INSIGHTS INTO THE B2B PAYMENTS, SUPPLY CHAIN FINANCE & E-INVOICING MARKET B2B Fintech: Payments, Supply Chain Finance & E-Invoicing Guide 2016 We’d love if you shared your newfound wisdom with friends: The Guide offers invaluable market insights for professionals in the B2B payments, e-invoicing and supply chain finance space Friso Spinhoven | Senior Manager | Innopay This guide, carefully documented, keeps readers informed about the latest developments and opportunities in Fintech, B2B payments, SCF, and e-invoicing Michiel Steeman | Co-founder | SCF Community
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Transcript
INSIGHTS INTO THE B2B PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING MARKET
Editorrsquos LetterFour Trends in B2B Payments and Financing Innovation | Mirela Amariei Senior Editor The Paypers
Thought Leadership
B2B paymentsExclusive interview with Andrew P Reid | Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking Deutsche BankBlockchain in B2B Payments | Enrico Camerinelli Senior Analyst Aite GroupThe Emerging Internet of Payments | Roger Bass Founder CEO and Principal Traxiant
BlockchainB2B Blockchain-based Payments Can it Beat the Banks | Kris Wielens Senior Consultant Orchard FinanceThe Three-Phased Transformation of Supply Chain Finance with Blockchain Technology | Gys Hough Consultant Innopay
Innovation in payments amp bankingExclusive interview with Wim Raymaekers | Head of Banking Market SWIFTExclusive interview with Markus Strauszligfeld | Head of International Cash Management Sales UniCreditMaking One-Click Finance Possible ndash Who Are the Relevant Stakeholders and How They Should Work Together | Susie West CEO and Founder sharedserviceslinkExclusive interview with Marten Nelson | VP Marketing TokenThe Future of Banking Innovation and the Fintech Startups Journey | Falguni Desai Founder amp Managing Director Future Asia Ventures
The power of data amp traceability Track and Trace of Invoices for Working Capital Optimisation | Prof Dr Michael Henke Director Enterprise Logistics Fraunhofer InstituteTurning Financial Messaging Data into Business Profit ndash The New Challenge for Financial Institutions | Andreacute Casterman Chief Marketing Officer INTIX
Commercial paymentsGaining Management Support for Your P-Card Programme | Terri Brustad Manager of Content Services NAPCPCommercial Payments under the Scrutiny of New Technology | Chris Holmes Senior Vice President KAE
Trade amp finance Financing International Supply Chains An Idea Whose Time Has Come | Alexander R Malaket Deputy Head of the Executive Committee ICC Banking CommissionImproving Access to Finance for SMEs with the Open RFI Project | Matthijs van Bergen Researcher SCF Windesheim amp Steven van der Hooft CEO Capital ChainsIf Supply Chain Finance is Supplier-Centric Financial Supply Chain is Customer-Centric | Magnus Lind Co-Founder The Talent ShowSupply Chain Finance Time for SMEs to Take Position | Anita Gerrits Supply Chain Finance Specialist
E-invoicingCross-border Invoicing ndash The Real Challenge for Multinational Projects | Bartłomiej Woacutejtowicz Product DevelopmentManager Comarch EDIWhy lsquoOpenness Should Be The 1 Selection Criteria for Any E-invoicing RFP Process | Jaap Jan Project ManagerSimplerinvoicing
Regulation amp lawPSD2 XS2A ndash a Step Towards Open Banking | Brendan Jones Evolution Payments ConsultingLate Payment ndash A Perspective | Matthew Davies Director of Policy and Communications Asset Based Finance AssociationThe Directive 201455EU for E-invoicing and Procurement How Public Authorities Should Respond | Charles Bryant Secretary General EESPARegulation and Growth in Alternative Finance ndash A Contradiction in the Making | Tony Duggan Founder and Director IAAF
In total nearly GBP 149 billion was lent to SMEs in the UK
(a 99 year-on-year growth rate and 194 average growth rate
between 2013 and 2015)
Interestingly enough innovative corporate partnerships are
being forged between alternative finance platforms with the likes
of Virgin Amazon Uber Sage and KPMG This has certainly
pushed boundaries ndash merging the traditional corporate world
with the disruptive models of alternative finance
Invoice trading the second highest model continues to be a
popular financing tool for small and medium-sized enterprises
wanting to trade their invoices or receivables at a discount
in exchange for the speedy procurement of working capital
However while the GBP 270 million market size in 2014 grew by
178 compared to 2013 growth from 2014 ndash 2015 was more
modest with a 20 growth rate to GBP 325 million
Zooming in on the strategies banks (and alternative finance
providers for that matter) use to better position themselves we
identify a lot of partnerships Banks teaming up with online lenders
This is a different dynamic ndash instead of trying to displace banks
online lenders decided to strike partnerships For instance On
Deck teamed up with JP Morgan Chase and said it will help speed
up the process of offering small business loans to the banks 4
million customers Lending Club another online lender tied-up
with Citi Moven partnered marketplace lender CommonBond
In a game of tongue twisters American Banker said that fintechs
team up to become more like a bank I would argue that banks
team up with fintechs to become more like a fintech
Also another question arises what if a corporate want to expand
into more countries That may mean to establish a physical
presence in each location that is relevant to their client Could
banks satisfy that need too
The industry is dynamic and some companies leapfrogged some
steps but although the developments are innovative and exciting
the road ahead is paved with many bumps
About Mirela Amariei Crafting large-scale industry reports carrying out interviews and writing about innovation in payments and fintech are Mirelarsquos daily treats As the Senior Editor at The Paypers she speaks frequently with key thoughts leaders to identify trends and trendsetters She can be reached at mirelathepayperscom and via Linkedin wwwlinkedincominamarieim
About The Paypers The Paypers is the leading source of news and intelligence for professionals in the payment community worldwide Our products are aimed at merchants payment services providers processors financial institutions start-ups technology vendors and payment professionals and have a special focus on all major trends and developments in payments-related industries including online and mobile payments and banking ecommerce e-invoicing supply chain finance web fraud amp security and many others
B2B payment innovation the beginning of exciting times
Deutsche Bank
Why should banks and corporates invest in real-time payments For corporates the benefits stem from the capability for executing
time-sensitive transactions ndash such as High-Value critical vendor
or MampA-related payments ndash while receiving close-to-immediate
proof of execution instead of waiting for the specific entry to be
documented by standard intraday reporting
For banks to serve client needs they need to be involved in these
developments which is why Deutsche Bank and others are helping
develop a Pan-European Instant Payment Solution For large
banks involvement in establishing such future paymentcollection
platforms is a revenue loss avoidance tactic rather than a
profit creation one as they will otherwise lose market share to
disruptors And while urgent payments can currently be more
expensive there may be a regulatory push for banks to provide
real-time payments with no extra charges in the near future
What are the benefits and challenges of implementing pay-on-behalf-ofcollect-on-behalf-of structuresPOBOCOBO structures help corporates consolidate cash
flows and rationalise account structures as well as increasing
purchasing power when negotiating cash management terms
with banks POBOCOBO simplifies liquidity management as
cash is centralised through domestic and cross-border cash
concentration It also allows for streamlined cash management
activities across subsidiaries as payments and receivables
are bundled in one place (such as a Shared Service Centre)
for execution out of the central account Improving cash and
liquidity management in these ways reduces credit need and the
operational burden on subsidiaries
Deutsche Bankrsquos experience and feasibility studies on POBO
COBO in Europe over the past four years have shown four kinds
of challenges market-specific practices and legal tax and
operational considerations In addition POBOCOBO structures
differ in the status of the underlying account For POBO the
ordering account can be a normal operating account in most
jurisdictions but since funds collected within COBO structures
often relate to different legal entities the underlying account is
often considered a trust account This has further implications
For instance depending on regional Anti-Money Laundering laws
an account can contain either own funds of the account holder
or funds that belong to third parties (trust accounts) ndash not both
That in turn may require corporates to separate some incoming
transaction flows from the entities flowsrsquo part of the on-behalf-of
structure
What main friction points in B2B cross-border payments will disappear in the next five yearsDevelopments driven by regulatory change or facilitated by
technology and solution-based improvements will ultimately
allow for more frictionless and cost-effective transaction
processing For example the Payment Services Directive (to be
updated soon by PSD-2) affected cut-off times and value-dating
habits and a shift will likely take place in this area to align cross-
border payments in different currencies with the same value-
dating as SEPA payments
Similarly currency payments will likely become easier thanks
to automated conversion services such as Deutsche Bankrsquos
FX4Cash which offers client ease-of-use real-time FX rates
and enhanced transaction data And solutions such as Virtual
Accounts will improve reconciliation and accounting (through the
rationalisation of physical bank accounts across a region)
Retail banking has experienced futuristic leaps in the payments space ndash now is the time for the same level of transformation and convenience in the B2B space
The industry is poised to apply such innovation to the B2B space ndash but only through collaboration will this be possible
What bank-core competencies foster innovation and growth through fintech partnerships in the B2B payments space We have witnessed the effects of the first wave of digitalisation
on daily activities particularly through smart devices and apps
Peer-to-peer and C2B processes have already experienced
radical transformation and the industry is poised to apply such
innovation to the B2B space ndash but only through collaboration
between incumbents and new players will this be possible
Fintechs have the technical skills and understanding of consumer
behaviour fail-friendly mindset and regulatory freedom to be
innovative ndash but in an increasingly competitive landscape that
will see market consolidation over coming years they need more
than that to survive Banks conversely experience internal and
external obstacles to innovating independently including legacy
systems internal siloes a cautious culture and tighter regulatory
restrictions But by offering the strength of their established
reputation global infrastructure existing client-base and expertise
regarding risk regulation and treasury needs banks can support
fintech growth bring new products to market through such
strategic alliances and successfully scale-up new offerings
What are the Bankrsquos plans for blockchainDistributed Ledger Technology is not new but interest around its
potential applications is rising and opportunities for blockchain
ndash from fraud prevention and risk reduction to quicker and more
transparent payment flows ndash cannot be ignored We are at the
beginning of the blockchain journey and the ways it will change
business models processes and ecosystems are yet to be
seen but we predict immense potential up and down the value-
chain Participants ndash for example it was one of the first banks to
test smart contracts for corporate bonds which was conducted
in-house in collaboration with the DB Labs Deutsche Bank
recently opened innovation labs in London and Berlin with a third
just opened in Silicon Valley which will help the Bank best utilise
new technologies and deepen relationships with start-ups In a
decade there will be myriad different blockchain technologies and
interoperability will be crucial The Bank is an initial driving member
of blockchain consortium R3 CEV and participated in trials of five
distinct blockchain technologies with other member banks
About Andrew Reid Appointed to his current role in 2013 Andrew has been with the Bank for 17 years within corporate cash management and trade finance Andrew supports and advises clients in adapting to the new regulatory environment and optimising their treasury operations
About Deutsche Bank Deutsche Bank provides commercial and investment banking retai l banking transaction banking and asset and wealth management products and services to corporations governments institutional investors businesses and private individuals Deutsche Bank is Germanyrsquos leading bank with a strong position in Europe and a significant presence in the Americas and Asia Pacific
gtbdbcom
Andrew P Reid
Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking
When paying the supplier the buyer issues a payment
instruction from its accounts payable to the bank This initiates
the transfer of title of currency and a time-stamp makes the
transaction irrevocable The intermediary bank may enjoy
blockchainrsquos irrevocability and title transfer to secure the
uniqueness and traceability of the transactions underpinning
the cash transfer The distributed nature of the blockchain
ledger avoids any delayed centralized control of AML screening
checking of availability of funds and clearing billing and
reporting activities All executed operations are validated within
The ledger offers the extra capability to the bank to swiftly handle
format translations from the clientrsquos accounting system A smart
contract on the blockchain provides the bank with the capability
to charge transparent and auditable service fees
The distributed ledger operates as the connectivity software
that the clearing network provides to all trading parties and
intermediaries The network is also capable of offering time-
stamping services as well as detect transactions that may trigger
the execution of smart contract applications Format translations
can be easily offered as a value added service
The beneficiary bank receives notice of an irrevocable transfer of
cash title that the distributed ledger renders valid and immediately
executable The ledger also streamlines all necessary account
management verifications to validate the payment data The sellerrsquos
account is immediately credited and all subsequent regulatory
and accounting reporting is made auditable and irrevocable
Bank services can be charged via smart contract applications
agreed between the parties The blockchain enables the seller-
ie the B2B payment receiving party- to update the accounts
receivable database with a payment confirmation that becomes
an auditable transaction
Blockchain is certainly not the panacea for all problems but the
frequency of applied features to the B2B payment processes
tells however that all parties involved could strongly benefit
from this technology without the need for anyone to be removed
About Enrico Camerinelli Enrico Camerinelli is a senior analyst at Aite Group specializing in wholesale banking cash and trade finance and payments He brings a strong European focus to Aite Grouprsquos Wholesale Banking practice Mr Camerinelli has been widely quoted by publications ranging from American Banker to the Financial Times
About Aite Group Aite Group is an independent research and advisory firm focused on business technology and regulatory issues and their impact on the financial services industry With expertise in banking payments wealth management capital markets and insurance Aite Groups analysts work with clients as partner advisor and catalyst
No discussion of B2B payments futures would be complete
without touching on the blockchain Such solutions seem likely
to play an important role How the various ldquonot-Bitcoinsrdquo with
their technical and regulatory benefits will fare against Bitcoin
itself remains unclear Standards such as the ldquoInterledger
Protocolrdquo could play a role perhaps enabling an ldquoInternet of
Valuerdquo layer for the IoP That said in global B2B payments
the ldquochicken-and-eggrdquo challenges that are inherent in any
new network technology clearly exist Blockchain adoption as
a purely ldquoback officerdquo or inter-bank technology seems likely
to happen first within narrowly-defined early use cases and
communities Adding value to pre-existing end-user (buyer-
seller) interactions like Skype did may be one plausible early
adoption scenario ldquoPiggy-backingrdquo on another network layer or
use case like Paypalrsquos initial use for eBay payments is another
way to think about this Combining all of these may work best
end user demand can be effective in driving adoption by solution
providers notably banks in this case
An Internet of Payments as it emerges will reshape the B2B
payments industry and much more besides It will likely develop
quite suddenly as a mass phenomenon much like the Internet in
the mid-nineties It will create winners and losers Those who move
early to test learn and shape the emerging Internet of Payments
ecosystem and framework will be best positioned to win
About Roger Bass Roger Bass is Founder CEO and Principal of Traxiant Previously with Intuit for eleven years he recently led a Network Payments initiative Other instrumental roles included the launch of Intuitrsquos European operations first online banking solution SMB Internet group and the QuickBooks platform Reach out via rogertraxiantcom
About Traxiant Traxiant provides software and consulting solutions to help financial and technology providers grow their B2B Payments and Financing solutions and profit from the Internet of Payments Solutions and areas of expertise include card e-payables global payments receivables financing and supplier networks
bull Various parties in a supply chain can all be paid when the end
