Strategic International Treasury - The most senior-level international treasury event in the US - EuroFinance
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The 24th annual conference on Strategic International Treasury The most senior-level international treasury event in the US May 14-16, 2O19 | Eden Roc Miami Beach, Florida, US www.eurofinance.com/miami Official sponsors
Strategic International Treasury
This year, we look at how to prepare treasury for the future. How does
today’s treasurer cope with the current super storm of risk, build a
smarter treasury and keep on top of innovation?
With new technology, business model disruption, rapidly shifting
geopolitics, tightening regulations and increasing risk, the
profession is changing beyond recognition. Treasury needs to
build in resilience and be proactive instead of reactive.
375+ 8O+ 15+ 4O+
attendees speakers exhibitors sessions
from around from leading showcasing the on current and
the world organisations latest solutions future trends
Reinforcing treasury: How deep is your Keeping on top of the
short cuts to resilience treasury tech? innovation agenda
In an era of seemingly permanent global It is impossible to ignore the promise of It’s hard enough keeping up with day-to-day treasury technology
uncertainty, minimizing downside may now technology no matter how much it may seem and the changing requirements of customers and the business;
outweigh maximizing upside. So how does overhyped. Hear a range of stories from treasurers it’s harder still to understand how developments at third-party
that change the ways in which treasury who are either completely re-engineering suppliers and partners will affect you. How will new bank tech
may choose to operate? And what does the treasury, replacing legacy systems or simply affect treasury? What about new payment channels? How
‘resilient treasury’ look like? upgrading and enhancing existing infrastructure. can treasury participate?
Companies that have recently attended include:
The most senior-level • ABB • Duracell
Company
• Michelin North
America Inc
• Stanley Black
& Decker
international treasury
• Abercrombie
& Fitch • Ebay • Nestle de • Starwood Hotels
“EuroFinance • Accor • Etihad Airways Colombia & Resorts
Miami 2O18 was • Air Canada • Expedia Inc • Netflix Inc. • Tate & Lyle
event in the US
• Exxon Mobil • Nissan Group of
the first one I • Air New Zealand
North America
• Telecom Italia
• Amazon • Fiat Chrysler
attended. I was Finanças Brasil • Nokia Finance
• Telefonica
• Amcor Ltd. • Teva Pharma-
Audience profile: impressed with • Amtrak • Five Guys International B.V.
ceurticals
the quality of
59%
Enterprises LLC • Office Depot
• AT&T • The Estee Lauder
the speakers, • General Motors • Oracle
• Bacardi Companies Inc
• Hasbro Inc • Paypal, Inc.
diversity of topics • BMW
• PepsiCo Inc • The Goodyear
• Hertz
from the discussed and • BP Plc
• Hewlett-Packard • Pfizer Inc
Tire & Rubber Co
experience of the • Bridgestone • The Walt Disney
corporate Americas Inc • Hilton Worldwide • Philips
Company
attendants.” Holdings Inc • Pirelli
sector • Brightstar Corp
• Home Depot • Procter & • Tiffany & Co.
— Vitor Fellows, IGT • Burger King Mexico • T-Mobile
Gamble Co
• Caterpillar • Hyatt Corp • Uber
• Ralph Lauren
• Chevron • IBM Corp • Regus Business • Under Armour
• Chubb • Johnson & Centre Corp.
Why attend? Who will you meet? • Citrix Systems Johnson • Renault
• Unilever
• UPS
• Coca Cola • Kimberly Clark Argentina
• Viacom Inc
The sophistication, level of expertise and The conference attracts senior level delegates and • Colgate • Lan Airlines • Samsonite
Palmolive • Volkswagen
networking at this event is unrivalled by any other speakers from the Americas and around the world. • LEXMARK • Samsung
of its kind. • Dell • Volvo Group
• LG Electronics • Shell Oil
•
Corporate treasurers, CFOs and finance • DHL Company • Walmart Stores
• Macy’s Inc
• Hear 4O + highly practical case studies from directors who want to know the latest • Diageo • Siemens • Warner Music Inc
• Marriott
corporate treasury teams – not sales pitches international best practice • Discovery Inc. International • Sodexo • Whirlpool
• Network with an unparalleled senior audience •
Banks, financial institutions and system • Disney • Mars • Sony Pictures • WM. Wrigley Jr.
of 375+ international delegates providers who want to meet with treasury Destinations Incorporated Entertainment Company
• Benchmark your operations with treasurers decision makers and better understand the • Dolce & Gabbana • Microsoft Corp • Sotheby’s Inc. • XEROX
from all industries challenges they face
• View the cutting-edge solutions that are •
Financial technology companies that offer
available in the marketplace today payment, working capital, supply chain, risk, FX,
asset management and funding solutions
• Delivered by EuroFinance - 27+ years as the
leading global provider and an Economist Group •
Heads and senior executives who need to
business understand the changing relationships between
treasury and shared services
•
Relevant consultancy and legal professionals
Day 1 | Tuesday May 14, 2O19
Plenary sessions Stream 1 Stream 2 Stream 3 Stream 4
Reinforcing treasury: Short cuts to resilience Building better risk management Technology: Embrace complexity, demand simplicity Creating a resilient treasury Learning all about Latin America
9:OO Chairs’ introduction 2:OO Automatic for the treasurer 2:OO Tackling the technology tightrope 2:OO Strategic M&A: 2:OO Something better change,
9:15 What to hit and what to 2:4O Solutions for the treasury cash 2:4O The pros and cons of the traditional TMS The treasury challenge but will it?
miss in the year ahead conundrum 3:2O Refreshment break 2:4O The expanding treasury: Are 2:4O Best practice cash
1O:OO Strategies for treasury resilience 3:2O Refreshment break 4:OO Looking at the Cloud from both sides you ready for the challenge? management Latin America
11:OO Refreshment break 4:OO Choosing the right commodity 4:4O The best of both worlds? 3:2O Refreshment break 3:2O Refreshment break
11:4O What will the finance model of the hedging strategy 5:2O Adjourn to networking reception 4:OO Transforming working 4:OO The right structures for Latin
future look like according to the 4:4O Coping with correlation: capital management America: How can technology
C-Suite Hedging combination FX 4:4O Lessons in cash flow help?
