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TMI221 ING RP P1 Contents_Contents_Germany 05.qxp 09/12/2013 09:13 Page 1
SIMPLIFYING
DAILY BANKING
SIMPLIFYING
DAILY BANKING
Published by
Contents
Treasury Management International Ltd
Waney Edge Barn, Foxhill Lane, Playhatch,
Reading RG4 9QF, UK
Tel: +44 (0)118 947 8057
Fax: +44 (0)118 947 8062
2
e-mail: tmi@treasury-management.com
Internet: www.treasury-management.com
Helen Sanders
Editor
Commissioning Editor
Copy Editor
Caroline Karwowska
Robin Page
Publisher’s Assistant
Sam Clarke
Design & Production
Glen Orford
Head of Digital Development
Webmaster
Robin Page, Chief Executive, TMI
3
Elizabeth Hennessy
CEO & Publisher
A True Partner Bank
ING’s success in Central and Eastern
Europe
Andre Rijs, Global Head of Sales Transaction Services US, CEE, UK,
ING
5
Harry Edwards
Fluor Corporation Optimises Cash
Management in Europe
Martin Blom, Finance Director, and Arno van Slooten, Manager
Accounts Payable, Fluor B.V.
Richard Benwell
Printed in England by Micropress Printers
© 2013 P4 Publishing Ltd
Registered in England and Wales No. 05838515
TMI-TREASURY MANAGEMENT INTERNATIONAL, ISSN 0967-523X,
is published monthly (except July and December) by P4 Publishing
Ltd, Waney Edge Barn, Foxhill Lane, Playhatch, Reading RG4 9QF,
UK. The 2013 US annual subscription price is $400.00. Airfreight
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8
Leveraging Innovation to Support a
Fast-growing Organisation
John Colleemallay, Senior Director, Group Treasury & Financing,
Dassault Systèmes
12
Innovation and Precision in Managing
International Project Risks
Bert van der Donk, Treasury & Risk Manager, NEM Energy B.V.
15
Addressing Cash Management Complexity
in Turkey through a One Bank Strategy
Jennifer Tan Sue Een, Treasury Manager, Europe & Africa and Mario
Del Natale, Director Treasury Operations, Systems & Applications,
Johnson Controls
1
TMI221 ING RP Intro_Layout 1 09/12/2013 09:19 Page 2
insight
A True Partner Bank
by Robin Page, Chief Executive, TMI
W
e are delighted to produce this
booklet in partnership with ING,
with whom TMI has a longstanding and valued relationship. With its
extensive footprint across 28 countries in
Europe plus a global network, ING combines
local expertise with integrated pan-European
capabilities to deliver a range of solutions
required by companies as they expand
internationally. One key aspect of its work is
Robin Page
its emphasis on the simplicity of banking
business – it recognises that commercial
business is complex and challenging but believes strongly
that ING should provide consistent solutions, reporting
capabilities and banking channels for its clients. It is also
streamlining its implementation approach and simplifying
documentation.
A key aspect
of ING’s
approach is
its emphasis
on the
simplicity of
banking
business.
2
All this points to a culture of partnership hardwired into the
bank, and this booklet provides some interesting examples of
partnership in practice. The article by Martin Blom and Arno van
Slooten describes how their company, the leading global
engineering and construction company Fluor enjoys a successful
relationship with ING and close co-operation with ING’s
subsidiary Bank Mendes Gans (BMG). Together they have put in
place a notional cash pool and implemented a payments hub
which channels payment files through SWIFT. Rick van
Doggenaar of ING’s Transaction Services notes how the bank has
supported Fluor throughout the past seven years.
Also headquartered in the Netherlands is NEM Energy, a global
leader in heat recovery steam generators and associated
equipment, whose Treasury and Risk Manager Bert van der Donk
discusses how the company uses trade instruments in
combination with other approaches to help manage collections
risk that derives from both individual consumer credit risk and
wider political risk. Outlining the firm’s partnership with its bank,
ING’s Jean Bonnet says that the two have enjoyed a relationship
extending for more than a decade, and points out that an
important part of ING’s service offering is to “offer solutions
that meet the individual cash and risk management needs of
each of our customers and the projects in which they are
engaged, fulfilling the role of a true partner bank”.
The impact on the company of its recent geographic expansion
and financial process optimisation, including establishing
regional shared service centres, is the subject of the article by
Jennifer Tan Sue Een and Mario del Natale of Johnson Controls.
Their company works with ING and BMG in
Turkey as well as many other countries in EMEA,
where the bank provides domestic as well as
international cash and treasury management
services: Rick van Doggenaar of ING points out
that the strength of the relationship between
Johnson Controls and ING is “largely based on
the close alignment between the two parties at
both a local and regional (treasury) and HQ
level, and effective communication”.
John Colleemallay of Dassault Systémes, a
world leader in 3D design software, describes
how his firm has experienced enormous growth since the
company was founded in 1991, with a “culture of dynamism and
innovation inherent across the entire business, not least in
treasury”. He itemises some of the most recent innovations,
including rationalising cash management, implementing global
multi-currency cash pooling and process and technology
harmonisation. These have all been achieved in partnership with
Bank Mendes Gans, whose Managing Director Cash Management,
Saskia van Nes, adds that centralising cash has become a priority
for organisations of all sizes, whether or not their objectives are
to reduce the need for external funding or optimise the return
on cash, with the result that a growing number of companies,
like Dassault Systémes, are approaching BMG to implement a
multi-currency cash pooling solution.
This bank-wide emphasis on partnership has, unsurprisingly,
resulted in ING being chosen for one of TMI’s 2013 Awards for
Innovation and Excellence, in this case for Best Cash
Management in Eastern Europe (for the second consecutive
year). Andre Rijs, Global Head of Sales for ING’s Transaction
Services in CEE, UK and US, gives a bird’s eye view of the
financial and economic conditions in Central and Eastern Europe,
which as he points out has weathered the financial and
economic crisis better than Western Europe, with significantly
lower levels of government debt. Rijs expresses the particular
pleasure taken by ING in this award ”as we know our clients
have given us this accolade”. The bank’s knowledge and
understanding of local market conditions and developments
allow it to take a proactive approach to the challenges facing its
clients, and he details the significant changes made in July 2013
to the way it provides transaction services; “instead of individual
product teams, we now adopt a holistic approach to our clients’
needs through transaction banking consultants who can deal
with multiple product areas and find the most appropriate
solution”. ■
TMI
|
www.treasury-management.com
TMI221 ING_Layout 1 09/12/2013 09:20 Page 3
insight
3
ING’s Success in Central
and Eastern Europe
by Andre Rijs, Global Head of Sales Transaction Services US, UK, C&EE,
ING Commercial Banking
M
ultinational companies often divide the world into
distinct regions for payments and cash management
in order to maximise efficiency and minimise costs.
