Step Away from the Edge - FACING THE KYC CLIFF - n The Truth About Treasury and AI - Treasury Management International
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Step Away
from the Edge
Issue 274
FACING THE KYC CLIFF
n T
he Truth About
Treasury and AI
n When Black Swans Turn Green
CONTENTS
SPECIAL REPORT COVER STORY
From 2020 to 2030 Step Away from the Edge: Facing the KYC Cliff
20 14
Future-Proofing Treasury for the Decade Ahead Eleanor Hill, Editor
Companies worldwide are facing an environment of change – Although treasurers are preoccupied, like the rest of the world,
ranging from new trade dynamics to evolving business models with the effects of the Covid-19 pandemic, everyday challenges
on the back of digitisation. Ron Chakravarti, Global Head of the have still to be met, and one of the most pressing is how to deal
Treasury Advisory Group, Citi, explains how corporate treasurers with KYC requirements. The Editor discusses many aspects of
can stay ahead of the curve by reviewing treasury structures, compliance with industry experts.
technology and talent.
INSIGHT
AWARDS
24 Treasury APIs
Banking on a New Connectivity Ecosystem
Here Come the Winners
8
2019 TMI Awards for Innovation and Excellence The Truth About Treasury and Artificial Intelligence
27
Eleanor Hill talks to Nikolai Diekert, BELLIN
REGULARS 30
Putting Innovation into Practice
Trade Finance for the 2020s
Leader Myth vs Reality
2 34
Design Thinking Co-Creating a Digital Treasury
Steven Lenaerts and Stephanie Niemi,
BNP Paribas Cash Management 36 Through the Portal
Opening the Door to Process Efficiencies at Drax
My Life in Treasury
4
Terry Nelson, Meridian Restaurants Unlimited, L.C. Why Corporate Finance Teams are
39
More Than Bean Counters
People in Focus Simon Reynolds, Gazprom Energy
6
Hiroshi Yaguchi, Founder & Executive Director of the
Japan Association for Chief Financial Officers (JACFO) 42 The Future of Cash Management
TMI speaks to Ole Matthiessen, Deutsche Bank
Executive Interview
62
Changing the Rules of the Game
46 When Black Swans Turn Green
TMI speaks to Philippe Gelis, Kantox François Masquelier, SimplyTREASURY
TMI274
Editor CEO & Publisher Treasury Management International Ltd,
Step Away Eleanor Hill Robin Page Waney Edge Barn, Foxhill Lane, Playhatch,
from the Edge Reading RG4 9QF, UK Tel: +44 (0)118 947 8057
Issue 274
FACING THE KYC CLIFF Commissioning Editor Associate Publisher e-mail: tmi@treasury-management.com
& Operations Manager Sam Clarke Internet: www.treasury-management.com
Caroline Karwowska
Design & Production EU Office: Treasury Management International Kft.
Copy Editor Glen Orford 2161 Csomád, Verebeshegy u. 11., Hungary
Elizabeth Hennessy
Digital Design TMI TREASURY MANAGEMENT INTERNATIONAL ISSN 0967-523X is
Sub-editor Alex Tierney published eight times a year by P4 Publishing Ltd, Waney Edge Barn,
Sue Campbell Foxhill Lane, Playhatch, Reading RG4 9QF, UK. The 2020 US annual
Digital Content subscription price is $400.00. Airfreight and mailing in the USA by
agent named WN Shipp ing USA, 156-15, 146th Avenue, 2nd Floor,
Columnist Executive
Jamaica, NY 11434, USA. Periodicals postage paid at Jamaica NY 11431. US
■ The Truth About
Treasury and AI
Ben Poole Will Hollands Postmaster: Send address changes to TMI-TREASURY MANAGEMENT
■ When Black Swans Turn Green INTERNATIONAL, WN Shipping USA, 156-15, 146th Avenue, 2nd Floor,
Accounts Printed in England by Jamaica, NY 11434, USA Subscription records are maintained at Waney
Karen Roberts Micropress Printers Edge Barn, Foxhill Lane, Playhatch, Reading RG4 9QF, UK. Air Business Ltd
All paper used by TMI is from is acting as our mailing agent. While all reasonable care has been taken
sustainably managed forests, to ensure the accuracy of the publication, the publishers cannot accept
recycled and controlled sources © 2020 P4 Publishing Ltd ISSN No: 0967-523X - Issue 274 responsibility for any errors or omissions.
Having some business knowledge
of major industries is crucial to the
Terry Nelson,
Director of Treasury
and Accounting,
TMI
SUSTAINABILITY
success of any professional who Meridian Restaurants
wants to work in treasury, finance,
Unlimited, L.C. ACTIVITY
My Life in
accounting and technology.
1
Treasury, P4
#
Banks have much to learn from fintechs about Remote
harnessing technology effectively while pinpointing working for
all staff for
new approaches to existing challenges.
zero daily
travel
Steven Lenaerts, Head of Product Management, Global Channels
and Stephanie Niemi, Deputy Head of Product Management,
#
2
Global Channels, BNP Paribas Cash Management
Design Thinking, P2
Paper
supplied
from
Collaboration is Implementing ICD
sustainable
vital for treasurers has resulted in extensive sources
to stay informed of automation of processes,
3
significantly reducing
#
emerging technologies,
identify digitisation the time we spend
opportunities, and looking at and handling
secure the financial MMF information and We have
increasing the amount replaced
and human capital to polywrap
realise the potential of information that is with paper
benefits. available to us. envelopes
#
4
Ron Chakravarti, Global Head of Lisa Dukes, Deputy
the Treasury Advisory Group, Citi Group Treasurer, Drax
From 2020 to 2030, P20 Through the
Portal, P36 Helping
to plant
1,000 trees
Simon Reynolds, per year
Energy providers’ finance teams Head of Finance,
are now taking a front seat in the overall Gazprom Energy
business rather than simply Why Corporate Finance
Teams are More Than
TREE
functioning as a supporting role. Bean Counters, P39 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
written permission must also be obtained before any paragraph or other part of this publication is stored in a retrieval system of any kind.
LEADER
Design Thinking
A Fresh Take on Digital Transformation
By Steven Lenaerts, Head
of Product Management, T reasurers are making huge efforts to embrace digitisation, but they cannot
do it alone. As such, they are turning to their relationship banks for smart
solutions which provide maximum efficiency, with minimum commotion.
