Treasury Management System

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Treasury Management Systems

2011

BUYER’S GUIDE



a buyer’s guide to TREASURY MANAGEMENT SYSTEMS 2011

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Contents4 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.

7Where’s the Cash?

At a time when having the best possible visibilityover cash is a critical issue for treasurers, how can

using a treasury management system (TMS) provide

this visibility?

10 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.

12 Risk and Reporting

What are some of today’s considerations in

evaluating technology for measuring, managing and

reporting risk in treasury operations?

16 Directory of Service

Plus a functionality matrix of 22 treasury

management systems.

Editor:

Joy Macknight [email protected]

Deputy editor:

Lynne Peachey

[email protected]

Publishing manager:

Mia Leaning

[email protected]

Chief executive:

Mike Hewitt

[email protected]

Art and design:

Donna [email protected]

Sales director:

Anne-Marie Rice [email protected]

Key accounts manager:

Katharine Christian

[email protected]

Account manager:

Tom Leitch

[email protected]

Training and events director:

Diana Henderson

[email protected]

gtnews, an Association for FinancialProfessionals®’ company headquarteredin London, is the leading global knowledge

resource for over 50,000 treasury,finance, payments and cash managementprofessionals. Online, gtnews is updated

weekly and provides subscribers access to anarchive of almost 3,000 global treasury articles

in addition to special reports, commentaries,surveys, polls, news, ratings updates andwhitepapers. Access to gtnews.com is free of

charge to those who register, and we never sellnames 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 [email protected].

I n c l u d e s a n

a f t e r n o o n s e s s i o n

o n S W I F T f o r c o r p o r a t e s

Enhancing TreasuryPerformance Through

TechnologyLearn how to multiply the efficiency of your treasury team by introducingor upgrading a treasury management system or connecting to the SWIFTnetwork. Understand how to put together an RFP, choose between competitorsystems and ensure your system delivers.

Key Benefits• 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 theyinterconnect, 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

Treasury management systems (TMS) can provide

a wealth of benefits 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 benefits of TMS because they

do not have the appropriate internal structure to best

exploit them.

The 2011 buyer’s 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 flow forecasting, which is the most

important feature for 51% of survey respondents.

The guide also looks at some of today’s considerations in evaluating technology

for measuring, managing and reporting risk in treasury operations.

Joy Macknight, editor, a buyer’s guide to TMS

Are You Getting the Most

Out of Your TMS?




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While a majority of corporates have treasury

management systems (TMS) there is

significant 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 benefits of TMS because

they do not have the appropriate internal

structure to best exploit them.

A total of 412 corporate respondents participated

in this year’s 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 fulfil

the greatest benefits of TMS.

Small companies expect TMS to improve

efficiency and support downsizing of staff. Such

expectation, however, appears not fulfilled 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 benefits from the application of IT

systems, such as a TMS.

“TMS need the presence of trained users,” saysthe report. “This is not always the case in smallorganisations where the number of treasurystaff is kept to a minimum. While the adoption of

an automated system could provide relief fromthe burden of manual operations, at the sametime the implementation of a sophisticatedIT system, such as a TMS, requires financialinvestments that not all companies can afford,particularly the smaller ones in a period when

credit is difficult to access.”

The survey’s finding does not surprise JeffWallace, managing partner at US-basedtreasury consultancy Greenwich Treasury

Advisors. “What you are seeing is the veryreal difference between small companies andlarge companies,” he says. “In any company,you must be able to handle the day-to-dayoperational flow. Even small companies willhandle that, and the first priority of any TMS is

to fulfil this function.”

However, says Wallace, small companies do notoften have the additional staff with the analyticalcapabilities to do anything other than just that.

While many chief financial officers (CFOs) willsay they “cannot afford” the extra staff, it is morelikely they cannot see the value of such analysis,he suggests. “You are also seeing the Excelphenomena: most Excel users only use 10% of

the capabilities of Excel. Most users of TMS donot fully utilise all of the TMS’ capabilities.”

Wallace recommends that “every company”implementing a TMS should ask the TMSvendor’s consulting team to come back

in 12 months after the system has beenimplemented to evaluate how the companycan fully - and more efficiently - usethe system’s capabilities. “With a year’sexperience under their belt, the treasury staffwill finally have familiarity with the system tobetter understand any such recommendations

- recommendations that they probably didn’tunderstand in the beginning because therewas 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 Europeantreasury 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 positionand 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 won’t have extra staff that could be

set aside to do advanced risk analysis. “Whenit comes to training TMS users, the smaller

and medium-sized corporate treasuries have

limited resources. They often don’t have enough

resources to be able to invest in training for

the more specialised parts of a TMS, such asadvanced risk management,” he says.

TMS vendors could help smaller companiesto 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, forexample in accounting and risk analysis.”

Hosted Solutions

Hosted solutions are growing in popularity,

according to the survey. The majority of TMSare located in-house, with 44% delivered on

a software-as-a-service (SaaS) basis. SaaS

delivery is most prevalent in Asia-Pacific where it

makes up 61% of TMS installations. The survey

suggests this is because corporations in thisregion do not have the legacy systems prevalent

in Europe and North America and can implement

the most technologically advanced and flexible

solutions more easily.

SaaS solutions allow a treasurer to build

functionality for their TMS piece-by-piece,fitting all the necessary pieces of the jigsawtogether, as required, says Paul Wheeler,managing director at Wall Street Systems, aUS-based treasury systems developer.

“In relation to the varying needs of corporatetreasurers at larger companies comparedto smaller companies, our sense is thatmid-market treasurers have no differentrequirements from high-end treasurers. Whilethey 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-markettreasurers are left with two options: eitherinvest in a new system, which can be a toughsell to the business, or streamline their existingTMS to allow them to do what they need to. A

SaaS solution, manages the operational issuesfor the treasurer by providing a hosted solution,and therefore allows them richer functionalitywithout the cost a high-end treasurer wouldincur.

“More than 350 of Wallstreet’s clients havehosted solutions, and we are encouragingour clients to leverage their existing systems,managing the process via Wallstreet, rather

than beginning a lengthy, and costly, tenderingprocess for new TMS solutions,” explainsWheeler.

A SaaS approach to TMS is often “substantiallycheaper”, says Greenwich’s Wallace. “This isa big selling point for corporate treasuries thatdon’t have much budget clout. It’s OK to paytens of millions of dollars on ERP [enterprise

resource planning] systems, but US$500,000for a TMS is considered to be an outrageous,unnecessary expense.”

While SaaS solutions are an “obvious fit” forsmaller companies, Paul Bramwell, senior

vice president (SVP), treasury solutions atSunGard AvantGard, says they are becoming

Getting the MostOut of Your TMSWith limited personnel and IT resources, corporatetreasuries are relying on treasury managementsystems (TMS) to alleviate the strain. However,the recent gtnews 2011 Treasury ManagementSystems Survey found that most do not fully useall of the TMS’ capabilities.Words: Heather McKenzie

Cash flow forecasting will not improve

until the TMS have their hooks into the

ERP systems



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increasingly common for large enterprises withextensive IT departments. “There is a growing

acknowledgement in these firms that havinga solution managed by the solution architect

yields significant benefits over in-house

implementations. The core competency ofmost large corporations’ IT departments tends

to be around the ERP solutions, whereas asolution vendor is best placed to manage and

maintain the treasury solutions.”

Hosted solutions are seen as a means to

outsource the operational risk associatedwith commissioning and operating treasury

technology, says Tatiana Liber Soudier, marketingdirector at IT2 Treasury Solutions in the UK.

Vendors can offer a spectrum of hostedservices so that the detailed solution offered

in a given case can be scaled to fit the client’srequirements. “A solution can range from

a straightforward technology outsourcing

arrangement to a fully managed service solutionin which IT2, for example, is the one-stop shop

for all aspects of technology support, as well asapplication support.

“The key benefit of a hosted solution is that

it accommodates a broad range of client IT

policy requirements. For example, IT policy maydemand that a sensitive financial application

such as treasury should use a dedicateddatabase. IT2’s opinion is that clients should first

select the TMS that best fulfils their treasury

business objectives, and then investigate thehosting solution that best fulfils corporate IT

policy,” she says.

Nasarius’ Van Peer points out that newsolutions, 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 don’t

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-defined interfaces to banks, integrated

dealing platforms, back office 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 Peersays 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 flow

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 flow forecasting’s position at the top of

the list of requirements is not a surprise for

Van Peer, but he does question whether it is afunctionality problem. “Cash flow forecasting

is not where TMS system vendors focus

their investments, and with good reason. Themajority of TMS solutions on the market are

actually very good at cash flow forecasting

already. Nasarius’ experience with the cashflow forecasting at corporates isn’t the lack

of functionality of the systems but is about

getting access to the right data, and gettingdata with good quality.” Treasury systems

cannot help with this, he adds, as the sources

of data are ERP systems, budgeting systemsor information supplied by production

planners or sales people.

