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Helen Sanders

Articles

My Life in Treasury: Helen Sanders, TMI

My Life in TreasuryThis edition marks my final one as Editor of TMI after nearly 12 remarkable years, so I thought I’d use the opportunity to share a few thoughts based on my own life in treasury and...

2017 Awards for Innovation and Excellence - Introducing the Winners

Every year in the TMI Awards has marked a step change in the number and quality of...

Pondering Payments

Ten years ago, the collapse of Lehman Bros and the rampaging financial crisis that followed started at Sibos. Despite the whirlwind that followed, the eye of the storm, in a...

Flying the Fintech Kite

Technology innovation has always been intrinsic to the changing role of treasury, and been instrumental in creating opportunities for enhanced efficiency, control and...

Keep Calm and Keep Investing

Keep Calm and Keep InvestingIndustry Reflections on European Money Market Funds In September 2017, six leading money market fund (MMF) providers were joined by corporate...

Waking the Sleeping Giant? The Potential for Trade Finance Transformation

Waking the Sleeping Giant? The Potential for Trade Finance...

Visualising Risk in a Turbulent World

Visualising Risk in a Turbulent WorldBased on a webinar with Mark O’Toole, Vice President,  Treasury Solutions, OpenLink and Craig Jeffery, Managing Partner,...

A Word from the Red Carpet on Managing Risk

A Word from the Red Carpet on Managing RiskBy Helen Sanders, Editor While treasury and Hollywood often seem to be worlds apart,...

A New Era of Transaction Banking

A New Era of Transaction Banking Insights from Leading Bankers in Germany Ahead of Schwab Ley & Greiner’s annual Finanzsymposium, four leading bankers in...

World Café: A Shared Experience

World Café: A Shared Experience  By Helen Sanders, Editor   The World Café sessions at the EACT Summit were an excellent opportunity for participants...

Breakout Sessions: Challenge, Debate and Insight

Breakout Sessions: Challenge, Debate and InsightBy Helen Sanders, Editor Participants at the EACT Summit chose to attend two...

Does Trapped Cash Really Matter?

Does Trapped Cash Really Matter? By Helen Sanders, Editor ‘Trapped cash’, or more precisely, cash that cannot be transferred from a country due to capital or...

Addressing Challenges, Delivering Value

Addressing Challenges, Delivering Value by Helen Sanders, Editor The TMI Corporate Recognition Awards reflect the pinnacle of...

Innovation and Excellence in 2016: The Awards

Innovation and Excellence in 2016: The Awards by Helen Sanders, Editor Yet again, 2016 saw a record number of nominations...

New Year, New Cash Strategies?

New Year, New Cash Strategies?   by Helen Sanders, Editor   Ring out the old, ring in the new,Ring, happy bells, across the snow:The year is going, let him go;Ring...

Enablers and Challengers: The Rise of Fintech

Enablers and Challengers: The Rise of Fintechby Helen Sanders, Editor, TMI The Cash Management University included an...

Great Expectations or Pride & Prejudice?

Great Expectations or Pride & Prejudice? What do treasurers really want from their banks?by Helen Sanders, Editor “If...

The Next Milestone in Global Payment Transformation

The Next Milestone in Global Payment TransformationHelen Sanders, Editor We were delighted to recently have the opportunity to...

Building with Blockchain

Building with Blockchainby Helen Sanders, Editor   Blockchain has appeared on the treasury horizon in a relatively indistinct form over the past eighteen months or so:...

A New Era of Ecosystem Banking

A New Era of Ecosystem Bankingby Helen Sanders, Editor Standard Chartered launched its pioneering concept of ‘banking the ecosystem’ with a thought-provoking...

Rules of the Ecosystem

Rules of the Ecosystemby Helen Sanders, Editor Being fortunate enough to work from home, and watch the full annual lifecycle in our garden, from frosty ground to ripening...

Introducing the Global Payments Innovation Initiative

Including an exclusive interview with Wim Raymaekers, Head of Banking Markets, SWIFTSWIFT’s global payments innovation...

Powering the Efficient Economy: Innovation in Payments & Collections

Powering the Efficient Economy: Innovation in Payments & CollectionsAn HSBC...

A Technology Transformation in the Middle East

A Technology Transformation in the Middle East   In the last edition of TMI (edition 244), we featured an edited transcript...

Heading South or Looking Up? Changing Trends in South-South Trade

Heading South or Looking Up?Changing Trends in South-South Tradeby Helen Sanders,...

Doing More with Less: Treasury Priorities in the Middle East

Doing More with Less: Treasury Priorities in the Middle East   The following is an edited transcript of the first part of a...

A Sleeping Giant with One Eye Open

A Sleeping Giant with One Eye Openby Helen Sanders, Editor For the past decade, Africa has been feted as a nascent economic powerhouse whose wealth of natural resources,...

The Unintended Consequences of Banking Regulations

The Unintended Consequences of Banking Regulationsby Helen Sanders, Editor, TMI Understanding and complying with evolving...

The Next Generation of Asian Treasuries?

The Next Generation of Asian Treasuries?by Helen Sanders, Editor, TMI One of the most significant outcomes of globalisation and...

A Decade of Corporate Recognition and Editor’s Choice Awards: the 2015 Results

A Decade of Corporate Recognition and Editor’s Choice Awards: the 2015...

2015 TMI Awards for Innovation and Excellence: The Judges’ Comments

2015 TMI Awards for Innovation and Excellence: The Judges’ Commentsby Helen...

Managing Treasury in a New Climate

Managing Treasury in a New Climateby Helen Sanders, Editor, in conversation with Oscar Mazza, Head of Latin America Sales, Treasury and Trade Solutions, Citi It...

Fraudster, Fool or Financier? Who’s Controlling Your Cash?

Fraudster, Fool or Financier? Who’s Controlling Your Cash?by Helen Sanders, Editor There is a saying that “if a man...

A Milestone in the RMB Liberalisation Journey

A Milestone in the RMB Liberalisation Journeyby Helen Sanders, Editor With China continuing to be a major strategic growth...

Introducing the Stars of Cash & Treasury Management

Introducing the Stars of Cash & Treasury Managementin association with BNP Paribas by Helen Sanders, Editor TMI has an...

The Evolving Value Proposition of Payment Factories

The Evolving Value Proposition of Payment FactoriesThe experience of six leading treasurers by Helen Sanders, Editor In June...

The Final Step in Payments Processing?

The Final Step in Payments Processing?by Helen Sanders, Editor, TMI One of the most significant evolutions in cash management...

Five Steps to Managing FX Risk

Five Steps to Managing FX Riskby Helen Sanders, Editor There are some aspects of today’s treasury function that have really only emerged over the past decade:...

The Closing Chapter in the SEPA Story?

The Closing Chapter in the SEPA Story?by Helen Sanders, Editor, TMI From the launch of SEPA Credit Transfers in 2008, to the...

The Business Case for a New Generation of Electronic Banking Systems in Asia Pacific

The Business Case for a New Generation of Electronic Banking Systems in Asia...

From RTC to GTC? Treasury Centres in Asia Pacific Going Global

From RTC to GTC? Treasury Centres in Asia Pacific Going Global   by Helen Sanders, Editor Treasury centralisation is nothing...

Turkey’s Fast Track to Digitisation

Turkey’s Fast Track to Digitisationby Helen Sanders, Editor With its strategic location between Europe, Asia and Middle East, Turkey has been a vital link in...