consumer purchases the product For example a consumer
buys a song online At the moment of purchase the amount
paid is distributed amongst the band the producer the studio
and the record label All parties are rewarded based on their
added value
Blockchain-based payments open up many possibilities
Not only is it possible to trade easier and cheaper but also
payments can be made smarter Banks are particularly interested
in this new technology and are closely investigating the potential
it may offer to them It is exciting times for banks and payment
institutions as with blockchain the real disruption is knocking
on the door The disruption here is not that things are done a
bit smarter more efficient or faster The disruption in payments
is that there is technology available that makes banks PSPs
credit card companies redundant Cutting out these middlemen
by making use of technology that provides the same trust and
robustness (or perhaps even more) will increase the speed of
payments increase the possibility to trade with each other while
significantly reducing costs
About Kris Wielens Kris Wielens is Senior Consultant with Orchard Finance He has more than a decade experience is (corporate) payments with various fims He has been active as Head of Strategic Partnerships EMEA Business Development Manager Sales Manager and Credit Analyst
About Orchard Finance Orchard Finance is a leading independent consultancy and staffing company specialized in the areas of Finance and Treasury Tailoring to our clients we offer advisory services project management and staff ing support Our professionals have a long standing reputation based on operational and project experience in banking corporate finance and treasury management amp control
Phase 3 Automatable transactional network (5-7 years)As soon as the SCF community gains communal understanding
of blockchain as a transactional network then the next natural
line of inquiry could be the nature of transaction initiation During
this inquiry the following components of blockchain technology
will be discovered and the third phase might commence
bull Multi-signature capability ndash a means of separate entities to
safely and securely state whether an event took place or not
bull Smart contracts ndash agreements that automatically execute the
change of ownership of funds or goods based on whether an
event took place or not
bull Cryptocurrencies ndash a set of tokens of a variable but crypto-
graphi cally verifiable amount which is used for efficient value
transfers
By means of combining multi-signature and smart contracts with
existing e-mandates or cryptocurrencies the automatic payment
of invoice amounts or other types of collateral could be initiated
and executed instantaneously and automatically This will open
the path towards an international SCF network that automatically
creates investment grade financial instruments as a seamless
part of the supply chain process
ConclusionAlthough history shows us that we can only have so much
foresight we see a clear match between the features of blockchain
concepts and SCF we believe that at some point blockchain will
be a prominent part of SCF The speed at which SCF will evolve
and innovate will depend on the creativity of its stakeholders
and how fast the common understanding on how to use the
technology will develop Seeing that blockchain technology has
something compelling to offer at each phase of understanding we
see rapid developments taking place sooner than later
About Gys Hough Gys Hough follows the develop-ment of blockchain concepts since 2012 and was involved in shaping several business ideas based on blockchain concepts in the field He is also involved in the facilitation of various discussions surrounding blockchain applications in the financial industry
About Innopay Innopay is an independent consulting company specialised in online payments digital identity and e-business We help our clients including financial institutions governments and corporates to develop the compelling strategies and digital services for consumers and companies that are key for successful competition in a rapidly digitising world
Launched in December 2015 to much anticipation in the industry
the initiative has received strong backing with more than 50
leading banks already signed up The Paypers spoke to Wim
Raymaekers SWIFTrsquos Head of Banking Market and programme
manager of the global payments innovation initiative to find out
more about this exciting move
We often hear that B2B payments are opaque complex and risky Why do you think that is and where do you think that improvements can be madeYes currently when a corporate treasurer sends a request
for a cross-border transaction to his bank he typically has no
sight on what actually happens with that demand They often
liken this to a lsquoblack holersquo saying they have no view on when
payments occur or their final costs This can lead to problems
with suppliers or end-customers not to mention increasing
financial risks resulting from payment delays or non-compliance
with regulatory requirements
I think improvements can be made in three main areas firstly
the speed of payments corporates want fastest payments so
banks need to be able to guarantee that they are made within
certain timeframe Secondly corporates want to know the
exact payment amount that will reach their counterparty ndash here
banks need to provide transparency on the fees involved and
the amount credited to the creditor And thirdly they want to
be able to track payments banks need to let corporates know
when payments have been initiated and credited to the creditors
account to avoid delays in the supply chain or frictions between
supplier and seller
What are the opportunities for a corporate to leap forward through the use of the cross-border payment industryCorporates are not in the business of payments they just want
to buy and sell Yet they do have to manage their treasury to
make those payments ndash so a better faster more transparent
payment solution is important to them On top of that having
a good payment infrastructure benefits your supply chain
Because if the money does not get to the supplier in time the
credit line will go up causing delays on all fronts So the better
your payment infrastructure is the stronger and more reliable
your supply chain is
Designed for the corporate treasurer SWIFTrsquos global payments innovation initiative offers an ambitious roadmap for reinventing the correspondent banking model as we know it today With ever increasing competition from new entrants offering same-day or even real-time payment facilities SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
Correspondent banking rejuvenated
SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
What can you tell us about the global payments innovation initiative (gpii) and what are SWIFTrsquos plans in regard to this initiativeAs part of the initiative SWIFT is working in close collaboration
with the largest transactions banks in the world to enhance
their corporate customersrsquo cross-border payment experience
Together we will strive to provide a faster service with upfront
clarity on costs confirmation of delivery and richer remittance
information data
We are now working together with the banks to commonly
agree service level agreements (SLAs) to which all the initiative
member banks must comply The new service will be designed
to address end-customer needs without compromising banks
abilities to meet their compliance obligations market credit and
liquidity risk requirements
What is the role of blockchain in this initiativeSWIFT is devoting significant resources to instigate the
opportunities and challenges of deploying blockchain and
distributed ledger technologies more broadly on our platform
While the initiative aims to first make improvements based on the
existing infrastructures in parallel we are building a gpii vision
for cross-border payments This will set out how we will adopt
new technologies in order to ensure corporate customers receive
the best possible payments experience in the near future
Wim Raymaekers
Head of Banking MarketSWIFT
About Wim Raymaekers Wim Raymaekers leads SWIFTrsquos banking initiatives worldwide and is responsible for developing and driving value propositions across the banking community In this capacity Wimrsquos mission is to help banks grow their business particularly in view of changing customer and market requirements
About SWIFT SWIFT is a global member-owned cooperative and the worldrsquos leading provider of secure financial messaging services We provide our community with a platform for messaging and standards for communicating and we offer products and services to facilitate access and integration identification analysis and financial crime compliance
Which are UniCreditrsquos strategies to remain competitive in the B2B cross-border payments spaceUniCredit is taking a number of steps to ensure that it offers a highly
competitive portfolio of payments services including a number of
tools for simplifying cross-border transactions
In particular UniCredit has invested considerably in the
Bank Payment Obligation (BPO) ndash a settlement tool which
enables firms to execute secure transactions mediated by
partner banks through a quick and efficient digital process
When carried out properly BPOs combine the risk mitigation and
financing advantages of Letters of Credit (LCs) with the digital
speed of open account settlement This makes them particularly
advantageous for cross-border transactions ndash especially with
unfamiliar counterparties or those concentrated in a particular
region or industry Thanks to bank mediation the risk of non-
payment in such cases is drastically reduced ndash allowing firms
to take on more business and sell their receivables more easily
UniCredit has worked hard to bring these benefits to clients in
the most efficient and convenient format possible ndash offering vast
improvements on LC processing times which are only set to
increase once the process is fully digitalized This principle of
fully digitalized processes is also reflected in UniCreditrsquos virtual
accounts services which enable clients to consolidate their
bank accounts in a given currency into a single ldquoparentrdquo account
This can then be divided internally into as many ldquovirtualrdquo
accounts as required ndash with each account given its own allocated
funds account number and permissions Already available
for affiliatesrsquo incoming and outgoing transactions in nearly 50
countries including the SEPA zone and six CEE markets this
system generates huge benefits to efficiency scalability and
transparency ndash eliminating the need for cash pooling expediting
the process of opening and closing accounts and providing a
comprehensive overview of cash flows without sacrificing detail
Going forward UniCredit intends to remain at the cutting edge
of B2B cross-border payments with new initiatives such as the
integration of big-data analytics into existing payments services
ndash offering clients insights based on payments data and other
relevant information
With increased customer demand to install real-time payment infrastructures what trends do you see happening right nowThe demand for instant payments is part of a wider trend towards
greater speed and efficiency in the industry This is particularly
notable in ecommerce where firms are looking to provide
increasingly rapid delivery services ndash with next-day and even
same-day delivery now possible The use of digital technology to
expedite routine processes is becoming more and more prevalent
with clients increasingly basing their expectations on their
experiences in the retail sector UniCredit is keen to play its part
in this development and is already implementing real-time rates
for instant payments ndash including for cross-border transactions ndash
ahead of the November 2017 implementation date
How has UniCredit adapted to the digitalisation of the transaction banking industryUniCredit has established itself as a frontrunner in the
development of key advances such as the BPO and virtual
accounts and continues to search for new and innovative ways
to leverage technology for the benefit of its clients To this end
it has taken a number of steps to ensure continued innovation
ndash with product development teams harnessing the expertise of
traditional banking experts and technology specialists along
with a wide range of external perspectives
This has already seen blockchain technology become a reality
for custody services clients while virtual accounts technology
is being supplemented by CAMT messages ndash enhancing
standardisation even beyond the SEPA zone with automated
reconciliation between banks and corporates
The field of payments is undergoing a period of transformation as digitalisation paves the way for greater speed and efficiency
UniCredit has also adopted a more holistic client interface
including its IT solutions provider in client meetings This enables
UniCredit to adapt its solutions to clientsrsquo individual technological
requirements rather than expecting them to adapt to accommo-
date the solution
How do you support your CEE-based clients in their efforts to optimise working capitalUniCredit offers its CEE-based clients a full range of support for
their working capital optimisation programmes ndash having been the
first in Russia Bulgaria and Croatia to offer classic services such
as cross-border cash pooling UniCredit also offers unrivalled
BPO coverage with the instrument already available in Bulgaria
and Romania In terms of approach we encourage firms to avoid
the lsquosilorsquo mindset of asking how they can benefit from individual
tools such as receivables finance or approved payables finance
ndash instead promoting a focus on overarching short- mid- and
long-term goals Mostly it turns out that short-term liquidity
generation is not corporatesrsquo main concern ndash especially given the
abundance of liquidity in todayrsquos market Other factors however
such as risk mitigation supply-chain stability and balance-sheet
optimisation almost always figure in their plans ndash demanding
a holistic programme for working capital optimisation This of
course also means being prepared for the eventuality of liquidity
suddenly or gradually drying up
In the face of fintech disruption which areas can banks capitalise onFintech companies certainly bring new impulses to the transaction
banking sector but banks almost always excel by capitalising
on their existing strengths ndash drawing on their holistic financial
expertise and their status as trusted and highly regulated
partners to corporate clients These strengths can to a certain
extent be amplified through digitalisation within banks ndash
translating greater efficiency into greater convenience for clients
Even more promising however is the potential for co-operation
between banks and specialist technology companies with banks
combining their core strengths and broad client base with fintech
independence and nimbleness to create the ideal conditions for
innovation
About Markus Strauszligfeld Since 2005 Markus Strauszligfeld has been Head of International Cash Management Sales at UniCredit responsible for cash management and eBanking sales to large and multi-national organisations in Europe the US and Asia
About UniCredit UniCredit is a bank with a substantial footprint in Europe and an extensive international network of branches representative offices and correspondent banks ndash enabling it to follow its clients wherever they go Its payments services come under the Global Transaction Banking (GTB) unit
wwwgtbunicrediteu
Markus Strauszligfeld
Head of International Cash Management SalesUniCredit
C-SuiteThe CFO needs to back your project and this support must
be visible It is important to educate them on the SFP early by
presenting them with relevant case studies you have gathered
and the possible business case
C-Suite contributionThey will need your direction but the CFO and CPO will add
panache to your SFP The lsquosignaturersquo on the comms piece sent to
suppliers should be theirs If any buyer in the business becomes
concerned about this programme the C-Suite needs to have
a response at hand To realise the significant savings that can
come from your SFP your C-Suite must be ready to provide the
required PR
SuppliersBuyers rarely push back against SFPs because a) itrsquos optional
for suppliers and b) itrsquos attractive for suppliers However getting
the suppliers to engage is instrumental and makes the supplier
a key stakeholder
Supplier contributionSuccess Without their participation your business case is a flop
So make sure they understand what the SFP is whatrsquos in it for
them what they need to do who they can reach out to with
questions or concerns and that participation in SFP inevitably
qualifies them as a preferred supplier
ConclusionGet the first five stakeholders onboard early at concept stage
so they feel supportive of the SFPrsquos direction and purpose and
ask them how involved they would like to be given their role
About Susie West Susie West is the CEO and Founder at sharedserviceslink and proudly labels herself as a shared services geek She has been in the shared services industry since 1998 In 2007 she set up sharedserviceslink a leading global business community for professionals looking to improve performance in shared services Her central aim is to help individuals companies and the market mature through the sharing and consumption of (mostly peer generated) best practice information
About sharedserviceslink sharedserviceslink is a business community for professionals working in shared services sharederserviceslink is viewed as trusted advisors to this market because it offers exceptional content connection insight and overall value
About the companyToken provides digital payment solutions for banks and their clients to deliver instant end-to-end secure and frictionless payments worldwide The solution addresses the key concerns of PSD2 security disintermediation and lack of revenue
wwwtokenio
Marten Nelson
VP MarketingToken
Website wwwtokenioOffices location Redwood City California USAFounded in 2015Categories payments psd2 fintech
Token
The next generation of payments infrastructure will first of all help banks open up
What drives real-time payments infrastructure adoption in the US vs EUA number of valuable business cases drive the adoption of real-