Wallace agrees, saying cash flow forecasting

will not improve until the TMS “have theirhooks into the ERP systems” so that they can

access the payments data in the accounts

receivable (A/R) and accounts payable (A/P)files. “I don’t think many, if any, vendors, can

do that.”

Wheeler says it is interesting to see a

high number of respondents in the surveyidentifying eBAM as one of the most

significant improvements to be made

to their TMS. “Our own research andincreasing experience of eBAM has shown

that while corporate treasurers see it

as a priority, banks are playing catch upto an extent. Wallstreet is working with

banks to bring increased automation to

corporate treasurers. It’s great to seetreasurers themselves driving this change

and encouraging banks to move towards

collaboration on such initiatives faster.”

As cash flows around a company, it can createlarge financial risks for the organisation.The treasurer needs to know what cash thecompany has and where it is, as we ll as havevisibility over accounts payables (A/P) andaccounts receivables (A/R). The topic of cashvisibility is particularly relevant today, as manycorporates are choosing to optimise theirworking capital position in order to rely lesson bank funding.

Many corporate treasuries use a treasurymanagement system (TMS) to support theircash management activities. The first areawhere a TMS can prove its worth is in the vitaldiscipline of cash flow forecasting.

Enhancing Cash Management Techniques

Cash flow forecasting is perennially one ofthe top three disciplines that treasurers citeas in most need of improvement. As TomNelson, cash management specialist at WallStreet Systems, says: “Cash flow forecasting

is perhaps the most important function atreasury provides and everything else flowsfrom that, for example investment, hedgingand funding decisions.” But the process canface many problems. “Manual reporting isan inefficient process, which can lead to

errors, particularly when trying to consolidateinformation from various different systems,”Nelson notes.

In this context, a TMS can be used as asecure and stable destination to aggregate

forecasting data from remote businessunits with the organisation’s bank positionsand treasury transactions. This enables thetreasurer to construct the cash forecastover a defined time horizon. Jason Torgler,

vice president of strategy at Reval, saysthat a TMS enables quicker analysis of acompany’s historical bank transactions and

more streamlined data integration from otherfinancial software and remote operations.“Additionally, a TMS maintains an audit trailand provides sophisticated forecast to actualvariance analysis. These are critical toolswhen the treasurer is attempting to enforceperformance and accountability of the reportingsubsidiaries,” explains Torgler.

A key benefit of a TMS is that the treasurywill be able to match the projected cash flowover time against known demands, includingoperating flows, dividend, interest and royaltypayments, and non-routine costs such as those

relating to new investments and acquisitions.Paul Higdon, chief technology officer at IT2

Treasury Solutions, says this means that as

much cash as possible can be generatedfrom internal sources, minimising the need forexternal borrowing. “This will have a furtherpositive effect of improving the organisation’screditworthiness. Additionally, it will enable theorganisation to plan the accurate deploymentof cash where and when it is needed, tofinance business operations efficiently andeffectively,” says Higdon.

Beyond the potential for improved cashforecasting, a TMS can also enhance the A/Pand A/R processes. Serving as a paymentfactory can do this for A/P. A bank-agnostic TMS

can import A/P from a variety of systems, batchpayments and send the payment instructionsto partner banks. “This method creates a singlepoint of payment execution and forecasting,while outsourcing the payment formatmaintenance to the TMS vendor,” says MauricioBarberi, chief marketing officer at Kyriba.

Barberi also points out that consolidating all A/R in the TMS will help build an accurateforecast and allow for aggregated days’ salesoutstanding (DSO) reporting by payer. “Thiswill give the corporate the ability to identifyvendors and suppliers who pay outside of

stipulated terms and follow up with those

Where’sthe Cash? At a time when having the best possible visibilityover cash is a critical issue for treasurers, howcan using a treasury management system (TMS)provide this visibility, while also enhancing cashmanagement techniques?Words: Ben Poole

Smaller companies do

not necessarily have the

internal structure andorganisation that will

enable them to fulfil the

greatest benefits of TMS





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parties,” he explains. In addition, a rollingdate adjustment can be made to the cash

record upon import, which can automatically

adjust the expected receipt date by the latepay history of that counterparty.

According to Paul Bramwell, senior vice

president (SVP) treasury solutions for SunGard’s

AvantGard, one recent trend has seen someTMS vendors make acquisitions within the

A/R space to leverage the value of accurate

A/R forecasting through accurate cashmanagement and also short-term debt based

on securitising receivables. “Key aspects ofreceivables 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 theTMS benefits already mentioned, but does the

effectiveness of using a TMS for corporate

cash management purposes depend on theorganisational structure of that treasury

department? Fortunately, according to BartParren, director of product management

at Hanse Orga, there are benefits to be

had whether your treasury structure islargely decentralised or centralised. “In a

decentralised environment, local subsidiaries

can work in the same environment, adding

their specific 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 fit

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 rea l time, as

the data is inputted, uploaded or detected,”

says IT2’s 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 theiron-demand cash management reporting,including summaries of cash positioning andcash flow forecast.

“Additionally, the database can support thederivation and reporting of key performanceindicators [KPIs] for managementbenchmarking of the accuracy and timelinessof quantities and events, such as forecastaccuracy, bank account reconciliationperformance and payment execution,to support proactive, best practice cashmanagement operations,” says Higdon.

TMS Versus Bank Cash Management Portals

There are a variety of options for treasurersto consider when it comes to choosingsupport for their cash management practices.For example, some choose to use the cashmanagement portal offered by a bank,sometimes at the expense of a TMS. Bankportals are central sites where users can viewbalance and transaction information and makepayments, primary for that specific bank.

“For organisations with one cashmanagement bank and limited need forintegration of other activities, bank portals areuseful,” says Reval’s Torgler. However, he addsthat a TMS is adopted when requirementsexist across global, multi-bank environmentsand include cash positioning, reconciliation,cash flow forecasting, accounting integration,portfolio management, cash pooling andintercompany lending and financial riskmanagement - requirements that manytreasurers of multinational corporations willhave. The additional advantage here is that abank-agnostic TMS gives treasurers freedomover which banks they give their cashmanagement business to, rather than beingtied to a particular bank via their portal.

Barberi from Kyriba makes the point that

bank portals provide very basic cash positionworksheet functionality and do not

support the level of data accumulationof a TMS. “This means that data is re-keyed extensively, similar to working on aspreadsheet,” he says.

Future Developments

The potential for TMS to provide greatersupport for corporate cash management inthe future comes from technical innovationthat vendors can make in this area. A largepart of this will be seen in the delivery channelof the TMS itself. SunGard AvantGard’sBramwell suggests that cloud-based TMSofferings are starting to become moreaccepted and will be the big growth area forcash management solutions. “Coupled with

mobile device technology - where reports,metrics, payments and approvals are done ona wireless device - companies will be able tooperate without being tied to a single locationor bank,” Bramwell says.

Reval’s Torgler believes that software-as-a-service (SaaS) will continue to dominatethe TMS adoption landscape. “Organisationswill demand rapid deployment from asingle solution, without the headaches ofinternal IT resourcing and scheduling,” hesays, while also making the point that theTMS marketplace will no longer tolerate thefrustrations of costly upgrades, post-purchase.“Too many treasury departments have beenleft high and dry and unsupported due to olderTMS software versions,” Torgler notes.

In addition to developments intechnology, Hanse Orga’sParren believes thattreasurers shouldbe looking out forintegration andefficiency as a trendover the next 18months, citing the

integration of cash and liquidity managementwith the front office as an example. “The sameliquidity position that is used to assess howmuch cash the business makes in the medium-term can be used as the basis for an evaluationof credit lines and loans, as well as for foreignexchange [FX] positions,” says Parren.

Wall Street Systems’ Nelson suggests thatregulation will continue to play a part inthe role of the treasurer, placing increasingpressure on issues of reporting, riskassessment and visibility of accounts. “Therewill be a continued demand for stronger globalsystems, as well as a desire for reducing thenumber of systems in use,” he says.

Conclusion

Corporate cash management is a complex fieldthat requires tools capable of managing theworkflow and reporting needs across the entireorganisation. SunGard AvantGard’s Bramwellnotes that, while ERP extensions and bankportals can offer some of the functionality,a TMS can provide comprehensive tools tomanage an entire organisation’s cash, risk,bank account structure and consolidatedreporting. With the prolonged elevatedimportance of cash, this breadth of functionalityis vital for treasury efficiency.




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What treasury

management

system (TMS) do

you use and why

did you choose it?

1. Steinhoff 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 infavour of tm5, as it is easy to integrate acquired

companies without much technical effort.

Another bonus was the option to integrate

the payment transaction management, by

which we can make all process steps in one

application from beginning 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 tooptimise the management of the group’s

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 flexibility.

IT2 was chosen as it offered 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 processeswe wanted, and specified different business

transactions one-by-one. Then the different

providers show us presentations of their solution

for performance. An important requirement was

to be able to complete all business transactions

in the TMS. Due to our expansion plans it wasimportant 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 Steinhoff

Group successfully.