In turn, banks are leveraging fintech collaborations and client co-creation sessions to
Global Channels, deliver cutting-edge offerings. But is this enough to enable true digital transformation
for treasury?
BNP Paribas Cash
Management and Stephanie For many treasurers, developments in have plenty of themes in common.
technology and innovations being enabled Likewise, as more companies seek
Niemi, Deputy Head of by Open Banking are giving rise to new improvement through digitisation, it is
opportunities for digital transformation. increasingly important for banks to keep
Product Management, Global This means different things to different up with their clients’ evolving priorities
companies – after all, every organisation or and requirements. In particular, there is
Channels, BNP Paribas business will have its own challenges and a clear need for banks to recognise the
pain points. But treasuries that do embark importance of a smooth user experience
Cash Management on digital transformation will nevertheless for corporate clients.
2 TMI | ISSUE 274
First things first has built an end-to-end digital user changes, such as reinventing the way to
onboarding process, spanning activities conceive their solutions. BNP Paribas,
When undertaking digital transformation, such as creating new users, providing for example, is increasingly becoming
treasurers seek to move from a starting a digitalised process for activating and more agile so that we can reduce the time
point, typically characterised by inefficient, distributing digital tokens, and streamlining to market for new solutions and avoid
manual and time-consuming processes, entitlements management. a ‘tunnel’ effect, in which products are
to a more productive end state. Along the That said, irrespective of the degree of developed without involving the customers
way, treasurers will aim to adopt more digitisation achieved, at this stage there they are meant to serve.
streamlined processes and achieve more are a number of processes relating to bank Indeed, a ‘client-centric’ mindset is in
visibility over their cash balances and connectivity – such as the management of our DNA. Collaboration between banks
transactions, while reducing unnecessary connectivity contracts – that are yet to fully and treasurers is an important element of
costs and freeing up valuable time for benefit from digitisation. When addressing digital transformation. By working more
strategic decision-making. They will also these processes, it is important that a closely with treasurers, banks will be better
want to make sure those decisions are complete rethink and simplification of placed to drive improvements to solutions
supported by accurate, up-to-the-minute the process is undertaken in order to based on customers’ pain points and needs.
information from a variety of sources. drive real benefits. In other cases, where As such, BNP Paribas is paying closer
With more companies seeking to legacy platforms hold back digitisation, attention to the benefits of working more
transform their treasury operations through technologies such as robotic process closely with corporate clients and applying
digitisation, banks are likewise focusing automation (RPA) can be leveraged to techniques such as ‘design thinking’
on taking advantage of technology more automate processes. throughout the design and testing period.
effectively than in the past. They are also Also important is the need for banks to As part of our commitment to supporting
taking steps to improve their connectivity improve upon and complement existing clients in their digital transformation
solutions as they aim to enhance and connectivity solutions. With Open Banking journeys, at BNP Paribas we believe in an
expand their corporate customers’ transforming the payments ecosystem open platform approach. This means we
digital experiences. and paving the way for new digital offer not only our own solutions but also
banking services, traditional solutions fintech solutions that we believe bring
Rising to the challenge are increasingly being complemented added value to our corporate clients. A
by application programming interface recent example is our partnership with
In the current environment, treasurers (API) connectivity. Cashforce, for which integrated access is
increasingly expect their banks to step provided via our corporate portal Centric.
up and move beyond the traditional Working together Looking ahead, we at BNP Paribas will
parameters of bank relationships. So instead continue to digitise our own processes and
of relying on approaches that have served As banks strive to help their corporate improve user experience for corporate
them well in the past, it is essential that clients achieve their goals through digital clients, while supporting them in their
banks take a more client-centric approach transformation, they are also making other digital transformation journeys. n
– while seeing what lessons they can glean
from the most successful fintechs.
It is no secret that fintechs have played
an important role in driving innovation.
Unhindered by legacy platforms, fintechs
are characterised by innovation and agility.
They also tend to have a strong focus on
user experience, in contrast to the approach
historically taken by many banks. As a result,
banks have much to learn from fintechs
about harnessing technology effectively
while pinpointing new approaches to
existing challenges.
The good news is that banks are rising
to the challenge by paying more attention
to the importance of user experience.
One area that is particularly ripe for
improvement is that of user onboarding: STEVEN LENAERTS STEPHANIE NIEMI
with companies increasingly expecting a
smooth and straightforward process, there Head of Product Management, Deputy Head of Product
is much that banks can do to streamline Global Channels, Management, Global Channels,
previously time-consuming activities. BNP Paribas Cash Management BNP Paribas Cash Management
In the case of Connexis Cash, BNP Paribas
TMI | ISSUE 274 3
MY LIFE
My Life in
Treasury
A nticipate, be proactive and maximise your time management skills – these are
three pieces of advice to treasury newcomers from Terry Nelson. And if you
can become a subject matter expert in your field and combine your discipline
with a knowledge of technology, then you will be well prepared for the challenges posed
by this ever-changing industry.
How did you come into treasury collections and disbursements were the
and what attracted you to the main tasks back then. It then evolved
profession? And how has your into a dedicated team and crucial
interdepartmental role in an industry
Terry Nelson, Director of career progressed through to the highly regulated by complex banking
role that you hold today? requirements directed by key stakeholders.
Treasury and Accounting, What better way to navigate the world
I started working for small to mid- of treasury than by working in one of the
Meridian Restaurants sized companies and treasury was an most regulated industries – healthcare –
important by-product of my traditional with convoluted banking design? Because
Unlimited, L.C. accounting functions. Handling cash of the complexity in banking layouts,
4 TMI | ISSUE 274
I see a need for individuals to not only have
a subset of one discipline but also to be able
to couple it with technology. This is vitally
important in the ever-changing financial
landscape.
solutions or adapting/changing processes overshadowed by the drive to innovate. We
and in keeping the company relevant in are not a cashless society so it’s imperative
today’s highly competitive market. to address certain entry-point barriers
My time in treasury evolved from being such as local banking requirements that
an accounting manager to becoming create unnecessary banking relationships
a subject matter expert and a super and accounts that could otherwise be
user of an enterprise resource planning streamlined. If we do not do this, we are
(ERP) application. I was able to bridge back to manual practices and treasury
the gap between the worlds of finance management innovation is halted. I
and technology. I knew the world of mentioned earlier my role in bridging
accounting, but all too often companies the gaps between technology, finance,
miss that additional level of discipline in accounting and treasury. This is especially
determining solutions to streamline. Or important in treasury as its principal
they don’t understand how to integrate function is to mitigate financial risks and
and capitalise on different financial make key decisions regarding the best
software applications and processes to possible use of funds.
better achieve scalability without adding I see a need for individuals to not only
unnecessary full-time equivalents (FTEs), have a subset of one discipline but also to
reduce application redundancies and be able to couple it with technology. This is
reduce manual human entry-point vitally important in the ever-changing
of errors. financial landscape.