12:3O Lunch and commodity risk forecasting 5:2O Adjourn to networking
5:2O Adjourn to networking reception 5:2O Adjourn to networking reception
reception
Day 2 | Wednesday May 15, 2O19
Plenary sessions Stream 1 Stream 2 Stream 3 Stream 4
How deep is your treasury tech? Building better risk management Technology: Embrace complexity, demand simplicity Creating a resilient treasury Learning all about Latin America
9:OO Chairs’ introduction 2:OO Managing trade war risk 2:OO The API treasury: Ignore at your peril 2:OO Developing and leading 2:OO Country focus: Argentina
9:1O Digital transformation: 2:4O Risk management: 2:4O KYC: Finally an answer? a global treasury 2:4O Country focus: Venezuela
All talk and all action A new direction 3:2O Refreshment break 2:4O Treasury as strategic partner 3:2O Refreshment break
1O:OO Digital transformation for treasury 3:2O Refreshment break 4:OO Leveraging the cognitive corporate bank 3:2O Refreshment break 4:OO Country focus: Brazil
1O:4O Refreshment break 4:OO Minimizing financial risk 4:4O Building a smarter cash cycle 4:OO Rethinking treasury reporting 4:4O Country focus: Mexico
11:2O Building and managing in the supply chain 5:2O Adjourn to day 3 4:4O When will virtual accounts 5:2O Adjourn to day 3
a smarter treasury 4:4O Technology for compliance get real?
12:3O Lunch 5:2O Adjourn to day 3 5:2O Adjourn to day 3
Day 3 | Thursday May 16, 2O19
Plenary sessions
Keeping on top of the innovation agenda
9:OO Chairs’ introduction
9:1O Can treasury cope with a banking revolution?
1O:OO Tomorrow is not just about tech
1O:4O Refreshment break
11:2O Lessons from the leaders: The tech giants
12:OO Building an entrepreneurial treasury
12:4O Conference closes – Please join us for lunch
4
Plenary Day 1 | Tuesday May 14, 2O19
9:OO Chairs’ introduction 11:4O What will the finance model of the future look like according to the
Reinforcing David Blair, MD, Acarate, Singapore
C-Suite
treasury: Short Robert Novaria, Partner, Treasury Alliance Group, US In the standard model, treasury is moving from an operational, process-
driven function to a strategic and analytical. This is a model mostly
cuts to resilience 9:15 What to hit and what to miss in the year ahead expounded by treasurers or consultants who sell things to treasurers and
ultimately neither of those groups will decide treasury’s future. So what is
Political risk is the new black. Rising global trade tensions and debt levels
have already prompted the IMF to cut its forecasts for world growth. In the view from the C-suite? Is treasury a collection of processes destined
In an era of seemingly permanent to be parcelled out to SSCs and GBS teams as technology improves? Does
particular, the increasing tariff battles among key trading nations will hurt
global uncertainty, it is better to treasury fall into the growing category of functions that will be replaced by
China, other Asian economies (a number of whom also face general elections
proactively design in resilience than a combination of automation and artificial intelligence? Or will the treasurer,
in 2O19) and vulnerable countries in Latin America. In Europe, the rise of
to rely on accuracy of predictions freed from the everyday grind of incompatible systems and protocols,
right-wing parties and unorthodox economic policies, the pressure caused
or speed of response. Minimizing by continued austerity and Brexit will deliver more uncertainty. In the Middle and ensuring the basic functionality of treasury, develop that key strategic
downside may now outweigh East political issues and disputes between GCC members mean more risks function perhaps even assuming the role of chief transformation officer? In
maximizing upside although that for business. So how significant are these risks? Is economic uncertainty this panel, hear what these C-suite executives think about the treasury, the
should always remain on the really increasing? And where are the opportunities amidst the gloom? In this technology that will support the finance function and the very future of the
treasury agenda. So how does that session we try to answer your key questions about the next 18 months. finance.
change the ways in which treasury Philip Green, Former CFO, Deliveroo
Daniel Franklin, Executive & Diplomatic Editor, The Economist
may choose to operate?
1O:OO Strategies for treasury resilience 12:3O Lunch
Today’s companies and treasuries were largely designed on the assumption
of stability – a slow and easily manageable pace of change. So they can deal
with minor fluctuations and operate on the basis of linear, well-defined
business processes, on a “steer and adjust” basis. Over and above normal
risk management processes, they have threat monitoring and contingency
planning processes for more serious, unexpected disruptions. Digitalization,
demographics, the transformation of everyday life and consumption over
the past 2O years, along with the political upheavals they are causing,
demand a different approach. Incremental, gradual adjustment does not Accreditation
work. Forecasting is less useful. Even re-engineering rarely delivers profound
internal change or true business transformation. The alternative is the ability
to operate with fluid, highly adaptive processes that embed resilience to
rapid, significant and unpredictable change. But what does that mean? Is it
Approved for up to 16.3 CTP recertification credits
possible – or, like re-engineering, is it a nice idea that fails in practice? And if it
by the Association for Financial Professionals.
is possible, does it mean high or lower costs, better or worse profitability?
11:OO Refreshment break
Approved for up to 15.3 FP&A recertification credits
by the Association for Financial Professionals.
Strategic International Treasury | Miami 2O19 5Plenario Día 1 | Martes 14 de mayo de 2O19
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9:OO Presentación de los presidentes de la conferencia 11:4O What will the finance model of the future look like according to the C-Suite
Refuerzo de la David Blair, MD, Acarate, Singapore In the standard model, treasury is moving from an operational, process-driven
tesorería: Atajos Robert Novaria, Partner, Treasury Alliance Group, US function to a strategic and analytical. This is a model mostly expounded by
treasurers or consultants who sell things to treasurers and ultimately neither of
para la resiliencia 9:15 En qué enfocarse y qué dejar pasar el próximo año
El riesgo político es la fuente de preocupación predominante. El aumento en las
those groups will decide treasury’s future. So what is the view from the C-suite?
