Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 15

FOCUS

	
  

Bank  Relationship  (BAM)  Building  Blocks
Power of	
  
signatur
eBam	
  	
   	
  	
  	
   	
  	
  	
   	
  	
  	
  	
   	
  Opening
	
  	
  

COMM

Confirmation

B.S.B.	
  (Bank	
  fees)

	
  

Bank	
  	
  	
  	
  	
  	
   	
  	
  	
  	
   	
  	
  	
  	
  	
   	
  	
  
Reporting	
  
(ind.KPI's)

Control

K.Y.C.	
  Register
Document	
  Storage
Payment	
  Engine
Bank  Relationship  (BAM)  Building  Blocks
(ind. bank	
  

Compliance

statements)	
  	
  	
   	
  

Power of	
  
signatur
eBam	
  	
   	
  	
  	
   	
  	
  	
   	
  	
  	
  	
   	
  Opening
	
  	
  

	
  

COMM

eBAM  project  
However, its travels are nowhere near as imaginary and
Confirmation

K.Y.B

Do y o u k no w y o ur b a nk ?
Bank	
  Accounts

Documentation	
  
&	
  Forms	
  

⌗

.doc

Know	
  Your	
  Bank	
  

	
  

Volumes	
  of	
  
Activities	
  via	
  
fees	
  charged	
  	
  	
  	
  	
  

$

Counterparty	
  
Risk	
  	
  	
   	
  	
  	
  

@Risk

	
  

LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE

-

N°99

- NOV / DEC /

JAN 2018

Will it be convincing? On the face of it, what purpose does
fantastical as a journey through the world of treasury.
Bank	
  	
  	
  	
  	
  	
   	
  	
  	
  	
   	
  	
  	
  	
  	
   	
  	
   such a project serve? We've always managed without one beIt	
  it	
  is	
  necessary	
  (but	
  
tricky)	
  
to	
  prepare	
  a	
  business	
  
case	
  to	
  demonstrate	
  the	
  viability	
  and	
  benefits	
  of	
  such	
  
(Bank	
  fees)
fore, so why do
we need one now? Many sceptical treasurers
Only the very oldestB.S.B.	
  
will remember
this car thatReporting	
  
could do
Control
(ind.KPI's)
a	
  everything.
BAM	
  project.	
  
C
onvincing	
  
t
he	
  
C
FO	
  
t
hat	
  
t
his	
  
p
roject	
  
is	
  necessary	
  
(but	
  
expensive)	
  
is	
  one	
  o
f	
  the	
  
treasurer's	
  
don't
Today there are solutions that can do everything
even
ask themselves
that
question.
Others think that
main	
  
challenges.	
  
	
   the banking relationship and streamliinvolved
in managing
BAM is a pipedream at this stage, and that we have to wait a
bit yet. However, who can say that he has a complete overview
ning it. No pushbutton solution yet exists, but we are getting
Make	
  
your	
  Bup
AM	
  
usiness	
  
K.Y.C.	
  all
Register
Document	
  
Storage
Payment	
  
E
inngine
real time of all his bank
accounts worldwide? Knowing at
there. When
the banks
are connected
andbagreed
on case
Compliance
(ind. bank	
  
                  What  do  you  need?
a 	
  click
what accounts you have with this or that bank, in this
standards, eBAM will then be the Nirvana of treasury and
statements)	
  	
  
	