This creates better workflow automation
between applications which, in turn,
optimally achieves quicker and more What specific, or perhaps
accurate accounting month-end closures, surprising, qualities do you look
mitigates chances of fraud, identifies for when recruiting treasury
discrepancies early, and spreads labour personnel?
I find these challenges an opportunity to throughout the month while fine-tuning
simplify, automate and improve upon old the financial reporting package. The final I am a person who leads by example
manual practices. A dedicated treasury outcome is accurate and timely data but am by no means a micromanager.
department is born out of necessity; the reporting on the financial statements. If I become a micromanager then that
old accounting/finance function has been shows one of two things have occurred.
outgrown and treasury now maintains Either I did not provide the tools necessary
transactional integrity, mitigates financial How have the demands and needs to achieve success or the team member
risks, optimises cash investments, of treasury changed over the course lacks the desire to achieve greater success
and appropriately segregates duties of your career, and what particular by using the tools provided. In other
with transparency. skills does the role require today? words, I look for team members who
I am a firm believer in continued will take the initiative and use the tools
learning, even as adults, whether that is Technology solves integral back-office provided to create opportunities and add
continued education through a formal requirements with complex banking value to the company.
institution, training courses or reading designs for companies that do not Complacency is the antithesis
published articles by subject matter experts. require a physical banking presence in of progress. Striving to achieve best
This not only keeps your industry rural locations. Sometimes solving the practice keeps the company relevant and
knowledge sharp, but also enables you to basic component to treasury, which is yourself desirable as you progress through
be a key driver in the recommending of cash management, has been somewhat your career. Attributes that indicate
TMI | ISSUE 274 5
someone has the drive to be better in of your role. Take on a task and become
life in general, not only in the workplace, the subject matter expert of that task or
typically equates to a productive, value- software. Work on becoming proactive
added team member. I also seek those regarding upcoming deadlines and don’t
who have led initiatives, great or small, wait to be asked about a project’s status
that have been impactful to the company before you make a start. Anticipate follow-
or department. ups, for example when asked to provide a
scenario cash flow for one week, take the
initiative to mock up the rest of the month.
How important do you think a To be prepared for any impromptu value-
formal treasury education is, as added discussion and to be recognised
opposed to (or as well as) more for your ability to maximise your time
general finance or accountancy management skills are commendable traits.
qualifications?
What would your ideal holiday be?
There is a definite opportunity for formal
education to expand the finance and To be with my family in a warm climate and
accounting programme to include treasury able to disconnect from technology. I would
management as a subset of the overall combine sight-seeing with learning about
course offerings. the history, culture and food of the region.
What about wider experience What book have you read recently
in the world of business? Is that or what film have you seen recently
valuable too? that you would recommend,
Absolutely! Having some business and why?
knowledge of major industries is crucial to
the success of any professional who wants I’m typically not a movie-goer because I
to work in treasury, finance, accounting have a hard time sitting still long enough
and technology. One cannot recommend to enjoy the plot. I have such an active
solutions and effect change without having mind that I am always thinking of so many
hands-on business experience. ways I could be improving something
at work, at home or for me personally.
The last book I read, and have recently
Based on your career so far, what re-read, was The Goal by Eliyahu Goldratt,
would your advice be to finance which was a book selection required for
TERRY NELSON professionals who are perhaps in a strategic management course. It’s an
their first treasury role? easy read that will provide new ways to
Director of Treasury and Accounting, explore challenges in your workplace
Meridian Restaurants Unlimited, L.C. Don’t be afraid to ask questions about the and offer ideas as to how to overcome
process, business and overall end goal the bottleneck. n
Attributes that indicate someone has the drive to be better in life in
general, not only in the workplace, typically equates to a productive,
value-added team member.
6 TMI | ISSUE 274
CITIES ARE CONNECTING TOGETHER.
IN A CHANGING WORLD,
INTERCONNECTED CASH MANAGEMENT SOLUTIONS
We serve 40,000 corporates worldwide with our unique
combination of global reach and a network of strong
local presence, to provide your cash flow with new
horizons.
cashmanagement.bnpparibas.com
This communication is for professional clients only. The value of your investments can go down as well as up, so you could get back less than you invested. This advertisement has
been approved and issued by BNP Paribas. BNP Paribas, incorporated in France with limited liability (Registered Office: 16 boulevard des Italiens, 75009 Paris, France, 662 042 449 RCS
Paris, www.bnpparibas.com), is authorised and lead supervised by the European Central Bank and the Autorité de Contrôle Prudentiel et de Résolution and authorised by the Prudential
Regulation Authority. BNP Paribas is subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation
and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request.
280x210_BNPP_CM_ad airport_TMI.indd 1 18/09/17 16:42
AWARDS
Here Come
the Winners
A
t this time of crisis, it might
seem insensitive to be
celebrating. But it is still
important to recognise best practice in
the industry, and this is precisely what
happened at the 2019 TMI Awards
for Innovation and Excellence, held
in London in January. As this year’s
winners demonstrate, the world of
treasury never stands still. Innovation
is happening across all geographies,
driven by the desire to leverage new
technologies and new partnerships to
deliver a better customer experience.
We would like to thank all of this year’s
many entrants to the TMI Awards
and offer our congratulations to our Citi representatives (L to R) Nicholas Duggan, Terry Dennis, Moabi Garebamono, Viniet
worthy winners. Well done! Eldho and Kayus Fernander pose with two of the six TMI Awards won by the bank, along with
this year’s winner of the RPA Trailblazer Award, Séverine Le Blévennec (Honeywell, Far R)
Othman Bin Hindi, GM Institutional Banking; Hassan Al Redha, GM International and Transaction Banking, Amol Bahuguna, Head of Payments
and Cash Management and other senior members from Commercial Bank of Dubai, winners of our Best Bank for Cash and Liquidity Management
in Middle East and Africa.