Is treasury a collection of processes destined to be parcelled out to SSCs and
tensiones comerciales y en los niveles de deuda internacionales ya ha llevado GBS teams as technology improves? Does treasury fall into the growing category
En una época en la que parece al FMI a recortar sus previsiones de crecimiento mundial. En particular, las of functions that will be replaced by a combination of automation and artificial
primar la incertidumbre mundial, de batallas por los aranceles cada vez más intensas entre los países de comercio intelligence? Or will the treasurer, freed from the everyday grind of incompatible
manera casi permanente, es mejor clave afectarán a China, a otras economías asiáticas (unas cuantas de las systems and protocols, and ensuring the basic functionality of treasury,
cuales también tendrán elecciones generales en 2O19) y a países vulnerables develop that key strategic function perhaps even assuming the role of chief
diseñar proactivamente la resiliencia
de Latinoamérica. En Europa, el ascenso de partidos de derecha y las políticas transformation officer? In this panel, hear what these C-suite executives think
que basarse en la precisión de about the treasury, the technology that will support the finance function and the
las predicciones o la rapidez de la económicas poco ortodoxas, la presión generada por la austeridad continuada y el
Brexit provocarán más incertidumbre. En Medio Oriente, los problemas políticos very future of the finance.
respuesta. Minimizar los aspectos
y las disputas entre los miembros del Consejo de Cooperación para los Estados Philip Green, Former CFO, Deliveroo
negativos puede pasar a superar Árabes del Golfo pueden implicar más riesgos para las empresas. Entonces, ¿qué
la maximización de los aspectos importancia tienen estos riesgos? ¿La incertidumbre económica está aumentando 12:3O Almuerzo
positivos, aunque ese enfoque de verdad? ¿Y dónde están las oportunidades en medio del panorama desolador?
siempre deba permanecer en la En esta sesión intentamos responder a sus principales preguntas sobre los
agenda de la tesorería. Entonces, próximos 18 meses.
¿de qué modo cambian las Daniel Franklin, Executive & Diplomatic Editor, The Economist
formas en que la tesorería
puede optar operar? 1O:OO Estrategias para crear resiliencia en la tesorería
Las empresas y las tesorerías de la actualidad fueron diseñadas en gran parte
sobre el supuesto de la estabilidad: un ritmo de cambio lento y fácilmente
manejable. Por eso pueden lidiar con fluctuaciones menores y operar sobre la
base de procesos de negocios lineales y bien definidos, conduciendo y ajustando
en función de las circunstancias. Además de los procesos de gestión de riesgo
normales, tienen procesos de planificación ante contingencias y control de
amenazas para problemas más graves e inesperados. La digitalización, la
demografía, la transformación de la vida cotidiana y del consumo en los últimos
2O años, junto con las turbulencias políticas que están causando, exigen un
abordaje diferente. El ajuste gradual y progresivo no sirve. Es menos útil hacer
proyecciones. Hasta la reingeniería rara vez ofrece cambios internos profundos
o una verdadera transformación comercial. La alternativa consiste en operar con
procesos fluidos y de alta adaptabilidad que incorporen la resiliencia ante cambios
rápidos, significativos e impredecibles. Pero ¿qué significa? ¿Es posible... o es
como la reingeniería, que es una idea atractiva pero que fracasa en la práctica?
Y, en caso de ser posible, ¿implica mayores o menores costos, mejor o peor
rentabilidad?
11:OO Pausa para refrigerio
Strategic International Treasury | Miami 2O19 6Plenary Day 2 | Wednesday May 15, 2O19
9:OO Chairs’ introduction 11:2O Building and managing a smarter treasury
How deep is your David Blair, MD, Acarate, Singapore Machine learning, robotic process automation and true artificial intelligence
treasury tech? Robert Novaria, Partner, Treasury Alliance Group, US systems are already live in many banks. For most treasurers, this is how
they will first experience these new technologies and be able to evaluate
9:1O Digital transformation: All talk and all action them. AI will change the way in which bank relationship managers interact
It may feel like treasury must hunker with corporate clients. It is driving banks KYC/AML/ABC processes and will
Most companies are physical. They make and distribute goods or services that
down against a super storm of deliver automated assistants, for example. Within treasuries themselves,
have at least some physical component. Which is why to many, talk of digital
risk, but alongside that agenda, it is intelligent systems are starting to be used in cash and liquidity management,
transformation seems like someone else’s problem. But in most case they’re
impossible to ignore the promise of receivables optimization and risk management as well as fraud detection. But
wrong. Takeaway pizza firms now take all their orders over mobile apps. If
technology no matter how much it the app goes down, they can lose literally million in orders every hour. Smart these new technologies raise a number of key questions: which activities are
may seem overhyped. For all the talk, mining is the latest innovation in the extraction industries - automated, best suited to which technologies? Do you have enough good data to teach
few companies have been able to act autonomous, digitally controlled equipment and transportation. The list is intelligent systems to learn the right lessons? As the systems move from
on the call for digital transformation. endless. The physical is becoming digital with complex implications for costs, predictive recommendations to prescriptive advice and then to autonomy,
Even where the customer journey employment and cybersecurity to name just three. Just what does digital who checks them and how? In this session we explain how cognitive
has been successfully transferred mean and how does a company really go digital? technology is going to transform corporate treasury and how treasurers can
to web or mobile, the systems and make sure they are ready.
1O:OO Digital transformation for treasury
processes behind often lags far Todd Yoder, Director of Global Corporate Treasury, Fluor Corporation, US
behind. Does this matter? And if it Most treasury and finance organizations are either on their digital
Javier Orejas, Head of Banking, EMEA & Americas, IATA, Spain
does, what’s the answer? transformation journey or they’re thinking about it. We are in the age
of intelligent automation - introducing simple technologies that allow Jim Scurlock, Group Treasury Manager, Microsoft, US
companies to solve complex problems with new generation of tools like RPA, 12:3O Lunch
machine learning, chatbots, etc. Many corporate treasuries are still struggling
with how to embark on this transformation. Where do we start? How can
we harness these technologies to improve our process and visibility across
treasury operations? Do we have to start from scratch or can we simply
bolt on new solutions onto existing, complex infrastructure? Do we need a
dedicated team to transform digitally? What cultural changes are necessary
for digital transformation? Hear from this company about their digital
transformation and what they learned along the way.
