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Treasury Management Systems

2011
buyerS guide
www.gtnewsawards.com
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Sponsored by
TREASURY AWARDS 2011
GLOBAL CORPORATE
Recognising Excellence in Treasury
gtnews hosted the second annual Global Corporate
Treasury Awards in Toronto, Canada, 20 September 2011.
The Global Corporate Treasury Awards, sponsored by Bank of America
Merrill Lynch, pays tribute to treasury innovation that has contributed to
the success of a corporations business.
gtnews_awards_A4_ad_final_aug11_aw.indd 1 8/4/11 2:06 PM
a buyers guide to TreaSury ManageMenT SySTeMS 2011
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Contents
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getting the Most Out of your TMS
The recent gtnews 2011 Treasury Management
Systems Survey found that most corporates do not
fully use all of their TMS capabilities.
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Wheres the Cash?
At a time when having the best possible visibility
over cash is a critical issue for treasurers, how can
using a treasury management system (TMS) provide
this visibility?
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expert Opinion
Six corporate treasurers explain why they chose the
TMS that they did and discuss additional functionality
that they would like developed in the future.
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risk and reporting
What are some of todays considerations in
evaluating technology for measuring, managing and
reporting risk in treasury operations?
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directory of Service
Plus a functionality matrix of 22 treasury
management systems.
Editor:
Joy Macknight
joym@gtnews.com
Deputy editor:
Lynne Peachey
lynnep@gtnews.com
Publishing manager:
Mia Leaning
mial@gtnews.com
Chief executive:
Mike Hewitt
mikeh@gtnews.com
Art and design:
Donna Jones
donna@missjonesfreelancedesign.com
Sales director:
Anne-Marie Rice
annemarier@gtnews.com
Key accounts manager:
Katharine Christian
katharinec@gtnews.com
Account manager:
TomLeitch
toml@gtnews.com
Training and events director:
Diana Henderson
dianah@gtnews.com
gtnews, an Association for Financial
Professionals company headquartered
in London, is the leading global knowledge
resource for over 50,000 treasury,
finance, payments and cash management
professionals. Online, gtnews is updated
weekly and provides subscribers access to an
archive of almost 3,000 global treasury articles
in addition to special reports, commentaries,
surveys, polls, news, ratings updates and
whitepapers. Access to gtnews.comis free of
charge to those who register, and we never sell
names or e-mail addresses, so our readers
privacy is assured.
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For more details about how this training course can add value to your
organisation and to attend please contact Diana Henderson, Director of Training
and Events, on + 44 (0) 207 079 2808 or email dianah@gtnews.com.
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Enhancing Treasury
Performance Through
Technology
Learn how to multiply the efciency of your treasury team by introducing
or upgrading a treasury management system or connecting to the SWIFT
network. Understand how to put together an RFP, choose between competitor
systems and ensure your system delivers.
Key Benets
Understand how technology can help treasury deliver business value.
Find out when and how to use a TMS.
Learn how to produce the perfect RFP.
Know what systems are available and understand the differences between them.
Be able to evaluate what is appropriate for your environment.
Understand what can go wrong and how to avoid it.
Understand how SWIFT might help your business by asking the right questions.
Know what SWIFT corporate access systems are available.
Be able to build a business case for using SWIFT.
In just one day, any treasury team can understand what technologies are available for treasury and how they
interconnect, illustrated with practical examples and case studies from the real world of corporate treasury.
A full calendar of training course can be found at www.gtnews.com
00012_Training_ad_A4_aug11_print.indd 1 8/4/11 7:18 PM
Treasury management systems (TMS) can provide
a wealth of benefts to a corporate treasury, but the
question remains: are corporates getting the most
out of their TMS? A recent gtnews survey on treasury
technology found that smaller corporates could be
missing out on the full benefts of TMS because they
do not have the appropriate internal structure to best
exploit them.
The 2011 buyers guide explores the results of the survey, looking at different
delivery methods, such as software-as-a-service (SaaS) models, and added
functionality that treasurers believe would bring the biggest improvement to
their TMS. One of these is improved cash fow forecasting, which is the most
important feature for 51% of survey respondents.
The guide also looks at some of todays considerations in evaluating technology
for measuring, managing and reporting risk in treasury operations.
Joy Macknight, editor, a buyers guide to TMS
Are You Getting the Most
Out of Your TMS?
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a buyers guide to TreaSury ManageMenT SySTeMS 2011
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While a majority of corporates have treasury
management systems (TMS) there is
signifcant difference in how these systems
are used, according to gtnews 2011 Treasury
Management Systems Survey. Moreover, the
survey found that smaller corporates could be
missing out on the full benefts of TMS because
they do not have the appropriate internal
structure to best exploit them.
A total of 412 corporate respondents participated
in this years survey, 50% of whom are based
in western Europe. Respondents represented
corporates of all sizes, with a third posting
between US$1bn-US$10bn in annual revenues,
28% with revenues between US$10m-US$500m
and 23% from companies that have annual
revenues of more than US$10bn.
The survey found that while corporate treasurers
at larger companies use TMS as decision
support tools, rather than merely as transaction
management applications, smaller companies
do not necessarily have the internal structure
and organisation that will enable them to fulfl
the greatest benefts of TMS.
Small companies expect TMS to improve
effciency and support downsizing of staff. Such
expectation, however, appears not fulflled by
the use of the systems, according to the survey.
This is due either to higher expectations than
what is realistically possible, as well as to a lack
of internal structure and organisation at these
small companies that is a prerequisite to reap
the greatest benefts from the application of IT
systems, such as a TMS.
TMS need the presence of trained users, says
the report. This is not always the case in small
organisations where the number of treasury
staff is kept to a minimum. While the adoption of
an automated system could provide relief from
the burden of manual operations, at the same
time the implementation of a sophisticated
IT system, such as a TMS, requires fnancial
investments that not all companies can afford,
particularly the smaller ones in a period when
credit is diffcult to access.
The surveys fnding does not surprise Jeff
Wallace, managing partner at US-based
treasury consultancy Greenwich Treasury
Advisors. What you are seeing is the very
real difference between small companies and
large companies, he says. In any company,
you must be able to handle the day-to-day
operational fow. Even small companies will
handle that, and the frst priority of any TMS is
to fulfl this function.
However, says Wallace, small companies do not
often have the additional staff with the analytical
capabilities to do anything other than just that.
While many chief fnancial offcers (CFOs) will
say they cannot afford the extra staff, it is more
likely they cannot see the value of such analysis,
he suggests. You are also seeing the Excel
phenomena: most Excel users only use 10%of
the capabilities of Excel. Most users of TMS do
not fully utilise all of the TMS capabilities.
Wallace recommends that every company
implementing a TMS should ask the TMS
vendors consulting team to come back
in 12 months after the system has been
implemented to evaluate how the company
can fully - and more effciently - use
the systems capabilities. With a years
experience under their belt, the treasury staff
will fnally have familiarity with the system to
better understand any such recommendations
- recommendations that they probably didnt
understand in the beginning because there
was just too much to learn and absorb.
The difference in use of a TMS between small
and large corporates relates to their needs, says
Rob Van Peer a partner at Nasarius, a European
treasury and cash management consultancy. A
smaller treasury with only a handful of people
or less in the treasury will typically have fewer
positions and a simpler structure. Therefore,
the treasury manager would know the position
and the risk of the position just from the daily
work. In this scenario the need for a more
advanced risk management system [RMS] is
less pressing.
Van Peer adds that the treasury manager of a
small or medium-sized treasury department
typically wont have extra staff that could be
set aside to do advanced risk analysis. When
it comes to training TMS users, the smaller
and medium-sized corporate treasuries have
limited resources. They often dont have enough
resources to be able to invest in training for
the more specialised parts of a TMS, such as
advanced risk management, he says.
TMS vendors could help smaller companies
to better exploit the capabilities of their RMS
through the added services that are possible
with a hosted solution. I envisage that in the
future vendors may support smaller corporate
treasuries in many areas where these corporates
lack expertise or time for in-depth analysis, for
example in accounting and risk analysis.
Hosted Solutions
Hosted solutions are growing in popularity,
according to the survey. The majority of TMS
are located in-house, with 44% delivered on
a software-as-a-service (SaaS) basis. SaaS
delivery is most prevalent in Asia-Pacifc where it
makes up 61% of TMS installations. The survey
suggests this is because corporations in this
region do not have the legacy systems prevalent
in Europe and North America and can implement
the most technologically advanced and fexible
solutions more easily.
SaaS solutions allow a treasurer to build
functionality for their TMS piece-by-piece,
ftting all the necessary pieces of the jigsaw
together, as required, says Paul Wheeler,
managing director at Wall Street Systems, a
US-based treasury systems developer.
In relation to the varying needs of corporate
treasurers at larger companies compared
to smaller companies, our sense is that
mid-market treasurers have no different
requirements from high-end treasurers. While
they have more modest IT support and budget,
their needs are very much the same, he says.
Wheeler says for both sets of treasurers,
the challenge is interoperability. Mid-market
treasurers are left with two options: either
invest in a new system, which can be a tough
sell to the business, or streamline their existing
TMS to allow them to do what they need to. A
SaaS solution, manages the operational issues
for the treasurer by providing a hosted solution,
and therefore allows them richer functionality
without the cost a high-end treasurer would
incur.
More than 350 of Wallstreets clients have
hosted solutions, and we are encouraging
our clients to leverage their existing systems,
managing the process via Wallstreet, rather
than beginning a lengthy, and costly, tendering
process for new TMS solutions, explains
Wheeler.
A SaaS approach to TMS is often substantially
cheaper, says Greenwichs Wallace. This is
a big selling point for corporate treasuries that
dont have much budget clout. Its OK to pay
tens of millions of dollars on ERP [enterprise
resource planning] systems, but US$500,000
for a TMS is considered to be an outrageous,
unnecessary expense.
While SaaS solutions are an obvious ft for
smaller companies, Paul Bramwell, senior
vice president (SVP), treasury solutions at
SunGard AvantGard, says they are becoming
Getting the Most
Out of Your TMS
With limited personnel and IT resources, corporate
treasuries are relying on treasury management
systems (TMS) to alleviate the strain. However,
the recent gtnews 2011 Treasury Management
Systems Survey found that most do not fully use
all of the TMS capabilities.
Words: Heather McKenzie
Cash fow forecasting will not improve
until the TMS have their hooks into the
ERP systems
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increasingly common for large enterprises with
extensive IT departments. There is a growing
acknowledgement in these frms that having
a solution managed by the solution architect
yields signifcant benefts over in-house
implementations. The core competency of
most large corporations IT departments tends
to be around the ERP solutions, whereas a
solution vendor is best placed to manage and
maintain the treasury solutions.
Hosted solutions are seen as a means to
outsource the operational risk associated
with commissioning and operating treasury
technology, says Tatiana Liber Soudier, marketing
director at IT2 Treasury Solutions in the UK.
Vendors can offer a spectrum of hosted
services so that the detailed solution offered
in a given case can be scaled to ft the clients
requirements. A solution can range from
a straightforward technology outsourcing
arrangement to a fully managed service solution
in which IT2, for example, is the one-stop shop
for all aspects of technology support, as well as
application support.
The key beneft of a hosted solution is that
it accommodates a broad range of client IT
policy requirements. For example, IT policy may
demand that a sensitive fnancial application
such as treasury should use a dedicated
database. IT2s opinion is that clients should frst
select the TMS that best fulfls their treasury
business objectives, and then investigate the
hosting solution that best fulfls corporate IT
policy, she says.
