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Reaching The Tipping Point by Denise Bedell
Winners List
Profiles
Interviews: Bank of America Merrill Lynch | Standard Bank | Danske Bank
REACHING THE TIPPING POINT
Global Finance presents the winners of its 13th Annual Best Treasury & Cash Management Providers awards.
Transaction banking prices remain at historic lows, and corporates are reaping the benefits. As some banks are driven out of the market and new, regional competitors rise to fill the gaps, it is pushing traditional players not only to keep those prices low but also to work harder to meet the needs and wants of their corporate clients.
But this competitive landscape is simply a backdrop to the broader picture, in which banks face much higher regulatory costs and most of their investment resources are eaten up by those costs.
In addition, banks’ leverage ratios, liquidity coverage ratios and net stable funds ratios will rise under Basel III bank regulatory standards. Consequently, banks are reevaluating their transaction-banking client relationships as corporate deposits become a more costly form of bank funding.
The net result is that low prices for transaction processing services cannot last forever, and corporates should be prepared for the point at which the scale tips and costs for, and availability of, basic transaction banking services start to rise.
One development that could offset this dynamic is the rise of new platforms and models for transaction processing services that circumvent traditional bank offerings.
This year’s World’s Best Treasury & Cash Management Providers Awards looks at how these new models are rejuvenating the transaction processing market, and how corporates are benefiting from greater visibility into transaction life cycles to enhance overall working capital access and liquidity management.
Global Finance editors—with input from industry analysts, corporate executives and technology experts—used a variety of subjective and objective criteria in selecting winners across more than 60 categories. Factors considered include: profitability, market share and reach, customer service, competitive pricing, product innovation and the extent to which treasury and cash management providers have successfully differentiated themselves from their competitors around core service provision. In addition, we polled our corporate readers and factored in the results.
by Denise Bedell
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Reaching The Tipping Point by Denise Bedell
Winners List
Profiles
Interviews: Bank of America Merrill Lynch | Standard Bank | Danske Bank
GLOBAL & REGIONAL WINNERS LIST
NORTH AMERICA |
|
|---|---|
| Best Bank for Cash Management | Bank of America Merrill Lynch |
| Best Bank for Liquidity Management | Bank of America Merrill Lynch |
| Best Provider of Short-Term Investments/Money Market Funds | J.P. Morgan Asset Management |
| Best Bank for Risk Management | Citi |
| Best Bank for Payments and Collections | Wells Fargo |
WESTERN EUROPE |
|
|---|---|
| Best Bank for Cash Management | Royal Bank of Scotland |
| Best Bank for Liquidity Management | Deutsche Bank |
| Best Provider of Short-Term Investments/Money Market Funds | Deutsche Asset & Wealth Management |
| Best Bank for Risk Management | Barclays |
| Best Bank for Payments and Collections | Deutsche Bank |
NORDIC COUNTRIES |
|
|---|---|
| Best Bank for Cash Management | Nordea |
| Best Bank for Liquidity Management | Danske Bank |
| Best Provider of Short-Term Investments/Money Market Funds | Nordea Investment Management |
| Best Bank for Risk Management | Danske Bank |
| Best Bank for Payments and Collections | Danske Bank |
CENTRAL & EASTERN EUROPE |
|
|---|---|
| Best Bank for Cash Management | UniCredit |
| Best Bank for Liquidity Management | UniCredit |
| Best Provider of Short-Term Investments/Money Market Funds | Deutsche Asset & Wealth Management |
| Best Bank for Risk Management | Deutsche Bank |
| Best Bank for Payments and Collections | Raiffeisen Bank International |
LATIN AMERICA |
|
|---|---|
| Best Bank for Cash Management | Citi |
| Best Bank for Liquidity Management | Banco do Brasil |
| Best Provider of Short-Term Investments/Money Market Funds | Santander |
| Best Bank for Risk Management | Banco Bradesco |
| Best Bank for Payments and Collections | Citi |
ASIA – PACIFIC |
|
|---|---|
| Best Bank for Cash Management | ANZ Group |
| Best Bank for Liquidity Management | HSBC |
| Best Provider of Short-Term Investments/Money Market Funds | J.P Morgan Asset Management |
| Best Bank for Risk Management | HSBC |
| Best Bank for Payments and Collections | E.SUN Bank |
MIDDLE EAST |
|
|---|---|
| Best Bank for Cash Management | Abu Dhabi Commercial Bank |
| Best Bank for Liquidity Management | HSBC |
| Best Provider of Short-Term Investments/Money Market Funds | Banque Misr |
| Best Bank for Risk Management | Citi |
| Best Bank for Payments and Collections | Samba |
AFRICA |
|
|---|---|
| Best Bank for Cash Management | Standard Bank |
| Best Bank for Liquidity Management | Standard Chartered |
| Best Provider of Short-Term Investments/Money Market Funds | Standard Bank |
| Best Bank for Risk Management | Standard Chartered |
| Best Bank for Payments and Collections | Ecobank |
US REGIONAL MIDDLE MARKET PROVIDERS |
|
|---|---|
| Northeast | TD Bank |
| Mid-Atlantic | PNC Bank |
| Midwest | U.S. Bank |
| West | KeyBank |
| Southwest | BBVA Compass |
| Southeast | BB&T Bank |
Jump To Section:
Reaching The Tipping Point by Denise Bedell
Winners List
Profiles
Interviews: Bank of America Merrill Lynch | Standard Bank | Danske Bank
GLOBAL WINNERS PROFILE
BEST Overall Bank for Cash Management | Citi
Citi focuses on providing a BEST-in-class consultative approach. Hubert Jolly, global head, channels, enterprise and account services, treasury and trade solutions, Citi, says: “Combined with our digital strategy focused on mobile- and tablet-based solutions, acknowledgments like these endorse Citi’s position as an innovative market leader providing the most-advanced treasury solutions to our clients around the world.”
