Transforming Treasury through Innovation - n A Treasurer's Guide to Data Analytics
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Transforming
Treasury through
Issue 280
Innovation
Introducing Our 2020 Award Winners
n A Treasurer’s Guide to
Data Analytics
n Building a Digital Armoury for 2021
CONTENTS
REGULARS
2
Leader AWARDS
Embracing Dynamic Supplier
Finance to Support Corporate Introducing the Winners Eleanor Hill, Editor
Supply Chains
Colin Sharp, C2FO
Banks and Vendors Take In three articles the Editor describes how
6 Treasury to New Heights the winners of our Awards for Excellence,
52 Peope in Focus 2020, impressed the judges in the categories
12 Pandemic Powerhouses of Banks and Vendors, Corporates and – for
Executive Interview organisations putting ESG issues at the heart
54 Come Together: Co-creation as a Celebrating a Sustainable
20 of their corporate treasury function – our
Source of Practical Innovation Future Treasury4Good Awards.
Pierre Fersztand, BNP Paribas
SPECIAL REPORT INSIGHT
Innovation: Delivering Real
23 Value in New Ways 26
The Resilient Treasurer: Building a
42
A Life-Changing Digital
Digital Armoury for 2021 Treasury Transformation:
Eleanor Hill, Editor
Diane S. Reyes, Karen Gilhooly, Carlos Supporting Gavi’s Mission
Gonzalez Fillad, Brian McKenney and Assietou Sylla Diouf, Gavi, Aniket
Tammy Petro, Global Lead for Wholesale
Stefan Hardy, HSBC Kulkarni, PwC and Christian
Payments Innovation and Fintech
Mnich, SAP
Engagement at J.P. Morgan, talks to the
Activate Your Liquidity to Manage
Editor about the real technology experience 32 Treasury Challenges in the New
and the bank’s partnership with TMI’s A Treasurer’s Guide to Data
Normal 46 Analytics: In and Beyond
Innovation Hub. Jean Luc Robert, Boris Lipiainen and
Samuel Guillon, Kyriba Treasury
Dino Nicolaides and Guillaume
Roudeau, Redbridge Debt & Treasury
Smart Treasury: 6 Steps to Building
36 a Cutting-Edge Treasury, Today
Advisory and Joan Gelpi, Bank of
America and Michael Aandahl,
Sunday Domingo and Byron Gardiner,
Ingka Group
Standard Chartered
Giving L’Oréal’s Beneficiaries ISO 20022: What Is It and Why
39 Visibility on Incoming Payments 50 Is It So Important?
Stéphanie Niemi and Wim Grosemans, Stephen Lindsay, Platform Evolution
BNP Paribas and Justine Dimovic, L’Oréal – Business Lead at SWIFT
TMI280
Editor CEO & Publisher Treasury Management International Ltd,
Transforming
Treasury through
Eleanor Hill Robin Page Waney Edge Barn, Foxhill Lane, Playhatch,
Reading RG4 9QF, UK Tel: +44 (0)118 947 8057
Issue 280
Innovation
Introducing Our 2020 Award Winners Deputy Editor Associate Publisher e-mail: tmi@treasury-management.com
Tom Alford Sam Clarke Internet: www.treasury-management.com
Commissioning Editor Design & Production EU Office: Treasury Management International Kft.
& Operations Manager Glen Orford 2161 Csomád, Verebeshegy u. 11., Hungary
Caroline Karwowska
Digital Design TMI TREASURY MANAGEMENT INTERNATIONAL ISSN 0967-523X is
Copy Editor Alex Tierney published eight times a year by P4 Publishing Ltd, Waney Edge Barn,
Elizabeth Hennessy Foxhill Lane, Playhatch, Reading RG4 9QF, UK. The 2021 US annual
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Data Analytics
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BRIEFING
For financial firms to offer their
clients an instant and frictionless
Stephen Lindsay,
Platform Evolution
– Business Lead
TMI
SUSTAINABILITY
end-to-end payments at SWIFT
experience, they must be able to ISO20022: What Is
ACTIVITY
communicate seamlessly. This is It and Why Is It So
what ISO 20022 enables. Important?, P50
#
1
Remote
working for
If cash is the lifeblood of the company, data all staff for
exchange is like the circulatory system, coursing zero daily
through the organisation. travel
Karen Gilhooly, Managing Director, Global Head of
#
2
Employee and Customer Engagement, HSBC
The Resilient Treasurer: Building a Digital Armoury for 202I, P26
Paper
supplied
from
sustainable
Increasingly,
Active liquidity sources
treasury is getting closer
platforms are what’s
to the leadership of
in play in the current
#
3
the company.
economy.
Christian Mnich, Head of Solution
Jean-Luc Robert, We have
CEO, Kyriba replaced
Management for Treasury and
Working Capital Management, SAP Activate Your Liquidity polywrap
A Life-Changing Digital Treasury
to Manage Treasury with paper
Challenges in the New envelopes
Transformation, P42
Normal, P32
The promise of technology is always so glorious
#
4
Helping
when first introduced, but we want to make sure our to plant
1,000 trees
clients are all well-positioned to understand what’s
per year
hype and what’s real in terms of delivering value.
Tammy Petro, Global Lead for Wholesale Payments
TREE
Innovation and Fintech Engagement, J.P. Morgan
Delivering Real Value in New Ways, P23 TREE AID
is a registered
All rights reserved. No paragraph or other part of this publication may be reproduced or transmitted in any form by any means, including photocopying
AID charity
no. 1135156
and recording, without the written permission of P4 Publishing Ltd or in accordance with the provisions of the Copyright Act 1988 (as amended). Such
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TMI | ISSUE 280 1
LEADER
Embracing Dynamic
Supplier Finance
to Support Corporate
Supply Chains
By Colin Sharp, Senior Vice President EMEA, C2FO
T he Covid-19 pandemic
highlighted the importance of
offering financial support to
corporate supply chains, but the Global
Supply Chain Finance Forum has also
The pandemic has shone a spotlight on to
the topic of supply chain finance (SCF).