Nasarius Van Peer points out that new
solutions, such as Kyriba and Reval, are
available only as hosted solutions and are
proving popular. He believes vendors of the
more traditional TMS, such as Wall Street
Systems and SunGard, are now basing their
strategies on selling hosted solutions, although
they still have installed, in-house options. In
the future, he says, Saas will be the preferred
solution for the majority of treasuries.
There are three advantages to hosted solutions,
he says: technical, cost and added services. The
technical advantages include the fact you dont
have to train IT specialists in-house, as system
tuning is done by the provider, or deal with back-
up services and disaster recovery sites. Costs
are saved because there is practically no need
for upfront investments in hardware, operating
system and database software. Added services
could include automatic delivery of master data,
pre-defned interfaces to banks, integrated
dealing platforms, back offce processing, and
premium hotlines for processing issues.
At present the main reasons for choosing
a hosted solution are related to technical
advantages or cost savings, but Van Peer
says in the future, as more added services
are developed, they will prove to be key
differentiators for the different offerings.
Functionality
Additional functionality is a topic addressed
by the survey, with respondents asked what
additional functionalities would bring the
biggest improvement to their TMS. Cash fow
forecasting was the most popular at 51%, but
respondents also cited electronic bank account
management (eBAM - 48%), risk management
(40%), SWIFT connectivity (34%) and integration/
interoperability (33%).
Cash fow forecastings position at the top of
the list of requirements is not a surprise for
Van Peer, but he does question whether it is a
functionality problem. Cash fow forecasting
is not where TMS system vendors focus
their investments, and with good reason. The
majority of TMS solutions on the market are
actually very good at cash fow forecasting
already. Nasarius experience with the cash
fow forecasting at corporates isnt the lack
of functionality of the systems but is about
getting access to the right data, and getting
data with good quality. Treasury systems
cannot help with this, he adds, as the sources
of data are ERP systems, budgeting systems
or information supplied by production
planners or sales people.
Wallace agrees, saying cash fow forecasting
will not improve until the TMS have their
hooks into the ERP systems so that they can
access the payments data in the accounts
receivable (A/R) and accounts payable (A/P)
fles. I dont think many, if any, vendors, can
do that.
Wheeler says it is interesting to see a
high number of respondents in the survey
identifying eBAM as one of the most
signifcant improvements to be made
to their TMS. Our own research and
increasing experience of eBAM has shown
that while corporate treasurers see it
as a priority, banks are playing catch up
to an extent. Wallstreet is working with
banks to bring increased automation to
corporate treasurers. Its great to see
treasurers themselves driving this change
and encouraging banks to move towards
collaboration on such initiatives faster.
As cash fows around a company, it can create
large fnancial risks for the organisation.
The treasurer needs to know what cash the
company has and where it is, as well as have
visibility over accounts payables (A/P) and
accounts receivables (A/R). The topic of cash
visibility is particularly relevant today, as many
corporates are choosing to optimise their
working capital position in order to rely less
on bank funding.
Many corporate treasuries use a treasury
management system (TMS) to support their
cash management activities. The frst area
where a TMS can prove its worth is in the vital
discipline of cash fow forecasting.
Enhancing Cash Management Techniques
Cash fow forecasting is perennially one of
the top three disciplines that treasurers cite
as in most need of improvement. As Tom
Nelson, cash management specialist at Wall
Street Systems, says: Cash fow forecasting
is perhaps the most important function a
treasury provides and everything else fows
from that, for example investment, hedging
and funding decisions. But the process can
face many problems. Manual reporting is
an ineffcient process, which can lead to
errors, particularly when trying to consolidate
information from various different systems,
Nelson notes.
In this context, a TMS can be used as a
secure and stable destination to aggregate
forecasting data from remote business
units with the organisations bank positions
and treasury transactions. This enables the
treasurer to construct the cash forecast
over a defned time horizon. Jason Torgler,
vice president of strategy at Reval, says
that a TMS enables quicker analysis of a
companys historical bank transactions and
more streamlined data integration from other
fnancial software and remote operations.
Additionally, a TMS maintains an audit trail
and provides sophisticated forecast to actual
variance analysis. These are critical tools
when the treasurer is attempting to enforce
performance and accountability of the reporting
subsidiaries, explains Torgler.
A key beneft of a TMS is that the treasury
will be able to match the projected cash fow
over time against known demands, including
operating fows, dividend, interest and royalty
payments, and non-routine costs such as those
relating to new investments and acquisitions.
Paul Higdon, chief technology offcer at IT2
Treasury Solutions, says this means that as
much cash as possible can be generated
from internal sources, minimising the need for
external borrowing. This will have a further
positive effect of improving the organisations
creditworthiness. Additionally, it will enable the
organisation to plan the accurate deployment
of cash where and when it is needed, to
fnance business operations effciently and
effectively, says Higdon.
Beyond the potential for improved cash
forecasting, a TMS can also enhance the A/P
and A/R processes. Serving as a payment
factory can do this for A/P. A bank-agnostic TMS
can import A/P from a variety of systems, batch
payments and send the payment instructions
to partner banks. This method creates a single
point of payment execution and forecasting,
while outsourcing the payment format
maintenance to the TMS vendor, says Mauricio
Barberi, chief marketing offcer at Kyriba.
Barberi also points out that consolidating all
A/R in the TMS will help build an accurate
forecast and allow for aggregated days sales
outstanding (DSO) reporting by payer. This
will give the corporate the ability to identify
vendors and suppliers who pay outside of
stipulated terms and follow up with those
Wheres
the Cash?
At a time when having the best possible visibility
over cash is a critical issue for treasurers, how
can using a treasury management system (TMS)
provide this visibility, while also enhancing cash
management techniques?
Words: Ben Poole
Smaller companies do
not necessarily have the
internal structure and
organisation that will
enable them to fulfl the
greatest benefts of TMS
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parties, he explains. In addition, a rolling
date adjustment can be made to the cash
record upon import, which can automatically
adjust the expected receipt date by the late
pay history of that counterparty.
According to Paul Bramwell, senior vice
president (SVP) treasury solutions for SunGards
AvantGard, one recent trend has seen some
TMS vendors make acquisitions within the
A/R space to leverage the value of accurate
A/R forecasting through accurate cash
management and also short-term debt based
on securitising receivables. Key aspects of
receivables of interest to the treasurer are
quantity and quality, and both of these variables
control the amount and margin of borrowing
securitised on balances, notes Bramwell.
A Centralised Approach to Cash Visibility
Treasurers will want to take advantage of the
TMS benefts already mentioned, but does the
effectiveness of using a TMS for corporate
cash management purposes depend on the
organisational structure of that treasury
department? Fortunately, according to Bart
Parren, director of product management
at Hanse Orga, there are benefts to be
had whether your treasury structure is
largely decentralised or centralised. In a
decentralised environment, local subsidiaries
can work in the same environment, adding
their specifc business knowledge and share
the information with HQ, explains Parren.
Technically, for a decentralised TMS to be
feasible, it is necessary to have a web-based
or enterprise resource planning (ERP)-based
architecture that is able to be accessible
everywhere at the same time.
In my point of view, argues Parren, a
centralised environment only becomes
possible with a TMS. For example,
centralisation has increased administration
costs in in-house banking (i.e. when cash is
pooled and internal current accounts have
to be maintained). A TMS enables a quasi-
automatic administration, which is vital for a
centralised treasury structure.
David Soan, managing director of BELLIN
Treasury Alliance, comes to this point from a
slightly different perspective. When the right
TMS has been selected for the company, it
should not matter whether the treasury is
going to be centralised or not, says Soan.
Rather, he suggests that the following points
need to be taken in to account:
How will the users connect to the TMS?
How easy will it be to roll out the TMS if
additional subsidiaries and users need to
be added?
What support is provided by the TMS
on a local basis?
What are the additional costs involved
in the doing the above?
Finally, Soan argues, the system should ft
into the organisation, rather than forming
the organisation around the restrictions
of the system.
Demonstrating Visibility - Reporting to
Senior Management
While cash visibility is critical for an
organisation to maximise its working capital
position and in turn reduce its dependency
on bank funding, treasurers are also under
increased pressure to demonstrate their cash
visibility competency to senior management.
This is a legacy from the credit crisis and
it is here to stay. Many modern TMS are
equipped to help the treasurer generate either
summary-level or detailed cash management
reports for senior management.
The key to providing complete and up-to-
date information needed by management is
the automatic updating of the TMS database
with all relevant information in real time, as
the data is inputted, uploaded or detected,
says IT2s Higdon. With such a solution in
place, senior management can depend on
Figure 1: An Example of a TMS Dashboard Reporting Cash Management KPIs
Source: Hanse Orga
the accuracy and completeness of their
on-demand cash management reporting,
including summaries of cash positioning and
cash fow forecast.
Additionally, the database can support the
derivation and reporting of key performance
indicators [KPIs] for management
benchmarking of the accuracy and timeliness
of quantities and events, such as forecast
accuracy, bank account reconciliation
performance and payment execution,
to support proactive, best practice cash
management operations, says Higdon.
TMS Versus Bank Cash Management Portals
There are a variety of options for treasurers
to consider when it comes to choosing
support for their cash management practices.
For example, some choose to use the cash
management portal offered by a bank,
sometimes at the expense of a TMS. Bank
portals are central sites where users can view
balance and transaction information and make
payments, primary for that specifc bank.
For organisations with one cash
management bank and limited need for
integration of other activities, bank portals are
useful, says Revals Torgler. However, he adds
that a TMS is adopted when requirements
exist across global, multi-bank environments
and include cash positioning, reconciliation,
cash fow forecasting, accounting integration,
portfolio management, cash pooling and
intercompany lending and fnancial risk
management - requirements that many
treasurers of multinational corporations will
have. The additional advantage here is that a
bank-agnostic TMS gives treasurers freedom
over which banks they give their cash
management business to, rather than being
tied to a particular bank via their portal.
Barberi from Kyriba makes the point that
bank portals provide very basic cash position
worksheet functionality and do not
support the level of data accumulation
of a TMS. This means that data is re-
keyed extensively, similar to working on a
spreadsheet, he says.
Future Developments
The potential for TMS to provide greater
support for corporate cash management in
the future comes from technical innovation
that vendors can make in this area. A large
part of this will be seen in the delivery channel
of the TMS itself. SunGard AvantGards
Bramwell suggests that cloud-based TMS
offerings are starting to become more
accepted and will be the big growth area for
cash management solutions. Coupled with
mobile device technology - where reports,
metrics, payments and approvals are done on
a wireless device - companies will be able to
operate without being tied to a single location
or bank, Bramwell says.
Revals Torgler believes that software-as-
a-service (SaaS) will continue to dominate
the TMS adoption landscape. Organisations
will demand rapid deployment from a
single solution, without the headaches of
internal IT resourcing and scheduling, he
says, while also making the point that the
TMS marketplace will no longer tolerate the
frustrations of costly upgrades, post-purchase.
Too many treasury departments have been
left high and dry and unsupported due to older
TMS software versions, Torgler notes.
In addition to developments in
technology, Hanse Orgas
Parren believes that
treasurers should
be looking out for
integration and
effciency as a trend
over the next 18
months, citing the
integration of cash and liquidity management
with the front offce as an example. The same
liquidity position that is used to assess how
much cash the business makes in the medium-
term can be used as the basis for an evaluation
of credit lines and loans, as well as for foreign
exchange [FX] positions, says Parren.