8 TMI | ISSUE 274Jann Leray (middle) poses with BNP Paribas’ Award for
Global Bank of the Year for Trade and Financial Supply Chain
Management, alongside Gilles Renard (left), and Treasury Activist
of the Year Winner, François Masquelier.
DWS were the winners of our Best Money Market Fund Innovation.
François Masquelier presents the award to Christian Reiter (left)
and Reyer Kooy (middle), DWS.
HSBC representatives (L to R) Charlotte Wiggins, Director, Global
Liquidity and Cash Management, Lance Kawaguchi, Managing
Director, Global Head - Corporates, Global Liquidity and Cash
Management and Sharon Weise-Nesbeth, Senior Global Marketing
Manager, Global Banking & Markets and Commercial Banking,
are presented with the Global Bank of the Year Award for Cash
& Liquidity Management by fellow award winner François
Masquelier, President, Luxembourg Association of Corporate
Treasurers.
Michael Turner (left) and Thomas Eberle (middle), Deutsche Bank,
accept the Award for Best Bank for Cash & Liquidity Management
in Europe from François Masquelier.
BELLIN representatives Kelly Lübbers (left) and Ermello Calorio
(middle) are congratulated on their Award win for Solution
Innovation - Fighting Fraud by Séverine Le Blévennec
TMI | ISSUE 274 9AWARDS
Xavier Gallant (second from right),
Isabelle Monnerot (front middle) and
Vince Martin (left), BNP Paribas,
celebrate their win of the Technology
& Innovation Award for Solution
Innovation - FX Risk with project
partners from Kantox, Nicolas
Marquet (second from left) and Tim
Muehlenbach (back middle).
GAVI was awarded the prestigious
Editor’s Special Pick Award at this
year’s ceremony. Representatives Rania
Abou Chakra (left) and Assietou Diouf,
celebrate.
Lisa Dukes (middle right) and Ben
Whiston (middle left), Drax, celebrate
their Corporate Recognition Award win
for Best Portal Technology alongside
project partners Des’ree Obi (left) and
Karl Adams (right), ICD.
FIS were the recipients of the Technology
& Innovation Award for Best Cash
& Treasury Management Solution.
Claudia Belnavis (left), Jonathan Boyle
(middle left) and Sarah Beka (middle
right), FIS, accept the Award from Robin
Page, CEO, TMI.
10 TMI | ISSUE 274(L to R) Hannelore Hummitzsch (ION),
Achin Jhawar (Petrofac), Matt Norris
(Petrofac) and Jack Duffy (ION) with the
Award for Best TMS Solution.
The Ocean Network Express team
(L to R: Mark Phillips, Toshiaki Ichida,
Ron van Keulen) celebrate their success
in the Corporate Recognition Awards
category, taking home Best Digital
Treasury Project.
Greg Person (left) from Kyriba,
celebrates Ingersoll Rand’s Corporate
Recognition Award Win for Best FX
Solution with Christopher Donohoe
(middle) and John O’Reilly (right),
Ingersoll Rand.
The Hitachi Capital (UK) PLC team won
our highly sought-after Treasury Team of
the Year Award. The team pictured
(L to R) Sam Robinson, Habib Nasim,
Milos Gibson Ralevic and Jeremy
Johnson.
TMI | ISSUE 274 11AWARDS
Othman Bin Hindi, GM Institutional Banking; Hassan Al Redha,
GM International and Transaction Banking, Amol Bahuguna,
Head of Payments and Cash Management and other senior
members from Commercial Bank of Dubai, winners of our Best
Bank for Cash & Liquidity Management in Middle East and
Africa, with Ziad Abou Nasr, Executive Committee Member, Al
Masaood LLC; N Gopi Krishnan, Manager Finance, Accounts and
Audit, Masaood Private Office LLC and other senior members
from the Al Maha Holdings group, Highly Commended in Best in
Class Payments in our Corporate Recognition Awards.
TIS were winners of our Technology & Innovation Award for Best
Customer Experience. The team (L to R) Erol Bozak, Jörg Wiemer
and Daniela Maruhn.
Stephen Ellis (left), DBS, receives the
Bank Connectivity award from Séverine
Le Blévennec.
Robin Page (right) congratulates
Graeme Barnes, Travis Perkins, on Tom Leitch (left), TreasuryXpress, poses
receiving the Award for Best Supply with Terry Nelson, Avalon Health Care,
Chain Solution. winners of our Best TMS Solution.
12 TMI | ISSUE 274(from left) Nick Clare, Kyriba, presents
Jeroen Brieffies and Femke Baum, Royal
FrieslandCampina with their award for
Best in Class Payments.
Olle Malmgren (left), Standard
Chartered and Latifah Mohamed Yusof,
Astro, celebrate their achievement of
Best In-House Banking Implementation
in the Corporate Recognition Awards.
Peter Claus-Lundi, GE, receives the
SWIFT GPI for Corporates Pioneer
Award from Marc Delbaere, SWIFT, and
Séverine Le Blévennec.
Marc-Oliver Prier (left) and Mickey
Vonckx, Serrala, accept the Award for
Best Accounts Payable and Receivable
Solution.
François Masquelier’s endeavour to
showcase treasury to a global audience
culminated in him receiving our
prestigious Treasury Activist of the Year
Award.
TMI | ISSUE 274 13COVER STORY
Step Away
from the Edge
Facing the KYC Cliff
W
ith the average global treasury Although the extraordinary coronavirus the number of banks they work with to
team reportedly spending pandemic is occupying treasurers’ minds avoid lengthy KYC processes.
more than one day each at present, everyday challenges have by no Marc Delbaere, Global Head of
week dealing with know your customer means vanished. One of the top day-to-day Corporates and Trade, SWIFT, neatly
(KYC) requirements, compliance pain points treasury teams face is dealing outlines the issues behind these eye-
remains a significant pain point for with the KYC requirements of banks across opening statistics: “Treasurers who
treasurers worldwide. What progress is the globe. In fact, recent research supported work with multiple banking partners in
being made to help treasurers – and their by SWIFT shows that 93% of treasurers different regulatory jurisdictions across
banks to overcome this headache? Are believe KYC requests are more challenging the globe have to provide KYC data in
regional approaches worthwhile or should today than they were five multiple formats, often through bilateral
we be holding out for a global solution? years ago. In addition, exchanges, in order to meet the regulatory
Can fintechs save the day? Industry more than 50% of treasury requirements of each partner, which is
experts answer these questions and more. professionals have reduced
By Eleanor Hill, Editor
14 TMI | ISSUE 274costly, time-consuming and inefficient.” KYC information is based on trust which opened to corporates in late 2019. But is it
Expanding on this, François Masquelier, is provided under cinfoni through a enough to turn the tide?