Demand for working capital has been at
unprecedented levels for all companies,
but this is particularly true for small and
of funding options in 2020, including
traditional banking, asset-backed loans,
factoring and a steady uptake of SCF
programmes. However, the cost of such
short-term liquidity has been rising
noted how the availability and the cost of medium-sized businesses (SMEs), where
traditional payable finance programmes access to capital can be challenging and
are still a challenge for many SMEs. expensive at the best of times.
Ethical and inclusive supply chain The results from a recent C2FO
finance is the only way to sustainably worldwide survey to more than 8,000
help supply chains for the long-term SMEs, highlighted a rush to a wide range
good of all participants.
2 TMI | ISSUE 280
LEADER
due to high demand and uncertain Participants in the auto industry were also payment terms persist. A solution such
economic conditions, access for SMEs is able to reboot after the shutdown with as DCF solves this by enabling treasurers
often challenging. liquidity via C2FO. to offer dynamic payment terms to their
In addition, different sectors have We also see that DSF will be a force customers. In turn, this empowers them
experienced varying levels of impact. for good to support the environmental, to avoid a structural or wholesale payment
On the one hand, industries such as social and governance (ESG) initiatives terms extension, and instead provide their
medical supplies, grocery retail, and of our customers. Inclusive finance can customers with what they need in terms of
white goods have seen spikes in demand be used to correctly incentivise suppliers working capital. Consequently, this helps
and have welcomed the ability of SCF to to adopt, and fund, change towards more them to support sales teams to win more
support the increased working capital sustainable practices, and reduce the business, and to more effectively support
needs of their supply chain in order to carbon footprint in their operations. A their channel/distribution customers. n
support the increased business volumes. supplier scorecard measuring carbon
But on the other hand, suppliers in reduction, for example, can be linked to
industries with significant downturns the price of funding via SCF, meaning
have been supported during tough times that suppliers know that when they
due to the available cash flows from SCF. improve their performance against
Again, this is particularly true in the SME sustainability targets then they can access
segment where average cash reserves tend cheaper liquidity.
to be less than 30 days.
Customer financing
Promoting ethical SCF
Appetite for solutions such as Dynamic Appetite for
The concept of altering payment terms in Customer Financing (DCF) is also
return for access to lower-cost finance has growing exponentially. Treasurers have solutions such
been around for some time and, where it the opportunity to lay down a foundation as Dynamic
suits both parties, is an effective solution. for more dynamic business terms using
However, when payment terms are providers such as C2FO. As a result, they Customer
pushed beyond industry norms by buyers, will be able to steer working capital, free Financing (DCF)
and particularly where SMEs are involved, cash flow, obtain margin improvement,
it rightly attracts negative attention. and achieve better risk-free yields on is also growing
C2FO takes a strong, ethical stance short-term cash for their organisations. exponentially.
on this topic. We very actively support This can also enable a positive
corporates around the fact that SMEs need contribution to company-wide ESG
to be a primary target for SCF to deliver goals, all while supporting their supply
much needed liquidity and most bank-led chain partners, customers and suppliers,
SCF programmes struggle to effectively with much needed liquidity and where
address this particular segment. everyone benefits.
An ethical alternative lies in solutions Elsewhere in SCF, we see a trend
such as Dynamic Supplier Finance towards bank-agnostic platforms.
(DSF), which can act as a force for good. These enable treasurers to connect to
In a nutshell, DSF is a flexible funding the technology to be able to fund from
option that enables third parties to fund multiple banks (and non-bank sources),
early payment from enterprises to their avoiding credit capacity problems or
suppliers (enterprises can also use their changing platform when a banking
own cash in combination with a third partner changes. We also support the
party to create maximum benefit for all). trend to allow cash for these programmes
During the pandemic, immense value has to come from a combination of a buyer’s
been delivered to support companies in own balance sheet and from banks or
this way. other financial institutions, with the
At C2FO alone, billions of dollars of vital ability to move flexibly and seamlessly
liquidity organised through DSF helped between cash sources to support a variety
all elements of the supply chain – but this of goals.
was particularly well received by SMEs Smart treasurers – and thankfully we
and other vulnerable yet vital segments. have many of them in our customer base
For example, ventilator production was – are starting to object to the extensive COLIN SHARP
able to ramp up because we delivered the use of SCF to push out payment terms
necessary working capital for suppliers coercively, knowing that the credit may Senior Vice President EMEA, C2FO
of medical device manufacturers. not always be available but the longer
TMI | ISSUE 280 3
No business should be held back by a flawed financial system. When every business has a fair chance to thrive, we all benefit. But the world’s financial system doesn’t always provide access and cost effective financing for the companies that need it most. At C2FO, we’re doing our part to improve the availability of financing by making working capital accessible to businesses of all sizes, everywhere. Our convenient, easy-to-use platform enables more than 1.1 million companies to work with their suppliers and customers to improve cash flow by determining the best time and terms for paying or being paid. Together with each of our clients, we’re bringing fairness, transparency, and above all, opportunity to the world’s growing businesses. Visit C2FO.com/fair for more information.
AWARDS
Banks and Vendors
Take Treasury to
New Heights
Introducing
the Winners
By Eleanor Hill, Editor
N ew challenges called for new solutions in 2020. The judges for TMI’s
Awards for Innovation & Excellence were impressed by banks’ and
vendors’ ongoing commitment to digital transformation and their
creativity in finding efficient ways to operate in the Covid-19 world.
6 TMI | ISSUE 280AWARDS
Bank Awards
W here better to start this
celebration of innovation
and excellence than with
the Global Bank of the Year for Cash
And Liquidity Management – HSBC.
government’s appeal for private sector
production of medical equipment for
civilian use.
HSBC also received two Awards for
outstanding achievements in China.
Americas too. The bank’s global network
encompasses more than 100 trade
centres and 350 experts around the world.
