Treasury Management Systems Overview 2013 Edition
Contents Chapter 1:
The challenges of Treasury Management................................................ 1
Chapter 2:
Differentiators for treasury management systems..................................... 2
Chapter 3:
EY’s treasury system selection and implementation approach........................ 3
Chapter 4:
Vendor profiles............................................................................. 5
Chapter 5:
Vendor responses.......................................................................... 8
EY treasury services contacts.................................................. 11 About the authors................................................................... 13
Chapter 1: The challenges of Treasury Management Introduction Various changes are occurring in the world of treasury management. Treasurers are confronted with the question of whether their information systems can handle all of these new trends, which include:
• The growing need to collect financial information from a group’s entities • The expansion and increasing complexity of the kind of instruments handled • The implementation of the Payment Services Directive • The development of remote banking communication (elimination of the ETEBAC protocol, the growing strength of SWIFTNet, the appearance of EBICS [electronic banking internet standard] on the scene)
• The heightened expectations regarding the internal control of treasury activities At the same time, getting to grips with the range of software on offer that fulfills these needs is made more complex by rapid changes in technologies and approaches. Software vendors aspire to cover an ever broader spectrum of treasury management needs stemming from market activities, the liquidity management and banking communication. In this environment, the key factors for success in choosing a treasury management system are:
• Selecting a tool that is adapted to teams’ operational needs and that brings value to their operations • Automating recurrent tasks, in particular reporting, in order to ensure permanence and relevance of the information • Integrating reliable internal control solutions directly in the application’s processing flows
What do Treasurers need to consider? Selecting a solution that is adapted to your needs
• Sifting and consolidating the responses via comparative analysis tables of functional and technical capabilities and overall costs, in order to facilitate the decision-making process and its acceptance by line personnel
Implementation assistance
• Drawing up functional specifications and handling the relationship with the project ownership • Monitoring the publishers’ work and providing project ownership assistance (budget and schedule monitoring, project reporting and governance, allotment and overall organization of the work)
• Assistance in gaining acceptance (setting up test cases, sequencing) • Assistance in deploying the solution within the group • Training users on the new tools Diagnosing and improving automatic controls
• Identifying risk areas based on a standardized approach • Defining a test program (sampling policy, test methods) • Recommending and implementing additional controls as needed
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Chapter 2: Differentiators for treasury management systems The recent economic turmoil has refocused treasury departments from crisis management back to the task of efficiently managing activities and raises the question of what lessons can be learned and what opportunities can be leveraged from enhancing the organizations access to information through the improved treasury management systems. How can the organization better employ technology to gain access to vital real-time information? For example, a finely implemented system will provide strong and automated functionality through automated payment solutions, real-time balance information, automated reconciliations and confirmations. It can also provide strong analytical tools to effectively measure and monitor financial risk positions in a volatile market and execute hedging of exposures to amiable pricing. It may also offer the functionality to manage your liquidity positions through integrating cash forecasts (with careful input), balancing of foreign currency cash accounts, managing collateral, controlling banking authorities, monitoring credit, as well as enhancing the control environment. However, not all functionality is implemented in a smooth manner. In this version and previous edition of this Treasury Management Systems Overview, we talked about the consolidation trend in the market for system vendors. The emphasis in the market seems to have shifted to replacing technology that treasury has “outgrown,” was implemented with limited functional scope, replaced because of a “forced retirement” of the vendor’s solution or as a result of recent treasury integration. Although the fragmentation of the treasury system market has been reduced, treasurers still struggle with the choice of selecting a system that offers the required visibility and speed of management information while having the robustness for core treasury functionality. The key question for treasurers is twofold: “What can I give up and what can I gain?” and “How do I differentiate among the systems offered?” With companies seeking a single, integrated, system solution for the bulk of their treasury activities, how does a treasury identify and evaluate the systems available and translate this information into a comprehensive vision on which system or systems might best meet their needs — for the least amount of cost — today and tomorrow? While technological developments within the treasury landscape have been evolving, with a relatively stable state of providers, the focus has been in offering solutions tailored to the needs of treasury departments. Although cost containment and improving profit margins is always top of mind, and is ever more so this year, we are observing a slight increase in initiatives to support technology improvements to achieve cost savings, particularly in industries where there is uncertainty regarding reform or regulation and those associated costs. As such, a “single-system solution” that either is, or has the potential to be, fully integrated with the banking, trading or other portals (e.g., SWIFT) and ERP systems, has become paramount to achieving these cost reductions. This “wall-to-wall” approach on system selection is continuing to be popular as companies try to save costs on interface support and system licenses for a more efficient and visible financial value chain management.