2. Do not underestimate the work involved

during implementation. We elected to carryout the implementation using internal

resources only. I strongly believe that getting

involved in all the aspects of setting up

the system will benefit us and will make us

‘better’use rs of the system. This approach

will inevitably increase the workload ofthe 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

organisation’s 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 from the banks

and balance the revenues with the planned

revenues. Next we define the financial statusand schedule payments. The bulk payments

are imported from the ERP sy stems. 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 platform informs

us about the currency requirements of the

different business units. Our currency trader will

trade them as required. The back office reviews

the bank confirmations against the tradingitems.

3. Today’s TMS offer a wide array of

functionality and, as a result, navigating the

complex menus on offer can be a frustrating

experience. An attractive feature of the IT2

system is the ability for the user to customisespecific workflows for various tasks that need

to be carried out. C reating workflows 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 arehighlysatisfiedwithtm5and itprovides

allfunctionsweneed.However,Iwouldwish that

wewereable tomakepaymentsin allEuropeancountriesthroughtm5,butthisis notpossible

todate.Presently,weareworkingwithBELLIN

tointegratetheFrenchbulkpaymentsintotm5.

Afterthat,wewill startapilotprojectwithhigh

valuepaymentsinFranceinthe newXML-format.IfFrenchbankswouldalsoacceptelectronic

signaturesI thinkwewouldbe verycontent,so

weareworkingon thisissuetoo.

4. We just bought the IT2 system in 2010

and are completing the implementation

this year. The set of functionalities on offer isvery 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 company’s general ledgers. Thepurchase of these extra modules was part of

the initial contract agreed with the supplier.

Expert opinion1. 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 MicrosoftWindows layout, and had the

functionality we were looking for.

Apart from requirements around

cash management, we wanted a TMS

that was easily integrated with the

host accounting system and bankingsoftware, for a near fully automated

end-to-end process for treasury

transactions and CHAPS payments.

Integrity fitted our treasury setup, as

compared to systems with functionalitywe 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 oneach system to test its ability to meet

our requirements. The evaluation team

was made up 15 people who scored

the systems across some 200 criteria.

IT2 TMS came first - we felt that ease of

reporting and accounting configurationwere 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 asthe two project elements were to be

run in parallel.

1. We selected Wallstreet 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 forwhat we needed. So we wanted to

cut costs and streamline the TMS. City

Financials appealed to us because of

its web functionality. We now have

40 business units using it remotely,

with around 200 users. The integratedaccounting module was of great

importance, as previously we had a

separate accounting module with files

being manually imported and exported

- a highly inefficient process. And finally,it allows us to develop reports and

interfaces without having to rely on IT

support or consultants.

1. Coty treasury chose the IT2 TMS, as

we needed to upgrade from our old

technology in order to support two

treasury operations in the Netherlands

and the US. Our operations neededa full range of cash, treasury and risk

management business processes,

including in-house banking, worldwide

hedging, borrowing and lending -

and cash flow forecasting. We chose

IT2 because of its unique workflowmanagement and reporting tools, user

friendliness, flexibility and complete

functionality. IT2 frees up our global

treasury team to concentrate on

strategic issues, management functionsand 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 system and thelevel of integration. Do you require

a fully integrated system with your

accounting and the bank software?

Also consider the type and level of

support that is available - how much

support and advice is available at theimplementation stage? Cost is also

important - you should not choose an

expensive TMS and then find 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 k nowledge 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 team with their ‘day job’.

After all you still have to take care ofmanaging day-to-day activities, but

implementing the TMS is a strategically

important project and getting it right

should take priority.

2.Outliningyourrequirementsatthe

startisvital.For example,canyour

monthlymanagementreporting

informationbegeneratedbytheTMS

withminimaleditingrequired?EnsurethatthepotentialTMSsuppliersprovide

hardexamplesduringtheselection

process.A TMSshouldbe flexible,so

bearinmind whatyoumightneedin the

future.Is thecustomersupportservice

robust?Trycallingtheirsupportto seeifapersonanswersorif youarediverted

tovoicemail.Howoftenareupdates

released?Visitexistingusersto findout

whattheTMSare likein reality.And

finally,assessifthe costofowningandmaintainingyourownIT hardware

isworthwhile.

2. You should benchmark your short-

listed solutions against your current

solution. Choosing a new system is a

great opportunity for business process

improvement, breaking away fromthe constraints of the past and bear

in mind the future grow path of your

organisation. Also, be sure to meet

the vendors’management, consultant

team and support staff - it is important

to be confident of your supplier’sintegrity 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 workwith it day-to-day, therefore take the

driver’s seat.

3. The TMS we use is fully integrated

and a number of interfaces have

been built. This means that it is veryeasy to use and to train new staff to

use it. Administration is restricted

for control reasons and making

changes and setting up static data

is straightforward. A little more timeis required for setting up hedge

accounting. We have written our owndocumentation 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 flexibility.

However, with this flexibility 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-sufficient. If your

best people are not involved on theimplementation, then you struggle to

develop this capability in-house.

3. Wallstreet City Financials is very easy

to use and maintain. I personally don’t

have a technical background, havingspent 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 externalFX turnover last year was £90bn, with

20,000 total internal and external dealsinput. Without STP, we would have

needed extra personnel to manage the

volume. The inter-site payments used

remotely makes life easier for the teamand minimises the number of input

errors. We are currently migrating

to SWIFT and can streamline TMS

processes even further.

3. We are finding IT2 very easy to work

with on a day-to-day basis, as it is an

intuitive, configurable system. TheIT2 process maps were impressive

in the sales process, but we are

growing to appreciate their value

beyond workflow documentation

transparency. They clearly monitoroperations in progress, helping to

ensure that the team makes thenecessary interventions to assure

timely and accurate processing. And

they are self documenting, giving

us an almost automated treasuryprocedure manual, as well as easy and

transparent auditing. In the future,

they will be very helpful in efficiently

training new team members.

4. The new functionality I would lookfor is a more user-friendly reporting

function and connectivity to new

mobile devices. This will allow for better

management reporting. At a recent

demonstration of the latest versionof 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.Thatis adifficultquestiontoanswer,as IT2hasusuallybeen ableto

accommodaterequeststhatwehave

madeforenhancementsto thesystem.

Inan idealworld,perhaps,I wouldliketo

seea moreeasilyconfigurableapproachtoimportingmarketdata,aswe needto

combineseveraldifferentmarketdata

typeswithinSABMiller.Betteroff-the-

shelfSWIFTforcorporateaccesswould

alsobe useful.

4.We arehappywiththe currentfunctionalityintheTMS, andI feel

confidentthatWallstreetCityFinancials

willbeabletoserveuswelloverthe

currentplanningcycle.Usingthe cash

forecastingfunctionalityisan areaweaimtodevelopand thismayrequire

additional functionality.

4.Well,we selectedIT2becauseitsfacilitiesfulfilour currentrequirements,

andalsoaddressourevolutionary

ideasfortreasuryoveratleast the

mediumterm.I shouldsaythatwe are

abouttolaunchasecondphase oftheimplementation,whichwillextendthe

solutionto onlinecashforecastingand

guarantees.Theseextensionswillhelpus

tomaximisethevalueof ourtechnology

investment,by optimisingcashvisibility

andutility,andby furtherautomatingourfinancialrisk managementactivities.

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




12


13

Risk and Reporting

Corporates treasuries’ main role is to eliminate various forms of risk. Whatare some of today’s 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 profits 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 offices, the

assignment and management of appropriate

trading limits, and the availability of dependable

reporting, providing details of accurate and up-to-

date positions and profit/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 significant 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

identification 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 competingsystems include the correct mix of riskmanagement tools that that will avoid - or

at the very least reveal - the basic types ofrisk we have identified. In addition, sometreasury departments will require further,more sophisticated risk management tools to

be deployed; this will apply in cases wherethe necessary investment is justified by therelatively high levels of risk exposure that are

being managed, for example through significantdebt leverage or currency exposure.

Operational Risk Management

The most basic improvement that a first timeor replacement treasury management system

(TMS) can offer relates to the reduction ofoperational risk. A modern TMS provides

robust and transparent treasury operationsthat would simply not be possible if treasurywere dependent on manual processes and

spreadsheets. At this elementary level, a TMScan radically reduce the risk of errors associatedwith manual processes. It is also increasingly

accepted that spreadsheet solutions lack thenecessary robustness to support complexfinancial operations such as treasury. They alsotend to be undocumented, and, as they grow

organically, difficult to understand or maintain.When the original authors move on, the risk anddifficulties are compounded, particularly when

something breaks.

The introduction of the Sarbanes-Oxley Act(SOX) in 2002 set new, demanding standardsfor optimising treasury process robustness

and transparency. Today, consultants andauditors consistently look for higher standardsof SOX and SOX-style compliance in supportof treasury. It might even be argued that if

an organisation is large and complex enoughto warrant the establishment of a discretetreasury function, it should always be able

to justify a technology investment that at aminimum addresses operational risk reduction.