Würth Group Implements Two-Way RMB Sweeping with HSBC

Würth Group Implements Two-Way RMB Sweeping with HSBC by Helen Sanders 24 March 2015 Global fastening products corporation Würth Group has recently mandated relationship bank HSBC Germany to implement an...

The End of Cash Pooling?

The End of Cash Pooling?by Helen Sanders, Editor Cash pooling, particularly cash concentration (physical pooling) is well-established as a fundamental technique for...

New Era for the ‘Treasury Oscars’

New Era for the ‘Treasury Oscars’by Helen Sanders, Editor Over the sixteen years that TMI has presented its annual Awards for Innovation and Excellence, the...

Introducing the Corporate Recognition and Editor’s Choice Awards 2014

Introducing the Corporate Recognition and Editor’s Choice Awards 2014by...

A Partner for Business in UAE

A Partner for Business in UAEby Helen Sanders, Editor, with Alan Kerr, General Manager - Wholesale Banking Group, Dubai & Northern Emirates, and Bhupesh Sharma, Head...

The End or the Beginning for Money Market Funds?

The End or the Beginning for Money Market Funds?by Helen Sanders, Editor In August 2014, the Securities and Exchange...

A New Beginning for European Payments

A New Beginning for European Paymentsby Helen Sanders, Editor Now that the SEPA end date has passed, and the additional transition periods that were allowed in some...

Rethinking Connectivity

Rethinking Connectivityby Helen Sanders, Editor Among the most important innovations in cash and treasury technology in recent years have been the developments in...

The Future of Transaction Banking

The Future of Transaction BankingAn Executive Roundtable - chaired by Helen Sanders, TMI On 30th June 2014, TMI was pleased to welcome four senior transaction banking...

Crossing the SEPA Start Line

Crossing the SEPA Start Lineby Helen Sanders, Editor As if the Olympics in 2012 were not enough, the UK is now experiencing the balmy joys of the Commonwealth Games in...

Against the Odds: Removing Barriers to Optimising Liquidity

Against the Odds: Removing Barriers to Optimising Liquidityby Helen Sanders, Editor At BNP Paribas’ recent Cash...

Learning the RMB Game

Learning the RMB Gameby Helen Sanders, Editor The weekend that has just passed has reminded me why I am not that interested in sport. In one weekend we have had two...

Are Treasurers Damaging Share Prices?

Are Treasurers Damaging Share Prices?by Helen Sanders, Editor  FX losses amongst corporations in 2013 amounted to $17.8bn amongst fewer than 850 international...

Exploring the Diverse Landscapes of ASEAN

Exploring the Diverse Landscapes of ASEANby Helen Sanders, Editor “The voyage of discovery is not in seeking new...

你有过现金 管理方面的困扰吗?