These regions are determined not only by geography but also,
to a certain extent, by shared characteristics. As a result
Central and Eastern Europe (CEE) is often treated as a separate
region in Europe. The irony is that CEE is an incredibly diverse
region. And that makes it so interesting.
TMI
|
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Since 2008 CEE has weathered the financial and economic crisis
better than Western Europe, with significantly lower levels of
government debt. Weak growth in much of the developed world
is prompting multinationals to seek new growth opportunities
and markets with increasing demand and high margins. Many
countries in CEE – most notably Turkey with its rapid growth rate
and strong demographics – fit that description perfectly.
Conditions continue to improve in the region from a payments
3
TMI221 ING_Layout 1 09/12/2013 09:20 Page 4
insight
and cash management perspective. Some
countries, such as Poland, have reached a
stage in their development where they
are largely indistinguishable from
Western European countries in terms of
their financial market infrastructure and
operating environment. Nevertheless the
markets in the region remain challenging.
Broadly speaking the further east one
travels the more complex payments and
cash management becomes. In Ukraine,
for example, interest rates are extremely
volatile and the country’s regulatory
environment is closed. Consequently
multinational companies seeking to
operate in CEE must be flexible in the
way they approach this diverse region
that spans open, euro-denominated
economies as well as closed economies
with currency controls. For corporates
that operate in multiple CEE markets it is
therefore essential to work with a bank
that has on-the-ground knowledge and
expertise of relevant market and
regulatory conditions.
We are therefore delighted to receive
the TMI award for Best Bank Cash
Management Eastern Europe for the
second consecutive year, particularly as
we know that our clients have given us
this accolade. We also see it as
recognition of ING’s history of expertise
in this market and our commitment to
the region. We are proud to say that we
have been an integral part of the banking
industry in CEE since the late 1980s with
our presence in the nine most important
markets in this growing region. This
presence extends beyond payments and
cash management to a full-service
commercial banking operation. In Poland,
for example, ING operates a full network
4
with 300 branches. Our knowledge and
understanding of local market conditions
and developments enable us to take a
proactive approach to the challenges
facing our clients. An example of this is
Hungary, where ING informed its clients
in a timely manner about the
implications of the introduction of
transaction tax.
We have invested heavily in solutions
including electronic cash vaults that
allow cash collections to be posted to
company accounts on the day of
collection (i.e., before physical delivery to
the bank) by installing deposit machines
on the clients’ premises. ING has also
introduced virtual accounts that allow
companies such as utilities to create
virtual accounts for their customers so
that payments are easy to reconcile.
In every market we operate ING
behaves and acts as both a local and
international bank, combining the
benefits of flexibility and standardisation.
That means that ING can provide all local
products and services, such as domestic
payment instruments. However, we also
offer all our products and services with
standard international terms and
conditions, making it easy for our clients
to manage their relationship with us
while providing service and customer
support in an internationally consistent
way to give our clients the control and
visibility they need across multiple
countries. And we can also connect the
solutions we provide in CEE to any global
solution in Asia, the US or anywhere else
where our international clients do
business.
In July 2013 we changed the way we
provide transaction services to better
reflect how our clients operate. Instead
of individual product teams, we now
adopt a holistic approach to clients’
needs through transaction banking
consultants who can deal with multiple
product areas and find the most
appropriate solution. The integration of
payments and cash management with
working capital solutions and trade
finance services (including supply chain
finance, traditional trade finance
products such as letters of credit, and
the ability to access independent trade
finance platforms) is not only aligned
with how corporate treasuries are
organised but also ensures that solutions
are structured to optimise efficiency,
maximise benefits, reduce risks and
lower costs. ■
www.ingcb.com
André Rijs
Global Head of Sales
Transaction Services C&EE
USA and UK, ING
André has over 15 years’ experience
in banking, having joined ING in
1997. After working for Nissan
Europe for four years he started at ING Bank
International Securities Lending and moved via
Bank Mendes Gans to ING Central & Eastern Europe as a
senior product manager. Subsequently he joined
Payments & Cash Management Product Sales in
Amsterdam and is currently responsible as Global Head
of Sales Transaction Services, for Central and Eastern
Europe, the USA and the UK.
TMI
|
www.treasury-management.com
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insight
Fluor Corporation
Optimises Cash
Management
in Europe
by Martin Blom, Finance Director, and Arno van Slooten,
Manager Accounts Payable, Fluor B.V.
A
s a leading global engineering and construction
company, Fluor has had a long-standing presence in
Europe. The Netherlands office was established in
1946 and acquired by Fluor in 1959. Managing cash and risk
is a key treasury responsibility. In cooperation with its US
headquarters, the Netherlands treasury group is responsible
for over 20 legal entities and branches across mainland
Europe. This article outlines Fluor’s successful relationship
with partner bank ING, which has resulted in considerable
financial and operational efficiencies through a series of
transformational initiatives including notional cash pooling
and a SWIFT based payments hub.
A partner in business
At ING, we
have been a
proud
partner for
Fluor for the
past seven
years.
TMI
|
According to Martin Blom: “We have a large multi-currency
credit facility in the United States and typically, we try and offer
our ancillary banking business to the banks that participate in
this facility wherever possible. As a result of our financing
relationship, we evaluated ING’s cash management services in
Europe to understand synergies between the organisations. We
were very satisfied with the solutions and services that ING
offered, and appointed the bank in 2006 for European cash
management services. This relationship has progressed very
successfully both in terms of day-to-day banking and
transformation initiatives that we have undertaken together.
