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Cash Management World Tour
Page 2 Page 2 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
01 Discovering Italy
02 Better understanding Italy
03 Doing Business in Italy
04 In a few words
Contents
www.ca-cib.com
CHAPTER ONE
Discovering Italy
Page 4 Page 4 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
Source: Istat update to 2015, IMF for GDP update to 2014
Area: 302.071 Km2
Population: 60.795.612
Capital: Rome
Government: Parliamentary Republic
Currency: EURO (€)
01 Discovering Italy
Italy overview (1/2)
General Information
Source: Reuters
Country Credit Ratings
RATING MOODY'S FITCH S&P
GERMANY Aaa (stable) AAA (stable) AAA (stable)
UK Aaa (stable) AA+ (stable) AAA (negative)
FRANCE Aa2 (stable) AA (stable) AA (negative)
POLAND A2 (negative) A- (stable) BBB+ (negative)
SPAIN Baa2 (stable) BBB+ (stable) BBB+ (stable)
ITALY Baa2 (stable) BBB+ (stable) BBB- (stable)
ROMANIA Baa3 (positive) BBB- (stable) BBB- (stable)
SERBIA B1 (positive) BB- ( stable) BB- (stable)
GREECE Caa3 (stable) CCC (stable) B- (stable)
UKRAINE Caa3 (stable) N.A. B- (stable)
Page 5 Page 5 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
01 Discovering Italy
Main indicators trend – Gross Domestic Product
1,51,4
1,1
0,6
1,61,4
1,11,0
1,51,6
1,21,1
1,51,61,4
1,2
EMU Germany France Italy
Gross Domestic Product (% y/y)
2018 2017 2016 2015
Source: Prometeia, Rapporto di previsione – aggiornamento maggio 2016
GDP is expected to grow over the next two
years (+ 1.0% in 2016; 1.1% in 2017).
Source: Fondo Monetario Internazionale
ITALY 36
GERMANY 47
FRANCE 41
ITALY 36
SPAIN 36
PORTUGAL 28
GREECE 26
GDP per capita ($)
Italian wealth is among the highest in the
world
Wealth ( in relation to the income)
Source: Banca d’Italia
Italian GDP per capita is a little lower
than the European average (42 $)
Page 6 Page 6 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
01 Discovering Italy
Labor market, Productivity and Salaries
Source: Prometeia, Rapporto di previsione – may 2016 Eurostat
10,4
4,6
10,411,9 10,0
4,5
10,2
11,5
9,7
4,5
9,611,2
9,4
4,5
9,110,6
Emu Germany France Italy
2018 2017 2016 2015
Unemployment rate (% y/y) Productivity (years 1995-2015; index 2007=100)
Unemployment rate drops also
supported by labor recent reforms (Jobs
Act)
Productivity is still lagging behind other
European Countries
Page 7 Page 7 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
01 Discovering Italy
Industrial Indicator
The Economic Sentiment Indicator (ratio 2010=100)
PMI Composite Index
Source: European Commission Source: Markit
The Italian PMI ratio, compared with 2015,
is falling but still remains in a growth range
(>50)
Italy Economic Sentiment Indicator, as of
July, is up from the previous month and down
from last year
Page 8 Page 8 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
CHINA 2.275
USA 1.505
GERMANY 1.329
JAPAN 625
NETHERLANDS 567
SOUTH KOREA 527
HONG KONG 511
FRANCE 506
UK 460
ITALY 459
01 Discovering Italy
Italian Export overview
WORLD’S BIGGEST GOODS EXPORTERS
- TOP 10 - (billion $)
Source: ICE Source: ISTAT
Germany, France and USA are the principal
importing Countries of Italian products.
Italy is the 10th largest exporter of
goods in the world.
1 GERMANY 21.944
2 FRANCE 18.745
3 USA 15.196
4 UK 9.151
5 SPAIN 8.700
6 SWITZERLAND 7.820
7 BELGIUM 5.697
8 POLAND 4.600
9 CHINA 4.158
10 NETHERLANS 4.137
Italian Export Countries
-Jan- May 2016- (million €)
Page 9 Page 9 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
01 Discovering Italy
Italian most relevant industries
Source: Prometeia – Analisi settori industriali, maggio 2016 * Variations calculated at constant values (price 2000)
Domestic Demand and Export 2016 (%y/y)*
Focus on Italian Industrial Sectors
The 25% of growth forecast is
concentrated in automotive,
pharmacy, electrical
engineering and consumer
goods
7,8
2,9
4,5
3,2
2,8
3,9
1,8
2,1
1,6
3,2
1,9
1,7
1,5
1,9
1,7
1,8
2,9
3,3
2,1
1,4
1,5
3,2
0,9
5,6
3,4
6,3
Altri intermedi
Prodotti in metallo
Alimentare e bevande 0,9
Mater. e prod. da costruz.