BNP Paribas provides a full range of
trade finance and receivables solutions,
Throughout 2020, the bank added to Best Bank for Cash & Liquidity with a strong focus on sustainability.
its digital capabilities, with a new cash Management recognised a range of new The bank is also participating in a
flow forecasting tool and an enhanced solutions developed by HSBC China, number of important distributed ledger
mobile proposition. HSBC also went out which all supported the bank’s broader technology (DLT) consortiums and
of its way to make business as normal as strategies. Better account rationalisation initiatives that automate end-to-end
possible for corporate treasurers, even was made possible by its E-Tax financial transactions.
during the most challenging times – and Proposition: HSBC’s years of investment The second Award won by BNP
continued core functions at speed – in city tax bureaus’ connectivity enabled Paribas was Best Bank for Cash and
processing more than 139 payments per more corporates to take advantage of Liquidity Management in Europe.
second throughout 2020. the full payment spectrum available While US banks pulled back from
HSBC also won two Awards in the under China’s nationwide tax direct lending to European companies during
North America region, the first for Best debit system, and the bank’s Omni- the pandemic, BNP Paribas has been
Bank for Cash & Liquidity Management. Collect Proposition made more e-wallet proactive in supporting the European
Here, the bank launched its Paycheck collections possible. economy – notably, the bank was sole
Protection Program to help clients HSBC was also selected as the Best underwriter on a $10bn credit facility in
facing short-term cash flow issues as a Bank for Trade and Financial Supply April 2020. In June, it extended its SWIFT
result of the pandemic, and Beneficiary Chain Management in China. The bank gpi capabilities with the launch of the
Self-Management (BSM) proved to be notes a shift in supply chains from West g4CPay and Trace service, which permits
an award-winning self-service portal. to East, pivoting towards Asia and growth corporates to generate their own UETR
A further initiation during 2019 was real- in intra-Asian trade, where 60% of Asian – the end-to-end transaction reference
time payments via HSBC Bank USA NAs trade is now intra-regional. With an used to track payments across the SWIFT
RTP Network, where real-time payments extensive network covering 19 markets network. Another notable development
of up to $25,000 can be cleared and settled in Asia Pacific (APAC), HSBC is well is BENEtracker, a solution that allows
on a 24/7/365 basis. placed to provide its clients with supply payment beneficiaries to track the status
HSBC’s Award as Best Bank for chain finance (SCF) solutions – one of international payments due to them.
Trade and Supply Chain Finance in example being its provision of the first With the rise of e-commerce during the
North America recognised one of its SCF for an online video company whose
major strengths: its geographic footprint suppliers, mainly local Chinese media
provides access to 90% of global trade companies, faced serious working capital
flows and it facilitates $760bn of problems owing to Covid-19. Based on
trade annually. The bank’s Global Trade the buyer’s credit relationship with HSBC,
and Receivables Finance (GTRF) function the suppliers could obtain operating
engaged proactively with North American liquidity at very competitive prices and
and Canadian clients to engineer without using existing or additional bank
solutions to optimise their working credit lines. (Read more about the bank’s
capital, ensuring that both they and their achievements on the TMI Treasury App).
critical suppliers had access to liquidity BNP Paribas was once again voted
New challenges
during the pandemic. Examples include Global Bank of the Year for Trade and called for new
optimising liquidity for a leading US Financial Supply Chain Management.
marketer of baby and children’s clothing, Trade finance is key to the bank’s strategic
solutions in 2020.
and supporting a global manufacturer development and it is recognised
and distributor of medical products for as a European market leader, with a
the military as it responded to the US strong presence across APAC and the
TMI | ISSUE 280 7AWARDS
pandemic, the bank also set up AXCEPTA recently launched SCF capabilities
BNP Paribas Lynk2Pay, which enables out of Citi Abu Dhabi Global Markets
merchants to accept more than 350 and extended its regional footprint to
The TMI judges different payment methods while creating include new markets such as Oman.
new sales channels. (Find out more on the And here again Citi has introduced
were impressed TMI Treasury App). significant new enhancements such
by banks’ and Meanwhile, Citi was the recipient of as the expansion of the Citi Supplier
three TMI Awards in 2020. As Best Bank Finance/World Link where clients can
vendors’ ongoing in Middle East and Africa for Cash and access a single platform to support foreign
commitment Liquidity Management its continuing
investment in digitisation proved a real
exchange (FX) payments within supplier
finance programmes.
to digital differentiator as clients’ use of its digital In addition to the above accolades,
Citi was named Best Bank for Cash
transformation channels during the Covid-19 crisis grew
significantly across the entire region. and Liquidity Management in South
and their creativity Its presence in 23 countries in the Middle America. Despite the fierce impacts of
East and Africa (MEA) region means that the pandemic on the region’s economy,
in finding efficient it serves as a core transactional bank to the bank’s transactional performance
ways to operate more than 4,000 top-tier corporates in the indicators continued strongly. Citi also
region and it is the market leader there in deployed a new One Receivables module,
in the Covid-19 US dollar clearing. A number of successful Citi Electronic Invoice Presentment and
world. solution enhancements launched in Pay (EIPP), allowing its biller clients to
MEA during 2020, including CitiDirect have their own white-label collection
BE Digital Onboarding, Citi Cross Border portal, and automated and enabled its
Payments Voyager and Citi Smart Match, Passive FX Cross Border capabilities for 16
helped the bank win this award. countries to provide clients an enhanced
Also in the Middle East and Africa, operational experience. A further
Citi carried off the Best Bank for innovation was Citi’s two-day, end-to-
Trade and Financial Supply Chain end digital onboarding solution with
Management Award. The bank has electronic signatures and streamlined
documentation, which has transformed
the onboarding process and helped
clients overcome obstacles due to the
pandemic both at home in Latin America,
and overseas.
Deutsche Bank was this year’s winner
of the Award for Best Bank of the Year
for Trade and Financial Supply Chain
Management in Europe. Its global trade
and SCF network today covers more
than 80 locations in 40 countries and the
bank’s SCF business grew significantly
in the last three quarters of the year,
far exceeding the market average. The
BEST BANK FOR CASH & LIQUIDITY MANAGEMENT judges were particularly impressed by
the bank’s strong partnership with the
Europe...............................................................................................................................BNP Paribas German government to help companies
struggling with the impact of Covid-19 by
Asia Pacific...........................................................................................................Standard Chartered
administering the €750bn governmental
China............................................................................................................................................ HSBC loan scheme.