BEST Bank for Liquidity Management | Citi
Citi’s customized liquidity management proposition excels at a global level. Liquidity and investment capabilities are integrated to provide flexible domestic and cross-border solutions. “Client and market priorities are central to our product strategy,” says Elyse Weiner, global head, liquidity management services, treasury and trade solutions, Citi.
BEST Provider of Short-Term Investments/Money Market Funds | Deutsche Asset & Wealth Management
Deutsche Asset & Wealth Management has a global team of over 400 portfolio management professionals located in all of the world’s major financial centers. Drawing on a wealth of knowledge garnered from its own specialists and third-party experts, it offers both traditional and alternative investments across all major asset classes.
BEST Bank for Risk Management | Citi
Citi’s treasury and trade solutions is part of the bank’s Institutional Clients Group. Providing an integrated suite of innovative cash management and trade finance services, TTS is focused on helping clients streamline processes and mitigate risks.
BEST Bank for Payments and Collections | Citi
Citi’s world-class payables and receivables solutions help companies around the world initiate payments securely and streamline their receivables processing. “Our global team has taken specific and intentional consideration when developing our payments and receivables offerings,” says Ebru Pakcan, global head, payments and receivables, treasury and trade solutions.
BEST White-Label System Provider | BNY Mellon
BNY Mellon offers private-label services ranging from wire payments and cash concentration to integrated payables and trade finance. The bank’s continuing investment in technology, together with its broad industry expertise, allows it to provide its clients with sophisticated and innovative solutions.
REGIONAL WINNERS PROFILE
NORTH AMERICA
BEST BANK FOR CASH MANAGEMENT | Bank of America Merrill Lynch
Bank of America Merrill Lynch provides a comprehensive range of transaction services to clients ranging from small businesses to multinational corporations. “Clients are managing both growing and slowing economies, regulatory actions and volatile currency markets in 2015,” says Dub Newman, head of GTS North America.
BEST BANK FOR LIQUIDITY MANAGEMENT | Bank of America Merrill Lynch
The bank is a leading provider of multi-currency cash concentration, deposit and investment products. “We work across silos to bring our whole firm to our clients in an integrated manner,” says Greg Kavanaugh, head of global liquidity investment solutions.
BEST PROVIDER OF SHORT-TERM INVESTMENTS/MONEY MARKET FUNDS | J.P. Morgan Asset Management
In North America, J.P. Morgan Asset Management offers a wide range of money market funds, including tax-free money market funds, commercial paper MMFs and US government MMFs. The bank also offers separately managed accounts for companies wishing to build a customized portfolio based on specific parameters.
BEST BANK FOR RISK MANAGEMENT | Citi
The bank provides a wide range of solutions designed to help corporate clients manage risk more effectively. These range from trade finance and liquidity management solutions to technology offerings such as ReceivablesVision and City Payment Analytics, which provide clients with the visibility and control needed to mitigate risk.
BEST BANK FOR PAYMENTS AND COLLECTIONS | Wells Fargo
Wells Fargo is the number-one Automated Clearing House electronic payment originator. “The success of our payments and collections business is made up of many components, such as being a leader in ACH, lockbox and mobile solutions,” says Danny Peltz, the bank’s EVP and head of treasury management.
WESTERN EUROPE
BEST BANK FOR CASH MANAGEMENT | Royal Bank of Scotland
The bank provides state-of-the-art liquidity tools to optimize clients’ internal capital for investment and funding and is at the forefront in developing in-house banking services clients using virtual accounts.
BEST BANK FOR LIQUIDITY MANAGEMENT | Deutsche Bank
“We consider available and free-flowing liquidity to be the lifeblood of the real economy,” says Jens Mikolajczak, co-head of cash management corporates, EMEA, Deutsche Bank. “We [are] exploring the opportunities for our clients opened up by the harmonization and standardization of the new payments zone.”
BEST PROVIDER OF SHORT-TERM INVESTMENTS/MONEY MARKET FUNDS | Deutsche Asset & Wealth Management
With €1 trillion ($1.1 trillion) in assets under management as of September 30, 2014, Deutsche Asset & Wealth Management’s team of investment professionals offers corporate clients investments covering traditional liquid assets such as equities, fixed income and commodities, as well as nontraditional asset classes.
BEST BANK FOR RISK MANAGEMENT | Barclays
Barclays Risk Solutions Group advises corporate clients on multiple asset classes such as interest rates, foreign exchange and inflation. As well as supporting clients with the structuring and execution of solutions, the team also offers post-trade support and analysis of existing positions.
BEST BANK FOR PAYMENTS AND COLLECTIONS | Deutsche Bank
The world’s leading euro clearer, Deutsche Bank has made substantial investments in its payment-processing platform for US dollars and euros. Jens Mikolajczak, co-head of cash management corporates EMEA, says: “We are dedicated to making these processes as efficient as possible, whether by implementing payment- and collection-on-behalf-of structures or simply offering the BEST tools for monitoring clients’ cash flows.”
NORDIC COUNTRIES
BEST BANK FOR CASH MANAGEMENT | Nordea
Investing heavily in its core electronic banking system, Corporate Netbank, Nordea has ensured the system’s compatibility with new devices while at the same time enabling it to be personalized to users’ preferences.
BEST BANK FOR LIQUIDITY MANAGEMENT | Danske Bank
Danske Bank provides clients with real-time consolidation of liquidity across countries and a complete overview of liquidity positions. Søren Kyhl, head of transaction banking, says: “The platform’s one-file-format type covers all the Nordic countries and offers the bank’s clients real-time online balance and transaction reporting.”
BEST PROVIDER OF SHORT-TERM INVESTMENTS/MONEY MARKET FUNDS | Nordea Investment Management
Nordea Investment Management is based in Stockholm, Sweden with additional offices in Denmark, Norway and Finland. It provides services to corporations, insurance companies and pension funds, investing in the public equity and fixed-income markets across the globe.