Autoveicoli e moto
Metallurgia
Largo consumo 0,7
1,4 Farmaceutica
Elettrotecnica
MEDIA SETTORE MANIFATTURIERO
Elettronica
Meccanica
Elettrodomestici
Sistema moda 1,0
Intermedi chimici
Mobili 1,1 1,9
+6,2%
+2,9%
+6,0%
+4,7%
+3,8%
+2,8%
+3,4%
+1,2%
+2,5%
+1,6%
+1,1%
+3,0%
+2,2%
+3,0%
Export 2017
+2,0%
+1,8%
Export Domestic demand
Page 10 Page 10 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
01 Discovering Italy
Italy – France: a long-lasting history of commercial exchanges
France to
Italy:
32 billions
(Year 2015)*
Italy to
France:
38 billions
(Year 2015)*
Sources: Info Mercati Esteri Farnesina, updated to 23/02/2016
France Embassy website – march 2016
Sources: Info Mercati Esteri Farnesina, updated to 23/02/2016;France Embassy website – march 2016
• France and Italy have a long-lasting agricultural and food tradition. France is the first
European Union agricultural producer, Italy is the third. Trade between the two countries
have reached 9 billion € in 2015.
• Tourism is a fundamental activity of the Italian-French relationship. France is the first
foreign destination of Italians (3.5 billion € in tourism revenues ). Italy is the second
foreign destination of French people.
• France is second import and export Italian market, after Germany for
export (10,6% SoW) and the second for import (8,6% of total volumes).
• Italy was in 2015 for France the 4° export market (32 billions in 2015)
and the 3° for import (38 billions in 2015)
Page 11 Page 11 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
01 Discovering Italy
Main reasons to invest in Italy
• Italy is the 3rd largest economy of the Eurozone and the 8th largest in the world, with a population of more than 60 million and a per
capita GDP of 36,000 dollars (IMF, 2014).
• The net wealth of Italian households is 8 times their disposable income (a higher ratio than US, Germany and Canada) and their
indebtedness remains relatively low (82% of disposable income) (Bank of Italy, 2013).
AMONG THE WORLD’S TOP ECONOMIES 1
• For over 30 years, Italy has been the 2nd largest manufacturing economy in Europe after Germany, and the 6th – 7th top world
manufacturer (World Bank, 2015).
• Italian manufacturing trade surplus is the 5th amongst G-20 countries (WTO, 2015).
• Italy holds leadership positions for trade surplus in 935 products out of 5,117 marketed goods (Fondazione Edison, 2012).
KEY WORLD PLAYER IN MANUFACTURING AND INTERNATIONAL TRADE 2
• Strong performance of Multinational companies According to the FDI Confidence Index, Italy ranks 12th overall in 2015, up from 20th
in 2014 (A.T. Kearney, 2015).
• Italy now precedes Germany in the ‘starting a business’ ranking (Doing Business, 2015).
• In 2014, Italy had the highest growth rate among European countries of inward greenfield FDI projects (+31%) (fDi Report, 2015).
OPEN TO FOREIGN INVESTMENT: RIGHT PLACE , RIGHT TIME 3
• Italy is ranked 1st worldwide for UNESCO World Heritage (50 sites as of end 2014).
• As a result, international tourist arrivals to Italy are nearly 50 million annually, placing Italy 5th among the world’s top destinations
(UNWTO, 2014).
• As the 3rd top global country brand relating to ‘experience’(Country Brand Index, 2014), Italy inspires passion and interest the world over
in its heritage & culture, tourism and ‘Made in Italy’ goods. The ‘Made in Italy’ factor makes every brand unique and attractive.
UNPARALLELED QUALITY OF LIFE AND CULTURAL OFFER 4
• Italian hourly labour costs are below the Eurozone average (Eurostat, 2015).
• More than 20 Italian universities are ranked in the top 500 academic institutions in the world
COMPETITIVE AND SKILLED WORKFORCE 5
www.ca-cib.com
CHAPTER TWO
Better
understanding
Italy
Page 13 Page 13 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
ITALIAN MARKET FIGURES
FRANCE MARKET FIGURES
Transactions per type of payment instrument 2012 2013 2014
Credit transfers1 3 097 3 250 3 417
paper-based N/A N/A 146
non-paper-based N/A N/A 3 270
Direct debits 3 543 3108 3541
Card payments with cards issued in the country 8 475 8 964 9 438
payments by cards with a debit function N/A N/A 4 924
Payments by cards with a delayed debit function N/A N/A 1 357
payments by cards with a credit function N/A N/A 85
E-money payment transactions 52 50 52
by cards with an e-money function 52 50 50
through other e-money storages N/A N/A 3
Cheques 2 806 2 621 2 483
Other payment instruments² 95 93 26
Total number of transactions with payment
instruments 18 068 18 086 18 958
** millions, total for the year 1 From 2005 to 2007, client (ie non-MFI)
transactions only; from 2008, also includes
transactions initiated by MFIs to non-MFIs. 2 Mainly bills of exchange.