Wall Street Systems Nelson suggests that
regulation will continue to play a part in
the role of the treasurer, placing increasing
pressure on issues of reporting, risk
assessment and visibility of accounts. There
will be a continued demand for stronger global
systems, as well as a desire for reducing the
number of systems in use, he says.
Conclusion
Corporate cash management is a complex feld
that requires tools capable of managing the
workfow and reporting needs across the entire
organisation. SunGard AvantGards Bramwell
notes that, while ERP extensions and bank
portals can offer some of the functionality,
a TMS can provide comprehensive tools to
manage an entire organisations cash, risk,
bank account structure and consolidated
reporting. With the prolonged elevated
importance of cash, this breadth of functionality
is vital for treasury effciency.
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What treasury
management
system (TMS) do
you use and why
did you choose it?
1. Steinhof Group chose to use tm5 by BELLIN
due to reasons of user-friendliness and the clear
structure of the application. Considering the
expansion plans of the group, the ASP service
was also an important factor for us to decide in
favour of tm5, as it is easy to integrate acquired
companies without much technical efort.
Another bonus was the option to integrate
the payment transaction management, by
which we can make all process steps in one
application frombeginning to end.
1. We are using IT2 and are just going live
with the system now. Prior to this, CLS
was using a custom-built Access-based
application to manage its third-party debt.
A fully integrated solution was needed to
optimise the management of the groups
treasury operations (cash management, debt,
interest rate and FX hedging), both external
and internal, and interfaces with other used
systems (internet banking, information
systems, internal accounting and forecasting).
In addition, we were looking for a solution
that would improve our reporting capabilities
in terms of consistency, quality and fexibility.
IT2 was chosen as it ofered the right mix of
functionalities, adaptability and ease of use/
self-intuitiveness.
What advice
can you give
for others looking
to implement a
new system?
2. Our process began by determining the report
requirements we have and which processes
we wanted, and specifed diferent business
transactions one-by-one. Then the diferent
providers showus presentations of their solution
for performance. An important requirement was
to be able to complete all business transactions
in theTMS. Due to our expansion plans it was
important to make the implementation with our
own resources to build up internal know-how.
The treasury department was responsible for
realisation. This approach provided us with an
excellent understanding of the function of tm5.
We were able to establish our reputation as
an internal service provider in the Steinhof
Group successfully.
2. Do not underestimate the work involved
during implementation. We elected to carry
out the implementation using internal
resources only. I strongly believe that getting
involved in all the aspects of setting up
the system will beneft us and will make us
better users of the system. This approach
will inevitably increase the workload of
the department and also result in delays
in the implementation plan. It is important
to manage the expectations of senior
management in that respect.
How easy is your
organisations TMS
to use on a day-to-
day basis?
3. We process the entire daily business with
tm5. In the morning we pick up the electronic
bank account statements fromthe banks
and balance the revenues with the planned
revenues. Next we defne the fnancial status
and schedule payments. The bulk payments
are imported fromthe ERP systems. Payment
releases and dispatch of payments to the
banks all happen inside tm5. This provides
transparent and revision-safe handling of all
payment transactions. In foreign exchange (FX)
management, the IC-trading platforminforms
us about the currency requirements of the
diferent business units. Our currency trader will
trade themas required. The back ofce reviews
the bank confrmations against the trading
items.
3. Todays TMS ofer a wide array of
functionality and, as a result, navigating the
complex menus on ofer can be a frustrating
experience. An attractive feature of the IT2
system is the ability for the user to customise
specifc workfows for various tasks that need
to be carried out. Creating workfows for the
most frequent tasks makes the use of the
system much easier and also safer, as users are
guided to follow the correct processes.
If you were buying
a system today,
what additional
functionality would
you like included?
4. We are highly satisfedwithtm5andit provides
all functions we need. However, I wouldwishthat
we were able tomake payments inall European
countries throughtm5, but this is not possible
todate. Presently, we are workingwithBELLIN
tointegrate the Frenchbulk payments intotm5.
After that, we will start a pilot project withhigh
value payments inFrance inthe newXML-format.
If Frenchbanks wouldalsoaccept electronic
signatures I think we wouldbe very content, so
we are workingonthis issue too.
4. We just bought the IT2 system in 2010
and are completing the implementation
this year. The set of functionalities on ofer is
very complete, and we have bought all the
modules that we have a need for. A further
implementation phase will include the
creation of accounting entries and an interface
with the companys general ledgers. The
purchase of these extra modules was part of
the initial contract agreed with the supplier.
Expert opinion
1. EDF Energy uses Sungard AvantGard
Integrity. In 2002 we looked at a
number of TMS on the market and
chose Integrity because it was user
friendly, replicating the Microsoft
Windows layout, and had the
functionality we were looking for.
Apart fromrequirements around
cash management, we wanted a TMS
that was easily integrated with the
host accounting systemand banking
software, for a near fully automated
end-to-end process for treasury
transactions and CHAPS payments.
Integrity ftted our treasury setup, as
compared to systems with functionality
we would not use. Two years ago
we reviewed our requirements and
what was available in the market, and
decided to upgrade Integrity.
1. We had a shortlist of three systems
and performed an in-depth evaluation.
This included a one-day workshop with
each of the potential suppliers and
running identical tests and scenarios on
each systemto test its ability to meet
our requirements. The evaluation team
was made up 15 people who scored
the systems across some 200 criteria.
IT2TMS came frst - we felt that ease of
reporting and accounting confguration
were two features that set it apart from
the other systems. IT2 also had a track
record of working with our chosen
SWIFT connectivity supplier Bottomline
Technologies, which was important as
the two project elements were to be
run in parallel.
1. We selectedWallstreet City Financials
in 2003. Our previous TMS was
powerful and had value-at-risk (VaR)
functionality, but over time we realised
that it was almost too powerful for
what we needed. So we wanted to
cut costs and streamline the TMS. City
Financials appealed to us because of
its web functionality. We nowhave
40 business units using it remotely,
with around 200 users. The integrated
accounting module was of great
importance, as previously we had a
separate accounting module with fles
being manually imported and exported
- a highly inefcient process. And fnally,
it allows us to develop reports and
interfaces without having to rely on IT
support or consultants.
1. Coty treasury chose the IT2TMS, as
we needed to upgrade fromour old
technology in order to support two
treasury operations in the Netherlands
and the US. Our operations needed
a full range of cash, treasury and risk
management business processes,
including in-house banking, worldwide
hedging, borrowing and lending -
and cash fowforecasting. We chose
IT2 because of its unique workfow
management and reporting tools, user
friendliness, fexibility and complete
functionality. IT2 frees up our global
treasury teamto concentrate on
strategic issues, management functions
and local business supports, which
adds professional value.
2. The obvious advice is to spec out
your current requirement and also
have a good idea of where you want
to end up. You have to decide if you
want a standalone systemand the
level of integration. Do you require
a fully integrated systemwith your
accounting and the bank software?
Also consider the type and level of
support that is available - howmuch
support and advice is available at the
implementation stage? Cost is also
important - you should not choose an
expensiveTMS and then fnd that most
of its functionality is left unused.
2. The most important piece of advice
I could give is to use your best internal
resources to do the implementation,
as they bring detailed knowledge of
your business and treasury processes.
This is vital during the key stages of the
project. The TMS investment needs to
be successful and it is easier to bring
other resources up to speed to help
your project teamwith their day job.
After all you still have to take care of
managing day-to-day activities, but
implementing the TMS is a strategically
important project and getting it right
should take priority.
2. Outliningyour requirements at the
start is vital. For example, canyour
monthly management reporting
informationbe generatedby theTMS
withminimal editingrequired? Ensure
that the potential TMS suppliers provide
hardexamples duringthe selection
process. ATMS shouldbe fexible, so
bear inmindwhat youmight needinthe
future. Is the customer support service
robust?Try callingtheir support tosee if
a personanswers or if youare diverted
tovoicemail. Howoftenare updates
released?Visit existingusers tofndout
what theTMS are like inreality. And
fnally, assess if the cost of owningand
maintainingyour ownIT hardware
is worthwhile.
2. You should benchmark your short-
listed solutions against your current
solution. Choosing a newsystemis a
great opportunity for business process
improvement, breaking away from
the constraints of the past and bear
in mind the future growpath of your
organisation. Also, be sure to meet
the vendors management, consultant
teamand support staf- it is important
to be confdent of your suppliers
integrity and team-building qualities,
which are in many ways as important
as the technology. Last, but not least,
ensure that you take the lead in the
implementation - you need to work
with it day-to-day, therefore take the
drivers seat.
3. The TMS we use is fully integrated
and a number of interfaces have
been built. This means that it is very
easy to use and to train new staf to
use it. Administration is restricted
for control reasons and making
changes and setting up static data
is straightforward. A little more time
is required for setting up hedge
accounting. We have written our own
documentation to make this easier.
3. The IT2 system is very easy to use on
a day-to-day basis. The system has a
depth of functionality and capability,
which underlines its fexibility.
However, with this fexibility comes
greater complexity during the initial
set up of a new process as the user
screens can be customised extensively.
Therefore you need to have in-house
knowledge of the system to do this.
It was important that we developed
these skills in-house so that we could
become relatively self-sufcient. If your
best people are not involved on the
implementation, then you struggle to
develop this capability in-house.
3. Wallstreet City Financials is very easy
to use and maintain. I personally dont
have a technical background, having
spent over 18 years in the dealing
room. During this time many systems
people talked about STP - now I
can see it in action in the treasury
department. For example, our external
FX turnover last year was 90bn, with
20,000 total internal and external deals
input. Without STP, we would have
needed extra personnel to manage the
volume. The inter-site payments used
remotely makes life easier for the team
and minimises the number of input
errors. We are currently migrating
to SWIFT and can streamline TMS
processes even further.
3. We are fnding IT2 very easy to work
with on a day-to-day basis, as it is an
intuitive, confgurable system. The
IT2 process maps were impressive
in the sales process, but we are
growing to appreciate their value
beyond workfow documentation
transparency. They clearly monitor
operations in progress, helping to
ensure that the team makes the
necessary interventions to assure
timely and accurate processing. And
they are self documenting, giving
us an almost automated treasury
procedure manual, as well as easy and
transparent auditing. In the future,
they will be very helpful in efciently
training new team members.
4. The newfunctionality I would look
for is a more user-friendly reporting
function and connectivity to new
mobile devices. This will allowfor better
management reporting. At a recent
demonstration of the latest version
of AvantGard Integrity, I noted some
improvements in this area that look
promising. As part of the next planned
upgrade, I look forward to using this
additional functionality.
4. That is a difcult questionto
answer, as IT2has usually beenable to
accommodate requests that we have
made for enhancements tothe system.
Inanideal world, perhaps, I wouldlike to
see a more easily confgurable approach
toimportingmarket data, as we needto
combine several diferent market data
types withinSABMiller. Better of-the-
shelf SWIFT for corporate access would
alsobe useful.
4. We are happy withthe current
functionality intheTMS, andI feel
confdent that Wallstreet City Financials
will be able toserve us well over the
current planningcycle. Usingthe cash
forecastingfunctionality is anarea we
aimtodevelopandthis may require
additional functionality.
4. Well, we selectedIT2because its
facilities fulfl our current requirements,
andalsoaddress our evolutionary
ideas for treasury over at least the
mediumterm. I shouldsay that we are
about tolauncha secondphase of the
implementation, whichwill extendthe
solutiontoonline cashforecastingand
guarantees. These extensions will helpus
tomaximise the value of our technology
investment, by optimisingcashvisibility
andutility, andby further automatingour
fnancial risk management activities.
