buyer s guide Treasury Management Systems

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1 buyer s guide Treasury Management Systems 2011

2 Training Enhancing Treasury Performance Through Technology Learn how to multiply the efficiency of your treasury team by introducing or upgrading a treasury management system or connecting to the SWIFT network. Understand how to put together an RFP, choose between competitor systems and ensure your system delivers. Key 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. Includes an afternoon session on SWIFT for corporates In just one day, any treasury team can understand what technologies are available for treasury and how they interconnect, illustrated with practical examples and case studies from the real world of corporate treasury. A full calendar of training course can be found at 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) or Are You Getting the Most Out of Your TMS? Contents 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 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. Where s the Cash? At a time when having the best possible visibility over cash is a critical issue for treasurers, how can using a treasury management system (TMS) provide this visibility? 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. Risk and Reporting What are some of today s considerations in evaluating technology for measuring, managing and reporting risk in treasury operations? Directory of Service Plus a functionality matrix of 22 treasury management systems Editor: Joy Macknight Deputy editor: Lynne Peachey Publishing manager: Mia Leaning Chief executive: Mike Hewitt Art and design: Donna Jones Sales director: Anne-Marie Rice Key accounts manager: Katharine Christian Account manager: Tom Leitch Training and events director: Diana Henderson gtnews, an Association for Financial Professionals company headquartered in London, is the leading global knowledge resource for over 50,000 treasury, finance, payments and cash management professionals. Online, gtnews is updated weekly and provides subscribers access to an archive of almost 3,000 global treasury articles in addition to special reports, commentaries, surveys, polls, news, ratings updates and whitepapers. Access to gtnews.com is free of charge to those who register, and we never sell names or addresses, so our readers privacy is assured. 3

3 Cash flow forecasting will not improve until the TMS have their hooks into the ERP systems Getting the Most Out of Your TMS With limited personnel and IT resources, corporate treasuries are relying on treasury management systems (TMS) to alleviate the strain. However, the recent gtnews 2011 Treasury Management Systems Survey found that most do not fully use all of the TMS capabilities. Words: Heather McKenzie 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, says the report. This is not always the case in small organisations where the number of treasury staff is kept to a minimum. While the adoption of an automated system could provide relief from the burden of manual operations, at the same time the implementation of a sophisticated IT system, such as a TMS, requires financial investments 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 Jeff Wallace, managing partner at US-based treasury consultancy Greenwich Treasury Advisors. What you are seeing is the very real difference between small companies and large companies, he says. In any company, you must be able to handle the day-to-day operational flow. Even small companies will handle that, and the first priority of any TMS is to fulfil this function. However, says Wallace, small companies do not often have the additional staff with the analytical capabilities to do anything other than just that. While many chief financial officers (CFOs) will say they cannot afford the extra staff, it is more likely they cannot see the value of such analysis, he suggests. You are also seeing the Excel phenomena: most Excel users only use 10% of the capabilities of Excel. Most users of TMS do not fully utilise all of the TMS capabilities. Wallace recommends that every company implementing a TMS should ask the TMS vendor s consulting team to come back in 12 months after the system has been implemented to evaluate how the company can fully - and more efficiently - use the system s capabilities. With a year s experience under their belt, the treasury staff will finally have familiarity with the system to better understand any such recommendations - recommendations that they probably didn t understand in the beginning because there was just too much to learn and absorb. The difference in use of a TMS between small and large corporates relates to their needs, says Rob Van Peer a partner at Nasarius, a European treasury and cash management consultancy. A smaller treasury with only a handful of people or less in the treasury will typically have fewer positions and a simpler structure. Therefore, the treasury manager would know the position and the risk of the position just from the daily work. In this scenario the need for a more advanced risk management system [RMS] is less pressing. Van Peer adds that the treasury manager of a small or medium-sized treasury department typically won t have extra staff that could be set aside to do advanced risk analysis. When it comes to training TMS users, the smaller and medium-sized corporate treasuries have limited resources. They often don t have enough resources to be able to invest in training for the more specialised parts of a TMS, such as advanced risk management, he says. TMS vendors could help smaller companies to better exploit the capabilities of their RMS through the added services that are possible with a hosted solution. I envisage that in the future vendors may support smaller corporate treasuries in many areas where these corporates lack expertise or time for in-depth analysis, for example in accounting and risk analysis. Hosted Solutions Hosted solutions are growing in popularity, according to the survey. The majority of TMS are located in-house, with 44% delivered on a software-as-a-service (SaaS) basis. SaaS delivery is most prevalent in Asia-Pacific where it makes up 61% of TMS installations. The survey suggests this is because corporations in this region do not have the legacy systems prevalent in Europe and North America and can implement the most technologically advanced and 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 jigsaw together, as required, says Paul Wheeler, managing director at Wall Street Systems, a US-based treasury systems developer. In relation to the varying needs of corporate treasurers at larger companies compared to smaller companies, our sense is that mid-market treasurers have no different requirements from high-end treasurers. While they have more modest IT support and budget, their needs are very much the same, he says. Wheeler says for both sets of treasurers, the challenge is interoperability. Mid-market treasurers are left with two options: either invest in a new system, which can be a tough sell to the business, or streamline their existing TMS to allow them to do what they need to. A SaaS solution, manages the operational issues for the treasurer by providing a hosted solution, and therefore allows them richer functionality without the cost a high-end treasurer would incur. More than 350 of Wallstreet s clients have hosted solutions, and we are encouraging our clients to leverage their existing systems, managing the process via Wallstreet, rather than beginning a lengthy, and costly, tendering process for new TMS solutions, explains Wheeler. A SaaS approach to TMS is often substantially cheaper, says Greenwich s Wallace. This is a big selling point for corporate treasuries that don t have much budget clout. It s OK to pay tens of millions of dollars on ERP [enterprise resource planning] systems, but US$500,000 for a TMS is considered to be an outrageous, unnecessary expense. While SaaS solutions are an obvious fit for smaller companies, Paul Bramwell, senior vice president (SVP), treasury solutions at SunGard AvantGard, says they are becoming 4 5

