by Helen Sanders, Editor
Now in their seventeenth year, the 2015 TMI Awards for Innovation and Excellence once again attracted a great deal of interest from banks, technology providers and consultancy practices worldwide. The quality of the submissions was excellent in many cases, leading to many difficult discussions and debates amongst the judges, but ultimately, the final list was agreed. In addition to finding out who the winners were in each category, which is provided separately, we thought many readers would be interested to find out a little more about the reasons why the judges ultimately opted for the final winners. As some banks and vendors won awards in multiple categories, we have listed award winners alphabetically, including all of the awards for each winner.
If you would like to download a list of all winners of the 2015 TMI Awards for Innovation and Excellence then please click here (PDF).
Adu Dhabi Commercial Bank (ADCB)
WINNER OF:
- Payments & Collections, Middle East
JUDGES' COMMENTS:
“ADCB has demonstrated remarkable success in building sophisticated solutions and processing capacity, increasing market share and developing market awareness over recent years. The bank’s success reflects the growing appetite amongst corporations for regional banking partners that offer the depth and integration of solutions that they require, combined with a strong local presence and specialist market knowledge. The special supplement ‘Best Practices in Treasury Management’ published by TMI in association with ADCB in January 2015, was very well-received. In addition to this award, ADCB should be congratulated for the Corporate Recognition Award for the Middle East and North Africa (MENA) region which was awarded to Emirates National Oil Company (ENOC) for highly successful trade finance documentation outsourcing project undertaken with ADCB.”
ANZ
WINNER OF:
- Cash & Liquidity Management, Asia Pacific
- Financial Supply Chain Management, Asia Pacific
JUDGES' COMMENTS
“ANZ is another major example of the growing appeal and strength of regional banks. While ANZ has been a strong trade finance player in the region for a number of years, the bank is making clear strides in cash management with regional solutions and services that are at least comparable with those of the global banks. ANZ’s recent appointment of Carole Berndt is a clear demonstration of its commitment to continuing along this trajectory, who brings an impressive strategy that she and her team are well-equipped to deliver.”
Bank of America Merrill Lynch
WINNER OF:
- Cash & Liquidity Management, ASEAN
- Cash & Liquidity Management, India
- Cash & Liquidity Management, North America
- Cash & Liquidity Management, Global
- Technology, Card Solution
- Payments & Collections, North America
- Financial Supply Chain Management, ASEAN
- Financial Supply Chain Management, India
- Financial Supply Chain Management, North America
JUDGES' COMMENTS
“Following a series of excellent submissions, the judges were delighted to offer Bank of America Merrill Lynch (BAML) a series of awards across cash and liquidity management, payments and collections and financial supply chain management. As its home market, few would be surprised at BAML winning these awards in North America, but the bank’s strengths in regions such as ASEAN and India are less well-known. BAML’s submissions included some compelling case studies and outlined the benefits of its Global Liquidity Platform, which allows treasurers to optimise liquidity across markets in Asia and beyond in line with best market practice and regulatory conditions in each country, and respond quickly to changing regulations. During 2015, BAML published a series of regional supplements in TMI that were enthusiastically received by readers, and which demonstrated the bank’s commitment and capabilities in both established and emerging markets. The judges were unanimous in offering BAML the Global award for Cash and Liquidity Management and congratulate the bank on the professionalism and comprehensive nature of its submissions.
“BAML was also one of very few banks to win a Technology award, and narrowly beat a number of other excellent submissions in the Card Solution category. The bank’s Purchase Control solution combines established purchasing card functionality with virtual cards, with impressive reporting, user controls and fraud prevention tools, with proven working capital advantages.”
BELLIN
WINNER OF:
- Technology, Trade Finance Solution
- Technology, Bank Connectivity
JUDGES' COMMENTS
“While many treasury management systems started with cash and/or risk management capabilities, and subsequently expanded the functionality, BELLIN’s tm5 has provided digital trade finance transaction management for a number of years. This is supported by a direct connection to SWIFT via the BELLIN SWIFT Service, providing a network for trade finance transactions, both domestic and international. BELLIN’s submission was supported by compelling customer examples, which exemplify the automation, control and visibility that the solution offers.