Standard Chartered received two
Middle East & Africa.......................................................................................................................Citi awards for its operations in Asia Pacific.
Voted Best Bank for Cash and Liquidity
North America............................................................................................................................ HSBC
Management in the region, the bank’s
South America.................................................................................................................................Citi achievements during the year included
the launch in Hong Kong of a new
Global Bank of the Year............................................................................................................ HSBC scalable payment processing platform
which is able to sustain a peak load
of 150 transactions per second; the
8 TMI | ISSUE 280AWARDS
establishment by Standard Chartered of 129% growth in one year. Some of the
China of more than 100 corporate solutions developed by Santander during
cross-border cash pools in China; and the year include integrating the global and
a digital ASEAN proposition integrating local payments platform to provide clients
a comprehensive value-added solution with an improved operational experience, 2020 saw a hotbed
with Straight-to-Bank (S2B) Pay. and a new supplier payments process.
Among new solutions developed by The latter enables clients to upload a of innovation
Standard Chartered in the past 12 months variety of formats in which to pay their among treasury
were a Faster Payment System (FPS) for suppliers and discuss new payment terms
the Hong Kong Council of Social Service and conditions with them, which in turn technology
(read more on the TMI Treasury App) and
a bespoke, industry-first multi-currency
increases their liquidity and boosts their
cash flow.
vendors too – and
notional pool (MCNP) automation In addition to the Bank Awards, the banks also got
the TMI judges also recognised the
devised in conjunction with UPS, giving
UPS an increased yield on cash at lower Best MMF Provider, namely DWS.
in on the tech act.
risk without dedicating additional The environmental, social and
resources. governance (ESG) agenda remains key to
The bank’s second award in APAC was DWS’ strategy. More than 30% of DWS’
for Best Bank for Trade and Financial inflows in the first three quarters of 2020
Supply Chain Management, a category went into its ESG funds – and the firm has
in which it has developed a clutch of continued to launch and convert more
notable solutions. Standard Chartered ESG funds over the past year. (Read more
delivered an electronic supplier finance about these ESG endeavours on the TMI
solution for Puma, a global leader in Treasury App). n
sportswear manufacture, based on a
Vendor Prepay (VPP) programme running
on Infor Nexus to support procurement
from Asian markets. Another innovative
solution was blockchain based: working
with Bao-Trans Enterprises, a wholly-
owned subsidiary of China Baowu
Steel Corporation Ltd, the bank issued
the world’s first live blockchain RMB-
denominated international letter of credit
on Contour, enabling a digital end-to-
end process at a time when physical
delivery of documentation is challenged
by Covid-19. And the bank moved the
Nissan Motor Group, the multinational BEST BANK FOR TRADE & FINANCIAL SUPPLY CHAIN MANAGEMENT
automobile manufacturer, to digital
via the India Go Digital trade initiative, Europe..........................................................................................................................Deutsche Bank
which covered all the client’s regulatory
Asia Pacific...........................................................................................................Standard Chartered
requirements and was core to the ‘go
green’ and sustainability initiative led in China............................................................................................................................................ HSBC
conjunction with Nissan.
Santander was voted Best Bank for Middle East & Africa.......................................................................................................................Citi
Trade and Financial Supply Chain
North America............................................................................................................................ HSBC
Management in South America. This is
a bank which embraces innovation as a South America......................................................... Santander Corporate & Investment Banking
key driver of its understanding of business
and invests in technology to provide Global Bank of the Year.................................................................................................BNP Paribas
clients with the simplest method of
improving their day-to-day operations. In
Chile, the bank instituted 20 new financial BEST MONEY MARKET FUND INNOVATION
supply chain programmes during the year
and in Colombia in May it launched the Winner ..........................................................................................................................................DWS
‘Confirming’ campaign, which brought
SCIB Colombia the remarkable result
TMI | ISSUE 280 9AWARDS
Technology Awards
W ithout doubt, 2020 saw a
hotbed of innovation among
treasury technology vendors
too – and the banks also got in on the
tech act. It was no surprise that the Award
see what happens next.
The Best Cash & Treasury Management
Solution accolade, meanwhile, went
to FIS. The vendor has been extremely
busy, with projects including the
when a CFO or treasurer logs into the
revamped CitiDirect platform, he or she is
presented with interactive solutions and
market intelligence that support decisions
related to business growth, managing risk,
for Best Accounts Payable Solution & reinvention of the FIS Integrity SaaS preserving capital, optimising liquidity and
Receivable Solution went to Serrala for (software-as-a-service) solution (find out working capital, and driving efficiencies.
the sixth year in a row. The experts in this more on the TMI Treasury App). Other The New Technology Innovation
field, Serrala launched two new cloud- improvements have been added at speed Solution Award went to Goldman
based solutions that digitise accounts to help clients battle the Covid-19 knock- Sachs Transaction Banking (TxB). The
receivable/accounts payable (AR/AP) on effects, including integration with the bank, a newcomer to the transaction
processes and support remote working FIS receivables management solution, banking space, has shaken up the status
perfectly: Serrala Alevate AP and Serrala GetPaid, to facilitate a more holistic view of quo with the launch of its ‘banking-as-
Alevate RTP. These have added immense cash flow forecasting. The TMI judges also a-service’ platform. Leveraging APIs, this
value to corporate treasurers during appreciated the effort that FIS is making in legacy-free solution takes the best of digital
the pandemic, and will continue to do assisting treasurers meet interbank offered innovations and Open Banking initiatives
so long afterwards – by making AR/AP rate (IBOR) transition by introducing new to deliver an intuitive experience for
processes ‘touchless’. formulas, interest rate calculators and corporate treasurers. The platform covers
The Bank Connectivity accolade went accrual methodologies. everything a treasurer would expect – and
to Fides. The multi-bank solutions that the Citi was the worthy recipient of the more – ranging from a suite of payments,
company provides mean that treasurers 2020 Customer Experience Award. liquidity, enhanced analytics, escrow
can simply eliminate hours of manual The bank has totally reinvented its products and virtual integrated accounts
spreadsheet work – and say goodbye to any CitiDirect platform – turning it into a (details on the TMI Treasury App).