Chinmay Trivedi, Treasurer, Healthcare, GE, US
Shakshi Kamath, Senior Director, Digital Cash Operations, GE, US
1O:4O Refreshment break
Strategic International Treasury | Miami 2O19 7Plenario Día 2 | Miércoles 15 de mayo de 2O19
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9:OO Presentación de los presidentes 11:2O Construcción y gestión de una tesorería más inteligente
¿Qué profundidad David Blair, MD, Acarate, Singapore El aprendizaje automático, la automatización de los procesos robóticos
tiene su tecnología Robert Novaria, Partner, Treasury Alliance Group, US y los verdaderos sistemas de inteligencia artificial ya son una realidad
en muchos bancos. Para la mayoría de los tesoreros, esta es la manera
de tesorería? 9:1O Transformación digital: Del dicho al hecho en que experimentarán y podrán evaluar estas nuevas tecnologías por
primera vez. La IA cambiará la manera en que los gerentes de relaciones
La mayoría de las empresas son físicas. Hacen y distribuyen bienes o servicios
que tienen al menos cierto componente físico. Por eso, para muchos hablar bancarias interactúan con los clientes empresariales. Impulsa los procesos
Puede parecer que la tesorería de conocimiento del cliente, antilavado y anti corrupción y ofrecerá
de la transformación digital suena a que se está haciendo referencia a
debe ponerse a resguardo ante una asistentes automatizados, por ejemplo. En las tesorerías mismas, los
un problema ajeno. Pero, en la mayoría de los casos, están equivocados.
megatormenta de riesgo, pero, al sistemas inteligentes están comenzando a utilizarse en gestión de efectivo
Actualmente, las empresas de pizza para llevar toman todos los pedidos
mismo tiempo, no es posible hacer y liquidez, optimización de cuentas por cobrar y gestión de riesgos, así
por aplicaciones móviles. Si se cae la aplicación, literalmente pueden perder
caso omiso de la promesa de la millones en pedidos por hora. La minería inteligente es la última innovación como en detección de fraude. Sin embargo, estas tecnologías nuevas dan
tecnología, independientemente de en las industrias extractivas: transporte y equipos automatizados, autónomos lugar a varias preguntas claves: ¿qué actividades encajan mejor con qué
que parezca que se le haya dado y controlados digitalmente. La lista es interminable. Lo físico se está volviendo tecnologías? ¿Tiene usted los datos suficientes para enseñarles a los sistemas
excesiva publicidad. Aun así, pocas digital, con complejas consecuencias de costos, empleo y ciberseguridad, solo inteligentes a aprender las lecciones correctas? Mientras los sistemas pasan
empresas han podido actuar ante por nombrar tres áreas. ¿A qué hace referencia lo “digital” y de qué manera de recomendaciones predictivas a asesoramiento prescriptivo y luego a la
el llamado de la transformación una empresa digitaliza verdaderamente su operación? autonomía, ¿quién los controla y de qué manera? En esta sesión explicamos
digital. Incluso cuando se ha podido de qué manera la tecnología cognitiva va a transformar la tesorería
1O:OO La transformación digital para la tesorería empresarial y de qué manera los tesoreros pueden asegurarse de estar listos.
transferir la actividad del cliente
de manera satisfactoria a la web Most treasury and finance organizations are either on their digital Todd Yoder, Director of Global Corporate Treasury, Fluor Corporation, US
o al entorno móvil, los sistemas transformation journey or they’re thinking about it. We are in the age
Javier Orejas, Head of Banking, EMEA & Americas, IATA, Spain
y los procesos que hay detrás of intelligent automation - introducing simple technologies that allow
companies to solve complex problems with new generation of tools like RPA, Jim Scurlock, Group Treasury Manager, Microsoft, US
generalmente quedan
rezagados. ¿Importa? En machine learning, chatbots, etc. Many corporate treasuries are still struggling 12:3O Almuerzo
caso de que sí, ¿cuál with how to embark on this transformation. Where do we start? How can
es la respuesta? we harness these technologies to improve our process and visibility across
treasury operations? Do we have to start from scratch or can we simply
bolt on new solutions onto existing, complex infrastructure? Do we need a
dedicated team to transform digitally? What cultural changes are necessary
for digital transformation? Hear from this company about their digital
transformation and what they learned along the way.
Chinmay Trivedi, Treasurer, Healthcare, GE, US
Shakshi Kamath, Senior Director, Digital Cash Operations, GE, US
1O:4O Pausa para refrigerio
Strategic International Treasury | Miami 2O19 8Plenary Day 3 | Thursday May 16, 2O19
9:OO Chairs’ introduction 11:2O Lessons from the leaders: The tech giants
Keeping on top David Blair, MD, Acarate, Singapore Few companies have the luxury of starting life in the purely digital domain;
of the innovation Robert Novaria, Partner, Treasury Alliance Group, US fewer still have enjoyed the staggering growth and transformation of the
technology giants who we have so quickly come to take for granted. Apple,
agenda 9:1O Can treasury cope with a banking revolution? Amazon, Google, Facebook, Uber, Alibaba, Microsoft, AirBnB and the rest have
had to develop their products, business models and staffing products in ways
The combination of new regulations, the competitive advantages to be
gained, and the scale of their tech budgets, is driving banks to leadership that mirror, albeit in an exaggerated fashion, many of the challenges facing
It’s hard enough keeping up with day smaller or less tech-heavy companies. While those challenges may be most
in the development and adoption of new financial technology. Open
to day treasury technology and the obvious in their impact on front-line business units, the impact on treasuries
banking (PSD2) has spurred new ecosystems of open APIs; partnerships
changing requirements of customers is also significant. So how have these firms’ treasuries coped with such rapid
with FinTechs are delivering innovation quickly; challenger banks are
and the business; it’s harder still to growth and change? To what extent was new technology the answer, and to
demonstrating the value of better data analytics and data-driven products;
understand how developments at the use of advanced artificial intelligence (AI) in corporate banking is what extent was it a new treasury and mind set? How can the business itself
third-party suppliers and partners accelerating, finally, blockchain is delivering real solutions, particularly in help with treasury transformation?