Drivers in choosing a treasury management system (TMS) What are the main drivers in choosing a TMS? Is it the ability to effectively manage and monitor your trading risks in real time using a variety of complex instruments, or the ability to strengthen and improve cash management, cash visibility and access, and cash flow forecasting tools and processes. Or is it the ability to interface with the ERP and generate automated payments? What should you consider in a TMS in order to make a sound choice between the most popular systems on the market at the moment and the system that might best fit your needs? We believe there are several key drivers in evaluating your choices:
• Identifying and prioritizing the needs for business-critical treasury activities • Identifying and evaluating solutions that can adapt to a changing business environment • Identifying and evaluating costs and benefits associated with integration • Assessing the software delivery model that best meets your functional and economic needs • Assessing the system vendor and developing that relationship before, during and after implementation to best serve your needs
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Chapter 3: EY’s treasury system selection and implementation approach Background When we work with clients to replace their current treasury management systems, there is usually a fair amount of disenchantment with the client’s present system or the realization that the system has served its useful life. The reasons for the disappointment vary, from realization that the system was not a good fit, or that it was a poor implementation of a good system, or that the system is incompatible or unstable in their environment. However, the underlying theme appears to be a lack of clear expectations. To avoid this, companies should take a more pragmatic approach to system selection to help ensure the best system fit. In our experience, successful projects manage expectations by thoroughly assessing business requirements, focusing on project management during selection and implementation, and considering the capabilities and capacity of the chosen vendor. EY Treasury Services has extensive experience in selecting and implementing treasury management packages. EY’s approach is largely based on experience in assisting clients in selecting and implementing a variety of treasury systems, as well as our industry knowledge of treasury management. Based on EY’s experience with the various vendors and an up-to-date understanding of the market and developments, EY can help shorten the system selection procedure and assist in its successful implementation1. A key element in the EY approach is a thorough and detailed understanding of your business processes and the definition of business requirements. However, technological and data opportunities and restraints should never be ignored in the search for the system solution. Therefore, EY can also provide technical knowledge that is both conceptual and practical so that appropriate technological solutions are considered. The overall goal of EY is to support the client in selecting the most appropriate treasury management solution to meet its defined business requirements and to support clients during their implementation of their chosen solution. Implementation is seen as a separate phase from the selection process, as it depends to a large extent on the vendor and the package chosen. For the various treasury management packages, tailored implementation processes have been developed by EY, the vendors or other consultants. To avoid making any decisions in the selection phase that might negatively affect the implementation, EY firmly believes that any selection project should be approached as the preparation to implementation.
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Project start-up and planning Before starting a project, a project plan should be drafted. This plan should contain a description of the resources required, a clear timetable with deadlines and work-products and the responsibilities of each project member. Furthermore, it is important that the project management is in place before the project gets under way.
Phase 1: Strategic framework and requirements specification The first step EY takes in the selection process is to carry out an assessment to identify the client’s strategic framework. The strategic framework provides the necessary setting for the treasury management system. Taking or confirming previous decisions on strategy, overall business processes, organization and system philosophy lays the foundation for the requirements specification. The importance of this phase is often forgotten or considered irrelevant to the system selection. If this phase is omitted, however, the project runs the risk of being based on the wrong assumptions, which could result in fundamental and costly revisions late in the selection or implementation phases. Simultaneously, the treasury management processes, methods and techniques used are reviewed and compared with market practice.
Phase 0
Project plan system selection
Project start and planning
Strategic scope Review:
Phase 1
• Determine selection criteria
RFI Motivated long list
• RFI • Make long list Send, receive and assess RFI
Phase 2
Define test agenda
EY systems knowledge base
= Deliverable
4
Motivated short list
Test agenda Demos Analyze system integration
RFI = Request for information
Final report
Final report with recommendations Implementation/ integration Duration
Chapter 4: Vendor profiles The following vendors (responding vendors) completed questionnaires provided in October 2012 by EY relating to their products. EY has not verified or substantiated any of the information provided by the vendors any of which could be materially inaccurate or misleading and does not in any way endorse or promote any products or services provided by these or any other vendors. Any opinions expressed are those of the vendors and not of EY.