4 a buyer s guide to Treasury Management Systems Smaller companies do not necessarily have the internal structure and organisation that will enable them to fulfil the greatest benefits of TMS Where s the Cash? increasingly common for large enterprises with extensive IT departments. There is a growing acknowledgement in these firms that having a solution managed by the solution architect yields significant benefits over in-house implementations. The core competency of most large corporations IT departments tends to be around the ERP solutions, whereas a solution vendor is best placed to manage and maintain the treasury solutions. Hosted solutions are seen as a means to outsource the operational risk associated with commissioning and operating treasury technology, says Tatiana Liber Soudier, marketing director at IT2 Treasury Solutions in the UK. Vendors can offer a spectrum of hosted services so that the detailed solution offered in a given case can be scaled to fit the client s requirements. A solution can range from a straightforward technology outsourcing arrangement to a fully managed service solution in which IT2, for example, is the one-stop shop for all aspects of technology support, as well as application support. The key benefit of a hosted solution is that it accommodates a broad range of client IT policy requirements. For example, IT policy may demand that a sensitive financial application such as treasury should use a dedicated database. IT2 s opinion is that clients should first select the TMS that best fulfils their treasury business objectives, and then investigate the hosting solution that best fulfils corporate IT policy, she says. Nasarius Van Peer points out that new solutions, such as Kyriba and Reval, are available only as hosted solutions and are proving popular. He believes vendors of the more traditional TMS, such as Wall Street Systems and SunGard, are now basing their strategies on selling hosted solutions, although they still have installed, in-house options. In the future, he says, Saas will be the preferred solution for the majority of treasuries. There are three advantages to hosted solutions, he says: technical, cost and added services. The technical advantages include the fact you don t have to train IT specialists in-house, as system tuning is done by the provider, or deal with backup 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 Peer says in the future, as more added services are developed, they will prove to be key differentiators for the different offerings. Functionality Additional functionality is a topic addressed by the survey, with respondents asked what additional functionalities would bring the biggest improvement to their TMS. Cash 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 a functionality problem. Cash flow forecasting is not where TMS system vendors focus their investments, and with good reason. The majority of TMS solutions on the market are actually very good at cash flow forecasting already. Nasarius experience with the cash flow forecasting at corporates isn t the lack of functionality of the systems but is about getting access to the right data, and getting data with good quality. Treasury systems cannot help with this, he adds, as the sources of data are ERP systems, budgeting systems or information supplied by production planners or sales people. Wallace agrees, saying cash flow forecasting will not improve until the TMS have their hooks into the ERP systems so that they can access the payments data in the accounts receivable (A/R) and accounts payable (A/P) 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 survey identifying ebam as one of the most significant improvements to be made to their TMS. Our own research and increasing experience of ebam has shown that while corporate treasurers see it as a priority, banks are playing catch up to an extent. Wallstreet is working with banks to bring increased automation to corporate treasurers. It s great to see treasurers themselves driving this change and encouraging banks to move towards collaboration on such initiatives faster. At a time when having the best possible visibility over cash is a critical issue for treasurers, how can using a treasury management system (TMS) provide this visibility, while also enhancing cash management techniques? Words: Ben Poole As cash flows around a company, it can create large financial risks for the organisation. The treasurer needs to know what cash the company has and where it is, as well as have visibility over accounts payables (A/P) and accounts receivables (A/R). The topic of cash visibility is particularly relevant today, as many corporates are choosing to optimise their working capital position in order to rely less on bank funding. Many corporate treasuries use a treasury management system (TMS) to support their cash management activities. The first area where a TMS can prove its worth is in the vital discipline of cash flow forecasting. Enhancing Cash Management Techniques Cash flow forecasting is perennially one of the top three disciplines that treasurers cite as in most need of improvement. As Tom Nelson, cash management specialist at Wall Street Systems, says: Cash flow forecasting is perhaps the most important function a treasury provides and everything else flows from that, for example investment, hedging and funding decisions. But the process can face many problems. Manual reporting is an inefficient process, which can lead to errors, particularly when trying to consolidate information from various different systems, Nelson notes. In this context, a TMS can be used as a secure and stable destination to aggregate forecasting data from remote business units with the organisation s bank positions and treasury transactions. This enables the treasurer to construct the cash forecast over a defined time horizon. Jason Torgler, vice president of strategy at Reval, says that a TMS enables quicker analysis of a company s historical bank transactions and more streamlined data integration from other financial software and remote operations. Additionally, a TMS maintains an audit trail and provides sophisticated forecast to actual variance analysis. These are critical tools when the treasurer is attempting to enforce performance and accountability of the reporting subsidiaries, explains Torgler. A key benefit of a TMS is that the treasury will be able to match the projected cash flow over time against known demands, including operating flows, dividend, interest and royalty payments, 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 generated from internal sources, minimising the need for external borrowing. This will have a further positive effect of improving the organisation s creditworthiness. Additionally, it will enable the organisation to plan the accurate deployment of cash where and when it is needed, to finance business operations efficiently and effectively, says Higdon. Beyond the potential for improved cash forecasting, a TMS can also enhance the A/P and A/R processes. Serving as a payment factory can do this for A/P. A bank-agnostic TMS can import A/P from a variety of systems, batch payments and send the payment instructions to partner banks. This method creates a single point of payment execution and forecasting, while outsourcing the payment format maintenance to the TMS vendor, says Mauricio Barberi, chief marketing officer at Kyriba. Barberi also points out that consolidating all A/R in the TMS will help build an accurate forecast and allow for aggregated days sales outstanding (DSO) reporting by payer. This will give the corporate the ability to identify vendors and suppliers who pay outside of stipulated terms and follow up with those 6 7

5 a buyer s guide to Treasury Management Systems parties, he explains. In addition, a rolling date adjustment can be made to the cash record upon import, which can automatically adjust the expected receipt date by the late pay history of that counterparty. According to Paul Bramwell, senior vice president (SVP) treasury solutions for SunGard s AvantGard, one recent trend has seen some TMS vendors make acquisitions within the A/R space to leverage the value of accurate A/R forecasting through accurate cash management and also short-term debt based on securitising receivables. Key aspects of receivables of interest to the treasurer are quantity and quality, and both of these variables control the amount and margin of borrowing securitised on balances, notes Bramwell. A Centralised Approach to Cash Visibility Treasurers will want to take advantage of the TMS benefits already mentioned, but does the effectiveness of using a TMS for corporate cash management purposes depend on the organisational structure of that treasury department? Fortunately, according to Bart Parren, director of product management at Hanse Orga, there are benefits to be had whether your treasury structure is largely decentralised or centralised. In a decentralised environment, local subsidiaries can work in the same environment, adding their 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 quasiautomatic 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? Figure 1: An Example of a TMS Dashboard Reporting Cash Management KPIs 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-todate information needed by management is the automatic updating of the TMS database with all relevant information in real time, as the data is inputted, uploaded or detected, says IT2 s Higdon. With such a solution in place, senior management can depend on the accuracy and completeness of their on-demand cash management reporting, including summaries of cash positioning and cash flow forecast. Additionally, the database can support the derivation and reporting of key performance indicators [KPIs] for management benchmarking of the accuracy and timeliness of quantities and events, such as forecast accuracy, bank account reconciliation performance and payment execution, to support proactive, best practice cash management operations, says Higdon. TMS Versus Bank Cash Management Portals There are a variety of options for treasurers to consider when it comes to choosing support for their cash management practices. For example, some choose to use the cash management portal offered by a bank, sometimes at the expense of a TMS. Bank portals are central sites where users can view balance and transaction information and make payments, primary for that specific bank. For organisations with one cash management bank and limited need for integration of other activities, bank portals are useful, says Reval s Torgler. However, he adds that a TMS is adopted when requirements exist across global, multi-bank environments and include cash positioning, reconciliation, cash flow forecasting, accounting integration, portfolio management, cash pooling and intercompany lending and financial risk management - requirements that many treasurers of multinational corporations will have. The additional advantage here is that a bank-agnostic TMS gives treasurers freedom over which banks they give their cash management business to, rather than being tied to a particular bank via their portal. Barberi from Kyriba makes the point that bank portals provide very basic cash position worksheet functionality and do not support the level of data accumulation of a TMS. This means that data is rekeyed extensively, similar to working on a spreadsheet, he says. Future Developments The potential for TMS to provide greater support for corporate cash management in the future comes from technical innovation that vendors can make in this area. A large part of this will be seen in the delivery channel of the TMS itself. SunGard AvantGard s Bramwell suggests that cloud-based TMS offerings are starting to become more accepted and will be the big growth area for cash management solutions. Coupled with mobile device technology - where reports, metrics, payments and approvals are done on a wireless device - companies will be able to operate without being tied to a single location or bank, Bramwell says. Reval s Torgler believes that software-asa-service (SaaS) will continue to dominate the TMS adoption landscape. Organisations will demand rapid deployment from a single solution, without the headaches of internal IT resourcing and scheduling, he says, while also making the point that the TMS marketplace will no longer tolerate the frustrations of costly upgrades, post-purchase. Too many treasury departments have been left high and dry and unsupported due to older TMS software versions, Torgler notes. In addition to developments in technology, Hanse Orga s Parren believes that treasurers should be looking out for integration and efficiency as a trend over the next 18 months, citing the integration of cash and liquidity management with the front office as an example. The same liquidity position that is used to assess how much cash the business makes in the mediumterm can be used as the basis for an evaluation of credit lines and loans, as well as for foreign exchange [FX] positions, says Parren. Wall Street Systems Nelson suggests that regulation will continue to play a part in the role of the treasurer, placing increasing pressure on issues of reporting, risk assessment and visibility of accounts. There will be a continued demand for stronger global systems, as well as a desire for reducing the number of systems in use, he says. Conclusion Corporate cash management is a complex field that requires tools capable of managing the workflow and reporting needs across the entire organisation. SunGard AvantGard s Bramwell notes that, while ERP extensions and bank portals can offer some of the functionality, a TMS can provide comprehensive tools to manage an entire organisation s cash, risk, bank account structure and consolidated reporting. With the prolonged elevated importance of cash, this breadth of functionality is vital for treasury efficiency. Source: Hanse Orga 8 9

