efficiently. Evaluate performance and create reports; 16 TREASURY SOLUTIONS 2019 Mitigate FX, interest rate and commodity exposures. Run value at risk or Cash Flow at risk and other advanced analytics. Automate cash- and hedge accounting; Be compliant with IAS 39, IFRS 9, IFRS 13, BilMoG and HGB/ UGB as well as EMIR, FinfraG or AWV. Leverage audit controls and security programs; Use dashboards to visualize data on charts, maps or KPIs and monitor the status of the system and the business processes with the highly configurable Treasury cockpit. Achievements ION is the supplier with the largest portfolio of different Treasury Management Systems covering Treasury needs from corporations up to central banks. “We bring unmatched market leadership and Treasury expertise to help clients transform how they manage their critical financial assets.” ION Treasury. Scan to go to the website ION TREASURY
KYRIBA Kyriba Private 2000 Global TMS / Operational Payments / Working Capital Solutions / Risk & Control / Cybersecurity Company description Kyriba empowers 65,000 users from nearly 2000 corporates in 100 countries with award-winning solutions for cash & risk management, payments and supply chain finance. Kyriba delivers a highly secure, 100% SaaS enterprise platform, superior bank connectivity and a seamlessly integrated solution set. Product description Our leading platform offers a complete service to the largest online Treasury community in the world. Kyriba’s innovative approach enables confidence in cash visibility and empowers CFOs, corporate treasurers and finance teams to make strategic investment decisions. Through implementing Kyriba, clients enjoy the benefits of our modular, scalable, 100% SaaS solution that requires only a fraction of the investment of traditional legacy systems, providing real-time and secure access to the single source of truth. Kyriba delivers a full business continuity solution and is audited to the SOC 2 Type 2 standard to ensure that our clients are in compliance with their own IT security policies. Functionalities Kyriba is a single, secure, centralized platform enabling realtime insight into global cash and liquidity positions, enhanced fraud protection, compliance and risk management, optimized payments processing and accelerate growth opportunities through working capital optimization and improved decision support. Key functionalities include Cash Management & forecasting, in-house banking, multilateral netting, eBAM & bank fee analysis, debt & investment management, supplier payments processing, formats transformation, mark-tomarket, exposure management, FX & interest rate hedging, hedge accounting, lease accounting, supply chain finance and fraud detection and prevention. Kyriba recently became the first Treasury management vendor to offer integrated lease accounting functionality to accelerate compliance with IFRS16. Achievements In 2018, Kyriba was recognized as a Leader in IDC MarketScape for TRMS; CEO Jean-Luc Robert was named a Top 50 SaaS CEO and Clients A. Schulman, NH Hotel Group & OpenText won TMI & Eurofinance awards respectively. San Diego, USA “We sought a secure, robust and scalable solution to support our agile business expansion and Kyriba was best aligned to meet our needs.” Spotify. Scan to go to the website UPDATES & TRENDS 17 KYRIBA
CITY FINANCIALS ION Treasury 1998 Dublin, Ireland Private Europe “ION Treasury helps companies automate Cash Management, liquidity management, risk management, hedge accounting and compliance. So, no matter where you are in your digital journey, we’ve got you covered.” ION Treasury. TMS / Daily Cash Management / Cash Flow Forecasting / Treasury Payments / Risk and Control Company description ION Treasury, a division of ION, is the largest provider of Treasury and risk management solutions in the world. With over 1,300 direct clients across six continents, ION Treasury is a powerful community shaping the global Treasury landscape. We bring unmatched market leadership and Treasury expertise to help clients transform how they manage their critical financial assets. ION is the only corporate Treasury solution provider that has the financial strength, breadth of products, and commitment to continuous innovation to deliver on Treasury's diverse and changing technology needs. Product description Best suited for: Companies seeking strong controls and standard workflows. City Financials is a configurable Treasury and risk management solution designed to provide efficiency around standard Treasury practices and is implemented quickly and delivered securely in the cloud. It is a cost-effective solution for multinational corporations with centralized Treasuries in need of a strong, standardized control environment. City Financials requires minimal IT support, incorporating pre-configured workflows. It provides a simple logical user experience, easily managed directly within the Treasury operation itself. Functionalities Automate cash positioning and cash forecasting. Optimize payments; Manage Treasury transactions and deal confirmations electronically; Manage and analyze exposures. Monitor credit limits; Implement multi-entity and multi-currency accounting. Automate accounting interfaces; Generate and schedule reports automatically. Achievements ION is the supplier with the largest portfolio of different Treasury Management Systems covering Treasury needs from corporations up to central banks. Scan to go to the website 18 TREASURY SOLUTIONS 2019 ION TREASURY
REVAL ION Treasury Dublin, Ireland 1998 Private Global TMS / Daily Cash Management / (Hedge) Accounting / Exposure identification / Risk and Control Company description ION Treasury, a division of ION, is the largest provider of Treasury and risk management solutions in the world. With over 1,300 direct clients across six continents, ION Treasury is a powerful community shaping the global Treasury landscape. ION is the only corporate Treasury solution provider that has the financial strength, breadth of products, and commitment to continuous innovation to deliver on Treasury's diverse and changing technology needs. Product description Reval is an innovative enterprise Treasury and risk management SaaS solution, enabling clients to be up and running quickly. Reval is a highly scalable, comprehensive and integrated solution that helps companies better manage cash, liquidity and financial risk, and account for and report on complex financial instruments and hedging activities. Reval extends its services through a vast partner community to deliver a seamless user experience. Functionalities Upgrades are automatic, always keeping Treasury on the latest version of the software; Global bank statements and payments uploaded automatically. Benefit from fully-integrated Cash Management, liquidity planning, investment and debt UPDATES & TRENDS 19 management, in-house banking, cash pooling and multilateral netting; Manage derivatives with advanced risk management functionality. Identify, manage and analyze exposures across all asset classes, including FX, interest rates, credit, commodities, and more. Benefit from integrated market data; Use Reval’s award-winning hedge accounting capabilities to comply with local and global regulations, including ASC 815, ASC 820, IAS 39, AS 30/32, IFRS 7, IFRS 13, IFRS 9, and many more. Achievements Microsoft, an ION Reval customer since 2008, is a Highly Commended Winner of the 2018 Adam Smith Award for “Best SWIFT Solution”. “Working with Reval, we delivered a robust solution and migrated our entire FX and commodity book within the target fivemonth timeframe.” Duncan Karran, Assistant Treasurer at Jaguar Land Rover. Scan to go to the website ION TREASURY
HOW WE CENTRALISED CASH AND TRANSFORMED GLOBAL TREASURY REPORTING WITH SALMON TMS The company Dechra is an international specialist veterinary pharmaceutical and related products business, with expertise in the research, development, manufacture, sales and marketing of high quality products exclusively for veterinarians worldwide. Dechra has sales and marketing operations in 24 countries and sells into over 50 countries globally. Much of the growth of the Group, geographically, has arisen as a result of acquisitions made in the past four years. During this period, Group revenues have grown from £194m to slightly over £400m, with the number of business units increasing from 16 to 36. The challenge In 2014, Dechra did not have any formalised Treasury operations, no Intercompany Netting system, no formal Intercompany Loans reporting, and no Cash Pooling arrangements. Essentially, the Group operated as 14 autonomous businesses from a cash perspective. However, with an increasing need for cash within the Group’s Head Office (to fund both acquisitions and an increasing Group dividend), a growing number of bank accounts across the globe which required more disciplined control and reporting, a greater volume of Intercompany trading that was resulting in increased bank charges and adverse FX charges, and a complex network of intercompany lending, it was necessary that the Group implemented central control. 20 TREASURY SOLUTIONS 2019 The major obstacles to creating an effective Intercompany system, without using a TMS solution, were: The volume of transactions needed to be captured and reported (presumably by using some form of Excel system); Intercompany activity in different systems, i.e. ZBAs from all the different banks and all other activity in the Netting system; The volume of multi-currency movements and positions, and the desire to report only in the functional currency of the business unit; Calculating interest accurately on moving positions; Handling the different taxation regimes in different jurisdictions; Combining and collating these disparate activities. This process was further complicated by the growth of the Group, introducing both new acquisitions and new geographic jurisdictions into the process. The solution Having established a central Group Treasury, the Group initially reaped the benefits of ‘low-hanging fruit’ by implementing a group-wide Netting system and a Notional Cash Pool in Europe, which covered the majority of the Group’s cash operations. The next objectives were to implement a cash pool in the USA, introduce Zero Balancing in Europe and formalise the Intercompany Loan positions, effectively by expanding Group Treasury into an in-house bank.
This required a TMS. Following a formal RFP process the Group selected Salmon Treasurer. The two primary objectives of the TMS were: Better transparency into Dechra's consolidated cash positions and FX exposure - in real time; Ability to hold intercompany positions and capture zero balancing and Netting movements, thus allowing implementation of an in-house bank. Results Dechra and Salmon worked together to deliver a comprehensive Intercompany module that allows for: Merging data, from both Bank ZBA and Intercompany Netting activity, into one Intercompany Management system; Handling different currencies across Intercompany positions, which manages FX transactions within each business unit and reports in functional currencies; Accurate interest and tax applied to reported Intercompany positions; Real time maintenance of transactions and balances; Accurate reporting of individual and summary (Treasury) positions. And allows Dechra to report: Accurate and up to the minute Intercompany positions; Accurate and real time Group cash positions; Group FX exposures; Tax liabilities, both to the business unit and global tax authorities. The Intercompany system on Salmon Treasurer allows all business units to receive balance, transaction and interest reporting, on a daily basis if necessary, in both paper (pdf) format and also in file formats that can be loaded directly in their business unit ERP system. Most importantly, all these benefits are being achieved with a minimum of manual intervention on behalf of (two) Group Treasury staff. This allows the Group Treasury team to concentrate on the management, control and reporting of the Group’s cash, FX and Intercompany positions rather than being focussed on collation and preparation of data. Furthermore, the Salmon system will allow for inclusion of any future growth within the Group, organically or by acquisition, and to respond to inevitable changes in reporting requirements and Group structures, as the business develops. The implementation of Salmon Treasurer, particularly the Intercompany module, will enable Dechra to continue to grow globally whilst providing accurate, timely and relevant cash and interest reporting. Author: Steve Card, Group Treasurer, Dechra Pharmaceuticals PLC Steve Card is Group Treasurer at Dechra Pharmaceuticals PLC where he built a new Treasury department from scratch. He spent 10 years in the City with Midland Bank and TSB Bank, before moving into Corporate Treasury with Littlewoods Group. Group Treasurer roles followed with Scapa plc, Signet plc and Ideal Stelrad. UPDATES & TRENDS 21 SALMON SOFTWARE
SALMON TREASURER Salmon Software Limited 1985 Dublin, Ireland Global TMS / Daily Cash Management / Cash Flow Forecasting / IC Financing / Other Company description Salmon Software is a FinTech company specialising in Corporate Treasury Management Systems. We are a private Irish company with offices in Ireland, the Czech Republic, the UK and representation in Asia Pacific, Africa and South America. Product description Salmon Software offers a leading edge TMS covering all areas of Treasury, Salmon Treasurer. Our focus is on ONE singular Treasury platform that continues to evolve. The system consists of a very sophisticated set of financial modules supported by a flexible and logically constructed database. The engagement from clients through to Salmon’s client servicesand development team and back again, enables us to both understand the clients’ requirements and to meet them with speed and accuracy. The system is solid, robust and never suffers downtime. We offer the solution as an On Premise Solution, or a Hosted Solution through the Microsoft Azure platform. Functionalities Today’s Treasury function relies on data accumulated from a variety of sources including electronic trading Platforms, banking systems, market data, regulatory repositories, ERP, 22 TREASURY SOLUTIONS 2019 accounting and risk systems. Salmon Treasurer interfaces automatically with ALL of these systems. It operates as a centre piece of the financial jigsaw, collecting and pulling all the data together, processing in a variety of ways including reports, journal postings, encrypted payments, risk metrics, and various reporting types. The flexible database means that all reporting requirements are within our capability. Including detailed and summary tabular reports coupled with interactive, dynamic Dashboards for higher management showing all the Treasury KPIs in a visually intelligible manner using sophisticated analytics and graphs. Achievements Our clients are all major international organisations, mainly both Tier 1 and Tier 2 companies across a wide range of business sectors and industries; 100% customer referral rate. Private “I’ve implemented and used a number of rival TMS's in other companies. Salmon Treasurer stands out in user friendliness, depth & flexibility with excellent support.” Doug Wagstaff, Serco Group plc. Scan to go to the website SALMON SOFTWARE