Source: Statistics on payment in the CPMI
countries
02 Cash Management in Italy: Highlights
Italian Market Practices - Different Payment Types
Transactions per type of payment instrument 2012 2013 2014
Credit transfers
Paper-based
Non-paper-based
Direct debits
Card payments with cards issued in country
E-money payment transactions
Cheques
Other payment instruments
1 261
744
517
602
1 629
191
276
304
1 261
720
541
624
1 813
244
252
292
1 347
766
581
608
2 034
291
232
281
Total number of transactions with payment instruments 4 263 4 487 4 793
** millions, total for the year
Source: Statistics on payment in the CPMI
countries
Page 14 Page 14 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Better understanding Italy
Increase of Non-Cash Transactions in Italy
Non-cash transactions numbers pro-capite (Year 2014)
5,6
2,7
3,94,1
Years 2010-2012 Years 2012-2014
UE Italy
Growth rates of the number of non-cash transactions (%)
Source: BCE
Cashless transactions in Italy are still low compared with other UE Countries, but the ratio is improving.
Page 15 Page 15 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Better understanding Italy
Cards transactions: +91% in the last 3 years
Number of transaction for each payment instrument (millions)
Page 16 Page 16 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
SEPA: SDD CORE, SDD B2B;
Cheques;
Bills of Exchange;
Italian specific payment types : RIBA, MAV, Bollettino Bancario.
Source: Istat update to 2015, IMF for GDP update to 2014
02 Better understanding Italy
In Italy there are all major payment instruments..
Domestic outgoing transfers for supplier, treasury, payroll, tax, social and request for transfer;
International outgoing transfers for supplier, treasury, request for transfer;
Unitary and bulk;
SEPA : SCT
Cards ;
Cash withdrawal or deposit;
Receivables
Payables
Page 17 Page 17 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Better understanding Italy
…With some particularities - The CBI platforms (1/3)
Consorzio CBI defines the technical and regulatory rules and standards and manages the connection infrastructure for consortium
members to achieve national and international interoperability in service delivery.
"CBI Service" allows a business to optimize its entire commercial and financial chain by providing additional document management
options, in addition to the collection, payment and information services, guaranteeing full interoperability between the various formats
used in financial communities around the world.
"CBI Access Point services“ permits the central administrations to access the CBI network directly, and to arrange payments and
collections to and from the banks.
“CBILL” is a service which allows financial institutions to offer home and corporate banking customers the opportunity to view
accounts and pay bills issued by "invoicers" online, through multi-bank, multichannel systems.
Page 18 Page 18 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Better understanding Italy
.. with some particularities – Tax and Electronic Invoicing (2/3)
Since 1 October 2006, companies are obliged to
adopt online and electronic solutions in order to
make payments of tax, rate and revenue on
behalf of the government sector. (Legislative
Decree no.223/06 , item 37, paragraph 49).
Banks use the Consorzio CBI standard, called F24
models, for tax payment in order to comply with the
above mentioned rules.
Number of payments by F24 from the Agenzia delle Entrate portal during 2015
Tax Payments Electronic Invoicing
Since 2004, in Italy was introduced the obligation for companies,
which provide goods or services to the Public Administration, to
forward the Digital Invoices (Law #244 of December 24th, 2004 ).
All providers of goods and services the Public Administration are
required to send invoices in electronic format according to the
deadlines set by the new regulations:
• 6° June 2014: mandatory use of electronic invoices for
Ministries, Tax Agencies and National Pension Institutions.
• 31° March 2015: mandatory use of electronic invoices for the
other national authorities and local public administrations.
38,5
million
Electronic Invoices sent to
the Public Administration
750.000
Suppliers sent
Electronic Invoices
Source: Politecnico di Milano- Osservatori.net – Digital Innovation- June 2016
Page 19 Page 19 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Better understanding Italy
.. With some particularities – Other Italian Products (3/3)
RI.BA. its a payment instrument which arises from the Creditor order and it takes place with the
debtor payment; the debtor orders his Bank to pay the RI.BA.. It’s used for B2B transactions.
MAV is a paper bulletin collection : the creditor orders to his Bank to send a MAV notice to his
debtor. It’s usually used for B2C transactions.
Bollettino Bancario Freccia is a paper bullettin which is edited by the Creditor and sent directly to
the debtor, without bank involvement. The debtor can pay Bollettino Freccia at any bank branches,
both in cash and direct debit. It’s usually used for B2C transaction.