will affect you. How will new bank trade finance. All this matters to corporate treasurers because the products 12:OO Building an entrepreneurial treasury
tech affect treasury? What about banks choose to sell, and the channels through which they provide them,
new payment channels? How can determine treasury structures and results. So what should treasurers be Customers’ demands for digital payment channels represent an opportunity
treasury participate? asking their banks? What are the possible positive and negative outcomes for for treasury to deliver genuine value to the business through innovation.
treasury as banking technology evolves? And what are the banks’ plans for For example, initiatives like Request-to-Pay One are giving treasurers the
their corporate treasury-directed solutions in the next two years? chance to develop real-time collections programme using APIs. Some are
connecting to e-wallet solution to digitise cashflows to create huge cost
Alberto Corvo, CEO, Motive Labs savings. These pro-active treasurers are not just using technology to improve
1O:OO Tomorrow is not just about tech existing treasury processes, they understand that building these new types
of solutions can, for example, generate new data that can be used to better
When businesses talk about the future, inevitably they focus on the pace understand customer behaviour beyond payments, creating insights that
of change in technology. And that is clearly important. But there are other, can genuinely enhance revenue. The annual EuroFinance Awards are the
equally important, changes under way that may have an even greater impact benchmark for treasury excellence. Every year, the theme changes to
on the way business operates in the future. Take the workforce: from the reflect the key trends that have emerged in treasury over 12 months, and the
rise in freelancing and increased job hopping, to a growing focus on wellness winners are invited to tell their story at our annual flagship conference. This
at work, tomorrows workers expect a very different work experience to year’s overall winner is a fast-growing online payment processing company
their predecessors. So what physical, financial and management challenges managing billions of dollars of processing volume annually for millions of
will that bring? What does the complete adoption of mobile and video do to business worldwide. Mastering strategic change has been the theme for the
workers’ and customers’ expectations in terms of service, security, privacy? company’s treasury.
What about augmented reality and truly powerful AI? The problem for
business leaders is not simply identifying the key trends, it is predicting Christopher Van Woeart, Head of Treasury, Stripe, US
to some degree of accuracy the order and the timing of their impact. This 12:4O Conference closes please join us for lunch
session will try to unravel the tangle of innovation and help you build your
own list of priorities for your business.
1O:4O Refreshment break
Strategic International Treasury | Miami 2O19 9Plenario Día 3 | Jueves 16 de mayo de 2O19
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9:OO Presentación de los presidentes 11:2O Lecciones de los líderes: Los gigantes tecnológicos
Estar a la David Blair, MD, Acarate, Singapore Pocas empresas tienen el lujo de iniciar su vida en el ámbito exclusivamente
vanguardia de Robert Novaria, Partner, Treasury Alliance Group, US digital; menos aún han disfrutado del asombroso crecimiento y transformación
de los gigantes tecnológicos que rápidamente se han dado por supuestos. Apple,
la agenda de la 9:1O ¿Puede la tesorería lidiar con una revolución bancaria?
La combinación de nuevas regulaciones, las ventajas competitivas que se pueden
Amazon, Google, Facebook, Uber, Alibaba, Microsoft, AirBnB y el resto han tenido
que desarrollar sus productos, modelos de negocio y productos de dotación de
innovación obtener y la escala de sus presupuestos de tecnología está impulsando a los
bancos al liderazgo en el desarrollo y la adopción de tecnología financiera nueva.
personal de maneras que reflejan, aunque de modo exagerado, muchos de los
desafíos que enfrentan las empresas más pequeñas o con menos preponderancia
La banca abierta (PSD2) ha dado lugar a nuevos ecosistemas de API abiertas; las de la tecnología. Si bien esos desafíos pueden ser muy obvios en su impacto sobre
Ya es lo suficientemente difícil estar alianzas con el sector tecnofinanciero están ofreciendo innovación con rapidez; las unidades de negocios de primera línea, también tiene relevancia el impacto
al día con la tecnología de la tesorería los bancos challenger están demostrando el valor de una mejor analítica de datos en las tesorerías. Entonces, ¿cómo han logrado esas empresas lidiar con un
y de los productos impulsados por datos; el uso de la inteligencia artificial (IA) crecimiento y cambios tan rápidos? ¿Hasta qué punto la nueva tecnología fue la
y con los cambios en las exigencias
avanzada en la banca corporativa está acelerando y, finalmente, blockchain está respuesta, y hasta qué punto fue una tesorería nueva y una mentalidad diferente?
de los clientes y el negocio; más ¿De qué manera la empresa misma puede ayudar con la transformación de la
difícil es comprender de qué manera ofreciendo soluciones reales, especialmente en las finanzas comerciales. Todo
esto tiene importancia para los tesoreros corporativos porque los productos que tesorería?
los desarrollos en proveedores
optan por vender los bancos, y los canales por los que los ofrecen, determinan las 12:OO Construyendo una tesorería emprendedora
externos y socios lo afectarán a estructuras y los resultados de la tesorería. Entonces, ¿qué deberían preguntarles
usted. ¿De qué manera la tesorería a sus bancos los tesoreros? ¿Cuáles son los posibles resultados positivos y Las exigencias por parte de los clientes de canales de pago digitales representan
afectará a la tecnología bancaria? negativos para la tesorería a medida que evoluciona la tecnología bancaria? ¿Y una oportunidad para que la tesorería ofrezca valor genuino a la empresa
¿Qué hay acerca de los nuevos cuáles son los planes de los bancos para sus soluciones dirigidas por la tesorería mediante la innovación. Por ejemplo, las iniciativas como Request-to-Pay One
canales de pago? ¿De qué corporativa en los próximos dos años? dan a los tesoreros la posibilidad de desarrollar un programa de cobros en tiempo
real usando API. Algunos se conectan a una solución de billetera electrónica
manera puede participar Alberto Corvo, CEO, Motive Labs para digitalizar los flujos de efectivo y generar enormes ahorros en los costos.