concerns around file formatting, multiple cloud-capable, micro-services-based Interestingly, the 2020 Mobile
data sources, and regulatory compliance. modular structure that is intelligently Technology Award also went to a
The client testimonials that formed part of interconnected via application bank: HSBC. The bank has made so many
the organisation’s Award nomination were programming interfaces (APIs). This advances in its mobile channels that
unbeatable – and the benefits undeniable. directly reflects the need of the clients and it is hard to pick one area in particular
Fides’ solution set is too extensive to provides hidden benefits such as resiliency to highlight. Nevertheless, the TMI judges
describe in detail here (find more details and faster recovery, while creating a applauded the strict biometric security
on the TMI Treasury App), but the vendor modern and responsive user experience now in use on the HSBCnet Mobile app.
has plans to expand its solutions even that is consistent for users of desktop Certain new features have also proved
further and the TMI judges cannot wait to and mobile device alike. At the front end, extremely beneficial during the pandemic,
10 TMI | ISSUE 280AWARDS
including a mobile version of the Liquidity Finastra was awarded the Trade banks. This also provides retailers with
Management Dashboard and mobile Finance Solution accolade. The company greater visibility over their supply chain
cheque deposit capabilities. offers best-in-class, front-to-back and facilitates more effective financing
The Award for best Portal Technology capability for working capital finance, from banks.
was scooped by ICD. The portal is a model including buyer and seller loans, letters Finally, a new Award for 2020, Best Data
in the industry for trading, reporting of credit, collections, guarantees, SCF, Management Solution, went to Deutsche
and analysis with award-winning and government support for export credit and Bank for its Corporate Bank Data Quality
industry-first tools. In 2020, ICD continued SME loans. Finastra’s open, API-enabled Platform (DQP). This is the result of a
to extend the value of its portal with solution achieves flexible integration with collaboration between Deutsche Bank’s
integrated workflows, having a multiplying an expanding world of ecosystem partners Chief Data Office (CDO) and the Corporate
effect on treasury efficiency. From March – for digitalised documentation, data Bank – and revolves around a strategy to
through August, ICD serviced 38% more capture automation and screening. The drive identification, analysis, prioritisation
integrations than in the same period the vendor has made numerous innovations, and remediation of data-quality issues. The
year before, including 88% more new especially in relation to Covid-19. The solution was built entirely in-house and
client integrations. Driven by client need, TMI judges were particularly struck by recognises that in corporate banking, the
ICD also co-innovated with Trovata, Finastra’s work to increase trade inclusion crux of intelligent decision-making lies in
HSBC and Bandwidth to establish an for small businesses. By forming an the quality of its data. The TMI judges were
API for the free flow of data across cash alliance with Mastercard, SGeBIZ and impressed to see Deutsche Bank leading
forecasting, reporting and investments. N-Frnds, Finastra has been helping small the way in creating a comprehensive global
This API integration helps users of any of retailers to transition away from cash, approach to data-quality management,
these providers meet the need for speed, enabling them to build up a data footprint and recognise this as a turning point in the
accuracy and remote access (see the TMI that enables more effective know your industry (see the TMI Treasury App to find
Treasury App to find out more). customer (KYC) and onboarding from out more). n
Kantox was the undisputed winner
of the FX Risk Management Solution
Award. New processes and technologies
have long been called for by treasurers
and finance departments when handling
their FX risk. And with the volatility caused
by the pandemic, this need has never
been stronger. Kantox’s Dynamic Hedging
technology answers that call by providing
a system that automates the end-to-end
FX hedging process. Thanks to Kantox’s
ongoing investment in the Dynamic
Hedging solution, corporates now have
the possibility of a real-time overview of
their exposures, full control over their TECHNOLOGY & INNOVATION AWARDS
currency management, and reduced
administrative loads. Accounts Payable and Receivable Solution ......................................................................... Serrala
The Solution Innovation Award
Bank Connectivity.........................................................................................Fides Treasury Services
was picked up by Coupa for its sterling
work in reducing the headaches of Cash & Treasury Management Solution...................................................................................... FIS
cross-border payments. To achieve
this, Coupa has introduced integrated Best Customer Experience..............................................................................................................Citi
SWIFT gpi for Corporates (g4C) New Technology Innovation Solution....................................................................Goldman Sachs
functionality. This enables faster,
traceable and transparent cross-border Mobile Technology Solution..................................................................................................... HSBC
payments through one platform. In turn
efficiency and security are bolstered, Portal Technology Solution...........................................................................................................ICD
helping treasurers optimise their cash Data Management Innovation Solution.................................................................Deutsche Bank
management and planning, while
remaining compliant with regulations. FX Risk Management Solution............................................................................................... Kantox
The solution also provides enhanced
Solution Innovation................................................................................................................. COUPA
transparency, enabling corporate
treasurers to make decisions that are even Trade Finance Solution............................................................................................................Finastra
better informed (read more on the TMI
Treasury App).
TMI | ISSUE 280 11AWARDS
Pandemic
Powerhouses
TMI Corporate Recognition
Award Winners 2020
By Eleanor Hill, Editor
I n one of the toughest years for treasury in the past decade,
treasury teams stepped up their innovation projects
and rolled out digital best practices at speed. Here, we
celebrate their successes.