SEDA, an auxiliary service to SEPA DDs has been developed by the Italian banking sector to
respond to the needs displayed by Italian companies. Two products have been declared as niche
products in Italy:
SDD Finanziario (financial transactions): used for financial transactions such as
investment funds;
SDD a importo fisso (fixed amount): used for direct debit collections, with a fixed
amount: each transaction needs to have the same amount agreed in advance
between the Creditor and the Debtor
Page 20 Page 20 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Better understanding Italy
MAV (Mediante Avisso - Payment by Notice) the same as SEPAMAIL RUBIS?
Creditors are dematerializing invoices and/or creating the invoice footer (their creditor side of the payment instruction)
Subsequently remitted to their banks and channeled electronically to the debtor’s bank to be presented through
electronic banking or mobile banking to debtors.
With an acknowledgement, the debtor instructs its bank to execute the payment.
A bit more integrated than MAV and dematerialized, RUBIS allows the automation of the MAV concept.
MAV (Payment by Notice)
‘Payment by Notice’, also called MAV, relies on the banks to send payment notices to debtors via surface mail.
Creditors (large billers, public bodies, insurance companies etc…) send their notices to their bank, who sends them to
debtors.
The notice is used as a payment order at debtors banks for free (most of the banks) : counter or electronic banking
This is a bill footer used to make sure the creditor’s coordinates are right.
SEPAMail RUBIS (Règlement Universel Bancaire Immédiat & SEPA)
Page 21 Page 21 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Better understanding Italy
Specifics on SEDA (SEPA-compliant Electronic Database Alignment)
It remains optional for participants (both banks and creditors) and the scheme is managed by the Italian
Banking Association (ABI) since October 2013 (info page below).
It reproduces an Italian market practice also known as EAE procedure (Electronic Alignment of Archives)
It comes in two different modes (one encompassing the other):
Basic : all functions (checking, amendments and cancellations) aiming at aligning data between the creditor’s
records and the debtor’s PSP through a so called alignment PSP.
Advanced : basic + allows to replicate the so called Debtor Mandate Flow (DMF - which has not been
retained as a mandatory feature by the EPC but used in Italy).
All ABI members adhering to the Core SDD scheme of EPC at least offer the basic features as debtor’s PSP.
Adhering institutions can be found here :
http://www.sepaitalia.eu/welcome.asp?Page=2701&chardim=0&a=a&langid=1
To draw a parallel with an equivalent SEPAMAIL product, this would be close to the Diamond concept, but relating
to SEPA Direct Debit mandates only, not to any banking coordinates check.
SEDA is an Italian AOS registered with the EPC and relates to both SDD Core and SDD B2B.
Page 22 Page 22 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Better understanding Italy
Italian Market Practices
Italy
Resident accounts
Permitted without restriction, fully convertible; in € and foreign currencies
Subject to KYC and Compliance requirements
Opened in branches or on-line
Non-resident accounts
Permitted without restriction, fully convertible; in € and foreign currencies
Subject to KYC and Compliance requirements
Payables and receivables
Permitted with account in euro or foreign currencies
Mav and « bollettini bancari e postali » can be paied also without account (=>
MAV = Payment by advice (the bank sends the invoice footer to the debtor for
automated payment)
Guarantees Permitted with account in euro or foreign currencies
Liquidity Management
Domestic notional cash pooling is available in Italy but not widely practiced
because of the restrictions on banks offsetting debit and credit balances.
Domestic cash pooling structures are widely available.
E-Banking
Permitted with account in euro or foreign currencies
Opened in branches or on-line
23
Legend
• > 75
• 25 – 75
• 10 – 25
• < 10
• 0
SWIFT for Corporates: Market adoption report for Q2 2016 23
Page 23 Page 23 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Corporate connectivity
Per country
2,651 Banks reached
globally
(with traffic in
Q1’16)
47% Fortune 500
companies
on SWIFT
38% Less than
USD 1 billion
turnover
26% Less than USD
0.5 billion
turnover
56% Of corporates that
joined since 2015 went
for Lite2
716 Corporates used ISO
20022 formatted
messages
38 Of Top50
SCORE banks
are certified
19 Of Top20 SCORE
banks support
3SKey
1,621 Corporate groups
using SWIFT
A growing community since first inception in 1999
51 Corporates joined
SWIFT in Q2 2016
Q2 2016 highlights
SWIFT for Corporates: Market adoption report for Q2 2016 24
Page 24 Page 24 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Current status Corporates segment – Q2 2016
In Figures
44
53
76
61
51
63
75
51 56
51
0
20
40
60
80
2014Q1
2014Q2
2014Q3
2014Q4
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
Number of Corporates joining SWIFT
Q2 2016 YTD 2016
51 107
SWIFT for Corporates: Market adoption report for Q2 2016 25
0
2
4
6
8
10
2012 2013 2014 2015 2016
Evolution of Corporates in Italy
Page 25 Page 25 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Corporate connectivity
Per quarter
AP 11%
AM-UK * 36%
EMEA
54%
All Corporates on SWIFT
AP 25%
AM-UK * 22%
EMEA
53%
Corporates joining in Q2 2016
* AM-UK includes Americas, UK, Ireland and Nordic
SWIFT for Corporates: Market adoption report for Q2 2016 26
0
50
100
150
200
250
300
FR
AN
CE
UN
ITE
D S
TA
TE
S
UN
ITE
D K
ING
DO
M
GE
RM
AN
Y
SW
ITZ
ER
LA
ND
SP
AIN
NE
TH
ER
LA
ND
S
ITA
LY
BE
LG
IUM
JA
PA
N
CA
NA
DA
LU
XE
MB
OU
RG
Top 12 countries
Corporates #
Page 26 Page 26 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Corporate connectivity
Per region
Page 27 Page 27 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Better understanding Italy
Cash Pool best practices
Physical Pooling
Zero Balancing aggregates (credit and debit) balances for predefined accounts held by company and subsidiaries in
different banks and countries. Funds will be physically transferred to a master account.