“BELLIN’s support for trade finance, as well as cash and treasury transactions via SWIFT was also a factor in its success in the Bank Connectivity category. The SWIFT Service is embedded into tm5 and is now used by more than 50 clients, in addition to connectivity via channels such as host-to-host and EBICS. The solution supports mobile connectivity and supports bank statements, cash management and treasury transactions, treasury and trade confirmations, guarantees and letters of credit (LCs) and eBAM.”[[[PAGE]]]
BNP Paribas
WINNER OF:
- Cash & Liquidity Management, Western Europe
- Payments & Collections, Western Europe
- Payments & Collections, Global
JUDGES' COMMENTS
“Now firmly established as a global transaction bank, with an increasingly compelling proposition in regions such as Asia, North America, MENA and sub-Saharan Africa, BNP Paribas has made enormous strides in recent years. As many of the corporate case studies in TMI in which BNP Paribas is a primary partner bank illustrate, innovation and excellence is at the heart of the bank’s strategy and delivery. With five ‘home’ markets in Europe and an impressive depth and breadth of footprint, Europe continues to be BNP Paribas’ strongest region, which was reflected in these awards. In addition, however, the judges were keen to reflect the value of the bank’s solutions globally, particularly supporting key requirements such as payment factories and virtual accounts. As a result, we would like to congratulate BNP Paribas on winning the Global award for Payments and Collections.”
Citi
WINNER OF:
- Cash & Liquidity Management, MENA
- Cash & Liquidity Management, Sub-Saharan Africa
- Payments & Collections, South America
- Cash & Liquidity Management, South America
- Technology, Accounts Receivable Solution
- Technology, Treasury Analytics
JUDGES' COMMENTS
“Citi’s submissions across a wide variety of categories were exceptional and the bank would have been a worthy winner in almost every one. However, ultimately, the judges specifically wanted to highlight Citi’s success in promoting best practices, innovation and automation in some of the markets where cash and treasury management is at a relatively early stage of development, such as Sub-Saharan Africa, MENA and South America. In some cases, particularly Latin America, other global banks have found it difficult to make the same impression or have opted not to do so.
“Citi was also unique amongst banks in winning two technology awards, reflecting the bank’s leadership position in creating and delivering innovative technology. The Accounts Receivable award was given for Citi’s ReceivablesVision solution, which is delivered through the bank’s online portal, CitiDirect BESM. ReceivablesVision allows users to monitor incoming B2B and B2C flows, offering valuable insights into payer payment behaviour and trends, determine the effectiveness of marketing campaigns, identify automation opportunities and establish more cost-effective ways of receiving payments. Together with Citi’s integrated sister solution, Payment Analytics, the two solutions provide users with comprehensive visibility and analytics across payments and receivables, which the judges recognised for the Treasury Analytics award. Since their launch in 2012, the two solutions have been rolled out across 17 countries in Asia and North America with nearly 200 clients already live, and growing. In particular, shared service centres, public sector clients and domestic companies with high cheque volumes have been early adopters of these solutions. Citi is planning to extend these solutions in other regions through a phased introduction process.”
Commerzbank
WINNER OF:
- Technology, Mobile Treasury Solution
JUDGES' COMMENTS
“The Mobile Treasury Solution was one of the most strongly contested technology categories with considerable interest from banks, technology vendors and consultancies. While many of these solutions offered outstanding functionality, usability and customer appeal, the judges were particularly impressed by Commerzbank’s Cash Management App. Commerzbank has a strong track record in delivering innovative technology and cash management solutions across its footprint, such as its Global Payment Plus (GPP) online, multi-banking platform. Building on this success, the mobile Cash Management App further extends the value and convenience of GPP. Like GPP, the Cash Management App offers balance and transaction information for accounts with third party banks as well as Commerzbank accounts, with detailed information on recent transactions, with real-time status information on many Commerzbank accounts.”