Basic Financial Risk Management

Moving into the general field of financial riskmanagement, I will consider the topics that I

regard as basic necessities, before moving onto some more advanced concepts. The basictools 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 confirmations that

were addressed to him, and he ‘filed’ them

in a bottom drawer. The telephone-based

transactions were not visible to the back office

(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 dénouement came swiftly when a

concerned executive of a counterparty bank

phoned the company’s finance 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 final 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 simplysecures treasury operations so that individuals

who are authorised to initiate transactionsare not permitted to settle them. This is often

referred to as the ‘four eyes’ system. It is

very easily administered by a TMS, throughthe definition of individuals’ access rights to

various critical system functions. Once the

system security has been accurately definedand locked down, any attempt to by-pass the

control will not only be blocked, it will also belogged 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 dutiesstructure required, which will be a function

of the size, complexity and operating policy

of the treasury in question. The facility hasthe added benefit that it can protect the

confidentiality of sensitive data by restricting

or partitioning access, in cases where thisrepresents a significant risk. A measure of

flexibility is needed in small operations, inwhich a complete functional segregation

would severely strain individual resources;

in such cases, the chosen system shouldenable the restriction to be defined so that,

for example, an individual may both initiate

and release payments - but not for the samepayment transaction.

Limits Management

The management of limits the dealing roomof a bank that is engaged in market making




15


i m i t e d


14

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 contextis the adoption of a hedge accountingsolution, under IAS 39 or FAS 133, and theInternational Financial Reporting Standards(IFRS) update after convergence has finallyoccurred. Hedge accounting solutions requirea combination of accounting and forward-looking risk management techniques,and are computationally demanding, andhence imposing special demands on theTMS. Companies that elect not to hedgeaccount will need TMS support for theeffective collection and analysis of therelevant exposures, so that they can take the

necessary actions to avoid unwanted profit/ loss (P/L) volatility.

STP and Integration

As the efficiency and accuracy benefits ofhigher levels of automation become moregenerally sought after, many treasuries arelooking to enhance operations by integratingtheir TMS with third party systems, such asdealing portals and confirmation managementservices. Such integrations carry additionalbenefits beyond cutting operational risk,including helping to assure best price executionwith the available permitted counterparties.

Additionally, many treasuries are looking toimplement higher levels of straight-throughprocessing (STP) to create a more hands-freeenvironment, eliminating or minimising therisks commonly caused by human error.

Advanced Risk Management

Scenario analysis is the most popular of themore advanced techniques used by corporatetreasuries to evaluate financial risk, in caseswhere the level of risk exposure justifiesinvestment in more powerful tools. I am usingthe term ‘scenario analysis’ here in a broadcontext, covering the testing of treasury’spositions and exposures against a range ofhypothetical events, including different marketconditions (FX, interest rates and volatility),stresses and the impact of possible deals.

Supported by the necessary technology,scenario analysis enables treasurers tounderstand the nature of the risks that mighthave to tackle in different situations. It alsoenables them to answer the difficult questionsthat might be urgently posed by seniormanagement, such as: “What would be theimpact if the yen declines 5% against the USdollar?” or “What would the effect on our debt

portfolio be of a 1% UK base rate hike?”

Value-at-risk (VaR) is another advanced riskmanagement technique that requires heavytechnical support for effective deployment. Inmy view, it is a useful treasury benchmarkingtool and provides objective verification thattreasury is managing risk according to policyrequirements. Some commentators advocatecash-flow-at-risk (CFaR) as a more valuablerisk management tool for the corporateenvironment; however, CFaR adoption naturallyrequires powerful TMS support to be effective.

ReportingThe various risk management approachesoutlined above are just a part of the entirerange of treasury operations that rely on theTMS’s reporting capability to ensure thatthey are effectively communicated to thetreasury department, management, auditorsand regulators, and other stakeholders. Manywould, very reasonably, hold that effectivereporting is the single most important criterionin assessing the quality of a TMS. Arguably, thekey question to be addressed when evaluatingdifferent reporting solutions is, how timely doesthe production of the report really need to be?

In the context of risk management, I wouldargue that real-time, or at least on demand,near real-time, reporting is an essentialtechnical requirement. Treasurers may not feelthat the timing of database updates is reallytheir concern - but if they are confronted by, forexample, a sudden and violent deterioration ina counterparty or country’s creditworthiness,they quite reasonably demand completeand accurate information from their TMS- and they want it now. So there are quitetechnical considerations that really need tobe understood in their practical context in a

TMS evaluation, when the underlying issue isperformance. It’s not just functionality that’s keyto analysing and reacting with best effect to asudden crisis - performance is also critical.

The Current Environment

The treasury technology marketplace has, to thesurprise of some observers, remained buoyantin recent years, despite challenging financial andeconomic conditions in many parts of the world.This has, I think, been the case for a number ofreasons. Treasury has become more prominent,probably irreversibly, since the financial crisis.This is because it is clearly good corporategovernance to ensure liquidity against a range

and proprietary trading can be very complex

and demanding. The limit categories thatmay be encountered include counterparty

exposure, counterparty daily settlement,individual dealer, specific instrument,instrument type, instrument class, country

and geographic region. Such structures areclearly too complex to apply to most corporate

treasuries; the obviously relevant category iscounterparty limits.

Counterparty limit assignment is closelyconnected with the broader topic of

counterparty exposure management.

Increasing numbers of treasuries aresupplementing the use of classic credit ratingswith market-sensitive tools such as creditdefault swap (CDS) spreads, given the lagging

performance of credit ratings when thecredit crunch first struck (in fairness, I should

add that the ratings agencies are behavingproactively during the sovereign debt episode

that that is unfolding at the time of writing).Each company will determine which classesof dealing limit are appropriate for them.

Limits management requires TMS support in

order to be fully effective, so that dealers candeal quickly and effectively, and management

can be assured that limits are being properlymonitored, and that breaches are promptlyreported. It is also very useful to check limits

automatically on a pre-trade basis, so that theelevated risks and potential costs of actual

breaches may be avoided. The implicationhere is that strong limits management needs

real-time support from the TMS, so this is afactor that needs to be kept in mind in duringTMS evaluation.

Position and Exposure Valuation

Position and exposure valuation require a rangeof tools, ranging from the relatively simple

ones need for foreign exchange (FX) forwardsand time deposits to the more complexrequirements 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 facilityadditionally requires system integration with

up-to-date market data - FX and interestrates, and perhaps volatilities. Others rely onseparate or third party solutions to handle more

complex instruments. The technology evaluatorwill need to perform a complex analysis of the

costs and benefits of the alternatives to reach aconclusion that best fits requirements.

of scenarios, and to measure risk exposures,

including to counterparties, sensitively andaccurately. Solutions to these issues demandstrong technology.

In addition, smaller companies are organising

discrete treasury departments, and theseare of course confronting exactly the samerisk management challenges as larger

organisations. And it’s not just a matter ofsize; some relatively small companies, (for

example, with turnover below US$50m)are justifying TMS investments if theirmanagement judges that they are carrying a

sufficiently high level of financial risk.In addition to the steady stream of first-time buyers, for whom spreadsheets arenow just not good enough, there is a lso a

replacement market, presently focused onthose organisations that made their initial TMS

investments in the technology boom years ofthe 1990s. Many treasurers are now seekingto re-invest, to take advantage of the higher

levels of user friendliness, STP, functionality,cost effectiveness and efficiently offered by

today’s TMS.

The heightened awareness of the importance

of strong corporate governance is alsoincreasing the complexity of the technology

procurement process; in many areas,purchasing departments are increasinglyflexing their muscles in influencing how

technology is acquired.

TMS evaluation projects are tending tobecome more complex and demanding,increasing the number of hoops that

treasurers need to navigate through to acquirethe management technology they really need

to maximise their department’s productivityand effectiveness,

Conclusion

I have summarised here some of today’s

considerations in evaluating technology formeasuring, managing and reporting riskin treasury operations. It seems clear that

there are some generally applicable issues;but in fact no one quite perfectly fits the

‘bog standard’ mould when it comes to risk.Somewhere in the most innocuous lookingoperations may lurk ferociously complicated

guarantee structures, performance bonds,leases and so forth. Finding the appropriate riskand reporting TMS solution may be a little more

complex than it initially appears to be.

15





17


i m i t e d

BELLIN

Consultancy

Whatever it takes to set up and run theproject, even meeting tight timelines, a teamof professionals with guide, consult and helpyour company achieve its objectives.

• Implementation management and monitoring.• Group-wide supervision and support,

including the aspects and requirements ofthe local treasury business.

• Process review and optimisation, e.g. cashpools, hedging analysis and strategies,domestic and international paymentprocessing, and liquidity forecasting.

• Provision of temporary staff to providesupport to your company.

Software

tm5 - LoadBalancedTreasury

• The core idea behind tm5 is the concept ofLoadBalancedTreasury. Our business logic andtechnical architecture support this concept. It’s

all about bringing the system to the local userfor their benefit, instead of centralising tasksin one spot.

Local teams, including the central treasury,can operate on their own terms - replacingspreadsheets and exchanging data with othercompanies and organisations for reconciliationpurposes. This has tremendous advantagesfor all companies and departments withincomplex organisations.