6 a buyer s guide to Treasury Management Systems Expert opinion 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 1. 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 in favour 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 to optimise 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. 1. EDF Energy uses Sungard AvantGard Integrity. In 2002 we looked at a number of TMS on the market and chose Integrity because it was user friendly, replicating the Microsoft Windows layout, and had the functionality we were looking for. Apart from requirements around cash management, we wanted a TMS that was easily integrated with the host accounting system and banking software, 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 functionality we would not use. Two years ago we reviewed our requirements and what was available in the market, and decided to upgrade Integrity. 1. We had a shortlist of three systems and performed an in-depth evaluation. This included a one-day workshop with each of the potential suppliers and running identical tests and scenarios on each 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 configuration were two features that set it apart from the other systems. IT2 also had a track record of working with our chosen SWIFT connectivity supplier Bottomline Technologies, which was important as the two project elements were to be run in parallel. 1. We selected Wallstreet City Financials in Our previous TMS was powerful and had value-at-risk (VaR) functionality, but over time we realised that it was almost too powerful for what we needed. So we wanted to cut costs and streamline the TMS. City Financials appealed to us because of its web functionality. We now have 40 business units using it remotely, with around 200 users. The integrated accounting module was of great importance, as previously we had a separate accounting module with 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 needed a 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 workflow management and reporting tools, user friendliness, flexibility and complete functionality. IT2 frees up our global treasury team to concentrate on strategic issues, management functions and local business supports, which adds professional value. 2. What advice can you give for others looking to implement a new system? 2. Our process began by determining the report requirements we have and which processes we wanted, and 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 was important to make the implementation with our own resources to build up internal know-how. The treasury department was responsible for realisation. This approach provided us with an excellent understanding of the function of tm5. We were able to establish our reputation as an internal service provider in the Steinhoff Group successfully. 2. Do not underestimate the work involved during implementation. We elected to carry out the implementation using internal resources only. I strongly believe that getting involved in all the aspects of setting up the system will benefit us and will make us better users of the system. This approach will inevitably increase the workload of the department and also result in delays in the implementation plan. It is important to manage the expectations of senior management in that respect. 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 the level 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 the implementation 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 knowledge of your business and treasury processes. This is vital during the key stages of the project. The TMS investment needs to be successful and it is easier to bring other resources up to speed to help your project team with their day job. After all you still have to take care of managing day-to-day activities, but implementing the TMS is a strategically important project and getting it right should take priority. 2. Outlining your requirements at the start is vital. For example, can your monthly management reporting information be generated by the TMS with minimal editing required? Ensure that the potential TMS suppliers provide hard examples during the selection process. A TMS should be flexible, so bear in mind what you might need in the future. Is the customer support service robust? Try calling their support to see if a person answers or if you are diverted to voic . How often are updates released? Visit existing users to find out what the TMS are like in reality. And finally, assess if the cost of owning and maintaining your own IT hardware is worthwhile. 2. You should benchmark your shortlisted solutions against your current solution. Choosing a new system is a great opportunity for business process improvement, breaking away from the 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 s integrity and team-building qualities, which are in many ways as important as the technology. Last, but not least, ensure that you take the lead in the implementation - you need to work with it day-to-day, therefore take the driver s seat. 3. How easy is your organisation s TMS to use on a day-today 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 status and schedule payments. The bulk payments are imported from the ERP systems. Payment releases and dispatch of payments to the banks all happen inside tm5. This provides transparent and revision-safe handling of all payment transactions. In foreign exchange (FX) management, the IC-trading 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 trading items. 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 customise specific workflows for various tasks that need to be carried out. Creating 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. 3. The TMS we use is fully integrated and a number of interfaces have been built. This means that it is very easy to use and to train new staff to use it. Administration is restricted for control reasons and making changes and setting up static data is straightforward. A little more time is required for setting up hedge accounting. We have written our own documentation to make this easier. 3. The IT2 system is very easy to use on a day-to-day basis. The system has a depth of functionality and capability, which underlines its 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 the implementation, 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, having spent over 18 years in the dealing room. During this time many systems people talked about STP - now I can see it in action in the treasury department. For example, our external FX turnover last year was 90bn, with 20,000 total internal and external deals input. Without STP, we would have needed extra personnel to manage the volume. The inter-site payments used remotely makes life easier for the team and minimises the number of input errors. We are currently migrating to SWIFT and can streamline TMS processes even further. 3. We are finding IT2 very easy to work with on a day-to-day basis, as it is an intuitive, configurable system. The IT2 process maps were impressive in the sales process, but we are growing to appreciate their value beyond workflow documentation transparency. They clearly monitor operations in progress, helping to ensure that the team makes the necessary interventions to assure timely and accurate processing. And they are self documenting, giving us an almost automated treasury procedure manual, as well as easy and transparent auditing. In the future, they will be very helpful in efficiently training new team members. 4. If you were buying a system today, what additional functionality would you like included? 4. We are highly satisfied with tm5 and it provides all functions we need. However, I would wish that we were able to make payments in all European countries through tm5, but this is not possible to date. Presently, we are working with BELLIN to integrate the French bulk payments into tm5. After that, we will start a pilot project with high value payments in France in the new XML-format. If French banks would also accept electronic signatures I think we would be very content, so we are working on this issue too. 4. We just bought the IT2 system in 2010 and are completing the implementation this year. The set of functionalities on offer is very complete, and we have bought all the modules that we have a need for. A further implementation phase will include the creation of accounting entries and an interface with the company s general ledgers. The purchase of these extra modules was part of the initial contract agreed with the supplier. 4. The new functionality I would look for 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 version of AvantGard Integrity, I noted some improvements in this area that look promising. As part of the next planned upgrade, I look forward to using this additional functionality. 4. That is a difficult question to answer, as IT2 has usually been able to accommodate requests that we have made for enhancements to the system. In an ideal world, perhaps, I would like to see a more easily configurable approach to importing market data, as we need to combine several different market data types within SABMiller. Better off-theshelf SWIFT for corporate access would also be useful. 4. We are happy with the current functionality in the TMS, and I feel confident that Wallstreet City Financials will be able to serve us well over the current planning cycle. Using the cash forecasting functionality is an area we aim to develop and this may require additional functionality. 4. Well, we selected IT2 because its facilities fulfil our current requirements, and also address our evolutionary ideas for treasury over at least the medium term. I should say that we are about to launch a second phase of the implementation, which will extend the solution to online cash forecasting and guarantees. These extensions will help us to maximise the value of our technology investment, by optimising cash visibility and utility, and by further automating our financial risk management activities

7 a buyer s guide to Treasury Management Systems Risk and Reporting Corporates treasuries main role is to eliminate various forms of risk. What are 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-todate 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 competing systems include the correct mix of risk management tools that that will avoid - or at the very least reveal - the basic types of risk we have identified. In addition, some treasury departments will require further, more sophisticated risk management tools to be deployed; this will apply in cases where the necessary investment is justified by the relatively high levels of risk exposure that are being managed, for example through significant debt leverage or currency exposure. Operational Risk Management The most basic improvement that a first time or replacement treasury management system (TMS) can offer relates to the reduction of operational risk. A modern TMS provides robust and transparent treasury operations that would simply not be possible if treasury were dependent on manual processes and spreadsheets. At this elementary level, a TMS can radically reduce the risk of errors associated with manual processes. It is also increasingly accepted that spreadsheet solutions lack the necessary robustness to support complex financial operations such as treasury. They also tend to be undocumented, and, as they grow organically, difficult to understand or maintain. When the original authors move on, the risk and difficulties are compounded, particularly when something breaks. The introduction of the Sarbanes-Oxley Act (SOX) in 2002 set new, demanding standards for optimising treasury process robustness and transparency. Today, consultants and auditors consistently look for higher standards of SOX and SOX-style compliance in support of treasury. It might even be argued that if an organisation is large and complex enough to warrant the establishment of a discrete treasury function, it should always be able to justify a technology investment that at a minimum addresses operational risk reduction. Basic Financial Risk Management Moving into the general field of financial risk management, I will consider the topics that I regard as basic necessities, before moving on to some more advanced concepts. The basic tools to be examined are the management of the segregation of duties, dealing limits and position and exposure valuation. The value of properly automating these functions is illustrated in the true (but, of course, anonymous) account of the treasury misadventures of a Nordic corporate, a few years ago. The company was in fact evaluating making a TMS investment to replace the spreadsheets they were using - at the same time as their rogue options trader was discretely running up a disastrous position. The trader was receiving the incoming deal 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 simply secures treasury operations so that individuals who are authorised to initiate transactions are not permitted to settle them. This is often referred to as the four eyes system. It is very easily administered by a TMS, through the definition of individuals access rights to various critical system functions. Once the system security has been accurately defined and locked down, any attempt to by-pass the control will not only be blocked, it will also be logged on the audit trail, so that such events can be effectively followed up. TMS are well suited to manage various levels of complexity in the segregation of duties structure required, which will be a function of the size, complexity and operating policy of the treasury in question. The facility has the added benefit that it can protect the confidentiality of sensitive data by restricting or partitioning access, in cases where this represents a significant risk. A measure of flexibility is needed in small operations, in which a complete functional segregation would severely strain individual resources; in such cases, the chosen system should enable the restriction to be defined so that, for example, an individual may both initiate and release payments - but not for the same payment transaction. Limits Management The management of limits the dealing room of a bank that is engaged in market making 12 13