Bellin........................................................................6
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Bellin
Company’s history Founding date
Home country
Number of staff
Main evolutions
1998
Germany
62
Founded by Martin Bellin in Germany, has now expanded in other European countries and North America.
Name
Phone
Fax
Email
Stefan Obenauer
+ 49 7822 4460 302
+ 49 7822 4460 105
[email protected]
Contact details
Financials as of 2011 Ownership
Sales revenue
Net profit
Privately owned
Not specified
Not specified
Solution implementation Introduced first version 1998 Last version release 2009 System name tm5
6
Implementation
Other solutions
>200
Not specified
Verbatim Question
Comments
Please provide a brief description of the company and your solutions
“Bellin GmbH was founded in 1998 by Martin Bellin, a professional treasurer who had been working as head of treasury for more than 10 years before he started the company. Bellin is the market leader for TMS in the German speaking countries (DACH) and has, in recent years, expanded into other European countries (Benelux, Nordics, France and UK) as well as North America. Customers are served from the Bellin HQ in Ettenheim, Germany, its subsidiary in Vancouver, Canada, and several partner companies in the above-mentioned markets. The company is privately owned by Martin Bellin. tm5 is the Bellin solution from treasurers for treasurers. We rely on internal as well as external treasury experts for input on future developments in order to be as practical as possible. Bellin also puts a high focus on integrating core treasury-related tools in the most efficient way. This includes, among others, a multicountry and multibank capable payment factory, which is at the leading edge, as several industry awards in the past few years have shown.”
In your opinion, what are the most important general developments in treasury software?
“A very important aspect is a web-based technology, which tm5 offered from its very beginning. Bellin trademarked the LOADBALANCEDTREASURY concept, which states that work should be done where it originates, e.g., all relevant data is entered by the group companies themselves instead of group treasury compiling all data. Once data is entered, it is immediately available for reporting, hence providing up-to-date information at the treasurer’s fingertips. Also, the integration of bank connectivity is a subject of high demand, where Bellin is a leading TMS provider with award-winning solutions.”
What are the future development plans and strategy of your company?
“Bellin has become a worldwide provider of TMS, not only with regard to group companies, but also adding group treasury departments as direct customers in European and American markets. We will continue this worldwide expansion through our partner network. With Bellin Backstage, we provide a treasury networking and training platform for tm5 users worldwide.”
What are the advantages of your system, compared with other systems in the same category?
Treasury Management Systems Overview
“tm5 offers the complete integration and straight-through processing (STP) of the essential treasury tools and activities into one web-based application. STP includes, e.g., deal management, liquidity planning, settlement through payments using the integrated payment factory and comparison of planned with actual cash flows.”
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Chapter 5: Vendor responses The following presents information provided by the Responding Vendors in response to questionnaires sent by EY in October 2012. It has not been verified or substantiated by EY. This information has not been updated and therefore may not be current. We have presented such information in chart form to facilitate review, but neither the format of the chart nor the information included therein reflects any endorsement by EY of any particular vendor or its products, or any opinion or conclusion with regard thereto.
Section A: General information regarding the vendor and the system ........................................................ 9
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General information regarding the vendor and the system — from Bellin to Misys Company name: System name:
Bellin GmbH Finanzdienste tm5
Exalog Allmybanks.net
GTreasury SS LLC. GTreasury
Hanseorga AG FinanceSuite
Version: Date:
05 Apr 12
13 Apr 12
10.7 04 Oct 12
4.2 02 May 12
Section A: General information regarding the vendor and the system Other systems Name of other product
N/P
Type of product
N/P
Exabanque.net
% of sales
N/P
27%
N/P
N/P
Name of other product
N/P
Bank-X
N/P
Moneta Next Generation
Type of product
N/P
Web-based cash management application in white-labeling model (exalog customizes it for banks that retail it to their own corporate customers)
N/P
Finance management
Financial transaction management for French companies
N/P
AutoBank Next Generation
N/P
Automatic cash application
% of sales
N/P
26%
N/P
N/P
Name of other product
N/P
Allmybanks.net
N/P
N/P
Type of product
N/P
Treasury workstation
N/P
N/P
% of sales
N/P
21%
N/P
N/P
Name of other product
N/P
Direct-debits.net
N/P
N/P
Type of product
N/P
N/P
N/P
% of sales
N/P
N/P
N/P
Recurring collection management (SEPA Direct Debit) 2%
Partner What other system vendors do you partner with and what is the objective of partnership?