With BELLIN, everyone operates their localtreasury from one platform, which containsall the information. The central treasuryretrieves whatever is required to run treasurymanagement, effectively replacing the dailytask of data collection. tm5 not only offers daily

cash management, including multi-bank andmultinational e-banking solutions, but alsoflexible mid- and long-term liquidity forecasting.

Additionally BELLIN offers solutions for clearinginternal payment flows, as well as singleinvoice-based reconciliation as part of thenetting process. BELLIN clients were twice ratedas “highly commended” and have recentlywon the Adam Smith Award in the category of“Harnessing the Power of Technology”.

• Small business international paymentprocessing is possible with BELLIN’s hostedsolution Payment2Go. “Most companiesaccept banks just like the weather. With ourmulti-bank and multinational web portal,all you need is a URL and a password. Nowthe company can concentrate on its corebusiness and be independent of the systemsoffered by banks.

Since it is a fully-hosted solution, if there is anytrouble during the operation, we fix the problemor provide you with a consultant for furtherassistance at any time. I am convinced thatthis will be the future in the day-to-day bankingbusiness - and this is even more interestingfor small and medium-sized companies,” saysMartin Bellin.

Services

BELLIN provides a full range of services for

your treasury:

• Consulting Application implementation, configuration

and customisation. Complete treasury reviews. Optimisation of processes and strategies. Temporary staff.

• Software m5 - a fully web-based solution for global

treasuries in any configuration. Payment2Go - the web-based software-

as-a-service (SaaS) payment platform forEurope.

• 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 find the appropriate tools for histreasury, BELLIN provides corporate clients with a company-wide web-basedtreasury platform.

Our philosophy at BELLIN is that we don’t just like treasury, we love it, andour product tm5 is custom-made to get treasuries connected.

BELLIN is a global leader in providing treasury software and services toover 15 000 users in 120 countries. Headquartered in Germany, BELLIN haspartners in North America, the UK, the Netherlands, Sweden and France.

Our team of consultants consists of many former treasurers who can findtreasury solutions to suite your corporation’s needs.

As an all-in-one treasury product, tm5 is guaranteed to amaze you withadaptable modules such as cash and risk management and netting.

The LoadBalancedTreasury approach that we apply allows subsidiarycompanies and the central treasury access to real-time financial data andprocesses at the click of a mouse. BELLIN also offers hosting services (ASP).

The “try before you buy” option gives customers a chance to discoverBELLIN’s treasury solutions for themselves. Join us and our hundreds ofclients, such as Flextronics, Virgin Atlantic and Red Bull, who all say: “We lovetreasury!”

Products and Services

CONTACT INFORMATION

German Headquarters:BELLIN GmbHTullastrasse 1977955 Ettenheim

Email: [email protected]: +49 7822 44600Website: www.bellin.com

CONSULTING

S O F T W A R E

S E R V I C E S

www.bellin.comBELLIN

BeneluxB.V.

Benelux

AGL

Transaction ServicesAB

Sweden

BELLIN

TreasuryServicesLtd.

Canada

BELLIN

TreasuryAlliance Ltd.

UK

CapFi

Technology

France

The BELLIN Treasury Network Partners:




19


i m i t e d

ecofinance - a Reval Company

Integrated Treasury System (ITS)

The Integrated Treasury System (ITS) is acomprehensive solution for the efficient handlingof all financial processes of internationalcompanies. The system, with more than 20modules, covers the areas of cash, treasury andrisk management, payments and reporting. Dueto its modular structure ITS can be combinedand extended in a flexible manner meeting theindividual 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 theapplication at any time. Local users aregranted easy and secure access via internet,

intranet or CITRIX. In this way local entitiescan assist the central group treasury byentering planning data. Bank accountstatements are imported automatically.

The integrated reporting gives local cashmanagers an overview of the financial statuswithin their company. ITS supports all centraland local treasury concepts such as treasurycentre, in-house banking, netting centre andpayment factory.

The ecofinance Mobile Client (eMC), an iPhoneapp, allows mobile usage of the ITS Report Inboxand the ITS Monitor.

Cash Management

The cash management modules of ITS serve

to administer and process all cash flows inthe company. The cash flows are imported,automatically produced in ITS or enteredmanually. In line with the automatic bankstatement processing, electronic accountinformation is reconciled automatically withthe cash flows entered in ITS. The accountassignment and posting module then generatesposting files for further processing in the externalgeneral ledger. The liquidity planning module isa flexible tool for managing future cash flows.Planning horizons, as well as liquidity groups,can be defined individually. ITS supports rollinghorizons and offers a data cube to drill downaggregated information.

Treasury Management

In the field of treasury management, ITS offersmodules for the entry and administrationof money market deals, FX deals, interestrate derivatives, commodities, loans, leasingagreements, guarantees, other contingent

liabilities and securities (bonds, funds, stock).The cash flows of these transactions areincorporated automatically in the paymentprocessing and planning of ITS and areavailable for ad hoc reporting and within thereport system.

Risk Management

To fulfil the most diverse requirements inmanaging and controlling risks, ITS offers abroad range of special modules, e.g. for thesimulation of specific deals and scenarios, forlimit administration and limit monitoring (dealerlimits, counterparty limits, currency limits, creditlines, etc) or for the allocation and classificationof underlying transactions and hedges (hedgerelations), including effectiveness testingaccording to the US-GAAP, IFRS/IAS regulations.

Another powerful module is available for thecalculation of the value-at-risk (VaR) of individualtransactions or portfolios that have beenindividually defined.

Payments Management

Along with the typical payment functionality, ITSprovides the opportunity to deploy a paymentfactory to save transaction costs throughnumerous optimisation rules. In connection withthe cash management module, effective cashpooling can be easily illustrated. Moreover, itis possible to perform permanent or key-datenetting. Payment files in different formats can begenerated and sent directly to the bank with orwithout electronic signatures.

Reporting

ITS provides calculations and graphics directlyon the user interface and offers a wide range ofstandard reports to evaluate information fromevery module. Furthermore, the user has the

possibility to create individual reports. In additiona sophisticated system technology provideshigh automation, monitoring of processes andworkflows, maximum performance and securedata exchange.

ecofinance is one of the leading software providers in internationaltreasury management. Established in 1984, the company has been aninnovative and competent partner to reputable companies and financialinstitutions globally.

Corporations use ecofinance’s integrated financial systems to managetheir entire treasury operation, including cash management andliquidity planning, risk management, payments and reporting. Financialinstitutions use ecofinance solutions to offer its corporate clientsprofessional web services for cash pooling a nd treasury management.

With its headquarters in Graz, Austria, ecofinance has a full in-housedevelopment and support centre. Algorithms and software reviews are

carried out by a prestigious university, ensuring that this ISO 9001-certifiedcompany offers state-of-the-art solutions of the highest quality.

ecofinance is part of the Reval group. Reval provides an award-winningweb-based platform that automates corporate financial risk managementfor a wide range of interest rate, foreign exchange (FX), commodity andcredit derivatives.

Reval was founded in 1999 and is headquartered in New York, withregional centres based in Philadelphia, Chicago, San Francisco, Toronto,London, Frankfurt, Graz, Sydney, Hong Kong, and Gurgaon.


CONTACT INFORMATION

ecofinance - a Reval Company

Arche Noah 118020 Graz Austria

Email: [email protected]: +43/(0)316/908030Website: www.ecofinance.com




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exalog

Eliminating Barriers in Global

B2Bank Communication

exalog’s web-based applications allow anycompany to optimise its treasury management.Whatever the size, business activity or geographicspan of your company, one of our TMS answersyour needs.

Allmybanks.net is our solution dedicated tointernational groups. It enables you to managetreasury and financial movements, keep bankcharges under control, and optimise cash flow- all within a single interface.

Three Modules in One Single Interface

Allmybanks.net is composed of threeintegrated modules including the functionsneeded 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: workflow

of approval and payments signature(3SKey).

AMB Treasury: Group and subsidiary

treasury management

AMB Treasury gives you a complete decisionsupport toolkit.• Operational treasury: forecasts,

reconciliation, account balancing and cashflow budgeting.

• Liquidity management: investment,financing and foreign exchange (FX).

• Intercompany management: lending,borrowing and interest administration.

• Control of bank charges: bank statistics byaccount or group of accounts.

• Personalised reports: net cash positionstatements and variance analysis.

AMB Connect: Security, connectivity

and interfaces

AMB Connect brings together the necessaryfunctions to enhance security and interfacewith 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 internationaland domestic bank formats.

• Interface with IT and accounting systems:personalised import/export data format.

Bank Connectivity

As a TMS provider and as a certified SWIFT

Service Bureau, exalog delivers an integratedoffering that includes the cash managementapplication as well as connectivity withall your banks, whatever their e-bankingchannel (SWIFTNet, EBICS, FTPs, etc). exalog’sexpertise in e-banking guarantees that Allmybanks.net always complies with currentbanking standards.