BEST BANK FOR RISK MANAGEMENT | Danske Bank
Danske Bank provides clients with a number of solutions designed to help them optimize their risk management processes. “Danske Bank has a risk advisory team of experienced analysts dedicated to performing customized analyses of clients’ financial risk and hedging strategies in areas such as asset allocation, asset-liability management, risk management, and the use of derivatives,” says Søren Kyhl, head of transaction banking.
BEST BANK FOR PAYMENTS AND COLLECTIONS | Danske Bank
“A full member of local clearing systems in Ireland, Denmark, Sweden, Norway, Finland, Germany, Poland and the UK, Danske Bank is able to offer all domestic and international payment types,” says Søren Kyhl, head of transaction banking. “Further, Danske Bank operates on one single IT platform.” Kyhl says this provides corporates the benefits of one point of entry in an integrated setup with their ERP or treasury management system.
CENTRAL & EASTERN EUROPE
BEST BANK FOR CASH MANAGEMENT | UniCredit
UniCredit has a a direct presence in 14 CEE countries. The bank’s cash management offering is distinguished by its breadth of local service and proximity to clients. It provides customized national solutions, as well as cross-border cash management and e-banking solutions, including e-invoicing, cash processing and virtual accounts.
BEST BANK FOR LIQUIDITY MANAGEMENT | UniCredit
Boasting CEE’s largest cash pool country coverage, UniCredit’s offerings include pan-European zero balancing and cash-pooling arrangements integrating clients’ banking connections—whether accounts are held with UniCredit or with other banks.
BEST PROVIDER OF SHORT-TERM INVESTMENTS/MONEY MARKET FUNDS | Deutsche Asset & Wealth Management
Deutsche Asset & Wealth Management is among the 10 largest bank-owned asset and wealth managers worldwide. With €490 billion of assets under management in active strategies and €100 billion of assets in passive strategies as of June 2014, the asset manager’s cash investment products include short-term and regular money market funds.
BEST BANK FOR RISK MANAGEMENT | Deutsche Bank
Andrew Reid, co-head cash management, corporates EMEA, says that several areas of political, socioeconomic and geographical unrest this year have served to remind that mitigating risk is key to financial health and stability. “We offer leading risk management expertise aimed at protecting them from the negative impact of unexpected developments,” he says.
BEST BANK FOR PAYMENTS AND COLLECTIONS | Raiffeisen Bank International
RBI offers innovative cross-border solutions—including a centralized card-acquiring solution and a cross-border cash-pool incorporating Russia. “This award validates RBI´s consistent leadership and service excellence in CEE cash management,” says Sabine Zucker, MD, head of division, trade finance and transaction banking, RBI.
LATIN AMERICA
BEST BANK FOR CASH MANAGEMENT | Citi
Citi has improved its LatAm cash and liquidity management offerings to match the increased sophistication of the region’s corporate treasuries. Steve Donovan, treasury and trade solutions head for Latin America, says: “Citi’s presence in 22 countries in Latin America and the connectivity and local experience built over 100 years provide an infrastructure for corporations to operate successfully.”
BEST BANK FOR LIQUIDITY MANAGEMENT | Banco do Brasil
Banco do Brasil provides a wide range of services and products designed to support corporations in managing their cash balances and liquidity as effectively as possible, including payables and receivables services as well as international treasury solutions.
BEST PROVIDER OF SHORT-TERM INVESTMENTS/MONEY MARKET FUNDS | Santander Asset Management
Santander Asset Management offers a range of local investment products across the region. The bank had assets under management of £128 billion ($197 billion) as of March 2014. In Latin America, Santander Asset Management provides products in Argentina, Brazil, Chile and Mexico.
BEST BANK FOR RISK MANAGEMENT | Banco Bradesco
With its strong regional presence, the bank offers its expertise of local markets and conditions to provide a wide range of banking and financial products designed to minimize clients’ risk exposures.
BEST BANK FOR PAYMENTS AND COLLECTIONS | Citi
Highlights include PayLink, an integrated solution allowing companies to outsource domestic payments, and Mobile Collect, a solution enabling small businesses in the Dominican Republic to replace cash payments to providers with mobile-based transactions, as well as an end-to-end Web ordering and collections solution.
ASIA-PACIFIC
BEST BANK FOR CASH MANAGEMENT | ANZ Group
The bank offers bill payment solutions and physical and notional pooling as well as domestic and international payments, escrow services and SWIFT. Philippe Jaccard, acting head of liquidity/global head of product at ANZ, says: “ANZ’s focus on key trade and treasury corridors across Asia-Pacific, supported by… a new technology platform, means we are well positioned to help our clients diversify liquidity risk and manage their supply chains effectively.”
BEST BANK FOR LIQUIDITY MANAGEMENT | HSBC
In 2014 the bank announced its first cross-border renminbi cash-pooling structure in China’s Shanghai Free-Trade Zone and subsequently launched a centralized cross-border transaction management solution for corporates in the SFTZ.
BEST PROVIDER OF SHORT-TERM INVESTMENTS/MONEY MARKET FUNDS | J.P. Morgan Asset Management
Through China Investment Fund Management, a joint venture with Shanghai International Trust, the bank pioneered the launch of AAA-rated liquidity funds for institutional RMB investors in China in 2005. Last year the bank launched its second renminbi money market fund in China.
BEST BANK FOR RISK MANAGEMENT | HSBC
HSBC provides corporate clients in the region with an extensive range of services and products that help companies manage risks in areas ranging from cash and liquidity management to international trade risks such as delay or nonpayment of funds.