Founder and CEO of SimplyTREASURY, government backed network that exchanges Delbaere says: “It is still early days but
adds: “Ultimately, KYC negatively impacts regulatory reliable data from corporates via we have developed a strong pipeline of
the client experience. Opening new bank full validation nodes towards banks.” interested corporates, some of which have
accounts takes up more and more time. In this seamless digital day and age, this already started uploading information
Furthermore, KYC costs are inflating labour-intensive approach to KYC seems on to our registry. Before launch, we
significantly as requirements add up and out-dated and even alien. Yes, it is easy tested the KYC registry with 18 leading
are not standardised. In addition, data and to place the blame for this on the banks, corporate groups, including BMW, Spotify,
documents are transferred via unsecure but as Delbaere rightly notes: “It’s not and Unilever, along with 16 global banks
means, which translates into high levels of any easier on the financial institutions’ representing more than 7,000 corporate-to-
risk around sensitive pieces of information.” side of the process. They have to reach bank relationships on SWIFT. This meant
Paul-Gerhard Haase, Member of the out to correspondent banks or corporate that when it opened to corporates, we
Executive Board, Co-founder, cinfoni customers for information and search for already had strong interest from trial
BFS finance GmbH, agrees: “Some of the data across multiple sources, which is often participants and we have followed this
major issues revolve around the lack of incomplete or out of date. In many cases, up by promoting it to the 2,000-strong
standardisation, inconsistencies – even they are forced to repeatedly follow up corporate community connected to SWIFT.”
within the same institution, and multiple with existing customers as part of regular But therein lies the rub. The utility
communication channels with banks. KYC reviews, which can place strain on is currently open only to SWIFT-enabled
What’s more, KYC requests are often relationships. In short, it’s repetitive, corporates. As a former corporate
‘blanket’ and therefore too intrusive, confusing, time-consuming and costly for treasurer, Masquelier has mixed views
with no tailored data requests. Adding to all parties involved.” on the situation. “SWIFT’s KYC Registry
the challenge, there is frequently a lack is certainly a huge ‘plus’ and a great step
of integration between Bank Account All for one and one for all? towards a multi-bank international KYC
Management [BAM] and/or Treasury solution. We have great expectations for
Management Systems [TMSs], which in The rationale for a global solution to it. However, SWIFT still lacks regulatory
turn requires multiple document uploads.” these KYC issues has never been clearer. standards in individual jurisdictions and
Werner Fontanive, Member of the Executive And SWIFT has been making significant does not allow for 100% coverage of specific
Team of SWISS POST and Head of New headway with its KYC Registry, which KYC information.” Masquelier speaks from
Business Regulatory Data Services, Co- experience here as his former employer,
founder, cinfoni, adds: “The sharing of RTL, took part in the first round of pilots
two years ago.
Nevertheless, the solution is still
TMI | ISSUE 274 15COVER STORY
nascent and there are only a handful (www.kycnordic.com) simply displays a
of pilots that can be used as a baseline. ‘coming 2020’ message. Or perhaps the
Concerns also exist around the barriers realities of investing in a joint KYC utility –
to entry. Masquelier continues: “I remain and each bank still being individually liable
cautious about the business model and for satisfying KYC obligations – are taking
hope that this will be – and remain – free their toll, alongside the building of the
and not just for SWIFT customers. We infrastructure, of course. Only time will tell.
must think of all those treasurers who
do not have, or do not want to use, the UAE forges ahead
SWIFT network, especially due to the cost
and complexity of SWIFT’s Customer Such hurdles are not holding back progress
Security Programme.” in the Middle East, however. In Dubai, a
As a side note for those who have KYC consortium has been launched by
not come across it, SWIFT launched Dubai Economy, along with Abu Dhabi
its Customer Security Programme Commercial Bank (ADCB), Emirates
(CSP) in 2016 to drive industry-wide NBD, Emirates Islamic, HSBC, RAKBANK
collaboration in the battle against the and Commercial Bank of Dubai (CBD).
WERNER FONTANIVE cyber threat. Designed to support all types The consortium enables regulated sharing
of customers, from central banks to large of KYC data between banks and licensing
Member of the Executive Team corporate groups, the CSP provides tools, authorities in Dubai and leverages
of SWISS POST and Head of New information and a framework to help the blockchain technology to ensure security
Business Regulatory Data Services, SWIFT community secure itself. Despite and integrity of KYC data.
Co-founder, cinfoni the positives, the change has proved Mohammed Al Jayyash, Acting
challenging for some. Group Chief Operations Officer, ADCB,
Masquelier believes there is room for “Establishing the first KYC blockchain
several players in the KYC utility space, with consortium in the UAE further enhances
SWIFT being a major participant alongside the ease of doing business in the region
local and regional initiatives. In fact, he – attracting even more investors to the
says that targeted initiatives, such as the country. The consortium will also bolster
Nordic KYC Utility, “emerged because of the the ongoing smart transformation of the
absence of fully international ones. Facing UAE’s economy, in line with Vision 2021.
such a KYC cliff pushed some actors to think For the six founding banks and their
locally, before considering global solutions”. clients, the consortium will enable much
For those not familiar with the Nordic more rapid and secure onboarding and
The sharing of project, six of the largest banks in the region exchange of digital customer data and
have now joined forces to launch a platform documents. “Through this initiative, we are
KYC information for handling KYC data. Due to launch establishing a single source of truth for KYC
is based on during 2020, the idea is that the utility will information in the UAE. This will greatly
benefit large and mid-sized corporates in increase the speed of opening a bank
trust which is the region. The word on the street is that the account for new companies and existing
provided under Nordic banks did not wish to wait for the
SWIFT KYC Registry to be adapted to local
customers will benefit from a significant
reduction in the requirements of managing
cinfoni through needs and formats, as they felt the Nordics and refreshing their KYC data.
a government would be at the back of the queue from a
priority perspective. The plan was always
Explaining how the consortium will
deliver these benefits, Al Jayyash says that
backed network to integrate with the SWIFT offering once it involves close co-operation with the
it was fully operational. But the waiting Department of Economic Development
that exchanges was too unappealing, especially since the (DED),which issues trade licences.