Deloitte
HIGHLY COMMENDED:
- Professional Awards, Treasury Consultancy
JUDGES' COMMENTS
“The Treasury Consultancy award was the most difficult award for the judges this year, and although Deloitte very narrowly missed out on winning this category, we took the unusual step of offering a special commendation. The two frontrunners (which were themselves followed with stiff competition) in this award were almost exactly matched in the quality of the submission and the range of customer projects that were showcased. We very much look forward to outlining some of these customer experiences during the course of 2016, many of which are likely to be strong contenders for awards at the end of the year. We would also like to congratulate Deloitte on this unique commendation.”
Deutsche Bank
WINNER OF:
- Payments & Collections, Asia Pacific
JUDGES' COMMENTS
“Deutsche Bank was one of the strongest nominations in a number of categories, reflecting its market leading position for both coverage and quality in transaction banking. The bank’s investment in Asia Pacific has resulted in a series of ‘firsts’ in China, for example, but while some banks have focused more attention on China than other parts of the region, Deutsche Bank’s submission reflects a wide-reaching strategy to meet the needs of both multinational corporations and local large corporations in Asia Pacific. With strong year-on-year growth and very favourable customer experiences, these investments are clearly paying off, and the bank is poised for considerable future success.
“Deutsche Bank has been particularly active in pioneering cashless solutions, and has been at the forefront of the move towards real-time ACH clearing systems with upgraded remittance capabilities throughout the region, including Singapore, China, Sri Lanka, Indonesia, Australia, Japan and South Korea. In addition, the bank is proactive in associated capabilities such as direct debits and electronic invoice presentation.”[[[PAGE]]]
FIS
WINNER OF:
- Cash & Liquidity Management, Central & Eastern Europe
- Financial Supply Chain Management, Western Europe
- Financial Supply Chain Management, Global
JUDGES' COMMENTS
“SunGard was already an established leader in the field of cash, treasury and risk management solutions, and the recent acquisition by FIS, the world’s largest provider dedicated to banking and payments technologies, looks set to stimulate the company’s success further in delivering high quality solutions to corporations globally. This year, the judges particularly wanted to highlight the success of Trax, FIS’ (formerly SunGard’s) connectivity hub and payment factory solution, with considerable consensus amongst treasurers and finance managers, who routinely identify it as an essential tool for bank connectivity and payments.
“Although FIS/ SunGard clients are familiar with its Short Term Cash Management (STCM) portal for online dealing, straight-through processing, analysis and reporting of cash investments including money market funds (MMFs), the solution is less widely known amongst users of other TMS. However, as the largest platform of its kind by assets and fund range, with comparable benefits to clients irrespective of their choice of TMS, impressive functionality and a high degree of customer satisfaction, as the Corporate Recognition award to AstraZeneca emphasises, the judges agreed that the solution was deserving of wider recognition.”
Hanse Orga
WINNER OF:
- Technology, ERP-based Solution
JUDGES' COMMENTS
“Hanse Orga submitted highly professional and credible entries in a range of technology categories and given the wide scope of its capabilities, it was difficult to decide in which category it should be recognised. Ultimately, the judges decided that given that a key value proposition of Hanse Orga’s solutions is that they sit directly within clients’ SAP environment, the ERP-Based Solution award was the most suitable. Hanse Orga recently released the next generation of its FinanceSuite (covering payments, cash application, account statement management, cash, liquidity and treasury management, eBAM and working capital management), known as FS2 which offers a new design, including dashboards and mobile functionality, and powerful decision-making tools. One of the corporations that nominated Hanse Orga for this award offered a particularly compelling story which we hope to feature in TMI during 2016.”
HSBC
WINNER OF:
- Cash & Liquidity Management, China
- Financial Supply Chain Management, China
JUDGES' COMMENTS
“The awards for China were amongst the most strongly contested, with some of the highest quality submissions. The judges recognised HSBC’s major role in supporting the cash, liquidity and trade finance needs of multinational corporations doing business in China. Amongst the ‘firsts’ in 2015 was the first cross-border RMB cash pooling solution with an entity outside the Shanghai Free Trade Zone with consultancy and engineering corporation Arup, which was also recognised with a Corporate Recognition award. It was also the first bank to introduce RMB cross-border RMB sweeping between China and Germany.