SAP TREASURY SAP SE "Better Information – Better Decisions." Andreas Sowa, Head of Corporate Treasury Celesio AG. 1972 Walldorf, Germany Public Global TMS / Daily Cash Management / Cash Flow Forecasting / Treasury Payments / Risk and Control Company description SAP offers a wide range of functionalities in the finance and Treasury area, which includes an end-to-end process chain and integration aspects in the SAP and Non-SAP environment. All information in the sub ledgers are automatically transferred to SAP S/4HANA for Cash Management and can be paid and posted directly. Product description SAP Treasury is a modular leading TMS due to its wide range of functionalities, high end process chains, high integration, interface platform and accounting integration into the SAP landscape. Process areas include Treasury & Risk Management, In-house Cash & Payment, Credit Management and Dispute & Collection Management. Additionally, SAP Addons from BDF are available for e.g. Cash & Liquidity Planning, Bank Account Management (XBAM), Document Management and a HTML5 Reporting platform to improve Treasury processes. Functionalities Cash Management- SAP S/4HANA Cash Management, SAP Cash Management and the bdfCPC (Cash Position Cockpit) are focused on the daily Cash Manager’s tasks, including control of daily cash, Cash Pooling or trading financial transactions. These are all entered in the SAP-TRM system, which is highly integrated into SAP TMS. The SAP In-House Cash module automates banking services. SAP Risk & Exposure Management - FX/commodity exposures are updated from operations or Liquidity Planning into SAP Exposure Management to calculate the net exposure per risk item/time bucket. Management of key market and credit risk figures is supported (e.g. Cash Flow at Risk, NPV, VAR, sensitivity analysis) and limits can be calculated. Accounting & Reporting - SAP TRM supports highly integrated operational and accounting requirements based on IFRS and local GAAP, including different valuation approaches and a standard reporting environment. Via the hedge management application hedge accounting, documentation and effectiveness tests are available. Connectivity - Via SAP-PI interfaces, SAP and Non-SAP tools standard files formats e.g. IDOC, XML are available as well as standard interfaces to i.e. 360T and Reuters. Achievements SAP S/4HANA technology is expanding and new web-based transactions and reporting standards are available in a HTML5 user interface. Scan to go to the website UPDATES & TRENDS 23 SAP SE
TIP TIPCO Treasury & Technology GmbH 2013 Vienna, Austria Global TMS / Cash Flow Forecasting / Bank Account Management / Exposure Identification / (Management) Reporting and Analytics Company description TIPCO is the leading provider of bespoke Treasury solutions for mid-sized and large multinationals. Used by more than 120 clients, our Treasury Information Platform (TIP) is constantly improved by a dedicated team of Treasury professionals, software-architects, BI- and system integration experts. Product description TIP, whether in the cloud or on premise, is the missing link in your Treasury system landscape. A smart data layer to connect your Treasury data – no matter where they are stored. An easy-to-use tool to connect with your subsidiaries. Put 'TIP on top' to remedy your TMS's weaknesses or use it stand alone to support the key aspects of your Treasury function such as Bank account management, Cash visibility, Cash Flow forecasting, Guarantee management, Risk management, Automated Bank fee analysis and Treasury workflows. Functionalities TIP helps increase automation, frees you of 'spreadsheet' hell' and provides smart tools to enhance the quality of data and reports. Enhance visibility by digging deep into all balances of all accounts across your group - with signatory details and 24 TREASURY SOLUTIONS 2019 other account-related infos at your fingertips. Create Cash Flow forecasts in a breeze using historical data, AP/AR and other sources. Engage entities by applying smart data checks prior to submission. Analyse FX exposure, calculate 'at-risk', use automated hedge proposals, seamlessly integrate onlinetrading platforms and draw on flexible reports to keep your FX risk in check. Use bank fee analysis to dive into the details of your bank charges, understand what you are paying for and meet banks on eye-level. Do all of this using intuitive workflows instead of never-ending e-mail chains. Achievements TIP enables timely financing and investment decisions, helps you spot financial risks and identify overcharges and process weaknesses. In short: TIP makes Treasury smarter. Private “The automatic aggregation of data greatly simplified the forecasting process. In no time TIP became 'single point of truth' for forecasting liquidity and FX positions.” Markus Müller, Siemens Treasury. Scan to go to the website TIPCO
TITAN Titan Treasury Paris, France Private 1987 "This key start solution has naturally emerged as the best choice for us, with complete reports ready to be used." Yannick Guillot, Treasurer Front Office Manager at FAURECIA. EMEA, Latin America TMS / Daily Cash Management / Risk and Control / Treasury Payments / Interest rate risk management Company description 3V FINANCE delivers expert software solutions to help organizations secure their businesses and control their financial results with respect of regulation and compliance. Our modular platform gives the information needed to effectively execute core and advanced tasks of a Treasury department. Product description Titan Treasury is an expert Treasury Management System that offers financial departments and treasurers the best functionalities for monitoring and controlling operational market risk (rate, foreign exchange, commodities), credit and liquidity risks. It covers a large scope of derivative instruments (vanilla and exotic), markets (Rates, Currencies, Commodities) and contains the result of years of shared risk expertise with our clients. TITAN is a multi-currency, multi-entity (holding/ BUs) advanced risk management solution delivering global vision of market and credit risk exposures through Key Risk Indicators. Functionalities Highly flexible and configurable : TITAN is a rich and adaptive multi-user platform delivering secure workflow management, UPDATES & TRENDS 25 IFRS IAS requirements including Valuations, Hedge Accounting, on the most complex instruments (Rates, FX, Commodities) and can handle real time risk analysis. Our experts use their breadth of experience in treasury, derivatives, integration, accounting to answer clients questions. Large choice of implementation : Private SaaS, Web, On Premises. This allows us to offer TITAN to a wide range of companies, with a high level for operational control and compliance. Multiple connectivity : TITAN connects to any other systems with one of the most advanced middleware in the market. Achievements Orano is a major player in nuclear fuel cycle products and Titan Treasury services. Mains objectives of Orano were to: automate operations, compliance with IFRS rules. With Titan Treasury, we could respond to their needs by putting in place a solution to manage: debts, rate, change, Mutual funds, accounting, security, IFRS. Scan to go to the website TITAN TREASURY
TM5 BELLIN 1998 Private equity-backed Ettenheim, Germany Europe TMS / Daily Cash Management / Treasury Payments / IC Netting / Risk and Control Company description With nearly 500 corporate clients across more than 22,000 companies and over 50,000 users in more than 150 countries, BELLIN is a leader in corporate Treasury technology. Martin Bellin, himself a former treasurer, founded the company in 1998 and is the CEO of the BELLIN Group to this day. Product description In a globalized and challenging business world, you need flexible and collaborative platforms that allow you to align with those challenges. BELLIN has a host of Treasury solutions whose fundamental goal is to examine traditional Treasury duties and make them precise, efficient and user-friendly. The centerpiece of BELLIN’s product catalog is tm5, an easy-to-use and modular TMS with a wide array of Treasury integrations. Along with Treasury, global transactions remain a key element of international corporations. Additional solutions that address potential challenges include the Global Transaction Banking (GTB) Services offering and Treasury as a Service (TaaS). Functionalities Treasurers can benefit from utilizing a TMS to optimize existing Treasury tasks. BELLIN’s tm5 is a comprehensive and integrated Treasury platform that consolidates typical Treasury tasks into one convenient interface. tm5 excels in cash and liquidity management, secure global payments, bank connectivity and in-house banking. 26 TREASURY SOLUTIONS 2019 Additional features that tm5 boasts are investment and debt management, FX, commodity, interest rate management, reporting and security. Additionally, BELLIN’s TaaS allows treasurers to outsource time-consuming tasks and focus on overarching strategy. In the global banking arena, BELLIN offers GTB services such as the GTB Hub App. The key functionalities revolve around fraud protection and a bank directory. Achievements BELLIN is proud to have been the first to offer a 100% webbased Treasury Management System in 2004, first to offer a SaaS-based Treasury solution in 2005 and first to offer fully integrated payments functionality in 2006. “Our dedication is reflected in the solutions we offer. With technology ever-evolving, BELLIN is adamant on staying ahead of the curve. Are you?” Martin Bellin, CEO and Founder at BELLIN. Scan to go to the website BELLIN
TREASURYMETRICS ILFA Group 1995 Roosendaal, the Netherlands Private Europe TMS / IC Netting / Risk and Control / Valuation / MtM Company description ILFA Group is uniquely positioned. We have in-depth knowledge of all possible forms of financing and are able to insource strategic client processes within the Treasury domain. We have an investment firm-license and an all encompassing Treasury Management System targeting midsize corporates/public. Product description TreasuryMetrics is ILFA Group's practical, easy to implement Treasury Management System supporting both the Treasury organisation and the operational companies. The software supports Cash Management, Risk Management, Finance and In-House-Banking and it operates fully integrated among all disciplines. TreasuryMetrics makes it possible to maximise cost reduction and synergy and to optimise efficiencies within the entire organisation. Operating companies can benefit from one central point of entry and use one core system for their own Cash Flow forecasting. Functionalities Cash Management is a flexible module for your liquidity management, Cash Flow forecasting, bank independent cash pooling, and for performing reconciliations between expected Cash Flows and realised Cash Flows. TreasuryMetrics will also allow you to run a completely automated bank independent cash pooling through the software across bank accounts Scan to go to the website maintained with different banks and in different countries. Risk Management supplies support for identifying, measuring and managing interest-, currency-, credit- and funding risks. TreasuryMetrics is flexible in reporting. Reports are available on any required level: bank, organisation, currency, and others (standard more than 60 reports). Achievements ILFA tools help our clients to structurally improve the bottom line by cutting costs and improving efficiency in finance. Organisations are in control of processes because of the state of the art functionality and control procedures. “TreasuryMetrics creates complete Treasury management solutions using the building blocks: services, software, training, and financial engineering tools.” TreasuryMetrics. UPDATES & TRENDS 27 ILFA GROUP
TREASURYXPRESS TreasuryXpress 2007 Paris, France Private Europe TMS / Daily Cash Management / Cash Flow Forecasting / Treasury Payments / IC Netting Company description TreasuryXpress was founded in 2007. Today, TreasuryXpress employs just over 50 employees and services 150 clients globally. As a technology-driven company, our strategy is to keep our human capital low and to keep our use of technology to innovate how we implement and support our clients. Product description TreasuryXpress delivers a full suite of TMS modules. We operate the latest software and have no restrictions on development and implementations as a result of legacy software. We aim to provide a cost effective, easy to implement and flexible solution which is both frictionless and on demand. Currently we take on average 12 - 16 weeks to implement a client and all implementation is done by TreasuryXpress with nothing outsourced. We also offer unlimited users, customisation, consulting hours and training at no extra cost. This ensures that our customers are utilising the system to its full potential. Functionalities TreasuryXpress offers the following key modules within our solution: Cash Management; Cash visibility; Cash Flow Forecasting; Debt Management; FX Management; In-house Banking; Bank Account Management; Payments; Reconciliation and Inter-company netting. Our approach to developments is to consult with our clients. 75% of system improvements are made at the request of our clients, we like to think of our client relationships as partnerships. We are constantly developing our offering to ensure that we are at the forefront of technology advancement and legislative changes. We are already connecting to banks via API. Achievements TMI Awards (2018) - Treasury Automation Award & Treasury Transformation; Treasury Today (2018) - Best Cash Management Solution; Alexander Hamilton Awards (2018) - Best Treasury Automation; Treasury Today - 2017 - Best FX Solution. “TreasuryXpress has helped us immeasurably with our bank connectivity and cash visibility. We managed to achieve 100% visibility across all of our accounts within 8 weeks.” TreasuryXpress. Scan to go to the website 28 TREASURY SOLUTIONS 2019 TREASURY XPRESS