Value-added Services

With Allmybanks.net you are free from alltechnical and administrative concerns. Value-added services such as interfacing with yourIT system, phone support (Europe, Americaand Asia), user training, maintenance andbackups are provided with exalog’s TMS.

Created in 1984, exalog has specialised in providing web-based cashmanagement software, or software-as-a-service (SaaS), since 2000. Wedesign, develop and operate all our products.

The SaaS mode reduces implementation timeframes, costs, as well asthe need for IT maintenance and support. Treasurers just need an Internetconnection to use their treasury management system (TMS). This simplicityof use is coupled with a high level of security of both our infrastructure andour software.

exalog gives you access to a high-availability infrastructure, which is ISO27001 certified, fully redundant and under active 24/7 surveillance. Thisensures that our TMS is a reliable solution with a business continuity plan

in line with your financial requirements.

One of our essential concerns is customer service quality. ‘’Our strategyis built on maintaining in-house expertise. This ensures that we have fullcontrol over our services, and enables us to react quickly to our customersneeds,’’ says Jacques Lafarge,chief executive officer (CEO) of exalog.

Thanks to this insourcing strategy, exalog develops and supplies allcomponents of its cash management offering, including bank connectivity.That is why exalog is a certified SWIFT service bureau and, for Europe, aregistered EBICS connectivity supplier.

We directly market our solutions to more than 5 000 companies that trustour 27 years of experience in data exchange. We also provide white-labelled applications to banks for their own corporate clients.


CONTACT INFORMATION

97 rue de Bellevue,92100 Boulogne BillancourtFrance

Email: [email protected]: +33 1 41 46 10 01Website: www.exalog.com

BANKSERV

AD




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IT2 Treasury Solutions

IT2 Treasury Solutions’ high levels of treasuryand technology expertise uniquely equip theorganisation to understand the demandingpractical needs of multinational and domestictreasury departments.

Scalable, intuitive IT2 software solutionsaddress and fulfil IT2’s global network ofclients’ primary treasury business issues:

IT2 solutions collect treasury data from acrossthe organisation, and transform it into reliable,actionable information. IT2’s transparentstraight-through processing (STP) workflowscontrol, automate, secure and streamlineall treasury processes, providing a robustplatform for a most critical financial operationsuch as treasury management.

IT2 updates automatically in real time, andtherefore provides real-time tools to manageand report on positions, exposures andtransactions. IT2’s clients are therefore able tobase their critical decisions for cash, funding,

investment and financial risk managementin full confidence that they are working withup-to-date, reliable information.

IT2 is shipped with a comprehensive set ofbest practice treasury workflows, reports andintegrations that may be implemented out-of-the box, or easily configured to reflect specificpolicy requirements. The system’s workflowmanagement and reporting tools are designedfor intuitive use by busy treasury professionalsin treasury departments, covering a widerange of scales, missions, organisations,complexities and policies.

IT2 Services

IT2 is dedicated to delivering serviceexcellence. Clients naturally require thesustained provision of outstanding servicesso that they derive the maximum value fro mtheir investment in IT2. IT2’s suite of serviceofferings - of strategic relationship and

implementation management, client supportand training provided by the IT2 Academy- support the implementation, operationand sustained evolution of each client’s IT2solution.

IT2’s annual, independently-conducted clientsatisfaction survey provides objective clientfeedback about the practical operation of theIT2 system and of IT2 Treasury Solutions’service delivery track record.

IT2 Treasury Solutions is a leading global provider of treasurymanagement software solutions.

IT2 continually accumulates knowledge and practical experience ininternational treasury operations, and is passionate about realisingtreasury best practice with its clients, and with its network of businesspartners.

Founded in 1982, the company’s principal offices are located in London,New York City and Hong Kong, serving over 250 corporate and financialinstitution treasury clients worldwide, including: AB Stena Finans,Campbell’s Soup Company, Cargolux, Costco Wholesale Corporation,Coty, Dixon’s Retail, GSK plc, Hong Kong Hospital Authority, Hysan

Development Co., LCH.Clearnet, Marriott International, MF Global,Pirelli International, Rémy Cointreau, Tyco International, VolkswagenInternational Finance and Volvo Financial Services.


CONTACT INFORMATION

IT2 UK Eyot Gardens House23 Eyot GardensLondon W6 9TR

United KingdomTel: +44 20 8741 3553

IT2 USA 12th Floor, 1515 BroadwayNew York, NY 10036USA Tel: +1 212 520 6612

IT2 Hong KongSuite 8, 20/FOne International Finance Centre1 Harbour View StreetCentral, Hong KongTel: +852 2167 8111

Email: [email protected]: 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 treasuryprocesses enabling treasuries to answer these questions, dependably and promptly.

We have helped more than 250 treasuries make their next move, let’s talk about

yours!




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Murex

From simple deals to exotic structures, MX.3,Murex’s third generation integrated platform,provides advanced trading, risk measurementand hedging tools for high volume businesses.Close consultation with major users hasbrought a new generation of ergonomicpricing and structuring tools into production,alongside continually evolving cutting edgerisk management functionalities.

For trading and sales, the time to market forvalue-added products has never been shorter,the flexibility and transparency of risk hasnever been greater.

To achieve high straight-through processing(STP) rates, the system benefits from acomplete enterprise back office solutiondelivering powerful configuration tools,real-time monitoring dashboards, out of thebox connectivity to executing, affirmation/ confirmation and clearing platforms.

The MXpress implementation methodologyleverages the wealth of business contentaccumulated by Murex over the two decadesthrough pre-packaged components of theplatform while offering an accelerated processof delivery. It o ffers a unique approachenabling clients to determine the degree towhich they want:• Off-the-shelf, pre-packaged best practices.• A flexible configuration toolkit allowing

easy configuration to meet client-specificrequirements.

• An extension framework providing a suiteof application building tools, which allowsevolving businesses to rapidly develop,test and deploy customised or additionalbusiness content.

At each stage of this continuum fromstandardised ready-to-go solution, throughuser-friendly configuration, to client-specificextension through development, Murex has amarket-leading deployment solution.

The Murex Treasury Solution offers:

• A complete solution, simple to use, easyto customise:

Pricing, rapid and safe deal capture andlifecycle management, together with a tradeblotter and multiple facets of risk monitoringall integrated into a single, usable real-timescreen for traders, sales and middle office.

• A secure solution - ‘power is nothingwithout control’:Efficient sanity checking helps controlpotential errors whether in data or input.Native hedging structures at deal entry (split,hedge, etc).

On-demand or automatic limits checkspre-deal entry.

Comprehensive access right controls.• A global solution - aggregate and slice-and-

dice your results:Customisable book structure to match thebank organisation.

• Ability to load all books for a given user/desk/ business line, etc.

• Possibility to mix cash and derivatives views tomanage daily volume business together withad 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.• Efficient multi-entity solution.• Live integration with Murex Limits Controller.

• Very high deals throughput and low latency.• Fully user definable layout and shortcuts

handling traders and sales profiles.• Fast, easy and secure deal entry.• Powerful aggregation, as well as filtering engine.

Key Benefits

• Unrivalled asset class coverage enablingrapid product extension.

• Short- through long-term liquiditymanagement.

• Back dated, current and projected positionsand profit and loss (P&L).

• Dedicated spot and forward desks viewswith breakeven rate and daily P&L.

• Transparency of funding gaps.• Cash management.• MTM and accrual P&L (absolute, daily,

weekly, monthly, etc).• Front office accrual management (gap,

banking book, foreign exchange (FX) accrualdelta views).

• Cross-asset FX risk, interest rate risk,security stocks views.

• Funding procedure and logical funding atdeal 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 andimplementation of integrated trading, risk management, processing andclearing solutions for buy- and sell-side financial institutions, corporationsand utilities located across the globe.

Every day over 36,000 users from banks, hedge funds, asset managementcompanies, corporations and utilities rely on Murex people and Murexsolutions to support their capital markets activities. Client satisfactionis our primary goal, from quality and rapid development to successfulimplementation and high-quality support.

Our 200 worldwide clients can rely on over 1,400 specialists activelyfocused on delivering 24-hour global support through our offices in Paris,New York, Singapore, Dublin, Beirut, Beijing, São Paulo, Sydney and Tokyo.


CONTACT INFORMATION

Murex8 rue Bellini, 75116 Paris, France

Email: [email protected]: +33144053200Website: www.murex.com




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Since 1985An Bradán Feasa – The Salmon Of Knowledge

Our Cloud Version - TGoldFor those treasurers out there with very lowvolume trading activity, we can now offer you

Salmon Treasurer a service available in the cloudas a software-as-a-service (SaaS) solution. It iscalled TGold.

If your volumes are small enough that you can’t justify the cost of an on premise solution, thentry TGold. Why not take out a free trial?

T G O L D 3 0

DA Y

F R E E

TRIAL

OFF E R

European Sales Team Contact Details

T +353 1 4605305 F +353 1 4605333

E [email protected] www.tgoldsoftware.com

SALMONSOFTWAREDedicated Treasury Management System

Please see our website www.tgoldsoftware.com for full detailson 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 beneficial this applicationwould be for you and your finance and treasury team.