time payments infrastructure Both consumers and businesses
expect funds to be instantly available during a payment
transaction 25 years ago the invention of the Worldwide Web
allowed us to share data instantly and globally Exchanging value
should be just as easy and fast as moving information but for
a number of reasons this hasnrsquot yet happened While there are
regional real-time payments solutions the US and many parts
of Europe are still lagging But there is hope ndash the Feds in the
US and the ECB have launched real-time payments initiatives
Why did Token choose to leverage the bankrsquos existing ledger instead of using blockchain The main reasons were that we found the bankrsquos ledger to
perform pretty well in most cases and to leverage existing
infrastructure typically reduces the complexity of deployment
and therefore cost It was simply a cost-benefit analysis
There are many interesting use cases for distributed ledgers
and for some of our functions and in some situations it makes
sense Thatrsquos why we designed the solution with distributed
ledgers being optional
What is the value proposition for European banks by integrating Token Token solves the main issues banks are facing in terms of
PSD2 security disintermediation and the economics First you
can think of Token as a PSD2 firewall that protects the bank
infrastructure from poorly behaving third parties Second Token
retains the bankrsquos customer experience even when accessed by
third parties Last we allow banks to offer value-added services
The Future of Banking Innovation and the Fintech Startups Journey
Future Asia Ventures
The financial services sector has become the poster child for
corporate innovation Over the last 5 years banks have been
investigating and experimenting with several new financial
technologies in the crowd funding trade processing lending
and wealth management areas These experiments have come
in different shapes and sizes Based on our research we know
21 banks that have launched accelerator programs around the
world Other banks have launched pre-accelerators incubators
and labs
As a research amp advisory firm we regularly speak with many
corporations startups and venture investors We are constantly
learning about the landscape Here are 5 perspectives we would
like to share
1 Fintech is old but the market conditions have never been betterMost experienced financial sector professionals understand that
this recent wave of fintech startups is just that ndash a wave Fintech
is a new term that captures a large category of existing and
growing technologies which involve transaction processing data
and record keeping Fintech companies have been innovating
since the 1950s The last 60 years produced ATMs credit cards
online banking and online stock investing to name only a few
Innovation in fintech is nothing new What is new is the explosion
of startups in the last six years There are now approximately
6000 fintech startups The playing field is crowded and thatrsquos
because the opportunity to innovate has never been greater
The combination of cheap capital a dry period in bank innovation
and a credit crisis followed by heavy regulation created the
right environment for startups to rise There has never been a
better time to be an entrepreneur
2 Regulation matters It might sound obvious but regulatory rules and compliance are
a very important part of the startup journey for fintech founders
This makes fintech different from other startup sectors
Founders in fintech are generally a decade or more experienced
than their peers Regulation is often an entry barrier because
you need to be licensed by regulatory bodies to do business in
each jurisdiction For startups that want to expand compliance
is mandatory and expensive The financial system for good
reason doesnrsquot tolerate risk As a result founders need to
cooperate with regulators budget for long waiting periods find
strategic partnerships that help their growth efforts and be in this
for the long haul Fintech is marathon not a sprint
3 Innovation canrsquot be measuredWhen speaking with innovation officers I am often asked
which program or format is the best People are looking for a
quantitative measure or a definitive leader among corporations
The truth is there is no one best model or best innovator
An innovation program should be designed around your
budget your timeline and the problem you are trying to solve
These factors are different for each company For some a
hackathon might be best while for others a robust corporate
ventures program might make more sense Available capital
decision-making dynamics and pain points vary per company
Each company has to do whatrsquos right for them However one
thing is certain ndash good innovation programs have a clearly
defined problem and success criteria Without a mandate you
are bound to go in circles
Number of Corporate Accelerators Launched Each Year Corporate accelerator launches have peaked So far in 2016 2 new accelerators have launched Going forward companies will design tailored open innovation programs and formats to engage and collaborate with startups
About Falguni Desai She is the Founder amp Managing Director of Future Asia Ventures and has over 18 years of corporate strategy innovation and MampA experience She has worked globally with business leaders at Fortune 500 firms in the financial media and technology sectors to foster growth amp expansion
About Future Asia Ventures Future Asia Ventures is an innovation advisory amp research firm Through our research and services we help new ventures grow and connect investors with innovative opportunities We serve private investors foundations and corporations around the world
wwwfutureasiaventurescom
Falguni Desai
Founder amp Managing DirectorFuture Asia Ventures
4 Innovation is inherently wastefulSeveral companies are still sitting on the sidelines While our
latest research has uncovered that 116 companies around the
world have set up corporate accelerators and several dozens
have launched incubators and labs the majority of large
companies are not engaged in this type of open innovation
They might be wondering whether an innovation program will
generate returns The answer is no not in the short term But in
the long run yes Innovation creates waste Companies wonrsquot
solve the problem on the first try Several partnerships and
investments will fail Incubated ideas may not scale and those
looking to try their hand at innovation should swallow this pill
and be prepared for failure To be good at innovation you need to
try things and then quickly stop them when they donrsquot work and
quickly try again
5 The endgame is collaboration not conflictI still see articles which predict a future without banks how
disruption will cause banks to fail and shut down The reality
is banks play a very important role in the lending infrastructure
of most modern economies Peeling back through fintech
history the innovations that survived and scaled were the
ones that worked with banks not against them In the 1990s
online stock brokers appeared on the scene Stock exchanges
and brokers didnrsquot disappear but they now operate differently
Today fintech marketplace lenders offer loans more efficiently
to retail customers The capital for these loans comes from
traditional banks and large asset managers Banks brokers and
asset managers wonrsquot disappear instead their processes and
the customer experience they offer will change dramatically The
moral here is that new fintech services will become part of the
overall financial infrastructure Fintech startups will eventually
grow into companies that are counterparties and partners to
banks not necessarily competitors Of course not all of them
will succeed but the future of banking will be formed through
collaboration
VISIT OUR ENHANCED ONLINE COMPANY PROFILES DATABASE
ALL COMPANY PROFILES IN THE B2B PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING MARKET GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
AND ADVANCED SEARCH FUNCTIONALITY
wwwe-invoicingthepayperscom
ALL COMPANY PROFILES IN THE B2B FINTECH PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
About Prof Dr Michael Henke Prof Dr Michael Henke completes the board of directors of Fraunhofer IML as new director of the section Enterprise Logistics and he also holds the chair of Enterprise Logistics at the faculty of Mechanical Engineering at TU Dortmund University His research focuses lie among others on the area of eg management of the Industry 40 purchasing and supply management supply chain risk management and financial supply chain management
About Fraunhofer Fraunhofer IML is said to be first address for all questions with respect to holistic logistics the employees work on all fields of internal and external logistics Made-to-measure arranged teams create cross-industry and customer-specific solutions in the area of materials handling warehouse management supply chain management simulation supported business and system planning and also traffic systems closed loop economy resources logistics building logistics and e-business
wwwimlfraunhoferde
Share this story
3 First steps were takenInnopay an e-business consultancy firm from the Netherlands
the Dutch factoring company lsquovoldaanrsquo and a client of voldaan
developed the SBRF Model in 2015 Within the scope of the
Workshops on Standardisation in SCF by the Supply Chain
Finance Community Innopay and the Fraunhofer Institute
of Material Flow and Logistics (IML) presented the SBRF
demonstration since November 2015
The ldquoProof of Conceptrdquo demonstrated the financier tracking the
status of an outstanding invoice electronically He gained insight
into the progress of the invoice and could assess the associated
risks
During the Workshop Series the model as well as development
improvement and extension potentials have been discussed
actively by the participants European experts on SCF and
e-invoicing Subjects to the discussions have also been technical
specifications and the integration with other solutions
4 More Proofs of ConceptIn the first half of 2016 the SBRF concept will extend to more
financiers sellers buyers and ERP solutions across Germany
and Italy at least The well-established network of the SCF
Community and its members will provide a basis for the
development and geographical extension
The practical integration with e-invoicing and SCF platforms and
the standardisation along the dimensions of Legal Operational
Functional and Technical dimensions will be investigated in detail
For Germany a planned SCF event at the House of Logistics
and Mobility (HOLM) in Frankfurt organised by the Fraunhofer
IML and Innopay makes an important contribution to the Proof
of Concept The event is scheduled for summer 2016 and will
include workshops on the SBRF Model Moreover further
aspects of SCF standardisation according to the SCF research
bull First and foremost they must elevate information to its deserved
status of strategic asset This will help ensure that data is
actively managed on enterprise level for its embedded value to
be realised
bull They also need to equip themselves with the right technology in
order to turn information to their advantage
However some barriers exist
bull Integration with legacy systems many legacy systems make it
difficult to extract data and may not be best suited for Big Data
technologies
bull Connecting data silos there is no uniform view of data and most
organisations have not integrated disparate data sources given
the complexity of the task
Data integration tools are becoming key to connecting various
data sources and data sets and delivering on the promise of
information or data management
FIs become master of your dataBy conquering Big Data challenges FIs will be able to draw a
competitive advantage through enhanced strategic decision-
making improved customer service and effective risk management
Information management technology and governance are
key to break down the organisational silos that typically exist
within financial institutions to provide a complete picture of an
institutionrsquos financial transactions and client information across
a myriad of sources Not only does this make it easy for FIs to
respond to the increasing requirements for compliance and
reporting it also provides the opportunity to turn such data into
valuable insights and information for the customersrsquo benefit
Information management tools will help financial institutions
address a series of strategic objectives including regulatory
readiness and responsiveness enhanced strategic decision-
making faster customer service effective risk management
In sum FIs that become master of their own data will benefit from
a competitive advantage which they will turn into business profit
About Andreacute Casterman Andreacute Casterman is Chief Marketing Officer at INTIX and a Member of the Banking ExCo of the ICC During the past 5 years Andreacute was SWIFTrsquos head of the corporate amp trade markets in charge of strategy governance and product initiatives Andreacute Casterman has two masterrsquos degrees from VUB and a masterrsquos degree from ICHEC
About INTIX INTIX helps financial institutions and corporates address financial data management challenges in four strategic areas regulatory compliance business intelligence customer services and risk management INTIX helps its clients retrieve consolidate and reconcile any type of financial messaging data and protects them from any IT complexity and obsolescence issues
Gaining Management Support for Your P-Card Programme
NAPCP
Achieving buy-in of the card programme especially by
management is a frequently cited challenge by the NAPCPs
audience The concern is justifiable Lack of buy-in can result
in never getting a programme implemented having a static card
programme or the elimination of the programme altogether
Whether you are considering implementing a new programme
or expanding the current one there are several questions to
address that can help in preparing your case to management
bull What are you seeking buy-in for and from whom Do you want
to ldquosellrdquo the existing P-Card programme to a new manager or
do you want to propose programme expansion
bull What is the rationale for your goal Management will only buy
into something that benefits the organisation and is supported
by facts including a cost justification
bull How does your goal support the goals of the organisation or
solve an organisational challenge Management decision-
making is driven by accountability for goals and the ability to
resolve issues
bull Are you aware of common objections to P-Card programmes
1 Data from the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation a report based on more than 3123 survey responses from end-user organisations
bull Who are the stakeholders There is nothing more defeating
than trying to move an idea or goal forward then learning that
someone with ldquoveto powerrdquo was left out of the discussions
inadvertently List who should be involved and why They might
provide good input in support of the card programme andor
express concerns such as the common objections listed above
The Business CaseThe next step is to create a solid business case based on the
answered questions above as well as other common business
case elements Include
bull statement of purpose (what you are seekingmdashyour goal)
bull where you are today (current metricsKey Performance Indicators
(KPIs) and how they compare to industry benchmarks) where
you want to be and ldquowhy nowrdquo
bull how your idea aligns with organisational goals
bull input from stakeholders plus common objections industry-wide
(if different from stakeholder input) address any concerns and
objections with facts
bull cost justifications to support the value proposition such as
anticipated andor actual process savings reductions in full-
time equivalents (FTEs) especially within the procurement and
or accounts payable departments and other hard- and soft-
dollar savings
bull implementation plan if applicable (eg for programme expansion)
Present cost saving benefits such as the cost of traditional
cheques versus P-Cards If your organisation has not completed
an internal process cost analysis use the NAPCP average
process costs shown below
1 As specified within the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation
2 Based on average monthly card spend of USD 1M and average transaction size of USD 559 per the results of a 2015 NAPCP poll
If expanding an existing programme it is important to consider
the value your card provider can add to this process They can
provide an analysis of your accounts payable vendor filemdash
identifying those vendors who accept card payments
Working with the ldquolow hanging fruitrdquo can help your organisation
reap immediate benefits The larger ticket transactions can be
moved to card-type payments as well with the most popular
being a virtual or electronic card payment method
Continue to Provide Results-Driven CommunicationIt is important to relay results and successes to management
Use the following keys to successful communication
bull Be brief by limiting communication to a one-page summary
Put conclusions firstmdashgive highlights up front and supporting
detail second
bull Title the document presentation or email subject line with a key
message (eg ldquoP-Card Program Saved USD 4M in 2015rdquo versus
ldquoP-Card Program Report Attachedrdquo)
bull Focus on the facts Show numbers as often as possible and
summarise whether the numbers meet fall below or exceed
expectations Then explain Verify numbers with other team
members to build a coalition of support and ensure that you
have the complete picture
bull Facts and figures must be formatted consistently from one
communication to the next allowing for easy comparison
bull In verbal and written discussion keep your presentation analytical
bull If asked by management to give results ldquoon the flyrdquo synthesise
the key points for management into three to four concise bullet
points Add recommendations or alternative courses of action
if you have time Stay ahead of management requests by
monitoring your KPIs frequently
bull Ask to be part of upcoming meetings and do not be afraid to be
proactive rather than reactive
What if They Say ldquoNordquoExplore what could change a ldquonordquo into a ldquoyesrdquo When you are
ready to address the issue again with new insight go back to