1.
2.
3.
4.
Michael Eggers,
Head of Corporate Finance
& Treasury Europe,
Steinhoff Europe Group
Alain Millet,
Group Treasurer,
CLS Holdings
Brij M Kalia,
Head of Treasury,
EDF Energy
Guy Ingram,
Treasury Manager,
SABMiller
Keith Shapley,
Treasury Manager
- Projects and
Compliance,
Group Treasury,
BAE Systems
Rudmer Wedzinga,
International Treasurer,
Coty Inc
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Risk and Reporting

Corporates treasuries main role is to eliminate various forms of risk. What
are some of todays considerations in evaluating technology for measuring,
managing and reporting risk in treasury operations?
Words: Kelvin Walton, TreasuryWise
Barings management really thought that they
were making these enormous profts on futures
and options arbitrage trading - while taking very
little risk, answered Nick Leeson. I was their little
man in Singapore, who took care of everything.
Barings crash back in 1995 would certainly have
been avoided if the organisation had imposed
some basic controls and enforced prudent
dealing practices. In summary, the practical
risk management practices and processes that
were lacking included the effective segregation
of duties between front and back offces, the
assignment and management of appropriate
trading limits, and the availability of dependable
reporting, providing details of accurate and up-to-
date positions and proft/loss numbers.
But what is the relevance of this sad story
from the lost world of merchant banking
for a contemporary corporate treasury team
that is evaluating a signifcant investment
in technology?
One of the central roles of the overwhelming
majority of corporate treasuries is effective
risk management, seeking, as far as possible,
to eliminate various forms of risk. Corporates
risk management operations involve the
identifcation and measurement of risk,
leading to its mitigation through hedging
operations - as opposed to the naked and
uncontrolled speculation in derivatives that
destroyed Barings capital and independence.
Accordingly, an important aspect of a
treasury technology evaluation exercise is
investigating and verifying that the competing
systems include the correct mix of risk
management tools that that will avoid - or
at the very least reveal - the basic types of
risk we have identifed. In addition, some
treasury departments will require further,
more sophisticated risk management tools to
be deployed; this will apply in cases where
the necessary investment is justifed by the
relatively high levels of risk exposure that are
being managed, for example through signifcant
debt leverage or currency exposure.
Operational Risk Management
The most basic improvement that a frst time
or replacement treasury management system
(TMS) can offer relates to the reduction of
operational risk. A modern TMS provides
robust and transparent treasury operations
that would simply not be possible if treasury
were dependent on manual processes and
spreadsheets. At this elementary level, a TMS
can radically reduce the risk of errors associated
with manual processes. It is also increasingly
accepted that spreadsheet solutions lack the
necessary robustness to support complex
fnancial operations such as treasury. They also
tend to be undocumented, and, as they grow
organically, diffcult to understand or maintain.
When the original authors move on, the risk and
diffculties are compounded, particularly when
something breaks.
The introduction of the Sarbanes-Oxley Act
(SOX) in 2002 set new, demanding standards
for optimising treasury process robustness
and transparency. Today, consultants and
auditors consistently look for higher standards
of SOX and SOX-style compliance in support
of treasury. It might even be argued that if
an organisation is large and complex enough
to warrant the establishment of a discrete
treasury function, it should always be able
to justify a technology investment that at a
minimum addresses operational risk reduction.
Basic Financial Risk Management
Moving into the general feld of fnancial risk
management, I will consider the topics that I
regard as basic necessities, before moving on
to some more advanced concepts. The basic
tools to be examined are the management of the
segregation of duties, dealing limits and position
and exposure valuation. The value of properly
automating these functions is illustrated in the
true (but, of course, anonymous) account of the
treasury misadventures of a Nordic corporate, a
few years ago.
The company was in fact evaluating making a
TMS investment to replace the spreadsheets
they were using - at the same time as their
rogue options trader was discretely running
up a disastrous position. The trader was
receiving the incoming deal confrmations that
were addressed to him, and he fled them
in a bottom drawer. The telephone-based
transactions were not visible to the back offce
(or anyone else), bypassing any kind of limits
check or position valuation. The company,
in fact, relied on banks to value their option
hedge position, as they lacked the means to
do so in-house.
The dnouement came swiftly when a
concerned executive of a counterparty bank
phoned the companys fnance director, seeking
to discuss the large loss-making option position
to which he had been alerted. Soon after, the
new treasurer secured approval for licensing
and implementing a TMS.
We were lucky that the fnal loss was no more
than US$5m, he commented. If you contrast
this to the one-off and recurrent costs for
implementing and operating a decent TMS, you
can quickly see that this is equivalent to a very
reasonable insurance premium, providing a
solution that would effectively eliminate the risk
of anything like this ever happening again.
Segregation of Duties
At its basic level, segregation of duties simply
secures treasury operations so that individuals
who are authorised to initiate transactions
are not permitted to settle them. This is often
referred to as the four eyes system. It is
very easily administered by a TMS, through
the defnition of individuals access rights to
various critical system functions. Once the
system security has been accurately defned
and locked down, any attempt to by-pass the
control will not only be blocked, it will also be
logged on the audit trail, so that such events
can be effectively followed up.
TMS are well suited to manage various levels
of complexity in the segregation of duties
structure required, which will be a function
of the size, complexity and operating policy
of the treasury in question. The facility has
the added beneft that it can protect the
confdentiality of sensitive data by restricting
or partitioning access, in cases where this
represents a signifcant risk. A measure of
fexibility is needed in small operations, in
which a complete functional segregation
would severely strain individual resources;
in such cases, the chosen system should
enable the restriction to be defned so that,
for example, an individual may both initiate
and release payments - but not for the same
payment transaction.
Limits Management
The management of limits the dealing room
of a bank that is engaged in market making
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Increasing numbers of treasuries
are supplementing the use of
classic credit ratings with market-
sensitive tools such as credit
default swap (CDS) spreads
A further consideration in this context
is the adoption of a hedge accounting
solution, under IAS 39 or FAS 133, and the
International Financial Reporting Standards
(IFRS) update after convergence has fnally
occurred. Hedge accounting solutions require
a combination of accounting and forward-
looking risk management techniques,
and are computationally demanding, and
hence imposing special demands on the
TMS. Companies that elect not to hedge
account will need TMS support for the
effective collection and analysis of the
relevant exposures, so that they can take the
necessary actions to avoid unwanted proft/
loss (P/L) volatility.
STP and Integration
As the effciency and accuracy benefts of
higher levels of automation become more
generally sought after, many treasuries are
looking to enhance operations by integrating
their TMS with third party systems, such as
dealing portals and confrmation management
services. Such integrations carry additional
benefts beyond cutting operational risk,
including helping to assure best price execution
with the available permitted counterparties.
Additionally, many treasuries are looking to
implement higher levels of straight-through
processing (STP) to create a more hands-free
environment, eliminating or minimising the
risks commonly caused by human error.
Advanced Risk Management
Scenario analysis is the most popular of the
more advanced techniques used by corporate
treasuries to evaluate fnancial risk, in cases
where the level of risk exposure justifes
investment in more powerful tools. I am using
the term scenario analysis here in a broad
context, covering the testing of treasurys
positions and exposures against a range of
hypothetical events, including different market
conditions (FX, interest rates and volatility),
stresses and the impact of possible deals.
Supported by the necessary technology,
scenario analysis enables treasurers to
understand the nature of the risks that might
have to tackle in different situations. It also
enables them to answer the diffcult questions
that might be urgently posed by senior
management, such as: What would be the
impact if the yen declines 5% against the US
dollar? or What would the effect on our debt
portfolio be of a 1% UK base rate hike?
Value-at-risk (VaR) is another advanced risk
management technique that requires heavy
technical support for effective deployment. In
my view, it is a useful treasury benchmarking
tool and provides objective verifcation that
treasury is managing risk according to policy
requirements. Some commentators advocate
cash-fow-at-risk (CFaR) as a more valuable
risk management tool for the corporate
environment; however, CFaR adoption naturally
requires powerful TMS support to be effective.
Reporting
The various risk management approaches
outlined above are just a part of the entire
range of treasury operations that rely on the
TMSs reporting capability to ensure that
they are effectively communicated to the
treasury department, management, auditors
and regulators, and other stakeholders. Many
would, very reasonably, hold that effective
reporting is the single most important criterion
in assessing the quality of a TMS. Arguably, the
key question to be addressed when evaluating
different reporting solutions is, how timely does
the production of the report really need to be?
In the context of risk management, I would
argue that real-time, or at least on demand,
near real-time, reporting is an essential
technical requirement. Treasurers may not feel
that the timing of database updates is really
their concern - but if they are confronted by, for
example, a sudden and violent deterioration in
a counterparty or countrys creditworthiness,
they quite reasonably demand complete
and accurate information from their TMS
- and they want it now. So there are quite
technical considerations that really need to
be understood in their practical context in a
TMS evaluation, when the underlying issue is
performance. Its not just functionality thats key
to analysing and reacting with best effect to a
sudden crisis - performance is also critical.
The Current Environment
The treasury technology marketplace has, to the
surprise of some observers, remained buoyant
in recent years, despite challenging fnancial and
economic conditions in many parts of the world.
This has, I think, been the case for a number of
reasons. Treasury has become more prominent,
probably irreversibly, since the fnancial crisis.
This is because it is clearly good corporate
governance to ensure liquidity against a range
and proprietary trading can be very complex
and demanding. The limit categories that
may be encountered include counterparty
exposure, counterparty daily settlement,
individual dealer, specifc instrument,
instrument type, instrument class, country
and geographic region. Such structures are
clearly too complex to apply to most corporate
treasuries; the obviously relevant category is
counterparty limits.
Counterparty limit assignment is closely
connected with the broader topic of
counterparty exposure management.
Increasing numbers of treasuries are
supplementing the use of classic credit ratings
with market-sensitive tools such as credit
default swap (CDS) spreads, given the lagging
performance of credit ratings when the
credit crunch frst struck (in fairness, I should
add that the ratings agencies are behaving
proactively during the sovereign debt episode
that that is unfolding at the time of writing).
Each company will determine which classes
of dealing limit are appropriate for them.
Limits management requires TMS support in
order to be fully effective, so that dealers can
deal quickly and effectively, and management
can be assured that limits are being properly
monitored, and that breaches are promptly
reported. It is also very useful to check limits
automatically on a pre-trade basis, so that the
elevated risks and potential costs of actual
breaches may be avoided. The implication
here is that strong limits management needs
real-time support from the TMS, so this is a
factor that needs to be kept in mind in during
TMS evaluation.
Position and Exposure Valuation
Position and exposure valuation require a range
of tools, ranging from the relatively simple
ones need for foreign exchange (FX) forwards
and time deposits to the more complex
requirements of some derivatives. Some TMS
include integral solutions that enable real-
time valuations of all kinds of transaction risk
position to be achieved; this powerful facility
additionally requires system integration with
up-to-date market data - FX and interest
rates, and perhaps volatilities. Others rely on
separate or third party solutions to handle more
complex instruments. The technology evaluator
will need to perform a complex analysis of the
costs and benefts of the alternatives to reach a
conclusion that best fts requirements.
of scenarios, and to measure risk exposures,
including to counterparties, sensitively and
accurately. Solutions to these issues demand
strong technology.
In addition, smaller companies are organising
discrete treasury departments, and these
are of course confronting exactly the same
risk management challenges as larger
organisations. And its not just a matter of
size; some relatively small companies, (for
example, with turnover below US$50m)
are justifying TMS investments if their
management judges that they are carrying a
suffciently high level of fnancial risk.