Salmon Treasurer

All of our product development is done underthe umbrella of Salmon Treasurer. Throughoutthose years, the system has evolved withthe market, with technology and with ourclients’ needs and is now is one of the mostsophisticated TMS available in the world today.

We remain fast and flexible

As an accredited Microsoft Developer, weuse and apply to Salmon Treasurer the latestdevelopment technologies as soon as theyare available to the software developmentcommunity. This ensures that we provide fastdelivery of innovative functionality at low costto our customers.

Maintain very personal relationships with all

our customers

We maintain constant communication with ourclient community providing them with updatedknowledge of our development. They in turnthen provide us with the feedback from the

market thereby enabling us to apply the latesttechnology to their requirements.

We treat all our clients with great care

and attention

Because of the many years of continuitywithin Salmon Software, we offer a verypersonal service to every client. We providedirect personal contact between our clientsand our very knowledgeable support team.

Our client-driven continuous development

programme

Our clients, and what they need to enhancetheir treasury function, dictate our continuousdevelopment programme. Our clients arecanvassed regularly about what they believe

will make the treasury management functionmore efficient and easier to perform.

A Single System

Salmon Treasurer is a single, completelymodular system. It offers you over 120modules across all market instruments, alllevels of functionality and interfaces to allelectronic banking (e-banking) systems,trading platforms, accounting systems,confirmation matching systems and electronicpayments systems.

Salmon Treasurer applies whether you havetwo users or 202 users. Salmon Treasurerapplies whether you operate a single-entitycentralised treasury function or a multiple-entity global treasury function.

There’s no product or brand confusion thatyou get with multiple products from the samestable.

A Sensible Price

Salmon Treasurer is available to you at a pricethat makes sense. TMS don’t need to costmillions, not even hundreds of thousands.They also don’t need to take forever toimplement. So compare what we can offeryou and you’ll be very pleasantly surprised.

Salmon Software was founded in 1985 to specialise in the developmentof treasury management systems (TMS).

Our flagship product Salmon Treasurer has had continuous developmentthroughout that time to continuously reflect the changing environment inwhich corporate treasurers operate. This means that Salmon Treasurerhas a range of modules comparable to any system and operationalfunctionality that will rival any system from any provider operating in thearena of global treasury management - all of this, at a price that otherproviders can’t match. How do we do it?

Acquisition? No Thanks!

Because of the quality and range of Salmon Treasurer, we have beencourted many times by companies wishing to acquire our companyand our product. We have resisted such advances in order to retain ourcommitment to our very valued customers.

We believe that being completely independent and having a singlesystem enables us to be flexible and efficient and therefore offer a farbetter total solution to our clients.

With the spate of recent acquisitions, it also offers a choice of system forprospective buyers in the market.


CONTACT INFORMATION

Salmon Software Ltd.Unit 2 Block GRiverview Business Park Nangor RoadDublin 12

Email: [email protected]: +35 3 1 4605 305Web: www.salmonsoftware.ie




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Wall Street Systems

Solutions include:

Wallstreet eBAM - the leading electronic bankaccount management (eBAM) solution. It allowscorporations to manage bank data, corporatesignatories and exposures across all globalaccounts rapidly, accurately and securely.

Wallstreet Treasura - the market-leading,cost-effective, web-based cash and treasurymanagement solution relied on by hundredsof best-in-class global treasury teams.Fully SSAE 16 certified (previously SAS 70),Wallstreet Treasura streamlines internalprocesses, improves financial controls, andhelps the corporate treasurer to make moreeffective working capital decisions.

Wallstreet Treasury - the turnkey software-as-a-service (SaaS) solution for the mid-markettreasury. Extensive functionality is providedby fully integrated best of breed products,

enabling the treasurer to take a service-basedapproach to fulfil global company needs.

Wallstreet City Financials - the integratedtreasury workstation covers all aspects ofcorporate treasury system requirements.Functional areas cover cash, deal, and riskmanagement together with seamless andpowerful integrated accounting to meet bothpractical and regulatory requirements.

Wallstreet Suite - the highly configurablesolution, customised to the corporation’sspecific needs. It delivers unprecedented returnon investment (ROI), with immediate visibility,control and simplified compliance. It has awide instrument coverage, parallel accounting(multiple GAAP), multiple in-house banks, high

volume payment processing, plus sophisticatedrisk and treasury management within onesystem, simplifying even the most complexof global corporate treasury operations.

Wallstreet has the world’s largest globaltreasury systems practice with more than 100go-lives each year, over 2,000 man years ofexpertise and many senior industry figures.

With the recent incorporation of CityFinancials, Speranza Systems and Treasura,more than 500 of the world’s leadingcorporations now rely on treasury solutionsfrom Wall Street Systems. Corporate clientsinclude GE, Porsche, Merck & Co, ToyotaFinancial Services, Daimler, Ford and Procter& Gamble.

Corporations who use a treasury solutionfrom Wall Street Systems have the peace ofmind of that comes from working with a long

established and financially robust solutionspartner. With an unrivalled implementationtrack record, Wallstreet clients know theirtreasury operations are in safe hands.

Wall Street Systems has an outstandingreputation for quality and responsive service,and prides itself on helping customers achievelong lasting benefits and results.

Wall Street Systems has 700 employees,operating out of 14 offices worldwide andservicing over 650 banking, corporateand central bank customers. Our softwareprocesses millions of transactions,aggregating to trillions of dollars ever y day.

Wall Street Systems (Wallstreet) helps corporations of all sizes manageliquidity, achieve effective risk management and transform their treasuryoperations.

For the majority of corporations, Wallstreet delivers integrated, on-demand and cost-effective treasury solutions for all aspects of corporatetreasury requirements.

Powerful cash, deal and risk management together with integratedaccounting to meet regulatory requirementsare made available via simple web browsers.

For the world’s largest and most sophisticated treasury operations,

Wallstreet delivers a sophisticated and scalable solution, helping tosimplify complex treasury through a single integrated and strategicplatform.

With immediate visibility and control, compliance, parallel accounting(multiple generally accepted accounting principles (GAAP)), multiplein-house banks and integrated volume payment processing, Wallstreetensures unprecedented treasury return on investment (ROI) and riskmitigation.


CONTACT INFORMATION

USA HEADQUARTERSNew York Wall Street Systems1290 Avenue of the Americas,New York,NY 10104

USA

EUROPE HEADQUARTERSLondon160 Queen Victoria Street,London,EC4V 4BFUK

ASIA HEADQUARTERSSingaporePrudential Tower Level 1530 Cecil Street,SINGAPORE049712

Email: [email protected]: www.wallstreetsystems.com



28

[email protected]

Wall Street Systems is the partner of choicefor treasurers from corporations of all sizes.From the simplest domestic cash to themost sophisticated global liquidity and risksolutions, Wall Street Systems provides theopportunity for transformational change.

Over 500 of the world’s leadingcorporations already rely on our treasurysolutions, expertise and unparalleledsupport. Wall Street Systems can help you to achieve enterprise-wide successthrough your treasury operations.

PUTTING

TREASURERS

IN CONTROL




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i m i t e d

OpenLink’s Solution for Treasurieswith Commodity ExposuresOpenLink offers a single fully integrated software solution to address thecomplete requirements of global corporate treasuries, particularly thosewith 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 valueadjustment (CVA).

• Compliance and legal monitoring.

• Accounting/hedge accounting.

• Custom business workflow tools.

Our software is built upon straight-through exception processing (STeP)rules that incorporate best practices from our large client base andmore than 15 years of experience. This enables companies to streamlinebusiness processes, minimise operational risk and reduce internal a ndexternal costs.

Dashboards and reports, including position and risk management,are available in real-time a nd can be accessed by treasury, as well asworldwide operating units.

Furthermore, if required, both work flows and reports can be readilyconfigured to adhere to proprietary business demands using OpenLink’sembedded tools.

OpenLink’s IT infrastructure is scalable and flexible to support bothtoday’s challenges as well as capitalise on tomorrow’s opportunities. Oursoftware is available as a local installation or a hosted solution.

Headquartered on Long Island, New York, OpenLink’s diverse client listincludes more than 450 of the world’s largest and most prestigiousinvesting and trading institutions including banks, insurance, finance,pensions, hedge funds and corporations. Our 1000+ staff members arelocated in 11 regional offices worldwide.

Hanse Orga Are you looking for a more efficient way to manage your financial supplychain in SAP? And would you like a competent partner with outstandingexpertise and long-standing experience? Someone you can fully rely on forimplementing a professional solution?

In this case, contact us at Hanse Orga.