12 TMI | ISSUE 280AWARDS
Corporate Recognition
W hat a year 2020 was. As much
as the financial crisis of
2007/8 had provided some
insight into the management of ‘black
swan’ type events, no one was prepared
management, account rationalisation and
standardising the company’s cash flow
forecasting methodology. The benefits
of the transformation are numerous,
including significant cost savings and
The treasury has no treasury management
system (TMS) and instead uses around
40 treasury apps – and thanks to the
user-friendly Microsoft PowerApps
technology, non-technical engineers
for the impacts of a global pandemic – and improved process efficiency, freeing are able to create new tools, enabling
managing treasury operations from home. up the treasury team for more strategic continuous treasury transformation. The
Nevertheless, treasury teams executed tasks. The TMI judges were impressed by TMI judges appreciated how, by embracing
their day-to-day responsibilities with the scale of the project, its speed, and its technology, the Microsoft treasury team has
aplomb, and continued their efforts to successful outcome. completely reinvented itself. The team also
become more efficient, while adapting to Our overall winner for Treasury continues to redevelop many of its already
the latest technologies. Transformation was Microsoft. Of course, best-in-class tools to further automate
It seems fitting, then, to start our Microsoft already has a very sophisticated and leverage cloud-based solutions.
celebrations of the 2020 TMI Corporate treasury function but the team consistently In addition, treasury has also taken an
Recognition Award Winners with excels in further transformation – and expanded role within the company to
the Best Treasury Transformation this makes them a leader in the industry. redevelop and/or design solutions for
category. The judges awarded two Highly
Commended accolades here, the first
being Tecnica. New shareholders (in 2017)
triggered a digital transformation process
designed to upscale and streamline In one of the toughest years for treasury
Tecnica’s treasury workflows. The
transformation involved partnering with a in the past decade, treasury teams stepped up
selection of fintechs – including Piteco, to their innovation projects and rolled out digital
fully digitise treasury management; SAP, to
establish efficient accounting and finance best practices at speed.
practices; and Anaplan, to implement
structured reporting capabilities.
At the same time, UniCredit was
brought onboard to advise on Tecnica’s
transformation and sought to rationalise
the company’s numerous subsidiary
accounts – establishing a complete, digital
payment factory solution, spanning the
length and breadth of Tecnica’s large sales
and production network. The Covid-19
crisis functioned almost as a stress test
for the new treasury infrastructure – and
Tecnica passed with flying colours.
The other Highly Commended
organisation was The Hongkong and CORPORATE RECOGNITION AWARDS
Shanghai Hotels (HSH). Throughout
2020 HSH has undertaken an ambitious Best Treasury Transformation ............................................................................................Microsoft
treasury transformation, with the help of
Best Treasury Transformation - Highly Commended.......................................................... Tecnica
HSBC, to achieve better efficiency, tighter
internal controls and direct economic Best Treasury Transformation ..............................The Hongkong and Shanghai Hotels, Limited
benefits for the company. The project - Highly Commended
covered liquidity management, reporting,
systems, treasury policy, strategic cash
TMI | ISSUE 280 13AWARDS
bank account management, intercompany they needed a treasury management
lending, subsidiary investments, SWIFT on system (TMS) and started the search.
Azure, and implementing new solutions After a rigorous selection process, Bahri
No one was for machine learning, to name just a chose FIS’ Integrity SaaS Solution and has
prepared for few. These have set the company up for since achieved huge benefits including
success, especially in a remote-working 90% of treasury tasks being automated and
the impacts of a environment. digitised and a 40-50% improvement in
global pandemic Next, the Award for Best Corporate operational efficiencies.
Finance & Funding Initiatives went The overall winner for Best TMS
– and managing to Drax. During Covid-19, the company’s Implementation was Galls – a leading
treasury liquidity remained strong, but treasury was
nevertheless keen to pursue the economic
US supplier and retailer of public safety
equipment and uniforms. The organisation
operations refinancings that were planned in advance had billion-dollar growth plans and
from home. of the pandemic. While the new remote
and virtual surroundings offered a number
treasury needed a technology solution
to support those ambitions, and scale
Nevertheless, of challenges, the company successfully with the organisation. The choice of
explored new markets including provider was a no-brainer and Bottomline
treasury teams undertaking a term loan B (TLB) roadshow, TreasuryXpress was soon implemented.
executed their it also refinanced its environmental, social The TMS has since created a virtuous circle
and governance (ESG) term loan, reducing of improvement within treasury and is
day-to-day cost and extending maturity, launched enabling Galls to deliver on its goals. (Read
responsibilities and priced an inaugural euro bond, and an in-depth case study of this project on
finalised the refinancing of its revolving the TMI Treasury App.)
with aplomb. credit facility (RCF). Busy times! The 2020 Best Supply Chain Solution
Another treasury team that has been category was hotly contested, but National
industrious throughout the pandemic is Oilwell Varco (NOV) scooped a Highly
Bahri – winner of the Highly Commended Commended accolade. Due to the nature
accolade in the Best TMS Implementation of its business, NOV required a financing
category. Previously, Bahri’s treasury solution that could both supplement
operations, in particular cash its cash flow during the down cycle, but
management, debt, payments, foreign also be seamlessly scaled back during
exchange (FX), reconciliation and bank the up cycle. In particular, the solution
connectivity were manual. The team knew had to be extremely flexible in terms of
time frame, since NOV did not know how
frequently its cash flow would need to be
supplemented. The company worked with
UniCredit to implement a novel approach
to receivables financing, whereby UniCredit
offers financing based on the expected
payment date, rather than the due date, and
prices the financing accordingly. NOV can
now shorten its cash conversion cycle on a
flexible basis – and redeploy cash to where
it’s needed most. (See the case study in issue
273 of TMI to learn more.)