BEST BANK FOR PAYMENTS AND COLLECTIONS | E.SUN Bank
“E.SUN has created an ecosystem of payments and collections through cooperation with domestic and international companies,” says Anthony Cheng, director of IR. Their solutions, such as E.SUN Trade, E.SUN Global Pass, Store Value and Payment and Shop in Taobao via WebATM, help local corporates expand globally.
MIDDLE EAST
BEST BANK FOR CASH MANAGEMENT | Abu Dhabi Commercial Bank
ADCB’s achievements include the development of its file-based UAE direct-debit system as well as a soft and hard token-based, three-factor authentication for transactions carried out on ProCash, its online banking platform. ADCB offers a range of cash management solutions, including a corporate check-scanning solution, multilayer liquidity management solutions and commercial escrow capabilities.
BEST BANK FOR LIQUIDITY MANAGEMENT | HSBC
HSBC is one of the largest and most widely represented international bank in the Middle East, providing comprehensive and robust liquidity management services within the region. The bank provides corporate clients with flexible liquidity solutions, enabling companies to make the BEST use of available cash.
BEST PROVIDER OF SHORT-TERM INVESTMENTS/MONEY MARKET FUNDS | Banque Misr
Banque Misr’s provides both long- and short-term investment options. Launched in 2004, and the largest money market fund in Egypt, its Youm b Youm Fund provides the liquidity and flexibility offered by a current account.
BEST BANK FOR RISK MANAGEMENT | Citi
“Citi offers a number of solutions in the Middle East region that help corporate clients manage their risks from both an execution and visibility and control perspective, including CitiDirect BE, Citi Treasury Analytics, FX Pulse and TreasuryVision,” says David Aldred, treasury and trade solutions sales head for Middle East, North Africa, Turkey
and Pakistan.
BEST BANK FOR PAYMENTS AND COLLECTIONS | Samba
The first bank in the Middle East to use MT101 multibanking transactions, Samba offers SWIFT payments and collections to corporate customers. SambaAccess, the bank’s electronic banking platform, allows companies to monitor their cash in real-time and initiate a wide range of transactions that are integrated into their accounting systems.
AFRICA
BEST BANK FOR CASH MANAGEMENT | Standard Bank
As well as offering a range of electronic collections solutions, the bank provides a pioneering onsite cash management service that supports clients having high volumes of cash collections. Other capabilities include reconciliation tools, m-commerce solutions and mobile-banking functionalities.
BEST BANK FOR LIQUIDITY MANAGEMENT | Standard Chartered
The bank offers a full range of liquidity management solutions to support clients in managing their cash balances, including physical sweeping, notional pooling and interest optimization. The bank’s next-generation liquidity platform, Straight2Bank Liquidity, is available in Kenya, Nigeria, Mauritius and South Africa, with eight more countries to follow in 2015. This year the platform will let clients undertake automatic investment sweeping.
BEST PROVIDER OF SHORT-TERM INVESTMENTS/MONEY MARKET FUNDS | Standard Bank
Stanlib, Standard Bank’s asset management team, specializes in investments in South Africa, Africa and emerging markets. Stanlib offers a number of money market funds and other investment vehicles across Africa, including the Stanlib Money Market Fund, Stanlib Botswana Money Market Fund, Standard Bank Namibia Money Market Fund and Standard Bank Swaziland Money Market Fund.
BEST BANK FOR RISK MANAGEMENT | Standard Chartered
The bank’s Straight2Bank platform is configured to monitor the behavior of online users and send email notifications of any behavioral changes. Enforced signatory rules can be used to reduce the risk of error or loss on transactions, while the bank’s mobile-wallet solution helps clients reduce the risk to human life by mitigating the dangers involved in transporting physical cash.
BEST BANK FOR PAYMENTS AND COLLECTIONS | Ecobank
“We are seeing an increasing interest from global and regional treasury departments in pan-African banking solutions,” says Patrick Gutmann, group head, transaction services. “We developed our corporate online banking platform, Ecobank OMNI, in response to our customers’ specific needs for increased visibility of their cash and payment flows.”
US REGIONAL MIDDLE-MARKET PROVIDERS
NORTHEAST | TD Bank
TD Bank offers a full range of retail, small business and commercial banking products and services. The bank has an extensive range of online treasury management solutions, including remote deposit capture, electronic payment services and fraud control services. The bank also offers liquidity and investment solutions such as automated sweeps, account analysis and self-directed investments.
MID-ATLANTIC | PNC Bank
PNC Bank offers its 50,000 corporate clients a suite of cash management services, including purchasing cards, remote deposits and a wholesale lockbox network. PNC’s corporate portal Pinacle offers remote banking capabilities, and the bank participates in client advisory boards to evaluate new concepts and technologies.
MIDWEST | U.S. Bank
U.S. Bank offers solutions ranging from zero-balance accounts and money market accounts to disbursement risk management services, including Positive Pay and ACH Filter & Block services. The bank facilitates international collections and has a strong focus on optimizing working capital management.
WEST | Key Bank
The bank’s Key Total Treasury solution supports cash, payables, receivables and reporting functionalities. The portal is also fully integrated with other functions, including investment management. Other solutions on offer include a wide range of sweep accounts as well as card services and fraud protection resources.
SOUTHWEST | BBVA Compass
BBVA Compass’s recent innovations include the e-Access Mobile app, a treasury management solution to assist commercial and corporate clients with time-sensitive tasks such as monitoring account activity and making transfers between accounts.
SOUTHEAST | BB&T Bank
BB&T’s CashManager OnLine platform allows clients to carry out real-time cash management transactions, including account transfers, ACH transaction initiation and domestic and international wire transfers. The bank also offers detailed account reconciliation services and Commerce Gateway Receivables.
COUNTRY WINNERS
AUSTRALIA | ANZ Group
ANZ leverages its home market strengths to support clients expanding internationally and provides a range of scalable cash management solutions. “Funding risk after the global financial crisis remains at the forefront, as market participants need to manage their working capital cycle within strict counterparty limits and liquidity buffers,” says Philippe Jaccard, acting head of liquidity/global head of product at ANZ.