TRINITY TMS Trinity Management Systems GmbH 1997 Private Global TMS / Daily Cash Management / Cash Flow Forecasting / Exposure management dealing / Execution, (Hedge) Accounting Company description Trinity is a leading software company with a clear focus on optimization and automation of Treasury processes of companies in all sectors. The triad "your Treasury - your way - our software" underlines the company's philosophy of automating Treasury with a strict focus on customer benefits. Product description Trinity gives customers the security and safety of a highperformance, high-security Treasury system for managing global liquidity and risk positions across the enterprise. Compliance and regulatory requirements are met and documented in an audit-proof manner. Financial risks on both the foreign exchange and interest sides are identified, valued and reduced to an absolutely necessary minimum. More than 3,000 Treasury experts in companies such as Volkswagen or BASF, and mid-sized companies from different industries can focus on their core mission: ensuring global liquidity and risk minimization to make a noticeable contribution to added value of the Treasury. Functionalities The main functionalities are: liquidity management, in-house UPDATES & TRENDS 29 bank, payments, deal management, risk management, accounting, trade finance and CFO reporting. Although these functionalities can be set up very fast, Trinity also offers customized solutions if required e.g.: Cash Flow Forecasting integrated with your ERP system, bank independent payment and collection factory, advanced CFO reporting, IFRS 9 hedge accounting, advanced valuation service, exposure identification and management/dealing, netting, EMIR reporting, management of plain vanilla and structured FX and interest rate derivatives, target-performance comparisons and scenarios, and many more. With MDS Market Data Service, Trinity provides market data and calculations for key date and more realistic financial derivatives valuations. Achievements Trinity is proud of the trust that international Treasury experts from all industries place in our Treasury management solutions, and is proud of the noticeable contribution to added value of the Treasury our customers enjoy. "The Trinity TMS is fast to set up and easy to work with. We appreciate the serviceminded support of Trinity and their regional partner." Frankfurt/Main, Germany Vinoj Ramautar, Head of Treasury Epson Europe BV. Scan to go to the website TRINITY TMS DOCFINANCE
TWIN CGI Sverige AB Montréal, Canada 1976 “For your Treasury Needs Today and Tomorrow.” CGI. Public Europe TMS / Debt Capital Markets / Equity / Interest rate risk management / Commodities Company description CGI is the fifth largest independent IT and business process services firm in the world, with 71,000 professionals in 40 countries. CGI has an industry-leading track record of delivering 95% of projects on time and within budget. 2017 revenue: CA$ 10.8 billion. Product description TWIN is a leading Treasury and Asset Management system, designed to optimize the end-to-end Treasury and asset management life cycle, for organizations operating in a global, multi-site, multi-currency, multi-user and multi-instrument environment. TWIN covers all from deal entry to accounting and Cash Management. About 160 organizations, in 10 countries, are using TWIN today. CGI is releasing the next TWIN generation of cloud based TWIN360 in 2018. TWIN is simply for your Treasury needs, today and tomorrow. Functionalities TWIN is a leading Treasury and Asset Management system with approx. 160 users, mainly in Sweden, Finland, Norway, Denmark, Iceland, United Kingdom, Ireland, Luxembourg and Switzerland. TWIN handles deal registration, administration and accounting for instruments within the Fixed Income, 30 TREASURY SOLUTIONS 2019 Scan to go to the website Foreign Exchange, Equity and Commodity markets. TWIN is integrated Front Office, Middle Office, Back Office and General Ledger. Flexible Deal Capture and Administration. Risk Management in Real-Time. Value-at-Risk. Position Monitoring & Control. Cross-Currency & Multi-Instrument Consolidation. Cash Flow-based Design. Powerful Calculation & Analysis Tools. What-If Simulations. Treasury Performance Analysis. Easy & User-friendly Operations. Achievements TWIN is the market leading Treasury & Asset Management system in the Nordic region. CGI SVERGE AB
ZENTREASURY ZenTreasury Ltd Espoo, Finland 2016 Private Europe TMS / Short Term investment, funding / Trade Finance / Debt Capital Markets / Valuation, MtM Company description Founded in 2016, ZenTreasury Ltd is a SaaS company located in Espoo, Finland. We provide an easy-to-use and cost-effective cloud based Treasury Management System. Product description ZenTreasury is your Treasury platform, designed to help you run your Treasury operations by aggregating all your Treasury data on one encrypted database, providing you a “single source of truth”. We offer modules for a tailored and cost-effective TMS. Our modules range from Foreign Exchange, Loans, Guarantees, Leasing (IFRS 16) to Treasury Accounting. They re powerful alone, but even better when used together. In the near future, we will be implementing modules for cash forecasting and Cash Management. Our pricing is publicly available on our website and compared to traditional TMS providers, getting started with ZenTreasury is quick and easy. Functionalities ZenTreasury comes with multi-currency and multi-user functionalities. It supports all currencies and allows you to segregate duties between users through roles that can be customised for your own needs. Our audit trail tracks any changes to transactions with time, date and user stamp for any changes. In our loan module, you can also manage your money market investment portfolio. We also provide a powerful payment schedule generator that allows you to easily generate your amortisations and interest payments. Achievements One year after launch, the company was already serving medium and large domestic corporations and attracting interest from companies around the world who are looking for a cloud-based, easy-to-use TMS. “With modern technologies, we are able to provide a cost-effective alternative to companies who do not want to commit the time, resources and manpower required to implement a traditional TMS.” ZenTreasury. Scan to go to the website UPDATES & TRENDS 31 ZENTREASURY LTD
TIP – ADDING ‘FLOW’ TO YOUR TREASURY PROCESSES While we cannot be sure what Treasury will look like 10 years from now, chances are it will look quite different. Due to a push for automation already strongly felt today, Treasurers will increasingly be challenged to accomplish even more with even less. Tasks which lend themselves to automation will eventually be automated to use available resources as efficiently as possible. With speed and automation increasing, safety and compliance take centre stage. To reduce the likelihood of compliance breaches and fraud, responsibilities need to be clearly defined, accountability needs to be established and all tasks performed need to be aligned with internal guidelines and regulations in place. Given these requirements, it is striking that the most common way of initialising many Treasury-processes today is still by submitting ‘electronic paper’ in the form of e-mails or spreadsheets. This also applies to corporates which already use an otherwise sophisticated TMS. But is there an alternative? Yes, there is. Let’s talk workflows A workflow in the context of Corporate Treasury is a series of tasks which needs to be completed to accomplish a specific goal such as the opening of a new bank account, the issuing of a new bank guarantee or the trading of an FX deal. All these processes typically involve more than one system and rely on input from Treasury staff, other departments as well as external parties. Depending on their respective roles, these 32 TREASURY SOLUTIONS 2019 users are responsible for performing different tasks in a certain order to get the job done. What makes a good workflow? A good workflow considers different user roles such as back-, middle- and front office users or shared service centre and subsidiary users. This ensures that each user only has access to the tasks relevant to him – thus preventing errors – and allows for a quick setup of new users by simply assigning them the respective role. Finally, using already established user roles ensures rapid adoption of the workflow. Communication between the systems involved is based on standardised file formats whenever possible. Especially when integrating external parties in the workflow, this is a must to avoid paper-based communication. The benefit: errors resulting from the manual creation and processing of documents are avoided and process costs are reduced. An audit-trail is available, showing the status of every workflow item, the steps still to be completed and all changes made since its’ creation. Since the ‘who did what and when?’ is fully transparent, Treasury can easily provide internal and external auditors alike with comprehensive reports documenting adherence to rules such as the separation of functions and the four-eye-principle. As all required steps are clearly visible for everyone, time-consuming ping-pong between subsidiaries and Group Treasury is avoided. Staff are notified via e-mail whenever a workflow item needs attention and one mouse-click takes them to the relevant workflow step.
What’s in it for you? In short, workflows help you work smarter. By moving the more technical aspects to the background, they allow you to focus on the functional aspects of the task at hand. They empower you to communicate with your subsidiaries in a structured and well-documented fashion, so you can finally say goodbye to never-ending e-mail chains, incomplete information, misunderstandings and missed deadlines. The more complex the process, the more there is to gain from replacing today’s ‘manual, paper-based, error-prone’ with the future’s ‘automated, electronic, audit-proof and compliant’ as offered by a structured workflow. Example: Best practice FX-hedging and IFRS9reporting The process starts with an automated, daily feed of project Cash Flows from the client’s ERP-system to the FX-hedging workflow. Comparing these flows to existing hedges, TIP automatically generates hedge proposals in line with the hedging policy in place. Of course, Treasury front office users / traders can adapt these proposals according to their assigned user role. Only after additional approval(s) the hedge proposal is automatically forwarded to the online trading platform where the trade is executed. New hedges are automatically passed on to the TMS responsible for mark-to-market valuation and G/Lpostings. In addition, they are imported to TIP to update deal and exposure data. Since the ERP project number serves as a unique ID throughout the entire process, the documentation required to monitor the development of hedging relationships is easily created – including hedge effectiveness over time and other details. This way, IFRS9 reporting becomes a piece of cake and brings a smile to every auditor’s face. The result: ERP, workflow, trading platform and TMS are optimally connected, communicate automatically with one another and the staff involved know exactly what to do at any given time. If you want to leverage the power of workflows for FXmanagement, the management of guarantees, bank accounts and signatories, bank fees, user access rights to Treasury systems or other Treasury processes, let’s talk! Author: Hubert Rappold, Managing Director UPDATES & TRENDS 33 TIPCO
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ADYEN Adyen N.V. 2006 Amsterdam, The Netherlands Public Global Finance / Cash Flow Forecasting / Operational Payments / (Management) Reporting and Analytics / Cybersecurity Company description Adyen is the payments platform of choice for many of the world’s leading companies, providing a modern end-to-end infrastructure connecting directly to Visa, Mastercard, and consumers' globally preferred payment methods, across online, mobile, and in-store. Product description Adyen simplifies global commerce by providing businesses with a single platform with which to accept payments worldwide. Retailers can consolidate their in-store, in-app and online payments into one scalable solution. The result is a unified view of shoppers, which leads to a deeper understanding of their needs. Businesses benefit from unparalleled insights into the payments process. This is because Adyen manages the entire payment cycle from A to Z (including gateway, fraud, payment processor and acquirer). It uses data and machine learning to drive optimization every step of the way, resulting in higher authorization rates, and ultimately more revenue. Functionalities With the aim of helping businesses grow, Adyen focuses on building a single global platform capable of meeting the rapidly evolving needs of today's fast-growing global businesses. 36 TREASURY SOLUTIONS 2019 Benefits of a single platform: Global platform with local payment methods, acquiring and expertise; Unified commerce across channels; Data centric platform helps maximize revenue while minimizing risk; Membership to ongoing innovation. Achievements Processed volume of €70 billion: up 43.1% year-on-year – growth across the width of the merchant base; Net revenue of €156.4 million: up 67.3% year-on-year – growth well-balanced geographically and across channels in H1 2018. “Adyen is a key partner in rapid international expansion. Their transparent philosophy, data-driven approach, and technical agility have made the partnership a natural fit.” Uber. Scan to go to the website ADYEN N.V.