In addition to the steady stream of frst-
time buyers, for whom spreadsheets are
now just not good enough, there is also a
replacement market, presently focused on
those organisations that made their initial TMS
investments in the technology boom years of
the 1990s. Many treasurers are now seeking
to re-invest, to take advantage of the higher
levels of user friendliness, STP, functionality,
cost effectiveness and effciently offered by
todays TMS.
The heightened awareness of the importance
of strong corporate governance is also
increasing the complexity of the technology
procurement process; in many areas,
purchasing departments are increasingly
fexing their muscles in infuencing how
technology is acquired.
TMS evaluation projects are tending to
become more complex and demanding,
increasing the number of hoops that
treasurers need to navigate through to acquire
the management technology they really need
to maximise their departments productivity
and effectiveness,
Conclusion
I have summarised here some of todays
considerations in evaluating technology for
measuring, managing and reporting risk
in treasury operations. It seems clear that
there are some generally applicable issues;
but in fact no one quite perfectly fts the
bog standard mould when it comes to risk.
Somewhere in the most innocuous looking
operations may lurk ferociously complicated
guarantee structures, performance bonds,
leases and so forth. Finding the appropriate risk
and reporting TMS solution may be a little more
complex than it initially appears to be.
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BELLIn
Consultancy
Whatever it takes to set up and run the
project, even meeting tight timelines, a team
of professionals with guide, consult and help
your company achieve its objectives.
Implementation management and monitoring.
Group-wide supervision and support,
including the aspects and requirements of
the local treasury business.
Process review and optimisation, e.g. cash
pools, hedging analysis and strategies,
domestic and international payment
processing, and liquidity forecasting.
Provision of temporary staff to provide
support to your company.
Software
tm5 - LoadBalancedTreasury
The core idea behind tm5 is the concept of
LoadBalancedTreasury. Our business logic and
technical architecture support this concept. Its
all about bringing the system to the local user
for their beneft, instead of centralising tasks
in one spot.
Local teams, including the central treasury,
can operate on their own terms - replacing
spreadsheets and exchanging data with other
companies and organisations for reconciliation
purposes. This has tremendous advantages
for all companies and departments within
complex organisations.
With BELLIN, everyone operates their local
treasury from one platform, which contains
all the information. The central treasury
retrieves whatever is required to run treasury
management, effectively replacing the daily
task of data collection. tm5 not only offers daily
cash management, including multi-bank and
multinational e-banking solutions, but also
fexible mid- and long-term liquidity forecasting.
Additionally BELLIN offers solutions for clearing
internal payment fows, as well as single
invoice-based reconciliation as part of the
netting process. BELLIN clients were twice rated
as highly commended and have recently
won the Adam Smith Award in the category of
Harnessing the Power of Technology.
Small business international payment
processing is possible with BELLINs hosted
solution Payment2Go. Most companies
accept banks just like the weather. With our
multi-bank and multinational web portal,
all you need is a URL and a password. Now
the company can concentrate on its core
business and be independent of the systems
offered by banks.
Since it is a fully-hosted solution, if there is any
trouble during the operation, we fx the problem
or provide you with a consultant for further
assistance at any time. I am convinced that
this will be the future in the day-to-day banking
business - and this is even more interesting
for small and medium-sized companies, says
Martin Bellin.
Services
BELLIN provides a full range of services for
your treasury:
Consulting
Application implementation, confguration
and customisation.
Complete treasury reviews.
Optimisation of processes and strategies.
Temporary staff.
Software
m5 - a fully web-based solution for global
treasuries in any confguration.
Payment2Go - the web-based software-
as-a-service (SaaS) payment platform for
Europe.
Services
Financing options for the purchase or
rental of the end user license.
Hosting, ASP and SaaS.
Worldwide local support for all subsidiaries.
Market data.
Connectivity for payment processing to
numerous banks (Citi, Deutsche Bank,
Bank of America, Lloyds, and many more)
and organisations such as SWIFT.
Founded by a treasurer who was unable to fnd the appropriate tools for his
treasury, BELLIN provides corporate clients with a company-wide web-based
treasury platform.
Our philosophy at BELLIN is that we dont just like treasury, we love it, and
our product tm5 is custom-made to get treasuries connected.
BELLIN is a global leader in providing treasury software and services to
over 15 000 users in 120 countries. Headquartered in Germany, BELLIN has
partners in North America, the UK, the Netherlands, Sweden and France.
Our team of consultants consists of many former treasurers who can fnd
treasury solutions to suite your corporations needs.
As an all-in-one treasury product, tm5 is guaranteed to amaze you with
adaptable modules such as cash and risk management and netting.
The LoadBalancedTreasury approach that we apply allows subsidiary
companies and the central treasury access to real-time fnancial data and
processes at the click of a mouse. BELLIN also offers hosting services (ASP).
The try before you buy option gives customers a chance to discover
BELLINs treasury solutions for themselves. Join us and our hundreds of
clients, such as Flextronics, Virgin Atlantic and Red Bull, who all say: We love
treasury!
Products and Services
ContaCt information
German Headquarters:
BELLIN GmbH
Tullastrasse 19
77955 Ettenheim
Email: sales@bellin.de
Tel: +49 7822 44600
Website: www.bellin.com
M
a
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B
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C
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B
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Consulting
s o f t wa r e
s e r v i C e s
www.bellin.com
BELLIN
Benelux B.V.
Benelux
AGL
Transaction Services AB
sweden
BELLIN
Treasury Services Ltd.
Canada
BELLIN
Treasury Alliance Ltd.
uK
Cap Fi
Technology
france
The BELLIN Treasury Network Partners:
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ecofnance - a Reval Company
Integrated Treasury System (ITS)
The Integrated Treasury System (ITS) is a
comprehensive solution for the effcient handling
of all fnancial processes of international
companies. The system, with more than 20
modules, covers the areas of cash, treasury and
risk management, payments and reporting. Due
to its modular structure ITS can be combined
and extended in a fexible manner meeting the
individual needs of corporates.
ITS brings about the:
Acceleration of processes.
Increase in the quality of work.
Integration of data.
Automation of work routines.
Time and cost saving.
Global and Mobile Treasury
ITS enables local entities to access the
application at any time. Local users are
granted easy and secure access via internet,
intranet or CITRIX. In this way local entities
can assist the central group treasury by
entering planning data. Bank account
statements are imported automatically.
The integrated reporting gives local cash
managers an overview of the fnancial status
within their company. ITS supports all central
and local treasury concepts such as treasury
centre, in-house banking, netting centre and
payment factory.
The ecofnance Mobile Client (eMC), an iPhone
app, allows mobile usage of the ITS Report Inbox
and the ITS Monitor.
Cash Management
The cash management modules of ITS serve
to administer and process all cash fows in
the company. The cash fows are imported,
automatically produced in ITS or entered
manually. In line with the automatic bank
statement processing, electronic account
information is reconciled automatically with
the cash fows entered in ITS. The account
assignment and posting module then generates
posting fles for further processing in the external
general ledger. The liquidity planning module is
a fexible tool for managing future cash fows.
Planning horizons, as well as liquidity groups,
can be defned individually. ITS supports rolling
horizons and offers a data cube to drill down
aggregated information.
Treasury Management
In the feld of treasury management, ITS offers
modules for the entry and administration
of money market deals, FX deals, interest
rate derivatives, commodities, loans, leasing
agreements, guarantees, other contingent
liabilities and securities (bonds, funds, stock).
The cash fows of these transactions are
incorporated automatically in the payment
processing and planning of ITS and are
available for ad hoc reporting and within the
report system.
Risk Management
To fulfl the most diverse requirements in
managing and controlling risks, ITS offers a
broad range of special modules, e.g. for the
simulation of specifc deals and scenarios, for
limit administration and limit monitoring (dealer
limits, counterparty limits, currency limits, credit
lines, etc) or for the allocation and classifcation
of underlying transactions and hedges (hedge
relations), including effectiveness testing
according to the US-GAAP, IFRS/IAS regulations.
Another powerful module is available for the
calculation of the value-at-risk (VaR) of individual
transactions or portfolios that have been
individually defned.
Payments Management
Along with the typical payment functionality, ITS
provides the opportunity to deploy a payment
factory to save transaction costs through
numerous optimisation rules. In connection with
the cash management module, effective cash
pooling can be easily illustrated. Moreover, it
is possible to perform permanent or key-date
netting. Payment fles in different formats can be
generated and sent directly to the bank with or
without electronic signatures.
Reporting
ITS provides calculations and graphics directly
on the user interface and offers a wide range of
standard reports to evaluate information from
every module. Furthermore, the user has the
possibility to create individual reports. In addition
a sophisticated system technology provides
high automation, monitoring of processes and
workfows, maximum performance and secure
data exchange.
ecofnance is one of the leading software providers in international
treasury management. Established in 1984, the company has been an
innovative and competent partner to reputable companies and fnancial
institutions globally.
Corporations use ecofnances integrated fnancial systems to manage
their entire treasury operation, including cash management and
liquidity planning, risk management, payments and reporting. Financial
institutions use ecofnance solutions to offer its corporate clients
professional web services for cash pooling and treasury management.
With its headquarters in Graz, Austria, ecofnance has a full in-house
development and support centre. Algorithms and software reviews are
carried out by a prestigious university, ensuring that this ISO 9001-certifed
company offers state-of-the-art solutions of the highest quality.
ecofnance is part of the Reval group. Reval provides an award-winning
web-based platform that automates corporate fnancial risk management
for a wide range of interest rate, foreign exchange (FX), commodity and
credit derivatives.
Reval was founded in 1999 and is headquartered in New York, with
regional centres based in Philadelphia, Chicago, San Francisco, Toronto,
London, Frankfurt, Graz, Sydney, Hong Kong, and Gurgaon.
Products and Services
ContaCt information
ecofnance - a Reval Company
Arche Noah 11
8020 Graz
Austria
Email: sales@ecofnance.com
Tel: +43/(0)316/908030
Website: www.ecofnance.com
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exalog
Eliminating Barriers in Global
B2Bank Communication
exalogs web-based applications allowany
company to optimise its treasury management.
Whatever the size, business activity or geographic
span of your company, one of our TMS answers
your needs.
Allmybanks.net is our solution dedicated to
international groups. It enables you to manage
treasury and fnancial movements, keep bank
charges under control, and optimise cash fow
- all within a single interface.
Three Modules in One Single Interface
Allmybanks.net is composed of three
integrated modules including the functions
needed to offer you the best cash visibility.
AMB Factory: Payments, collections and
transaction statements
AMB Factory centralises all relevant data
needed to manage your transactions.
Account statements: display, upload and
search.
Accounting reconciliation: automated,
assisted or manual.
Payments and collections factory: workfow
of approval and payments signature
(3SKey).
AMB Treasury: Group and subsidiary
treasury management
AMB Treasury gives you a complete decision
support toolkit.
Operational treasury: forecasts,
reconciliation, account balancing and cash
fow budgeting.
Liquidity management: investment,
fnancing and foreign exchange (FX).
Intercompany management: lending,
borrowing and interest administration.
Control of bank charges: bank statistics by
account or group of accounts.
Personalised reports: net cash position
statements and variance analysis.
AMB Connect: Security, connectivity
and interfaces
AMB Connect brings together the necessary
functions to enhance security and interface
with both your banks and IT system.
User rights management and traceability.
Banking authority limits.