AUSTRIA | Raiffeisen Bank International
Susanne Prager, head of cash management, says: “Besides cross-border merchant services, we have over the past few months concentrated on monthly CM account billing in camt.086 format, as well as on new, sophisticated cross-border cash-pooling solutions with special focus on Russia, where we managed complex legal and foreign exchange obstacles.”
BAHRAIN | Bank of Bahrain and Kuwait
The Bank of Bahrain and Kuwait has a strong technology-focused cash management offering. Through BBKCashlink clients can initiate multiple types of payments and view account information from any location, as well as get real-time balance reporting, bulk transaction file upload and bank-to-customer messaging via an integrated inbox. The ability to initiate “just-in-time” payments enables companies to manage cash flows as effectively as possible.
BELGIUM | ING Bank Belgium
ING positions itself as a proactive banking partner, providing tailored solutions for its large corporate clients. Its electronic banking services include a file transfer service as well as a SWIFTNet solution. ING Commercial Banking also offers a centralized ING Payment Factory, helping corporate clients to simplify their payment processes while optimizing
liquidity management.
BRAZIL | Banco do Brasil
Banco do Brasil, established in 1808, was the first bank to operate in the country. With over 100,000 employees, it serves more than 55 million customers and is the largest bank in Brazil, with total assets of over $600 billion as of March 2014. Cash management solutions include account services, payment and collections solutions and investments.
CANADA | CIBC
From payroll services and Positive Pay to account reconciliation and cash control, CIBC provides solutions designed to help corporate clients manage their cash more effectively. Highlights include its eDeposit solution, which allows clients to deposit checks and cash from any location, and a pre-authorized payment service, which enables clients to collect Canadian and US dollar payments in a predictable and cost-effective way.
CHINA | Industrial and Commercial Bank of China
ICBC is one of China’s “big four” state-owned commercial banks. Having extended its reach to more than 50 countries, ICBC’s global cash management service is designed to provide companies with a one-stop facility combining payments and collections, cash pooling and risk management.
DENMARK | Danske Bank
Danske Bank is Denmark’s largest bank. Aiming to offer both diversity and quality, it develops customized solutions in cash management, such as its MobilePay business app that gives business customers easy access to most day-to-day cash management activities. The bank’s single technology platform provides clients with solutions such as true real-time cross-border cash pooling.
EGYPT | HSBC Bank Egypt
One of the largest multinational banks in the country, HSBC Bank Egypt provides a complete range of banking and financial services and a diverse range of cash and liquidity management services. Drawing upon its end-to-end global disbursements and receivables services, the bank helps with cash flow forecasting and offers liquidity solutions to help companies make better use of idle cash balances.
FINLAND | Pohjola
OP-Pohjola Financial, Finland’s largest financial services group, consists of 180 cooperative banks and their central organization. The bank’s electronic services offering includes e-invoicing and an online payroll service.
FRANCE | Société Générale
Société Générale has a long history of offering cash management services in France. A leader in high-quality, innovative and tailored cash management services to corporations and institutions globally, the bank has recently created mobile and tablet versions of its cash management solutions SoGeCash Net and SoGeCash Web and has launched cash pooling in additional countries and currencies.
GERMANY | Deutsche Bank
From its preeminent position in Europe’s largest economy, Deutsche has grown to be one of the most significant transaction banks globally and is the world’s leading euro clearer. The bank provides a comprehensive range of cash management solutions to support clients domestically, regionally and globally.
GREECE | Eurobank Ergasias
With a strong commitment to a one-point-of-contact servicing model, the bank has established corporate transaction banking as an independent division to consolidate its cash management services for corporate clients. The bank’s cash management offerings include client-specific payment and collection schemes as well as liquidity management and short-term investment solutions.
HONG KONG | Bank of China (Hong Kong)
Bank of China (Hong Kong) provides a corporate cash management solution that enhances the transparency of financial activities and facilitates effective cash flow management. The bank’s rich product line also includes general account services, corporate deposits and corporate cards, as well as liquidity management and payment and collection management solutions.
INDIA | DBS India
DBS India has been offering cash management facilities to clients since 1994. It has focused on developing innovative products and solutions. DBS has also pioneered the integration of Tally software with DBS IDEAL 3.0 to offer seamless transaction banking services, allowing clients to perform automatic bank reconciliation and up-to-date tracking of receivables.
INDONESIA | Bank Negara Indonesia
Bank Negara Indonesia provides corporate cash management services via its Internet banking platform, BNI Direct. The bank supports local and foreign currency transactions and offers such collection services as virtual account solutions and an automatic collection service that streamlines the process of debiting third-party accounts.
ITALY | UniCredit
UniCredit’s position in Western and Eastern Europe gives the group one of the region’s highest market shares. “UniCredit has successfully supported corporates to cross the line in what has been a challenging SEPA migration in Italy,” says Stefano Gemelli, head of international cash management sales, Italy, at UniCredit.
JAPAN | Bank of Tokyo-Mitsubishi UFJ
From Internet banking service Global Cash Management Service to host-to-host Global Payment Hub, the bank has a clear focus on providing secure and user-friendly cash management technology to its corporate clients. For companies with global footprints, the bank also provides SWIFT connectivity services.
KUWAIT | Burgan Bank
Burgan Bank offers a wide range of specialized products and services that provide cost-effective, end-to-end TCM solutions. Notable solutions include the bank’s Cheque Integration offering, which allows clients to track the collection status of their checks. As well as providing payment and collections services, the bank supports corporate clients with electronic bank account statements and its Account Settlement System.