regulatory banks saw the launch of a KYC solution “There is a significant overlap between the
as a means to help repair the reputational due diligence that is performed to issue a
reliable data from damage caused by recent money- trade licence and the KYC requirements of
corporates via full laundering scandals. banks. By securely sharing the documents
In the name of transparency, it is used for the trade licence application
validation nodes worth noting here that TMI asked to among permissioned banks – via the
towards banks. speak to several Nordic banks about the blockchain – it is possible to significantly
utility for the purposes of this article – reduce the KYC burden on customers.”
yet they declined. Perhaps it is too early To benefit from the KYC consortium
to comment. The website for the initiative clients do not need to do anything, except
16 TMI | ISSUE 274to give their permission for a specific bank created a distributed ledger technology
to access their trade licence information. (DLT) solution in collaboration with
“When a customer applies for a bank the University of Luxembourg, digital
account, we access the blockchain KYC experts, Telindus, and the Bankers’
repository via an API and pull the relevant Association (ABBL). The rationale for
trade licence information. We then only Masquelier believes that there is great a global solution
ask the client to fill in any gaps, rather potential for these types of local solutions
than provide the full KYC package again. to be interfaced with other KYC initiatives to these KYC
Moreover, we are updated instantly of any run by fintechs, in order to expand their issues has never
future changes in trade licences, which reach and functionality. He cites cinfoni
helps with the KYC refresh going forward.” as a perfect example of a potential been clearer. And
All of this happens in the background, collaborator here. “This German-Swiss SWIFT has been
without any effort from the client, but company proposes a fantastic solution
– as stated – with their explicit permission. which will be interoperable with other local making significant
“Sharing information in this way and international KYC utilities.” As Haase headway with its
significantly cuts down on duplication, puts it: “cinfoni combines local, regional
which in turn leads to time, efficiency and and international approaches under KYC Registry.
customer service benefits,” says Al Jayyash. one umbrella”.
These immediate positives will For those who have yet to discover
undoubtedly be welcomed with open arms cinfoni, it stands for Customer
by treasurers in Dubai, but there are longer- Information Network Intelligence and it
term plusses that must not be overlooked in is a regulatory framework developed by
the excitement. “Over time, the consortium Arvato Financial Solutions and SWISS
aims to examine the various KYC processes POST, which aims to simplify the tailored
and requirements used by banks – with compilation of regulatory data such as
the aim of streamlining and harmonising KYC. According to Arvato’s website: “The
them.” Naturally, this will be a challenge framework combines an international
given the mix of local, regional and global network with repeatable solution
banks in the UAE. components for banks, corporates and
Furthermore, the intention is that the regulators and jurisdiction specific utilities.
KYC streamlining will be extended beyond cinfoni is accessible to all local data utilities
Dubai to the entire UAE. Al Jayyash as well as data and service providers.”
continues: “By building a KYC ecosystem cinfoni operates in the European
across the UAE, involving all of the relevant payment zone on the basis of nationally
federal authorities and permissioned aligned KYC data and anti-money
financial institutions, we can ensure laundering (AML) regulations, which in
a consistent and easy KYC process for turn are based on a country-by-country
customers – while retaining the highest regulatory requirements gathering.
standards of regulatory compliance.” The network protocol is tailored to KYC
“Although a global KYC solution is the and the underlying international AML
ultimate goal for corporates and banks regulations, thus making use of an open
alike, it is also extremely challenging – and distributed ledger technology (DLT).
regional solutions such as this are necessary The hope is that cinfoni “will enhance,
as a first step. ADCB was keen to be an early accelerate and simplify the onboarding and
mover in this space, demonstrating our required mandatory periodic maintenance
ongoing commitment to driving change processes for banks and their customers.
through innovation, new technologies, and For corporate clients, a cinfoni Corporate
collaboration,” Al Jayyash notes. Service is designed to streamline KYC files
in standardised processes for individual
Alternative routes bank requests. By ensuring reusability,
corporate companies’ effort for KYC is
In mainland Europe, meanwhile, banks reduced by an estimated 80% compared
have been less forthcoming with local to today’s non-harmonised, unstructured
or pan-regional solutions, so some processes,” says the official rubric. MARC DELBAERE
treasurers have been taking matters into Providing a more independent view,
their own hands. In Luxembourg, for Masquelier believes cinfoni is a KYC Global Head of Corporates and Trade,
example, the Association des Trésoriers game-changer for the following reasons: SWIFT
d’Entreprise à Luxembourg (ATEL) has simplification of KYC through minimal
TMI | ISSUE 274 17COVER STORY
intrusion; standardised communication are far from easy to develop and launch.
with banks with an international single They require huge investment and this
point of contact for corporates and a unique is why only a few players will emerge
Solving the KYC protocol; and full control for the corporate internationally, in my view. They need
regarding KYC data. “The corporate decides money, patience and perseverance to
conundrum is who gets access to what and where the be successful.”
a journey. The data is stored – whether that be in their
own BAM/TMS, customer wallet or a
Haase cautions here that “solutions
struggling with legacy protocols and
sooner each jurisdiction specific network node. As such, technology tend to be too expensive”.
firm starts their it will speed up KYC and significantly
reduce the effort required by treasurers, at
But cheaper solutions may not necessarily
solve the problem, he says, adding that
own part of that no cost to the corporate.” “pure data provider initiatives do not reach
far enough”. He believes that “only tailored
journey, the faster
Counting the cost solutions limiting data requests to what is
the whole industry required by the regulations in individual
But, of course, solutions that are free to cases, with a strong focus on simplification,
will realise the treasurers have to be paid for by others. will overcome the KYC challenge and
change that it’s And this is another significant challenge provide significant savings for banks,
that is preventing more rapid progress corporates and regulators alike”.
been seeking. in the KYC utility space. “The costs for Delbaere, meanwhile, maintains that
building such solutions are huge,” says SWIFT is well placed to address the KYC
Masquelier. “At first glance, a KYC solution conundrum in an affordable and impactful
seems obvious and technically easy to manner. “Our co-operative nature
set up. However, it is extremely complex, means we can afford to be cost-effective.
and we have seen large technology and Furthermore, addressing the problem
data companies giving up on KYC utilities. at industry-level is bound to reduce
The fact that we don’t have, as we speak, a the overall KYC cost both for financial
couple of global, free, open-to-all, multi- institutions and corporates – the solution is
banks and ‘live’ solutions proves they only a fraction of the cost of the problem.”