Target Balancing produces the same result of Zero Balancing in terms of concentration of funds held in different countries
and banks. The main different aspect is the level balance that activates transfers that is different from zero
Non-Physical Pooling
Notional Pooling
Debit and credit balances of the participating accounts – in the same currency – are virtually offset against each other
within a single bank (“interest compensation”). This allows the “real” balances to remain unchanged, while a theoretical
consolidation is obtained on a virtual pooling account. Interest is paid/received on the virtually aggregated balance. With
Notional Pooling, funds are not actually, but just virtually, netted. Therefore, the bank incurs capital and minimum reserve
costs on the participating accounts; this results in a reduction of interest yields. Domestic notional cash pooling is
available in Italy but not widely practiced because of the restrictions on banks offsetting debit and credit balances.
Domestic cash pooling structures are widely available
Page 28 Page 28 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Better understanding Italy
Clearing Systems
Domestic payments
executed via a sistem of interbank processed by local CM that are offered by Sia, ICBPI (Istituto Centrale delle Banche
Popolari Italiane) e ICCREA (Istituto Centrale Casse Rurali e Artigiane)
o Cut-off times-> 24:00
European payments
executed by Sepa system and Target2 cleared by Eba Clearing
o Cut-off times-> Standard Eba
Extra European payments
executed by Swift
o Cut-off times-> EBA at 16:00; ERP at 14:00 and Target2 at 17:00
www.ca-cib.com
CHAPTER THREE
Doing Business
in Italy
Page 30 Page 30 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
The Group CA in Italy
CONSUMER FINANCE,
LEASING AND FACTORING 61 Md€
financing the
Italian economy
~3,3 Md€ revenues
C/I ~44%
3,5 m
Customers in Italy
Group CA in Italy 6° Banking group for traded
volumes
12.000
Employees
in Italy
ASSET MANAGEMENT
AND INSURANCE
BIG CLIENT
OPERATION AND
INFORMATION
TECHNOLOGY COMMERCIAL BANK
PRIVATE BANKING
~530 Mln€ net income 2014
Primo Gruppo Estero in Italia
03 Doing Business in Italy
Rely on your banking partner in Italy
Page 31 Page 31 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
03 Doing Business in Italy
Crédit Agricole in Italy- Cariparma Group
CET 1 11,4%
(TOTAL CAPITAL
RATIO 13,5%)
BEST RATING
STRONG
BALANCE SHEET
7° Player in
Banking System
extensive
distribution
network
Acquired in 2007 by Group Crédit Agricole, the Cariparma
Crédit Agricole Group is active in the 10 Italian regions,
which account for 71% of the population and produce 78%
of the GDP, with corporate and private enterprise centers
in the biggest cities.
The Group’s key strengths are its deep roots in the
regions, its closeness to its customers and its recognised
solidity.
In 2013, the Group opened a new type of branch with a
central focus on the bank-customer relationship. By 2015,
these branches will number over 200.
About Cariparma
Cariparma added-value
A Cash Management Business Unit operates in synch with
the Relationship Manager to satisfy all client Cash
Management needs and requirements.
A dedicated Team support client in discontinuity moments or
for important projects.
A project manager is a single entry point for any possible
problem during an implementation phase.
An offer competitive products.
Proven experience in providing products of Cash
Management (recently E. Corporate Banking for a major
multinational Insurance company, cash pooling for a leading
industrial company).