Multi-channel and multi-format electronic
banking (e-banking): library of international
and domestic bank formats.
Interface with IT and accounting systems:
personalised import/export data format.
Bank Connectivity
As a TMS provider and as a certifed SWIFT
Service Bureau, exalog delivers an integrated
offering that includes the cash management
application as well as connectivity with
all your banks, whatever their e-banking
channel (SWIFTNet, EBICS, FTPs, etc). exalogs
expertise in e-banking guarantees that
Allmybanks.net always complies with current
banking standards.
Value-added Services
With Allmybanks.net you are free from all
technical and administrative concerns. Value-
added services such as interfacing with your
IT system, phone support (Europe, America
and Asia), user training, maintenance and
backups are provided with exalogs TMS.
Created in 1984, exalog has specialised in providing web-based cash
management software, or software-as-a-service (SaaS), since 2000. We
design, develop and operate all our products.
The SaaS mode reduces implementation timeframes, costs, as well as
the need for IT maintenance and support. Treasurers just need an Internet
connection to use their treasury management system (TMS). This simplicity
of use is coupled with a high level of security of both our infrastructure and
our software.
exalog gives you access to a high-availability infrastructure, which is ISO
27001 certifed, fully redundant and under active 24/7 surveillance. This
ensures that our TMS is a reliable solution with a business continuity plan
in line with your fnancial requirements.
One of our essential concerns is customer service quality. Our strategy
is built on maintaining in-house expertise. This ensures that we have full
control over our services, and enables us to react quickly to our customers
needs, says Jacques Lafarge,chief executive offcer (CEO) of exalog.
Thanks to this insourcing strategy, exalog develops and supplies all
components of its cash management offering, including bank connectivity.
That is why exalog is a certifed SWIFT service bureau and, for Europe, a
registered EBICS connectivity supplier.
We directly market our solutions to more than 5 000 companies that trust
our 27 years of experience in data exchange. We also provide white-
labelled applications to banks for their own corporate clients.
Products and Services
ContaCt information
97 rue de Bellevue,
92100 Boulogne Billancourt
France
Email: contact@exalog.com
Tel: +33 1 41 46 10 01
Website: www.exalog.com
BANKSERV
AD
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IT2 Treasury Solutions
IT2 Treasury Solutions high levels of treasury
and technology expertise uniquely equip the
organisation to understand the demanding
practical needs of multinational and domestic
treasury departments.
Scalable, intuitive IT2 software solutions
address and fulfl IT2s global network of
clients primary treasury business issues:

IT2 solutions collect treasury data from across
the organisation, and transform it into reliable,
actionable information. IT2s transparent
straight-through processing (STP) workfows
control, automate, secure and streamline
all treasury processes, providing a robust
platform for a most critical fnancial operation
such as treasury management.
IT2 updates automatically in real time, and
therefore provides real-time tools to manage
and report on positions, exposures and
transactions. IT2s clients are therefore able to
base their critical decisions for cash, funding,
investment and fnancial risk management
in full confdence that they are working with
up-to-date, reliable information.
IT2 is shipped with a comprehensive set of
best practice treasury workfows, reports and
integrations that may be implemented out-of-
the box, or easily confgured to refect specifc
policy requirements. The systems workfow
management and reporting tools are designed
for intuitive use by busy treasury professionals
in treasury departments, covering a wide
range of scales, missions, organisations,
complexities and policies.
IT2 Services
IT2 is dedicated to delivering service
excellence. Clients naturally require the
sustained provision of outstanding services
so that they derive the maximum value from
their investment in IT2. IT2s suite of service
offerings - of strategic relationship and
implementation management, client support
and training provided by the IT2 Academy
- support the implementation, operation
and sustained evolution of each clients IT2
solution.
IT2s annual, independently-conducted client
satisfaction survey provides objective client
feedback about the practical operation of the
IT2 system and of IT2 Treasury Solutions
service delivery track record.
IT2 Treasury Solutions is a leading global provider of treasury
management software solutions.
IT2 continually accumulates knowledge and practical experience in
international treasury operations, and is passionate about realising
treasury best practice with its clients, and with its network of business
partners.
Founded in 1982, the companys principal offces are located in London,
New York City and Hong Kong, serving over 250 corporate and fnancial
institution treasury clients worldwide, including: AB Stena Finans,
Campbells Soup Company, Cargolux, Costco Wholesale Corporation,
Coty, Dixons Retail, GSK plc, Hong Kong Hospital Authority, Hysan
Development Co., LCH.Clearnet, Marriott International, MF Global,
Pirelli International, Rmy Cointreau, Tyco International, Volkswagen
International Finance and Volvo Financial Services.
Products and Services
ContaCt information
IT2 UK
Eyot Gardens House
23 Eyot Gardens
London W6 9TR
United Kingdom
Tel: +44 20 8741 3553
IT2 USA
12th Floor, 1515 Broadway
New York, NY 10036
USA
Tel: +1 212 520 6612
IT2 Hong Kong
Suite 8, 20/F
One International Finance Centre
1 Harbour View Street
Central, Hong Kong
Tel: +852 2167 8111
Email: info@it2tms.com
Website: www.it2tms.com
The priority issues facing today's treasury departments relate to fundamental cash
and financial risk management questions, such as:
How much cash do we have and where is it?
Is there sufficient cash to meet our operating needs, where and when required?
Do we have sufficient funding available?
Are our assets and earnings properly protected?
Are our financial exposures fully understood and managed according to policy?
Am I complying with regulation?

IT2's transparent workflows control, automate, secure and streamline all treasury
processes enabling treasuries to answer these questions, dependably and promptly.

We have helped more than 250 treasuries make their next move, lets talk about
yours!

The priority issues facing today's treasury departments relate to fundamental cash
and financial risk management questions, such as:
How much cash do we have and where is it?
Is there sufficient cash to meet our operating needs, where and when required?
Do we have sufficient funding available?
Are our assets and earnings properly protected?
Are our financial exposures fully understood and managed according to policy?
Am I complying with regulation?

IT2's transparent workflows control, automate, secure and streamline all treasury
processes enabling treasuries to answer these questions, dependably and promptly.

We have helped more than 250 treasuries make their next move, lets talk about
yours!

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Murex
From simple deals to exotic structures, MX.3,
Murexs third generation integrated platform,
provides advanced trading, risk measurement
and hedging tools for high volume businesses.
Close consultation with major users has
brought a new generation of ergonomic
pricing and structuring tools into production,
alongside continually evolving cutting edge
risk management functionalities.
For trading and sales, the time to market for
value-added products has never been shorter,
the fexibility and transparency of risk has
never been greater.
To achieve high straight-through processing
(STP) rates, the system benefts from a
complete enterprise back offce solution
delivering powerful confguration tools,
real-time monitoring dashboards, out of the
box connectivity to executing, affrmation/
confrmation and clearing platforms.
The MXpress implementation methodology
leverages the wealth of business content
accumulated by Murex over the two decades
through pre-packaged components of the
platform while offering an accelerated process
of delivery. It offers a unique approach
enabling clients to determine the degree to
which they want:
Off-the-shelf, pre-packaged best practices.
A fexible confguration toolkit allowing
easy confguration to meet client-specifc
requirements.
An extension framework providing a suite
of application building tools, which allows
evolving businesses to rapidly develop,
test and deploy customised or additional
business content.
At each stage of this continuum from
standardised ready-to-go solution, through
user-friendly confguration, to client-specifc
extension through development, Murex has a
market-leading deployment solution.
The Murex Treasury Solution offers:
A complete solution, simple to use, easy
to customise:
Pricing, rapid and safe deal capture and
lifecycle management, together with a trade
blotter and multiple facets of risk monitoring
all integrated into a single, usable real-time
screen for traders, sales and middle offce.
A secure solution - power is nothing
without control:
Effcient sanity checking helps control
potential errors whether in data or input.
Native hedging structures at deal entry (split,
hedge, etc).
On-demand or automatic limits checks
pre-deal entry.
Comprehensive access right controls.
A global solution - aggregate and slice-and-
dice your results:
Customisable book structure to match the
bank organisation.
Ability to load all books for a given user/desk/
business line, etc.
Possibility to mix cash and derivatives views to
manage daily volume business together with
ad hoc hedges.
An innovative architecture
Multi-entity, multi-region and 24/7 availability.
Open access through an API framework.
Main Features
One real time central screen.
Effcient multi-entity solution.
Live integration with Murex Limits Controller.
Very high deals throughput and low latency.
Fully user defnable layout and shortcuts
handling traders and sales profles.
Fast, easy and secure deal entry.
Powerful aggregation, as well as fltering engine.
Key Benefts
Unrivalled asset class coverage enabling
rapid product extension.
Short- through long-term liquidity
management.
Back dated, current and projected positions
and proft and loss (P&L).
Dedicated spot and forward desks views
with breakeven rate and daily P&L.
Transparency of funding gaps.
Cash management.
MTM and accrual P&L (absolute, daily,
weekly, monthly, etc).
Front offce accrual management (gap,
banking book, foreign exchange (FX) accrual
delta views).
Cross-asset FX risk, interest rate risk,
security stocks views.
Funding procedure and logical funding at
deal level.
FX P&L risk hedge and sell down.
Cash and securities settlement instructions
through: SWIFT, CLS, etc.
Integrated reporting, audit and accounting
(IFRS, US GAAP, etc).
In building on over 25 years of successful presence in capital markets,
Murex has developed an unmatched competence in the design and
implementation of integrated trading, risk management, processing and
clearing solutions for buy- and sell-side fnancial institutions, corporations
and utilities located across the globe.
Every day over 36,000 users from banks, hedge funds, asset management
companies, corporations and utilities rely on Murex people and Murex
solutions to support their capital markets activities. Client satisfaction
is our primary goal, from quality and rapid development to successful
implementation and high-quality support.
Our 200 worldwide clients can rely on over 1,400 specialists actively
focused on delivering 24-hour global support through our offces in Paris,
New York, Singapore, Dublin, Beirut, Beijing, So Paulo, Sydney and Tokyo.
Products and Services
ContaCt information
Murex
8 rue Bellini, 75116 Paris, France
Email: info@murex.com
Tel: +33144053200
Website: www.murex.com
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Since 1985
An Bradn Feasa The Salmon Of Knowledge
Our Cloud Version - TGold
For those treasurers out there with very low
volume trading activity, we can now offer you
Salmon Treasurer a service available in the cloud
as a software-as-a-service (SaaS) solution. It is
called TGold.
If your volumes are small enough that you cant
justify the cost of an on premise solution, then
try TGold. Why not take out a free trial?
T
G
O
L
D
30 DAY FR
E
E TRIAL OFFE
R
European Sales Team Contact Details
T +353 1 4605305 F +353 1 4605333
E sales@tgoldoftware.com www.tgoldsoftware.com
SALMON
SOFTWARE
Dedicated Treasury Management System
Please see our website www.tgoldsoftware.com for full details
on signing up for your 30 day FREE trial.
When you visit our website you can review a range of typical
business scenarios, to see how easy and benecial this application
would be for you and your nance and treasury team.
Salmon Software.indd 1 04/08/2011 19:56
Salmon Treasurer
All of our product development is done under
the umbrella of Salmon Treasurer. Throughout
those years, the system has evolved with
the market, with technology and with our
clients needs and is now is one of the most
sophisticated TMS available in the world today.
We remain fast and fexible
As an accredited Microsoft Developer, we
use and apply to Salmon Treasurer the latest
development technologies as soon as they
are available to the software development
community. This ensures that we provide fast
delivery of innovative functionality at low cost
to our customers.