“In August 2015, HSBC was mandated by LME Clear, the clearing house for the London Metal Exchange (LME) market as its sole offshore RMB concentration, enabling LME Clear to accept RMB as eligible cash collateral from its members for margin cover purposes. The bank was also appointed as one of LME Clear’s RMB settlement banks.”
Industrial and Commercial Bank of China (ICBC)
WINNER OF:
- Payments & Collections, China
JUDGES' COMMENTS
“ICBC was the world’s largest bank by assets and the second largest by market capitalisation in 2015, offering comprehensive services in China and with an expanding presence in six continents. The bank has a leadership position in China, and beyond, with efficient payments and collections a major element of its service across its client base of five million corporate customers and 465 million retail customers (2014) serviced though over 17,000 domestic branches, nearly 350 international branches, and over 2,000 correspondent banks (all data 2014). With the launch of China Cross-Border Inter-Bank Payment System (CIPS) in October 2015, in which ICBC is a leading participant, the bank continues to strengthen its role in cross-border transaction banking as well as domestically.”
ING
WINNER OF:
- Cash & Liquidity Management, Central & Eastern Europe
- Financial Supply Chain Management, Western Europe
- Financial Supply Chain Management, Global
JUDGES' COMMENTS
“ING is one of only a handful of international banks to have established a firm footprint in both western and central & eastern Europe, and the success of this strategy is recognised through the combination of TMI awards in 2015. Although ING’s strongest base is in Europe, the judges recognised the bank’s consistency of approach across the 40 countries in which it operates, with cohesive services and distribution channels across its network. ING is ranked number one in the ‘diversified financials’ company in the Dow Jones Sustainability Index, providing an inspirational role in the banking industry.
“ING was a pioneer in the concept of financial supply chain management, with major publications dedicated to the topic as early as 2009. It subsequently built on its strategy in this area through its working capital solutions group in 2012 which includes supply chain finance as well a comprehensive portfolio of payables, receivables and financing solutions. With considerable ongoing investment, and a very impressive submission, the judges were delighted to offer ING the Global award for Financial Supply Chain Management.”[[[PAGE]]]
J.P. Morgan Asset Management
WINNER OF:
- Money Market Fund Manager, North America
- Money Market Fund Manager, Europe
- Money Market Fund Manager, Asia
JUDGES' COMMENTS
“J.P. Morgan Asset Management has a long-standing and impressive track record in MMFs space. In the US, J.P. Morgan offers 10 USD-denominated taxable, tax-aware and tax-free, rated and non-rated MMFs with assets totaling $271bn as of November 2015. This includes the J.P. Morgan Prime Money Market Fund, the industry’s largest institutional MMF, with assets of $123bn. In Europe, J.P. Morgan is the largest provider of stable net asset value (NAV) MMFs (as of November 2015), with assets of $128bn and 19% market share in the region. Capitalising on client demand for AAA rated vehicles, the bank’s Asian MMF business had reached $19.4 billion by 31 October 2015, reflecting year-to-date growth of 12%, and inflows of more than $2bn over the previous 12 months.
“In addition to its wide range of funds, expert credit analysis, strong client services and an innovative technology offering, J.P. Morgan continues to contribute to the wider profession by working proactively with regulators and industry groups, and publishing high quality research for clients’ benefit, and for the industry as a whole, such as its annual PeerView survey.”
Kyriba
WINNER OF:
- Technology, Cash Management Solution
JUDGES' COMMENTS
“Kyriba has been a pioneer of software-as-a-service (SaaS) cash and treasury management technology, which is now in use by more than 1,000 clients, with over 45,000 users in over 100 countries. The company was recognised by industry analyst IDC as the fastest-growing company in the treasury management software industry, with over 150 clients added over the past twelve months. Cash management is a key strength of the solution, with significant ongoing investment in this area. In 2015, for example, Kyriba launched its advanced cash flow forecasting module, designed to support treasurers and CFOs to build an accurate and reliable picture of corporate cash, and take decisions with greater confidence, including providing reliable free cash flow guidance to investors, and deliver cash flow analysis to support future M&A, share buyback and dividend strategies.