Hanse Orga, founded in 1984, is an independent software and consultingfirm for treasury management and bank reconciliation solutions. In additionto 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 ofexperience, is integrated in our finance solutions that include both consultingand software. As an official SAP Software Solution Partner, we provide

holistic SAP consulting services with a special focus on treasury and bankreconciliation. All product groups are certified by SAP as ‘FinanceSuite 4.3’, anofficial confirmation of the high quality of Hanse Orga software solutions. Thecertification ensures that Hanse Orga products completely meet the customerrequirements and that they are seamlessly integrated in the SAP environment.Hanse Orga offers both solutions in the SAP standard or individual solutionsprogrammed in Advanced Business Application Programming (ABAP). Projectsare performed according to the SAP project procedure ASAP/Value SAP. HanseOrga also performs entire SAP installations and migrations.

Thanks to the SAP integration you easily avoid interfaces and thereforesignificantly increase the security of your data. Our intelligent modulesautomate many of your manual processes so that you can considerablysave on time and money. The modular approach of our software enables

you to implement the different components flexibly and perfectly in linewith 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 innovativeconsulting and software solutions.

Certified project managers and consultants for SAP help you find the best

solution for your company. Over 450 satisfied customers around the world,including well-known market leaders such as BASF, BMW, Honeywell, IBMand Philips, have successfully implemented our FinanceSuite and are highlysatisfied with the levels of optimisation they have achieved.

CONTACT INFORMATION

Email: [email protected]: +49 (0)40 51 48 08 0Website: www.hanseorga.com

CONTACT INFORMATION

E-mail: [email protected]: + 44 20 7382 1929 or +1 516 833 4509Website: www.openlink.com



30


CONTACT INFORMATION

Email: [email protected]: +40212554577Website: www.allevo.ro

Allevo

GTreasury

Allevo is a private Romanian independent software vendor (ISV) andconsultancy company focused on reliably ensuring the financial transactionsexchange and processing. Allevo delivers innovative products and solutionsfor real-time funds transfer management, empowering financial and publicinstitutions, corporate treasuries and small and medium-sized enterprises(SMEs) to:

• Improve/re-structure/centralise their financial transaction business flow s,

• Ensure interoperability by aligning their financial transaction systems tointernational market standards.

• Automate their transactions flow (straight-through processing (STP)).

Our cost-effective and easy-to-implement solutions are compliant withinternational standards and regulations, being mainly based on qPayIntegratorsuite (certified SWIFTReady on single euro payments area (SEPA) in 2008and 2009, and on Workers’ Remittances in 2010 and 2011 tracks) and on thevalue-added services performed by our SWIFT-certified technical and businessexperts (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 financial,corporate, public sector, microfinance and processing centres) based onthree product lines: financial transactions processing, business continuity andprocess management.

Since 2007, Allevo started to approach the corporations’ financial relatedbusiness aiming to enhance the management of the working capital, improvethe financial productivity through information and operations consolidation andsave costs by rationalising the corporation-to-bank communication channels.

We address the corporates’ specific requirements for the financialtransactions processing:

• In the operations area by adapting some of the risk containment features,such as accounts receivable (A/R)/accounts payable (A/P) reconciliation withthe banking statements of account and anti-money laundering (AML) filtering,or the transactions enrichment to improve the end-to-end transactionsprocessing and control the financial costs

• By extending the processing service to the corporation distribution chain.

The value proposition for corporates is to gain control over working capital,allowing efficient allocation of the vendor’s extended loans and management ofthe financial portfolio (cash and loans), as well as making informed paymentsand agile follow-up on overdue collections. The solution provides for enhanced

interoperability with the bank - a powerful competitive differentiator - throughclosed 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 enrichedwith new functionalities, while preserving its price attractiveness and easeof implementation.

G Treasury SS (GTreasury) specialises in providing wo rld-class treasurymanagement 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 gaingreater visibility into cash.

With 25 years of experience, corporations not only feel comfortable working

with a reputable company, but also because of the outstanding customerservice and overall ease of use coupled with comprehensive functionality.Currently, GTreasury has more than 4,500 operators accessing the web versionon the software. GTreasury acts as a payment factory where we run over onemillion 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 sizessuccessfully manage daily treasury functions, streamline processes, improvecontrols, and measure treasury performance. All support and developmentefforts are focused on one seamless system. We firmly believe this approachresults in a richer product line, lower overall cost, long-term security, and aproven choice for users.


Benefits

• Global visibility and transaction initiation on all bank accounts.• Scalable - over 50 modules.• Configurable - 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 office integration.• Advanced account reconciliation.• Comprehensive debt and investment management.• Foreign exchange (FX) exposure management.• Bank and account administration.• Bank fee analysis.

CONTACT INFORMATION

Email: [email protected]: +1 847 847 3706Website: www.gtreasury.com





32


Sungard

Thomson Reuters

SunGard is one of the world’s leading software and technology servicescompanies. The company has more than 20,000 employees and serves25,000 customers in 70 countries. SunGard provides software andprocessing solutions for financial services, higher education and the publicsector. It also provides disaster recovery services, managed IT services,information availability consulting services and business continuitymanagement software. With annual revenue of about US$5bn, SunGard isranked 434 on the Fortune 500 and is the largest privately held businesssoftware and IT services company.

SunGard AvantGard offers a full suite of solutions for liquidity managementfocused on treasury, payments and receivables management. In addition,

AvantGard offers connectivity from these solutions out to a broaderecosystem including foreign exchange (FX) management, electronic bankaccount management (eBAM), SWIFT, banks, collection agencies, creditdata, market data, money market funds (MMFs) and more.

Furthermore, as a SWIFT Global Partner, SunGard AvantGard helpscorporations improve corporate to-bank connectivity, which includesproviding several options to connect to the SWIFT Network and to managethat connection.

From basic cash management to sophisticated risk analysis, investment/ debt management, trading, netting, etc, AvantGard Treasury can meet awide range of requirements. The AvantGard global services team deliversdomain expertise and best practices as part of a full-scale implementation

with detailed training, and ongoing support services. ASP, hosted solutionand managed services delivery are also available to help reduce total costof ownership and offer a comprehensive approach to solution delivery.

Over 30,000 professionals in more than 1,800 companies, in greater than40 countries rely on SunGard’s AvantGard to optimise liquidity, increasevelocity of free cash flow, and remove inefficiencies across the ecosystem.

Thomson Reuters is the largest provider of risk and trade managementsolutions globally, servicing over 700 financial institutions. Our solutionsoffer sophisticated, tailored functionality at every step of the trade, fromstraight-through processing (STP) enabled front-to-back trading systemsto enterprise wide risk management. We have the global reach and localexpertise that is required of a long term strategic partner with morethan 950 risk professionals worldwide. And with more than 20 years ofexperience, our customers can rely upon Thomson Reuters’ proven track

record of delivering complex solutions to meet their exact requirements.


Kondor+: a market-leading front to back trade and risk managementreal-time solution that allows users to manage global trading activitieson a single, flexible 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 flexible solution - redefining consolidation.• Maintain visibility and control - gain insight with rea l-time data and

sophisticated analytics, analysis and reporting.

KGR: an integrated, real-time market risk, credit risk a nd limitsmanagement product. Why choose KGR:• Intuitive and dynamic risk dashboards.• Leverage front office capabilities in the risk department.• Credit and market risk engines in one product.• Sophisticated and flexible stress testing.• Highly flexible limits rules.• Powerful data aggregation and analysis engines.

• Open, flexible and generic data model.

TopOffice: a new solution from Thomson Reuters that provides a consistent,integrated view of profit and risk across the business, in real time.Why choose TopOffice:• Proactively manage the business on the basis o f risk-adjusted profit

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: [email protected]: http://thomsonreuters.com/products_services/financial/

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

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and



SYSTEM NAME Allmybanks.

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AvantGard

Treasury

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Integrated Treasury

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Solutions

Thomson

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Manex Treasury

Systems Allevo

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SoftwareBellin

Salmon

Software

Chesapeake

System Solutions

Wall Street

Systems

Wall Street

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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 file 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 flows. ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

Ability to record and report interest flows. ● ● ● ● ● ● ● ● ● ● ● ● ● w ● ● ● ● ● ● ● ●

Ability to record and report cash calls (inter-company funding). ● ● ● ● ● ● ● ● ● ● ● ● ● w ● ● ● ● ● ● ● ●

Ability to perform comparative analysis bet ween forecast and actual figures. ● ● ● ● ● ● ● ● ● ● ● ● ● w ● ● ● ● ● ● ● ●

Confirmations

Ability to link to a confirmation 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 p arty report writing tool? w ● ● ● ● ● ● ● ● ● ● ● ● w ● ● ● ● ● ● ● ●

5. Security

DoestheTMS conformwithsecurityprinciples,suchas‘four eyes’,segregationofduties, 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 - ▼ ▼ ▼ ▼


34



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i m i t e d

KEY ● Yes ●No wSome ■Client choice ◆In-house ❉ Hosted ➤Contact vendor ▼Not disclosedTMS Functionality Matrix 2011

*Only those vendors that filled out the gtnews TMS Functionality Survey between May-August 2011 are included.



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The Global Corporate Treasury Awards, sponsored by Bank of AmericaMerrill Lynch, pays tribute to treasury innovation that has contributed to

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Documents

Treasury Management System