la tesorería? Estos tesoreros proactivos no usan la tecnología simplemente para mejorar los
1O:OO El futuro no solo tiene que ver con la tecnología
procesos de tesorería existentes, sino que entienden que la construcción de
Cuando las empresas hablan sobre el futuro, inevitablemente se centran en estos nuevos tipos de soluciones puede, por ejemplo, generar datos nuevos que
el ritmo de cambio de la tecnología. Sin dudas, es importante, pero hay otros pueden utilizarse para comprender mejor el comportamiento de los clientes más
cambios, igual de importantes, que se están produciendo y que pueden tener allá de los pagos, lo que genera un panorama que puede mejorar los ingresos de
un efecto aún mayor en la manera en que funcione la empresa en el futuro. manera genuina. La edición anual de los Premios EuroFinance son el punto de
Tomemos el ejemplo de la fuerza laboral: desde el aumento del freelancing y referencia de la excelencia en el mundo de la tesorería. Cada año cambia el tema
el incremento en el cambio de trabajos, hasta una mayor preocupación por el para reflejar las tendencias clave que han surgido en la tesorería en 12 meses, y a
bienestar en el trabajo, los trabajadores del mañana esperan una experiencia los ganadores se los invita a contar su historia en nuestro reconocido encuentro.
de trabajo muy diferente de la de sus predecesores. Entonces, ¿cuáles serán La ganadora general de este año es una empresa de procesamiento de pagos en
los desafíos físicos, financieros y de gestión que vendrán aparejados a esos línea que gestiona miles de millones de dólares de volumen de procesamiento
fenómenos? ¿Qué influencia tiene la adopción completa de la tecnología móvil anual para millones de empresas de todo el mundo. El dominio del cambio
y el video sobre las expectativas de los trabajadores y los clientes en cuanto al estratégico ha sido el tema de la tesorería de la empresa.
servicio, la seguridad y la privacidad? ¿Qué hay de la realidad aumentada y la
IA verdaderamente potente? El problema para los líderes de negocios no es Christopher Van Woeart, Head of Treasury, Stripe, US
simplemente detectar las principales tendencias, sino predecir con cierto grado de 12:4O Fin del congreso. Almuerce con nosotros
precisión el orden y el momento justo de su impacto. En esta sesión se intentará
desarmar la maraña de la innovación y ayudarle a construir su propia lista de
prioridades para su empresa.
1O:4O Pausa para refrigerio
Strategic International Treasury | Miami 2O19 10Stream 1 Day 1 | Tuesday May 14, 2O19
Chair: Robert Novaria, Partner, Treasury Alliance Group, US 4:OO Choosing the right commodity hedging strategy
Building better 2:OO Automatic for the treasurer Rising spot prices as well as rising volatility have renewed treasury focus
risk management In chess, before AI, machines used brute force to evaluate millions of possible
on oil (and other) commodities. A complex mix of weakening global
demand, political manoeuvring and production factors has highlighted
moves at every position; intelligence – artificial or human – prunes the
again how companies must tailor their hedging policies to their own specific
In a world where complexity is a branches of possibility by eliminating obviously bad moves and strategies. In
circumstances. No-where is this more evident than the airline industry where
constant, the pace of change has FX hedging similarly, treasurers waste time and resources evaluating a great
key players pursue a wide range of strategies from ‘no hedging’ to 9O%
continued to accelerate and the many hedges that will never be implemented because, after analyzing costs
hedged to effectively trading using derivatives. Understanding how these
challenges of geopolitical risks of hedging and the extent to which a proposed hedge actually mitigates the
businesses arrived at their hedging policies and how these are then executed
are exacerbating corporate risks, risk in question without creating additional exposures, it turns out that the
by treasury gives treasurers in other sectors valuable insights into possible
hedge does not deliver value. Like the chess player these treasurers need a
what should the risk management strategies for them. How did those who decided not to hedge take the share
way to winnow out the hedges that fail basic criteria, leaving only those that
function look like and how can price impact into account? How do those with partial hedges decide on ratios
pass to be analysed in more detail. This treasury has built a VAR-based model
companies cope? and measure effectiveness? And when does it make sense to run treasury
that feeds real-time volatility and forward point data into a hedge-decision
as a trading desk - and what are the different skills and systems required to
matrix in order to determine whether a given currency should be included in
make that work?
a balance sheet hedging program. So how does the system work? And how
does it integrate with the FX team’s process? 4:4O Coping with correlation: Hedging combination FX and commodity risk
Tim Husnik, Treasury Director, Medtronic, US The double whammy of rising commodity prices and a strengthening dollar
is hurting those MNCs for whom globalization has been key. In particular, the
2:4O Solutions for the treasury cash conundrum
declines in emerging market currencies, and the stresses on those economies
Rising rates may hurt the leveraged but it may also hurt the cash rich. brought about by the dollar, by higher oil prices and by the need to raise
While short-term cash invested in money market funds or their equivalents interest rates at a difficult time, cause a complicated cross-asset hedging
will generate better returns, cash segmentation strategies that have problem for many corporations. Hedging FX exposure and not commodity
moved reserve and strategic cash buckets into longer-dated fixed-income risk, or hedging them separately without reference to the correlation
instruments to generate extra yield will be generating unrealized capital between the two, leads to inefficient hedge programs but is complex and
losses. Treasurers have not faced the prospect of rising rates for some years creates positions that are difficult to manage and account for. Some of the
and their cash investment strategies may not have been designed to deal smartest solutions to these kinds of correlation risks are to be found in the
with the current environment. Moving cash into short duration instruments treasuries of the global consumer giants. These firms have invested heavily in
is one solution but even here the exact choice of strategy depends on taking volatile emerging markets and are in them for the long haul. These are some
a view not just of the direction of rates but their ultimate level and the speed of the strategies and products they use to protect themselves when markets
with which they get there. For corporates willing and able to hold investments get choppy.
to maturity, credit and tenor are variables to consider for yield enhancement.