“Our treasury centre in the Netherlands has responsibility for
cash and treasury management activities in mainland Europe.
We have set up entities in each country in which we operate,
each of which needs its own bank account for supplier and
employee payments. We use SAP for cash management and
accounting and produce batch payments files which are
www.treasury-management.com
“At ING, we have been a proud partner for Fluor both in
Europe and globally for the past seven years. ING
recognise the importance of delivering solutions that
meet Fluor’s needs precisely, a disciplined project approach
and a commitment to offering added value in all aspects
of our relationship. Consequently, we have been able to
support Fluor’s day to day payment and cash management
needs, but also its transformation projects in areas such as
innovative notional cash pooling and centralised
payments processing, therefore enabling both its
operational and financial efficiency objectives.”
Rick van Doggenaar, Regional Manager
– Corporate Sales US, Transaction Services, ING
5
TMI221 ING RP Art2_Layout 1 09/12/2013 09:21 Page 6
We first
implemented
the cash pool
in the
Netherlands
and have
rolled it out
to over 40
legal entities
and
branches.
Fluor Corporation
Fluor Corporation is one of the world’s largest publicly traded engineering, procurement, construction management (EPCM)
companies. Over the past century, Fluor has become a trusted global business leader by providing exceptional services and
technical knowledge across every phase of a project. Fluor design, build, and maintain many of the world’s most complex
and challenging capital projects, working with governments and multinational companies across a wide variety of
traditional and evolving industries worldwide, including chemicals and petrochemicals; commercial and institutional;
government services; health-care; life sciences; manufacturing; microelectronics; mining; oil and gas; power; renewable
energy; telecommunications; and transportation infrastructure.
Fluor has 41,000 employees across a network of offices in more than 30 countries across six continents. In 2012, Fluor
generated revenues of $27.6bn, with a five-year annual revenue growth rate of more than 10.5%.
forwarded to ING. We have a local multiused facility with ING in the Netherlands
to allow occasional overdrafts, but
primarily to allow ING to provide bank
guarantees. Typically we give guarantees
to customers for advance payments or
performance
guarantees.
Smaller
guarantees (e.g., under €2m) are issued
within this facility, although specific
credit lines are set up for larger ones,
supported with a parent company
guarantee.”
6
Cash pooling and
intercompany netting
In addition to our daily banking and
guarantee requirements, our close cooperation with ING also includes its
subsidiary bank, Bank Mendes Gans (BMG).
By working with BMG, we were able to
implement a global notional cash pool to
improve liquidity and risk management
monitoring. We first implemented the cash
pool in the Netherlands and have
TMI
|
subsequently rolled it out to more than 40
legal entities and branches across the
world, while the number of participants is
still growing. As we had hoped, this has
proved a very effective liquidity
management tool. A challenge that we
had always experienced in the past is that
profits are generated and maintained
within each entity. We only centralise this
cash to issue dividends when it is costeffective to do so, which may be every six
to seven years, and cash remains with the
www.treasury-management.com
TMI221 ING RP Art2_Layout 1 09/12/2013 09:21 Page 7
insight
local entities in the meantime. Before
implementing the BMG notional cash pool,
this cash was effectively ‘trapped’ in each
country, offering no value to the wider
enterprise. We have implemented cash
concentration in some cases too, so the
combination of physical and notional
pooling enables us to manage both our
liquidity
and
risk
management
requirements effectively.
Having put in place the BMG notional
cash pool, we have also been able to
introduce an intercompany netting solution
to settle intercompany invoices costeffectively and automate the production of
the resulting account postings. It is
important to settle intercompany invoices
regularly to avoid these amounts being
treated as loans for tax purposes.
Payment factory and SWIFT
Although we need to make payments to
suppliers, government authorities and
employees in each country in which we do
business, we recognised the importance of
consistent processes, controls and bank
communication. We therefore decided to
implement a payments system that would
continue to enable local payments
execution whilst i) harmonising formats
based on ISO 20022 standards, and ii)
channeling payment files through a single
bank-neutral channel, for which we selected
SWIFT.
We piloted the project with ING initially
and have subsequently approached our local
banks to roll out the payments hub. Our
banking partners have been very supportive
of our harmonisation and standardisation
objectives and are willing to accept the ISO
20022 format. Implementing a payments
hub will deliver a number of efficiencies
including:
●
●
●
Our cost and maintenance efforts will be
reduced as a result of replacing local
banking systems with SWIFT;
Similarly, we no longer need to maintain
interfaces of each local banking system
and instead, we have a single interface to
SWIFT which is managed by our service
bureau;
As SWIFT is a bank-neutral
communication channel, we can add or
change our payment banks without
changing our payments or connectivity
infrastructure.
In addition to cost and efficiency
advantages, we will achieve more consistent
controls as separate user rights and profiles
no longer need to be set up in each banking
system. With a more streamlined
environment, and with the support of a
specialised service bureau, it is also easier to
concentrate expertise and to pinpoint and
resolve problems.
We were already using SWIFT AllianceLite,
but we now have a full implementation
underway with our service bureau partner.
We expect to have completed our payments
hub and SWIFT project by the end of 2013.
rationalise our bank accounts. We currently
have more than 900 accounts across
multiple banks globally which leads to
considerable challenges in managing
permissions, and establishing consistent
controls over account opening and closing.
Once we have reviewed and rationalised
our account structure, we will be able to
consider more efficient means of bank
account management.
We expect to
have
completed
our
payments
hub and
A positive partnership
We were early adopters of electronic
banking solutions, having implemented
first generation electronic banking tools in
the Netherlands in the early 1990s. The
implementation of SWIFT as a key element
of our payments hub is an important new
step in this journey to achieving highly
efficient, automated payments and cash
management and industry best practices.
Working with ING has facilitated this
progression whilst also enabling our wider
cash and treasury management objectives
with efficient day-to-day banking and
cash pooling structures that meet our cash,
liquidity and risk management needs. ■
SWIFT
project by
the end of
2013.
Arno van Slooten
Future developments
In the long term, we may develop our
payments hub further by centralising
payments execution as part of a wider
Fluor strategy to expand the range of
functions currently supported through our
Global execution centres in India, Poland
and Philippines.