1. Various bank communication module providers: Omikron, IBM, SWIFT — provide access to local bank connectivity. 2. Various trading software providers: 360T, FXall, Currenex — provide interfaces for importing trade deal information. 3. Erste Bank, Austria — provide market data. 4. Misys — deal matching software. 5. Vallstein — provide bank relationship management functionality.
Partnership with SWIFT to offer to customers global bank connectivity. It has resulted in exalog becoming a certified SWIFT Service Bureau.
NA
Typically, tm5 is installed in all kind of industries and not limited to any particular one. This also holds true for paired solutions.
Exalog solutions are not designed for a certain industry, but for multinational corporations. All of Allmybanks.net customers can choose between different bank channels (SWIFT, FTP, EBICS, …) and formats (ISO, SEPA, MTs, CFONB, AEB, …).
NA
SAP certified partner, SWIFT partner
Implementation For which kind of company or in which industry did you implement the paired (yours and the partner’s solution)
Normally included in the service 24/7 telephone support
Yes
Yes
Yes
No
Online corrections
Yes
Yes
Yes
Yes
Training
Yes
Yes
Yes
Yes
Documentation
Yes
Yes
Yes
Yes
Hosting
Yes
Yes
Yes
No
Warranty
Yes
Yes
Yes
Yes
N/P
N/P
N/P
N/P
Other: Monitoring
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General information regarding the vendor and the system — from Bellin to Misys IT2 Treasury Solutions Limited IT2
Kyriba Semea Cash, Risk and Payment Management
MCC Soft Diapason
Misys Kondor Trade Processing (KTP)
Misys Opics Plus
8.0: Reimagine Treasury Oct 12
11.1 Apr 12
5.2 31 Oct 12
7.0 Oct 12
3.1 04 Apr 12
Section A: General information regarding the vendor and the system Other systems N/P
N/P
N/P
N/P
N/P
N/P
Kondor+
N/P
N/P
N/P
N/P
N/P
N/P
N/P
Kondor Trade Processing (KTP)
N/P
N/P
N/P
TMS Solution and back office solution for banks
N/P
N/P
N/P
N/P
N/P
N/P
N/P
N/P
Misys Global Risk (MGR)
Misys Eagleye
N/P
N/P
N/P
Market, Credit and Liquidity Risk management system
Risk Monitoring
N/P
N/P
N/P
N/P
N/P
N/P
N/P
N/P
Opics Plus
Misys Opics Risk Plus
N/P
N/P
N/P
Treasury and Capital Markets system
Market and Credit Risk
N/P
N/P
N/P
N/P
N/P
N/P
No partnership
Misys partners with a broad range of world-class partners, bringing together the collective talent of the leaders in the marketplace, focused on creating the integrated, end-to-end solutions our customers demand. Our partners provide us with greater reach into the marketplace, greater scale to execute on customer requirements, and their complementary skills, solutions and technologies help us deliver greater depth of value to our customers. They span technology, solution, platform, consulting, SI, delivery and sales and all are strategic to our business. Our customers want to buy complete solutions and invest in a partnership with their vendor-working with partners enables Misys to provide this to our customers. We have deep relationships with technology companies such as IBM and Microsoft, whose technology and innovation are a key part of our products. On the consulting side, we have strong relationships with a range of, such as Deloitte and Accenture, and we work closely with a broad range of systems integrators, such as HCL and everis. Our solution partners include market leaders such as Numerix and SmartStream, whose solutions complement and extend our products.
Microsoft, SAP, HCL, Digital China, Finantix, Everis, SmartStream.
N/P
N/P
Banks, Corporates and Insurance companies.
Financial services and capital market
Trade and Risk Management System for financial institutions
Misys Global Cash Pooling Cash pooling N/P Misys Confirmation Matching Service Confirmation matching
Partner 6. Bank reporting solution providers (banks, SWIFT, Fides), many bank and bank independent dealing portals, confirmation matching platforms, market data providers, middleware providers and business process service providers (treasury outsourcers). 7. The IT2 Academy trains implementation and integration partners, including OpusCapita, TreasuryOne, EY, PwC, Deloitte, KPMG, Zanders and many more.