MALAYSIA | Maybank
Maybank is the country’s dominant player for cash management and transaction banking. Maybank was the first Malaysian bank to launch a regional cash management system in the Asean region and Greater China. The bank has more than 30,000 corporate clients in Malaysia, Singapore and Indonesia.
MEXICO | BBVA Bancomer
Operating as wholly owned subsidiary of Spanish BBVA Group, BBVA Bancomer is the group’s biggest bank outside Spain. Corporate cash management needs are met with the bank’s cash management services, which include consolidation, cash collection and concentration services. A specialized collection account helps companies achieve greater visibility over collections.
NETHERLANDS | ING
The biggest bank in the Netherlands, ING was formed in 1991 from the merger of NMB Postbank Group and Nationale-Nederlande. ING, which is headquartered in Amsterdam, provides a wide range of corporate banking products, including payment and collection services, pan-European liquidity solutions and corporate cards.
NIGERIA | Standard Chartered
Maintaining strong cash management capabilities in what continues to be a cash-driven society, the group has a purpose-built center in Lagos serving as a hub specifically dedicated to serving SME clients.
NORWAY | DnB
DnB offers various cash management services, such as cross-border payments and zero-balance accounts. The bank’s Liquidity Module allows companies to keep track of flows held in Norway and overseas, regardless of currency. The solution can be used to generate customized reports and incorporates daily account balances from other banks.
POLAND | mBank
The largest processors of corporate payments in local and foreign currency as well as cross-border payments in Poland, mBank’s CompanyNet provides access to a complete range of payables management services. The bank was also the first in Poland to offer corporate clients real-time immediate payments.
PORTUGAL | Deutsche Bank
Francisco Oliveira, Deutsche Bank’s head of trade finance and cash management, corporates, and global network banking, Portugal, says: “In the last few years Deutsche Bank has focused on growing our market share of transaction banking for the large-domestic and multinational corporate sector in Portugal.”
QATAR | Qatar National Bank
The leading financial institution in the country, QNB offers such cash management services as payables and receivables, SWIFT, Internet banking and a fully integrated host-to-
host solution.
RUSSIA | Alfa-Bank
In the past few years, the bank’s corporate client base has grown to over 128,000 corporate customers, with the group offering them a wide range of products and services that includes foreign exchange operations, investment banking and such cash management services as receivables and payables optimization.
SAUDI ARABIA | Riyad Bank
Riyad Bank’s cash liquidity management service allows corporate customers to manage liquidity between different accounts within the bank and provides a high level of security and control. The bank also provides RiyadOnline Corporate, an online portal that supports the execution of transactions, as well as reporting, a mobile-banking application and SWIFT connectivity.
SINGAPORE | DBS Bank
With its commitment to improving its service offerings to clients, DBS last year launched FAST, a local real-time payments product, and the IDEALMobile app in Singapore.
SOUTH AFRICA | Standard Bank
Standard Bank offers a wide range of cash management solutions, including payments, collections and liquidity management, and is a market leader in electronic payments and collections in South Africa.
SOUTH KOREA | Hana Financial Group (KEB)
KEB has a particular focus on growth in China and has recently entered into a strategic alliance with China Merchants Bank. Corporate banking services range from corporate cards and payment and collection solutions to cash-pooling and analysis services.
SPAIN | BBVA
BBVA offers a wide range of products tailored to the CM needs of each client. In 2014 a key focus has been tailoring SEPA solutions for corporate clients as well as standardizing and simplifying them for SMEs.
SWEDEN | Nordea
The bank provides cash-pooling services as well as cash forecasting and payment solutions. Corporate Netbank, Nordea’s e-banking solution, allows companies to manage their domestic and international Nordea accounts, providing real-time balance and transaction information.
SWITZERLAND | UBS
UBS offers corporations an integrated advisory service and tailor-made product solutions. The bank provides payment solutions enabling companies to move cash efficiently both domestically and outside Switzerland. UBS also offers multibanking solutions.
TAIWAN | CTBC
CTBC (formerly Chinatrust Commercial Bank) provides a variety of domestic cash management services, including integrated payment, a cash-dividend disbursement service and a virtual account solution. Corporate customers can also access their global CTCB accounts and initiate online and scheduled transactions, using the bank’s Internet
banking service.
TURKEY | Akbank
Akbank Cash Management provides state-of-the-art offerings in cash, liquidity, payment, information and working capital management to its corporate and SME clients. The bank offers clients the ability to monitor and confirm payment files via mobile devices. Cash management products include the Akbank Direkt Corporate e-banking platform.
UAE | National Bank of Abu Dhabi
NBAD provides corporate clients with a number of different account services, payment and collections services and liquidity management tools. NBAD has recently upgraded its iBANKING platform to enhance features, making it easier for clients to send payments online and obtain real-time information.
UNITED KINGDOM | Lloyds Bank
Lloyds Bank has developed a multichannel approach through its strong online presence and its processing centers and extensive branch network, delivering end-to-end cash management solutions. In addition, Lloyds has delivered significant investments in transaction banking services through its Group Strategic Review program.
UNITED STATES | Bank of America Merrill Lynch
Bank of America Merrill Lynch’s US clients are increasingly turning their attention to opportunities overseas. Comments Galen Robbins, head of GTS for global commercial banking, business banking and client development group: “We are able to leverage our extensive global footprint covering more than 40 countries and 140 currencies to help them gain footing in new financial landscapes.”
BEST TREASURY MANAGEMENT SYSTEMS AND SERVICES
BEST ACCOUNTS PAYABLE SOLUTION | Basware
Basware operates one of the largest B2B networks, connecting one million companies across 100 countries. Basware recently joined forces with MasterCard to develop Basware Pay, an electronic payment solution that ensures suppliers are paid upon invoice approval. It has also developed a financing service for buyers and suppliers.