We are also embarking on a project to
Manager Accounts Payable,
Fluor B.V.
Arno joined Fluor in 1976 and is
based in Fluor’s Haarlem office.
Arno has a long career across a wide
range of finance activities. He has
been a pioneer of integrated solutions between Fluor
and bank systems ever since the early 1990s. Before his
current appointment, his role as SAP country
implementation manager involved projects in Poland,
the Czech Republic, several locations in Russia,
Kazakhstan, Belgium and Spain.
Rick van Doggenaar
Regional Manager Corporate Sales US,
Transaction Services, ING
Martin Blom
Finance Director, Fluor B.V.
Rick started his career as account manager for ING’s
corporate clients in The Netherlands in 2008. In February
2012, he decided to join the Payment and Cash
Management US Team. In this role, he is the single point
of contact for US corporates and responsible for addressing their payments
and cash management-related challenges across the entire ING network.
Rick has a vast knowledge of the European corporate banking
environments. Over the years, he created an extensive network within ING
to ensure excellent service and perfect execution for his clients.
TMI
|
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Martin started his career in
management reporting at Ford Motor
Company and General Mills before
joining Fluor in 1983. He is based in
Fluor’s Haarlem office and
responsible for the Dutch finance operations including
treasury for over 20 entities and branches throughout
mainland Europe.
7
TMI221 ING RP Art3_Layout 1 09/12/2013 09:22 Page 8
Courtesy of ISD Valenciennes
Leveraging Innovation
to Support a Fastgrowing Organisation
by John Colleemallay, Senior Director, Group Treasury & Financing, Dassault Systèmes
D
8
assault Systèmes (DS) is a fast-growing innovator, and
has experienced a doubling in revenues to over €2bn
in the six years between 2006-2012. Treasury has had
a major role in DS’ achievements so far, and is critical to
delivering on its strategic vision of the future. DS’ financial
position differs from many organisations in that it has zero
TMI
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TMI221 ING RP Art3_Layout 1 09/12/2013 09:22 Page 9
insight
net debt. However, centralising cash
balances and enhancing the efficiency
and automation of processes across the
business is no less important. By
optimising the use of cash, funding
working capital requirements without
the need for external borrowing and
reducing costs, treasury is helping DS to
invest in new technologies and
innovation that will drive growth and
further increase customer satisfaction.
This article outlines some of the recent
initiatives on which treasury has
embarked and how these contribute to
DS’ strategic vision.
Figure 1 - Multicurrency global cash pooling with BMG
TREASURY
REA
ASU
BMG Pooling Structure
●
●
●
●
●
●
Treasury is organised regionally, with
common processes, policies and
systems;
We have reviewed our bank
relationships and connectivity globally
to ensure rapid, secure access to our
cash assets;
We have an active risk management
programme with constant monitoring
of our market and credit risks;
We have reviewed our corporate legal
structure with a view to promoting
simplification and transparency;
We have centralised and harmonised
core processes such as payments on a
global basis;
We have been early adopters and
champions of technology such as XML,
SWIFT and 3SKey to promote and
enhance standardisation and security
across our treasury processes globally.
On DS Japan account
at BMG (notional case)
USD
Local USD Pooling:
Surplus USD locally
DS USA
Account
EUR
JPY
On DS SA account
at BMG (ZBA case)
Treasury at Dassault
Systèmes
We have experienced enormous growth
at DS since the company was founded in
1981, to become the world’s leading 3D
software design company. This culture of
dynamism and innovation is inherent
across the entire business, not least in
treasury. We have a small but highly
focused team that aims to embrace and
pioneer the latest developments in cash,
treasury and risk management, and
leverage integrated, secure technology to
enhance performance and efficiency.
These objectives influence not only the
way in which we have organised the
department, but also in the projects on
which we embark. For example,
Investment
Funding
Daily Conversion
at ECB Fixing rate
BMG
Account
DS US Bank
DS Japan
Account
BMG
Account
Local JPY Pooling :
JPY funding from
BMG
DS Japan Bank
Source: Dassault Systèmes
has been a significant contributor to the
successful integration of a number of
major acquisitions realised over the last
six years, allowing us to double our
revenue and position the business for
future growth.
Phase 1: Rationalising cash
management banks
In such a fast-growing global
organisation, managing cash efficiently is
a major priority for DS. We therefore
sought to improve the visibility of our
cash, ensure rapid, secure access, and
maximise the value of cash assets
globally. The first phase of this project
was to rationalise our bank relationships.
One of the results of such rapid
international
growth
was
the
proliferation of banks and accounts, with
at least 83 bank relationships in place
across our three core regions: Europe,
North America and Asia. We made the
decision to reduce this number to four
banks.
We issued a request for proposal (RFP)
to a number of respected international
banks with the solutions, credit quality
and geographic reach that we were
seeking. A key criterion for our decision
was bank communication. When
rationalising our banking partners, we
wanted to implement a single, bankneutral connectivity channel that is
integrated
with
our
treasury
management system (SWIFT integrated
with Kyriba) as opposed to installing
multiple proprietary systems. This would
permit greater efficiency and more
We have an
active risk
management
programme
with
constant
monitoring
of
our market
and credit
risks.
Dassault Systèmes
Founded in 1981, Dassault Systèmes (DS), is the world leader in 3D design
software. 11,000 employees serve more than 170,000 customers across 140
countries and 12 industries worldwide, ranging from Transportation &
Mobility, Aerospace & Defense to Natural Resources.
Dassault Systèmes’ pioneering technology, the 3DExperience platform,
enables customers to be faster and more innovative in their development,
and to do business on the Cloud. The Cloud is more than an infrastructure
or a delivery mechanism: it is a new way of working. It is where consumers
voice their needs, ideas and feedback. It is where innovation takes place.
With the 3DExperience platform, DS reveals and delivers that potential.
As a result of these initiatives, treasury
TMI
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TMI221 ING RP Art3_Layout 1 09/12/2013 09:22 Page 10
with balances denominated in foreign
currencies translated at the European
Central Bank daily fixing rate. The
balance on this header account is then
itself swept to our central Euro account
in Paris on a daily basis, where all our
cash investments are done. Each foreign
currency is then revalued the following
day and any adjustments made.