your stakeholders It is generally okay to respectfully disagree
with management but as noted earlier ensure you have the
supporting documentation to make your point Finally know when
it is time to move on However moving on does not mean giving
up on the programme altogether It is still prudent to share the
status of the programme
About Terri Brustad Terri Brustad CPCP is the NAPCP Manager of Content Services Her previous experience includes 10 years in the Commercial Card industry mainly in the role of a public-sector P-Card Administrator Terri achieved the Certified Purchasing Card Professional (CPCP) credential in 2009
About NAPCP The NAPCP is a membership-based professional association committed to advancing Commercial Card and Payment professionals and industry practices worldwide The NAPCP is a respected voice in the industry serving as an impartial resource for members at all experience levels in the public and private sectors The 2016 NAPCP European Conference will be held in London on 23 June 2016
Virtual cards hold the potential to disrupt the commercial
payments space on two fronts
1) Physical cards are likely to disappear
2) These solutions hold the potential to drive a step change in card
adoption and usage levels
The challenge for the industry is clearly communicating and
providing compelling evidence of the benefits that virtual cards
offer and ensuring sales teams are trained to sell the solutions
over and above traditional ones eg corporate cards To help
unlock the opportunities in underpenetrated industries such as
telco construction and healthcare etc issuers must develop
tailored solutions to cater for any idiosyncrasies and overcome
the card acceptance challenge
The FutureTechnology holds the key to disrupting commercial payments
and the growing FinTech movement will support this Traditional
commercial payment providers will look towards and work more
closely with FinTechrsquos as an alternative source of innovation to their
own product development and delivery functions The opportunity
for banks is to build and launch disruptive technologies more
quickly The challenge is picking the right FinTech(s) that will help
deliver scalable solutions In the short-term we expect issuers to
increasingly focus their attention on developing virtual solutions
and integrating these onto mobile and wearable devices
Stargazing into the future wearables will be the game changer
as mobility becomes ever more important Wearables will also
be the bridging technology for embeddables In the next 10-15
years embedded chips in humans could become a reality
We are increasingly connected and interact with technology in
our personal and business lives and embeddables are the next
logical step More sophisticated chips will soon replace wearable
technology such as payment devices and fitness bands and will
help us all get used to a more connected and augmented lifestyle
As a concept it is well aligned to payments Embedded and inner-
connected biometrics will enhance security and offer a more
seamless experience
The future looks bright for commercial payments but will not be
without its challenges
About Chris Holmes Chris leads various work streams across the Financial Services practice He has managed multiple global projects across the payments banking FinTech AltFi and tech industries His specialist skills are geared to NPD sizing and opportunity assessments benchmarking and best practice identification
About KAE KAE is a strategic marketing consultancy that has provided support to some of the worldrsquos largest payment and tech brands for the past 25 years Operating globally from a London HQ KAE has provided consulting and strategic advice in more than 50 countries across three core areas Insight Strategy and Analytics
Large supplier communities are based in emerging Asia
and Africa yet major economies like China and Indonesia are
experiencing great increases in disposable income and thus
engaging more on the consumer side of supply chains The
combined dynamics are shaping economic activity and flows in
ways that need a wider range of financing and risk mitigation
solutions including end-to-end SCF
Supply Chain Finance is defined as the use of financing and risk
mitigation practices and techniques to optimise the management
of the working capital and liquidity invested in supply chain
processes and transactions SCF is typically applied to
open account trade and is triggered by supply chain events
Visibility of underlying trade flows by the finance provider(s) is
a necessary component of such financing arrangements which
can be enabled by a technology platform
Source Standard Definitions for Techniques of Supply Chain
Finance 2016
Practitioners and financial institutions based in Asia are proactively
working to develop their SCF propositions in response to evolving
market demand and region-specific practices With ASEAN
integration progressing the Trans-Pacific Partnership advancing
and intra-regional trade growing in importance the central role of
cross-border supply chains and SCF in particular will increase
in the next several years as enablers of trade development and
inclusion
The Standard Definitions are a ldquoliving documentrdquo meant to evolve
with market practice the needs of clients financiers regulatory
authorities and others The next phase will focus on dissemination
education and advocacy in support of global adoption
This is the start of a journey that will only speed up in adoption
impact and importance SCF an idea whose time has come
About Alexander R Malaket A recognised specialist in international trade including trade and supply chain finance Mr Malaket has advised government international institution banking and corporate clients around the world developed and delivered training materials and seminars and authored numerous white papers briefing and policy papers and research reports on a variety of topics in international business finance and international development
About International Chamber of Commerce (ICC) The ICC Banking Commission is a leading global rule-making body for the banking industry It produces universally accepted rules and guidelines for international banking practice With 85 years of experience and more than 600 members in +100 countries the ICC Banking Commission ndash the largest commission of ICC the World Business Organization ndash has rightly gained a reputation as the most authoritative voice in the field of trade finance
wwwiccwboorg
Alexander R Malaket
PresidentOPUS Advisory Services International IncDeputy Head of the Executive CommitteeICC Banking CommissionChairSCF Terminology Drafting Group
The EVP and CFO at Turkcell Murat Dogan Erden proved
in his keynote that even mature companies can adapt quickly to
game changers Turkcell is a dominant telecoms operator that
has successfully managed the transition from a pay-per-minute
market through providing world leading surf speeds content
and services Turkcell is also exploiting its credit management
competence to expand into consumer finance Turkcell will use
its market access through all the connected devices
Developing the FSC doesnrsquot only consist of cutting costs and
lead times It also enables expanding the core business offering
with financial components
About Magnus Lind Magnus Lind is co-founder of The Talent Show He has a background as an international business executive in Europe SE Asia and North America and he has founded companies in 7 different countries where he acted as CEO board director and investor The Talent Show puts innovation and disruption above case studies and legacy thinking
About The Talent Show The Talent Show is a corporate driven event focusing on the whole corporate Financial Supply Chain (CFSC) and how it links to the physical chain The audience consists of CFO and CPO supply chain treasurers and IT Participants include Sandvik Turkcell Port of Rotterdam Abengoa Octal Arriva DONG Energy Ericsson and SABMiller
Some banks and platform providers offer both Dynamic
Discounting as well as SCF with the option to switch between
the two might an opportunity arise for the buyer to invest its cash
for other purposes than to prepay its suppliers A bank will then
be brought in to take over the funding
All in all with all developments in the SCF market it would make
sense for SMEs to explore the potential benefits of SCF for the
business they are in Having said that SCF awareness is still
not very widespread amongst SMEs despite several initiatives
to change that for the better What a pity In the end there is
nothing to lose and everything to gain
About Anita Gerrits For the past 7 years Anita has been a strong believer in and advocate of the concept of SCF She provides consultancy support in this exciting relative new area of finance She also organises workshops acts as guest speaker and trainer to business management as well to students to create awareness and understanding of this topic It all began in 2009 when she played a leading role in achieving a cash flow turnaround of the European Consumer Business of Kimberly-Clark through a massive reduction in working capital She has a corporate background studied business economics credit rating advisory and business valuation
wwwg-raybiz
Anita Gerrits
Supply Chain Finance Specialist
Follow on Twitter Tweet aboutExchangeSummit EXCS16
From E-Invoicing toSupply Chain Financing
October 10 and 11 2016Barcelona Spain
Exchange Summit with 2 major E-Invoicing events in 2016
June 7 and 8 2016Orlando Florida USA
100 FREE TICKETS
100 FREE TICKETS
Apply now on
Apply now on
wwwexchange-summitcomfree100
wwwexchange-summitcomfree100
Key topics 2016
bull E-Invoicing entering a new era ndash global market development and forecast
bull E-Invoicing from a corporate and governmental perspective
bull Implementing tax compliance in a paperless world
bull Compliance and fraud prevention within E-Invoicing
bull Driving forward ARAP and end-to-end P2P automation
bull Global standardisation and status of E-Invoicing interoperability
bull Best practice in onboarding customers to E-Invoicing
bull Supply chain financing ndash new opportunities and challenges
wwwexchange-summitcom
Within our two major E-Invoicing events in 2016 you will
bull network with more than 500 participants
bull meet experts from over 40 different countries
bull evaluate solutions from 50+ service providers
bull benefit from exclusive keynotes best-practices and discussions
Anzeige_EXC_Paypers_Layout 1 14042016 1530 Seite 1
Thus the cross-border invoicing issuance for companies
with subsidiaries worldwide is a real challenge where the law is
applicable (ie country of establishment place of VAT registration
transport invoicing goods or services)
Electronic invoice still on the riseDespite the legal and technical obstacles enterprisesrsquo awareness
of process automation with electronic invoicing and cost
reduction has been steadily increasing Most of them would take
the decision to start e-invoicing shortly if the legislation would be
clearer and standardised On the other hand the governments
are aware of the scale of the VAT fraud and are looking for tools
to seal the system ndash unfortunately each country is trying to find
its own way
However it is highly unlikely that the EU will implement the
clearance model there are several initiatives to speed up
the process The Member States decided to organise multi-
stakeholders forums to implement a European Standard for
e-invoicing (expected in 2017) and increase the interoperability
among service providers Hopefully the Directive 201455
EU on electronic invoicing in public procurement will prove to
be a significant milestone resulting in the mass adoption of
electronic invoices in the structured form (not PDF invoices)
and public authorities will realise the benefits of e-invoicing and
hasten the implementation of common understandable and
unified legislation on cross-border e-invoicing In a nutshell
the stage of market education and convincing towards adopting
automated invoices processing is coming to an end Most of
the enterprises have launched or consider the implementation
of e-invoicing at a country level in the short term Currently the
biggest challenge is to enable the smooth extension of their
projects on the transnational level Finding a service provider with
vast international experience is essential Comarch EDI enables
compliance with all local legal requirements Its membership
in organisations such as the GS1 or the European E-Invoicing
Service Providers Association (EESPA) guarantees that the
company is a reliable partner Comarch EDI has cooperated with
GS1 and EESPA for many years in several countries to make
sure that our services are of the highest quality and the solution
is compliant with national and international requirements
About Bartłomiej Woacutejtowicz He has over 10 years of experience in the field of B2B communication in the supply chain Initially responsible for the EDI market development in Southern and Central Europe he is currently responsible for the development of Comarch EDI portfolio
About Comarch EDI Comarch EDI is a B2B platform which provides a competitive advantage by a fast and secure data exchange with business partners The solution provides the automation of data processing throughout the supply chain from the procurement process through the logistics to invoicing and payment processing
bull Donrsquot overestimate VAT compliance many companies
think VAT compliance requires parties to agree bilaterally on
e-invoicing that conversion by parties is forbidden by VAT law
that invoice originality is a major concern and that authenticity
and integrity are complex The reality is that none of these are
true Conversion of invoices is fact of live for years and no
show-stopper at all Invoice originality is in most European
countries easily solvable by service providers and ERP vendors
in the market the PEPPOL regulatory framework solves
authenticity and integrity and is not a concern anymore for
participants
What should service providers and ERP vendors do Embrace
openness Opening your platform does not harm your business
model Instead it allows easy integration of your platform with
many other e-invoicing ERP and accounting software vendors
with only one standard and protocol (PEPPOL) It eliminates the
need for costly bilateral agreements And it also empowers your
existing and new customers to use your services beyond your
platform
In a nutshell the paradigm of open e-invoicing and further
collaboration between e-invoicing providers ERP and accounting
software vendors in the area of interoperability is essential to
move Europe further in e-invoicing The private sector should now
step in and leverage that growth
(1) DNS is the same mechanism that makes sure that www
simplerinvoicingorg is translated into a technical IP address
of our web server The same mechanism is used to resolve
for example a VAT number into the IP address to which an
e-invoice can be delivered
About Jaap Jan Nienhuis Jaap Jan Nienhuis is Manager Simplerinvoicing at SIDN He is responsible for managing the Simplerinvoicing scheme authority Jaap Jan has a special interest in the development of new services in 4-corner models In his former roles he has been involved in a number of European collaborative e-invoicing initiatives including the EBA E-invoicing Working Group
About SIDN Simplerinvoicing is a collaboration between leading European e-invoicing and accounting software providers who all strive for mass adoption of e-invoicing by interoperability and standardisation Simplerinvoicing is a PEPPOL Authority The Dutch government is connected via Simplerinvoicing
wwwsimplerinvocingorg
Jaap Jan Nienhuis
Manager SimplerinvoicingSimplerinvoicing
DONT MISS THE OPPORTUNITY OF BEING PART OF LARGE-SCALE PAYMENTS INDUSTRY OVERVIEW
The Paypers offers the most valuable source of information and guidance for all parties interested in the current state of affairs of the payments industry
Paul Alfing Chairman e-Payments Committee Ecommerce Europe
Once a year The Paypers releases three large-scale industry overviews covering the latest trends developments disruptive innovations and challenges that define the global onlinemobile payments e-invoicing B2B payments ecommerce and web fraud prevention amp digital identity space Industry consultants policy makers service providers merchants from all over the world share their views and expertise on different key topics within the industry Listings and advertorial options are also part of the Guides for the purpose of ensuring effective company exposure at a global level
For the latest edition please check the Reports section
ONLINE PAYMENTSAn all-in-one reference guide on (online) payments amp ecommerce industry trends evolving business models top players and relevant (alternative) payment methods
B2B PAYMENTS SCF amp E-INVOICINGIndustry voices from the online finance space share insights into the dynamic B2B payment e-invoicing supply chain finance industries to support innovative solutions amp thriving businesses
WEB FRAUD PREVENTION ONLINE SECURITY amp DIGITAL IDENTITYIn-depth source of information highlighting key facts amp trends into the global digital identity transactional and web fraud prevention amp detection ecosystem
card application foreign exchange services etc) in a quick
easy and frictionless manner from a variety of service providers
Automation and great UX being the name of the game
They do not have to provide the financial services directly to
the customer They can act as the broker the digital conduit
for products and services benefiting from the commercial
relationships struck with selected service providers
The world of retail banking and payments is set for great change
About Brendan Jones A senior management consultant with over 30 yearsrsquo experience in the payments industry working with a variety of organisations including technology amp service providers and financial organisations Previously held senior roles focusing on business strategy regu lat ion bus iness deve lopment MampA product development programme amp operations management and business process reengineering
About Evolution Payments Consulting Evolution Payments Consulting (EPC) provides payment consulting services to the financial services industry and allied organisations EPC provides payments industry advice to companies looking to support the implementation of new regulation developlaunch new banking and payment propositions re-purpose existing products and services to meet the new and existing regulatory requirements