  
	
   that country, or even better, where one person or another
*	
  Business	
  
equirements	
  
RFI/RFP)
or
the Valhalla
of managingR
banks.
This is where we(want
to
	
   and even unattainable
has signatory powers, is an immense
end up,*	
  
and
we can get there
in several
stages,
if we
so wish. requirements	
  
Internal	
  
system	
  
costs	
  
to	
  
support	
  
challenge.
But
nevertheless,
is
it
really
An
eBAM/BAM
project
is
a
little
like
a
Lego
set,
put
together
*	
  Other	
  internal	
  costs	
  to	
  implement	
  (e.g.	
  internal	
  resources)	
   so impossible to
eBAM  project  
know this? It is diabolically difficult to know exactly who
piece by
*	
  piece.
Quantitative	
  benefits	
  of	
  BAM	
  model
It	
  it	
  is	
  necessary	
  (but	
  tricky)	
  to	
  prepare	
  a	
  business	
  case	
  to	
  demonstrate	
  
the	
  
viability	
  
and	
  benefits	
  
obank
f	
  such	
  
signing
authorities
over
accounts.
There is often
*	
  Qualitative	
  benefits	
  of	
  BAM	
  model	
  has
(e.g.	
  
Internal	
  
C
ontrols,	
  
	
  
a	
  BAM	
  project.	
  Convincing	
  the	
  CFO	
  that	
  this	
  project	
  is	
  necessary	
  (but	
  
expensive)	
  
is	
  one	
  of
of	
  truth"
the	
  treasurer's	
  
no
"single
source
or
common
platform.
Would you
	
  	
  project
	
  enhancements,	
  compliance,...)
eBAM
main	
  
challenges.	
  
	
  
venture to say that you are ready, at the drop of a hat, for an
*	
  Estimate	
  of	
  risk	
  reduction	
  (e.g.reputation,	
  
business	
  
unannounced audit of all
	
  	
  	
  interruptions,	
  
frauds,...)
Make	
  your	
  
BAM	
  business	
  case
your bank accounts with
                  What  do  you  need?
Credible	
  business	
  case	
  incl.	
  full	
  R.O.I.(€)
a review of documents?
	
  
*	
  Business	
  Requirements	
  (RFI/RFP)
Probably not.
*	
  Internal	
  system	
  costs	
  to	
  support	
  requirements	
  
Will	
  it	
  be	
  
convincing?	
  On	
  the	
  face	
  of	
  it,	
  what	
  purpose	
  does	
  such	
  a	
  project	
  serve?	
  We've	
  always	
  managed	
  
*	
  Other	
  internal	
  costs	
  to	
  implement	
  (e.g.	
  internal	
  resources)	
  
BAM is one of the most
without	
  *	
  
one	
  
before,	
  so	
  why	
  b
do	
  
we	
  need	
  oof	
  
ne	
  
now?	
  m
Model
any	
  sceptical	
  treasurers	
  don't	
  even	
  ask	
  themselves	
  
Quantitative	
  
enefits	
  
BAM	
  
and elementary
that	
  question.	
  
Others	
  think	
  
that	
  BAM	
  o
is	
  f	
  aB
	
  pAM	
  
ipedream	
  
at	
  this	
  
stage,	
  
and	
  that	
  w
have	
  to	
  w	
  ait	
  a	
  bbasic
it	
  yet.	
  
*	
  Qualitative	
  
benefits	
  
model	
  
(e.g.	
  
Internal	
  
Ce	
  
ontrols,	
  
components of the work
	
  
	
  
	
  
e
nhancements,	
  
c
ompliance,...)
However,	
  who	
  can	
  say	
  that	
  he	
  has	
  a	
  complete	
  overview	
  in	
  real	
  time	
  of	
  all	
  his	
  bank	
  accounts	
  worldwide?	
  
of treasurers, but is ne*	
  Estimate	
  of	
  risk	
  reduction	
  (e.g.reputation,	
  business	
  
Knowing	
  
at	
  a	
  click	
  what	
  accounts	
  you	
  have	
  with	
  this	
  or	
  that	
  bank,	
  in	
  this	
  or	
  that	
  country,	
  or	
  even	
  
better,	
   so complicated
vertheless
	
  	
  	
  interruptions,	
  frauds,...)
	
  
where	
  one	
  person	
  or	
  another	
  has	
  signatory	
  powers,	
  is	
  an	
  immense	
  and	
  even	
  unattainable	
  challenge.	
  