Figure 2 - Treasury technology infrastructure
Phase 3: Process and
technology harmonisation
Source: Dassault Systèmes
We had
Kyriba
already in
place
as our TMS,
which we
integrated
with
SWIFT to
replace the
various
proprietary
bank systems
that we had
consistent security in the short term, and
greater independence in our choice of
banks in the future; however, not all
banks could satisfy this requirement.
This project took around two years,
but these four banks now cover 99% of
our cash flows, with the remaining 1%
handled through local banks for
regulatory reasons. As a result of
rationalising our banking relationships
and reduced the number of accounts, we
were in a better position to centralise our
cash balances. Using the example of
Europe, each entity has an account in
each relevant country. These are zerobalanced into a non-resident euro
account per country held by Dassault
Systèmes S.A. These balances are in turn
transferred to an account in France. We
now have cash pools in USD, EUR and
JPY, our three major currencies, with
header accounts in each relevant region.
used in the
past.
Phase 2: Global multicurrency cash pooling
While this arrangement successfully
addressed the challenge of centralising
cash for each currency, within each bank,
we wanted to extend our cash pooling
concept further to centralise cash held
with each of our banks and in all
currencies that could then be managed
by our headquarters in Paris. This would
enable us to reduce FX risk, leverage our
10
cash assets more effectively and optimise
cash investment. We reviewed a number
of alternatives but ultimately decided to
appoint Bank Mendes Gans (BMG), part
of the ING Group, to implement a multicurrency, multi-bank cash pool. BMG was
the only bank that was able to offer daily
pooling across all currencies, which was
more cost-effective and efficient than
members of our treasury team
transacting multiple FX swaps with the
banks to reduce our FX exposure (figure
1). The header account, denominated in
euro, is based in Amsterdam, Netherlands,
The third project phase has been to
standardise and optimise our treasury
processes. We had Kyriba already in place
as our TMS, which we integrated with
SWIFT to replace the various proprietary
bank systems that we had used in the
past. In addition, a global ERP
(Peoplesoft) rollout was taking place in
parallel with our treasury project, which
we also integrated into our treasury
technology infrastructure to streamline
transaction and information flows,
therefore creating a complete ‘no touch’
straight-through process.
There were two important elements to
this phase of the project in addition to
SWIFT:
Firstly, while SWIFT enabled us to
communicate with our banks through a
single channel, we also wanted to use a
single format. We implemented XML ISO
20022 to achieve this. As we were an
early adopter of this format, which is also
the format used for SEPA payment
instruments, we were one of the first
“Centralising cash has become a priority for organisations of all sizes, whether or
not their objectives are to reduce the need for external funding or optimise the
return on cash. For global corporations in particular, this can be very challenging
given the range of currencies and banking relationships involved and diverse
regulatory environments. Consequently, a growing number of companies are
approaching Bank Mendes Gans (BMG) an independently operating subsidiary of
ING, to implement a multi-currency multi-bank overlay global cash pooling
solution.
ING Commercial Banking together with Bank Mendes Gans (BMG) create robust
liquidity management structures, both globally and locally, that are designed and
implemented according to each customer’s needs. Having developed and delivered
its unique global cash pooling solutions, netting and cash visibility solutions over
many years, BMG has the experience, technology, and local, regional and global
expertise to enable customers to reduce their FX risks and maximise visibility and
control over their cash worldwide.”
Saskia van Nes, Managing Director, Cash Management, Bank Mendes Gans
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corporations to comply with SEPA,
significantly ahead of the February 2014
end date.
Secondly, in the past, each electronic
banking system had its own security
protocols and devices which was
inconvenient bearing in mind the large
number of systems involved. While
implementing SWIFT enabled us to
rationalise the number of systems, we
also wanted to add personal digital
signatures to financial messages as we
had done previously, but using a single
device. We recognised that SWIFT’s 3SKey
solution, which is supported by our
banks, would facilitate this requirement
(figure 2).
A far-reaching impact
The benefits of this new infrastructure
have been substantial and far-reaching.
Not only have we rationalised our
technology infrastructure, standardised
and secured processes, but we have also
been in a position to implement a
payments
factory.
DS’
Finance
department has established shared
service centres (SSCs) in United States
(for North America) and 3 SSCs in Europe
(France, Germany and UK) with payment
factories located in each one. In each
case, all payments for the relevant region
are now channeled through the SSC and
therefore through our new technology
infrastructure. 3SKey has been an
essential element in achieving this by
increasing trust across the business and
enabling a consistent approach to bestpractice transaction security.
We have also enhanced our technology
infrastructure with ancillary services such
as Misys for confirmation matching and
360T for online transaction execution,
further enriching the degree of
automation and efficiency that we have
achieved. Looking forward, it is our
intention to extend our infrastructure to
include eBAM (electronic bank account
management) with 3SKey. Currently,
banks are able to offer bank account
management services through their
proprietary systems, but not yet through
SWIFT and/ or with 3SKey.
Project outcomes
Our project has been a remarkable
success. Not only has treasury
contributed significantly to growth in
recent years but we have also helped
position the company for future success.
One of our core business assets for DS is
cash, 97% of which is now centralised
and invested securely. Our cash
management infrastructure is robust,
Saskia van Nes
Managing Director, Cash Management,
Bank Mendes Gans
Saskia van Nes, managing director Central Western
Europe, has been working for BMG for more than 15
years. Since 2005 she has been responsible for the
French, Italian and Spanish markets.
Before joining BMG, Saskia was employed in ING’s dealing room. She
has a legal background and has lived and worked internationally; she is
now based in France.
John Colleemallay
Senior Director, Group Treasury & Financing,
Dassault Systèmes
John Colleemallay joined DS six years ago. Previously he
was Group Treasurer for the leading French publishing
group, Editis, and before that he was Treasurer of the
Remy Cointreau group, a leading company in the
beverages sector.
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transparent and meets our current and
future need for optimal cash and liquidity
management. Similarly, by implementing
best-in-class
treasury
technology,
supported with industry-preferred
standards and security, we been able to
enhance efficiency, control and costeffectiveness both within treasury and
for centralised payments processing by
our SSCs. This allows both greater process
automation and control but also enables
better visibility and control over working
capital.