(prevalent in the recruitment process outsourcing (RPO) world)
unlimited liquidated damages clauses and ban on assignment
clauses The latter contractual terms seek to prevent suppliers
from using their unpaid invoices to access invoice finance
Admirably the government is already taking specific legislative
action against these with the aforementioned Small Business
Act enabling Regulations (expected shortly) to render such
clauses ineffective belatedly bringing the UK into line with
most of the other major world economies This will allow invoice
financiers to provide more funding to more businesses and will
particularly benefit the smaller supplier businesses that suffer
most from these unnecessary clauses
Ultimately this should also be good for larger customer businesses
who will benefit from more stable and well-funded supply chains
Of course whilst invoice finance can help SMEs unlock funding
it is not a silver bullet and is not a substitute for paying suppliers
promptly and treating them fairly For that there needs to be a
cultural shift and that is where an empowered and resourced
Small Business Commissioner could have a real impact
About Matthew Davies Matthew is the Director of Policy and Communications at ABFA
About ABFA The ABFA represents the asset based finance industry in the UK and the Republic of Ireland Members include UK and Irish high street banks specialist and challenger banks specialist businesses of international banks and corporates and independent nonbank finance providers
wwwabfaorguk
Matthew Davies
Director of Policy and CommunicationsAsset Based Finance Association
[The above material is drawn from a Guidance Paper prepared
for the European Multi-Stakeholder Forum on e-Invoicing and
prepared by the writer in conjunction with an Activity Group of
the Forum]
About Charles Bryant Charles Bryant is Secretary General of EESPA and also active in the Global Supply Chain Finance Forum
About EESPA The European E-invoicing Service Providers Association acts as a trade association at European level for a large and dynamic community of e-invoicing service providers drawn from organisations that provide network business outsourcing financial technology and EDI services EESPA is an International Not-for-Profit Association organised under Belgian law Formed in 2011 it has over 60 full and associate members and is involved with a range of important initiatives in interoperability the public policy debate and promoting adoption
The International Association of Alternative Finance (IAAF
orguk) has been taking a lead through 2015 in encouraging
platforms to work together to develop standards The concept
is to not make anything mandatory at this stage but to build
guidelines that members can work towards This has been
achieved in parallel with key stakeholders and regulators
The latter have been especially supportive as they do not want to
kill an embryonic alternative finance sector
However the fate of the sector very much rests in the decisions
of platforms and funding providers Do they lose the agility
of alternative finance or do they work together on building
guidelines and standards which could become the kind of
regulation that will support growth The IAAF is launching the
first Guidelines for the growth of alternative finance on June 16
The guidelines cover key areas required to support the growth
of the sector and will hopefully provide the pathway that the
industry needs
About Tony Duggan Tony was previously Supply Chain Development Director at Wickes where he developed Europersquos largest B2B platform As Consulting Services Director at Bolero a division of the SWIFT banking network he worked with some of the worldrsquos largest banks on global SCF initiatives This unique experience along with his real experience in start-ups and SMEs has provided him with real insights into the challenges of SCF and has been fundamental in the design of the Crossflow solution
About IAAF Founded in London in 2014 the International Association for Alternative Finance (IAAF) is an industry body committed to the promotion and development of the Alternative Business Finance sector IAAF sets out its drive for the Business Alternative Finance to be applied with excellence globally thereby creating opportunities for members and supporting the economy development as a whole The Associationrsquos four key focus areas are regulation reputation operational environment and future growth
CloudTrade is one of the fastest growing e-invoice networks and built firmly on the premise that e-invoicing should be free for suppliers easy-to-use and non-disruptive ndash only then will suppliers move away from paper These principles underpin the CloudTrade service which ensures high supplier adoption is guaranteed
Website wwwcloudtradenetworkcom
Service provider type E-invoicing service provider
Head office location UK
In which market do you provide your services
North America Europe Middle EastAfrica AsiaPacific
Contact details Mr Richard Manson Commercial Director richardmansoncloud-tradecom +44 (0)7956 441898 2-6 Boundary Row London SE1 8HP
Active since 2010
Keywords electronic invoicing e-invoicing PDF invoicing P2P purchase to pay e-order O2C order to cash
Markets
Which side in the supply chain is your primary target group
Both buyers and suppliers
B2B B2C andor B2G (Government)
B2B B2G
Target customer Corporates
Are you specialized in a certain industry
Generic (no specific industry)
Proposition
Which processes in the supply chain do you facilitate
Ordering supply chain invoicing
Support interoperability with other service providers
Yes ndash we currently interoperate with a number of service providers Furthermore CloudTrade is a registered Access Point on the PEPPOL network
Which pricing model do you mainly use
Subscription and transaction-based
Solution description CloudTrade removes the barriers to supplier adoption Our patented solution provides a non-disruptive way for a supplier to send electronic invoices ndash without having to change systems or infrastructure The net result is that we will remove more paper from an organisation in a shorter time frame than any other e-invoicing approach
Services which of the following services do you offer
Purchase Order Flip No
Matching of related transactions Yes ndash match invoices to POs contracts service entry sheets or goods receipt Business rules can be amended per customer
Distribution of e-invoices Yes
Invoice presentment portal No ndash a portal is available for the receiving organisation but not for the sending organisation Processing updates are provided to the supplier via e-mail
Legal compliance tools Yes
TAXVAT compliancy Yes
e-Signature service Yes
Finance amp (reversed) factoring services
Yes ndash offered through a CloudTrade partner
(Dynamic) discounting Yes ndash offered through a CloudTrade partner
Which standards do you support All current major e-invoicing e-billing and payment standards
Conversion from or into various XML formats (mapping)
Yes
Content validation of incoming invoice data
Yes ndash each document is validated against a set of document and customer specific validations
Facilitate customer onboarding Yes ndash due to the ease by which suppliers are able to adopt CloudTradersquos e-invoicing service typically more than 90 of suppliers that we are asked to on-board will come on board
Other services The core technology underpinning CloudTradersquos service is document agnostic We can (and do) provide e-document services across numerous sectors and document flows
Comarch is a global provider of IT solutions Comarch has more than 20 years of industry experience thousands successfully completed projects in over 40 countries worldwide references own RampD department made up of high-end IT engineers high ranking IT analyst ratings Gartner IDC Truffle 100 custom data centers in Poland and Germany
Website wwwcomarchcom wwwedicomarchcom
Service provider type Software vendor e-invoicing provider
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Licensed SaaS transaction-based
Solution description Comarch EDI provides the companies with smart solution enabling exchange of validated and tax compliant invoices in the format adjusted to back office systems It provides electronic archive and electronic signature as well as Service Desk in 12 languages (including English German French Turkish Russian) to guarantee onboarding of each partner
Services which of the following services do you offer
The most experienced team in the e-billing and payment industry ebpSource delivers software solutions consultancy and support to billers banks payment processors and outsourcers ebpSource brings unparalleled knowledge and a highly successful track-record designing developing deploying integrating and supporting many of the largest and highest-adoption services of this kind worldwide
Website wwwebpsourcecom
Service provider type Software vendor and reseller ndash e-billing e-invoicing e-signing mobile payment supply chain finance and authentication specialists Large-scale projects at a national and international level Ongoing support and specialist consultancy
Head office location United Kingdom
In which market do you provide your services
Globally
Contact details Steve Wright Commercial Director swrightebpsourcecom +44 1753 567896
Which side in the supply chain is your primary target group
Both suppliers and buyers
B2B B2C andor B2G (Government)
B2B B2C B2G
Target customer Corporates
Are you specialized in a certain industry
Cross-industry with specific specialisations in national e-bill consolidation bank-based e-invoicing and payment telecoms and utility e-billing e-signing and smart authentication
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
ebpSource has a wealth of experience in connecting e-billing and payment infrastructures at a national and regional level
Which pricing model do you mainly use
License subscription transaction-based
Solution description ebpSource provides a range of software consultancy and support services to help clients achieve new levels of operational efficiency customer service and cost reduction The team works closely with clients to design develop deploy integrate and support end customer applications Our key focus is long-term strategic partnerships with customers
Services which of the following services do you offer
Order2Cash is a pioneering provider of global order to cash optimisation services Cited by Gartner as a pure-play Order2Cash solution provider our services empower the work of Fortune 500 companies and leading enterprises around the world helping them to reduce costs and optimise spending on resources and technology Discover more at wwworder2cashcom Order2Cash is an Anachron company wwwanachroncom
Website
Service provider type
Head office location
In which market do you provide your services
Contact details
Active since
Keywords
wwworder2cashcomOrder2Cash provides flawless integration of the entire accounts receivable process across the enterprise and around the globe End-to-end global SaaS solutions including credit checks secure online contract signing multi-channel e-invoicing online payments credit management and document archiving
EMEA Head office Amsterdam the Netherlands US Head office NY USA
Yes we have interoperability agreements with an extensive range of B2BB2G e-invoicing networks and are a member of the European E-Invoicing Service Providers Association (EESPA)
Transaction-based pricing
Order2Cashcom offers a suite of SaaS solutions that combine to create a flawless integration of the entire accounts receivable process across the enterprise and around the globe Its modules support credit checks contracting e-invoicing payments and credit management Select components and tailor a solution to suit your business needs
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes Our solutions integrate with 700+ ERP systems for easy document exchange In addition we are connected with over 25 P2P platforms
Invoice presentment portal Yes
Legal compliance tools We work closely together with partners such as PwC and EY to ensure international TaxVAT compliancy
TAXVAT compliancy Global coverage
e-Signature service Every document is signed with an e-signature (QES or AES) to guarantee integrity and authenticity and to meet VAT requirements This can be completed with a timestamp
Finance amp (reversed) factoring services
Offered through partner network of financial institutions
e-Archiving Every document is securely archived complete legal storage period
Scanning of paper invoices Yes in cooperation with our network of output partners
Total invoice management 100 paper to electronic
Yes
Printing Yes in cooperation with our network of global output partners
Workflow functionality Yes
Direct integration with payments Yes
Accounts Payable management Available in cooperation with our network of output patners
Accounts Receivable management
Yes
Integration with ERPaccounting software
Yes We have established connections with over 700 ERP systems
Which standards do you support UNCEFACT CII ISO20022 Financial Invoice UBL 20 and others if required
Conversion from or into various XML formats (mapping)
Yes Any structured data can be converted to XML format
Content validation of incoming invoice data
Yes All data is validated and reported
Facilitate customer onboarding Yes Full support guidelines and advice is offered to all clients on customer activation
Other services Related to invoicing reporting query management customer grouping authorisation tools consolidated billing Alongside invoicing services your Order2Cash solution can expand to include online payment functionalities robust credit management and cash application tools as well as a secure online contract and document signing service Further details on the full platform can be found on our website
Connecting everyone everywhere
Flawless integration of the entire AR process across the enterprise
and around the globe
wwworder2cashcom
Fix Your Leaky Receivables Scan the QR code to claim your FREE Diagnostic Spreadsheet and measure the hidden costs in your accounts receivables processes
Saphety is a leading company in global network solutions for electronic documents exchange document presentment data synchronisation and public procurement Saphety has 4700 companies and over 129000 users throughout more than 30 countries
Website httpwwwsaphetycom
Service provider type E-invoicing service provider bank software vendor reseller or specialist
Head office location Portugal (headquarters in Lisbon and operational offices in Bogotaacute Colombia and Satildeo Paulo Brazil)
In which market do you provide your services
Global
Contact details infosaphetycom +351 210 114 640
Active since 2000
Keywords electronic documents exchange e-invoice invoice software paperless transactions EDI document presentment public procurement data synchronisation
Markets
Which side in the supply chain is your primary target group
Buyers suppliers both
B2B B2C andor B2G (Government)
B2B B2G
Target customer Micro SMEs SMEs corporates and government
Are you specialised in a certain industry
Automotive government healthcare retail utilities telecom tourism oil amp energy finance (bank and insurance) mass businesses and others
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Subscription transaction-based
Solution description SaphetyDoc enables you to exchange business documentation electronically including purchase orders delivery notes and invoices in a simple way at a low cost While complying with all legal requirements related to e-invoicing SaphetyDoc allows to completely eliminate the use of paper in the invoicing process from issuance to sending and approval
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes
Invoice presentment portal Yes
Legal compliance tools Yes
TAXVAT compliancy AU AT BE BG CA CY CZ DK EE FI FR DE GR HK HU IS IE IM IL IT LV LI LT LU MT MX MA NL NZ NO PL PT RO SG SK SI ZA ES SE CH GB US
e-Signature service Yes we provide e-Signature Service We can also use external e-Signature service if requested by client
Tungsten Corporation accelerates global trade by enabling customers to streamline invoice processing improve cash-flow management and make better buying decisions Tungsten Network helps buying organisations reduce their invoice-processing costs by 60 and profit by applying real-time spend analytics to their line-level invoice data Suppliers gain efficiencies greater payment-status visibility and optional early payment
Website wwwtungsten-networkcom
Service provider type Global e-invoicing network invoice finance and spend analytics
Head office location London UK
In which market do you provide your services
Globally
Contact details Mr Ruud van Hilten SVP Global Buyer Sales ruudvanhiltentungsten-networkcom +44 87 0165 7420
Active since 2000
Keywords electronic invoicing accounts payable procurement supplier network purchase to pay invoice finance spend analytics AP workflow
Markets
Which side in the supply chain is your primary target group
Generic (no specific industry) E-invoicing is a horizontal process
Proposition
Which processes in the supply chain do you facilitate
Invoicing purchase to pay working capital financing purchasing orders supplier self-service real-time spend analytics
Support interoperability with other service providers
Yes We interoperate with compliant service providers where there is customer demand qualifying invoice volume and compliance is maintained
Which pricing model do you mainly use
Balanced-costs are shared by buyers and suppliers Low volume suppliers receive 52 free invoices annually and high volume suppliers receive 520 free invoices annually After these free invoice transactions have been used a flat fee structure is applied per invoice transaction
Solution description The worldrsquos largest organisations connect with thousands of suppliers around the globe through Tungsten Network We enable companies to send and receive error-free tax-compliant invoices around the globe without the need to install any hardware or software We provide a unique supplier engagement and onboarding programme to ensure that suppliers participate and transact with their buyers
Services which of the following services do you offer