8 and proprietary trading can be very complex and demanding. The limit categories that may be encountered include counterparty exposure, counterparty daily settlement, individual dealer, specific instrument, instrument type, instrument class, country and geographic region. Such structures are clearly too complex to apply to most corporate treasuries; the obviously relevant category is counterparty limits. Counterparty limit assignment is closely connected with the broader topic of counterparty exposure management. Increasing numbers of treasuries are supplementing the use of classic credit ratings with market-sensitive tools such as credit default swap (CDS) spreads, given the lagging performance of credit ratings when the credit crunch first struck (in fairness, I should add that the ratings agencies are behaving proactively during the sovereign debt episode that that is unfolding at the time of writing). Each company will determine which classes of dealing limit are appropriate for them. Limits management requires TMS support in order to be fully effective, so that dealers can deal quickly and effectively, and management can be assured that limits are being properly monitored, and that breaches are promptly reported. It is also very useful to check limits automatically on a pre-trade basis, so that the elevated risks and potential costs of actual breaches may be avoided. The implication here is that strong limits management needs real-time support from the TMS, so this is a factor that needs to be kept in mind in during TMS evaluation. Position and Exposure Valuation Position and exposure valuation require a range of tools, ranging from the relatively simple ones need for foreign exchange (FX) forwards and time deposits to the more complex requirements of some derivatives. Some TMS include integral solutions that enable realtime valuations of all kinds of transaction risk position to be achieved; this powerful facility additionally requires system integration with up-to-date market data - FX and interest rates, and perhaps volatilities. Others rely on separate or third party solutions to handle more complex instruments. The technology evaluator will need to perform a complex analysis of the costs and benefits of the alternatives to reach a conclusion that best fits requirements. A further consideration in this context is the adoption of a hedge accounting solution, under IAS 39 or FAS 133, and the International Financial Reporting Standards (IFRS) update after convergence has finally occurred. Hedge accounting solutions require a combination of accounting and forwardlooking risk management techniques, and are computationally demanding, and hence imposing special demands on the TMS. Companies that elect not to hedge account will need TMS support for the effective collection and analysis of the relevant exposures, so that they can take the necessary actions to avoid unwanted profit/ loss (P/L) volatility. STP and Integration As the efficiency and accuracy benefits of higher levels of automation become more generally sought after, many treasuries are looking to enhance operations by integrating their TMS with third party systems, such as dealing portals and confirmation management services. Such integrations carry additional benefits beyond cutting operational risk, including helping to assure best price execution with the available permitted counterparties. Additionally, many treasuries are looking to implement higher levels of straight-through processing (STP) to create a more hands-free environment, eliminating or minimising the risks commonly caused by human error. Advanced Risk Management Scenario analysis is the most popular of the more advanced techniques used by corporate treasuries to evaluate financial risk, in cases where the level of risk exposure justifies investment in more powerful tools. I am using the term scenario analysis here in a broad context, covering the testing of treasury s positions and exposures against a range of hypothetical events, including different market conditions (FX, interest rates and volatility), stresses and the impact of possible deals. Supported by the necessary technology, scenario analysis enables treasurers to understand the nature of the risks that might have to tackle in different situations. It also enables them to answer the difficult questions that might be urgently posed by senior management, such as: What would be the impact if the yen declines 5% against the US dollar? or What would the effect on our debt portfolio be of a 1% UK base rate hike? Value-at-risk (VaR) is another advanced risk management technique that requires heavy technical support for effective deployment. In my view, it is a useful treasury benchmarking tool and provides objective verification that treasury is managing risk according to policy requirements. Some commentators advocate cash-flow-at-risk (CFaR) as a more valuable risk management tool for the corporate environment; however, CFaR adoption naturally requires powerful TMS support to be effective. Reporting The various risk management approaches outlined above are just a part of the entire range of treasury operations that rely on the TMS s reporting capability to ensure that they are effectively communicated to the treasury department, management, auditors and regulators, and other stakeholders. Many would, very reasonably, hold that effective reporting is the single most important criterion in assessing the quality of a TMS. Arguably, the key question to be addressed when evaluating different reporting solutions is, how timely does the production of the report really need to be? In the context of risk management, I would argue that real-time, or at least on demand, near real-time, reporting is an essential technical requirement. Treasurers may not feel that the timing of database updates is really their concern - but if they are confronted by, for example, a sudden and violent deterioration in a counterparty or country s creditworthiness, they quite reasonably demand complete and accurate information from their TMS - and they want it now. So there are quite technical considerations that really need to be understood in their practical context in a TMS evaluation, when the underlying issue is performance. It s not just functionality that s key to analysing and reacting with best effect to a sudden crisis - performance is also critical. The Current Environment The treasury technology marketplace has, to the surprise of some observers, remained buoyant in recent years, despite challenging financial and economic conditions in many parts of the world. This has, I think, been the case for a number of reasons. Treasury has become more prominent, probably irreversibly, since the financial crisis. This is because it is clearly good corporate governance to ensure liquidity against a range of scenarios, and to measure risk exposures, including to counterparties, sensitively and accurately. Solutions to these issues demand strong technology. In addition, smaller companies are organising discrete treasury departments, and these are of course confronting exactly the same risk management challenges as larger organisations. And it s not just a matter of size; some relatively small companies, (for example, with turnover below US$50m) are justifying TMS investments if their management judges that they are carrying a sufficiently high level of financial risk. In addition to the steady stream of firsttime buyers, for whom spreadsheets are now just not good enough, there is also a replacement market, presently focused on those organisations that made their initial TMS investments in the technology boom years of the 1990s. Many treasurers are now seeking to re-invest, to take advantage of the higher levels of user friendliness, STP, functionality, cost effectiveness and efficiently offered by today s TMS. The heightened awareness of the importance of strong corporate governance is also increasing the complexity of the technology procurement process; in many areas, purchasing departments are increasingly flexing their muscles in influencing how technology is acquired. TMS evaluation projects are tending to become more complex and demanding, increasing the number of hoops that treasurers need to navigate through to acquire the management technology they really need to maximise their department s productivity and effectiveness, Conclusion I have summarised here some of today s considerations in evaluating technology for measuring, managing and reporting risk in treasury operations. It seems clear that there are some generally applicable issues; but in fact no one quite perfectly fits the bog standard mould when it comes to risk. Somewhere in the most innocuous looking operations may lurk ferociously complicated guarantee structures, performance bonds, leases and so forth. Finding the appropriate risk and reporting TMS solution may be a little more complex than it initially appears to be. Increasing numbers of treasuries are supplementing the use of classic credit ratings with marketsensitive tools such as credit default swap (CDS) spreads 14 15

9 Bellin Founded by a treasurer who was unable to find the appropriate tools for his treasury, BELLIN provides corporate clients with a company-wide web-based treasury platform. Our philosophy at BELLIN is that we don t just like treasury, we love it, and our product tm5 is custom-made to get treasuries connected. BELLIN is a global leader in providing treasury software and services to over users in 120 countries. Headquartered in Germany, BELLIN has partners in North America, the UK, the Netherlands, Sweden and France. Our team of consultants consists of many former treasurers who can find treasury solutions to suite your corporation s needs. As an all-in-one treasury product, tm5 is guaranteed to amaze you with adaptable modules such as cash and risk management and netting. The LoadBalancedTreasury approach that we apply allows subsidiary companies and the central treasury access to real-time financial data and processes at the click of a mouse. BELLIN also offers hosting services (ASP). The try before you buy option gives customers a chance to discover BELLIN s treasury solutions for themselves. Join us and our hundreds of clients, such as Flextronics, Virgin Atlantic and Red Bull, who all say: We love treasury! Products and Services Martin Bellin CEO & Founder of BELLIN The BELLIN Treasury Network Partners: BELLIN Benelux B.V. Benelux BELLIN Treasury Alliance Ltd. uk BELLIN Treasury Services Ltd. Canada AGL Transaction Services AB sweden Cap Fi Technology france Consulting s o f t w a r e s e r v i C e s Consultancy Whatever it takes to set up and run the project, even meeting tight timelines, a team of professionals with guide, consult and help your company achieve its objectives. Implementation management and monitoring. Group-wide supervision and support, including the aspects and requirements of the local treasury business. Process review and optimisation, e.g. cash pools, hedging analysis and strategies, domestic and international payment processing, and liquidity forecasting. Provision of temporary staff to provide support to your company. Software tm5 - LoadBalancedTreasury The core idea behind tm5 is the concept of LoadBalancedTreasury. Our business logic and technical architecture support this concept. It s all about bringing the system to the local user for their benefit, instead of centralising tasks in one spot. Local teams, including the central treasury, can operate on their own terms - replacing spreadsheets and exchanging data with other companies and organisations for reconciliation purposes. This has tremendous advantages for all companies and departments within complex organisations. With BELLIN, everyone operates their local treasury from one platform, which contains all the information. The central treasury retrieves whatever is required to run treasury management, effectively replacing the daily task of data collection. tm5 not only offers daily cash management, including multi-bank and multinational e-banking solutions, but also flexible mid- and long-term liquidity forecasting. Additionally BELLIN offers solutions for clearing internal payment flows, as well as single invoice-based reconciliation as part of the netting process. BELLIN clients were twice rated as highly commended and have recently won the Adam Smith Award in the category of Harnessing the Power of Technology. Small business international payment processing is possible with BELLIN s hosted solution Payment2Go. Most companies accept banks just like the weather. With our multi-bank and multinational web portal, all you need is a URL and a password. Now the company can concentrate on its core business and be independent of the systems offered by banks. Since it is a fully-hosted solution, if there is any trouble during the operation, we fix the problem or provide you with a consultant for further assistance at any time. I am convinced that this will be the future in the day-to-day banking business - and this is even more interesting for small and medium-sized companies, says Martin Bellin. Services BELLIN provides a full range of services for your treasury: Consulting Application implementation, 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 softwareas-a-service (SaaS) payment platform for Europe. Services Financing options for the purchase or rental of the end user license. Hosting, ASP and SaaS. Worldwide local support for all subsidiaries. Market data. Connectivity for payment processing to numerous banks (Citi, Deutsche Bank, Bank of America, Lloyds, and many more) and organisations such as SWIFT. German Headquarters: BELLIN GmbH Tullastrasse Ettenheim Tel: Website: 17