Page 32 Page 32 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
Crédit Agricole CIB has been present in
Italy for more than 40 years
Particularly strong on Structured Finance,
Syndicated Loans, Export and Trade and
Fixed Income to Large Italian Companies
and Financial Institutions
Big enough to handle large and complex
transactions, but small enough to
facilitate product integration and to
remain creative and flexible
Italy is CREDIT AGRICOLE GROUP’s
second domestic market (acquisition of
CARIPARMA GROUP in 2007)
We are present through the following
entities: CARIPARMA Group, AMUNDI,
CACEIS, AGOS DUCATO, FCA Bank,
Crédit Agricole Leasing, Italia, Eurofactor,
Italia, Crédit Agricole Vita, Crédit Agricole
Assicurazioni, Crédit Agricole Creditor
Insurance, IDIA Capital Investissement,
Indosuez Wealth Management
Entity Legal Status: Branch
1 location: Milan (Piazza Cavour 2)
Total Staff: 133
About Crédit Agricole CIB Crédit Agricole CIB added value
The Milan branch offers competitive
overlay and investment solutions as well
as comprehensive SEPA instruments and
channels
Full OPTIM.net offer including Cash
Reporting, as well as cross border and
SEPA (SCT, SDD) payments capture and
import features
Capacity to take advantage of
CARIPARMA’s network of bank agencies
Good understanding of local banking
practices thanks to local experienced
teams
SEPA offer: common processing
functionalities and reporting features for 6
Crédit Agricole CIB entities within the
SEPA area (France, Belgium, Spain, Italy,
Germany, UK)
Local client support offered in local
language and English for better, faster
and customized follow-up
Italy is the second
domestic market of
Crédit Agricole. All
product lines of the
Group are active in
the country, often
with leading
positions.
Ivana Bonnet, Senior
Crédit Agricole CIB
Country Officer
03 Doing Business in Italy
Crédit Agricole in Italy- CACIB
Page 33 Page 33 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
04 Doing Business in Italy
Case Study no. 1
• E-banking solution (Nowbanking Corporate) to pay Italian taxes through F24 models
• Cash pooling solution to pay suppliers and salaries
A module integrated in Nowbanking Corporate and used for Swift messages.
Customer sends orders directly from his US e-banking solution
Improve the customer
payment efficiency with
a real time payment
platform.
Identified needs
Offered solution
Major sportswear multinational
Client description
Page 34 Page 34 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
04 Doing Business in Italy
Case Study no. 2
• Acquiring solution for about 250 Italian stores (about 200 mln € of annual volumes )
with a crossborder solution under development
• Collect all the store sales through POS terminals.
• Accept payments from a wide Italian and foreign customer
base: international credit and debit cards and domestic debit
cards (Visa, V-PAY, MasterCard, Maestro, JCB, UPI and
PagoBancomat cardholders).
Identified needs
Offered solution
Major international fashion company
Client description
Page 35 Page 35 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
04 Doing Business in Italy
Case Study no. 3
• SDD Collection both for Cariparma and no Cariparma debtors.
Collect 2 million payments from customers
for a total amount of 160 million € volumes (year 2015).
Identified needs
Offered solution
Major Italian telco
Client description
Page 36 Page 36 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
04 Doing Business in Italy
Case Study no. 4
• Cash pooling zero balancing solution
The client is now able to centralize intragroup liquidity inflows between
Cariparma Group accounts.
• Optimize treasury efficiency trough concentrated
current account balances.
• The parent company needed to concentrate all
the flows into the Carispezia account.
Identified needs
Offered solution
An historic Italian oil producer
Client description
Page 37 Page 37 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
04 Doing Business in Italy
Case Study no. 5
• On line SDD collection, credit transfer (SCT) and
italian taxes payments (F24).
• Insurance Policy Instalments with SDD debits.
Identified needs
Personalized e-banking solution integrated with company’s ERP system
This taylor made solution permits:
Automatic uploading of all cash management and automatic download flows to feed the
company treasury program;
Domestic cash pooling through high priority SCT between Italian banks (actually this function is
still not used by these two companies).
Offered solution
Two major insurance companies
Client description
www.ca-cib.com
CHAPTER FOUR
In a few words
Page 39 Page 39 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
04 Case Studies
Rely on your banking partner in Italy
A significant market for international companies
A highly developed Cash Management Market with
local specificities to be aware of
Highly important to rely on a global banking partner to
accompany you and serve your needs
APPENDIX
Page 41 Page 41 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
03 Doing Business in Italy
Crédit Agricole in Italy- Cariparma Group
6 Geographical Areas
(AT):
1 Large Corporate Area
Operations in 10 Italian Regions
accounting for 75% of Italy's GDP
400 Large Corporate
Customers (1)
12,000 SMEs
(2)
900 Branches
(1)Turnover > 250 ML
(2) 5 < Turnover< 250 ML
The Group offering covers all market segments:
• RETAIL with about 900 branches;
• PRIVATE CUSTOMERS with 20 private markets and 11 branch offices;
• ENTERPRISE BANKING with 20 enterprise markets, 16 branch offices and 1 Large Corporate Area.
