gtnews Blog – June 2014
The first day of the 7th BNP Paribas Cash Management University, held in the beautiful location Le Pré Catelan in Paris, began in glorious sunshine. The theme of this year’s event is ‘Cash Management, More Valuable than Ever’. The first speaker, Pierre Fersztand, Global Head of Cash Management at BNP Paribas, noted that the longevity of this event demonstrated the bank’s continued commitment to cash management, as well as the long- term strategy of both the bank and its corporate clients to focus on this issue.
Cash management is not a commoditised business, rather it is a business of innovation and service.
Ferszstand explained that financial professionals are living in a very exciting time for cash management, as liquidity sits at the centre of organisational strategy today. On top of this, cash management is becoming increasingly global. To support this growth, innovation is vital. For example, Europe’s treasurers are now largely living in a post-SEPA (Single Euro Payments Area) world, and it is time for them to capitalise on the opportunities for standardisation and subsequent efficiencies. At the same time, Asia is experiencing the liberalisation of the renminbi (RMB).
Fersztand pointed to the new capabilities of cash pooling in Shanghai’s Free Trade Zone (FTZ) as an important development for global cash pooling. He also cited the investment and evolution of capabilities in India as further evidence of the global development of cash management.