10 ecofinance - a Reval Company ecofinance is one of the leading software providers in international treasury management. Established in 1984, the company has been an innovative and competent partner to reputable companies and financial institutions globally. Corporations use ecofinance s integrated financial systems to manage their entire treasury operation, including cash management and liquidity planning, risk management, payments and reporting. Financial institutions use ecofinance solutions to offer its corporate clients professional web services for cash pooling and treasury management. With its headquarters in Graz, Austria, ecofinance has a full in-house development and support centre. Algorithms and software reviews are Products and Services carried out by a prestigious university, ensuring that this ISO 9001-certified company offers state-of-the-art solutions of the highest quality. ecofinance is part of the Reval group. Reval provides an award-winning web-based platform that automates corporate financial risk management for a wide range of interest rate, foreign exchange (FX), commodity and credit derivatives. Reval was founded in 1999 and is headquartered in New York, with regional centres based in Philadelphia, Chicago, San Francisco, Toronto, London, Frankfurt, Graz, Sydney, Hong Kong, and Gurgaon. Integrated Treasury System (ITS) The Integrated Treasury System (ITS) is a comprehensive solution for the efficient handling of all financial processes of international companies. The system, with more than 20 modules, covers the areas of cash, treasury and risk management, payments and reporting. Due to its modular structure ITS can be combined and extended in a flexible manner meeting the individual needs of corporates. ITS brings about the: Acceleration of processes. Increase in the quality of work. Integration of data. Automation of work routines. Time and cost saving. Global and Mobile Treasury ITS enables local entities to access the application at any time. Local users are granted easy and secure access via internet, intranet or CITRIX. In this way local entities can assist the central group treasury by entering planning data. Bank account statements are imported automatically. The integrated reporting gives local cash managers an overview of the financial status within their company. ITS supports all central and local treasury concepts such as treasury centre, in-house banking, netting centre and payment factory. The ecofinance Mobile Client (emc), an iphone app, allows mobile usage of the ITS Report Inbox and the ITS Monitor. Cash Management The cash management modules of ITS serve to administer and process all cash flows in the company. The cash flows are imported, automatically produced in ITS or entered manually. In line with the automatic bank statement processing, electronic account information is reconciled automatically with the cash flows entered in ITS. The account assignment and posting module then generates posting files for further processing in the external general ledger. The liquidity planning module is a flexible tool for managing future cash flows. Planning horizons, as well as liquidity groups, can be defined individually. ITS supports rolling horizons and offers a data cube to drill down aggregated information. Treasury Management In the field of treasury management, ITS offers modules for the entry and administration of money market deals, FX deals, interest rate derivatives, commodities, loans, leasing agreements, guarantees, other contingent liabilities and securities (bonds, funds, stock). The cash flows of these transactions are incorporated automatically in the payment processing and planning of ITS and are available for ad hoc reporting and within the report system. Risk Management To fulfil the most diverse requirements in managing and controlling risks, ITS offers a broad range of special modules, e.g. for the simulation of specific deals and scenarios, for limit administration and limit monitoring (dealer limits, counterparty limits, currency limits, credit lines, etc) or for the allocation and classification of underlying transactions and hedges (hedge relations), including effectiveness testing according to the US-GAAP, IFRS/IAS regulations. Another powerful module is available for the calculation of the value-at-risk (VaR) of individual transactions or portfolios that have been individually defined. Payments Management Along with the typical payment functionality, ITS provides the opportunity to deploy a payment factory to save transaction costs through numerous optimisation rules. In connection with the cash management module, effective cash pooling can be easily illustrated. Moreover, it is possible to perform permanent or key-date netting. Payment files in different formats can be generated and sent directly to the bank with or without electronic signatures. Reporting ITS provides calculations and graphics directly on the user interface and offers a wide range of standard reports to evaluate information from every module. Furthermore, the user has the possibility to create individual reports. In addition a sophisticated system technology provides high automation, monitoring of processes and workflows, maximum performance and secure data exchange. ecofinance - a Reval Company Arche Noah Graz Austria Tel: +43/(0)316/ Website: 19

11 exalog Created in 1984, exalog has specialised in providing web-based cash management software, or software-as-a-service (SaaS), since We design, develop and operate all our products. The SaaS mode reduces implementation timeframes, costs, as well as the need for IT maintenance and support. Treasurers just need an Internet connection to use their treasury management system (TMS). This simplicity of use is coupled with a high level of security of both our infrastructure and our software. exalog gives you access to a high-availability infrastructure, which is ISO certified, fully redundant and under active 24/7 surveillance. This ensures that our TMS is a reliable solution with a business continuity plan in line with your financial requirements. One of our essential concerns is customer service quality. Our strategy is built on maintaining in-house expertise. This ensures that we have full control over our services, and enables us to react quickly to our customers needs, says Jacques Lafarge,chief executive officer (CEO) of exalog. Thanks to this insourcing strategy, exalog develops and supplies all components of its cash management offering, including bank connectivity. That is why exalog is a certified SWIFT service bureau and, for Europe, a registered EBICS connectivity supplier. We directly market our solutions to more than companies that trust our 27 years of experience in data exchange. We also provide whitelabelled applications to banks for their own corporate clients. Products and Services BANKSERV AD Eliminating Barriers in Global B2Bank Communication exalog s web-based applications allow any company to optimise its treasury management. Whatever the size, business activity or geographic span of your company, one of our TMS answers your needs. Allmybanks.net is our solution dedicated to international groups. It enables you to manage treasury and financial movements, keep bank charges under control, and optimise cash flow - all within a single interface. Three Modules in One Single Interface Allmybanks.net is composed of three integrated modules including the functions needed to offer you the best cash visibility. AMB Factory: Payments, collections and transaction statements AMB Factory centralises all relevant data needed to manage your transactions. Account statements: display, upload and search. Accounting reconciliation: automated, assisted or manual. Payments and collections factory: workflow of approval and payments signature (3SKey). Intercompany management: lending, borrowing and interest administration. Control of bank charges: bank statistics by account or group of accounts. Personalised reports: net cash position statements and variance analysis. AMB Connect: Security, connectivity and interfaces AMB Connect brings together the necessary functions to enhance security and interface with both your banks and IT system. User rights management and traceability. Banking authority limits. Multi-channel and multi-format electronic banking (e-banking): library of international and domestic bank formats. Interface with IT and accounting systems: personalised import/export data format. Bank Connectivity As a TMS provider and as a certified SWIFT Service Bureau, exalog delivers an integrated offering that includes the cash management application as well as connectivity with all your banks, whatever their e-banking channel (SWIFTNet, EBICS, FTPs, etc). exalog s expertise in e-banking guarantees that Allmybanks.net always complies with current banking standards. AMB Treasury: Group and subsidiary treasury management AMB Treasury gives you a complete decision support toolkit. Operational treasury: forecasts, reconciliation, account balancing and cash flow budgeting. Liquidity management: investment, financing and foreign exchange (FX). Value-added Services With Allmybanks.net you are free from all technical and administrative concerns. Valueadded services such as interfacing with your IT system, phone support (Europe, America and Asia), user training, maintenance and backups are provided with exalog s TMS. 97 rue de Bellevue, Boulogne Billancourt France Tel: Website: 21