18 TMI | ISSUE 274FRANÇOIS MASQUELIER MOHAMMED AL JAYYASH PAUL-GERHARD HAASE
Founder and CEO of Acting Group Chief Operations Member of the Executive Board,
SimplyTREASURY Officer, ADCB Co-founder, cinfoni BFS finance
GmbH
Like many others, Delbaere believes amounts of time and resources.” users – which allow each type and size of
collaboration is the way forward – between According to Delbaere, this is precisely business to easily meet KYC requirements
corporates, banks, regulators, local KYC what SWIFT aims to achieve with when entering into a relationship with a
initiatives and SWIFT. Fintechs have a the KYC Registry. “It aggregates KYC bank and when maintaining compliance
role to play too, of course. “If financial information in a globally recognised, around bank accounts.”
institutions and corporates thought standardised format, providing banks with Representing one of the potential
only of their own individual needs and a centralised database with everything competitors to SWIFT here, Haase believes
what works for them, then solving this they need. The standard defined for that “treasurers need to push for industry
problem would be extremely challenging. correspondent banking includes the latest platform-based solutions like cinfoni to
However, from our engagement with Correspondent Banking Due Diligence be used, otherwise banks will continue to
them, it’s clear they all recognise KYC Questionnaire (CBDDQ) from the make attempts around symptomatic bank
is a necessity and they’re also keen to Wolfsberg Group and covers up to 90% of operations-focused initiatives with no
collaborate to solve this problem for all the information that global banks typically convenience gains for treasurers – as they
parties involved. require for due diligence, making it one have been trying to do for many years”.
“The forum we created during the of the most comprehensive KYC tools on cinfoni, he says, “provides that kind of
trial period of the KYC Registry enabled the market.” community-based programme, ramping
corporates to understand why banks are up the new ecosystem for KYC and other
asking for certain types of information Calling treasurers to action regulatory domains”.
and banks to reflect on the types of Masquelier also issues a call to arms for
questions they are asking and if there While SWIFT is clearly making excellent treasurers, saying: “There is, unfortunately,
were opportunities for harmonisation progress, Masquelier believes that no single, one-size-fits-all KYC solution
with global standards. And, in my view, treasurers would be wise to stop looking yet. As such, we treasurers have the duty
the key to effective KYC is standardised for ‘one solution to rule them all’. to adopt one or several of them, rather
information sharing. Unstructured, non- “Personally, I would like to see more than keep complaining about unstoppable
standardised data means that multiple solutions emerge and see real competition KYC compliance rules. Solving the KYC
versions of the same information have to so as not to depend on one single market conundrum is a journey. The sooner each
be repeatedly submitted to counterparties. infrastructure, however broad. We need firm starts their own part of that journey,
By simply embracing a universal standard, several solutions – since competition is the faster the whole industry will realise the
corporates and banks can save vast always beneficial to the market and to change that it’s been seeking.” n
TMI | ISSUE 274 19INSIGHT
From 2020 to 2030
Future-Proofing Treasury
for the Decade Ahead
C ompanies worldwide face an environment of change – ranging from new
trade dynamics to evolving business models on the back of digitisation.
Ron Chakravarti, Global Head of the Treasury Advisory Group, Citi, explains
how corporate treasurers can stay ahead of the curve by reviewing treasury structures,
technology and talent.
A century ago, the world was on the brink rates, not to mention changes to Interbank
of dramatic social and political change. The Offered Rates. Major tax overhauls, such
1920s also ushered in a period of significant as US tax reform and the Organisation for
innovation in technology and science, with Economic Co-operation and Development’s
machines replacing unskilled workers on (OECD’s) Base Erosion and Profit Shifting
production lines. (BEPS) initiative, are also leading to
One hundred years on, similar trends changes in corporate trading models, with
are reshaping today’s global economy. consequences for the distribution of cash,
International supply chains are being and funding needs, across enterprises.
reconfigured in response to a surge in At the same time, companies are
protectionism and trade interventions. increasingly searching for growth in new
And digital disruption is transforming geographies, often emerging markets.
industry ecosystems, as well as business This adds extra complexity for the treasurer,
models. who is already tasked with taking a greater
Meanwhile, treasurers are busy managing strategic role and ‘doing more with less’ by
By Eleanor Hill, Editor the impact of low and sub-zero interest embracing advances in technology – even
20 TMI | ISSUE 274FIG 1: PRESCRIPTIVE ANALYTICS APPETITE
Level of decision support automation currently in place
Level of decision support automation expected by Treasury to
achieve in the next 3 years
A Descriptive Analytics (Static Reporting and Visualisation)
B Diagnostic Analytics (Interactive Dashboards)
C Predictive Analytics (Machine Powered Forecasting)
D Prescriptive Analytics (Decision Support/Recommendations/Deal Determination)
E Artificial Intelligence (Decision Automation/Deal Execution)
Source:Citi Treasury Leadership Client Forum, November 2019
when some of these digital developments their future-proofing blueprint. The first is In this spirit, several Citi clients are
are yet to be fully proven. focusing on collaboration in order to reap participating in collaborative experiments
And, not to forget, unexpected events – the full benefits of digitisation. “Treasurers to “leverage emerging digital tools that
and crises – open our eyes to more radical need to be looking ahead at how they can aggregate fractured data sets more
change. Best practice evolves as the world digitise all of the department’s processes effectively”. The hope, Chakravarti explains,
changes, so treasury models must also and use data and analytics to help them is to be able to use technologies like
move on. make better decisions, more quickly,” artificial intelligence (AI) to recognise
Against this backdrop of uncertainty, he notes. patterns and adjust liquidity predictions
Chakravarti believes treasurers would To achieve this level of digital accordingly (see fig. 1). “The technology
benefit from future-proofing their sophistication, treasurers will need to will also help to simulate next-best actions
operations for the 2020s in order to support collaborate internally and externally. based on policies and risk appetite,” he
enterprise growth – while navigating “Collaboration is vital for treasurers to continues. “We believe there are similar
the heightened risks and leveraging the stay informed of emerging technologies, opportunities with FX exposures, where
opportunities. But with so many priorities, identify digitisation opportunities, and technology can potentially be more
and no small amount of hype surrounding secure the financial and human capital efficient than people in determining the
treasury innovation, where should to realise the potential benefits,” he says. optimal hedging approach.”