The winner in this category was
CORPORATE RECOGNITION AWARDS Borealis, which collaborated with C2FO
to create a dynamic customer financing
Best Corporate Finance & Funding Initiatives..............................................................Drax Group (DCF) solution. This innovation enables
treasurers to strengthen customer
Best TMS Implementation...........................................................................................................Galls relationships by accelerating, or extending,
timelines for outstanding receivables – to
Best TMS Implementation - Highly Commended................................................................... Bahri
suit both supplier and buyer. The judges
Best Supply Chain Solution....................................................................................................Borealis were impressed by the ingenuity of this
solution and the timing for its roll-out made
Best Supply Chain Solution - Highly Commended.................................... National Oilwell Varco it a perfect innovation to help support
supply chains throughout the Covid-19
pandemic. The genuine co-creation of this
14 TMI | ISSUE 280AWARDS
solution between Borealis and C2FO was could provide enhanced visibility and could were set at high single digit annually for
also noteworthy, with the idea being fuelled also be set up quickly and integrated with its its two core businesses and it required
by a great relationship and a willingness to existing software platform. It was especially all-round support from staff functions,
push the boundaries of best practice. Bravo! important that it had strong fraud and including treasury. The Group’s global
(Find out more about DCF and its benefits cybersecurity protocols, such as allowing operations collect large amounts of USD,
on the TMI Treasury App.) easy monitoring and tracking of users. mainly in the US but also across Asia, and
Another category that saw many J.P. Morgan’s API solution was a perfect non-US suppliers are being increasingly
great corporate entries in 2020 was Best fit and provided treasury with real-time paid in USD to achieve a natural hedge.
API Project. The judges awarded two visibility into its balances and transactions This has increased the need for a seamless,
Highly Commended accolades, with the globally. To simplify the user experience, real-time and fully-integrated USD
first going to French health insurance the API also utilises an Excel plug-in, ‘sweeping’ solution. There was no one-size-
provider Mutuelle Ociane Matmut. For enabling Autoneum to retrieve treasury fits-all solution for GN, so the company
health insurers, processing reimbursement data at the click of a button. This has greatly worked with Bank of America, Kyriba and
claims into the thousands every day can be improved its reconciliation and forecasting Deloitte to implement a cash management
a huge resource drain – taking up valuable processes, while providing insight into its solution comprising domestic and cross-
time and effort, representing huge costs to cash positions. (Read the case study on border USD cash pools, and a POBO/
the organisation. Ociane Matmut wanted TMI’s Innovation Lab to find out more.) ROBO structure for third-party transactions
to simplify and automate the process and Best Cash & Liquidity Management combined with an in-house-bank.
approached one of its banks – BNP Paribas Project was a very competitive category in The solution demonstrates best practice
– which was able to offer its new corporate 2020, but GN Group took away the Highly and innovation on many levels.
application programming interface Commended accolade. GN is embarking The worthy winner in this category was
(API)-based, real-time payment solution. on a strategic growth path underpinned Microsoft for its Subsidiary Investment Tool
For Ociane Matmut the benefits of utilising by innovation and global partnerships. for restricted markets. Due to currency,
an API network are twofold: the automation Revenue growth targets from 2017 to 2019 capital controls, and liquidity needs to
of invoice processing, and the ability to
make instant payments. This solution
encompasses the spirit of innovation and
excellence entirely.
The second Highly Commended While established treasury functions
accolade was picked up by Bharti Airtel,
parent of Airtel Kenya, for its work to
have been busy improving, we have also seen a
integrate treasury’s internal systems number of new treasury functions being set up.
with those of Standard Chartered via
an API. Airtel Kenya wanted to improve its
operational efficiency and eliminate delays
in the allocation of e-value to its agents.
With its old process, Airtel was only able to
deliver e-value to an agent’s wallet within
60 to 90 minutes after receiving payment.
Following the API implementation, the
delivery time has improved significantly.
The solution provides real-time information
to Airtel’s treasury team and by integrating
with Airtel’s systems, Standard Chartered
can deliver a real-time feed to Airtel Kenya
for each payment. This, in turn, immediately
triggers an automatic transfer of e-value to
CORPORATE RECOGNITION AWARDS
an agent’s wallet without the need for any
user or operator action.
Best API Project...................................................................................................................Autoneum
The overall winner in the Best API Project
category was Autoneum which worked with Best API Project - Highly Commended....................................................................Ociane Matmut
J. P. Morgan on an API project to increase
visibility over its account data. Because of Best API Project - Highly Commended...............................................................Bharti Airtel Kenya
its international footprint, gaining real-time
Best Cash & Liquidity Management Project....................................................................Microsoft
visibility over Autoneum’s cash balances in
its global subsidiaries was a challenge and Best Cash & Liquidity Management Project - Highly Commended.............................GN Group
was impacting its treasury management.
Autoneum needed a treasury solution that
TMI | ISSUE 280 15AWARDS
support local operations, the company created solutions to hedge risk that has not HSBC to implement a one-stop cross-
had accumulated significant levels of originally been catered for in the banking border technology platform to assist
cash held around the globe in restricted market. Impressive indeed. international investors to benefit from its
markets. Treasury needed a tool to help Meanwhile, the Best Working Capital new exchange traded fund (ETF) product.
gain visibility over all of this cash and invest Project Award went to the well-deserving This solution not only satisfies all regulatory
any excess liquidity appropriately. In true treasury team of PTT Exploration requirements but has also provided an
Microsoft style, the team set about building and Production Public Company enhanced experience for end-customers,
an in-house tool using PowerApps and Limited (PTTEP). Due to a period of while increasing cash velocity and
held on the Microsoft Azure Cloud. This expansion at the company, the treasury streamlining payments and reconciliation.
has enabled treasury to integrate the data team was looking for ways to transform its The winner in this category was Danone.
from subsidiary investments with other cash management and liquidity structure, The company has undertaken a huge
important data elements. And almost with the aim of improving controls, technology programme with Kyriba
overnight treasury was able to gain visibility automating and digitising processes, to solve issues of manual inefficiency.
