Marcus Evans 6th Annual Liquidity Management Conference 2007 The Impact of SEPA on Cash Management Products and Services

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1 Marcus Evans 6th Annual Liquidity Management Conference 2007 The Impact of SEPA on Cash Management Products and Services The views expressed in this presentation are those of the author and do not necessarily represent those of the Bank of Finland Bank of Finland Harry Leinonen 23 April

2 Cash management b) Account mgt a) Liquidity mgt c) Working capital mgt d) Invoicing & receivables mgt e) Payables mgt f) Reporting SEPA impact

3 General development/delivery needs for any new payment and transportation service 1. lower transportation costs 2. higher speed 3. improved security 4. increased user interface efficiency and user friendliness 5. enhanced user integration support

4 SEPA long-term deliveries 1. lower transportation costs - increased competition, transparent pricing, less float, STP 2. higher speed - Delivery D+3/D+1 (2012->), express transfers H+2? (200x->) 3. improved security - EMV-cards, PKI (public key infrastruct.), e-identity (201x->) 4. increased user interface efficiency and user friendliness - standardised account numbering, e-banking interfaces 5. enhanced user integration support - reconcilable remittance info, e-invoicing, e-ordering

5 a) Liquidity management 4Real-time visibility of cash positions 4Consolidation of cash positions 4Rapid re-allocation of funds 4Forecasting support, visibility of pending payments 4Liquidity optimisation support Standardised software and services Large, mid-size and small corporate markets SEPA increases competition and consolidates markets

6 b) Account management 4E-banking interfaces for account management 4Standardised statements of accounts 4Pooling services 4Short term financing and investments SEPA will reduce the need of foreign accounts (one euro-account could be sufficient) Standard account services will become commodity

7 c) Working capital management 4Working capital chain 4Purchases-manufacturing-sales cycle 4 Just-on-time financing 4Less non-productive capital, less float SEPA will help to consolidate cross-border working capital

8 d) Invoicing & receivables management 4Reconcilable remittance information in the pipe-line 4e-invoicing is gathering momentum 4e-invoicing will firstly become standarised AOS (Additional Optional Service) 4Banks with an active role in synergies from standardised ordering-invoicing-payment process 4Faster payment process, less cheques in the mail 4Will payment culture improve? e-invoicing could become the driver of esepa Cost-saving potentials are huge > 100 billion euros/year in the SEPA region

9 Basic automation benefits of e-invoicing (corporates) Electronic sending - no printing on paper - no envelopes - just a file to the bank Creditor/ Payee Creditor/ Payee Electronic reception of payment - no paper notifications - automated reconciling of receivables based on reference code -just a file from the bank - easy to archive Secure electronic transportation - no physical processes - no stamps - verified sender by banks Invoice transportation Funds transportation Electronic fund transportation - all relevant information included Direct parts of companies work-flow processes Electronic reception - no letters to open - no data to key in - just direct e-input - easy to archive Debtor/ Payer Debtor/ Payer Invoicing database Paybles database Electronic payment initiation - no paper instructions - no data key-in - direct use of e-invoice as e-credit transfer Cost savings in the range of at least euro per invoice

10 Seller e-invoice Factoring company Buyer e-factoring based on e-invoicing 4Send e-invoice to Seller s factoring company bank 4e-Invoice sent onwards to Immediate discounted buyer payment Factoring 4Seller gets immediately company s the funds bank Payment 4Factoring company does according to e-invoice the collection work payment terms Buyer s bank The whole factoring process can be completely automated Outsourcing collections

11 Invoicing assistance for entrepreneurs and small companies 4Go to bank s web-invoice page 4Fill the invoice form, use stored data 4Send the invoice (just click) 4Automated reconciling when paid Invoicing becomes easy and rapid for small companies, which can thereby fulfil large customers e-invoicing requirements

12 e) Payables management 4e-banking will become the sole banking interface 4Payables received as e-invoices 4Company card payments with enclosed e-invoices 4Active use of early payment discounts Payment standards will reduce radically branch input of paper-based instructions E-invoicing facilitate also payables management Will the payment culture improve and be harmonised?

13 Number of electronic payments per capita, epayment developments per capita and automation level FI 200 AT NL UK DK 150 DE BE 100 SE PT 50 ES IE IT GR Automation level, %, Sources: European Central Bank and Bank of Finland.

14 e-account statements = e-invoice archives Credit transfers + e-invoice Direct debits + e-invoice Card payments + e-invoice e-statement 1 payments + invoices e-statement n payments + invoices Electronic account statement consists of individual payments incl. invoices plus totals ecustomers view ebank accounts like accounts Paying is just a phase in the invoice process Easy browsing of banks systems for invoicing information or customers copies of e-statements.

15 f) Reporting 4Balance of payment (BOP) reporting has moved in most countries towards sampling directly from the companies (instead of payment based coding) 4Reporting limit increases from 12,500 to 50,00 euros SEPA will harmonise BOP reporting in the long run, however, a mixed regime in the beginning of SEPA

16 One Single Payment Area = customer can bank anywhere and treasuries are centralised = payments and exports/imports are separated = payments and investments transfers are separated Balance of payment statistics based on payment transactions will not catch the true flows. BOP statistics need to be collected from the source directly via sampling. Will customers move their bank accounts to countries with more efficient reporting requirements?

17 The push for common user standards 4Many international e-standards exist already one standard one de facto word-processing, presentation, spreadsheet standard one de facto image (e-picture) standard 4One e-payment and e-invoicing standard would promote international interoperability availability of plug-and-play (interface) software efficiency for customers and banks 4Currently several proposals and fora for e-invoice standards ISO 20022, CEN, UBL, SWIFT, TWIST, Finvoice TWIST and Finvoice are aligned EU commission informal group Common standards are the basis for economies-of-scale benefits

18 EFTPOS e-banking e-statements (e)sepa e-factoring e-invoicing e-remittance info Cash management will benefit simultaneously from - SEPA developments - ICT developments - general standardisation and - increased competition and outsourcing possibilities

19 Payment instrument developments follow the traditional s-shaped curve Late comers Late majority Early majority Early users Innovators SEPA will develop in steps and so will cash management services The earlier the projects start, the earlier the benefits are achieved

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