Page 42 Page 42 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
03 Doing Business in Italy
Awards
Page 43 Page 43 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
01 Discovering Italy
Overview on Italian industrial sectors (2/2)
ROI 2017
ROI in 2016 (%)
4,6
1,4
2,0
2,3
2,9
3,5
4,9
5,7
5,9
6,1
6,4
6,7
7,1
7,4
Prodotti in metallo
Media Settore Manifatturiero
Intermedi chimici
Meccanica
Elettronica
Elettrotecnica
Sistema moda
Alimentare e bevande
Largo consumo 12,8
Farmaceutica 16,6
Autoveicoli e moto
Metallurgia
Mater. e prod. da costruz.
Mobili
Elettrodomestici
Altri intermedi
16,1
13,2
7,5
7,6
7,0
6,9
6,2
6,3
6,0
5,1
4,8
3,7
2,2
2,0
3,8
3,2
ROI 2015
17,5
12,8
7,2
6,8
6,5
6,0
5,8
5,5
5,4
4,7
4,4
3,2
1,7
0,6
2,1
1,5
Source: Prometeia, Analisi settori industriali – maggio 2016
• Year 2015 characterized by a strengthening of
corporate accounts (average ROI manufacturing
by 5.4% with an increase of about 8/10 over the
previous year). The most significant improvement
has affected the automotive.
• Year 2016 should prove to be generally positive,
with sales and margins still in recovery,
although at a moderate pace.
• Good conditions of profitability in particular for
the pharmaceutical industry, which continues to
soar over all the others, with a higher ROI of 16%,
followed by the consumer goods companies
with an average ROI around 13% .
Page 44 Page 44 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Better understanding Italy
Legal aspects
• Private:
Identity documents
Fiscal Code (issued by Agenzia delle Entrate in Italy)
Declaration of non residence (self-declaration)
• Enterprise:
Copy of registration act issued by Chamber of Commerce or other
official certificate *
Copy of the Corporate Statute, including the signatory list*
Identity documents of people entitled to using the account
Fiscal Code (issued by Agenzia delle Entrate in Italy)
Documents
necessary to open an
account
*These documents may be required in Italian and/or French and/or English, and
authenticated by Italian Embassy or by a notary
• The withholdingtax on interest paid to no-residents and resident
individuals is 26%. Bank is obliged to deduct the tax from interest
payment
• Periodically Banks ask to their clients to fill-in a questionary about risk
profile
• Contracts have to be signed in italian language
Other relevant
aspects
Page 45 Page 45 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
Clients banking activity
The number of retail Clients having signed an agreement providing e-banking 42.587.886
The number of active retail customers on e-banking 37.010.369
The number of issued debit cards (thousands) 51.256
The number of issued credit cards (thousands) 13.931
The number of multi-purpose prepaid cards (thousands) 25.482
The value of transactions made with payment credit cards (in million) 44.248
The number of transactions made with payment credit cards (in million) 568,6
02 Better understanding Italy
Statistics (according to the National Bank of Italy)
Source: Bank of Italy update to 2015
Page 46 Page 46 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
02 Better understanding Italy
Zoom on SEPA readiness
Before SEPA Changes since SEPA Corporates in Italy
Credit Transfers
Originally, Italy had two local formats for
credit transfer initiation:
- BONI PC: Domestic format for domestic
credit transfer
- BONI PE: Domestic format for
international credit transfer
Both formats are not eligible anymore for
EUR payments inside SEPA zone.
However, they remain usable for EUR
payments outside of SEPA zone and
international payments. This will continue
to be case, even after the SEPA end-
date. BONI PC will also remain available
for urgent domestic credit transfer
(settled via Target2) and cheques
issuing
Corporates use after Sepa only SCT for
Italian market and for Sepa zone both
with single SCT or bulked SCT (for
examples for salaries)
They use Urgent Credit Transfert in
particular for treasury transfers.
Direct Debit
Before SEPA, Italy had one domestic
direct debit format: the RID. It was
addressing several direct debit products
that answer the local needs. Two products
have been migrated to SDD Core and
B2B:
- RID Ordinari: standard direct debit
product
- RID Veloci: equivalent of RID Ordinari,
accelerated scheme, only for B2B
For these two products, a new enriched
version (with the additional SEPA
mandatory information) of the RID allows
to keep on using the format (Rid fixed
amount and financial Rid), for SDD
initiation, until February 2016.
From February 2016 also these two type
of RID have been migrated in SDD Core
Corporate uses both SDD Core and
B2B.
Other collection methods used are:
• RiBa (used for B2B transaction)
• Bollettino Bancario (usually used for
B2C transaction)
• Mav (usually used for B2C
transaction)
Page 47 Page 47 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
Description Corporates in Italy
SEDA
The Additional Optional Service called SEDA (Sepa-compliant Electronic
Data Alignment) has been developed by the Italian banking sector to
respond to the needs displayed by Italian companies as regards the
migration in the SEPA environment of the functionalities currently
incorporated in the national procedure of Electronic Alignment of
Archives (AEA procedure) used in conjunction with the national direct
debit service.