Purchase Order Flip Yes We can take POs from all sources in a buyerrsquos structure and present these to the supply chain Suppliers can convert POs directly into invoices on our portal
Matching of related transactions Yes We match invoices with POs online-level if required
Distribution of e-invoices Yes We enable companies to send and receive compliant B2B invoices
Invoice presentment portal Yes Suppliers can use our portal to manually enter their invoice data convert a PO check the status of their invoices and select early payment
Legal compliance tools Yes Our rules engine enables companies to receive compliant invoices in all the jurisdictions we are compliant in
TAXVAT compliancy Yes We work with local tax authorities to enable companies to send and receive compliant invoices We are currently compliant in 47 countries with a pipeline of new countries in progress
e-Signature service Yes All compliant invoices are digitally signed where required by local regulations We provide at-source signature verification
Finance amp (reversed) factoring services
Yes Invoice financing is a service we offer through Tungsten Network Finance This can be funded by Tungstenrsquos own financing partners the buyer or the buyerrsquos banking partners
(Dynamic) discounting Yes We offer this service on a case-by-case basis via Tungsten Network
e-Archiving Yes We provide legally compliant archiving
Scanning of paper invoices Yes As a component of a structured e-invoicing programme
Total invoice management 100 paper to electronic
Yes As a component of a structured e-invoicing programme
Printing Yes We can arrange this service through a partner
Workflow functionality Yes We can arrange this service through a partner
Direct integration with payments Yes Tungsten Bank has access to all relevant payment systems
Accounts Payable management No We partner with the worldrsquos largest BPO providers
Accounts Receivable management
No We partner with the worldrsquos largest BPO providers
Integration with ERPaccounting software
Yes We fully integrate with any ERP financial software
Which standards do you support Yes We support all structured file formats and most data standards
Conversion from or into various XML formats (mapping)
Yes We support all structured file formats and most data standards
Content validation of incoming invoice data
Yes We use extensive and flexible rule-sets to ensure compliance with our buyersrsquo business processes
Facilitate customer onboarding Yes We provide a unique supplier engagement and onboarding programme and can contractually guarantee paper conversion rates in best practice projects
Other services Purchase order services invoice status service spend analytics supply chain finance
Editorrsquos LetterFour Trends in B2B Payments and Financing Innovation | Mirela Amariei Senior Editor The Paypers
Thought Leadership
B2B paymentsExclusive interview with Andrew P Reid | Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking Deutsche BankBlockchain in B2B Payments | Enrico Camerinelli Senior Analyst Aite GroupThe Emerging Internet of Payments | Roger Bass Founder CEO and Principal Traxiant
BlockchainB2B Blockchain-based Payments Can it Beat the Banks | Kris Wielens Senior Consultant Orchard FinanceThe Three-Phased Transformation of Supply Chain Finance with Blockchain Technology | Gys Hough Consultant Innopay
Innovation in payments amp bankingExclusive interview with Wim Raymaekers | Head of Banking Market SWIFTExclusive interview with Markus Strauszligfeld | Head of International Cash Management Sales UniCreditMaking One-Click Finance Possible ndash Who Are the Relevant Stakeholders and How They Should Work Together | Susie West CEO and Founder sharedserviceslinkExclusive interview with Marten Nelson | VP Marketing TokenThe Future of Banking Innovation and the Fintech Startups Journey | Falguni Desai Founder amp Managing Director Future Asia Ventures
The power of data amp traceability Track and Trace of Invoices for Working Capital Optimisation | Prof Dr Michael Henke Director Enterprise Logistics Fraunhofer InstituteTurning Financial Messaging Data into Business Profit ndash The New Challenge for Financial Institutions | Andreacute Casterman Chief Marketing Officer INTIX
Commercial paymentsGaining Management Support for Your P-Card Programme | Terri Brustad Manager of Content Services NAPCPCommercial Payments under the Scrutiny of New Technology | Chris Holmes Senior Vice President KAE
Trade amp finance Financing International Supply Chains An Idea Whose Time Has Come | Alexander R Malaket Deputy Head of the Executive Committee ICC Banking CommissionImproving Access to Finance for SMEs with the Open RFI Project | Matthijs van Bergen Researcher SCF Windesheim amp Steven van der Hooft CEO Capital ChainsIf Supply Chain Finance is Supplier-Centric Financial Supply Chain is Customer-Centric | Magnus Lind Co-Founder The Talent ShowSupply Chain Finance Time for SMEs to Take Position | Anita Gerrits Supply Chain Finance Specialist
E-invoicingCross-border Invoicing ndash The Real Challenge for Multinational Projects | Bartłomiej Woacutejtowicz Product DevelopmentManager Comarch EDIWhy lsquoOpenness Should Be The 1 Selection Criteria for Any E-invoicing RFP Process | Jaap Jan Project ManagerSimplerinvoicing
Regulation amp lawPSD2 XS2A ndash a Step Towards Open Banking | Brendan Jones Evolution Payments ConsultingLate Payment ndash A Perspective | Matthew Davies Director of Policy and Communications Asset Based Finance AssociationThe Directive 201455EU for E-invoicing and Procurement How Public Authorities Should Respond | Charles Bryant Secretary General EESPARegulation and Growth in Alternative Finance ndash A Contradiction in the Making | Tony Duggan Founder and Director IAAF
In total nearly GBP 149 billion was lent to SMEs in the UK
(a 99 year-on-year growth rate and 194 average growth rate
between 2013 and 2015)
Interestingly enough innovative corporate partnerships are
being forged between alternative finance platforms with the likes
of Virgin Amazon Uber Sage and KPMG This has certainly
pushed boundaries ndash merging the traditional corporate world
with the disruptive models of alternative finance
Invoice trading the second highest model continues to be a
popular financing tool for small and medium-sized enterprises
wanting to trade their invoices or receivables at a discount
in exchange for the speedy procurement of working capital
However while the GBP 270 million market size in 2014 grew by
178 compared to 2013 growth from 2014 ndash 2015 was more
modest with a 20 growth rate to GBP 325 million
Zooming in on the strategies banks (and alternative finance
providers for that matter) use to better position themselves we
identify a lot of partnerships Banks teaming up with online lenders
This is a different dynamic ndash instead of trying to displace banks
online lenders decided to strike partnerships For instance On
Deck teamed up with JP Morgan Chase and said it will help speed
up the process of offering small business loans to the banks 4
million customers Lending Club another online lender tied-up
with Citi Moven partnered marketplace lender CommonBond
In a game of tongue twisters American Banker said that fintechs
team up to become more like a bank I would argue that banks
team up with fintechs to become more like a fintech
Also another question arises what if a corporate want to expand
into more countries That may mean to establish a physical
presence in each location that is relevant to their client Could
banks satisfy that need too
The industry is dynamic and some companies leapfrogged some
steps but although the developments are innovative and exciting
the road ahead is paved with many bumps
About Mirela Amariei Crafting large-scale industry reports carrying out interviews and writing about innovation in payments and fintech are Mirelarsquos daily treats As the Senior Editor at The Paypers she speaks frequently with key thoughts leaders to identify trends and trendsetters She can be reached at mirelathepayperscom and via Linkedin wwwlinkedincominamarieim
About The Paypers The Paypers is the leading source of news and intelligence for professionals in the payment community worldwide Our products are aimed at merchants payment services providers processors financial institutions start-ups technology vendors and payment professionals and have a special focus on all major trends and developments in payments-related industries including online and mobile payments and banking ecommerce e-invoicing supply chain finance web fraud amp security and many others
B2B payment innovation the beginning of exciting times
Deutsche Bank
Why should banks and corporates invest in real-time payments For corporates the benefits stem from the capability for executing
time-sensitive transactions ndash such as High-Value critical vendor
or MampA-related payments ndash while receiving close-to-immediate
proof of execution instead of waiting for the specific entry to be
documented by standard intraday reporting
For banks to serve client needs they need to be involved in these
developments which is why Deutsche Bank and others are helping
develop a Pan-European Instant Payment Solution For large
banks involvement in establishing such future paymentcollection
platforms is a revenue loss avoidance tactic rather than a
profit creation one as they will otherwise lose market share to
disruptors And while urgent payments can currently be more
expensive there may be a regulatory push for banks to provide
real-time payments with no extra charges in the near future
What are the benefits and challenges of implementing pay-on-behalf-ofcollect-on-behalf-of structuresPOBOCOBO structures help corporates consolidate cash
flows and rationalise account structures as well as increasing
purchasing power when negotiating cash management terms
with banks POBOCOBO simplifies liquidity management as
cash is centralised through domestic and cross-border cash
concentration It also allows for streamlined cash management
activities across subsidiaries as payments and receivables
are bundled in one place (such as a Shared Service Centre)
for execution out of the central account Improving cash and
liquidity management in these ways reduces credit need and the
operational burden on subsidiaries
Deutsche Bankrsquos experience and feasibility studies on POBO
COBO in Europe over the past four years have shown four kinds
of challenges market-specific practices and legal tax and
operational considerations In addition POBOCOBO structures
differ in the status of the underlying account For POBO the
ordering account can be a normal operating account in most
jurisdictions but since funds collected within COBO structures
often relate to different legal entities the underlying account is
often considered a trust account This has further implications
For instance depending on regional Anti-Money Laundering laws
an account can contain either own funds of the account holder
or funds that belong to third parties (trust accounts) ndash not both
That in turn may require corporates to separate some incoming
transaction flows from the entities flowsrsquo part of the on-behalf-of
structure
What main friction points in B2B cross-border payments will disappear in the next five yearsDevelopments driven by regulatory change or facilitated by
technology and solution-based improvements will ultimately
allow for more frictionless and cost-effective transaction
processing For example the Payment Services Directive (to be
updated soon by PSD-2) affected cut-off times and value-dating
habits and a shift will likely take place in this area to align cross-
border payments in different currencies with the same value-
dating as SEPA payments
Similarly currency payments will likely become easier thanks
to automated conversion services such as Deutsche Bankrsquos
FX4Cash which offers client ease-of-use real-time FX rates
and enhanced transaction data And solutions such as Virtual
Accounts will improve reconciliation and accounting (through the
rationalisation of physical bank accounts across a region)
Retail banking has experienced futuristic leaps in the payments space ndash now is the time for the same level of transformation and convenience in the B2B space
The industry is poised to apply such innovation to the B2B space ndash but only through collaboration will this be possible
What bank-core competencies foster innovation and growth through fintech partnerships in the B2B payments space We have witnessed the effects of the first wave of digitalisation
on daily activities particularly through smart devices and apps
Peer-to-peer and C2B processes have already experienced
radical transformation and the industry is poised to apply such
innovation to the B2B space ndash but only through collaboration
between incumbents and new players will this be possible
Fintechs have the technical skills and understanding of consumer
behaviour fail-friendly mindset and regulatory freedom to be
innovative ndash but in an increasingly competitive landscape that
will see market consolidation over coming years they need more
than that to survive Banks conversely experience internal and
external obstacles to innovating independently including legacy
systems internal siloes a cautious culture and tighter regulatory
restrictions But by offering the strength of their established
reputation global infrastructure existing client-base and expertise
regarding risk regulation and treasury needs banks can support
fintech growth bring new products to market through such
strategic alliances and successfully scale-up new offerings
What are the Bankrsquos plans for blockchainDistributed Ledger Technology is not new but interest around its
potential applications is rising and opportunities for blockchain
ndash from fraud prevention and risk reduction to quicker and more
transparent payment flows ndash cannot be ignored We are at the
beginning of the blockchain journey and the ways it will change
business models processes and ecosystems are yet to be
seen but we predict immense potential up and down the value-
chain Participants ndash for example it was one of the first banks to
test smart contracts for corporate bonds which was conducted
in-house in collaboration with the DB Labs Deutsche Bank
recently opened innovation labs in London and Berlin with a third
just opened in Silicon Valley which will help the Bank best utilise
new technologies and deepen relationships with start-ups In a
decade there will be myriad different blockchain technologies and
interoperability will be crucial The Bank is an initial driving member
of blockchain consortium R3 CEV and participated in trials of five
distinct blockchain technologies with other member banks
About Andrew Reid Appointed to his current role in 2013 Andrew has been with the Bank for 17 years within corporate cash management and trade finance Andrew supports and advises clients in adapting to the new regulatory environment and optimising their treasury operations
About Deutsche Bank Deutsche Bank provides commercial and investment banking retai l banking transaction banking and asset and wealth management products and services to corporations governments institutional investors businesses and private individuals Deutsche Bank is Germanyrsquos leading bank with a strong position in Europe and a significant presence in the Americas and Asia Pacific
gtbdbcom
Andrew P Reid
Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking
When paying the supplier the buyer issues a payment
instruction from its accounts payable to the bank This initiates
the transfer of title of currency and a time-stamp makes the
transaction irrevocable The intermediary bank may enjoy
blockchainrsquos irrevocability and title transfer to secure the
uniqueness and traceability of the transactions underpinning
the cash transfer The distributed nature of the blockchain
ledger avoids any delayed centralized control of AML screening
checking of availability of funds and clearing billing and
reporting activities All executed operations are validated within
The ledger offers the extra capability to the bank to swiftly handle
format translations from the clientrsquos accounting system A smart
contract on the blockchain provides the bank with the capability
to charge transparent and auditable service fees
The distributed ledger operates as the connectivity software
that the clearing network provides to all trading parties and
intermediaries The network is also capable of offering time-
stamping services as well as detect transactions that may trigger
the execution of smart contract applications Format translations
can be easily offered as a value added service
The beneficiary bank receives notice of an irrevocable transfer of
cash title that the distributed ledger renders valid and immediately
executable The ledger also streamlines all necessary account
management verifications to validate the payment data The sellerrsquos
account is immediately credited and all subsequent regulatory
and accounting reporting is made auditable and irrevocable
Bank services can be charged via smart contract applications
agreed between the parties The blockchain enables the seller-
ie the B2B payment receiving party- to update the accounts
receivable database with a payment confirmation that becomes
an auditable transaction
Blockchain is certainly not the panacea for all problems but the
frequency of applied features to the B2B payment processes
tells however that all parties involved could strongly benefit
from this technology without the need for anyone to be removed
About Enrico Camerinelli Enrico Camerinelli is a senior analyst at Aite Group specializing in wholesale banking cash and trade finance and payments He brings a strong European focus to Aite Grouprsquos Wholesale Banking practice Mr Camerinelli has been widely quoted by publications ranging from American Banker to the Financial Times
About Aite Group Aite Group is an independent research and advisory firm focused on business technology and regulatory issues and their impact on the financial services industry With expertise in banking payments wealth management capital markets and insurance Aite Groups analysts work with clients as partner advisor and catalyst
No discussion of B2B payments futures would be complete
without touching on the blockchain Such solutions seem likely
to play an important role How the various ldquonot-Bitcoinsrdquo with
their technical and regulatory benefits will fare against Bitcoin