5:2O Adjourn to networking reception
And moving to more active managers is also an option.
Omar Paz, Head of Capital Markets - Investments & FX, PayPal, US
3:2O Refreshment break
Sponsored by
Strategic International Treasury | Miami 2O19 11Stream 1 Day 2 | Wednesday May 15, 2O19
Chair: Robert Novaria, Partner, Treasury Alliance Group, US 4:OO Minimizing financial risk in the supply chain
Building better 2:OO Managing trade war risk Supply chain finance, however structured, is ultimately the use of supplier
risk management The three core tax initiatives of most relevance to global MNCs remain
networks to help shoulder the financing needs of those who buy from them.
The more aggressive the structure, the more accurate the description of
the OECD / G2O BEPS project, the European Commission State Aid
supply chains as ‘banks’ for their (usually) larger key customers. Those ‘banks’
In a world where complexity is a investigations and President Trump’s tax reforms in the US. The first two of
are under threat: most structures are effective largely because of the low
constant, the pace of change has these represent a challenge to the treasury status quo since they question
rates of interest available to quality credits to make sense and because banks
continued to accelerate and the a number of structures and strategies that have been the lynchpin of legal
have been able to onboard lower quality suppliers. Rising rates threaten
challenges of geopolitical risks tax minimization by multi-nationals for years. The latter is a two-parter the
lower margin businesses that rely on these facilities just when they need
are exacerbating corporate risks, first element of which is largely over: US corporations repatriated around
them most. And ever more onerous AML/KYC regulations are making client
$33O billion in the first half of the year, around 16 per cent of the $2.1 trillion
what should the risk management onboarding more and more difficult. So how do treasurers monitor the
held offshore. All but 5% has gone into share buybacks or debt retirement.
function look like and how can health and liquidity position of their suppliers? How can they adapt cash cycle
The rest of the reforms remain in place for companies to benefit from.
companies cope? policies to balance efficiency with the long-term health of their supplier and
More widely though, the thrust of government policy is to try to reduce the
SCF ecosystems?
arbitrages between the digital and non-digital domains which continue to
generate benefits for some companies at the expense of others. Given the Todd Yoder, Director of Global Corporate Treasury, Fluor Corporation, US
pace of digital transformation, it is these efforts which may well have the
4:4O Technology for compliance
most significant longer-term effect on corporate strategy.
For any multi-national organisation, one of the most complex and onerous
2:4O Risk management: A new direction
risk management tasks is simply complying with the increasingly heavy
In a world of profound transformations and uncertainties, it seems likely that burden of financial and operational regulation. Simply keeping on top of local,
yesterday’s risk models will struggle to cope. Core financial and commodity regional and supra-national standards from accounting to anti-bribery laws
risks may look the same, but their business and political drivers have become is becoming a critical problem. In theory, this is an issue tailor-made for a
more volatile and unpredictable. And other operational risks, from regulation, digital solution: the digital monitoring of data sources, aggregation of relevant
to technology to cybersecurity are either new or much more significant. legislation and even its intelligent precising are all areas in which new
So how do these developments alter corporates’ risk management RegTech solutions exist. Companies are also offering products that automate
infrastructure and staffing? Are they offset by corresponding digital advances the complex process of regulatory reporting demanded by legislation such as
such as process and decision automation, and digitized monitoring and early the BEPs initiative. In this session three RegTechs representing the key areas
warning? And do technologies like machine learning and artificial intelligence of compliance, regulatory reporting and transaction monitoring explain their
promise better and more efficient risk management at the same time as sectors and the problems they believe technology can solve.
things like blockchain eliminate some of the traditional risks in core business
Paul McCulloch, Technology & Privacy Attorney, CyberLaw Group, PLLC
processes? This treasurer believes that treasury needs to adjust its processes,
data, analytics and IT as well as its talent and culture. 5:2O Adjourn to day 3
3:2O Refreshment break
Strategic International Treasury | Miami 2O19 12Stream 2 Day 1 | Tuesday May 14, 2O19
Chair: David Blair, MD, Acarate, Singapore 4:OO Looking at the Cloud from both sides
Technology: 2:OO Tackling the technology tightrope It has always been the case that the cost and complexity of installing a fully
Embrace For most corporates, technology strategy is a balancing act. Without
functional, on premises TMS has been a key obstacle to their adoption. The
additional challenges created by changes in the TMS vendor marketplace are
complexity, investment and development, companies will be unable to keep pace with
their customers and their finance functions will become less efficient. But
just another reason to delay. However, the maturity of SaaS TMS systems, the
ability to purchase only the modules and functionality you need, the ease of
demand simplicity too much change too quickly risks disrupting core business and finance
functions. The wrong choice of provider or technology can embed disorder
implementation and the different cost model attracted this treasurer to the
Cloud. Having been through the process of evaluation, purchase, installation
and cost in key functions for months or even years. In this panel, three
and day-to-day running, are they pleased with their choice? How easy was
As treasury becomes less bean treasurers reveal their technology tactics: where do they believe new
replacing the previous system? And given the same decision again, would
counting and spreadsheets, and systems are business critical? Which technologies do they trust to deliver
they make the same choices?
more digital command centre, the necessary functionality and efficiency in the medium term? Which
treasurers are being forced to innovations are they waiting to prove themselves? Gain insight from how Royston Da Costa, Assistant Group Treasurer, Ferguson plc, UK
embrace more complex technology they are making their treasury technology decisions, what worries them and
4:4O The best of both worlds?
where they believe technology can deliver a competitive advantage.