But	
   chaotic
and daunting,
and
Credible	
  business	
  case	
  incl.	
  full	
  R.O.I.(€)
BAM	
  is	
  doifficult	
  
ne	
  
manual,
that
it
puts
people
nevertheless,	
  is	
  it	
  really	
  so	
  impossible	
  to	
  know	
  this?	
  It	
  is	
  diabolically	
  
to	
  know	
  exactly	
  
w
ho	
  
h
as	
  
	
  
and fails to arouse any
signing	
  
over	
  
ank	
  
accounts.	
  
There	
  
is	
  odften	
  
o	
  "single  source  of  truth"	
  
or	
  common	
  
poff
latform.	
  
bae	
  uthorities	
  
convincing?	
  
n	
  tbhe	
  
face	
  
of	
  it,	
  wahat	
  
purpose	
  
oes	
  tosnuch	
  
a	
  project	
  
serve?	
  EW
e've	
  always	
  
maanaged	
  
enthusiasm.	
  
veryone	
  
detests	
  
nd	
  loathes	
  it	
  and	
  nobody	
  tries	
  to	
  auto
ItWill	
  
it isit	
  necessary
(but O
tricky)
to
prepare
business
case
enthusiasm.
Everyone
detests
and
loathes
it and nobody tries
Would	
  
y
ou	
  
v
enture	
  
t
o	
  
s
ay	
  
t
hat	
  
y
ou	
  
a
re	
  
r
eady,	
  
a
t	
  
t
he	
  
d
rop	
  
o
f	
  
a
	
  
h
at,	
  
f
or	
  
a
n	
  
u
nannounced	
  
a
udit	
  
o
f	
  
a
ll	
  
your	
  
without	
  one	
  bthe
efore,	
  
so	
  why	
  
do	
  benefits
we	
  need	
  of
one	
  
now?	
  
Many	
  
sceptical	
  treasurers	
  don't	
  even	
  ask	
  themselves	
  
demonstrate
viability
and
such
a BAM
project.
to automate it. However, with a methodical, coordinated and
bank	
  
ccounts	
  
ith	
  that
at	
  hink	
  
review	
  
oBf	
  AM	
  
documents?	
  
Probably	
  
that	
  qauestion.	
  
thers	
  
that	
  
is	
  anecessary
	
  pipedream	
  
at	
  texpenhis	
  nsot.	
  
tage,	
  and	
  that	
  we	
  have	
  to	
  wait	
  a	
  bit	
  yet.	
  
Convincing
theOw
CFO
this
project
is
(but
comprehensive approach, we can make it a powerful tool to
been	
  
on	
  the	
  rise	
  
over	
  the	
  l
However,	
  
ho	
  the
can	
  treasurer's
say	
  that	
  he	
  main
has	
  achallenges.
	
  complete	
  overview	
  in	
  real	
  time	
  cope
oundeniably	
  
f	
  all	
  with
his	
  bank	
  
accounts	
  
worldwide?	
  
sive)
is onewof
hungry
for side
business.
uopper	
  
hbunkers
and	
  
over	
  o
ur	
  
feinancial	
  
service	
  
providers.	
  We can use it as
Knowing	
  at	
  a	
  click	
  what	
  accounts	
  you	
  have	
  with	
  this	
  or	
  that	
  bank,	
  in	
  atthe	
  
his	
  
r	
  
t
hat	
  
c
ountry,	
  
o
r	
  
ven	
  
etter,	
  
bulwark against the risk ofbfraud
which has undeniably been
	
   where	
  one	
  person	
  or	
  another	
  has	
  signatory	
  powers,	
  is	
  an	
  immense	
  and	
  
even	
  
unattainable	
  
challenge.	
  
But	
  By managing BAM properly
on
the
rise
theit	
  last
few years.
the	
  
media	
  
oover
n	
  which	
  
is	
  held.	
  
nevertheless,	
  is	
  it	
  really	
  so	
  impossible	
  to	
  know	
  this?	
  It	
  is	
  diabolically	
  or
dmanage	
  
ifficult	
  
k
now	
  
e
xactly	
  
w
ho	
  
h
as	
  
bettertao	
  
we
can
gain
the
upper
hand
over
our financial
serll	
  aspects	
  of	
  the	
  accounts	
  and	
  their	
  
accessories.	
  