你有过现金 管理方面的困扰吗?   Helen Sanders——编辑 我阅读周日报纸时,最喜欢的“板块”之一是“走强” 和“走弱”的时尚清单。可悲的是,我从未听说过这 些清单里列举的绝大多数设计师、名人和时髦产品,但这也会让我多少有一些跟上潮流的感觉。在闲暇之余,我经 常思考着,这种清单列举在财资管理工作中将会如何。要说“走 强”,我们有营运资金优化、现金流预测(尽管一直存在)以 及移动支付和收款解决方案。要说“走弱”,我们有分散化现 金管理、与银行长时间的应酬(年轻一些的财务管理人员从未 体验过)以及电子表格(希望如此)。  近些年来,对于银行和企业司库而言,现金管理在优先事项列表中的排名持续攀升。而以现金管理为主要内容的交易服 务风光不再,比起风光无限的企业金融或各种投资型产品来说 平淡无奇。对于银行而言,现金管理是获取收入的可靠途径, 与其他业务活动相比,较少受到市场波动的影响,也是与企业 客户建立稳固的长期业务关系的重要机会。对于企业而言,有 效而可靠的现金管理对于业务运营至关重要,也是营运资本的 关键驱动因素。要与融资银行建立稳固的关系,它也是有价值 的辅助性业务。   更激烈的业务竞争 然而,认为现金管理只是融资关系的“附加”是非常错误的; 实际上,银行比以往更加需要富有竞争力的现金管理服务:一家跨国公司通常有一家以上的融资银行,因此各家公司会对现金管理的合作伙伴进行选择。 某一家公司会需要在所经营的每个国家均能获得现金管理服务。鉴于业务覆盖或监管要求方面的原因,公司的一家甚 至所有融资银行可能无法提供公司所要求的全部现金管理服务。  为了维护融资关系,公司能向银行提供的业务除现金管 理之外,还有其他辅助业务,如外汇和贸易融资。 现在,尤其是因为企业与 SWIFT 的对接增长以及 XML 格 式更加具有连贯性,要更换或增加现金管理银行更加容易。 我从几位企业(大多为小企业)司库那里听到的另外一种观点则是,现金管理已经非常商品化,选择现金管理银行在很 大程度上没有什么相关性。如果技术、监管和现金管理方面的 要求从不发生变化,如果每个国家的现金管理是相同的,那么 这种观点可能说得过去。但很显然,现实情况完全不同。这篇 文章探讨了跨国公司在国际和地区性现金管理方面的一些趋向。   欧洲的优先事项 对于所有在欧洲经营的公司而言,发端于欧洲的 SEPA(单 一欧洲支付区)是一颗定时炸弹,但是正如我们之前在 TMI 所 多次探讨的,SEPA 应该是促进融资和运营效率提升变革的催化剂。 法国巴黎银行全球现金管理负责人 Pierre Fersztand 解释说,  “为了在 2014 年 2 月的截止日之前达到标准,在欧洲,SEPA 无疑是欧洲的司库的第一优先事项。大多数公司对这一项 目的参与情况通常因所在国家而异,但仍然试图将这些业务活 动整合到一个全球性战略之中。司库正认识到,对于银行及账 户合理化以及现金管理和支付流程的优化方面,SEPA 提供了机 会。有些人发布了征求建议书(RFP),寻求能提供全球现金管 理和支付服务的银行,但更普遍的情况是,各企业在寻找一个 地区性合作方,为其 SEPA 迁移提供支持,并让他们能够利用 SEPA 提供的机会。”  美银美林的 EMEA(欧洲、中东、非洲区)全球交易服务负责人 Jennifer Boussuge 强调,司库不应忽视 SEPA 所提供的机会,不仅是因为它涉及欧洲、也涉及全球的现金管理。    “SEPA 无疑是欧洲的司库的第 一优先事项,但正如一位最近参加美 银美林圆桌会议的一位司库所言, SEPA 不应只被认为是一个合规性的问 题,它也可以增强财资管理能力,是 一个取得更高效率的途径。这是一个 司库不应错过的前所未有的机会。例 如,集中化收款在过去往往被证明是 很难的,但如今欧洲的协调说明这是可行的。要想通过 SEPA 进行支付,通常需要利用 IT 资源进行 XML 格式转换,既然如此,何不趁此机会在全球推行 XML 呢?”   尽管从合规性的角度而言,SEPA 迁移项目规定的截止日期 为 2014 年 2 月 1 日,但是利用 SEPA 提供的机会将会是一个长 期性的战略。在许多情况下,SEPA 恰恰有利于司库更容易地实 现目标。法国巴黎银行的 Pierre Fersztand 指出,“现金管理的可视性和可控性仍然是各种规模的企业的首 要考虑因素。比如说,在过去,许多企业在“更容易的”市场 建立了现金池,而现在,他们正在寻求将这种好处扩展到通常 被认为更加具有挑战性的国家和货币。因此,现金流预测等内 部流程也成为一个优先考虑的重要事项。” 相同的是,集中化也不是新的趋势,但 SEPA 导致许多司 库努力实现现金管理、支付和收款流程的集中化。法国巴黎银 行的 Pierre Fersztand 指出, “目前的重点仍然为支付工厂,许多企业在努力对支付流 程进行集中化管理。已经实现这个目标的企业目前正在扩大集 中化流程中心的功能,比如自动化对账和供应商支付提示功能。” 他还指出,   “ 收 款 工 厂 仍 然 相 对 不 太 普 遍, 但 在 SEPA 之 下 集 中 收款的机会将会持续增长,尤其是 SEPA 直接借记(Direct Debits)。”  尽管这是趋向标准化和协同化的一个重要步骤,但 SEPA 并不是普遍适用的杀手锏。有些国家(如葡萄牙)宣布对 XML 的使用作出变动,各国之间的补充可选服务(AOS)各有不同, 而且在有些情况下,如德国和西班牙,对 SEPA 直接借记方案 Cor1 作出变动,并已在使用。此外,Riba 等本地支付工具并没 有被 SEPA 贷记转账(Credit Transfers)或直接借记所取代。 因此,法国巴黎银行的 Pierre Fersztand 指出,  “SEPA 并没有改变欧洲,地区特性仍然存在。因此,各公司要求银行能根据本地业务能力和对本地情况的理解为他们提 供一套组合式工具,为地区和国际性现金及财资管理战略提供 支持,在竞争更激烈的市场尤为如此。” [[[PAGE]]] 美洲不能袖手旁观 尽管北美地区的财务管理人员可能不需要操心 SEPA 的问 题(当然,如果他们在欧洲有业务活动,则另当别论),他们 也不能只是隔岸观火。司库(无论是在北美还是全球)如今面 临越来越大的压力,需要降低成本,而这不能仅仅通过“一劳 永逸”的项目就可实现,而是需要转变整个财务供应链。美银 美林北美地区全球交易服务负责人 Dub Newman 认为,  “在美洲地区,营运资本的管理和优化比以前更加重要,尤其是现在司库开始预期利率将上升的情况下。许多企业正在 利用目前的低利率环境改善业务流程,如果利率上升成为现实, 他们就能够处于一个更加有利的地位。”  和在欧洲一样,现金管理可视性仍然是美洲地区的优先事项,这也就导致企业更加注重如何充分利用适当的技术手段。 美银美林的 Dub Newman 介绍说,  “现金管理越来越受到技术的推动。以手机银行为例,这项功能能让 司库随时随地获得充分的现金管理可 视和控制功能:他们可以审批交易或 检查现金和风险头寸的变动。对于我 们的各个细分客户群体而言,进一步 开发手机银行的功能是我们的一项关 键战略,不仅仅只是美国,而是针对 世界各地。越来越多的客户期望将目前个人账户具有的功能复制到企业账户。”    技术也为改变营运资本管理流程提供了新的机会。这既包括支付、收款和存货管理方面的技术,以及将财务供应链每个 组成部分进行整合的技术,也包括直接面向客户的技术。例如, 正如本期 TMI 发表的巴克莱银行关于 Pingit 的文章所述(指 英国的解决方案,但可作为全球现象的例证),移动支付和客 户互动解决方案正在为驱动收入增长和加快现金流动创造新的 机会。   在亚洲的主动举措 虽然就各个行业而言,亚洲均为主要的成长性市场,但每 一位司库都非常清楚,就现金管理而言,亚洲也是最为复杂、 往往也是管制程度最高的地区之一。然而,市场和监管方面的 基础架构也在发生迅速变化。如果司库发现了存在于公司经营 所在国家的现有机会,并在出现新的机会时加以充分利用,他 们就能够通过提高自动化程度、降低成本和更有效率地使用资 金为公司提供巨大的的价值。渣打银行的 Lee Swee Siong 强调,  “由于亚洲成为许多企业经济活动的新中心,为了提高业务运营和财务工作的效率,本地区的司库正在将现金管理作为 工作重点。”  要提高经营和财务工作的效率,其措施和其他地区并没有什么不同,但实际操作可能更加困难一些。渣打银行的 Lee Swee Siong 解释说,   “司库正在寻求最有效率的现金和财务管理职能的中心, 以及执行可优化公司内部资金流动和融资目标的业务结构。在 亚洲,要实现这一点,第一步是要实现现金管理可视性,但是, 由于市场、货币、银行业务关系和本地市场惯例千差万别,这 个问题往往比在欧洲或北美更具有挑战性。第二步是在监管法 规允许的情况下尽可能进行集中化现金管理。