Delivering success
The success of a project of this scale,
complexity and diversity of stakeholders
is by no means guaranteed and requires
considerable effort, commitment,
project discipline and a shared global
vision, not only within DS but also
amongst our external partners, such as
banks and vendors. We selected these
partners carefully and worked closely
together to share experiences and
insights and develop common objectives.
Inevitably, however, there were some
challenges to overcome. In particular, it
was important to work with business
units to articulate and convince them of
the benefits of rationalising bank
relationships and centralising cash, both
at a local and headquarters level. It was
challenging, for example, to explain that
cash would still ‘belong’ to them, but
that the cost of borrowing would be
reduced, and return on investment
increased.
We achieved this by visiting business
units and spending time with local
finance executives to understand their
concerns and explain the concept in
detail. By rolling out a single, global
technology infrastructure, each business
unit had access to their own
intercompany account, ensuring that
they maintained visibility and control
over cash information, supported by a
very high quality of service. This process
of education, trust and transparency was
essential to the success of the project as
business
units
were
naturally
apprehensive about a potential loss of
control. Today, however, we have
common platforms, an efficient means of
centralising cash and a successful
outcome across the organisation as a
whole. ■
Not only has
treasury
contributed
significantly
to growth in
recent years
but
we have also
helped
position the
company
for future
success.
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Innovation and Precision
in Managing International
Project Risks
by Bert van der Donk, Treasury & Risk Manager, NEM Energy B.V.
A
s a global engineering firm operating in many of the
world’s most dynamic but also some of the most volatile
regions of the world, NEM Energy B.V., part of the
Siemens Group, has to apply its combination of innovation and
precision that characterises its product suite and approach to
project delivery to its treasury management activities. Managing
risk is a particular challenge, which has to be assessed and
managed at an individual project level. In this article, Bert van
der Donk, Treasury & Risk Manager discusses how NEM uses
trade instruments in combination with other approaches to help
manage collections risk that derives from both individual
customer credit risk and wider political risks.
Treasury background
NEM is a global business, and although the number of customers
with which we work is limited due the specialist nature of our
activities, these are located in all parts of the world. Similarly, we
work with suppliers and subcontractors globally. Like most
engineering companies, the majority of our treasury activities relate
NEM Energy B.V.
Established in 1929, NEM Energy B.V. (‘NEM’) is a global
leader in heat recovery steam generators (HRSGs),
industrial and utility steam generators and related
equipment. Since 2011, NEM has been a fully owned
subsidiary of Siemens AG, operating on a stand-alone
basis. The company is headquartered in Leiden, the
Netherlands, and employs around 550 professionals
across 25 agencies and 7 offices globally, with HRSGs
installed in 6 continents.
Like most
engineering
companies,
the majority
of our
treasury
activities
relate to
individual
projects.
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insight
cash position can typically be financed
through surpluses in other projects. In
addition, as part of the Siemens group,
liquidity is centralised on a group basis,
which enables further access to internal
financing if required. As a result, cash
management is relatively straightforward.
Banking partnerships
to individual projects. We manage each one
independently, which includes financing,
risk management and cash management.
Each project has its own cash flow profile,
with different timings of cash inflows and
outflows according to the project, but each
project should be cash-neutral when
considered on an aggregate basis. In
general, projects do not need to be financed
externally, as projects that have a negative
We have three core banks with which we
have a close relationship. A major aspect
of this relationship is the bank’s ability to
provide guarantee facilities, and support
in a correct and precise drafting of the
wording of the trade instruments applied
next to efficient execution. For example,
it is a common requirement that we
provide performance and warranty bonds
to customers. In addition, we work with
an insurance partner to provide
guarantees. With a project-based
approach to treasury, however, managing
credit risk is a major activity. Not only do
we focus on managing our risk to each
individual counterparty, but political risk
is becoming a more significant issue than
in the past. Emerging markets and the
Middle East are particularly challenging
where credit reference information may
not be readily available and where the
political situation may be opaque and
fast-changing. The use of trade finance
instruments is therefore an essential
aspect of our risk management approach.
We rely on our banks heavily for the
issue of letters of credit (LCs), standby LCs
and dealing with incoming guarantees and
standby LCs. We work with banks that can
confirm (standby) LCs in particular. With
the growing importance of political risk,
and the cost of insuring this risk
increasing, we need our banking partners
to share some of this risk. This enables us
to adhere to our internally set credit risk
management policy.
We prefer standby LCs over bank
guarantees for three key reasons:
Firstly, if we need to issue a guarantee to
a customer, the use of standby LCs is
transparent as it is always conducted
according to recognised universal practices.
Secondly, a LC always has an end date.
As such you are not dependent on any
release-action of the beneficiary. In case
the latter abstains from such action, the
facilities remain blocked while the
underlying contract is already duly
performed. Therefore the fixed end date is
particularly important to us.
Thirdly, a standby LC offers better
security on incoming payments, as if a
customer pays late, we can make a
demand for payment under the standby LC
by simply sending the overdue invoice and
statement to the bank. This assists with
cash flow forecasting by improving the
predictability of collections.
With a
project-based
approach to
treasury
managing
credit risk is
a major
activity.
Partnership with ING
“ING and NEM have enjoyed a relationship that extends for more than a decade with a
particular emphasis on trade finance instruments encompassing LCs and Bank
guarantees. In addition, the bank has a comprehensive banking relationship with the
wider Siemens Group, particularly focused on servicing the Group’s European
operations.
As a complex, global engineering business solution provider, NEM requires trade
finance solutions that are specifically designed to meet NEM’s credit , political risks and
- to a lesser extent – cash management guidelines associated with each project
including standby LCs. The latter instruments are commonly used in the United States
and Latin America, and at a global level in the oil and gas sectors in particular. In
Europe and Middle East, bank guarantees are typically used. However2, NEM has taken
a less conventional approach and preferred to select trade instruments according to
each individual scenario. It is an important part of our service offering at ING to be
able to offer solutions that meet the individual cash and risk management needs of
each of our customers, and the projects in which they are engaged, fulfilling the role of
a true partner bank.”