12 IT2 Treasury Solutions IT2 Treasury Solutions is a leading global provider of treasury management software solutions. IT2 continually accumulates knowledge and practical experience in international treasury operations, and is passionate about realising treasury best practice with its clients, and with its network of business partners. Founded in 1982, the company s principal offices are located in London, New York City and Hong Kong, serving over 250 corporate and financial institution 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, Volkswagen International Finance and Volvo Financial Services. Products and Services The priority issues facing today's treasury departments relate to fundamental cash and financial risk management questions, such as: The priority How much issues cash facing do today's we have treasury and where departments is it? relate to fundamental cash and financial Is there risk sufficient management cash to questions, meet our operating such as: needs, where and when required? Do we have sufficient funding available? How much cash do we have and where is it? Are our assets and earnings properly protected? Is there sufficient cash to meet our operating needs, where and when required? Are our financial exposures fully understood and managed according to policy? Do we have sufficient funding available? Am I complying with regulation? Are our assets and earnings properly protected? Are our financial exposures fully understood and managed according to policy? IT2's transparent workflows control, automate, secure and streamline all treasury Am I complying with regulation? processes enabling treasuries to answer these questions, dependably and promptly. IT2's transparent workflows control, automate, secure and streamline all treasury We have helped more than 250 treasuries make their next move, let s talk about processes enabling treasuries to answer these questions, dependably and promptly. yours! We have helped more than 250 treasuries make their next move, let s talk about yours! IT2 Treasury Solutions high levels of treasury and technology expertise uniquely equip the organisation to understand the demanding practical needs of multinational and domestic treasury departments. Scalable, intuitive IT2 software solutions address and fulfil IT2 s global network of clients primary treasury business issues: IT2 solutions collect treasury data from across the organisation, and transform it into reliable, actionable information. IT2 s transparent straight-through processing (STP) workflows control, automate, secure and streamline all treasury processes, providing a robust platform for a most critical financial operation such as treasury management. IT2 updates automatically in real time, and therefore provides real-time tools to manage and report on positions, exposures and transactions. IT2 s clients are therefore able to base their critical decisions for cash, funding, investment and financial risk management in full confidence that they are working with up-to-date, reliable information. IT2 is shipped with a comprehensive set of best practice treasury workflows, reports and integrations that may be implemented out-ofthe box, or easily configured to reflect specific policy requirements. The system s workflow management and reporting tools are designed for intuitive use by busy treasury professionals in treasury departments, covering a wide range of scales, missions, organisations, complexities and policies. IT2 Services IT2 is dedicated to delivering service excellence. Clients naturally require the sustained provision of outstanding services so that they derive the maximum value from their investment in IT2. IT2 s suite of service offerings - of strategic relationship and implementation management, client support and training provided by the IT2 Academy - support the implementation, operation and sustained evolution of each client s IT2 solution. IT2 s annual, independently-conducted client satisfaction survey provides objective client feedback about the practical operation of the IT2 system and of IT2 Treasury Solutions service delivery track record. IT2 UK Eyot Gardens House 23 Eyot Gardens London W6 9TR United Kingdom Tel: IT2 USA 12th Floor, 1515 Broadway New York, NY USA Tel: IT2 Hong Kong Suite 8, 20/F One International Finance Centre 1 Harbour View Street Central, Hong Kong Tel: Website: 23

13 Murex In building on over 25 years of successful presence in capital markets, Murex has developed an unmatched competence in the design and implementation of integrated trading, risk management, processing and clearing solutions for buy- and sell-side financial institutions, corporations and utilities located across the globe. Every day over 36,000 users from banks, hedge funds, asset management companies, corporations and utilities rely on Murex people and Murex solutions to support their capital markets activities. Client satisfaction is our primary goal, from quality and rapid development to successful implementation and high-quality support. Our 200 worldwide clients can rely on over 1,400 specialists actively focused on delivering 24-hour global support through our offices in Paris, New York, Singapore, Dublin, Beirut, Beijing, São Paulo, Sydney and Tokyo. Products and Services From simple deals to exotic structures, MX.3, Murex s third generation integrated platform, provides advanced trading, risk measurement and hedging tools for high volume businesses. Close consultation with major users has brought a new generation of ergonomic pricing and structuring tools into production, alongside continually evolving cutting edge risk management functionalities. For trading and sales, the time to market for value-added products has never been shorter, the flexibility and transparency of risk has never been greater. To achieve high straight-through processing (STP) rates, the system benefits from a complete enterprise back office solution delivering powerful configuration tools, real-time monitoring dashboards, out of the box connectivity to executing, affirmation/ confirmation and clearing platforms. The MXpress implementation methodology leverages the wealth of business content accumulated by Murex over the two decades through pre-packaged components of the platform while offering an accelerated process of delivery. It offers a unique approach enabling clients to determine the degree to which they want: Off-the-shelf, pre-packaged best practices. A flexible configuration toolkit allowing easy configuration to meet client-specific requirements. An extension framework providing a suite of application building tools, which allows evolving businesses to rapidly develop, test and deploy customised or additional business content. At each stage of this continuum from standardised ready-to-go solution, through user-friendly configuration, to client-specific extension through development, Murex has a market-leading deployment solution. The Murex Treasury Solution offers: A complete solution, simple to use, easy to customise: Pricing, rapid and safe deal capture and lifecycle management, together with a trade blotter and multiple facets of risk monitoring all integrated into a single, usable real-time screen for traders, sales and middle office. A secure solution - power is nothing without control : Efficient sanity checking helps control potential errors whether in data or input. Native hedging structures at deal entry (split, hedge, etc). On-demand or automatic limits checks pre-deal entry. Comprehensive access right controls. A global solution - aggregate and slice-anddice your results: Customisable book structure to match the bank organisation. Ability to load all books for a given user/desk/ business line, etc. Possibility to mix cash and derivatives views to manage daily volume business together with ad hoc hedges. An innovative architecture Multi-entity, multi-region and 24/7 availability. Open access through an API framework. Main Features One real time central screen. 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 enabling rapid product extension. Short- through long-term liquidity management. Back dated, current and projected positions and profit and loss (P&L). Dedicated spot and forward desks views with breakeven rate and daily P&L. Transparency of funding gaps. Cash management. MTM and accrual P&L (absolute, daily, weekly, monthly, etc). Front office accrual management (gap, banking book, foreign exchange (FX) accrual delta views). Cross-asset FX risk, interest rate risk, security stocks views. Funding procedure and logical funding at deal level. FX P&L risk hedge and sell down. Cash and securities settlement instructions through: SWIFT, CLS, etc. Integrated reporting, audit and accounting (IFRS, US GAAP, etc). Murex 8 rue Bellini, Paris, France Tel: Website: 25