itself remains unclear Standards such as the ldquoInterledger
Protocolrdquo could play a role perhaps enabling an ldquoInternet of
Valuerdquo layer for the IoP That said in global B2B payments
the ldquochicken-and-eggrdquo challenges that are inherent in any
new network technology clearly exist Blockchain adoption as
a purely ldquoback officerdquo or inter-bank technology seems likely
to happen first within narrowly-defined early use cases and
communities Adding value to pre-existing end-user (buyer-
seller) interactions like Skype did may be one plausible early
adoption scenario ldquoPiggy-backingrdquo on another network layer or
use case like Paypalrsquos initial use for eBay payments is another
way to think about this Combining all of these may work best
end user demand can be effective in driving adoption by solution
providers notably banks in this case
An Internet of Payments as it emerges will reshape the B2B
payments industry and much more besides It will likely develop
quite suddenly as a mass phenomenon much like the Internet in
the mid-nineties It will create winners and losers Those who move
early to test learn and shape the emerging Internet of Payments
ecosystem and framework will be best positioned to win
About Roger Bass Roger Bass is Founder CEO and Principal of Traxiant Previously with Intuit for eleven years he recently led a Network Payments initiative Other instrumental roles included the launch of Intuitrsquos European operations first online banking solution SMB Internet group and the QuickBooks platform Reach out via rogertraxiantcom
About Traxiant Traxiant provides software and consulting solutions to help financial and technology providers grow their B2B Payments and Financing solutions and profit from the Internet of Payments Solutions and areas of expertise include card e-payables global payments receivables financing and supplier networks
bull Various parties in a supply chain can all be paid when the end
consumer purchases the product For example a consumer
buys a song online At the moment of purchase the amount
paid is distributed amongst the band the producer the studio
and the record label All parties are rewarded based on their
added value
Blockchain-based payments open up many possibilities
Not only is it possible to trade easier and cheaper but also
payments can be made smarter Banks are particularly interested
in this new technology and are closely investigating the potential
it may offer to them It is exciting times for banks and payment
institutions as with blockchain the real disruption is knocking
on the door The disruption here is not that things are done a
bit smarter more efficient or faster The disruption in payments
is that there is technology available that makes banks PSPs
credit card companies redundant Cutting out these middlemen
by making use of technology that provides the same trust and
robustness (or perhaps even more) will increase the speed of
payments increase the possibility to trade with each other while
significantly reducing costs
About Kris Wielens Kris Wielens is Senior Consultant with Orchard Finance He has more than a decade experience is (corporate) payments with various fims He has been active as Head of Strategic Partnerships EMEA Business Development Manager Sales Manager and Credit Analyst
About Orchard Finance Orchard Finance is a leading independent consultancy and staffing company specialized in the areas of Finance and Treasury Tailoring to our clients we offer advisory services project management and staff ing support Our professionals have a long standing reputation based on operational and project experience in banking corporate finance and treasury management amp control
Phase 3 Automatable transactional network (5-7 years)As soon as the SCF community gains communal understanding
of blockchain as a transactional network then the next natural
line of inquiry could be the nature of transaction initiation During
this inquiry the following components of blockchain technology
will be discovered and the third phase might commence
bull Multi-signature capability ndash a means of separate entities to
safely and securely state whether an event took place or not
bull Smart contracts ndash agreements that automatically execute the
change of ownership of funds or goods based on whether an
event took place or not
bull Cryptocurrencies ndash a set of tokens of a variable but crypto-
graphi cally verifiable amount which is used for efficient value
transfers
By means of combining multi-signature and smart contracts with
existing e-mandates or cryptocurrencies the automatic payment
of invoice amounts or other types of collateral could be initiated
and executed instantaneously and automatically This will open
the path towards an international SCF network that automatically
creates investment grade financial instruments as a seamless
part of the supply chain process
ConclusionAlthough history shows us that we can only have so much
foresight we see a clear match between the features of blockchain
concepts and SCF we believe that at some point blockchain will
be a prominent part of SCF The speed at which SCF will evolve
and innovate will depend on the creativity of its stakeholders
and how fast the common understanding on how to use the
technology will develop Seeing that blockchain technology has
something compelling to offer at each phase of understanding we
see rapid developments taking place sooner than later
About Gys Hough Gys Hough follows the develop-ment of blockchain concepts since 2012 and was involved in shaping several business ideas based on blockchain concepts in the field He is also involved in the facilitation of various discussions surrounding blockchain applications in the financial industry
About Innopay Innopay is an independent consulting company specialised in online payments digital identity and e-business We help our clients including financial institutions governments and corporates to develop the compelling strategies and digital services for consumers and companies that are key for successful competition in a rapidly digitising world
Launched in December 2015 to much anticipation in the industry
the initiative has received strong backing with more than 50
leading banks already signed up The Paypers spoke to Wim
Raymaekers SWIFTrsquos Head of Banking Market and programme
manager of the global payments innovation initiative to find out
more about this exciting move
We often hear that B2B payments are opaque complex and risky Why do you think that is and where do you think that improvements can be madeYes currently when a corporate treasurer sends a request
for a cross-border transaction to his bank he typically has no
sight on what actually happens with that demand They often
liken this to a lsquoblack holersquo saying they have no view on when
payments occur or their final costs This can lead to problems
with suppliers or end-customers not to mention increasing
financial risks resulting from payment delays or non-compliance
with regulatory requirements
I think improvements can be made in three main areas firstly
the speed of payments corporates want fastest payments so
banks need to be able to guarantee that they are made within
certain timeframe Secondly corporates want to know the
exact payment amount that will reach their counterparty ndash here
banks need to provide transparency on the fees involved and
the amount credited to the creditor And thirdly they want to
be able to track payments banks need to let corporates know
when payments have been initiated and credited to the creditors
account to avoid delays in the supply chain or frictions between
supplier and seller
What are the opportunities for a corporate to leap forward through the use of the cross-border payment industryCorporates are not in the business of payments they just want
to buy and sell Yet they do have to manage their treasury to
make those payments ndash so a better faster more transparent
payment solution is important to them On top of that having
a good payment infrastructure benefits your supply chain
Because if the money does not get to the supplier in time the
credit line will go up causing delays on all fronts So the better
your payment infrastructure is the stronger and more reliable
your supply chain is
Designed for the corporate treasurer SWIFTrsquos global payments innovation initiative offers an ambitious roadmap for reinventing the correspondent banking model as we know it today With ever increasing competition from new entrants offering same-day or even real-time payment facilities SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
Correspondent banking rejuvenated
SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
What can you tell us about the global payments innovation initiative (gpii) and what are SWIFTrsquos plans in regard to this initiativeAs part of the initiative SWIFT is working in close collaboration
with the largest transactions banks in the world to enhance
their corporate customersrsquo cross-border payment experience
Together we will strive to provide a faster service with upfront
clarity on costs confirmation of delivery and richer remittance
information data
We are now working together with the banks to commonly
agree service level agreements (SLAs) to which all the initiative
member banks must comply The new service will be designed
to address end-customer needs without compromising banks
abilities to meet their compliance obligations market credit and
liquidity risk requirements
What is the role of blockchain in this initiativeSWIFT is devoting significant resources to instigate the
opportunities and challenges of deploying blockchain and
distributed ledger technologies more broadly on our platform
While the initiative aims to first make improvements based on the
existing infrastructures in parallel we are building a gpii vision
for cross-border payments This will set out how we will adopt
new technologies in order to ensure corporate customers receive
the best possible payments experience in the near future
Wim Raymaekers
Head of Banking MarketSWIFT
About Wim Raymaekers Wim Raymaekers leads SWIFTrsquos banking initiatives worldwide and is responsible for developing and driving value propositions across the banking community In this capacity Wimrsquos mission is to help banks grow their business particularly in view of changing customer and market requirements
About SWIFT SWIFT is a global member-owned cooperative and the worldrsquos leading provider of secure financial messaging services We provide our community with a platform for messaging and standards for communicating and we offer products and services to facilitate access and integration identification analysis and financial crime compliance
Which are UniCreditrsquos strategies to remain competitive in the B2B cross-border payments spaceUniCredit is taking a number of steps to ensure that it offers a highly
competitive portfolio of payments services including a number of
tools for simplifying cross-border transactions
In particular UniCredit has invested considerably in the
Bank Payment Obligation (BPO) ndash a settlement tool which
enables firms to execute secure transactions mediated by
partner banks through a quick and efficient digital process
When carried out properly BPOs combine the risk mitigation and
financing advantages of Letters of Credit (LCs) with the digital
speed of open account settlement This makes them particularly
advantageous for cross-border transactions ndash especially with
unfamiliar counterparties or those concentrated in a particular
region or industry Thanks to bank mediation the risk of non-
payment in such cases is drastically reduced ndash allowing firms
to take on more business and sell their receivables more easily
UniCredit has worked hard to bring these benefits to clients in
the most efficient and convenient format possible ndash offering vast
improvements on LC processing times which are only set to
increase once the process is fully digitalized This principle of
fully digitalized processes is also reflected in UniCreditrsquos virtual
accounts services which enable clients to consolidate their
bank accounts in a given currency into a single ldquoparentrdquo account
This can then be divided internally into as many ldquovirtualrdquo
accounts as required ndash with each account given its own allocated
funds account number and permissions Already available
for affiliatesrsquo incoming and outgoing transactions in nearly 50
countries including the SEPA zone and six CEE markets this
system generates huge benefits to efficiency scalability and
transparency ndash eliminating the need for cash pooling expediting
the process of opening and closing accounts and providing a
comprehensive overview of cash flows without sacrificing detail
Going forward UniCredit intends to remain at the cutting edge
of B2B cross-border payments with new initiatives such as the
integration of big-data analytics into existing payments services
ndash offering clients insights based on payments data and other
relevant information
With increased customer demand to install real-time payment infrastructures what trends do you see happening right nowThe demand for instant payments is part of a wider trend towards
greater speed and efficiency in the industry This is particularly
notable in ecommerce where firms are looking to provide
increasingly rapid delivery services ndash with next-day and even
same-day delivery now possible The use of digital technology to
expedite routine processes is becoming more and more prevalent
with clients increasingly basing their expectations on their
experiences in the retail sector UniCredit is keen to play its part
in this development and is already implementing real-time rates
for instant payments ndash including for cross-border transactions ndash
ahead of the November 2017 implementation date
How has UniCredit adapted to the digitalisation of the transaction banking industryUniCredit has established itself as a frontrunner in the
development of key advances such as the BPO and virtual
accounts and continues to search for new and innovative ways
to leverage technology for the benefit of its clients To this end
it has taken a number of steps to ensure continued innovation
ndash with product development teams harnessing the expertise of
traditional banking experts and technology specialists along
with a wide range of external perspectives
This has already seen blockchain technology become a reality
for custody services clients while virtual accounts technology
is being supplemented by CAMT messages ndash enhancing
standardisation even beyond the SEPA zone with automated
reconciliation between banks and corporates
The field of payments is undergoing a period of transformation as digitalisation paves the way for greater speed and efficiency
UniCredit has also adopted a more holistic client interface
including its IT solutions provider in client meetings This enables
UniCredit to adapt its solutions to clientsrsquo individual technological
requirements rather than expecting them to adapt to accommo-
date the solution
How do you support your CEE-based clients in their efforts to optimise working capitalUniCredit offers its CEE-based clients a full range of support for
their working capital optimisation programmes ndash having been the
first in Russia Bulgaria and Croatia to offer classic services such
as cross-border cash pooling UniCredit also offers unrivalled
BPO coverage with the instrument already available in Bulgaria
and Romania In terms of approach we encourage firms to avoid
the lsquosilorsquo mindset of asking how they can benefit from individual
tools such as receivables finance or approved payables finance
ndash instead promoting a focus on overarching short- mid- and
long-term goals Mostly it turns out that short-term liquidity
generation is not corporatesrsquo main concern ndash especially given the
abundance of liquidity in todayrsquos market Other factors however
such as risk mitigation supply-chain stability and balance-sheet
optimisation almost always figure in their plans ndash demanding
a holistic programme for working capital optimisation This of
course also means being prepared for the eventuality of liquidity
suddenly or gradually drying up
In the face of fintech disruption which areas can banks capitalise onFintech companies certainly bring new impulses to the transaction
banking sector but banks almost always excel by capitalising
on their existing strengths ndash drawing on their holistic financial
expertise and their status as trusted and highly regulated
partners to corporate clients These strengths can to a certain
extent be amplified through digitalisation within banks ndash
translating greater efficiency into greater convenience for clients
Even more promising however is the potential for co-operation
between banks and specialist technology companies with banks
combining their core strengths and broad client base with fintech
independence and nimbleness to create the ideal conditions for
innovation
About Markus Strauszligfeld Since 2005 Markus Strauszligfeld has been Head of International Cash Management Sales at UniCredit responsible for cash management and eBanking sales to large and multi-national organisations in Europe the US and Asia
About UniCredit UniCredit is a bank with a substantial footprint in Europe and an extensive international network of branches representative offices and correspondent banks ndash enabling it to follow its clients wherever they go Its payments services come under the Global Transaction Banking (GTB) unit
wwwgtbunicrediteu
Markus Strauszligfeld
Head of International Cash Management SalesUniCredit
C-SuiteThe CFO needs to back your project and this support must
be visible It is important to educate them on the SFP early by
presenting them with relevant case studies you have gathered
and the possible business case
C-Suite contributionThey will need your direction but the CFO and CPO will add
panache to your SFP The lsquosignaturersquo on the comms piece sent to
suppliers should be theirs If any buyer in the business becomes
concerned about this programme the C-Suite needs to have
a response at hand To realise the significant savings that can
come from your SFP your C-Suite must be ready to provide the
required PR
SuppliersBuyers rarely push back against SFPs because a) itrsquos optional
for suppliers and b) itrsquos attractive for suppliers However getting