“As part of the Awards process, the judges were impressed by the level of satisfaction amongst clients, and their ability to implement innovative cash management strategies using Kyriba’s solution.”
MyTreasury
HIGHLY COMMENDED:
- Technology, Trading Portal – Money Market Funds
JUDGES' COMMENTS
“MyTreasury continues on its remarkable growth trajectory, and the judges were impressed by the successful expansion of the platform into the US, the increase in assets under management (AUM) traded through the platform over the past twelve months, and the growth in deposit banks. Furthermore, MyTreasury added FX trading to its growing list of tradable products in 2015. As a result of these achievements, the judges were keen to offer special commendation to MyTreasury in this category. We look forward to featuring further editorial and case studies during the course of 2016.”
Nordea
WINNER OF:
- Cash & Liquidity Management, Nordics
- Payments & Collections, Nordics
- Financial Supply Chain Management, Nordics
JUDGES' COMMENTS
“Nordea picked up a ‘clean sweep’ of TMI awards this year, with very strong submissions across each category. Nordea’s multi-local bank business model across its eight home markets allows it to be deeply involved in the development of each market, supported with comprehensive regional capabilities. The judges also commented on the notable levels of client satisfaction expressed through customer testimonials and nominations. Nordea’s investment in simplification of the customer experience, innovation and digitisation is bearing fruit through new solutions such as its Trade Financial Global end-to-end trade finance management system, and expansion of its self-service capabilities.”
PWC
WINNER OF:
- Professional Awards, Global Treasury Consultancy
JUDGES' COMMENTS
“Despite very close competition, PWC’s submission for the Global Treasury Consultancy award this year was exceptional, with a very wide selection of case studies demonstrating, and indeed driving, industry best practice. In addition, PWC continues to publish world-class research and insights that benefit not only its clients, but contribute significantly to the wider treasury profession. We look forward to featuring some of PWC’s inspiring and highly practical projects during the course of 2016, and the judges were warm and enthusiastic in their congratulations.”[[[PAGE]]]
Reval
WINNER OF:
- Technology, Treasury Management System
- Technology, Customer Experience
JUDGES' COMMENTS
“Reval has adapted its approach to the design and delivery of treasury and risk management functionality in recent years, not only by migrating to a cloud-based offering, but providing ‘packages’ of capabilities that are configured to size, complexity, geography or industry, for example. The first packages as part of this design concept were launched in 2015, specifically Reval CORE™ (basic cash and liquidity management, FX and interest rate instruments and bank connectivity for mid-market organisations) and Reval CHOICE™ (full access to the capabilities on the Reval Cloud Platform, which can be configured to their specific needs). The judges commented on the versatility of the solution for treasuries of different sizes and levels of sophistication, the ease with which it can be scaled over time, and the ability to roll out across geographies in a straightforward way. Reval has also introduced a migration service for those wishing to migrate from installed technology to the cloud, in order to take advantage of new opportunities.
“Reval’s new design and delivery concept is intended to enhance the client experience, and the success of this approach is evidenced by a wide variety of strong customer testimonials and innovative case studies.”
Societe Generale
WINNER OF:
- Cash & Liquidity Management, Central & Eastern Europe (CEE)
JUDGES' COMMENTS
“With a network extending across 25 countries throughout Europe, and close partnerships with leading banks in a number of other CEE and Nordic countries to provide comprehensive coverage, Societe Generale has distinguished itself in recent years through the acquisition of a number of high profile new clients. The bank’s depth of solutions in services in CEE has been key to many of these clients’ decision to appoint Societe Generale, with custom solutions a frequent element of the bank’s value proposition.
“The judges were interested in the bank’s local campaigns in CEE countries such as Czech Republic and Serbia to provide education and solutions for online security, and offer cash management, business development and financing support for small businesses.”