不同于其他地区 的是,现金管理结构不那么具有同质性,而更多地采用‘混合 搭配’方法。”  法国巴黎银行的 Pierre Fersztand 继续说道,  “现金池管理是目前亚洲的一个更为重要的趋势,由于监管环境各有不同,这也非常具有挑战性。财务管理的基本目标 是实现本地区或跨地区的现金池管理,但由于目前这仍然不太 可行,实现本地和全球范围的资金可视性是一个可以优先考虑 的重要方面。”  类似的是,支付工厂也越来越普遍,但是,渣打银行的Lee Swee Siong 指出,  “对于在亚洲经营的各企业而言,交易效率也是需要优先考虑的因素。与在欧洲相比,亚洲的基于代客支付业务的支付 工厂不太普遍,因为这种业务在所有市场均未得到许可;为了 优化支付和现金管理效率,因此产生了混合型解决方案。”   现代化和协同化 尽管在可预见的未来,各市场之间的多样性将一直存在, 从在欧洲的经验我们也得知,要实现协同化的共同目标需要花 费很多时间和努力,但是提高支付和现金管理效率的趋向仍然 存在,这反过来会容许跨境的协同效应。渣打银行的 Lee  Swee Siong 介绍说, “目前亚洲的银行服务和基础设施在各方面的进展很大。正如 SEPA 在引导欧洲的基础设施和市场惯例方面的变革,在 亚洲也有很多这样的例子,亚洲的监管机构正在构建更有效率的本地基础设施,更多地采用了电子和 实时业务处理流程。例如,印度正在开 发新的 ACH 系统(全国电子结算服务, 简称 NECS),新加坡最近推出了一种 实 时 清 算 系 统(Immediate  Payments G3)。离岸人民币可在香港通过中国工 商银行(ICBC)结算,最近在新加坡也 启动了该项服务。在中国,一种专门用于处理跨境人民币结算的新的国际支付系统(CIPS  -  China International  Payment  System)正在开发。目前,跨境人民 币结算通过本地 RTGS 支付系统,即 CNAPS 处理。这可以利用 SWIFT 格式实现互操作。但到目前为止,这将对现有的离岸人民 币结算机制有何影响尚未可知。” 司库也正在他们可操作的范围内采用各种手段尽可能地实 现处理流程的协同化,SWIFT 在银行连接和通信方面的价值越来 越获得认可。渣打银行的 Lee Swee Siong 指出,  “在亚洲,SWIFT 的使用日益增多。虽然作为全球连接战略的一部分,在亚洲的境外跨国公司多年来一直与 SWIFT 连接, 但是现在这一趋势正在扩展至总部在印度、韩国和中国的跨国 公司。在许多情况下,由于跨国银行能够提供重要的专业技术, 而且对最佳的操作惯例有深刻洞察,这些公司能够从先前采用 者的经历中获益。”  法国巴黎银行的 Pierre Fersztand 认为, “由于亚洲具有比以前更多的机会,法国巴黎银行在亚太地区的 9 个国家提供 SWIFTNet 解决方案,目前在亚洲已经拥有 多家 SWIFT 客户。” [[[PAGE]]] 蛙跳效应 可是从某些方面而言,与北美和欧洲等地区相比,没有那 么成熟或固定的支付和现金管理惯例以及基础设施也可能是一 种优势。例如,采用新兴技术和利用新技术提供的机会更为容易, 不仅能提高效率,还能创造新的业务模式。对于司库来说,寻 找这样的机会、并弄清楚这些机会如何才能为企业增加价值就 是他们的主要任务。法国巴黎银行的 Pierre Fersztand 总结说,  “司库不再局限于传统支付和收款手段。电子商务、全球收购和电子钱包都在催生新的支付手段。亚洲和非洲等新兴市 场对移动支付尤为感兴趣,各种规模的企业都在寻求方便有效 的支付解决方案,这种支付方案应该能契合该地区的基础设施、 监管和文化上的多样性、以及巨大的地理距离。”   中国不可或缺 要讨论亚洲的情况,不得不具体提到中国。对于现金管理, 存在非常多的误读和误解。虽然仍然存在相当多的制约因素, 但对于中国境内外外汇流量和余额的管理以及人民币的跨境流 动管理而言,自由化的进程迅速而强劲。渣打银行的 Lee  Swee Siong 指出,  “中国是几乎每名司库都会讨论的话题。比如说,自去年下半年以来,出现了一些动向,使得“困在”中国的人民币和 外汇能被借贷给母公司,并可作为地区性多货币现金池的一部 分予以利用。在之前,只有少数公司可通过几个试点项目获准 从事这些业务。最近,这从限于在上海注册的几家公司扩大到 在大中华地区推行,并发布了规章文件,而不再实行个案审批。 向中国境外的交易对手提供贷款不再局限于被选定的公司。这 反过来会促进离岸人民币的使用。这是一种具有重要意义的可 喜进步,将加速人民币成为国际性记账货币。”  法国巴黎银行的 Pierre Fersztand 认为,  “越来越多的在中国经营的企业寻求将离岸人民币引入到包括现金池管理 在内的地区性流动资金管理架构之中, 并通过支付工厂优化人民币支付流程。 另外,他们也希望他们的合作方银行能 帮助他们满足在岸监管要求,并且将他 们与本地银行和跨国银行的业务活动进 一步融合起来。比如说,我们的客户能通过法国巴黎银行进行全部支付活动,从而实现了流程的标准 化和合理化,而以前我们是将这些活动分配给相应的本地银行。 " 许多公司需要作出的一个关键决策是在何种程度上采用人 民币,因为他们非常清楚人民币仍然是一种受到高度管制的货币,但是如今跨境贸易结算非常成熟,采用人民币的机会越来 越多。渣打银行的 Lee Swee Siong 认为,  “根据我们的内部研究,我们的客户采用人民币的最初动力是为了更好地管理外汇风险、降低成本、以及更广泛地获得 中国的买家和供应商。”  随着对跨境结构中的人民币余额的利用能力越来越强,资金转移能力得到改善,许多司库现在会认真地考虑这些机会。 除此以外,司库需要每两三年就对其财资管理架构和流程予以 审查,但是在中国和发展迅速的亚洲和美洲的其他国家,每半 年左右就需要进行这种审查。   集成的战略 我们已经描述的许多趋向不仅适用于特定地区,也适用于 全球各地。美银美林的 Jennifer Boussuge 总结说,  “各国之间的联系比以前更加紧密,国际金融危机就体现了这一点。如果中国的经济增长减缓,巴西以及许多其他国家 的经济增长也会减缓。这种国际和地区之间的联系意味着司库 在制定风险管理战略时,会面临更加复杂的情况,需要考量每 个特定情形会产生的直接和间接影响。”  现金管理和其他财资管理责任 ( 如风险管理 ) 之间的界限越来越不那么明显。由于司库寻求采用集成的战略来实现全球 现金管理的可视性和可控性,关于集中化管理的决策、现金流 预测的惯例、以及外汇风险管理将是一项战略的固有元素。美 银美林的 Jennifer Boussuge 解释说,  “外汇风险管理是我们的企业客户积极参与的另一个重要领域。司库希望能更具体地了解集团公司的风险暴露程度,并尽 可能对风险进行集中化管理。如果实现了这一点,他们就会比以 前更有可能参与主动或动态风险对冲。例如,风险对冲会更多地 基于交易,重点在于以前未曾受到监控的较小金额的交易。司库 希望不再是被动地进行风险管理,而是主动地管控风险。” 美银美林的 Dub Newman 认为,  “风险对话正在扩展到更大范围的企业事务。越来越多的司库会问‘如果发生那样的情况,你会怎么做’,并对各种财 务性和业务性事务的潜在影响进行评估。管理流程的集中化, 比如向共享服务中心(SSC)、集团内或地区性财务管理中心的 转型,可以集合各种资源和各个系统、建立专业的技术中心、 形成更便捷的后备方案,是降低风险的重要手段。”  通过技术手段可以形成现金和风险集中管理战略,但是渣打银行全球企业产品负责人 Lee Swee Siong 认为,仅以现金流 预测为例,对于很多企业来说,仍然是可望而不可及的,  “现金流预测仍然是全球企业面临的最大挑战之一。工作流程和企业文化也可能影响数据的准确性、完整性和及时性。 技术也会影响预测的准确性。这可以通过对数据合并的标准化 和加速得以实现,但这本身并不能解决问题。”  司库获取技术的便利性和灵活性也比以前大得多,但是,潜力仍然非常巨大。美银美林的 Jennifer Boussuge 说,   “现在许多服务,包括财资管理系统(TMS)都转到了云平台,这为全世界的司库创造了极好的机会,可以更便捷地获 得集合式服务。例如,我们正在与 SAP 合作,提供基于云技术 的解决方案,涵盖了多种服务。 ”  司库从未曾如此注重在一国之内或在跨国范围内进行有效的现金管理,降低损失或损耗,最大程度提高企业的现金价值, 从而减少对外部贷款人的依赖。采取恰当的企业组织架构和现 金管理技术当然非常重要,但是如果单靠财资管理工作则无法 实现这些目标。如今,企业的现金和财资管理负责人可以通过 推动管理流程的优化、业务流程的整合以及技术创新而成为整 个企业业务和财资管理效率的亲善大使。现金管理工作从未显 ...