in the search for efficiency. However,
Treasurers do not have binary choice between on-premises and Cloud
while the tech and the choices may Anthony Osentoski, former Head of Corporate Treasury & Insurance,
solutions. Hybrid Cloud solutions represent an innovative third-way to bridge
be complex, the ultimate aim is APAC, Solvay, US
the gaps in existing ERP and TMS implementations, allowing treasurers to
simplicity – a faster clearer picture of Guy Simons, Vice President, Corporate Finance, ZF Friedrichshafen AG ybriodput in place a central reporting and analytics capability for the entire
cash, risk and the business. So how organisation without causing significant systems disruption or upheaval
2:4O The pros and cons of the traditional TMS
to achieve it? to existing users. This architecture allows treasury the benefits of existing
Treasurers in search of a traditional TMS have seen the market transformed (or upgraded) on premises systems, as well as those created by Cloud
over the past three years. The long process of consolidation in the functionality and connectivity. These hybrid Cloud models are another
marketplace has left them a choice between a small number of big TMS route to improved visibility and centralisation, access to sophisticated new
vendors, the providers of ERP systems and a handful of independents. This functionality from satellite applications, lower cost implementation and
has complicated the process of choosing a solution: the larger multi-solution reduced disruption to existing systems and workflows. This treasurer chose
vendors role in the RFP process is more dominant, with treasurers having less an out-of-the-box hybrid solution and avoided complex systems integration.
leverage over the final offering; the smaller providers are differentiated less Did the other benefits promised materialize?
by functionality than by price and geographical footprint; and with vendors
continuing to buy and be bought, it is not clear which firms and products will 5:2O Adjourn to networking reception
exist in which form over the life of the installation. This treasurer chose a
traditional TMS from one of the key providers: how did they deal with these
questions and what thinking lay behind their choice of solution and provider?
3:2O Refreshment break
Sponsored by BNY Mellon
Strategic International Treasury | Miami 2O19 13Stream 2 Day 2 | Wednesday May 15, 2O19
Chair: David Blair, MD, Acarate, Singapore 4:OO Leveraging the cognitive corporate bank
Technology: 2:OO The API treasury: Ignore at your peril One US bank reckons 4O percent of its almost $11 billion annual technology
Embrace It has been easy so far for corporate treasurers to ignore the EU’s PSD2
budget is devoted to new tech, including AI, robotic process automation and
blockchain. It’s not alone. Its fellow transaction banks are investing heavily
complexity, Directive. After all, the initial effect was to spur the development of retail-
oriented apps and services. However, giving up privileged access to customer
in new solutions for corporate treasury – including AI. Intelligent treasury
‘servants’ start off by learning from user queries how to help them speed
demand simplicity data via open APIs, and the changes in bank IT development and deployment
driven by the retail space, are now feeding through into banks’ transaction
up simple tasks but the aim is to build smart systems able to make more
complex, value-added recommendations and automatically provide context-
banking offerings. In fact, banks’ huge investments in API ecosystems and
specific data and analytics. Banks are also partnering with AI FinTechs to build
As treasury becomes less bean partnerships with FinTechs are turning perceptions of PSD2 on their head:
smart reconciliation systems in AR, a key treasury pain point that has resisted
counting and spreadsheets, and perhaps PSD2 the long-needed catalyst for a wave of innovative solutions
automation till now. AI-driven revenue optimization engines are improving
more digital command centre, across wholesale banking. If so, how will this translate into new products and
the collection of recurring payments. And sentiment analysis systems will
treasurers are being forced to services for corporates and in which areas of funding, risk management and
be able to help with everything from customer service to debt and equity
embrace more complex technology transaction services? And how important is it for treasurers to know about
funding. In this session, learn what the banks are developing and how
their banks’ plans to adopt new technologies and embrace new solutions?
in the search for efficiency. However, treasury can benefit.
So in this panel, our participants will highlight the key innovations relevant to
while the tech and the choices may
treasury that they are developing and will showcase what APIs do already. Raouf Soussi Laghmich, Head of Corporate Payments Strategy, BBVA,
be complex, the ultimate aim is Spain
simplicity – a faster clearer picture of Christopher Van Woeart, Head of Treasury, Stripe, US
cash, risk and the business. So how Rick Striano, MD, Digital Product Development, Deutsche Bank, Germany
2:4O KYC: Finally an answer?
to achieve it? Juan Jiménez, Head of Innovation Santander Corporate & Investment
Corporates holding multiple bank accounts face an uphill battle to comply Banking
with KYC: it is time-consuming, repetitive and costly. There have been
4:4O Building a smarter cash cycle
many proposed solutions, some of which have failed, unable to deal with
the complexity that the obligations call for. But recently SWIFT announced AI/machine learning works best when there is plenty of data to work from
extending its KYC registry to corporates, believing it is naturally well-placed and when automation is already somewhat advanced. The order-to-cash
to succeed given the size of its banking and corporate community. Meanwhile cycle is one such area and an increasing number of AI-aided solutions now
as technology pushes on and becomes more acceptable, distributed ledger exist across functions from order to fulfilment to payment reconciliation. AI
holds the promise of further solving pain points. The regulatory barriers will solutions can recognise order information across multiple channels; they
also remain challenging as governments look to ensure the solutions are can improve invoicing efficiency; they can detect fraud; they can improve
viable. In this session learn about what is becoming possible now and what it collections by analyzing customer payment data and intelligently changing
might mean in solving one of treasury’s niggling pain points in compliance. invoice timings or terms. Given the number of possible ways to use AI across
the whole cash cycle, the first step is to understand the inefficiencies in
Debbie Riezenman, former Sr. Manager, Treasury Services, KLX Inc., US
existing systems and to evaluate all the possible solutions to them – not just
Gene Vayngrib, CEO & Co-founder, Tradle, US AI. Treasurers looking to build a smarter cash cycle need to ask: why AI? Do
3:2O Refreshment break I have the data the system needs to learn from? What solutions exist and
how can I evaluate them? And if they truly employ AI, what are the risks of
releasing them into my organisation?
Nicolas Christiaen, CEO & Co-founder, Cashforce, US
5:2O Adjourn to day 3
Strategic International Treasury | Miami 2O19 14You can also read