Jean Bonnet, Senior Consultant Trade Finance Services at ING
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Proactive risk management
As every
project is
unique, so
too is each
LC.
We review the commercial and risk
conditions of each project regularly and
evaluate the instruments that are in place
to protect our risk. This includes both
guarantees that we issue, and those that
we receive from our suppliers, including
suspension of force majeure clauses and
clear delivery statuses. If we determine
that our political risk is high, we liaise
with sales teams to manage processes
such as warehousing carefully to
minimise trapped cash that may be
vulnerable. We also clearly specify
payment conditions in the customer
contract, e.g. what would happen to the
contract in the event of the country
becoming subject to an embargo. These
same terms are included in the LC which
should mirror the contract. To ensure that
this is the case, we draft the LC at the
same time as contract negotiations.
Precision and flexibility
We typically work on a relatively small
number of high-value projects, so we do
not need to deal with a large volume of
transactions. As every project is unique,
so too is each LC. This makes the use of
templates and automated processes more
difficult than in a more standardised
environment, so each LC is managed
individually. Not all customers are willing
to issue a LC, in which case we transact
business under open account, but this
Bert van der Donk
Treasury Manager NEM
Energy B.V.
Bert van der Donk is Treasury Manager
of NEM Energy B.V. in the Netherlands.
He joined NEM Energy in 1998 as
Project Controller. After two years Bert
moved into treasury responsible for setting up a Treasury
Department which supports the international export
contracts and global sourcing practices of the company.
Bert is in charge of bank relation management, cash
management and market risk hedging. His function also
includes documentary trade finance, ECA-covered financing,
credit and political risk insurance and guarantees.
Before joining NEM Energy, Bert held the position of
Finance Manager with the engineering company Articon BV
and before that he worked for some 22 years with the Dutch
Construction Company Ballast Nedam, where he held
positions in the Netherlands and for10 years as expatriate in
Bahrain, Saudi Arabia and Qatar.
14
applies in only a few cases where we
already have a trusted, proven business
relationship for which internal credit
limits are put in place. Even in these
cases, we still need to mitigate political
risk through credit insurance or a
combination of insurance and export
credit agency financing. In some cases,
such as in the case of a recent project in
Iran, it was not possible either to insure
our risk or obtain an LC. In this instance,
we constructed the payment schedule
carefully so that we always received
more cash from the customer than the
costs we had incurred, including future
supplier commitments.
Tailor-made solutions/ or
using the right instrument
in each situation
Based on our experience of managing risk
in emerging and/ or politically volatile
markets, it is important to consider the
full range of instruments that are
available, and leverage the right
instrument in each situation. This is not
limited to bank or insurance solutions: as
an exporter of capital goods, we have
worked with the Dutch ECA very
successfully. The basis of a trade
instrument should always be the
customer contract which sets the
conditions for delivery, payment etc. The
greatest difficulty in this respect is the
final payment which may be assumed to
be due after a certain period as opposed
to being linked to a specific project
deliverable. LCs have proved particularly
valuable for our business, not least as
that a customer’s ability to an LC
demonstrates its financial viability and
good banking relationship. In instances
where using an LC or standby LC is not
feasible, political or credit risk insurance
should be considered.
Risk is not limited to customer
payment performance: supplier risk is
also a major consideration, both
individually and from a wider political
risk perspective. To manage this, we visit
our suppliers and subcontractors
regularly and assess their financial and
operating conditions. There are insurance
products
available,
such
as
subcontractor’s default insurance, and
construction wrap-up insurance in the
US, but these allow the pass through of
risk, as opposed to mitigating risk, and
currently we do not use these products,
although we may consider doing so in
the future.
Maintaining effective communication
between NEM and our banks is essential
in order to ensure that trade instruments
meet our needs exactly and are drafted
correctly. These banks also add value by
sharing their expertise derived from
working with a variety of companies with
comparable risk management needs.
Similarly, we work closely with internal
sales, procurement and logistics teams to
understand and mitigate our risk. This
internal and external dialogue, based on
common objectives is essential to
manage risk and transform credit and
political risk to performance risk. Project
delivery is more closely in our control and
an area in which NEM excels, so we are
leveraging our strengths, whilst
minimising potential areas of weakness in
which we have less control. ■
Jean Bonnet
Senior Consultant Trade Finance Services
at ING
Jean Bonnet, Senior Consultant Trade Finance Services at ING,
started his banking career as management trainee after which
he subsequently fullfilled roles as Treasury & cash
management consultant, relationhip manager Trade &
Commodity Finance, head of commercial risk trading, global head loan syndication
(emerging markets & TCF focus) as part of Debt Capital Markets, regional head
MidCorporates, relationship manager Corporate Clients and since 2010 in it’s present
role focusing on large/ global clients with a Dutch footprint.
Jean graduated from University Nijmegen law school with further
postgraduate and management education followed at a.o. Free University of
Amsterdam (incl. commercial finance) and Insead.
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insight
Addressing Cash
Management Complexity
in Turkey through a
One Bank Strategy
by Jennifer Tan Sue Een, Treasury Manager, Europe &
Africa and Mario Del Natale, Director Treasury Operations,
Systems & Applications, Johnson Controls
A
t Johnson Controls,
Inc. we have been
through a period of
geographic expansion and
financial process optimisation,
including establishing regional
shared service centres (SSCs). As
part of this strategy, we made the
decision to appoint one bank per country
for cash management, whilst aiming to reduce
our total number of banking partners overall. We use a variety
of criteria when choosing a bank according to our requirements
in each country, but they should be part of our lending
syndicate (i.e., a relationship bank) and we will review each
bank relationship in depth every five years. Our EMEA treasury
department in Belgium is responsible for 47 countries across
Europe, Middle East and Africa (EMEA). In some cases, we need
“The strength of the relationship between JCI and ING is largely based on the close
alignment between the two parties at both a local and regional (treasury) and HQ
level, and effective communication. The project has benefited significantly from a
long-standing relationship in a number of countries and ING’s experience and
expertise derived from working with large multinationals with comparable
requirements to JCI, such as SWIFT connectivity.”