TMS:创新渠道

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Shared Services, Shared Success by Helen Sanders, Editor Those based in, or who have visited London this summer will have witnessed remarkable achievements in an amazing diversity of sports. Not only have elite able-bodied athletes continued to redefine standards...

团结就是力量 ——专访欧洲支付委员会主席Gerard Hartsink

团结就是力量—— 专访欧洲支付委员会主席Gerard Hartsink Helen Sanders 编辑 本期《国际财资管理》(TMI)的主题是单一欧元支付区(SEPA),本刊编辑Helen Sanders特意专访了即将离任的欧洲支付委员会(EPC)主席Gerard Hartsink。Gerard Hartsink曾在荷兰银行工作多年,除欧洲支付委员会的职务外,他还是持续联系结算银行(CLS)的执行总裁,也是SWIFT的董事会成员。2012 年6月底,他的欧洲支付委员会主席职位将由Javier Santamaria接任。 您作为欧洲支付委员会主席任期即将届满,您认为在任期间个人最大的成就是什么? 很难知道如何衡量成就,尤其是衡量自己!最近我很荣幸被荷兰女王授予荷兰王室勋章(Officer in the Order of Orange Nassau),这是对我在欧洲支付委员会工作上所做贡献的肯定。从个人层面来讲,我认为我最大的贡献是将众多不同的持分者凝聚到一起,共同为SEPA而努力,尽管他们有不同的关注点和目标,代表不同的群体,讲不同的语言。作为家里11个孩子中最大的一个,我深知将具有不同利益和技能的人凝聚在一起的重要性和挑战性!例如,与来自欧洲企业司库协会(EACT)的Olivier Brissaud和Gianfranco Tabasso的合作就是很愉快的经历。我认为,我们合作得很好,尽管我们的观点和侧重点不同,但我们一直保持着坦诚的交流,并找到了建设性地推动工作的方法。 我们不仅合作制定了SEPA贷记转账(SCT)和SEPA直接借记(SDD)规则手册,还创建了欧洲支付委员会客户持分者论坛(CSF)。客户持分者论坛专门解决支付服务用户在SEPA贷记转账和SEPA直接借记计划以及相关标准方面的需求。客户持分者论坛成员代表了在欧洲层面运作的广泛的跨界别利益群体,包括消费者、企业和中小型企业。2009年,欧洲支付委员会还发起成立了卡持分者小组(CSG),汇集了来自其他四个部门(零售商、供应商、处理商和卡计划)的代表。我希望客户持分者论坛能取得更大进展:目前企业代表性不够,有些用户群体(例如公共部门)的代表也太少。思想上的合作与协调,对成功推广一个会影响所有以欧元收付款的用户的计划至关重要。 不过,跨行业的合作模式已建立起来,这对开拓SEPA的价值十分重要。例如,我们正在使用同一方法推动决定如何使用移动芯片渠道启动支付。与其他所有SEPA相关项目一样,这类方案的风险是人们并不总是愿意参与,但这样做的价值会是巨大的。 向SEPA贷记转账和SEPA直接借记转移的限定日期已确定,您在企业和机构的态度和采用方面有什么期待(或希望!)? 欧洲立法机构最终达成了国内支付系统的停用日期,现在已开始倒计时。2012年2月,代表欧盟成员国的欧洲议会和欧洲支付委员会通过了《关于确立使用欧元进行贷记转账和直接贷记的技术和业务要求的(EU)260/2012号规例并(EC)924/2009号修正规例》(SEPA规例),规定2014年2月1日为欧元区本规例核心条款合规限期。在非欧元国家,限期则为2016年10月31日。这实际上意味着,在这些日期,现有的国内欧元贷记转账和直接贷记系统将被SEPA贷记转账和SEPA直接借记取代。就我所看到的,一些企业在向SEPA转移方面已取得很大进展,但还有一些尚未开始。转移不单影响财务部:采购、销售和人事等部门也需要参与进来,进行供应商、客户和员工方面的变革管理。 在“SEPA准备状况”方面,不同国家也存在差异。卢森堡和芬兰都已为SEPA准备就绪,主要是由于政府最高层有很大决心,法国和比利时情况也相似。而在荷兰等国,需要更长时间来凝聚向SEPA转移的动力,但这毫无疑问会发生。重要的是,转移现在是确定要做的事。 鉴于目前对欧元及欧元区成员未来的推测,很容易认为SEPA可能会受制于同样的不确定性,事实并不是这样。支撑SEPA的是《支付服务指令》(PSD),该指令将整个欧盟(包括不以欧元作为国内货币的国家)涉及支付的法律条款和条件一致起来。在一些情况下,例如,匈牙利本地货币福林的支付受制于SEPA贷记转账规则和标准,这就将银行和跨国企业的标准化和一致性好处扩大到了单一货币以外。 目前,SEPA工具只限于SEPA贷记转账和SEPA直接借记,您期待或希望看到未来开发新的工具吗?谁可能会推动这些开发? 当然,开发新工具还有巨大空间,例如移动电话和电子支付渠道。既然我们有了标准的SEPA贷记转账和SEPA直接借记工具,应该能够使用不同装置(例如通过以某种方法构建移动芯片)启动支付或者发出指令。基于不同持分者的通力合作,我们在这方面已做了大量工作,但这一工作仍未达目标。有些群体担心移动运营商的影响程度,但整体上,讨论的进展很有建设性。尤其是,需要注意消费者在移动运营商、手机等方面的选择自由不要受到影响,反而应该通过开发新工具得到加强。[[[PAGE]]] 对于电子支付,仍有分歧意见。在荷兰,已建立了在线商户行业公会,而且在线购买模式已很先进,因此,可行的实例已经存在。目前,购买者使用银行卡或PayPal进行在线支付,但未来,他们应能利用银行强大的身份验证能力进行SEPA贷记转账和SEPA直接借记。 从欧洲企业司库协会的角度,一个难题是SEPA的治理问题。欧洲支付委员会在接纳欧洲支付系统终端用户委员会的建议方面一直持积极态度,但您如何看这方面的进展? 随着SEPA进入发展的新阶段,为未来构建清晰、透明和负责的治理模式是必须的。由SEPA委员会牵头,我们提出了一个三层级安排建议。SEPA委员会聚集了支付市场供需双方的代表(包括欧洲支付委员会),是由欧盟委员会和欧洲央行于2010年6月建立的。其目的是通过确保持分者在高层次的适当参与,以及促进有关全面实现SEPA目标未来步骤的共识,推动一体化的欧元零售支付市场。SEPA委员会应获得进一步授权,以在SEPA未来治理中扮演主要政治角色。该委员会应就优先事项作出决定,并就持分者间的决定进行仲裁。我们建议,SEPA委员会在众多持分者结构中承担指导SEPA计划和确定工作重点的全部责任,而无需加以限制。[[[PAGE]]] 第二层级是一系列工作小组,每个小组由不同持分者组成,与已被证明很成功的卡类持分者小组一起,向委员会汇报。每个工作小组涵盖电子支付、移动支付、现金、卡类、SEPA贷记转账和SEPA直接借记(核心和B2B)等领域,但这些会随时间推移和新的机会及优先事项出现而变化。第三层级包括不同的持分者协会和其他协调在欧洲提供或使用支付服务的不同群体需求和优先事项的相关机构。欧洲支付委员会是这一层级的持分者之一,它将进行重组,从而在众多持分者结构中和SEPA委员会讨论中代表行业立场。欧洲支付委员会也将按要求为第二层级的技术工作小组提供技术支持。 欧洲支付委员会这一建议是否能得到SEPA持分者和监管机构的支持仍有待观察。在任何情况下,未来SEPA治理模式的决定将被政府采纳。需要记住的是,2012年2月,欧洲立法机构通过SEPA规例,指定欧洲委员会在2012年底前研究整个SEPA项目的治理安排,以及在需要的情况下提出建议。欧洲支付委员会坚定地致力于继续过去10多年从事的工作,为实现SEPA的愿景做出贡献。然而,欧洲支付委员会从未负责SEPA操作的整体管理:SEPA的成功仍依赖所有相关机构和持分者的参与。 您对创建欧洲公共支付基础设施以取代不同平台持何观点?这样做的可行性或可取性如何? TARGET2结算系统已经存在一个共同平台,该系统包括17个成员国的境内结算平台,在欧元区内只有一个例外。2011年,TARGET2在欧元大额支付中的占比按价值计是91%,按笔数计是59%。(来源:欧洲央行) 整合和协调支付基础设施的一个挑战是,在一些国家,例如意大利和德国,央行也负责零售支付,而在荷兰和法国等其他国家就不是这样。奥地利最近也开始这样做了。这使得建立一个公共支付系统变得更难。 此外,采用单一的公共支付系统是否可取也是一个问题。这会与现存的结算交收机制(CSMs)竞争。而该机制正在添加越来越多的新服务,企业和银行可从中受惠。只要有标准化格式和支付规则,企业或公共机构在单一欧元支付区内使用任何结算交收机制都不应有障碍。在这一方面,有另一个单一支付系统似乎并没有好处。 您希望看到五年后SEPA的前景如何?这一愿景能实现吗? 就个人而言,我希望到时看到SEPA畅顺运作,任何与大规模转移有关的早期磨合问题都得到解决,银行能通过任何结算交收机制集中他们的资金流。到那时,我也希望我们能看到我们迄今遇到的关于移动支付和电子支付的问题都能得到解决,因而用户开始看到支付工具新组合的出现。 欧洲支付委员会正在制定的另一个方案是优化SEPA的批发现金分布。2011年,欧洲支付委员会与其他持分者一起启动了一项计划,帮助标准化自动取款机(ATM)现金盒和现金运输箱的大小,并形成智能纸币中和系统(IBNS)间的互用性。运送现金的成本巨大,因而简化并加速实物现金循环会带来显著好处。例如,现在现金不能在荷兰和比利时之间运送,因此,这些障碍既实际,也与政策有关。 您认为影响实现SEPA愿景的主要挑战是什么?这些挑战可如何克服? 实现SEPA愿景的最大障碍是公共政策的不协调。如果公共部门在创新、安全和整合等方面的决定方向不同,就丧失了协调的好处。最终,用户的支付服务体验会变差而成本会增加。各国央行既要从更广泛的欧洲角度考虑问题,也仍然要考虑其国家利益,这将继续导致优先事项和操作的差异。欧洲支付委员会也多次指出,欧盟委员会目标间的普遍不一致,有阻碍SEPA进程的危险。 银行与广泛的持分者间的合作需要继续并扩大。此外,是时候将着眼点超越仅用于欧洲支付的XML ISO 20022标准化概念了:当这些标准在全球范围采用时,带来的好处将会成倍增加,这进而会对银行、企业和技术供应商极为有利。[[[PAGE]]] 继续影响采用SEPA的一个问题仍是银行合作与竞争间的张力。您觉得这一问题的发展如何,从现实角度看,可以在哪里划线? 关于合作与竞争间划界的争论毫无疑问将持续,国家的优先事项也将保持不变。在2002年推出欧元纸币和硬币之后,欧盟各国政府、欧盟委员会和欧洲央行号召银行业开发电子欧元支付协调方案。欧洲支付委员会就是为了响应这一要求创建的。欧洲支付委员会明确了支付服务合作领域的共同立场,不仅包括银行同业市场,也包括银行对客户的支付。 在实践中,这意味着除其他事项外,欧洲支付委员会负责SEPA贷记转账和SEPA直接借记规则手册中规定的SEPA支付方案的开发和维护。这些规则手册对相关支付服务提供商具约束力,可视为说明书,提供了对如何在SEPA框架内从账户A转移资金到账户B的共同理解。提供给客户的基于特定支付方案的特定支付产品和服务,由在竞争环境中运营的个别支付服务提供商开发。基于SEPA支付方案的支付产品(包括所有产品相关的特性)的开发不在欧洲支付委员会的职责范畴内。 为确保银行不失去竞争优势,各国利益继续得到尊重,同时尽量协调所有持分者向一致的标准化支付区发展的目标,这些方面仍需取得平衡。 基于您担任欧洲支付委员会主席的经验,您对接任者Javier Santamaria有什么建议...