APEXX APEXX FinTech London, UK 2016 Private Global Finance / (Management) Reporting and Analytics, Payments Processing Company description APEXX consolidates global payment providers into a single integration point, optimising the cost of complex payment ecosystems. We work with enterprise size online retailers processing primarily in multiple geographies to optimise the cost and performance of their payments systems. Product description APEXX makes integrations to all the payment suppliers you need, and presents them as a single, comprehensive API. We negotiate rates with acquirers and PSPs on your behalf to achieve the best pricing on every product. We are also a connection hub for additional services for your payments world including AI-driven fraud management, reconciliation tools, direct currency conversion, multi-currency pricing and local pay-out products. As a 100% acquirer agnostic business model, APEXX is always able to deliver the best products and services to suit our customers globally with no vested interests. Functionalities DYNAMIC ROUTING: Conversion, local acceptance, and the right payment methods are key to any business. APEXX optimises your payments flow by routing transactions based on key criteria to any number of acquirers in order to improve sales and reduce costs. Our dynamic routing engine is a switch solution that allows the intelligent routing of transactional traffic to the most beneficial provider. Criteria for a switch include: currency, transaction type, card type, region, time of the day, load-balancing, or the rerouting of a transaction that has failed with one acquirer/issuer. APMs: APEXX currently hosts an ever expanding suite of over 150 global APMs, so wherever you are doing business we have the right mix of payments methods to help your business grow. Achievements Awards (shortlist or won): Treasury Leaders Summit ‘Innovator’ 2017; Payments Awards ‘Most Disruptive’ Technology 2017; eCommerce Awards ‘Best Innovation in eCommerce Payment’ 2018; Payments Awards ‘Best Online Payments Solution’ 2018. "APEXX populated and ran an RFP with multiple acquirers, and successfully delivered new acquiring relationships that saved us a seven digit Euro amount in yearly costs." iZettle. Scan to go to the website UPDATES & TRENDS 37 APEXX
360T 360 Trading Networks Frankfurt, Germany Global Cash Management / Exposure Management dealing, execution / (Management) Reporting and Analytics Company description 360T is an award-winning multi-bank, multi-asset trading platform for OTC financial instruments. As Deutsche Börse Group's FX unit, the company offers a full range of streamlined services across the entire trading workflow of FX and ShortTerm Money Market products. Product description Focused on relationship-based trading, TEX is 360T´s futureproof and best-rated multi-bank portal that allows execution in all major product instruments in FX. Corporate treasuries, banks, broker/dealers and institutional asset managers gain access to more than 220 liquidity providers which secure competitive prices across all regular and exotic currencies. The intuitive and easy-to-use trading platform allows execution in FX Spot, Outrights and Swaps, FX Options and NDFs, in Cash Management products including Money Market Deposits, AAA Liquidity Funds as well as in Precious Metals and Energy/Fuel Commodities. Functionalities TEX features at a glance Link to pricing from a large pool of liquidity providers; EMS Execution Order Management; Request for Stream; 38 TREASURY SOLUTIONS 2019 Audit trail, Deal Blotter, Seamless Trade History; Straight-Through-Processing (STP); White Labelling/Intra-Group Trading Solution. By using the cross-asset portal TEX, clients can manage their electronic OTC order execution through a single window. This real end-to-end Straight-Through-Processing (STP) across the entire transaction lifecycle saves time and reduces process risk. 360T´s solutions can be easily integrated in existing end-to-end workflows. An online interface provides seamless integration to any TMS and Treasury environment. Achievements 360T delivers solutions with respect to the increasing demand for automated workflows, smart integration and pre- and posttrade analytics. The ability to offer a wide product range, strong workflow support by technology and internal flow management makes 360T a preferred go-to provider for corporates. Scan to go to the website 2000 Deutsche Börse AG “One of the key factors why Lufthansa chose 360T was certainly the variety of instruments. We also like the transparency of pricing to the banks and the excellent client service.” Torsten Kohrs, Group Treasurer at Lufthansa AG. 360T
BIZCUIT Bizcuit 2017 Veenendaal, The Netherlands Private “Companies used to need multiple custom solutions to meet their Treasury needs. Often this is too complex and expensive for SME's. With Bizcuit all is available in a single affordable solution!” Bizcuit. The Netherlands Finance / Daily Cash Management / Bank Account Management / Treasury Payments / (Hedge) Accounting Company description Bizcuit ('biz kit') enables SME businesses to go digital. Pure FinTech. Young, international and tech savvy team that's on a mission. Agile way of working. Embracing challenges. We welcome PSD2, co-creation and partnerships. Product description Bizcuit ('biz kit') enables SME businesses to go digital. The Bizcuit platform also enables software and service providers to add FinTech (PSD2) services to their offerings. The innovative Bizcuit app offers digital banking, accounting and document management services to businesses, accountancy firms and software providers. Functionalities Bizcuit offers services such as: Realtime Invoice (OCR) Processing; Scan & Pay; Account Information; Payments; Document Management. The Bizcuit app can be used as a stand-alone solution. Also the various services can be integrated with any accounting solution or other existing products to add pre-accounting and payments add-on functionality. Bizcuit can also be offered as a branded solution. Treasurers can use Bizcuit to enable multi-banking, make payments more efficient, and to realize 'robotic Cash Management'. This includes for example payments to bank accounts with the highest interest, or to ensure a minimum balance on accounts or avoid overdraft. Achievements Nominations Accenture Innovation Awards & ICT Accountancy Award; Speaker at Robotic Accounting Conference & other events; Selected as one of Europe's most promising startups by EBAday & Amsterdam FinTech Forum; Round table host PSD2 Euroforum. Scan to go to the website UPDATES & TRENDS 39 BIZCUIT
BLOOMBERG FXGO Bloomberg L.P. 1981 New York, USA Privately held Global Cash Management / Exposure management dealing, execution / Risk and Control / Valuation, MtM Company description Bloomberg's Foreign Exchange electronic trading platform FXGO is available on the Bloomberg Terminal. FXGO is a crucial tool for controlling currency exposure and risk, identifying market opportunities, and is used by the world’s leading asset managers, pension funds, corporate treasuries, government agencies and regional and global banks. Product description FXGO covers all major FX products - spot, swaps, NDFs, outrights, deposits and options, for regulated and unregulated markets. As a disclosed, bank-to-client solution Bloomberg provides a distribution mechanism for banks that complements their relationship-based e-commerce strategies, while providing best execution and robust tools for buy-side clients. FXGO can provide several execution styles, from Instant Bloomberg (IB) chat and chat-based dealing (IBD), to Request-for-Quote (RFQ), RFS, streaming, auctions, batches, algorithmic trading and confirmations (for voice trades). FXGO provides direct access to more than 500 major and regional liquidity providers worldwide, enabling complete and accurate price discovery, with in-depth coverage of emerging markets and a wide range of derivatives. Functionalities FXGO integrates with virtually every order management, Treasury management and accounting system and facilitates 40 TREASURY SOLUTIONS 2019 "Shell worked with Bloomberg to develop a comprehensive process that helps reduce our operating risk and transaction costs. Now, we can efficiently route information from companies around the world to our Central Treasury" Michael Dawson, Shell Head of Liquidity and Foreign Exchange. straight-through processing (STP) in a variety of flexible formats, so workflow is seamless, more efficient and errorfree. In addition, FXGO is pre-integrated with Bloomberg Confirmation Matching Platform (CMS), which allows clients to electrically match trades and communicate confirmations and settlement instructions to the counterparties via the SWIFT network. Bloomberg’s FX platform offers historical and real-time derivatives data, idea generation and scenario analysis, market-standard pricing and structuring tools and risk management analytics. Users can assess market exposures, evaluate hedging strategies, test hedge effectiveness across a variety of standards, and back test ideas. Achievements Bloomberg remains committed to providing robust and efficient solutions for trading and reporting in regulated markets across multiple jurisdictions, particular cross-asset solutions to support market changes resulting from MiFID II. Scan to go to the website BLOOMBERG L.P.
COBASE Cobase 2017 Amsterdam, The Netherlands Listed Global Cash Management / Operational Payments / Treasury Payments / Multibank connectivity Company description Cobase is majority owned by ING Bank NV. The company operates independently under its own brand and under its own management. Product description Companies that hold accounts with different banks face many inefficiencies. They have to use different bank portals to interact with their banks and other financial service providers and often multiple ERP connections have to be maintained. The more banks and accounts a company has, the more complex it gets. Cobase offers a solution! Cobase is a single point of access to manage all bank accounts a company has at many different banks. Cobase improves cash visibility, control and efficiency. The solution is primarily designed for large corporates. Functionalities Main features of the platform are a central Payment Hub, Cash Management, Treasury modules and the Robo Assistant. These modules help companies to streamline their payments and reporting, cash pooling, and basic Treasury functions. One user administration - Cobase provides one central user administration. Users and authorisation schemes can be centrally managed for all subsidiaries or departments and only one security token is needed for each user. The workflows can be configured as needed. Users do not anymore have to be set up and maintained at each bank, which saves a lot of effort. Bank connectivity - Cobase uses direct connections, Open Banking APIs or traditional networks such as SWIFT to integrate with banks. File transformation, data mapping, and connectivity are all covered. Technical complexity is managed by Cobase and kept away from the company. Achievements Cobase is a new player in the market with an ambitious product scope and rapidly growing bank coverage. Cobase enabled its corporate customers to increase their cash visibility, control and efficiency. Scan to go to the website “Our mission is to make working with multiple banks easier and more efficient. This process is never finished, every day we try to make it easier and simpler.” Jorge Schafraad, CEO of Cobase. UPDATES & TRENDS 41 COBASE
EBURY Ebury Partners UK Ltd. London, UK Private 2009 Global Cash Management / Treasury Payments / Operational Payments / Trade Finance Company description Ebury is a global FinTech organisation that offers international payments, hedging, and lending services to accelerate international growth. Ebury has 18 offices globally, serving more than 24,000 corporate clients from Amsterdam to Sydney. Ebury has a team of 60 FX sales and dealing covering the Benelux. Product description Ebury allows clients to make easier, faster and more transparent international payments and hedge their currency exposure. We provide access to an unrivalled amount of deliverable currencies, and have a strong capability in hedging emerging market currencies. Our Ebury corporate IBANs enable companies to collect, pay and hold funds in 30+ currencies. Versus banks Ebury provides a high level of service, favorable credit terms, and highly competitive pricing. Functionalities Ebury has an ambitious roadmap covering both geographical expansion and deepening our product capabilities. The increase of our global footprint allows us to support clients on both ends of their cross border trades. Deeper product capabilities allow us to further improve the way our clients perform business internationally. Achievements Ebury has become the first FinTech to be a full and active participant on gpi, Swift's cross-border payments scheme. Ebury is the first non-bank to have registered its BIC with the Betaalvereniging Nederland, enabling Ebury to issue its own IBANs. "Ebury offers us user-friendly payment solutions, which allows us to hedge our currency exposure in many currencies that banks will not provide. Their platform is quick, easy and very user-friendly." Ebury. Scan to go to the website 42 TREASURY SOLUTIONS 2019 EBURY
FIS TRAX PAYMENT FACTORY Fidelity National Information Services, Inc. 1968 Jacksonville, USA Public Global Cash Management / Treasury Payments / Operational Payments / Risk and Control Company description FIS is a global leader in financial services technology. FIS serves more than 20,000 clients in over 130 countries. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. Product description FIS Trax Payment Factory helps corporations automate and centralise payments processing across all regions, affording improved visibility of Cash Flows, better liquidity management and significant reduction of operational and transactional costs. Automating the payments process enables organisations to improve effectiveness of internal controls, streamline compliance efforts, improve transaction accuracy and virtually eliminate the possibility for fraudulent activities. FIS offers a fully managed solution providing direct or indirect connectivity (SWIFT, EBICS, BACS or other exchanges) through a single platform approach. Functionalities FIS recommends standardisation of the payment formats exchanged with banks and recommends ISO20022 XML UPDATES & TRENDS 43 formats for mass payments and SWIFT MT101 for unitary payments. Trax supports a large number of payment and statement formats out of the box (appr. 85). Other functionalities include: File Conversion – manage format enrichment and transformation of data provided by ERP according to banks specifications; Very flexible set up of approval rules and support of any digital signature; Payment screening (embargo, white list, fraud detection); Integration of status reporting from banks; Payment Factory and In-House Bank support: optimal routing of payments to the banks, re-grouping payments, cut-off schedules, generation of In-House Bank postings; Embedded dashboard and reporting engine; No volume or user restrictions; Real-time payments. Achievements 2017 TMI Technology and Innovation Awards for Accounts Payable solution; FIS Quantum and Trax customer Merck KGaA received a 2017 TMI Award for Treasury Technology. Scan to go to the website “We first selected FIS’ TRAX solution some years ago now, and we have since reappraised and validated our decision. We remain confident that TRAX fits our payments processing and bank connectivity requirements.” Eric Beranger, Project Manager at Air France. FIS TRAX PAYMENT
FIS SHORT-TERM CMP Fidelity National Information Services, Inc. 1968 Jacksonville, USA Public Global Cash Management / Short Term investment, funding / Exposure Identification / (Management) Reporting and Analytics Company description FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions. Through our solution portfolio, FIS serves 20,000+ clients in 130+ countries and is a Fortune 500 company. Product description FIS’ Short-Term Cash Management portal (STCM) is a global, multi-currency cash investment solution. It is a web-based portal for institutional short-term liquidity investors providing trade submission for money market funds (MMF), shortduration bond funds, FDIC-insured deposit products, and private liquidity funds, and more. Utilised by Treasury and investment specialists at corporations, asset managers, public utilities, local government, and universities, STCM provides the ability to research, analyse, submit trades, and report on shortterm cash investments through a single platform. Functionalities The STCM portal: provides investment risk analysis with S&P ratings; automates the distribution and coordination of settlement 44 TREASURY SOLUTIONS 2019 information; integrates with the Treasury systems & applications of your choosing to streamline reconciliation processes; automates settlement instructions via SWIFT between investors and settling banks; offers access to hundreds of domestic and off-shore funds for greater diversification of holdings; centralises transaction and holding data for immediate audit retrieval across the organisation; allows you to set compliance rules, concentration limits and fund ownership restrictions; provides multiple levels of control on a trade for up to five approvals; continually enhances functionality and reporting to keep up with changing trading and regulatory environments. Achievements Assets Under Management of $160 billion as of 12/31/17; Daily/Weekly Liquidity and MTM Net Asset Value tracking in advance of EU MMR. "FIS' SGN Short-Term Cash Management portal (STCM) was unique in the degree of automation and integration that it provided." Cristiane Candeloro, Assistant Treasurer, Operations at AstraZeneca. Scan to go to the website FIS SHORT-TERM CMP
FLUIDLY Fluidly London, UK 2017 “Fluidly is an excellent tool that feels like a natural part of the business rather then some software that has been bolted on.” Stephen Paul, Valued Group. Private Europe Cash Management / Daily Cash Management/ Cash Flow Forecasting / Working Capital Solutions / Credit Management Company description Fluidly is an Intelligent Cash Flow Engine that provides AIpowered Cash Flow forecasts that require no modelling whatsoever. Product description Fluidly integrates with Xero, Quickbooks and Sage to provide intelligent Cash Flow forecasting and automated credit control. Fluidly is for SMEs and their advisors in order to provide confidence, certainty and control around Cash Flow management. Fluidly uses machine learning techniques to produce the Cash Flow forecast so that SMEs can see what's coming up in the financial future, followed by automatic credit control that allows users to get cash in the bank more quickly. Functionalities Automated Cash Flow forecasting - predict your future bank balance and see all upcoming cash movements for any day, week or month. Professional credit control with automated reminders and call scheduling. This includes individual credit limits, debtor tracking and CRM, a prioritised action list and automated statements. Fluidly also provides an instant gauge of your businesses financial health on the overview page. Achievements Signed deals with 9 of top 20 accounting practices in the UK; We have won several industry awards including Accounting Excellence Innovation of the Year & Forecasting, Planning & Analysis App of the Year; Wired Top 100 Startups & FinTech50 Hot 10. Scan to go to the website UPDATES & TRENDS 45 FLUIDLY
FRANX Franx B.V. “Trade and pay the smart way!” Franx. 2016 Amsterdam, The Netherlands 100% subsidiary of ABN AMRO Bank The Netherlands Cash Management / Treasury Payments / Operational Payments / Exposure management dealing, execution Company description Franx is a team of passionate professionals, consisting of a unique combination of banking and digital experts. Franx lets you take care of FX transactions yourself on an execution only basis while also enabling you to benefit from the knowledge and expertise of our specialists. Product description Franx offers the perfect solution for efficient and secure FX conversions and international payments: A multi-currency account, offering competitive transaction fees and no fixed charges. Franx gives you full control of your transactions and payments, as well as support from an experienced team. Functionalities Cash Management solution offering, FX hedging, international payments on an execution only basis via sophisticated platform. Achievements As a FinTech Franx has made a successful market entry in 2018. Already onboarding over 250 clients. Scan to go to the website 46 TREASURY SOLUTIONS 2019 FRANX B.V.