Rick van Doggenaar, Payments & Cash Management US,
Ayşe Özgür, Corporate Clients ING Turkey,
ING Commercial Banking
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to work with a local bank for domestic cash management
purposes but ideally we try to work with our relationship banks
wherever possible.
Optimising bank communications
While a one bank per country strategy met our relationship banking
and cash management requirements, there was a risk of
fragmentation and replication of banking technology. Consequently,
we made the decision in 2008 to migrate to SWIFT, leveraging XML
to standardise communication formats at a global level. We have
now implemented SWIFT in most countries of operation, enabling us
to achieve our banking strategy whilst maintaining a high degree of
efficiency, control and standardisation in our bank connectivity.
Relationship banking with ING
We work with ING in multiple countries in EMEA. In each case,
ING provides domestic as well as international cash and treasury
management services, which include FX, commodities (e.g., base
metals), derivatives, cash management and notional pooling
through Bank Mendes Gans (BMG), a subsidiary of ING. ING is a
15
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insight
strong SWIFT partner, so we have
implemented SWIFT and XML formats in
each country, most recently Turkey.
Supporting business growth in
Turkey
Turkey has been an important growth
region for JCI in recent years. Before 2011,
we had an existing business through two
fully-owned subsidiaries and a joint
venture. Since then, these have continued
to grow, fuelled by a series of mergers &
acquisitions. In addition, we have set up a
new plant in Turkey that we expect to fuel
further growth. Cash management in
Turkey can be complex and in the past, we
had multiple local banking partnerships. In
2011, however, we decided to implement
our one bank strategy in Turkey, so we
launched a request for proposal (RFP).
Based on a rigorous analysis of a shortlist
of banks, we made the decision to appoint
ING as our partner bank in Turkey. There
were a variety of factors that contributed
to this decision. We were impressed by
ING’s depth of presence and range of
services that the bank provides locally at a
competitive price, including local
financing. In addition, we were confident
in the bank’s professionalism and
experience based on our relationship in
other countries, including the bank’s
support and expertise in SWIFT
connectivity.
A local and regional banking
partnership
Although we launched our RFP late in 2011,
we were not able to migrate our banking
relationships immediately due to changes in
the local funding situation which we
needed to address first. However, we are
now
actively
engaged
in
the
implementation with ING. We maintain our
relationship with ING at both a treasury and
local level: activities such as account
opening and setting up credit facilities take
place locally while treasury ensures that the
JCI’s overall financial and efficiency
objectives continue to be achieved. This
combined regional and local approach
enables us to maintain operational
efficiency, control and policy compliance
whilst ensuring that we have the local
presence and expertise to optimise our local
cash and treasury requirements.
Turkey is one of the last countries to be
connected to SWIFT. ING has an existing
SWIFT hub in Belgium to which JCI is
connected, and Turkey will be part of this
infrastructure in the same way as every
other country in which JCI works with ING.
This includes a variety of different payment
types.
Jennifer Tan Sue Een
Treasury Manager, EMEA,
Johnson Controls
Jennifer Tan Sue Een, ACMA, CGMA, works as Treasury
Manager in Regional Corporate Treasury EMEA department of
Johnson Controls based in Brussels, Belgium. To-date, she has
been working in Regional Corporate Treasury EMEA for over
five years. She started with responsibility for the Middle Office
for all derivatives and commodity trading, later taking over the
main responsibility for Bank Relationship Management and
Cash Pool Restructuring for 41 countries in Europe and Africa.
Until recently, she had moved on to her new role as the main
Treasury Business Unit Support for Power Solution Division
EMEA.
Jennifer started in Johnson Controls as an International
Internal Auditor in the Regional Corporate Internal Audit EMEA
department based in Brussels, Belgium prior to joining Regional
Corporate Treasury EMEA department.
Looking ahead
Over the next year, we will complete the
migration of cash and treasury
management in Turkey to ING. This requires
a flexible approach as our business activities
in the country continue to expand. More
generally, we are also reviewing bank
relationships in a limited number of
countries where it has proved difficult to
work with a relationship bank in the past.
We are working with all of our relationship
banks to clarify our exposure to country risk
in each country. This is becoming more
important as the economic situation both
regionally and globally continues to be
Johnson Controls, Inc.
Johnson Controls, Inc. (JCI) is a global diversified technology and industrial leader
serving customers in more than 1,300 locations worldwide (150 countries).The
company has 170,000 employees who create quality products, services and solutions
to optimise energy and operational efficiencies of buildings, lead-acid automotive
batteries, Absorbent Glass Matt (AGM) Start Stop Batteries and advanced batteries
for hybrid and electric vehicles and interior systems for automobiles. Founded in
1885 with the invention of the first electric room thermostat, JCI has a
demonstrable commitment to sustainability. In 2012, Corporate Responsibility
Magazine recognised JCI as the #5 company in its annual 100 Best Corporate
Citizens’ list. JCI is headquartered in Milwaukee, United States and is traded on the
New York Stock Exchange (NYSE: JCI). The company is positioned at no. 67 on the
US Fortune 500 and no. 267 on the Global Fortune 500.
16
fragile and our business increases in
emerging markets where risk exposures may
be more difficult to quantify. In addition, we
continue to standardise fee structures across
our banking partners to make it easier to
compare and reconcile bank charges. ■
Mario Del Natale
Director Treasury,
Johnson Controls
Mario works for Johnson Controls, a global
diversified technology and industrial leader
serving customers in more than 150
countries headquartered in Milwaukee, US.
He is based in Brussels where is responsible for treasury
operations (cash management EMEA, global back- and middleoffice for all derivatives trading) as well as for providing longterm strategic recommendations on global treasury IT
applications and solutions to VP & Treasurer and treasury’s
leadership team.
Rick van Doggenaar
Payments & Cash Management
US, ING Commercial Banking
In 2008 Rick started his career at ING
Corporate Clients The Netherlands as
account manager and developed good skills
in relationship management. In February
2012 he decided to join the Payment and Cash Management US
Team. In this role he is the single point of contact for US
corporates and responsible for managing all their payments and
cash management related questions and queries throughout the
entire ING network.
Rick has a vast knowledge of the European corporate banking
environments. Over the years he has created an extensive
network within ING to ensure excellent service and perfect
execution for his clients.
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