From London in 2012 to Basel in 2013

From London in 2012 to Basel in 2013 by Helen Sanders, EditorAs I write this the day before the Opening Ceremony for the Olympic Games, it is hard to believe the...

The Treasurer's Voice: Connectivity

The Treasurer’s Voice: Connectivity by Helen Sanders, EditorIn this month’s cover story, ‘From London in 2012...

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

United We Stand An Interview with Gerard Hartsink, Chairman of the European Payments Council by Helen Sanders, Editor In this...

Climbing the SEPA Mountain

Climbing the SEPA Mountain by Helen Sanders, Editor “Today is your day! Your mountain is waiting. So...get on your way.” Dr Seuss As we have seen in this month’s Treasurer’s Voice, there remains a large proportion of companies of all sizes...

The Treasurer's Voice: SEPA Migration

The Treasurer’s Voice: SEPA Migrationby Helen Sanders, Editor We have been very fortunate in this edition of TMI to have interviewed Gerard Hartsink, outgoing Chairman of the European Payments Council (EPC)...

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

The Treasurer’s Voice: RMB Cross-Border Trade Settlement by Helen Sanders, EditorWhile the euro crisis continues unabated, a new currency is quietly emerging. The RMB is continuing its gradual but...

Strategic Financing in Asia

Strategic Financing in Asia by Helen Sanders, EditorFew discussions about the growth of world trade can exclude Asia, particularly China, with reference to both intra-region and global trade patterns. With continued market uncertainty and speculation about the...

The Treasurer's Voice: eBAM

The Treasurer's Voice: eBAMby Helen Sanders, Editor In this month’s Treasurer’s Voice, conducted jointly by TMI and Treasury Strategies, Inc. we asked...

Managing Risk in a New Environment

Managing Risk in a New Environment by Helen Sanders, EditorThere are few treasury-related articles nowadays that do not stress the importance of liquidity and risk for corporate treasurers. Things have changed, however, since the gritty days of 2008-9, and...

Certainty of Uncertainty: Changing Investment Approaches

Certainty of Uncertainty: Changing Investment Approachesby Helen Sanders, Editor Deciding on how to invest a company’s surplus cash would appear to be a nice problem to have. In an environment of...

The Treasurer's Voice: New Technology & Social Media

The Treasurer’s Voice: New Technology & Social Media by Helen Sanders, Editor With the arrival of the iPad 3 (in time for my birthday, hurrah!) huge expansion of...

The Treasurer's Voice: Centralisation

The Treasurer’s Voice: Centralisation by Helen Sanders, Editor Featuring Filipe Simao, Head of Client Advisory, BNP Paribas and Monie Lindsey, Managing Director, Treasury Strategies Inc. This month’s reader...