Standard Chartered
WINNER OF:
- Payments & Collections, Sub-Saharan Africa
- Technology, Solution Innovation
JUDGES' COMMENTS
“The judges were very pleased to be able to recognise the exceptional contribution that Standard Chartered is making in increasing financial inclusion and facilitating secure and efficient payments and collections in Africa, benefiting citizens, local businesses and multinationals alike. The bank has rapidly become a key facilitator of mobile money solutions in countries such as Kenya, Nigeria, Tanzania, Zambia, with more to follow, partnering with leading telecoms providers. Its Straight2Bank electronic banking solutions enable corporate and institutional clients to use mobile numbers and beneficiary names in the same way as account numbers for both payments and collections, therefore enabling consistent processes across countries and payment methods, and a high level of automation.
“The judges were also keen to recognise the wider variety of ways in which Standard Chartered is leveraging mobile technology. For example, in Nigeria, the bank’s Consumer Price Tracker tool uses mobile app, photos and local data gatherers to provide clients with unique insight into the latest pricing trends across 20,000 prices across 150 products, identifying early inflation signals and offering local market knowledge to clients.”
Thomson Reuters
WINNER OF:
- Technology, Electronic Trading Portal – FX
JUDGES' COMMENTS
“In the fifteen years since it was first launched, Thomson Reuters’ FXall solution has expanded to offer a comprehensive range of trading methods, workflow automation and TMS integration, with strong year-on-year growth. 2015 marked an innovative year in the ongoing development of the FXall platform, including direct access to FXall via Thomson Reuters’ flagship Eikon platform to simplify the transaction workflow, and new net by bank and barrier option functionality.
“In May 2015, Thomson Reuters published proposed operational procedures for trading protocols on FXall, including a codified Provisory Liquidity protocol designed to raise industry standards by outlining clear and consistent eligibility and qualification rules for price makers. It also enables buy-side platform users to make informed trading decisions based on transparent and measurable criteria.”
UniCredit
WINNER OF:
- Financial Supply Chain Management, Central & Eastern Europe
JUDGES' COMMENTS
“UniCredit has published two highly acclaimed features in TMI on some of the developments that are taking place in trade finance and wider financial supply chain management during 2015, highlighting the growth of the BPO (Bank Payment Obligation) amongst European corporations, a trend that UniCredit has been instrumental in driving.
“In addition, UniCredit continues to play a pioneering role in the development of the digital agenda across its CEE footprint and beyond, which includes the development of robust, secure, flexible platforms to support high-volume working capital finance programmes such as receivables and supply chain financing. These are closely integrated with customers’ internal systems such as the corporate ERP, facilitating efficient, streamlined financial processes.”[[[PAGE]]]
Visual Risk
WINNER OF:
- Technology, Risk Management Solution
JUDGES' COMMENTS
“Visual Risk has built up a significant client base in Australasia, and has since expanded into Europe to offer comprehensive risk management capabilities within a wide treasury management framework. Since December 2013, companies have had to take account of risk of credit default by adjusting the mark-to-market (MTM) calculation for a Credit (or Debit) Valuation Adjustment (CVA/DVA) when reporting the value of their derivatives. While many TMS providing this capability support the Current Exposure model, which adjusts the derivative’s valuation by applying a spread accounting for the credit risk to the discount factors used to discount future cash flows, some auditors have criticised this approach. As a result, Visual Risk’s solution includes several methodologies for accommodating both simple and complex requirements. The CFO of one large Australia-based client notes,
“Visual Risk offered the only simulation-based CVA/DVA solution when we reviewed potential providers. Their consultants were able to satisfy our auditors’ stringent requests for information and achieve sign-off for the valuation methodology. Reporting our credit adjusted valuations is now a simple process, and we’re very satisfied with Visual Risk.”
EDITOR'S NOTE
We would like to congratulate all of the award winners and those who were highly commended. Please don’t forget to enter for the 2016 which will open later in the year. We understand that some entrants will be disappointed that they were not selected for an award in their chosen category/ies, but we do encourage you to enter next year. We have also received a number of queries asking why a bank or vendor was not considered for a particular award, only to find that they hadn’t entered, so please make sure entering the TMI Awards is a New Year’s Resolution you keep in 2016 - visit www.TMI-Awards.com for more information.
Unfortunately, we are not able to enter into correspondence about individual submissions.