SEDA is an auxiliary service to the SEPA DD which replicates the
functions of the national AEA procedure and allows the beneficiaries of
SEPA DDs to send and receive information on authorization of direct
debits through an electronic dialogue with their PSP (called "Alignment
PSP"). This AOS will be offered by the PSP to the Creditors through two
different modules: basic and advanced
• Seda service is payed by the creditor of Sdd
• At this moment 10% of corporates use Seda for
70% of Sdd volumes
• Seda is used in particulary from big biller with a
large number of clients and from corporates with
an high frequency of SDD (es Lottomatica that
uses a weekly SDD)
02 Better understanding Italy
Zoom on SEPA readiness – Additional Optional Services
Page 48 Page 48 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016 Page 48 Page 48 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
OPTIM.net (Crédit Agricole CIB web banking portal)
SWIFTNet
Host to OPTIM.net
ZBA domestic cash pooling
ZBA cross-border cash pooling
Deposit Notice Period 32-days via booking in Paris or London
(EUR, GBP, USD) or New York (USD only)
ACCOUNTS
PAYABLES AND RECEIVABLES
LIQUIDITY MANAGEMENT AND INVESTMENT
E-BANKING
REPORTING
Short-term credits
Overdraft
SHORT-TERM FINANCING
Current accounts for residents
Current accounts for non-residents
Pledged accounts
Escrow accounts
Capital accounts
Foreign currency available: USD, GBP, CHF, JPY
Domestic outgoing transfers for supplier, treasury, payroll,
social
International outgoing transfers for supplier, treasury
Unitary and bulk payments
SEPA: SCT, SDD CORE, SDD B2B
Direct access to SEPA Clearing System Mechanism
End of day account statement MT940
Intraday statement MT942
Payables and receivables operation reporting PSR
camt.054
e-alert
Export / View online (PLAIN TEXT, PDF, CSV, XLS…)
03 Doing Business in Italy
Full range of Services for Corporate Needs – Crédit Agricole CIB Italy
Page 49 Page 49 LES ATELIERS UNIVERSWIFTNET – UTSIT – SWIFT – CARIPARMA – SEPTEMBER 2016 13/09/2016
• SPECIALIZED FINANCIAL SERVICES
• INSURANCE
• ASSET MANAGEMENT
• MOTOR VEHICLE LEASING
• MACHINERY LEASING
• REAL ESTATE LEASING
• INTERNATIONAL NETWORKS
• CAPITAL MARKET
• INVESTMENT BANKING
•
• RECOURSE BASIS NON-RECOURSE
• CREDIT COVER
• MATURITY
• MANAGEMENT OF FINANCIAL RISKS:
EXCHANGE RATE, INTEREST RATE
AND COMMODITY RISKS
• MANAGEMENT OF TRADE RISKS
• ACCIDENT PROTECTION
• CORPORATE TIME DEPOSIT
• CRESCIDEPOSITO PIU’
• INSURANCE: Crédit Agricole VITA
• PROJECT FINANCE
• ACQUISITION & LEVERAGE
FINANCING
• MERGERS & ACQUISITIONS
• PRIVATE EQUITY
• CORPORATE LENDING
• COLLECTION
• TREASURY MANAGEMENT
• E-BANKING
• PAYMENTS
• CBI Consortium PLATFORM
• CASH MANAGEMENT
• MANAGEMENT OF CREDITOR
MANDATES
• MYSIS
• TRADE FINANCE
• CASH MANAGEMENT AND CASH
POOLING SERVICES
• COLLECTION AND PAYMENT
SYSTEMS
• INTERNATIONAL GUARANTEES
• INTERNATIONAL DEVELOPMENT
• IMPORT/EXPORT LOANS AND
EXCHANGE RISK HEDGING
• INTERNATIONA LIAISON DESK
NETWORK (LDN)
• FINANZIAMENTO INNOVAZIONE
• SACE NUOVI MERCATI
• ENERGICAMENTE BUSINESS
• IMPRESA FORTE
• NET IMPRESA
WORKING CAPITAL
AND INVESTMENT LENDING
SUPPORTING
INTERNATIONALIZATION
SUPPORT TO AGRI-FOOD
TRANSACTION SERVICES AND
COLLECTION AND PAYMENT SYSTEMS
CORPORATE FINANCE AND
ADVISORY
LIQUIDITY MANAGEMENT
RISK PROTECTION
LEASING, FACTORING LOANS
PRODUCT COMPANIES
03 Doing Business in Italy
Full range of Services for Corporate Needs – Cariparma Italy
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