Trading Out of the Crisis

Trading Out of the Crisisby Helen Sanders, Editor “Colleagues, these are tough times for the world economy and there is no early end in sight. Debt levels and the...

2011 Corporate Awards for Innovation & Excellence

2011 Corporate Awards for Innovation & Excellenceby Helen Sanders, Editor In the last edition of TMI, we announced the 2011 Awards for Innovation and Excellence for banks, consultancies, technology companies and...

The Treasurer’s Voice: Bank Relationships

The Treasurer’s Voice: Bank Relationshipsby Helen Sanders, Editor This article is the first in a new series in TMI, ‘The Treasurer’s Voice’ in collaboration with Treasury Strategies Inc....

Untapped Potential: Purchase to Pay

Untapped Potential: Purchase to Pay by Helen Sanders, Editor‘Purchase to pay’ is a phrase that has littered the trade press for a number of years now, referring to the series of processes that take place between the issue of a purchase order, through...

When Domestic and International Collide

When Domestic and International Collideby Helen Sanders, Editor There has been a long-held perception that, somehow, cash...

20022 in 2011: The Emergence of a Standard

20022 in 2011: The Emergence of a Standard by Helen Sanders, EditorXML ISO 20022 and the benefits The ISO 20022 standard provides the financial industry with a common platform for the development of messages...

Putting Treasury Objectives into Practice

Putting Treasury Objectives into Practice by Helen Sanders, Editor We have reported extensively in TMI how liquidity and risk management are now firmly established as treasury priorities, with treasurers now taking a...

From Alternative to No Alternative Financing

From Alternative to No Alternative Financingby Helen Sanders, Editor We are all aware that most companies are finding it more difficult to access credit from their banks, and that the cost of doing so has increased....

Priorities and Perspectives

Priorities and Perspectivesby Helen Sanders, Editor According to Jim Owens, former Chairman and CEO of construction equipment manufacturer Caterpillar, “the competitor that’s best at managing the supply chain is probably going to be the most...

A Statistical Approach to Receivables Risk

A Statistical Approach to Receivables Risk by Helen Sanders, EditorThe evolution in the role of treasury is a perennial feature in industry conference programmes and seminars. For a number of years now, we have seen a...

Delay the Yacht, Get on Board with SEPA

Delay the Yacht, Get on Board with SEPA by Helen Sanders, Editor Sharp-eyed readers, or those suffering from some obsessive compulsive disorder, may remember an article that I wrote last year entitled ‘SEPA: Are...

Have Cards Become an Anachronism?

Have Cards Become an Anachronism? by Helen Sanders, Editor Apart from, perhaps, James Bond-style briefcases full of crisp banknotes and pockets full of loose change, few...

Taking Responsibility for India's Future

Taking Responsibility for India’s Future by Helen Sanders, Editor Talk of the ‘BRIC’ countries, an acronym much loved during the early noughties, is now all but dead. Indeed, it seems incongruous,...

Home and Away: Making Your Cash Work

Home and Away: Making Your Cash WorkMinimising borrowing, particularly for short-term liquidity management, is a priority for most treasurers.During the final roundtable discussion at the Cash Management University, speakers discussed some of the...

Can Treasurers Solve the Global Energy Crisis?

Can Treasurers Solve the Global Energy Crisis? by Helen Sanders, Editor "The world appears to be emerging from the worst economic crisis in decades. Many countries have made commitments under Copenhagen Accord to reduce...

Beyond Facebook: Social Media for Professionals

Beyond Facebook:Social Media for professionals by Helen Sanders, EditorSocial media is the communications revolution of the twenty-first century. And no, this is not a phrase purloined from a Facebook or Twitter...

Cash Management in a New World

Cash Management in a New WorldIntroductions Martijn van Steenpaal I work as Treasury Manager for VION Food Group. VION Food Group, headquartered in Eindhoven (the Netherlands), is a global food company that produces high quality foodstuffs and ingredients for...

MMFs: A Regulatory Concerto?

MMFs: A Regulatory Concerto? by Helen Sanders, Editor There have been few times in recent decades where the closing weeks of the year have brought such uncertainty and...

利用拉美的商机 ——深入了解阿根廷、巴西和墨西哥的现金管理 (Leveraging Opportunities in Latin America

利用拉美的商机 ——深入了解阿根廷、巴西和墨西哥的现金管理 Helen Sanders——编辑 五年前,大量的会议议题都围绕着金砖四国——巴西、俄罗斯、印度和中国。事实上,把这些国家放在一起在逻辑上没有太大联系,唯有的共同之处是双位数经济增长和外来投资潜力。2005年至2010年间,其间发生了金融危机,金砖四国要应付各自的挑战,奉行各自截然不同的战略和发展道路。金融危机凸显了金砖四国之间存在的差异。比如说,虽然俄罗斯的国内市场在金融危机前几年有所发展,但因它对商品出口的严重依赖而受到沉重打击。2008年,俄罗斯的国内生产总值(GDP)增长5.6%,但2009年却大幅下跌7.9%。而在中国,金融危机仅造成GDP增长的小幅波动(2008年增长9%; 2009年增长 8.7%),并伴随着日益以市场为导向的强劲...

Are We There Yet? SWIFT Corporate Access 2010

Are We There Yet? SWIFT Corporate Access 2010 by Helen Sanders, Editor Starting this article has strong overtones of déjà vu for me. Every year, around this time, I write an article outlining the progress...

China: Realising or Inhibiting Potential

China: Realising or Inhibiting Potential by Helen Sanders, EditorEnsuring the safety, integrity and genuineness of products will continue to pose a major challenge for the Chinese government.This month I...

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

Through Rain, Wind & Snow: The Season for Liquidity Management  by Helen Sanders, Editor You can tell that autumn has arrived: it’s very chilly and...

A Bespoke Approach to Commoditised Products

A Bespoke Approach to Commoditised Products by Helen Sanders, Editor As I sit here with my morning cup of tea and toast, with the radio on, while the rest of the country seems to be out on the beach eating chocolate ice...

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

Leveraging Opportunities in Latin America Insights into Cash Management in Brazil, Argentina and Mexico by Helen Sanders,...

No More Excuses: Invest, Implement and Innovate

No More Excuses: Invest, Implement and Innovate by Helen Sanders, Editor The past two years have thrown up some popular themes in treasury: manage risk, preserve liquidity, reduce costs and increase efficiency. But...

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

Thinking the Unthinkable: A new chapter in FX risk management by Helen Sanders, Editor Some weeks ago, I came to the realisation that if I had to start another article with the words ‘the financial...

SEPA Direct Debits: Opportunity or Opprobrium

by Helen Sanders, Editor The SEPA Direct Debit (SDD) went live on 2 November 2009, representing the next major step towards payments harmonisation across the Eurozone. But was its arrival feted by floods of keen...

Will the Tiger See RMB Becoming King of the Jungle?

Will the Tiger See RMB Becoming King of the Jungle? Thoughts on RMB cross-border trade settlement by Helen Sanders, EditorSince July 2009, companies with locations across South East Asia have been able to settle...

Tipping the Balance: present and future for MMFs

Tipping the Balance: present and future for MMFsby Helen Sanders, Editor This month brings Remembrance Day when we think back to the victims of war over the past century. Many war memorials are engraved “Lest we...