Implementation As typical examples of how IT2 works with partners: • OpusCapita implemented IT2 for Swedish retail and foreign exchange bank, FOREX Bank • KPMG has completed significant IT2 implementation work at SABMiller, Motability and A. Schulman • PwC has completed IT2 implementation work at Celio International and Besins Healthcare • IT2’s partner in Sub-Saharan Africa, TreasuryOne, continues to deliver a steady flow of IT2 system implementations in the region Normally included in the service
10
Yes
No
No
No
Yes
Yes
Yes
Yes
Yes No
Yes
N/P
Yes
Yes
Yes
Yes
N/P
Yes
Yes
Yes
Yes
N/P
Yes
No
Yes
Yes
N/P
Yes
Yes
No
N/P
N/P
N/P
N/P
N/P
EY Treasury Services contacts EY refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
Australia
Dr. Steffen Kuhn Telephone: + 49 711 9881 14063 Email:
[email protected]
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[email protected]
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[email protected]
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Peter Picton-Philipps Telephone: + 852 28469687 Email:
[email protected]
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[email protected]
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[email protected]
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Jerome Brun Telephone: + 33 1 46 93 48 60 Email:
[email protected]
Imran A Ali Telephone: + 965 229 55304 Email:
[email protected]
Germany
Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft Mittlerer Pfad 15, 70499, Stuttgart, Germany
Treasury Management Systems Overview
Malaysia
Ernst & Young Advisory Services Sdn. Bhd Level 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara 50490 Kuala Lumpur
Ramesh Rajaratnam Telephone: + 60 3 7495 8767 Email:
[email protected]
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[email protected]
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Nico Warmer Telephone: + 31 88 407 14 00 Email:
[email protected] Arjan Peters Telephone: + 31 88 407 17 80 Email:
[email protected]
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[email protected]
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Paweł Preuss Telephone: + 48 22 557 7530 Email:
[email protected]
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Oleg Danilin Telephone: + 7 495 755 9957 Email:
[email protected]
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Karin Sancho Telephone: + 46 8 52059767 Email:
[email protected]
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[email protected] Keith Strachan Telephone: + 44 20 7951 5433 Email:
[email protected]
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Ernst & Young LLP 5 Times Square New York NY 10036-6530
Robert Baldoni Telephone: + 1 212 773 5420 Email:
[email protected] Davide di Gennaro Telephone: + 1 212 773 5434 Email:
[email protected]
About the authors Jérôme Brun Jerome is a senior manager with EY Et Associés, the French EY member firm, based in Paris, and works for a dedicated treasury service line. Jerome has specific experience in cash and liquidity management, postmerger and spin-off integration and short-term financing.
Arjan Peters Arjan is a senior manager with Ernst & Young Nederland LLP, based in Amsterdam, with a focus on treasury and financial risk management for multinational companies and banks. He has more than 14 years of experience in financial services. He has been involved in various projects related to treasury organization and control, financial and operational risk management and treasury system selections.
Davide di Gennaro Davide di Gennaro is a New York-based senior manager in Ernst & Young’s Global Treasury Advisory Services practice. He has over 15 years of treasury and financial risk management experience, including asset-liability management, foreign exchange risk management, treasury management and operations, treasury organization design and integration, liquidity risk management, cash management, funds transfer pricing, credit risk, securities and derivative valuation, and portfolio management. Davide also focuses on the systems and risk management aspects of treasury and is often involved in both the selection and the implementation of these systems.
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EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Ernst & Young LLP is a client–serving member firm of Ernst & Young Global Limited operating in the US. EY is a leader in serving the global financial services marketplace Nearly 30,000 EY financial services professionals around the world provide integrated assurance, tax, transaction and advisory services to our asset management, banking, capital markets and insurance clients. In the United States, Ernst & Young LLP is the only public accounting firm with a separate business unit dedicated to the financial services marketplace. Created in 2000, the New York City-centered Financial Services Office today includes more than 3,300 professionals in over 30 locations across the US. EY professionals in our financial services practices worldwide align with key global industry groups, including EY’s Global Asset Management Center (based in London), Global Banking & Capital Markets Center and Global Insurance Center (both based in New York), which act as hubs for sharing industry-focused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a well-rounded understanding of business issues and challenges, as well as integrated services to our clients. With a global presence and industry-focused advice, EY’s financial services professionals provide high-quality assurance, tax, transaction and advisory services, including operations, risk and technology, to financial services companies worldwide. It’s how EY makes a difference.
© 2013 Ernst & Young LLP. All Rights Reserved. BSC No. 1310-1142141 ED None This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor.
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