ISABEL 6 Isabel Group Brussels, Belgium 1995 "Biggest FinTech and leading B2B banking platform in Belgium with over 25 partner banks." Isabel Group. Public Global Cash Management / Bank Account Management / Risk and Control / Multibanking Company description Isabel Group is the leading provider of B2B multi-banking services and the country’s biggest FinTech. We invest more than one third of our turnover in innovation. With more than 250 experts we offer a full range of financial solutions and advise and support our customers from start to finish. Product description Our B2B multi-banking payment solution Isabel 6 gives customers access to all their bank accounts at different banks using one secured access and one easy-to-use interface. Multiple users can have different profiles and access rights. This makes it possible to segregate and delegate tasks while staying in complete control. Almost all local and most of the international accounting and ERP solutions can be tightly integrated with the Isabel 6 software, even offering a full automation of payment and reporting flows. Thanks to the richness of the application and the modular approach, Isabel 6 is well suited for both SMEs and large corporation with complex transaction requirements. Functionalities Consolidate balances and financial information: Account balances and detailed transaction details are available in one easy-to-use interface that can be easily customized. Features powerful search and reporting options. Manage Payments: From simple SEPA payments to complex international payments, from single manual payments to uploads of standard payment files with thousands of payment instructions, support for both credit transfers and direct debits. Manage Reporting: Isabel 6 can be used to get daily reporting file updates (CODA/CAMT/MT940) of all your accounts at all your banks for an easy integration with your back-office systems. Achievements Biggest FinTech and leading B2B banking platform in Belgium with over 25 partner banks; 30,000+ business clients and 70,000+ users use the Isabel 6 platform every day; 422 billion transactions per year. Scan to go to the website UPDATES & TRENDS 47 ISABEL GROUP
Multibank platform for payments, cash management and treasury 48 TREASURY SOLUTIONS 2019
POWERTOPAY PowertoPay Europe 2009 Breda, The Netherlands Private Finance / Daily Cash Management / Treasury Payments / Operational Payments / Finance Extensive authorization module - Supporting multiple authorization mechanisms & schemes. Company description PowertoPay, a UnifiedPost Company, is a full service payment provider who delivers optimal service to its global customers enabling the efficient, transparent and accessible centralization and redesign of cashless payment processes. Our goal is to help corporates to reduce payment processing costs. Product description The Corporate Payment Hub is a multi-bank platform that offers a host-to-host connection and SWIFT connectivity (over 10.500 financial institutions worldwide). The Hub is able to connect with multiple ERP systems, supporting any file from any system. The data only needs to be inserted once, ensuring quicker transition processing times, improved productivity, reduced risk and increased Straight Through Processing rates. The Hub supports also payment- and statement files. It is able to convert all types of payment information into the required file type you need, including SEPA standards. Besides supporting the regular domestic payment files, the Hub also supports international payment files. Functionalities Besides the external and internal connectivity with banks, the Corporate Payment Hub offers a wide range of functionalities that enable our clients to optimize their payment process. UPDATES & TRENDS 49 Easily manage your users and configure according to your company's requirements including an extensive audit reporting. Conversion of in- and output files - Allowing for a seamless integration with your business' existing application landscape including multiple ERP systems and Treasury Management System(s). Host-to-Host and SWIFT - Via our robust hostto-host and SWIFT connections, we offer direct access and connectivity to a large number of banks. Achievements The PowertoPay Corporate Payment Hub (SaaS) is a strong, reliable accessible solution to process all payments and related information. The Payment Hub processes international payment and statement files daily for over 300 (international) customers. "We wished to centralize our banking activities through a secure platform. PowertoPay was chosen for its fast and flexible multi-bank implementation." Willem Platenburg, Jumbo Supermarkets. Scan to go to the website POWERTOPAY
SWIFT SWIFT Global Cash Management / Daily Cash Management/ Trade Finance / Risk and Control / (Management) Reporting and Analytics Company description SWIFT is a member-owned cooperative through which the financial world conducts its business operations with speed, certainty and confidence. More than 11,000 financial institutions and corporations in over 200 countries trust SWIFT every day to exchange millions of standardised financial messages. Product description Bank connectivity and a portfolio of value add services for corporates. SWIFT replaces multiple banking systems with a single, bank-neutral channel. This means that treasurers and finance managers can connect with their banks worldwide in a consistent way using industry-recognised standards. This is particularly important for companies seeking to manage their counterparty risk effectively, expand their business both domestically and internationally, and integrate mergers and acquisitions quickly. By standardising the flow, format and content of communications with banking partners, corporations can automate financial processes thereby gaining efficiency and effectively managing risk. Functionalities A view on additional value add solutions for Corporates SWIFT Integration Packages: A suite of middleware that enables the link between SWIFT’s network and the customer’s back office, to complete the loop in financial transaction processing. SWIFTRef: A comprehensive single source of bank reference data which corporates need for a flawless payments process and accurate regulatory reporting. MyStandards: Used worldwide to accelerate bank onboarding or other transformation projects. MyStandards is a web application where banks document all their messaging specifications in a common language so that corporates can test online in realtime with instant response against bank specifications. Compliance: A comprehensive set of solutions aimed at solving corporates financial compliance needs. Achievements Over 2,000 Corporate groups use SWIFT to communicate with their banks over the secure and standardised network for: Streamlined and automated corporate business flows; Central global visibility on cash and trade. Scan to go to the website 1973 La Hulpe, Belgium Cooperative "SWIFT's network was unique in extending across our geographic footprint. SWIFT is a reliable, well-established solution provider that enabled a common approach to bank communication globally." SWIFT customer. 50 TREASURY SOLUTIONS 2019 SWIFT
TIKKIE BUSINESS Tikkie 2016 Amsterdam, The Netherlands 100% subsidiary of ABN AMRO bank The Netherlands Cash Management / Daily Cash Management/ Operational Payments / Working Capital Solutions / Credit Management Company description Tikkie is an initiative of ABN AMRO, build in small agile teams in 2016. Because of the enormous success of the Tikkie payment app and the demand of the business market we developed the Tikkie Business solution in 2017. Product description Tikkie Business is a payment solution for companies that are looking for an innovative, efficient way of collecting funds linked with an improved positive customer experience. Tikkie Business creates a faster cash conversion and has a positive influence on the working capital of its business clients. It increases marketing value with a personalised “thank you page” including a customised GIF. With our 4 propositions we believe there is a solution for every company in various branches, for both SME and Large corporates. Functionalities Tikkie Business Portal, bulk payment request, up to 25.000 Tikkies in one batch & individual transactions, QR codes; “Tikkie is the biggest non bank payment app in The Netherlands. Quote of satisfied client: 98% of outstanding direct debits are paid within a week.” Tikkie Business. Tikkie API, complete integration in company's financial system & Ecommerce; Tikkie Plugin for Ecommerce; Tikkie Business App, individual transactions and mobile POS. Using Tikkie Business is simple. 80% of initiated Tikkie business payments requests are paid within a day, with an average of 1:1 5h per successful transaction. Tikkie contributes increasing the company's Cash Flow and improves efficiency for its clients. We are in constant dialogue with large companies to develop more problem solving solutions, combined with other value adding advantages of using Tikkie, within the near future. Achievements With more than 3.000.000 users Tikkie is well represented in the Dutch payment landscape. 1.500 companies implemented Tikkie Business already. There is a daily growth of users. Companies are positively surprised with a decrease of the payment terms. Scan to go to the website UPDATES & TRENDS 51 TIKKIE
TIS Treasury Intelligence Solutions GmbH 2010 Walldorf, Germany Private Europe, USA Cash Management / Bank Account Management / Treasury Payments / Risk and Control / Compliance Company description Our mission is to deliver SMARTER PAYMENTS and help our Customer make BETTER DECISIONS. TIS has a clear strategic focus and core competence in payments, bank relationship, liquidity and Cash Management. Product description The TIS Bank Account Manager (BAM) offers a central cooperation platform for the creation, storage and administration of all relevant Master Data: Companies, Legal Entities, Regions, Banks, Bank Accounts, etc., as a centralized and secure Document Management System. BAM uses electronic workflows to gather the relevant information at the source. Colleagues are informed per email and are requested to verify the accuracy of the data. In doing so, the Treasury Department gains an overview of the status of the master data and can monitor the progress of the inventory. Functionalities Key differentiators include: Software as a Service, so ready to go; ERP integration, certified, for a straight-through payment solution; Highest flexibility in connecting ERP systems (multiconnectivity); Huge existing format library: no additional costs for format development and adaptation, TIS customers can directly use formats in the SaaS platform; Complete banking connectivity through H2H, SWIFT or EBICS; Management dashboards or connection with Business Intelligence; Certified partner of SAP AG; SaaS solution is compatible with SAP Business Suite, integrating seamlessly into SAP ERP and SAP Business ByDesign as well as SAP S/4HANA, thereby accelerating roll-outs; The system is ISO 27001 as well as SOC1/SOC2. IP-Filtering, Single-Sign-On Integration, 2 Factor Authentication only to name but a few. Achievements SOC 2-type 2 Certification. CTO and TIS co-founder Erol Bozak states: "The SOC 2 audit shows our continued commitment to the significance of information security for TIS. Although the audit was conducted for the first time, it was extremely successful.” Scan to go to the website “The TIS cloud payment platform enables corporates to create one overview over all their bank accounts and payments. TIS creates transparency in liquidity and a compliant model in managing payments.” TIS. 52 TREASURY SOLUTIONS 2019 TIS GMBH
TREASURY DELTA Treasury Delta 2015 Dublin, Ireland Private Europe Cash Management / Short Term investment, funding / Bank Account Management / Treasury Payments / Bank Financing Company description Treasury Delta has developed a state of the art platform that has digitised the RFP process for corporates and banks with regard to tendering for commercial banking products and services. Our business model is all around operational efficiency thereby saving all stakeholders time and money. Product description Our innovative digital marketplace solution has removed several friction points on the customer journey for both corporates and banks in relation to pricing Treasury instruments. Treasury Delta will design a proprietary application for corporates depending on the Treasury product and geographical region they are tendering for. The corporate will decide via the platform which banks they want to quote for their business. Those banks will then digest the information and respond through the platform with their bespoke pricing. Immediate feedback can then be shared amongst both parties through the platforms secure chat function. Functionalities Treasury Delta’s platform is a web application and therefore there are no connectivity or implementation issues for both corporates and banks. The platform is very dynamic and can be easily tailored for a corporate RFP for example, transactional banking, credit and TMS. In advance of going to market all this preliminary work is carried out in a secure sandbox environment. The onboarding process for a bank is similar and in advance of quoting for live corporate requests, dry runs are carried out in the sandbox. Some of the key functional characteristics are the ease of access to the system, a simplified customer journey and having the latest digital technological features to cater for both sets of our customer’s ongoing needs. Achievements Treasury Delta has successfully put through several large Irish and European corporates through their platform all of whom identified cost savings in a very efficient and discreet manner. “Corporate treasurers have described Treasury Delta’s platform as a game changer within the industry and some bankers believe it will revolutionise how they engage with commercial banking clients.” Treasury Delta. Scan to go to the website UPDATES & TRENDS 53 TREASURY DELTA
CASE STUDY: STEDIN Stedin is a regional grid manager for electricity and gas within the Randstad region with more than 2,2 bn customers that daily depend on the delivery of energy and gas to live, to work and to do business. Stedin Group consists of the electricity and gas grid managers Stedin and Enduris, which operate in a large part of the province of Zuid-Holland, Utrecht, Zeeland and in parts of Noord-Holland and Friesland. In addition, the group offers services in the field of electricity and gas infrastructure under the names Joulz and DNWG Infra. Energy has become indispensable in the world in which we live. The energy transition requires substantial adjustments to the energy grid, or more accurately, our energy system. Challenge Stedin used to be part of the Eneco Group, an integrated utility company responsible for the sales, service and distribution of electricity and gas. Being one company, Stedin and Eneco used the same legacy Treasury Management System (TMS) for over 10 years. Due to regulations the company however needed to unbundle and separate the commercial units from the grid operator activities. The goal for the Treasury team was to select and implement a new Treasury management systems which met the specific requirements of both companies and have both systems in place at the unbundling date. Parallel to the system implementation the organisation needed to (physically) split up, the banking system and IT infrastructure needed to be duplicated and two financial closings were planned near the go-live date. 54 TREASURY SOLUTIONS 2019 Project approach A multidisciplinary project team including support from Orchard Finance was set-up to analyse three possible scenarios for the replacement of the current TMS: Split the legacy system; One company keeps the legacy system, the other implements a new system; Both companies implement (the same) new systems. The first option was abandoned since the legacy system was end-of-life and support would cease in the near future. The second option was considered a fallback option since carving out data from the legacy system would not be easy. And the option for two new systems was not considered due to resource and timeline constraints. The decision was made to select new systems for both companies. Although both companies had different types of needs, the RFP process was a joint effort with the objective to serve the current and future needs of both companies in a first phase. In a second phase, diverging of functionalities was foreseen. The key objectives were defined as: Improved control over liquidity, interest and currencies (financial risk reduction); Enhanced reporting and scenario planning capabilities; Operational risk reduction: - simplified structures and standardized processes; - link with ERP workflows and improve ‘straight through processing’; - less dependency on local infrastructure and availability local employees; An automated accounting interface with SAP and hedge accounting under IFRS 9.