over more than a billion dollars of cash held gaining higher visibility on account The success of this project is far too large
in restricted subsidiaries globally. balances and generating cost savings and to explore in detail, but it involved: rapid
The Best Risk Management Project operational efficiencies, wherever possible. deployment Kyriba to maximum areas
2020 was another clear win for Drax. During 2020 the company has successfully of operations; seamless integration of
The treasury team continues to strive for centralised its treasury processes to individual functional blocks with Kyriba;
excellence in the corporate derivative Thailand and undertaken a complete end-to-end automation; enabling pricing
space, innovating and adapting to the transformation of its treasury and liquidity visibility and transparency; systemic
market to hedge the risk in the best structure, with the help of Bank of America. integration to reduce manual workload;
way possible. Throughout the difficult Overall, this has resulted in vastly improved and the ability to customise in response
conditions resulting from the Covid-19 working capital management. to future to business demands. With clear,
crisis, treasury continued to risk-manage A new category for 2020 was Treasury quantified dollar savings in its FX hedging
its portfolio, which is recognised as one Technology Problem Solving, as the process and 240-plus FTE days saved due
of the top corporate derivative portfolios TMI judges witnessed a wealth of to improved automation, treasury has
in Europe, by developing new bespoke creativity in this year’s submissions. truly solved problems and added value to
solutions with banks – including NatWest Highly Commended in this category was the organisation.
markets – to manage its risks in a targeted Shanxi Securities International Asset Another new category, inspired by
and innovative way. The team even co- Management Ltd, which worked with some groundbreaking submissions,
was Treasury Technology Trailblazer.
Highly Commended in this category
was Bandwidth, which has worked
with ICD and Trovata to create an
entirely integrated treasury workflow.
This API-driven innovation is a light-
touch technology solution that will help
the company achieve its growth plans,
while being flexible enough to leverage
the latest technological developments.
ICD and Trovata worked together on
the integrated workflow concept, with
input from Bandwidth’s treasury, but
CORPORATE RECOGNITION AWARDS with virtually no resource requirements
from the corporate’s side. The three-way
Best Risk Management Project......................................................................................Drax Group collaboration sets a precedent for a future
where treasury leverages a seamless
Best Working Capital Solution Project..................................... PTT Exploration and Production
ecosystem of specialist technology
Public Company Limited
Treasury Technology Problem Solving..................................................................................Danone solutions. (Find out more in the case study
on the TMI Treasury App.)
Treasury Technology Problem Solving .................................................................Shanxi Securities The winner in this category, was once
- Highly Commended International Asset again Microsoft. The team’s work with
Management Ltd Microsoft PowerApps has been quite
Treasury Technology Trailblazer.........................................................................................Microsoft incredible and sets a completely new path
for the development of treasury tools.
Treasury Technology Trailblazer - Highly Commended............................................... Bandwidth The TMI judges were also highly impressed
with the Dashboard functionality in the
TreasuryGo Intercompany Loan tool as
16 TMI | ISSUE 280AWARDS
well as the Treasury Go Bank Account Solution saw China Three Gorges innovative physical cash pooling
Manager tool, which enables everything Corporation take home the Highly solution that was the first of its kind in
a treasurer could want around bank Commended accolade. The company South Africa. The ambitious project has
account management. The team at worked with Bank of China (Hong Kong) unleashed a host of improvements –
Microsoft truly continues to push the to implement a three-layered cash pool from interest cost savings to simplifying
boundaries of treasury technology and sets that utilises various double tax and treasury the reconciliations process. There
the bar higher each year. centre tax incentives in Hong Kong. were challenges along the way with
While established treasury functions This project truly demonstrates a best this undertaking, such as securing
have been busy improving, we have also practice global cash management model regulatory approval for the project, but in
seen a number of new treasury functions for a state-owned enterprise on its ‘going collaboration with BNP Paribas, Aspen’s
being set up – in record timescales and global’ journey. In order to support the treasury team has created a healthy
with cutting-edge technology in place. rapid growth in overseas investment and environment in which its cash can now
One example of this leapfrogging came business expansion, it is crucial for these flourish. (An in-depth case study on this
from Siemens Energy, which was Highly corporations to ensure the control of funds ground-breaking project is available in
Commended in the Best New Treasury overseas and enhance the efficiency of issue 276 of TMI.)
Function category. Siemens Energy treasury management outside mainland A reflection of innovation in the
was spun off from Siemens Group in China. This is the perfect example of market, Best KYC Solution was won
September 2020. In preparation, Siemens such development. by Pepper Group, which has been an
Energy built up its treasury landscape from The overall winner was Aspen early mover with SWIFT’s KYC Registry.
scratch to an outstanding, digital treasury Pharmacare, which worked in partnership Given the variety of countries it operates
department – all in less than a year. with BNP Paribas to implement an in, Pepper employs a multi-bank model
Challenges included building up the new
treasury function in parallel to running
day-to-day treasury operations at the
parent company, Siemens AG. An existing
hedging portfolio of several thousands
of transactions also had to be transferred
The Drax treasury team continues to
from Siemens AG to Siemens Energy excel and, alongside its award-winning risk
without material impact on the business.
In addition, FIS Quantum needed to be
management and financing activities, has driven
rolled out in a seamless manner. There the sustainability agenda and explores new
was no room for error or delay, but the
project was achieved in circa 11 months,
technology avenues.
thanks to treasury’s determination and the
support of FIS. (Find out more on the TMI
Treasury App.)
Our winner was Fareva, which
worked with BNP Paribas to establish
a dedicated treasury function from the
ground up, putting in place essential
cash management plumbing alongside
leading-edge cash centralisation and
optimisation projects. With the company
expanding rapidly, with 39 sites across 12
countries, teaming up with BNP Paribas
meant that Fareva could roll out a TMS
that includes SWIFTNet connectivity, CORPORATE RECOGNITION AWARDS
across all of those locations alongside
projects such as bank fee harmonisation, Best New Treasury Function .................................................................................................... Fareva
and a working-capital-related project.
An enhanced cash pooling structure has Best New Treasury Function - Highly Commended..............................................Siemens Energy
also been implemented, centralising
cash through BNP Paribas. All of this was Best Cash Pooling Solution ................................................................................ Aspen Pharmacare
achieved with just two full-time employees Best Cash Pooling Solution - Highly Commended................. China Three Gorges Corporation
on Fareva’s side, making the success even
more impressive. (Read the case study in Best KYC Solution .........................................................................................................Pepper Group
issue 276 of TMI for the full details.)
Meanwhile, the Best Cash Pooling
TMI | ISSUE 280 17You can also read