14 SALMON SOFTWARE Dedicated Treasury Management System Since 1985 An Bradán Feasa The Salmon Of Knowledge Our Cloud Version - TGold For those treasurers out there with very low volume trading activity, we can now offer you Salmon Treasurer a service available in the cloud as a software-as-a-service (SaaS) solution. It is called TGold. Salmon Treasurer Salmon Software was founded in 1985 to specialise in the development of treasury management systems (TMS). Our flagship product Salmon Treasurer has had continuous development throughout that time to continuously reflect the changing environment in which corporate treasurers operate. This means that Salmon Treasurer has a range of modules comparable to any system and operational functionality that will rival any system from any provider operating in the arena of global treasury management - all of this, at a price that other providers can t match. How do we do it? Products and Services Acquisition? No Thanks! Because of the quality and range of Salmon Treasurer, we have been courted many times by companies wishing to acquire our company and our product. We have resisted such advances in order to retain our commitment to our very valued customers. We believe that being completely independent and having a single system enables us to be flexible and efficient and therefore offer a far better total solution to our clients. With the spate of recent acquisitions, it also offers a choice of system for prospective buyers in the market. If your volumes are small enough that you can t justify the cost of an on premise solution, then try TGold. Why not take out a free trial? TGOLD 30 DAY FREE TRIAL OFFER Please see our website for full details on signing up for your 30 day FREE trial. When you visit our website you can review a range of typical business scenarios, to see how easy and beneficial this application would be for you and your finance and treasury team. European Sales Team Contact Details T F E All of our product development is done under the umbrella of Salmon Treasurer. Throughout those years, the system has evolved with the market, with technology and with our clients needs and is now is one of the most sophisticated TMS available in the world today. We remain fast and flexible As an accredited Microsoft Developer, we use and apply to Salmon Treasurer the latest development technologies as soon as they are available to the software development community. This ensures that we provide fast delivery of innovative functionality at low cost to our customers. Maintain very personal relationships with all our customers We maintain constant communication with our client community providing them with updated knowledge of our development. They in turn then provide us with the feedback from the market thereby enabling us to apply the latest technology to their requirements. We treat all our clients with great care and attention Because of the many years of continuity within Salmon Software, we offer a very personal service to every client. We provide direct personal contact between our clients and our very knowledgeable support team. Our client-driven continuous development programme Our clients, and what they need to enhance their treasury function, dictate our continuous development programme. Our clients are canvassed regularly about what they believe will make the treasury management function more efficient and easier to perform. A Single System Salmon Treasurer is a single, completely modular system. It offers you over 120 modules across all market instruments, all levels of functionality and interfaces to all electronic banking (e-banking) systems, trading platforms, accounting systems, confirmation matching systems and electronic payments systems. Salmon Treasurer applies whether you have two users or 202 users. Salmon Treasurer applies whether you operate a single-entity centralised treasury function or a multipleentity global treasury function. There s no product or brand confusion that you get with multiple products from the same stable. A Sensible Price Salmon Treasurer is available to you at a price that makes sense. TMS don t need to cost millions, not even hundreds of thousands. They also don t need to take forever to implement. So compare what we can offer you and you ll be very pleasantly surprised. Salmon Software Ltd. Unit 2 Block G Riverview Business Park Nangor Road Dublin 12 Tel: Web: 27

15 PUTTING TREASURERS IN CONTROL Wall Street Systems Wall Street Systems (Wallstreet) helps corporations of all sizes manage liquidity, achieve effective risk management and transform their treasury operations. For the majority of corporations, Wallstreet delivers integrated, ondemand and cost-effective treasury solutions for all aspects of corporate treasury requirements. Powerful cash, deal and risk management together with integrated accounting to meet regulatory requirements are made available via simple web browsers. Wallstreet delivers a sophisticated and scalable solution, helping to simplify complex treasury through a single integrated and strategic platform. With immediate visibility and control, compliance, parallel accounting (multiple generally accepted accounting principles (GAAP)), multiple in-house banks and integrated volume payment processing, Wallstreet ensures unprecedented treasury return on investment (ROI) and risk mitigation. For the world s largest and most sophisticated treasury operations, Products and Services 28 Wall Street Systems is the partner of choice for treasurers from corporations of all sizes. From the simplest domestic cash to the most sophisticated global liquidity and risk solutions, Wall Street Systems provides the opportunity for transformational change. Over 500 of the world s leading corporations already rely on our treasury solutions, expertise and unparalleled support. Wall Street Systems can help you to achieve enterprise-wide success through your treasury operations. Solutions include: Wallstreet ebam - the leading electronic bank account management (ebam) solution. It allows corporations to manage bank data, corporate signatories and exposures across all global accounts rapidly, accurately and securely. Wallstreet Treasura - the market-leading, cost-effective, web-based cash and treasury management solution relied on by hundreds of best-in-class global treasury teams. Fully SSAE 16 certified (previously SAS 70), Wallstreet Treasura streamlines internal processes, improves financial controls, and helps the corporate treasurer to make more effective working capital decisions. Wallstreet Treasury - the turnkey software-asa-service (SaaS) solution for the mid-market treasury. Extensive functionality is provided by fully integrated best of breed products, enabling the treasurer to take a service-based approach to fulfil global company needs. Wallstreet City Financials - the integrated treasury workstation covers all aspects of corporate treasury system requirements. Functional areas cover cash, deal, and risk management together with seamless and powerful integrated accounting to meet both practical and regulatory requirements. Wallstreet Suite - the highly configurable solution, customised to the corporation s specific needs. It delivers unprecedented return on investment (ROI), with immediate visibility, control and simplified compliance. It has a wide instrument coverage, parallel accounting (multiple GAAP), multiple in-house banks, high volume payment processing, plus sophisticated risk and treasury management within one system, simplifying even the most complex of global corporate treasury operations. Wallstreet has the world s largest global treasury systems practice with more than 100 go-lives each year, over 2,000 man years of expertise and many senior industry figures. With the recent incorporation of City Financials, Speranza Systems and Treasura, more than 500 of the world s leading corporations now rely on treasury solutions from Wall Street Systems. Corporate clients include GE, Porsche, Merck & Co, Toyota Financial Services, Daimler, Ford and Procter & Gamble. Corporations who use a treasury solution from Wall Street Systems have the peace of mind of that comes from working with a long established and financially robust solutions partner. With an unrivalled implementation track record, Wallstreet clients know their treasury operations are in safe hands. Wall Street Systems has an outstanding reputation for quality and responsive service, and prides itself on helping customers achieve long lasting benefits and results. Wall Street Systems has 700 employees, operating out of 14 offices worldwide and servicing over 650 banking, corporate and central bank customers. Our software processes millions of transactions, aggregating to trillions of dollars every day. USA HEADQUARTERS New York Wall Street Systems 1290 Avenue of the Americas, New York, NY USA EUROPE HEADQUARTERS London 160 Queen Victoria Street, London, EC4V 4BF UK ASIA HEADQUARTERS Singapore Prudential Tower Level Cecil Street, SINGAPORE Website: 29