BEST ACCOUNTS RECEIVABLE Solution | SunGard AvantGard Receivables
SunGard AvantGard Receivables GETPAID combines credit risk facilitation with collections management and dispute resolution. SunGard AvantGard has added predictive analytics and risk modeling to its GETPAID solution to help companies better manage their credit risk.
BEST Integrated Working Capital Management Solution | U.S. Bank Working Capital DNA
U.S. Bank’s analysis service is designed to diagnose any issues that might affect a company’s ability to more efficiently manage its working capital and to propose an optimization model based on a range of recommendations and an estimated return on investment.
BEST Electronic Invoicing Solution | Basware
Basware says it can deliver e-invoicing “with one click of a mouse.” Its e-invoicing solutions can be integrated into company’s ERP systems or accessed in the Cloud and can help companies significantly reduce time to approval for order-related e-invoices.
BEST Multichannel Payments Solution | Fiserv
Fiserv’s multichannel payment solutions support e-billing and person-to-person payments, ACH, debit and credit card, mobile and prepaid. Its P2P solution, Popmoney, which enables customers to pay someone using a cell or email, was recognized as the BEST P2P program at the 2014 Emerging Payments Awards in London.
BEST Payroll Services | ADP
Paying salaries today is about providing a wide range of options to suit both employee and company needs. ADP’s payroll solutions include the use of prepaid cards, which can be a more cost-effective and efficient way of paying. Its payroll solutions can be implemented on site or delivered as a managed service. It also supports mobile solutions that provide access to benefit plan reports and timesheets.
BEST Corporate Cards and Expense Management Provider | MasterCard
MasterCard offers a range of solutions to help companies better manage their T&E spend, including its Smart Data reporting offering and Travel Controller, which uses virtual account numbers and spending controls to manage travel expenses.
BEST Loss Prevention/Business Continuity Services | SunGard Availability Services
SAS’s latest business continuity software, Assurance-CM, captures a wide range of inputs from nontechnical members of a company and provides access on the go via mobile devices.
BEST Pension Plan Administration Services | Mercer
Increasingly companies want to hand over administration of their defined-benefit or defined-contribution pension plan to a third-party provider. Leading pension plan providers like Mercer can help companies better manage the wide range of risks that now exist—especially, volatile markets and a low-interest rate environment.
BEST Mobile Solution | Wells Fargo
Wells Fargo’s CEO Mobile offering, which was one of the first in the corporate banking space, continues to innovate with the latest functionality, including money-order and check imaging for depositing funds and a commercial card expense-reporting service, which provides on-the-go visibility over spend and card management information.
BEST Treasury Workstation | SunGard AvantGard
Customers of AvantGard Treasury Enterprise (Quantum) for complex treasury operations say it offers them a real-time view of their global risk and cash positions.
BEST Hosted TCM Solution | SunGard
SunGard’s hosting environment provides a single point of contact with an increased level of support, troubleshooting and fast turnaround. To support growing demand, including Cloud-based offerings, SunGard has invested in data centers with high availability and created centers of excellence to support private Cloud operations.
BEST SaaS Offering | Kyriba
Recent innovations include launching an online client self-service portal, Kyriba Social, and a mobile app. Kyriba has also expanded its offering to include a bank fee analysis service and supply chain finance for enhanced working capital management.
BEST ERP Solution | SAP
Recently SAP announced that it would combine its Cloud and on-premise offerings into a single offering, SAP S/4HANA, which incorporates a simplified data model designed to enable financial officers to more quickly access information to support and optimize financial decision-making.
BEST SWIFT Utility Access | Fundtech BBP
In 2014, BBP received SWIFT’s highest level of certification, which rewards those service bureaus that meet the highest standards around security, redundancy and processing of peak volumes.
BEST Analytics | Citi Working Capital Analytics
Citi consolidates data and provides dashboards through which treasurers can monitor all incoming and outgoing payments across different transaction types, geographies and currencies.
BEST Cash Forecasting Solution | SAP
The SAP HANA database for SAP Business One is designed to deliver improved cash-flow forecasting by capturing a wider range of transactions, including sales and purchase orders, recurring postings and other cash-based transactions.
BEST Corporate Risk Management Solution | Reval
Recent enhancements to Reval’s platform include a real-time global view of financial exposures, cash and derivative positions. The platform also incorporates functionality to enable corporates to comply with requirements for reporting derivatives transactions under the Dodd-Frank Act in the United States and the European Market Infrastructure Regulation (EMIR) in Europe.
BEST Corporate Risk Advisory Services | EY
EY can advise companies on a wide range of risks, including cyberrisk, corporate fraud and regulatory risk, now that corporate treasurers are being challenged by regulations such as Basel III, Dodd-Frank and EMIR.
BEST TCM Consultancy/Advisory Services | PwC
In addition to advising companies on cash flow forecasting, FX risk and alternative sources of funding, PwC also surveys treasurers from around the world, charting the latest trends and developments in global treasury management. Its 2014 survey incorporated a benchmarking tool.
Most Innovative New Solution | Standard Chartered Straight2Bank Wallet
Standard Chartered’s Straight2Bank mobile wallet enables corporates to do business with individuals in the remotest regions of the world. Companies can pay into mobile wallets of individuals who are unbanked; corporate collections will also be enabled, so individuals in underbanked regions can pay corporates more easily.
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Reaching The Tipping Point by Denise Bedell
Winners List
Profiles
Interviews: Bank of America Merrill Lynch | Standard Bank | Danske Bank
Changing Cost Of Capital: Dub Newman, Bank of America Merrill Lynch
Global Finance: What issues are of greatest concern to most treasurers?
Dub Newman: The very dynamic, rapidly changing economic and geopolitical landscape is what’s keeping them up at night. They’re wondering what’s going to happen the next day, the next week, and how they’ll deal with it. An example is the Swiss National Bank’s taking the cap off its currency. This had a significant negative impact on many companies that operate in the foreign exchange market. While the impact was less for corporates whose businesses aren’t as tied to currency movements, the shift was a data point on how quickly things can change. In contrast, while treasurers are always interested in when interest rates will move, we’ve all learned how to run our businesses in a low-rate environment—it’s been the case for so long.