Sibos Reflections

Sibos Reflectionsby Helen Sanders, Editor Gold at the end of the rainbow? The last two Sibos conferences have suffered turmoil of different sorts: 2008 saw the collapse of Lehman Brothers on day one, this year saw a typhoon. Somehow, despite climactic events of...

Shared Service Centres: Driving Positive Change

Shared Service Centres: Driving Positive Change by Helen Sanders, Editor Establishing shared service centres (which to avoid repetitive strain injury, I will refer to as SSCs) for centralising financial activities such...

An Interview with Travis Barker, Chairman, IMMFA

An Interview with Travis Barker, Chairman, IMMFA by Helen Sanders, Editor In March 2009, Travis Barker, Head of Business Development for HSBC’s money market funds business was appointed as Chairman of IMMFA...

The Rising Sun of International Treasury in Japan

Japan is typically considered an elusive place to do business, with a highly regulated, perhaps introspective market, and impenetrable traditions and business conventions. However, with Japanese multinationals...

Keeping the Liquidity Tap On

Keeping the Liquidity Tap On by Helen Sanders, Editor The liquidity crisis, which indeed it has been, has seen the liquidity tap (faucet) gradually turned off since the summer of 2007. Not only has the flow been reduced, but the cost of liquidity has increased...

Cash Management in a Credit Crisis: A Case Study

Cash Management in a Credit Crisis: A case study by Helen Sanders, Editor Every treasurer has been forced to review how they...

Doing Well by Doing Good

Doing Well by Doing Good by Helen Sanders, Editor While the environmental message can still be heard, it has been drowned by the cacophony of economic laments. Statements of corporate social responsibility (CSR) still appear in the annual reports expressing great...

Picking Up

Picking Up Payments Progressby Helen Sanders, Editor We have talked about the need for greater automation and efficiency in treasury for many years and indeed, a great deal of progress has been made. However, as with many major steps forward, it may take a crisis to act as a catalyst for real change. Very...

Looking East: The Islamic Alternative?

Looking East: The Islamic Alternative? by Helen Sanders, Editor Introduction As the global financial markets continue to be fragile and uncertain, many people are asking if there is an alternative to the market systems...

Trimming the Sails: the 2009 Risk Agenda

“A ship in port is safe, but that’s not what ships are built for.” Grace Murray Hopper, American military leader, mathematician and educator (1906 - 1992) Trimming the Sails: the 2009 Risk Agenda by...

Managing Treasury in a FTSE-100 Company

At the recent IACT (Irish Association of Corporate Treasurers) Conference in Dublin, Antony Barnes, Group Treasurer of Experian plc delivered a presentation on his experiences of running a FTSE 100 treasury function in...

Using Financial Supply Chain Management to Support Working Capital at Tech Data Corporation

Using Financial Supply Chain Management to Support Working Capital at Tech Data Corporation by Helen Sanders, Editor Tech Data...

Rowing from the Rocks

“Call on God but row away from the rocks” (Indian Proverb) As I said in my Letter this month, I am not going to begin to try and explain, or even comprehend the economic situation in which we find ourselves. Whatever the background, this downturn is...

The Third Movement in the SWIFT SCORE

The Third Movement in the SWIFT SCOREby Helen Sanders, Editor With market conditions changing daily, treasurers are caught in a whirlwind to ensure the business has the finance it needs, liquidity is maintained and that they have a firm handle on risk. Banks are...

Launch of SWIFT Alliance Lite

Launch of SWIFT Alliance Lite An Interview with Elie Lasker, Solution Manager, Corporate Access Programme, SWIFT SWIFT for Corporates has already proved a secure, convenient means for larger corporations to communicate with their banking partners. However, there...

Making a Compelling Case to Join SWIFT

Making a Compelling Case to Join SWIFTby Helen Sanders, Editor On Day One of the SWIFT Corporate Forum at Sibos, the key theme was the value proposition of SWIFT for corporates and how to move from decision to...

SWIFT for Mid-Sized Corporates

SWIFT for Mid-Sized Corporates – A Sibos Review by Helen Sanders, Editor While Sibos 2007 was mostly attended by large, multinational corporates with multiple banking relationships, this year’s event saw a broader spectrum of companies expressing an...

Gathering Together and Scattering Abroad

Gathering Together and Scattering Abroad: A New Season in Bankingby Helen Sanders, Editor For man, autumn is a time of harvest, of gathering together For nature, it is a time of sowing, of scattering abroad. Edwin...

Cancelling your Holiday? Think Again

Forget John Grisham and Jackie Collins - this month’s essential beach reading is all about investment. The period which we are in has frequently been referred to as a time of ‘economic uncertainty’ - no-one knows quite what’s happening,...

Negotiating the RAPIDS

The Intrepid Treasurers’ Guide to Enhancing Return on Equity by Helen Sanders, Editor The credit crunch has dominated the financial headlines for what seems like an eternity. Although it must (surely!) end eventually, in the meantime treasurers are having...

Rapid Returns in Receivables

Rapid Returns in Receivables by Helen Sanders, Editor Those who remember the late 1980s and who also grew up in the United States (I can feel my audience diminishing as I write!) may remember Ken Hakuta, better known as ‘Dr Fad’, TV personality and...

SEPA 2008: Home Run or Own Goal?

January 28 2008 marked one of the most important dates in the history of the European Union. No, not your wife/husband’s birthday, your anniversary, or the day you were meant to take the dog to the vet - although of course, it could be these things too. Did...

Treasury Technology in 2008

Feel the Fear and Do it Anyway: Treasury Technology in 2008 by Helen Sanders, Editor “We live in a society exquisitely dependent on science and technology, in which hardly anyone knows anything about science and technology” - so said astronomer Carl...

Perspectives - Deborah Thomas - Michael Page Executive

Deborah Thomas Michael Page Executive In the first article in this series, we talk to Deborah Thomas, responsible for senior financial executive recruitment at Michael Page....

Perspectives - Andrew Woods - MD SunGard AvantGard

Andrew Woods Managing Director, Treasury Solutions, SunGard AvantGardAndrew Woods is MCT qualified and has been successful in senior treasury positions in a number of major corporations including Guinness, Kvaerner and...

Benchmarking Performance to Create Economic Value

Benchmarking Performance to Create Economic Valueby Helen Sanders, Editor If you have already read the series of career interviews in this edition of TMI, you will have noticed a common theme - the profile of...

Perspectives - Ulf Egestrand - President and Managing Director, Scania Finance Korea Ltd

Ulf Egestrand President and Managing Director, Scania Finance Korea Ltd The skills developed in treasury can equip ambitious...

Perspectives - Peter Lohk - Head of Cash Management Sales, Corporate and Institutional Banking, Fokus Bank

Peter Lohk Head of Cash Management Sales, Corporate and Institutional Banking, Fokus...

Perspectives - Andy Long - Co-President and Chief Financial Officer, Speedo International

Andy Long Co-President and Chief Financial Officer, Speedo International Only a relatively small proportion of professionals who...

Coins behind the Cushions: Seeking Liquidity within the Enterprise

Coins behind the Cushions: Seeking Liquidity within the EnterpriseHelen Sanders, Editor I’m sure most of us are absolutely sick of the terms ‘credit...

2008: Year of the Money Market Fund Portal?

2008: Year of the Money Market Fund Portal?By Helen Sanders, Editor TMI has seen a significant amount of coverage on money market funds (MMFs) over the past two years, coinciding with a period of substantial but...