16 Allevo Allevo is a private Romanian independent software vendor (ISV) and consultancy company focused on reliably ensuring the financial transactions exchange and processing. Allevo delivers innovative products and solutions for real-time funds transfer management, empowering financial and public institutions, corporate treasuries and small and medium-sized enterprises (SMEs) to: Improve/re-structure/centralise their financial transaction business flows, Ensure interoperability by aligning their financial transaction systems to international market standards. Automate their transactions flow (straight-through processing (STP)). Our cost-effective and easy-to-implement solutions are compliant with international standards and regulations, being mainly based on qpayintegrator suite (certified SWIFTReady on single euro payments area (SEPA) in 2008 and 2009, and on Workers Remittances in 2010 and 2011 tracks) and on the value-added services performed by our SWIFT-certified technical and business experts (on EUCLID, TARGET2, cash reporting, bulk payments SEPA, corporate, Trade Services Utility (TSU) and funds, SWIFTAlliance Suite and RMA). Allevo solutions wrap a number of market segments (i.e. banking and financial, corporate, public sector, microfinance and processing centres) based on three product lines: financial transactions processing, business continuity and process management. Since 2007, Allevo started to approach the corporations financial related business aiming to enhance the management of the working capital, improve the financial productivity through information and operations consolidation and save costs by rationalising the corporation-to-bank communication channels. We address the corporates specific requirements for the financial transactions processing: In the operations area by adapting some of the risk containment features, such as accounts receivable (A/R)/accounts payable (A/P) reconciliation with the banking statements of account and anti-money laundering (AML) filtering, or the transactions enrichment to improve the end-to-end transactions processing 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 of the financial portfolio (cash and loans), as well as making informed payments and agile follow-up on overdue collections. The solution provides for enhanced interoperability with the bank - a powerful competitive differentiator - through closed user group (CUG) architectures, either administrated by the bank (MA- CUG) or by SWIFT (SCORE). Available in both the traditionally (one-time) and as a managed service (pay-as-you-go) licensing models, PayIntegrator is continuously enriched with new functionalities, while preserving its price attractiveness and ease of implementation. Tel: Website: Hanse Orga Are you looking for a more efficient way to manage your financial supply chain in SAP? And would you like a competent partner with outstanding expertise and long-standing experience? Someone you can fully rely on for implementing a professional solution? In this case, contact us at Hanse Orga. Hanse Orga, founded in 1984, is an independent software and consulting firm for treasury management and bank reconciliation solutions. In addition to its headquarter in Hamburg, Hanse Orga also has subsidiaries in France, the Netherlands and Michigan, US. Our business and technology know-how, gained in more than 25 years of experience, is integrated in our finance solutions that include both consulting and software. As an official SAP Software Solution Partner, we provide holistic SAP consulting services with a special focus on treasury and bank reconciliation. All product groups are certified by SAP as FinanceSuite 4.3, an official confirmation of the high quality of Hanse Orga software solutions. The certification ensures that Hanse Orga products completely meet the customer requirements and that they are seamlessly integrated in the SAP environment. Hanse Orga offers both solutions in the SAP standard or individual solutions programmed in Advanced Business Application Programming (ABAP). Projects are performed according to the SAP project procedure ASAP/Value SAP. Hanse Orga also performs entire SAP installations and migrations. Thanks to the SAP integration you easily avoid interfaces and therefore significantly increase the security of your data. Our intelligent modules automate many of your manual processes so that you can considerably save on time and money. The modular approach of our software enables you to implement the different components flexibly and perfectly in line with your needs: AutoBank automatic cash application. Cash and liquidity management. Treasury management. Payment management. Electronic bank account management (ebam) The individual needs of our customers are our main drive in this process. For this reason, we do not simply sell products, but provide innovative consulting and software solutions. 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, IBM and Philips, have successfully implemented our FinanceSuite and are highly satisfied with the levels of optimisation they have achieved. Tel: +49 (0) Website: GTreasury G Treasury SS (GTreasury) specialises in providing world-class treasury management automation (both application service provider (ASP)/software-asa-service (SaaS) to corporations, government agencies, and banks worldwide. Through dynamic cash positioning, robust reporting, secured funds transfers, enhanced forecasting, comprehensive debt and investment, foreign exchange (FX) exposure management, and much more companies are able to gain greater visibility into cash. With 25 years of experience, corporations not only feel comfortable working with a reputable company, but also because of the outstanding customer service and overall ease of use coupled with comprehensive functionality. Currently, GTreasury has more than 4,500 operators accessing the web version on the software. GTreasury acts as a payment factory where we run over one million funds transfer and can process in excess of 20,000 wires in a given day. Companies are able to connect to over 8,000 banks worldwide through SWIFT GTreasury has helped over 350 companies in a multitude of verticals and sizes successfully manage daily treasury functions, streamline processes, improve controls, and measure treasury performance. All support and development efforts are focused on one seamless system. We firmly believe this approach results in a richer product line, lower overall cost, long-term security, and a proven choice for users. Products and Services 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. Tel: Website: OpenLink s Solution for Treasuries with Commodity Exposures OpenLink offers a single fully integrated software solution to address the complete requirements of global corporate treasuries, particularly those with commodity exposures. High-level functionality includes: Cash management (visibility, netting, pooling, forecasting). In-house banking. Funding and investments. Exposure management (interest rate, foreign exchange (FX), commodity). Settlement/reconciliation (including SWIFT connectivity). Collateral management. Market and credit risk management (pricing, analytics, scenarios, simulations - including potential future exposure (PFE)/credit value adjustment (CVA). Compliance and legal monitoring. Accounting/hedge accounting. Custom business workflow tools. Our software is built upon straight-through exception processing (STeP) rules that incorporate best practices from our large client base and more than 15 years of experience. This enables companies to streamline business processes, minimise operational risk and reduce internal and external costs. Dashboards and reports, including position and risk management, are available in real-time and can be accessed by treasury, as well as worldwide operating units. Furthermore, if required, both work flows and reports can be readily configured to adhere to proprietary business demands using OpenLink s embedded tools. OpenLink s IT infrastructure is scalable and flexible to support both today s challenges as well as capitalise on tomorrow s opportunities. Our software is available as a local installation or a hosted solution. Headquartered on Long Island, New York, OpenLink s diverse client list includes more than 450 of the world s largest and most prestigious investing and trading institutions including banks, insurance, finance, pensions, hedge funds and corporations. Our staff members are located in 11 regional offices worldwide. Tel: or Website:

17 Please come and visit Sungard SunGard is one of the world s leading software and technology services companies. The company has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. It also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of about US$5bn, SunGard is ranked 434 on the Fortune 500 and is the largest privately held business software and IT services company. SunGard AvantGard offers a full suite of solutions for liquidity management focused on treasury, payments and receivables management. In addition, AvantGard offers connectivity from these solutions out to a broader ecosystem including foreign exchange (FX) management, electronic bank account management (ebam), SWIFT, banks, collection agencies, credit data, market data, money market funds (MMFs) and more. Furthermore, as a SWIFT Global Partner, SunGard AvantGard helps corporations improve corporate to-bank connectivity, which includes providing several options to connect to the SWIFT Network and to manage that connection. From basic cash management to sophisticated risk analysis, investment/ debt management, trading, netting, etc, AvantGard Treasury can meet a wide range of requirements. The AvantGard global services team delivers domain expertise and best practices as part of a full-scale implementation with detailed training, and ongoing support services. ASP, hosted solution and managed services delivery are also available to help reduce total cost of ownership and offer a comprehensive approach to solution delivery. Over 30,000 professionals in more than 1,800 companies, in greater than 40 countries rely on SunGard s AvantGard to optimise liquidity, increase velocity of free cash flow, and remove inefficiencies across the ecosystem. Website: at September 2011 in Toronto Booth PS06 Thomson Reuters Thomson Reuters is the largest provider of risk and trade management solutions globally, servicing over 700 financial institutions. Our solutions offer sophisticated, tailored functionality at every step of the trade, from straight-through processing (STP) enabled front-to-back trading systems to enterprise wide risk management. We have the global reach and local expertise that is required of a long term strategic partner with more than 950 risk professionals worldwide. And with more than 20 years of experience, our customers can rely upon Thomson Reuters proven track record of delivering complex solutions to meet their exact requirements. KGR: an integrated, real-time market risk, credit risk and limits management 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. and Products and Services Kondor+: a market-leading front to back trade and risk management real-time solution that allows users to manage global trading activities on a single, 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 real-time data and sophisticated analytics, analysis and reporting. 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 of 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. Website: 6-9 November 2011 in Boston Booths 921 and

18 a buyer s guide to Treasury Management Systems TMS Functionality Matrix 2011 KEY l Yes l No w Some Client choice In-house Hosted Contact vendor Not disclosed SYSTEM NAME Allmybanks. net ATOM AvantGard Treasury FinanceSuite Treasury Management Findur Finlogik FTI STAR GTreasury WebCash Integrated Treasury System ITS IT2 Kondor Trade Processing (KTP) MX.3 Parity TMS for Windows qpayintegrator TGold tm5 Salmon Treasurer SmartTreasury Wallstreet City Financials Wallstreet Suite Wallstreet Treasura Wallstreet Treasury SaaS COMPANY exalog Financial Sciences Corporation SunGard Hanse Orga OpenLink Finlogik FTI GTreasury SS ecofinance IT2 Treasury Solutions Thomson Reuters Murex Manex Treasury Systems Allevo Salmon Software Bellin Salmon Software Chesapeake System Solutions Wall Street Systems Wall Street Systems Wall Street Systems Wall Street Systems 1. Dealing - Financial Instruments Foreign exchange Spot Forwards Foreign exchange (FX) swaps w FX options (over-the-counter (OTC)) w w w Debt interest rate products Money market loans and deposits Bankers acceptances w w w Euro commercial paper (ECP) - discounted, multicurrency w Euro medium-term note (EMTN): multicurrency w w Bonds: ad hoc w w Money market funds (MMFs): investments w Securities w w w w Derivatives Short-term: forward rate agreements (FRAs) - multicurrency w Interest rate swaps w Cross currency swaps w Swaptions w Interest rate options w Financial futures w Electronic dealing Can the system link to one of the main e-dealing systems such as 360T, Currenex or FXall? w w 2. Cash Management Balance and transaction management Automated scheduled delivery of bank balance and transaction reports. w Manual delivery of bank balance information and transaction reports. w Reconciliation Automated scheduled reconciliation of bank statements and TMS position. w w Manual reconciliation on an ad hoc basis. w Ability to import a reconciliation 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 between 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 party report writing tool? w w 5. Security Does the TMS conform with security principles, such as four eyes, segregation of duties, etc? 6. Risk Is there a risk management module that allows users to calculate and measure risk? w w w w 7. Target Company Size Small (US$500m and below) Medium-sized (between US$500m and US$1bn) Large (greater than US$1bn) 8. Implementation How is your TMS implemented? - How many companies have implemented your TMS? 60 >1000 > > > >200 >100 - How many companies have implemented your TMS in the past 12 months? 20 >50 > > *Only those vendors that filled out the gtnews TMS Functionality Survey between May-August 2011 are included

19 Sponsored by GLOBAL CORPORATE TREASURY AWARDS 2011 Recognising Excellence in Treasury gtnews hosted the second annual Global Corporate Treasury Awards in Toronto, Canada, 20 September The Global Corporate Treasury Awards, sponsored by Bank of America Merrill Lynch, pays tribute to treasury innovation that has contributed to the success of a corporation s business.

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