GF: What are most treasurers’ primary goals when it comes to treasury technology?
Newman: Moving from paper to electronic is a huge motivation for the vast majority of clients. We see it more on the payables than the receivables side, with things like ACH [automated clearing house payments], purchasing cards and e-payables cards. It takes cost out of the system, while driving accuracy.
Companies also are continually trying to move along the treasury platform, to more advanced treasury workstations, ERP systems and greater integration within a region. Often, they’re trying to do this with somewhat constrained budgets or people resources.
GF: What sort of impact is the changing regulatory landscape having?
Newman: Of course, many of the regulations, like Dodd-Frank, were brought into play to ensure banks have appropriate levels of liquidity in a financial crisis. There is a greater impact on financial institutions, but the supplemental leverage ratio could ultimately cause credit facility costs to corporates to increase.
Financial institutions are not uniformly reacting to these regulations, given different levels of sophistication, depending on how much interaction they’ve had with regulators. The timing of compliance also varies, depending on the international regulatory authority.
No one wants to live in a world where things aren’t settled, but we’re in one of those.
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Reaching The Tipping Point by Denise Bedell
Winners List
Profiles
Interviews: Bank of America Merrill Lynch | Standard Bank | Danske Bank
Building Working Capital Efficiency In Africa: Sachin Shah, Standard Bank
GF: How big a role does mobile play in corporate cash management in Africa?
Shah: Mobile manifests itself in different ways across the cash management landscape in Africa, from the markets like South Africa, with a high penetration of formalized banking services, to markets where the portion of the population with bank accounts is much smaller—and therefore we have structured different solutions across these markets.
We have partnered with a number of mobile-network providers in our key markets to facilitate payments for our corporate clients into the mobile wallets of their clients or staff—we have seen huge growth in the payment volumes for this in East Africa, for instance. In South Africa, the SnapScan app has been developed to enable clients to make payments at participating merchant points by simply scanning a code with their phone. This eliminates the need to carry cash and at the same time takes away the risk of a bank card being pilfered, as this [app] is encoded on your phone and not shared with the merchant.
GF: What cash management products are most important for corporates in Africa?
Shah: Africa is a dynamic mix of countries, with corporate requirements spanning from physical cash management and payments and collections, all the way through to more-complex treasury management solutions.
GF: Is any innovation occurring in short-term investments in Africa?
Shah: One of our key objectives is to ensure that the day-to-day working capital requirements for our clients are satisfied—and this means engaging with our clients, understanding their working capital cycle and identifying the options available to them in case they have any excess cash available. This discussion often leads to unique solutions for each company. In addition to the usual options of call, term and notice deposit accounts, additional options could be as varied as benefits from currency conversions, sweeping or pooling excess cash across multiple group entities, or, indeed, early repayments to suppliers for additional discounts.
GF: What are the growth opportunities for cash management banks in Africa?
Shah: In addition to trade activity across the Africa-Asia and –Europe corridors, intra-Africa trade is also growing rapidly. The African payments and cash management landscape is a complex mix of differing regulatory environments by country and region. A lot of progress has been made to try and harmonize this [landscape] across multiple regions like the East African Community and the Southern African Development Community in the last few years. — Susan Kelly
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Reaching The Tipping Point by Denise Bedell
Winners List
Profiles
Interviews: Bank of America Merrill Lynch | Standard Bank | Danske Bank
Capital Optimization In A Low-Interest-Rate Environment: Søren Kyhl, Danske Bank
Global Finance: What issues are keeping European treasurers up at night?
Søren Kyhl: Capital optimization, risk mitigation and liquidity management are among the top priorities right now. Many corporates have seen their top lines stagnate since the financial crisis. In order to keep the bottom line growing and generate returns to shareholders, most corporates have had a strong focus on efficiency and cost. There’s a lot of dialogue about payment factories and billing factories and simplifying processes.
The low-interest-rate environment, which may continue for a while, will cause treasurers to focus more on how to generate a decent return on their excess liquidity. And because the increased capital requirements (of Basel III) make it more expensive to lend through banks, we’re seeing growth in the number of corporates taking direct access to the capital markets and doing bond issues.
GF: What do most treasurers think of the ECB’s recent asset purchase plan?
Kyhl: Many companies have used the economic and financial crises to optimize their debt positions, while at the same time optimizing inventories and stock [levels] to free up working capital. The ECB initiative is a signal to take forward investment plans, which may have been kept in the CFO’s desk, and consider growing business and markets. Interest rates can’t go down any more.
GF: Similarly, what do most treasurers say about the potential for a Capital Markets Union?
Kyhl: To many multinational companies, the variety of currencies and jurisdictions across Europe make it difficult to navigate. The standardization will help create a stable, standardized banking environment. Most corporates, we believe, will welcome it.
GF: Of the hot spots around the globe, which seem to be of most concern to European treasurers?
Kyhl: The Russian crisis and the continued unrest in the MENA [Middle East/ North Africa] region continue to be on the minds of European treasurers.
The low-growth environment in Europe also sparks concerns. Some talk about the Japanese case and wonder whether we’ll also have 10 years of low growth. It’s also forcing corporates to consider new markets. Those of interest are the bigger Asian economies where high growth remains; Africa, where several countries are showing good growth; and maybe also the US, where the economy is picking up.
GF: How is the role of the corporate treasurer changing?
Kyhl: Agility, change management, IT, internal communication, risk management and shared KPIs [key performance indicators] are all among the competencies of growing importance for corporate treasurers. And this, in turn, creates a growing need for more automation, simplification and strategic counsel from their financial partners.