Solution After a thorough RFP process the project team concluded that ITS, one of the Treasury systems from the ION portfolio could serve both needs and the choice was made to simultaneously implement an individual, but similar, system for each company. Main reasons for selecting ITS were the modularity and functionality of the system, combined with the ability to configure the system with highly automated workflows suitable for both companies. Because of the tight implementation lead time of 8 months in combination with the other unbundling activities, it was decided to use a phased approach and to start with the Cash Management module, the liquidity planning and the deal capture functionality. Before the unbundling date this was realized for both companies and the legacy TMS was kept as a fallback environment for a short period of time. After using the new systems for a while for Cash Management and deal capture, the accounting interface was delivered for straight through processing of the monthly valuation postings to the ERP systems. Key success factors and lessons learned: Managing two implementations at the same time can be challenging but also efficient if planned and managed effectively (including phased go-lives); Scope overview (realized simultaneously for the two companies) Copyright Orchard Finance “The key to success was a dedicated project team all with the same goal to meet the deadlines, a modular implementation of the two systems with very tight and flexible project management.” Sebastiaan Weeda, Group Treasurer Stedin. A flexible multidisciplinary team of Treasury, TMS vendor consultants, Stedin/ Eneco IT, Orchard Finance consultants, bank IT is a must in achieving the goals on time; Management attention from Eneco’s and Stedin’s Group Treasurer was key for timely decision making. UPDATES & TRENDS 55 ORCHARD / STEDIN STEDIN
Ontdek nu de Onduidelijke kosten per valutatransactie zijn toch iets van vroeger? G scherpe en heldere tarieven van Franx. Let’s be franx! En doe direct zaken in 26 valuta’s via een slim online platform. Ga voor meer info of de demo naar franx.com. Franx. Trade & pay the smart way. Franx B.V. is een initiatief van ABN AMRO Bank N.V. en staat zelfstandig onder toezicht van DNB en AFM. Franx is geregistreerd in het handelsregister onder nummer KVK: 67283101. BTW: NL 856911689B01.
BANK BROKERS Bank Brokers Oslo, Norway 2008 Private Europe Finance / Bank Account Management / Operational Payments / Bank Financing / Interest rate risk management Company description We are a pan-European firm focussing on realising cost reductions in financial procurement for our clients. In each market where Bank Brokers operates, we realise increased competition, better deals for our clients and more transparency in banking costs and fees. Product description Our aim is to reduce costs for our clients, by obtaining fair market pricing, through benchmarking and renegotiation with their existing providers. We know relationships are important and we wish to avoid the cost and disruption associated with a change. We analyse conditions and fees in a wide number of financing and payments areas; payments & Cash Management, long term and short term funding, guarantees, trade finance products, foreign exchange, interest rate derivatives and card acquiring services (E-com and POS). We have experts in every financial field, access to all the key financial providers as well as some boutique and specialist providers, to ensure we identify the best deal for our clients. Functionalities Bank Brokers delivers unique benchmarking and renegotiation services to ensure our clients have the right products and services at the right price. We provide our feedback on an UPDATES & TRENDS 57 individual product level as well as on the product portfolio as a whole, showing our clients the return the bank or financial procurement provider is making on a specific client. We provide our service on a ‘No Saving, No Fee’ basis designed to eliminate any financial risks for our clients, which is why we believe working with us is a decision that doesn’t really need to be made, it’s more ‘why wouldn’t you?’ Our group comprises some of the best talent in the banking industry. Bank Brokers employs over 50 staff in our 7 countries. Our team has a vast industry experience based on previous roles within leading financial institutions in 30 countries around the world. Achievements 9 out of 10 of our projects are successful; In 8 out of 10 of our projects our clients realise better rates, fees and conditions whilst not having to change banks or suppliers; For banks and financial institutions our involvement generally results in a stronger relationship with their client. "Our experience with Bank Brokers was fruitful and painless. They were easy to do business with, did all the work for us and easily surpassed my expectations on savings achieved." CFO major European insurance company. Scan to go to the website BANK BROKERS
80% less cost than a normal bond issue The only fully integrated bond issuance platform. Turnkey debt issuance programme Straight-throughprocessing Fully regulated Automated and machine readable Fast (T+1) and easy issuance process Pay-As-You-Print or flat rate system Front to end processing Next generation green bonds HASSLE FREE BONDS Contact: 51, Avenue John F. Kennedy, L-1855 Luxembourg www.eppf.eu | ops@eppf.eu | +352 2786 8000 | @eppfeu
C2FO C2FO Private 2008 Leawood, Kansas, USA Global Finance / Daily Cash Management / Working Capital Solutions / Short-term Investment, funding Company description We are the world’s market for working capital and we connect companies that need cash with companies that have cash. By bringing together suppliers and buyers in their own unique market place, suppliers can offer a discount they choose, in exchange for early payment of their approved invoices. This way, suppliers take control of Cash Flow while buyers earn a no-risk return on short-term cash and improve their bottom line as well as their supply chain health. The multicurrency and truly-global C2FO solution helps free trapped cash, fostering innovation and economic growth. Product description With C2FO, buyers and suppliers dynamically negotiate rates for accelerated invoice payment in real time. Buyers set their optimal rate of return, improving yield on cash and short-term investments, and ultimately increasing EBITDA and EPS. The C2FO marketplace is a profitable alternative to low or negative interest on deposits for buyers, who can de-risk their supply chain and still maintain complete control over supplier relationships. Functionalities Quick set-up: our solution can be implemented globally in weeks, even for complex multi-national environments. Easy ERP integration: our early payment platform doesn't change existing invoice processing between buyers and suppliers. Only the payment date and the amount are modified in the ERP system, when invoices are awarded early payment. Buyers still pay suppliers directly, only faster. Best-in-class ongoing support: we provide in-region, multilingual supplier support teams that offer both financial and technical expertise, via phone, email and chat. We also provide market optimisation services for buyers if needed. Achievements Since our first transaction in May 2010, C2FO has generated more than $150 billion in working capital flow volume and more than 525 million days of accelerated payment. At the end of 2017, C2FO reached a key milestone, providing $1B of funding per week to businesses in more than 100 countries, making C2FO the largest non-bank provider of working capital in the world. By 2021, C2FO is forecasting $1B in funding per day. 99.5% of C2FO’s customers say that C2FO is their lowest cost and most convenient source of working capital. “We continue to deliver tremendous value to our global corporate buyer customers while helping their suppliers access working capital at a fair price.” Sandy Kemper, CEO and Founder of C2FO. Scan to go to the website UPDATES & TRENDS 59 C2FO
CRX MARKETS CRX Markets AG Munich, Germany Private Global Finance / Trade Finance / Finance / Capital Structure / Working Capital Solutions Company description CRX Markets allows bank independent working capital solutions on the asset & liability side of a corporate balance sheet. Its highly automated, integrated technology platform offers a broad pool of banks and investors. It makes short-term funding less costly, more competitive and liquid. Product description The CRX platform offers a “one-stop-shop” working capital management solution with seamless ERP integration. It ensures lowest total cost of ownership and full strategic flexibility in regard to funding partners. CRX clients appreciate the low entry barriers in terms of time and budget, but also the high scalability and the full transparency. SAP users can easily be connected to the platform by a SAP Add-on, providing full support of all related operations processes from deal initiation to reconciliation and accounting. The deep integration allows to simultaneously run different working capital programs at full price transparency and compliance at zero manual intervention. Functionalities The marketplace provides access to flexible working capital financing through multiple solutions and ensures a transparent pricing determination at significantly reduced rates. Each solution can be used stand-alone or a client has the possibility to combine the solutions, customized to his individual situation and needs through one independent, global and scalable technical infrastructure. One of the core capabilities is the developing, operating and refining of the technical infrastructure with a strong yet easy to implement integration into the clients’ ERP systems. CRX Markets features at a glance: Receivables Finance; Multi-Bank (Single Debtors); Receivables Securitization (Portfolio); Approved Payables Finance; Dynamic Discounting; Reverse Factoring. Achievements The BaFin regulated FinTech helps clients like Nestlé, Vattenfall, Lufthansa and Daimler with state-of the art working capital finance solutions; European FinTech Award 2017 and the Swiss WCM Award 2017. 2013 "This platform is quickly becoming an important tool in our efforts to manage working capital." Johan Gyllenhoff, Group Treasurer Vattenfall. Scan to go to the website 60 TREASURY SOLUTIONS 2019 CRX MARKETS AG
EUROPEAN PRIMARY PLACEMENT FACILITY (EPPF) eppf S.A. 2015 Orphan Global Finance / Capital Structure / Debt Capital Markets / Integrated Bond Issuance Company description eppf is a digital platform that provides solutions for corporate Treasury and financing challenges due to the fragmented middle- and back office landscapes prevalent today. It reduces market access and cost hurdles by providing the only digital, end-to-end turn-key solution to issue bonds; it is both CSSFregulated and capital markets union (CMU)-compliant. Product description eppf products include bonds and Schuldschein/NSV as well as other structures such as repackaging and BEPS-compliant Treasury subsidiary functions. On the one hand it works with eppf-provided or existing documentation. On the other hand, eppf offers various legal innovations such as compartment solutions (similar to a Treasury subsidiary but operated at a considerably lower cost) as well as an automated, standardised but flexible issuance documentation. It is suitable for frequent, less-frequent and first-time issuers. eppf works with existing market participants, most notably law firms, service and technology providers, and especially banks. ABN Amro, DZ BANK and Commerzbank for example are already part of the eppf platform and can act as bookrunner and arranger. Functionalities All of eppf’s functionality is digitally integrated in the current and future clearing environment. The API-based architecture makes integration with other stakeholders - in particular investors - easy and seamless. Joining the eppf platform is a simple process of signing two standard documents. Interaction with potential investors and thus diversification of funding sources is crucial to eppf which has online roadshow capabilities and a centralised data-room for due diligence. All documents are machine-readable and standardised thereby enhancing secondary market liquidity, too. Centred around a modular documentation approach, eppf offers both commercial paper (CP) and medium-term notes (EMTN/MTN). It comes with enhanced functionalities for listing, settlement, custody and payments. The always up-to-date funding documentation will soon be completed by a native eppf-front-end matching issuers and investors with the help of their banks. Achievements eppf represents the only regulated, CMU-compliant platform of its kind in Europe. Scan to go to the website Luxembourg “eppf offers a cutting edge technology for treasurers who intend to respond to a changing funding environment. As a fast and efficient turn-key solution, it allows issuers to capture funding windows and currency flexibility in their capital markets funding.” Robert Koller, eppf Executive Chairman. UPDATES & TRENDS 61 EPPF S.A.