Maintain very personal relationships with all
our customers
We maintain constant communication with our
client community providing them with updated
knowledge of our development. They in turn
then provide us with the feedback from the
market thereby enabling us to apply the latest
technology to their requirements.
We treat all our clients with great care
and attention
Because of the many years of continuity
within Salmon Software, we offer a very
personal service to every client. We provide
direct personal contact between our clients
and our very knowledgeable support team.
Our client-driven continuous development
programme
Our clients, and what they need to enhance
their treasury function, dictate our continuous
development programme. Our clients are
canvassed regularly about what they believe
will make the treasury management function
more effcient and easier to perform.
A Single System
Salmon Treasurer is a single, completely
modular system. It offers you over 120
modules across all market instruments, all
levels of functionality and interfaces to all
electronic banking (e-banking) systems,
trading platforms, accounting systems,
confrmation matching systems and electronic
payments systems.
Salmon Treasurer applies whether you have
two users or 202 users. Salmon Treasurer
applies whether you operate a single-entity
centralised treasury function or a multiple-
entity global treasury function.
Theres no product or brand confusion that
you get with multiple products from the same
stable.
A Sensible Price
Salmon Treasurer is available to you at a price
that makes sense. TMS dont need to cost
millions, not even hundreds of thousands.
They also dont need to take forever to
implement. So compare what we can offer
you and youll be very pleasantly surprised.
Salmon Software was founded in 1985 to specialise in the development
of treasury management systems (TMS).
Our fagship product Salmon Treasurer has had continuous development
throughout that time to continuously refect the changing environment in
which corporate treasurers operate. This means that Salmon Treasurer
has a range of modules comparable to any system and operational
functionality that will rival any system from any provider operating in the
arena of global treasury management - all of this, at a price that other
providers cant match. How do we do it?
Acquisition? No Thanks!
Because of the quality and range of Salmon Treasurer, we have been
courted many times by companies wishing to acquire our company
and our product. We have resisted such advances in order to retain our
commitment to our very valued customers.
We believe that being completely independent and having a single
system enables us to be fexible and effcient and therefore offer a far
better total solution to our clients.
With the spate of recent acquisitions, it also offers a choice of system for
prospective buyers in the market.
Products and Services
ContaCt information
Salmon Software Ltd.
Unit 2 Block G
Riverview Business Park
Nangor Road
Dublin 12
Email: sales@salmonsoftware.ie
Tel: +35 3 1 4605 305
Web: www.salmonsoftware.ie
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Wall Street Systems
Solutions include:
Wallstreet eBAM - the leading electronic bank
account management (eBAM) solution. It allows
corporations to manage bank data, corporate
signatories and exposures across all global
accounts rapidly, accurately and securely.
Wallstreet Treasura - the market-leading,
cost-effective, web-based cash and treasury
management solution relied on by hundreds
of best-in-class global treasury teams.
Fully SSAE 16 certifed (previously SAS 70),
Wallstreet Treasura streamlines internal
processes, improves fnancial controls, and
helps the corporate treasurer to make more
effective working capital decisions.
Wallstreet Treasury - the turnkey software-as-
a-service (SaaS) solution for the mid-market
treasury. Extensive functionality is provided
by fully integrated best of breed products,
enabling the treasurer to take a service-based
approach to fulfl global company needs.
Wallstreet City Financials - the integrated
treasury workstation covers all aspects of
corporate treasury system requirements.
Functional areas cover cash, deal, and risk
management together with seamless and
powerful integrated accounting to meet both
practical and regulatory requirements.
Wallstreet Suite - the highly confgurable
solution, customised to the corporations
specifc needs. It delivers unprecedented return
on investment (ROI), with immediate visibility,
control and simplifed compliance. It has a
wide instrument coverage, parallel accounting
(multiple GAAP), multiple in-house banks, high
volume payment processing, plus sophisticated
risk and treasury management within one
system, simplifying even the most complex
of global corporate treasury operations.
Wallstreet has the worlds largest global
treasury systems practice with more than 100
go-lives each year, over 2,000 man years of
expertise and many senior industry fgures.
With the recent incorporation of City
Financials, Speranza Systems and Treasura,
more than 500 of the worlds leading
corporations now rely on treasury solutions
from Wall Street Systems. Corporate clients
include GE, Porsche, Merck & Co, Toyota
Financial Services, Daimler, Ford and Procter
& Gamble.
Corporations who use a treasury solution
from Wall Street Systems have the peace of
mind of that comes from working with a long
established and fnancially robust solutions
partner. With an unrivalled implementation
track record, Wallstreet clients know their
treasury operations are in safe hands.
Wall Street Systems has an outstanding
reputation for quality and responsive service,
and prides itself on helping customers achieve
long lasting benefts and results.
Wall Street Systems has 700 employees,
operating out of 14 offces worldwide and
servicing over 650 banking, corporate
and central bank customers. Our software
processes millions of transactions,
aggregating to trillions of dollars every day.
Wall Street Systems (Wallstreet) helps corporations of all sizes manage
liquidity, achieve effective risk management and transform their treasury
operations.
For the majority of corporations, Wallstreet delivers integrated, on-
demand and cost-effective treasury solutions for all aspects of corporate
treasury requirements.
Powerful cash, deal and risk management together with integrated
accounting to meet regulatory requirements
are made available via simple web browsers.
For the worlds largest and most sophisticated treasury operations,
Wallstreet delivers a sophisticated and scalable solution, helping to
simplify complex treasury through a single integrated and strategic
platform.
With immediate visibility and control, compliance, parallel accounting
(multiple generally accepted accounting principles (GAAP)), multiple
in-house banks and integrated volume payment processing, Wallstreet
ensures unprecedented treasury return on investment (ROI) and risk
mitigation.
Products and Services
ContaCt information
USA HEADQUARTERS
New York
Wall Street Systems
1290 Avenue of the Americas,
New York,
NY 10104
USA
EUROPE HEADQUARTERS
London
160 Queen Victoria Street,
London,
EC4V 4BF
UK
ASIA HEADQUARTERS
Singapore
Prudential Tower Level 15
30 Cecil Street,
SINGAPORE
049712
Email: info@wallstreetsystems.com
Website: www.wallstreetsystems.com
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www.wallstreetsystems.com
info@wallstreetsystems.com
Wall Street Systems is the partner of choice
for treasurers from corporations of all sizes.
From the simplest domestic cash to the
most sophisticated global liquidity and risk
solutions, Wall Street Systems provides the
opportunity for transformational change.
Over 500 of the worlds leading
corporations already rely on our treasury
solutions, expertise and unparalleled
support. Wall Street Systems can help
you to achieve enterprise-wide success
through your treasury operations.
PUTTING
TREASURERS
IN CONTROL
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OpenLinks Solution for Treasuries
with Commodity Exposures
OpenLink offers a single fully integrated software solution to address the
complete requirements of global corporate treasuries, particularly those
with commodity exposures. High-level functionality includes:
Cash management (visibility, netting, pooling, forecasting).
In-house banking.
Funding and investments.
Exposure management (interest rate, foreign exchange (FX), commodity).
Settlement/reconciliation (including SWIFT connectivity).
Collateral management.
Market and credit risk management (pricing, analytics, scenarios,
simulations - including potential future exposure (PFE)/credit value
adjustment (CVA).
Compliance and legal monitoring.
Accounting/hedge accounting.
Custom business workfow tools.
Our software is built upon straight-through exception processing (STeP)
rules that incorporate best practices from our large client base and
more than 15 years of experience. This enables companies to streamline
business processes, minimise operational risk and reduce internal and
external costs.
Dashboards and reports, including position and risk management,
are available in real-time and can be accessed by treasury, as well as
worldwide operating units.
Furthermore, if required, both work fows and reports can be readily
confgured to adhere to proprietary business demands using OpenLinks
embedded tools.
OpenLinks IT infrastructure is scalable and fexible to support both
todays challenges as well as capitalise on tomorrows opportunities. Our
software is available as a local installation or a hosted solution.
Headquartered on Long Island, New York, OpenLinks diverse client list
includes more than 450 of the worlds largest and most prestigious
investing and trading institutions including banks, insurance, fnance,
pensions, hedge funds and corporations. Our 1000+ staff members are
located in 11 regional offces worldwide.
Hanse Orga
Are you looking for a more effcient way to manage your fnancial supply
chain in SAP? And would you like a competent partner with outstanding
expertise and long-standing experience? Someone you can fully rely on for
implementing a professional solution?
In this case, contact us at Hanse Orga.
Hanse Orga, founded in 1984, is an independent software and consulting
frm for treasury management and bank reconciliation solutions. In addition
to its headquarter in Hamburg, Hanse Orga also has subsidiaries in France,
the Netherlands and Michigan, US.
Our business and technology know-how, gained in more than 25 years of
experience, is integrated in our fnance solutions that include both consulting
and software. As an offcial SAP Software Solution Partner, we provide
holistic SAP consulting services with a special focus on treasury and bank
reconciliation. All product groups are certifed by SAP as FinanceSuite 4.3, an
offcial confrmation of the high quality of Hanse Orga software solutions. The
certifcation ensures that Hanse Orga products completely meet the customer
requirements and that they are seamlessly integrated in the SAP environment.
Hanse Orga offers both solutions in the SAP standard or individual solutions
programmed in Advanced Business Application Programming (ABAP). Projects
are performed according to the SAP project procedure ASAP/Value SAP. Hanse
Orga also performs entire SAP installations and migrations.
Thanks to the SAP integration you easily avoid interfaces and therefore
signifcantly increase the security of your data. Our intelligent modules
automate many of your manual processes so that you can considerably
save on time and money. The modular approach of our software enables
you to implement the different components fexibly and perfectly in line
with your needs:
AutoBank automatic cash application.
Cash and liquidity management.
Treasury management.
Payment management.
Electronic bank account management (eBAM)
The individual needs of our customers are our main drive in this process.
For this reason, we do not simply sell products, but provide innovative
consulting and software solutions.
Certifed project managers and consultants for SAP help you fnd the best
solution for your company. Over 450 satisfed customers around the world,
including well-known market leaders such as BASF, BMW, Honeywell, IBM
and Philips, have successfully implemented our FinanceSuite and are highly
satisfed with the levels of optimisation they have achieved.
ContaCt information
Email: info@hanseorga.com
Tel: +49 (0)40 51 48 08 0
Website: www.hanseorga.com
ContaCt information
E-mail: info@openlink.com
Tel: + 44 20 7382 1929 or +1 516 833 4509
Website: www.openlink.com
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ContaCt information
Email: offce@allevo.ro
Tel: +40212554577
Website: www.allevo.ro
Allevo
GTreasury
Allevo is a private Romanian independent software vendor (ISV) and
consultancy company focused on reliably ensuring the fnancial transactions
exchange and processing. Allevo delivers innovative products and solutions
for real-time funds transfer management, empowering fnancial and public
institutions, corporate treasuries and small and medium-sized enterprises
(SMEs) to:
Improve/re-structure/centralise their fnancial transaction business fows,
Ensure interoperability by aligning their fnancial transaction systems to
international market standards.
Automate their transactions fow(straight-through processing (STP)).
Our cost-effective and easy-to-implement solutions are compliant with
international standards and regulations, being mainly based on qPayIntegrator
suite (certifed SWIFTReady on single euro payments area (SEPA) in 2008
and 2009, and on Workers Remittances in 2010 and 2011 tracks) and on the
value-added services performed by our SWIFT-certifed technical and business
experts (on EUCLID, TARGET2, cash reporting, bulk payments SEPA, corporate,
Trade Services Utility (TSU) and funds, SWIFTAlliance Suite and RMA).