treasurers focus their future-proofing “There will need to be close co-operation
efforts? with the rest of the finance function and Getting ready for real-time flows
IT in order to ensure treasury’s digitisation
Cutting through the noise efforts dovetail with those of the The second area requiring future-
wider organisation. In addition, treasurers proofing efforts is the move towards
According to Chakravarti, there are five would do well to work closely with their real-time treasury. A world where
key steps that can help treasurers to build banking partners and technology vendors.” payments and liquidity management
TMI | ISSUE 274 21INSIGHT
happen instantaneously is on the horizon. wish to engage with emerging payment
“As the velocity of money accelerates, all providers and networks. “Nevertheless, it
companies must prepare to move, manage, is important to assess any potential new
Treasurers need to and invest funds on a global, 24x7x365 counterparties thoroughly, including
basis,” says Chakravarti. “Treasurers should the know-your-customer, anti-money
be looking ahead therefore have a strategy and plan for laundering and financial risks associated
at how they can deployment of real-time treasury in the with new payment offerings from non-
coming years. This will be a very different bank providers,” he cautions.
digitise all of the environment as treasurers of Investment
department’s Grade non-financial corporates have Rethinking treasury structures
not typically worked with intraday cash
processes and use forecasts in the past.” The third future-proofing action point
data and analytics Alongside cash management, FX is to reassess the validity of the treasury
risk management and investments centralisation structures that many
to help them make will also happen instantaneously. treasurers have aspired to in recent years.
better decisions, “Treasury functions will therefore
need to work with existing providers of
In a world where enterprise-wide financial,
accounting, and tax considerations are
more quickly. banking and technology services to fully increasingly demanding, it is possible that
understand the implications of real-time a centralised treasury model is no longer fit
treasury – and put in place the right for purpose.
systems and processes to manage real-time Take BEPS, for example. “Tax authorities
flows. Since these solutions are still being are scrutinising intellectual property
developed, there is an opportunity for transfers, intercompany transactions, and
treasurers to shape the future by engaging the basis for arm’s-length pricing more
with their partners sooner rather than than ever. Another trend is for services to
later,” notes Chakravarti. become taxed where consumed, rather
To fully leverage the benefits of the real- than where created. All of this is driving
time environment, treasury teams may also changes in legal entity and tax structures
22 TMI | ISSUE 274– impacting treasury’s management they should follow the path of established
of currency exposures, payment and companies towards traditional ‘best-
collection patterns, as well as cash in-class’ treasury, or whether the new
concentration and intercompany funding landscape offers the opportunity to leap-
needs,” says Chakravarti. frog existing models.
The important point here is that Whichever approach is taken, “treasurers
treasurers cannot afford to wait for tax would do well to create a plan for
and legal teams to make decisions and technology requirements for the coming
then react. “They must ensure they have a decade, based on anticipated changes
seat at the table from the planning phase in the business and its financial services
onwards, helping senior stakeholders to requirements,” cautions Chakravarti.
understand the best location for treasury
centres, cash pools, and so on.” Talent for tomorrow
What’s more, this should not be a one-
off exercise in reaction to external changes. Last but by no means least, treasurers have
“Treasury re-engineering is most effective an opportunity to prepare for the future by
as a continuous process. Ideally, this broadening their skill sets and reasserting RON CHAKRAVARTI
should consist of a regular check-up of the value of treasury – as value creators
the existing set-up, and then any changes for the enterprise. “Talent management Managing Director, Global Head of
can be made if necessary, to ensure the will therefore be vital, and traditional Treasury Advisory Group, TTS, Citi
structure remains optimal to support the areas of expertise such as cash and risk
organisation’s growth,” Chakravarti notes. management will no longer be sufficient. Ron Chakravarti leads a global team
That said, it is sensible to have ad hoc Heading towards 2030, treasury with responsibility for providing Citi’s
reviews in response to unprecedented professionals will require a range of hard multinational corporate clients with
global events. “Best practice evolves as the and soft skill sets, combined with deep advice on treasury and working capital
world changes, so treasury must remain understanding of technology and data management practices, and Citi’s global
adaptable to change and be ready to science,” observes Chakravarti. product management teams with
move on.” These traits will be needed to help insights into emerging client needs to
modernise treasury for the era of AI, shape solution strategies. The team also
Re-engineering technology application programming interfaces, works closely with Citi’s Banking, Capital
and big data. In addition, well-honed Markets and Advisory and Markets
The next area requiring attention is communication skills should help to divisions towards “One Institutional Bank”
advancement of treasury technology. ensure that treasury always has the ear of advisory and solutions for clients.
“Of course, this goes hand in hand with the C-suite and is consulted throughout in He holds an MBA from the University of
digitisation – but here we are talking less the strategic decision-making process. Massachusetts, Amherst and a BA (Hons)
about processes and workflows and more in Economics from the University of East
about systems and the connectivity webs Picking up the gauntlet Anglia, UK.
both inside and outside of treasury.”
Most large companies have well- Working on the five areas outlined above
established treasury technology should help treasurers to prepare for
architectures. These typically involve high the decade of momentous change that
levels of integration between the treasury lies ahead. “Nevertheless, it is important
management system (TMS), enterprise to keep an eye on the present, as well
resource planning (ERP) solution, and as the future,” cautions Chakravarti. “In
standardised connectivity with relationship order to make the most of forthcoming
banks. “But the technology landscape opportunities and weather any
is changing rapidly and boundaries are storms, treasurers need to have strong
blurring between traditional tech vendors foundations across core treasury pillars,
and fintechs,” says Chakravarti. delivering financial efficiency and robust
As a result, treasurers of larger risk management.”
organisations with mature treasury Multitasking will be the order of the
departments are wondering when is the day as treasurers simultaneously manage
best time to invest in new technology: now, current-year priorities and medium-to- Discover more
while digital solutions are emerging? Or long term objectives, guided by a strategic This article is based on a research
later, when the rapidly evolving technology plan to future-proof the treasury function. paper produced by Citi’s Treasury
landscape normalises? At the same time, “Those who achieve this will be best Advisory Group. Find out more at
mid-sized companies at earlier stages placed to succeed in this new decade,” www.citibank.com/tts/advisory/
of treasury maturity are asking whether concludes Chakravarti. n
TMI | ISSUE 274 23You can also read