FLINQER Flinqer Europe Finance / Working Capital Solutions Company description Flinqer is a Dutch company specialized in supply chain finance solutions. Through the Flinqer platform, buyer can optimize the trade payables with their suppliers. By better understanding the constraints in the supply chain and combine it with the latest software technology, Flinqer optimizes the payments between buyers and suppliers. Product description Flinqer has emerged from the fact that today’s Cash Flow between businesses is far from optimal. Static payment conditions in the supply chain lock-up cash and limit growth opportunities. Buying companies may focus primarily on generating operating cash needed for future investments, but may at the same time not have the right opportunities readily available to make good returns on the cash generated. Supplying companies, who are in some cases confronted with long payment terms, have little flexibility in their receivable payments and are forced to look for traditional routes of financing. It is even more prominent to small companies as their alternative sources of financing are limited. Flinqer helps businesses to strengthen their supply chain by making Cash Flow. Functionalities Build a stronger supply chain – Let your suppliers benefit from early payments to improve their Cash Flow; 62 TREASURY SOLUTIONS 2019 Manage your cash effectively – Deploy your cash in the best way while keeping control over working capital; Benefit from dynamic discounting – Get true value out of your trade payables through early-payment discounts; Control over your payables – Make better decisions from the insight you get from our advanced dashboards; Optimize your payment terms – Drive competitive trade terms with your supplier by using Flinqer expertise; Shorten your invoice-to-pay cycle – Improve your invoice-topay cycle with our Lean Six-Sigma techniques. Achievements Through better payment conditions, buyers improve their bottom line by capturing early-payment discounts while suppliers benefit from improved working capital. Flinqer solutions are suitable for companies with annual total purchasing volumes of EUR 50 million and above, in a wide range of industries. Scan to go to the website 2012 Den Haag, the Netherlands Private “It’s clear that at Flinqer we set a new standard in trade payables. Unblocking the supply chain by making Cash Flow is what really makes an impact for our buyers and suppliers.” Bram Hulshof, CEO, Flinqer. FLINQER
FRENNS FRENNS Ltd London, UK 2016 Private Finance / Trade Finance Company description FRENNS online platform allows companies access to invoice financing, not available for them in the current market. FRENNS platform use AI technology to automate the process resulting in a dramatic reduction in costs. SMEs can harvest the benefits of their profits and get Cash Flow support instantly. Product description FRENNS connects investors with healthy SMEs who want to auction off their invoices and get cash in minutes. An SME syncs its accounting software with the FRENNS platform where the company financials are verified and thoroughly tested for fraud, allowing banks and accounting firms to instantly get a detailed overview of a company’s current and future financial health. Once approved, the SME uploads its invoice to the platform for automatic financing, where investors registered on the platform bid on the invoice either manually or by stipulating the interest and fixed return for each invoice, generating between 1-7% per month return for investors. Functionalities FRENNS automates the analysis and financing process, making it possible to identify and provide healthy SMEs with a fast financing solution, despite non-existing or low credit, and the opportunity to finance smaller invoices under €5000 that are considered too small by traditional financial institutions. The FRENNS Analytics platform gives SMEs useful financial insights, allowing business owners to make better and more profitable decisions. Additionally, the FRENNS white label analytics platform for finance and accounting firms uses patented AI technology to verify and analyse information from the SME’s accounting software in real time, giving deeper insight into a company’s current and future financials, than the currently used, slow, and semi-manual processes. Achievements FRENNS platform has achieved the best fraud detection this far by automatic analysis of the customers and is currently the fastest invoice financing platform globally. Europe “Very smooth and easy process to fund on invoice. Funding was super fast as was the rebate after our customer paid. Highly recommended Frenns!” FRENNS customer. Scan to go to the website UPDATES & TRENDS 63 FRENNS LTD
IBANFIRST iBanFirst 2013 Brussels, Belgium Private Europe Finance / Interest rate risk management / (Hedge) Accounting / Exposure Identification Company description iBanFirst allows companies to make payments and transfers in foreign currencies using real-time rates. Approved by the National Bank of Belgium, iBanFirst is the only 100% online service that creates named IBANs in 25 currencies. Product description iBanFirst offers them a simple solution to pay and be paid in 25 currencies, with an IBAN for each currency account. Customers have access to real-time exchange rates and can optimize their operations based on market volatility. iBanFirst has implemented a system that allows exchange and payment to be made at the same time. Thus, a payment in the USA will take an average of 24 hours. You decide how fast your payments will be: 1h, 24h, 48h. Transfers between iBanFirst accounts are immediate and free of charge. To increase speed and instantly pay your service providers, you can also automate your payments by integrating the API into your management tool. Functionalities The offer is very complete and includes free access to our trading room, as well as communication of exchange rates before validating transactions. Manage your international payments simply and instantly; Pay your beneficiaries in their local currencies; Have immediate online quotes: the fees are transparent; Set up alerts on the currency market; 64 TREASURY SOLUTIONS 2019 Simplified and organized accounting (Export your transactions in CSV, OFX and CODA, add bulk beneficiaries, categorize transactions). Achievements iBanFirst platform represents a volume of €2 billion in traded currencies. iBanFirst has won the trust of 1,500 companies & convinced leading investors (Xavier Niel). January 2018: We are the 1st FinTech to integrate Isabel 6 account aggregator. "We are delighted to welcome iBanFirst to our community of more than 25 financial institutions. iBanFirst offers a new valueadded service to our 30,000 customers." J. de Crane, CEO of Isabel Group. Scan to go to the website IBANFIRST
PRIMEREVENUE PrimeRevenue Inc. Atlanta, USA 2003 Private United States Finance / Cash Flow Forecasting / Trade Finance / Working Capital Solutions Company description PrimeRevenue, the leading provider of working capital financial technology solutions, helps nearly 30,000 clients in 70+ countries optimize their working capital to efficiently fund strategic initiatives, gain a competitive advantage and strengthen their supply chain. Product description PrimeRevenue is the leading provider of technology-enabled solutions that offer sustainable working capital optimization for companies across the globe. Four cloud-enabled solutions— SCiSupplier, SCiMap, SCiEnable and SCiCustomer— coupled with the expertise and best practices of the PrimeRevenue team allow clients to unlock millions of dollars stuck in their supply chains. The solution offers suppliers increased visibility and control over their Cash Flow while giving buyers more time to pay invoices. A global multi-funder network, strategic solutions customized to individual business initiatives and a seamless onboarding experience bring buyers and suppliers together on the path to success. Functionalities SCiSupplier is a global, cloud-enabled platform that knits together hundreds of buyers, tens of thousands of suppliers and 60+ funders. Suppliers have increased visibility in approved invoices and can choose to trade invoices for early payment. Buyers electronically transmit payables with no change to existing invoice processes. SCiMap uses PrimeRevenue’s $3T database to create a holistic working capital analysis that identifies goals and how much potential Cash Flow can be generated to meet these goals. SCiEnable creates alignment between clients’ finance and procurement organizations to ensure overall program success. SCiCustomer is an automated platform to manage accounts receivables that offers the opportunity to drive early payment with highly competitive rates. Suppliers can track what invoices are sold, due and paid. Achievements PrimeRevenue processes more than $200 billion in payment transactions each year and has been recognized as a thought leader with over 40 awards from leading industry publications and associations across the world. “In PrimeRevenue, we have a partner with the right people, the right solutions and the right leadership to ensure a seamless implementation and outstanding results.” Bernard Gerardin, Michelin. Scan to go to the website UPDATES & TRENDS 65 PRIMEREVENUE INC.
DUTCH INSURANCE COMPANY DE GOUDSE VERZEKERINGEN PREFERS COBASE Companies that hold accounts with multiple banks face many inefficiencies. They are forced to use a different banking portal to interact with each of their banks and other financial service providers, and often they must maintain multiple ERP connections. The more banks and accounts a company has, the more complicated things become. Cobase offers a solution. The multibanking platform gives companies a single point of access to all their bank accounts and other financial products and services at many different banks. With Cobase, companies can efficiently manage all those accounts on one single platform via a portal or via an ERP connection. The most important features of Cobase are connectivity with many different banks, a central payment hub, Cash Management and Treasury modules. Users and authorisation schemes can be managed centrally for all subsidiaries or departments, and only one security token is needed for each user. De Goudse Verzekeringen Cobase strongly beliefs that co-creation will lead to the best possible customer experience and solutions. De Goudse Verzekeringen is one of the early adaptors of the Cobase platform. Mirjam Pols, de Goudse Verzekeringen: ‘We have supported Cobase in developing their product from an early 66 TREASURY SOLUTIONS 2019 stage in a co-creation model, to define functionality but also including contracts and supporting processes. They understand the challenges we face in working with multiple banks, they listen to our needs and are very responsive when we come up with points for improvement or ideas for new features.’
Client experience All of De Goudse’s banks are connected. The few issues De Goudse faced in the initial set up were resolved quickly. De Goudse ‘The user interface is very intuitive. We did not need a training to understand the functionality. In the few cases where we required their support, the Client Service team was available via telephone and happy to help.’ De Goudse: ‘We use the reporting module, specifically the option to download the account balances of multiple banks in one excel overview. We are planning to download the statements of these accounts as CAMT.053 for further processing in our ERP system.’ Roadmap The Cobase platform is continuously enhanced with new features, based on input and feedback from clients. Modules planned on the roadmap are a robo assistant, modules for netting, intercompany loan administration, loan portfolio management and liquidity forecasting. These will be released in the course of 2019. De Goudse: ‘We are planning to use the payment module, which worked intuitively when we evaluated the functionality. The direct debits function is not available yet, we look forward to develop this in co-creation with Cobase so we can start using it.’ Author: Bart Kooijmans, Head of Client Services, Cobase Cobase is working hard to become the preferred solution of many corporates. The company is flexible, offers great client service, welcomes co-creation and responds to client needs. UPDATES & TRENDS 67 ORCHARD / STEDIN COBASE
COMPLYADVANTAGE ComplyAdvantage 2014 London, United Kingdom Europe Risk & Control / Compliance Company description ComplyAdvantage helps firms make intelligent choices when complying with regulations relating to sanctions, money laundering (AML) and terrorist financing (CFT) with datacentric, SaaS solutions. They use Artificial Intelligence and Machine Learning to produce higher quality AML risk data on individuals, organizations and associated entities, enabling companies to improve how they onboard and monitor clients, screen payments and monitor transactions. Product description We offer three solutions that leverage our datacentric technologies: AML Onboarding and Monitoring: ComplyAdvantage have built the world’s only dynamic, real-time, AI-driven proprietary AML database of people and companies that pose a financial crime risk. Allows our customers to safely automate client onboarding and monitoring processes and empower compliance teams to make better decisions faster. Payment Screening: Screen transactions for Sanctions/AML compliance and stop payments in real-time while maximizing straight-throughprocessing. Transaction Monitoring Platform: Allows our clients to analyse their customers’ transactional data, providing them with a “whole picture” analysis of a customer’s profile, risk levels, and predicted future activity, so they can automatically identify, investigate and rapidly react to suspicious behaviors. 68 TREASURY SOLUTIONS 2019 We can also offer our data and solutions via a flexible, RESTful API, which is fast and easy to integrate into existing internal systems. Functionalities 24/7 monitoring of global data sources (Sanctions, PEPs & Adverse Media); Extensive analysis into networks/connections; Every profile updated every day; Media analysed in many local languages. We enable clients to search this dynamic, structured database seamlessly within their workflow with minimal overhead. When analysing such massive amounts of public data, intelligent techniques are needed such as Natural Language Processing and Machine Learning. Achievements 10 ‘Ones to Watch’ in The Sunday Times Tech Track 100; The FinTech50 2017 and 2018 Awards; The RemTECH Award for The Most Innovative Compliance Service. Private “Using the ComplyAdvantage platform we have reduced our time spent screening/ manual workload by 70% - which allows us to focus our time on more thorough investigations.” Anastasia Kyriacou, Head of Compliance & AML, IQ Options. Scan to go to the website COMPLYADVANTAGE