"Know  Your  Banker
signing	
  authorities	
  over	
  bank	
  accounts.	
  There	
  is	
  often	
  no	
  "single  source  of  truth"	
  
oYC	
  
r	
  common	
  
pblatform.	
  
vice
providers.
important	
  
as	
  K
is	
  for	
  your	
  
anker.	
  Why	
  allow	
  your	
  
an	
  upnannounced	
  
audit	
  
of	
  all	
  tyo	
  our	
  
articularly	
  when	
  
it	
  comes	
  
charges	
  and	
  miscellaneous	
  expenses,	
  for	
  example.	
  
	
   Would	
  you	
  venture	
  to	
  say	
  that	
  you	
  are	
  ready,	
  at	
  the	
  drop	
  of	
  a	
  hat,	
  for	
  eyes,	
  
bank	
  accounts	
  with	
  a	
  review	
  of	
  documents?	
  Probably	
  not.	
  

Bank  accounts,  the  source  of  risk  and  fraud  
In	
  general,	
  when	
  it	
  comes	
  to	
  BAM,	
  few	
  treasurers	
  can	
  boast	
  that	
  they	
  can	
  

	
  

powers.	
  It	
  is	
  easy	
  to	
  delete	
  people	
  from	
  account	
  lists	
  in	
  an	
  IT	
  payment	
  tool,	
  but	
  their	
  sign

15

BAM	
  is	
  one	
  of	
  the	
  most	
  basic	
  and	
  elementary	
  components	
  of	
  the	
  work	
  of	
  treasurers,	
  but	
  is	
  nevertheless	
  
so	
  complicated	
  and	
  daunting,	
  chaotic	
  and	
  manual,	
  that	
  it	
  puts	
  people	
  off	
  and	
  fails	
  to	
  arouse	
  any	
  
	
  



Table des matières de la publication Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018

COUVERTURE
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW with Dick Oskam, Head of Sales for Transaction at ING
FOCUS
Value generation - How to create (more) value for the company with a better capital allocation
Managing bank accounts, the Cinderella of treasury management
Treasury on the Digital Front Line
FORUM
Implementation of EU Tax Rules
Innovative payments solution
Construction de portefeuille : combiner gestion active et passive
Decision Time: Investing in Money Funds after EU Reforms
Payments as a Strategy
Are asia’s corporates ready to repo?
The evolving role of treasurers
THE FINANCIAL RISK OBSERVATORY
NEWS
LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - COUVERTURE
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 2
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - SOMMAIRE
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 4
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - EDITORIAL
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - FINANCIAL HIGHLIGHTS Luxembourg Tax News
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 7
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - INTERVIEW with Dick Oskam, Head of Sales for Transaction at ING
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 9
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Value generation - How to create (more) value for the company with a better capital allocation
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 11
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 12
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 13
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Managing bank accounts, the Cinderella of treasury management
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 15
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 16
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 17
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 18
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Treasury on the Digital Front Line
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 20
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 21
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Implementation of EU Tax Rules
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 23
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Innovative payments solution
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 25
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Construction de portefeuille : combiner gestion active et passive
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 27
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Decision Time: Investing in Money Funds after EU Reforms
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 29
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Payments as a Strategy
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 31
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - Are asia’s corporates ready to repo?
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 33
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - The evolving role of treasurers
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 35
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 36
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - THE FINANCIAL RISK OBSERVATORY
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 38
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 39
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 40
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - NEWS
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 42
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 43
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 44
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 45
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 46
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 47
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 48
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 49
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 50
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 51
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 52
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 54
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 55
Trésorier/Treasurer magazine - N°99 - Nov/Dec/Jan 2018 - 56
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