Allevo solutions wrap a number of market segments (i.e. banking and fnancial,
corporate, public sector, microfnance and processing centres) based on
three product lines: fnancial transactions processing, business continuity and
process management.
Since 2007, Allevo started to approach the corporations fnancial related
business aiming to enhance the management of the working capital, improve
the fnancial productivity through information and operations consolidation and
save costs by rationalising the corporation-to-bank communication channels.
We address the corporates specifc requirements for the fnancial
transactions processing:
In the operations area by adapting some of the risk containment features,
such as accounts receivable (A/R)/accounts payable (A/P) reconciliation with
the banking statements of account and anti-money laundering (AML) fltering,
or the transactions enrichment to improve the end-to-end transactions
processing and control the fnancial costs
By extending the processing service to the corporation distribution chain.
The value proposition for corporates is to gain control over working capital,
allowing effcient allocation of the vendors extended loans and management of
the fnancial portfolio (cash and loans), as well as making informed payments
and agile follow-up on overdue collections. The solution provides for enhanced
interoperability with the bank - a powerful competitive differentiator - through
closed user group (CUG) architectures, either administrated by the bank (MA-
CUG) or by SWIFT (SCORE).
Available in both the traditionally (one-time) and as a managed service
(pay-as-you-go) licensing models, PayIntegrator is continuously enriched
with new functionalities, while preserving its price attractiveness and ease
of implementation.
GTreasury SS (GTreasury) specialises in providing world-class treasury
management automation (both application service provider (ASP)/software-as-
a-service (SaaS) to corporations, government agencies, and banks worldwide.
Through dynamic cash positioning, robust reporting, secured funds transfers,
enhanced forecasting, comprehensive debt and investment, foreign exchange
(FX) exposure management, and much more companies are able to gain
greater visibility into cash.
With 25 years of experience, corporations not only feel comfortable working
with a reputable company, but also because of the outstanding customer
service and overall ease of use coupled with comprehensive functionality.
Currently, GTreasury has more than 4,500 operators accessing the web version
on the software. GTreasury acts as a payment factory where we run over one
million funds transfer and can process in excess of 20,000 wires in a given day.
Companies are able to connect to over 8,000 banks worldwide through SWIFT
GTreasury has helped over 350 companies in a multitude of verticals and sizes
successfully manage daily treasury functions, streamline processes, improve
controls, and measure treasury performance. All support and development
efforts are focused on one seamless system. We frmly believe this approach
results in a richer product line, lower overall cost, long-termsecurity, and a
proven choice for users.
Products and Services
Benefts
Global visibility and transaction initiation on all bank accounts.
Scalable - over 50 modules.
Confgurable - user friendly.
Single platform- both ASP/SaaS onsite.
Experience - personnel have on average 15 years industry experience.
High performance.
Proven.
Why GTreasury?
Outstanding customer service.
Overall ease of use coupled with comprehensive functionality that is
unparalleled in the marketplace.
One focus on treasury management systems (TMS).
Core functions
Dynamic cash positioning.
Robust reporting.
Secured funds transfers.
Enhanced forecasting.
Adaptable dashboards and graphs.
Flexible back offce integration.
Advanced account reconciliation.
Comprehensive debt and investment management.
Foreign exchange (FX) exposure management.
Bank and account administration.
Bank fee analysis.
ContaCt information
Email: mail@gtreasury.com
Tel: +1 847 847 3706
Website: www.gtreasury.com
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Sungard
Thomson Reuters
SunGard is one of the worlds leading software and technology services
companies. The company has more than 20,000 employees and serves
25,000 customers in 70 countries. SunGard provides software and
processing solutions for fnancial services, higher education and the public
sector. It also provides disaster recovery services, managed IT services,
information availability consulting services and business continuity
management software. With annual revenue of about US$5bn, SunGard is
ranked 434 on the Fortune 500 and is the largest privately held business
software and IT services company.
SunGard AvantGard offers a full suite of solutions for liquidity management
focused on treasury, payments and receivables management. In addition,
AvantGard offers connectivity from these solutions out to a broader
ecosystem including foreign exchange (FX) management, electronic bank
account management (eBAM), SWIFT, banks, collection agencies, credit
data, market data, money market funds (MMFs) and more.
Furthermore, as a SWIFT Global Partner, SunGard AvantGard helps
corporations improve corporate to-bank connectivity, which includes
providing several options to connect to the SWIFT Network and to manage
that connection.
From basic cash management to sophisticated risk analysis, investment/
debt management, trading, netting, etc, AvantGard Treasury can meet a
wide range of requirements. The AvantGard global services team delivers
domain expertise and best practices as part of a full-scale implementation
with detailed training, and ongoing support services. ASP, hosted solution
and managed services delivery are also available to help reduce total cost
of ownership and offer a comprehensive approach to solution delivery.
Over 30,000 professionals in more than 1,800 companies, in greater than
40 countries rely on SunGards AvantGard to optimise liquidity, increase
velocity of free cash fow, and remove ineffciencies across the ecosystem.
Thomson Reuters is the largest provider of risk and trade management
solutions globally, servicing over 700 fnancial institutions. Our solutions
offer sophisticated, tailored functionality at every step of the trade, from
straight-through processing (STP) enabled front-to-back trading systems
to enterprise wide risk management. We have the global reach and local
expertise that is required of a long term strategic partner with more
than 950 risk professionals worldwide. And with more than 20 years of
experience, our customers can rely upon Thomson Reuters proven track
record of delivering complex solutions to meet their exact requirements.
Products and Services
Kondor+: a market-leading front to back trade and risk management
real-time solution that allows users to manage global trading activities
on a single, fexible and extensible platform. Why choose Kondor+:
Global and local coverage, with the expertise to understand our
customer needs.
Cost-effective front to back coverage of all areas, reducing total cost
of ownership.
Award-winning asset class coverage - unlimited vanilla and structured
instrument coverage.
Truly extensible and fexible solution - redefning consolidation.
Maintain visibility and control - gain insight with real-time data and
sophisticated analytics, analysis and reporting.
KGR: an integrated, real-time market risk, credit risk and limits
management product. Why choose KGR:
Intuitive and dynamic risk dashboards.
Leverage front offce capabilities in the risk department.
Credit and market risk engines in one product.
Sophisticated and fexible stress testing.
Highly fexible limits rules.
Powerful data aggregation and analysis engines.
Open, fexible and generic data model.
TopOffce: a new solution from Thomson Reuters that provides a consistent,
integrated view of proft and risk across the business, in real time.
Why choose TopOffce:
Proactively manage the business on the basis of risk-adjusted proft
and loss (P&L).
Access information in real time and respond to rapid market changes.
Run multiple stress tests and drill down into native views to assess
risks quickly.
Eliminate risk management silos and optimise use of capital.
Achieve faster time to market with less resources to gain
competitive advantage.
ContaCt information
Email: askrisk@thomsonreuters.com
Website: http://thomsonreuters.com/products_services/fnancial/
ContaCt information
Website: www.sungard.com/avantgard
Please come and visit
6-9 November 2011 in Boston
Booths 921 and 922
19-23 September 2011 in Toronto
Booth PS06
at
and
00016_visit us advert.indd 1 8/4/11 7:11 PM
SYSTEM NAME
Allmybanks.
net
ATOM
AvantGard
Treasury
FinanceSuite Treasury
Management
Findur Finlogik
FTI
STAR
GTreasury
WebCash
IntegratedTreasury
SystemITS
IT2
Kondor Trade
Processing (KTP)
MX.3
Parity TMS
for Windows
qPayIntegrator TGold tm5
Salmon
Treasurer
SmartTreasury
Wallstreet City
Financials
Wallstreet
Suite
Wallstreet
Treasura
Wallstreet Treasury
SaaS
COMPANY exalog
Financial Sciences
Corporation
SunGard Hanse Orga OpenLink Finlogik FTI GTreasury SS ecofnance
IT2 Treasury
Solutions
Thomson
Reuters
Murex
Manex Treasury
Systems
Allevo
Salmon
Software
Bellin
Salmon
Software
Chesapeake
SystemSolutions
Wall Street
Systems
Wall Street
Systems
Wall Street
Systems
Wall Street
Systems
1. Dealing - Financial Instruments
Foreign exchange
Spot
Forwards
Foreign exchange (FX) swaps w
FX options (over-the-counter (OTC)) w w w
Debt interest rate products
Money market loans and deposits
Bankers acceptances w w w
Euro commercial paper (ECP) - discounted, multicurrency w
Euro medium-term note (EMTN): multicurrency w w
Bonds: ad hoc w w
Money market funds (MMFs): investments w
Securities w w w w
Derivatives
Short-term: forward rate agreements (FRAs) - multicurrency w
Interest rate swaps w
Cross currency swaps w
Swaptions w
Interest rate options w
Financial futures w
Electronic dealing
Can the system link to one of the main e-dealing systems such as 360T, Currenex or FXall? w w
2. Cash Management
Balance and transaction management
Automated scheduled delivery of bank balance and transaction reports. w
Manual delivery of bank balance information and transaction reports. w
Reconciliation
Automated scheduled reconciliation of bank statements and TMS position. w w
Manual reconciliation on an ad hoc basis. w
Ability to import a reconciliation fle from an external source, such as SAP. w w w
Performed within the TMS on a total balance basis. w w
Forecasting
Ability to record and report treasury transaction fows.
Ability to record and report interest fows. w
Ability to record and report cash calls (inter-company funding). w
Ability to perform comparative analysis between forecast and actual fgures. w
Confrmations
Ability to link to a confrmation matching service? w w w
3. Accounting
Support an internal and integrated, ledger or sub-ledgers? w w w w w w
Provide an interface to an external accounting system? w
4. Reporting
Maintain a library of reports that a user can adapt?
Have a internal report writing feature? w w w w
Link to an third party report writing tool? w w
5. Security
Does the TMS conformwith security principles, such as four eyes, segregation of duties, etc?
6. Risk
Is there a risk management module that allows users to calculate and measure risk? w w w w
7. Target Company Size
Small (US$500m and below)
Medium-sized (between US$500m and US$1bn)
Large (greater than US$1bn)
8. Implementation
How is your TMS implemented? -
How many companies have implemented your TMS? 60 >1000 >100 10 4 >350 105 256 210 >140 60 2 4 >200 >100 -
How many companies have implemented your TMS in the past 12 months? 20 >50 >15 3 1 30 17 32 10 6 3 2 4 >35 3 -
a buyers guide to TreaSury ManageMenT SySTeMS
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KEY Yes No wSome Client choice In-house Hosted Contact vendor Not disclosed
TMS Functionality Matrix 2011
*Only those vendors that filled out the gtnews TMS Functionality Survey between May-August 2011 are included.
www.gtnewsawards.com
-,,,, ,,,, ,, -, ,,,,-,-,
,, -,, , ,-,,, ,,,,,,
Sponsored by
TREASURY AWARDS 2011
GLOBAL CORPORATE
Recognising Excellence in Treasury
gtnews hosted the second annual Global Corporate
Treasury Awards in Toronto, Canada, 20 September 2011.
The Global Corporate Treasury Awards, sponsored by Bank of America
Merrill Lynch, pays tribute to treasury innovation that has contributed to
the success of a corporations business.
gtnews_awards_A4_ad_final_aug11_aw.indd 1 8/4/11 2:06 PM