DILITRUST DiliTrust Private 1995 Global Risk and Control / Daily Cash Management / Bank Account Management Company description As a software development company for over 20 years, DiliTrust offers a full range of solutions and services dedicated to corporate governance and the secure sharing of sensitive and confidential data. DiliTrust's solutions include DiliTrust eBAM, a SaaS solution for maintaining complete oversight of a company’s global banking relationships including control of the delegation of authority, execution of the appropriate mandates and Power-of-Attorney. Product description DiliTrust eBAM is tailored for Corporate Treasurers and Internal Control. It provides visibility and real-time control for all functions: opening, closing, maintaining and tracking bank account and signatory activities. This solution makes arduous and time-consuming tasks as easy as possible. It also ensures that everyone from the board right down to operation level understand the responsibilities and procedures of its function. Functionalities DiliTrust eBAM automatically generates your letters to banks. Thanks to Swift’s eBAM, DiliTrust eBAM generates XML standard messages (Certified ISO 20.022) for streamlining processes. DiliTrust eBAM allows communications to be defined on a per bank basis. Key benefits: Centralised control over bank accounts and mandates/ signatories: open, close and update with the support of letter generation and eBAM messages; Advanced Bank Account reporting; Improved efficiency and reduced paperwork; Reduced manual activity, and thus reduced risk of human error and fraud. Limited time to communicate changes to the bank, and thus reduced risk from long gaps and inconsistency in data sets Achievements 640 customers in 43 countries; Customers include: AkzoNobel, Airbus, Alten, Colas, Engie, Limagrain, LVMG, Mercuria, Olayan, Safran. Paris, France “DiliTrust eBAM enables our clients to manage their bank account management activities much faster, leaves less room for error, and gives them the ability to mitigate risk relating to authorizations.” Yves Garagnon, CEO of DiliTrust. Scan to go to the website UPDATES & TRENDS 69 DILITRUST
EASYTRADE Easytrade 2015 Utrecht, Netherlands Private Global Risk and Control / Cash Management / Exposure management dealing, execution Company description Since 2015, we have spoken to over 200 Dutch corporate clients about their Treasury process. What have we learned? Most international companies deal with foreign exchange exposures that change daily. Hedging these exposures is no easy task. Product description Easytrade has been developed together with corporate clients. It is very user-friendly and allows for automation of the steps leading up to the execution of transactions. So, how does it work? 1. One-time entry of company settings and hedging policy. 2. Accounting data can be uploaded via Excel or by directly connecting Easytrade to the company’s accounting software. 3. Easytrade then automates all of the steps leading up to the transaction. Functionalities Easytrade currently offers a basic hedging module and an advanced hedging module. With basic hedging, you can execute currency transactions as you are used to do. Advanced hedging, however, helps you to automate most of the steps prior to the actual transactions. By doing so, the chance of errors and unnecessary transactions will be reduced and consistently every transaction will be prepared in line with your hedging policy. This can greatly reduce the time spent on hedging and gives a better insight into your current exposure. The application currently offers two different advanced hedging methods: 1-to-1 hedging (every invoice or order will be hedged after they appear in the bookkeeping software) and forecastbased hedging (forecasted revenues and/or expenses are used to execute currency transactions). Achievements December 2015 - Out of 150 ideas submitted, Easytrade wins the prestigious Rabobank Moonshot Award. May 2016 - Easytrade officially launched. May 2018 - Rabobank fully deploys Easytrade. June 2018 - First foreign bank starts using Easytrade. “A partner with the same core values and service level as we intend to have; flexible, quick follow-up and a no-nonsense approach.” Dennis van Barneveld, Commercial Director Partner in Chemicals. Scan to go to the website 70 TREASURY SOLUTIONS 2019 EASYTRADE
KANTOX Kantox Ltd Private 2011 Global Risk & Control / Treasury Payments / Operational Payments / (Hedge) Accounting / Exposure Identification Company description Kantox is a leading FinTech company providing software solutions that help businesses to overcome complex FX challenges and increase profit margins by leveraging foreign currencies. With offices in London and Barcelona, the company serves corporates across a range of industries worldwide. Product description Kantox’ solutions allow businesses to capture FX exposure data and automate hedging execution, thereby reducing FX risk. The software enables businesses to remain profitable and competitive in international markets, while corporate FX workflow automation empowers Treasurers to focus on value-added tasks. The different solutions: Dynamic Hedging - automated micro-hedging software; Dynamic Pricing - automates pricing according to market volatility; Hedge Accounting - Cash Flow hedge accounting solution, helps to minimize P&L volatility; Payments Hub – smart processing of international payments and money transfers. Functionalities Kantox’ unique and flexible FX technology has already attracted more than 2,100 corporate clients, leading venture capital firms, and Tier 1 banks. To date, clients in more than 20 industries have exchanged $6B on the platform. Following the success of its Dynamic Hedging solution, Kantox has recently made its Hedge Accounting solution available to clients. Exposure and hedging data are automatically collected, while hedge documentation and effectiveness tests for each relationship are generated along with data for accounting entries. Kantox employs an STP method to automate corporate FX workflow and reduce manual workload. Seamless integration to any ERP or TMS can occur within days and the software connects to trading venues like 360T to execute FX trades. Achievements Ranked #63 on the FT’s 1,000 fastest growing companies in Europe in 2018; Deloitte Technology Fast 50 UK Winners 2016 and 2017 and Technology Fast 500 EMEA Winners in 2016 and 2017. London, UK “We have built a range of flexible solutions to automate FX workflow. These help to increase competitiveness, profitability, eliminate FX risk and create greater efficiencies by reducing manual tasks.” Kantox. Scan to go to the website UPDATES & TRENDS 71 KANTOX LTD
RABO EBUSINESS Rabobank 2017 Utrecht, Netherlands 100% subsidiary of Rabobank Europe Risk and Control / Compliance / Identity Access Management Company description Within Rabobank, open banking is a strategic topic, which now drives development of new financial services, new non-financial services, and new business models. And although we are just at the beginning of being open and connected, we can already say it will have a real impact on our ability to bring innovations to existing customers and expand to new customer segments. Open banking drives development of new (non-) financial products and services. This attracts new customer segments like tech-savvy businesses, FinTechs and Developers aka third parties. Rabobank believes that working together and enabling digital businesses we can further excite innovation and create excellent customer experiences. Product description Rabo eBusiness is our Digital Identity Service Provider (DISP) and is a great example of an open bank. The joint venture between Rabobank and Signicat helps multinational enterprises on-board customers more easily and digitise operations. We are combining the experience and reach of the Rabobank with the agility and technical knowledge of Signicat. Therefore, we are able to use the best of both worlds to service our customers most effectively. Rabo eBusiness is the first bank-led Digital 72 TREASURY SOLUTIONS 2019 “Doing business online starts with the identity of your customer.” Rabo eBusiness. Identity Service Provider. It’s the first service to allow customers to use new digital ID schemes like iDIN (Netherlands) and itsme (Belgium) for digital on-boarding, login, signature and archiving. This means consumers can use their existing digital IDs to use services and enterprises can roll-out a product across multiple markets using a single API. Functionalities Rabo eBusiness acts as a service aggregrator that provides a distribution channel for new products and services to our customers. Rabo eBusiness helps businesses shape their online services in an efficient way, in order to achieve higher online conversion based on strong e-Identities from several countries. The platform is easy to integrate into the existing business processes using API technology. Achievements KYC and AML regulations demand that financial service providers identify and authenticate their customers. Customers, however, demand convenience, yet in many countries across Europe identity verification remains a manual process— customers must visit a branch or mail in documentation. Rabo eBusiness solves this by providing a one-stop service for crossborder digital identity. Scan to go to the website RABOBANK
TRADLE Tradle Private 2014 Global Risk and Control / Compliance / Cybersecurity / KYC Company description Tradle is selling to regulated institutions a Bring-Your-Own-KYC software product with real-time compliance supervision. Product description Tradle's approach of enabling the customer to own, control and share their data allows them to move their KYC and other e-docs across ring-fenced institutions, jurisdictions, and even other verticals. Such radical portability better fits the new regulatory landscape, creates an exceptional customer experience and a new uniform integration point for other startups. Functionalities Blockchain agnostic writing to public and private chains including bitcoin, Ethereum and a partner of R3 for Corda; UI is generated on the fly for web, mobile and tablet; Each product in every FI can have their own custom KYC policy and workflow with no development; 3rd generation cloud as software defined infrastructure. No servers, OS, VMs, fully managed by cloud provider; Fully decentralised and we have zero access to FIs data; FI launches their own Tradle node in 10 minutes with no technical ability; GDPR tested in FCA sandbox; Open API and Open Sourced. Scan to go to the website Achievements #1 blockchain FinTech in Europe 2017; #1 FinTech in Japan 2017; UBS won 2 awards for our private banking solution 2018; FCA sandbox 2017; Multiple presentations with FATF to global banking audiences; McKinsey and Citigroup call us the KYC innovator. New York, USA “Tradle is the only KYC solution for all sectors of finance (retail, wealth, corporate and institutional) and employs the blockchain to manage trust and proof. This is Customer as a Platform.” Tradle. UPDATES & TRENDS 73 TRADLE
Loan Documentation ISDA Agreements Cash Management Agreements In-house Bank / Payment Factory maarten.steyerberg@solusius.com www.solusius.com
ABOUT ORCHARD FINANCE Orchard Finance is a leading independent Dutch consultancy and staffing company in the areas of Debt Advisory and Treasury. Tailoring to our clients needs we offer advisory services, project management and staffing support. Our professionals have a long standing reputation based on operational and project experience in banking, corporate finance and Treasury management & Control. Orchard Finance is fully independent since the start of the company in 2003. Common Debt Advisory topics of our clients are: Financing and dividend policy Bank relationship management Financial modelling and valuation Credit ratings Selection of funding alternatives, including − Corporate lending − Acquisition and leveraged finance − Working capital and supply chain finance − Capital markets − Asset finance, asset based lending, factoring, securitization, leasing Process management of funding transactions Common Staffing topics of our clients are: Permanent positions Interim positions Back up solutions Common Treasury topics of our clients are: Treasury policy and organization Treasury and finance control, including Treasury Accounting, compliance and reporting Treasury risk management and hedging policies, including cash and exposure forecasting Cash Management, including: − Design and implementation of international cash management structures − Bank selection, SLA, Terms & Conditions − Connectivity solutions − Payment and collections services, including card and loyalty programs Treasury Solutions − Selection and implementation − Payment and collection factory solutions − Digital Innovation Roadmap Treasury operational excellence Treasury operations, cash and exposure management 76 TREASURY SOLUTIONS 2019
OUR INTERNATIONAL PARTNERS Carnegie Consult, a 100% subsidiary of Orchard Finance, is a development finance boutique providing fully independent advisory services in the field of inclusive finance to governments, development finance institutions, NGOs and businesses. Operating at the intersection between government, industry and the financial sector, Carnegie takes a special position within the Dutch consultancy world. carnegieconsult.nl Toon Luttikhuis Director toon.luttikhuis@carnegieconsult.nl Tel. +31 (0)6 42 30 15 17 The Treasury Engineers (TTE) is a joint venture between bdf Consultants and Orchard Finance. TTE offers Treasury best practices in a SAP environment. TTE services include SAP Treasury assessment & feasibility studies, SAP Treasury implementation and/or upgrades and Treasury reporting. Bank Brokers Nederland is a joint venture between Bank Brokers and Orchard Finance. Bank Brokers is an independent consultancy firm that realizes value for its clients by ensuring that the company buys the right financial services at the right price. Bank Brokers is headquartered in Oslo with offices in Sweden, Denmark, UK and The Netherlands. thetreasuryengineers.com Thomas Dohmen Director thomas.dohmen@thetreasuryengineers.com Tel. +31 (0)346 29 07 47 bankbrokers.nl Ronald Bazuin Managing Director Netherlands ronald.bazuin@bankbrokers.nl Tel. +31 (0)6 46 76 53 20 UPDATES & TRENDS 77
CONTACT Esther Goemans-Verkleij Partner Treasury esther.goemans-verkleij@orchardfinance.com Tel. +31 (0)6 51 49 89 46 Rolf Michon Partner Debt Advisory rolf.michon@orchardfinance.com Tel. +31 (0)6 22 80 73 22 Peter Paul de Galan Partner Staffing peterpaul.degalan@orchardfinance.com Tel. +31 (0)6 50 24 82 89 Ariane Hoksbergen Senior Manager Treasury Technology ariane.hoksbergen@orchardfinance.com Tel. +31 (0)6 41 21 59 80 Nicolai Knop Partner Debt Advisory nicolai.knop@orchardfinance.com Tel. +31 (0)6 11 31 86 82 Orchard Finance Consultants B.V. Corner Plaza B - 12th floor Planetenbaan 28, 3606 AK Maarssen Tel. +31 (0)346 29 07 40 info@orchardfinance.com orchardfinance.com Follow us on LinkedIn The copyright in this document belongs to Orchard Finance Consultants B.V. This document must not be copied, republished, redistributed, resold or disseminated in whole or in part without the express permission of Orchard Finance Consultants. This document is provided for information purposes only. While every effort is made to ensure the accuracy of any information or other material contained in this document, it is provided on the basis that Orchard Finance Consultants (and its members, either individually or collectively) accepts no responsibility for any loss, damage, cost or expense of whatsoever kind arising directly or indirectly from or in connection with the use by any person of any information or other material contained herein. You must seek independent professional advise before relying on any information contained herein; reliance is at your own risk. Any use of the information or other material contained in this document shall signify agreement to this provision. © Orchard Finance Consultants B.V. 78 TREASURY SOLUTIONS 2019
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