the suppliers to engage is instrumental and makes the supplier
a key stakeholder
Supplier contributionSuccess Without their participation your business case is a flop
So make sure they understand what the SFP is whatrsquos in it for
them what they need to do who they can reach out to with
questions or concerns and that participation in SFP inevitably
qualifies them as a preferred supplier
ConclusionGet the first five stakeholders onboard early at concept stage
so they feel supportive of the SFPrsquos direction and purpose and
ask them how involved they would like to be given their role
About Susie West Susie West is the CEO and Founder at sharedserviceslink and proudly labels herself as a shared services geek She has been in the shared services industry since 1998 In 2007 she set up sharedserviceslink a leading global business community for professionals looking to improve performance in shared services Her central aim is to help individuals companies and the market mature through the sharing and consumption of (mostly peer generated) best practice information
About sharedserviceslink sharedserviceslink is a business community for professionals working in shared services sharederserviceslink is viewed as trusted advisors to this market because it offers exceptional content connection insight and overall value
About the companyToken provides digital payment solutions for banks and their clients to deliver instant end-to-end secure and frictionless payments worldwide The solution addresses the key concerns of PSD2 security disintermediation and lack of revenue
wwwtokenio
Marten Nelson
VP MarketingToken
Website wwwtokenioOffices location Redwood City California USAFounded in 2015Categories payments psd2 fintech
Token
The next generation of payments infrastructure will first of all help banks open up
What drives real-time payments infrastructure adoption in the US vs EUA number of valuable business cases drive the adoption of real-
time payments infrastructure Both consumers and businesses
expect funds to be instantly available during a payment
transaction 25 years ago the invention of the Worldwide Web
allowed us to share data instantly and globally Exchanging value
should be just as easy and fast as moving information but for
a number of reasons this hasnrsquot yet happened While there are
regional real-time payments solutions the US and many parts
of Europe are still lagging But there is hope ndash the Feds in the
US and the ECB have launched real-time payments initiatives
Why did Token choose to leverage the bankrsquos existing ledger instead of using blockchain The main reasons were that we found the bankrsquos ledger to
perform pretty well in most cases and to leverage existing
infrastructure typically reduces the complexity of deployment
and therefore cost It was simply a cost-benefit analysis
There are many interesting use cases for distributed ledgers
and for some of our functions and in some situations it makes
sense Thatrsquos why we designed the solution with distributed
ledgers being optional
What is the value proposition for European banks by integrating Token Token solves the main issues banks are facing in terms of
PSD2 security disintermediation and the economics First you
can think of Token as a PSD2 firewall that protects the bank
infrastructure from poorly behaving third parties Second Token
retains the bankrsquos customer experience even when accessed by
third parties Last we allow banks to offer value-added services
The Future of Banking Innovation and the Fintech Startups Journey
Future Asia Ventures
The financial services sector has become the poster child for
corporate innovation Over the last 5 years banks have been
investigating and experimenting with several new financial
technologies in the crowd funding trade processing lending
and wealth management areas These experiments have come
in different shapes and sizes Based on our research we know
21 banks that have launched accelerator programs around the
world Other banks have launched pre-accelerators incubators
and labs
As a research amp advisory firm we regularly speak with many
corporations startups and venture investors We are constantly
learning about the landscape Here are 5 perspectives we would
like to share
1 Fintech is old but the market conditions have never been betterMost experienced financial sector professionals understand that
this recent wave of fintech startups is just that ndash a wave Fintech
is a new term that captures a large category of existing and
growing technologies which involve transaction processing data
and record keeping Fintech companies have been innovating
since the 1950s The last 60 years produced ATMs credit cards
online banking and online stock investing to name only a few
Innovation in fintech is nothing new What is new is the explosion
of startups in the last six years There are now approximately
6000 fintech startups The playing field is crowded and thatrsquos
because the opportunity to innovate has never been greater
The combination of cheap capital a dry period in bank innovation
and a credit crisis followed by heavy regulation created the
right environment for startups to rise There has never been a
better time to be an entrepreneur
2 Regulation matters It might sound obvious but regulatory rules and compliance are
a very important part of the startup journey for fintech founders
This makes fintech different from other startup sectors
Founders in fintech are generally a decade or more experienced
than their peers Regulation is often an entry barrier because
you need to be licensed by regulatory bodies to do business in
each jurisdiction For startups that want to expand compliance
is mandatory and expensive The financial system for good
reason doesnrsquot tolerate risk As a result founders need to
cooperate with regulators budget for long waiting periods find
strategic partnerships that help their growth efforts and be in this
for the long haul Fintech is marathon not a sprint
3 Innovation canrsquot be measuredWhen speaking with innovation officers I am often asked
which program or format is the best People are looking for a
quantitative measure or a definitive leader among corporations
The truth is there is no one best model or best innovator
An innovation program should be designed around your
budget your timeline and the problem you are trying to solve
These factors are different for each company For some a
hackathon might be best while for others a robust corporate
ventures program might make more sense Available capital
decision-making dynamics and pain points vary per company
Each company has to do whatrsquos right for them However one
thing is certain ndash good innovation programs have a clearly
defined problem and success criteria Without a mandate you
are bound to go in circles
Number of Corporate Accelerators Launched Each Year Corporate accelerator launches have peaked So far in 2016 2 new accelerators have launched Going forward companies will design tailored open innovation programs and formats to engage and collaborate with startups
About Falguni Desai She is the Founder amp Managing Director of Future Asia Ventures and has over 18 years of corporate strategy innovation and MampA experience She has worked globally with business leaders at Fortune 500 firms in the financial media and technology sectors to foster growth amp expansion
About Future Asia Ventures Future Asia Ventures is an innovation advisory amp research firm Through our research and services we help new ventures grow and connect investors with innovative opportunities We serve private investors foundations and corporations around the world
wwwfutureasiaventurescom
Falguni Desai
Founder amp Managing DirectorFuture Asia Ventures
4 Innovation is inherently wastefulSeveral companies are still sitting on the sidelines While our
latest research has uncovered that 116 companies around the
world have set up corporate accelerators and several dozens
have launched incubators and labs the majority of large
companies are not engaged in this type of open innovation
They might be wondering whether an innovation program will
generate returns The answer is no not in the short term But in
the long run yes Innovation creates waste Companies wonrsquot
solve the problem on the first try Several partnerships and
investments will fail Incubated ideas may not scale and those
looking to try their hand at innovation should swallow this pill
and be prepared for failure To be good at innovation you need to
try things and then quickly stop them when they donrsquot work and
quickly try again
5 The endgame is collaboration not conflictI still see articles which predict a future without banks how
disruption will cause banks to fail and shut down The reality
is banks play a very important role in the lending infrastructure
of most modern economies Peeling back through fintech
history the innovations that survived and scaled were the
ones that worked with banks not against them In the 1990s
online stock brokers appeared on the scene Stock exchanges
and brokers didnrsquot disappear but they now operate differently
Today fintech marketplace lenders offer loans more efficiently
to retail customers The capital for these loans comes from
traditional banks and large asset managers Banks brokers and
asset managers wonrsquot disappear instead their processes and
the customer experience they offer will change dramatically The
moral here is that new fintech services will become part of the
overall financial infrastructure Fintech startups will eventually
grow into companies that are counterparties and partners to
banks not necessarily competitors Of course not all of them
will succeed but the future of banking will be formed through
collaboration
VISIT OUR ENHANCED ONLINE COMPANY PROFILES DATABASE
ALL COMPANY PROFILES IN THE B2B PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING MARKET GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
AND ADVANCED SEARCH FUNCTIONALITY
wwwe-invoicingthepayperscom
ALL COMPANY PROFILES IN THE B2B FINTECH PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
About Prof Dr Michael Henke Prof Dr Michael Henke completes the board of directors of Fraunhofer IML as new director of the section Enterprise Logistics and he also holds the chair of Enterprise Logistics at the faculty of Mechanical Engineering at TU Dortmund University His research focuses lie among others on the area of eg management of the Industry 40 purchasing and supply management supply chain risk management and financial supply chain management
About Fraunhofer Fraunhofer IML is said to be first address for all questions with respect to holistic logistics the employees work on all fields of internal and external logistics Made-to-measure arranged teams create cross-industry and customer-specific solutions in the area of materials handling warehouse management supply chain management simulation supported business and system planning and also traffic systems closed loop economy resources logistics building logistics and e-business
wwwimlfraunhoferde
Share this story
3 First steps were takenInnopay an e-business consultancy firm from the Netherlands
the Dutch factoring company lsquovoldaanrsquo and a client of voldaan
developed the SBRF Model in 2015 Within the scope of the
Workshops on Standardisation in SCF by the Supply Chain
Finance Community Innopay and the Fraunhofer Institute
of Material Flow and Logistics (IML) presented the SBRF
demonstration since November 2015
The ldquoProof of Conceptrdquo demonstrated the financier tracking the
status of an outstanding invoice electronically He gained insight
into the progress of the invoice and could assess the associated
risks
During the Workshop Series the model as well as development
improvement and extension potentials have been discussed
actively by the participants European experts on SCF and
e-invoicing Subjects to the discussions have also been technical
specifications and the integration with other solutions
4 More Proofs of ConceptIn the first half of 2016 the SBRF concept will extend to more
financiers sellers buyers and ERP solutions across Germany
and Italy at least The well-established network of the SCF
Community and its members will provide a basis for the
development and geographical extension
The practical integration with e-invoicing and SCF platforms and
the standardisation along the dimensions of Legal Operational
Functional and Technical dimensions will be investigated in detail
For Germany a planned SCF event at the House of Logistics
and Mobility (HOLM) in Frankfurt organised by the Fraunhofer
IML and Innopay makes an important contribution to the Proof
of Concept The event is scheduled for summer 2016 and will
include workshops on the SBRF Model Moreover further
aspects of SCF standardisation according to the SCF research
bull First and foremost they must elevate information to its deserved
status of strategic asset This will help ensure that data is
actively managed on enterprise level for its embedded value to
be realised
bull They also need to equip themselves with the right technology in
order to turn information to their advantage
However some barriers exist
bull Integration with legacy systems many legacy systems make it
difficult to extract data and may not be best suited for Big Data
technologies
bull Connecting data silos there is no uniform view of data and most
organisations have not integrated disparate data sources given
the complexity of the task
Data integration tools are becoming key to connecting various
data sources and data sets and delivering on the promise of
information or data management
FIs become master of your dataBy conquering Big Data challenges FIs will be able to draw a
competitive advantage through enhanced strategic decision-
making improved customer service and effective risk management
Information management technology and governance are
key to break down the organisational silos that typically exist
within financial institutions to provide a complete picture of an
institutionrsquos financial transactions and client information across
a myriad of sources Not only does this make it easy for FIs to
respond to the increasing requirements for compliance and
reporting it also provides the opportunity to turn such data into
valuable insights and information for the customersrsquo benefit
Information management tools will help financial institutions
address a series of strategic objectives including regulatory
readiness and responsiveness enhanced strategic decision-
making faster customer service effective risk management
In sum FIs that become master of their own data will benefit from
a competitive advantage which they will turn into business profit
About Andreacute Casterman Andreacute Casterman is Chief Marketing Officer at INTIX and a Member of the Banking ExCo of the ICC During the past 5 years Andreacute was SWIFTrsquos head of the corporate amp trade markets in charge of strategy governance and product initiatives Andreacute Casterman has two masterrsquos degrees from VUB and a masterrsquos degree from ICHEC
About INTIX INTIX helps financial institutions and corporates address financial data management challenges in four strategic areas regulatory compliance business intelligence customer services and risk management INTIX helps its clients retrieve consolidate and reconcile any type of financial messaging data and protects them from any IT complexity and obsolescence issues
Gaining Management Support for Your P-Card Programme
NAPCP
Achieving buy-in of the card programme especially by
management is a frequently cited challenge by the NAPCPs
audience The concern is justifiable Lack of buy-in can result
in never getting a programme implemented having a static card
programme or the elimination of the programme altogether
Whether you are considering implementing a new programme
or expanding the current one there are several questions to
address that can help in preparing your case to management
bull What are you seeking buy-in for and from whom Do you want
to ldquosellrdquo the existing P-Card programme to a new manager or
do you want to propose programme expansion
bull What is the rationale for your goal Management will only buy
into something that benefits the organisation and is supported
by facts including a cost justification
bull How does your goal support the goals of the organisation or
solve an organisational challenge Management decision-
making is driven by accountability for goals and the ability to
resolve issues
bull Are you aware of common objections to P-Card programmes
1 Data from the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation a report based on more than 3123 survey responses from end-user organisations
bull Who are the stakeholders There is nothing more defeating
than trying to move an idea or goal forward then learning that
someone with ldquoveto powerrdquo was left out of the discussions
inadvertently List who should be involved and why They might
provide good input in support of the card programme andor
express concerns such as the common objections listed above
The Business CaseThe next step is to create a solid business case based on the
answered questions above as well as other common business
case elements Include
bull statement of purpose (what you are seekingmdashyour goal)
bull where you are today (current metricsKey Performance Indicators
(KPIs) and how they compare to industry benchmarks) where
you want to be and ldquowhy nowrdquo
bull how your idea aligns with organisational goals
bull input from stakeholders plus common objections industry-wide
(if different from stakeholder input) address any concerns and
objections with facts
bull cost justifications to support the value proposition such as
anticipated andor actual process savings reductions in full-
time equivalents (FTEs) especially within the procurement and
or accounts payable departments and other hard- and soft-
dollar savings
bull implementation plan if applicable (eg for programme expansion)
Present cost saving benefits such as the cost of traditional
cheques versus P-Cards If your organisation has not completed
an internal process cost analysis use the NAPCP average
process costs shown below
1 As specified within the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation
2 Based on average monthly card spend of USD 1M and average transaction size of USD 559 per the results of a 2015 NAPCP poll
If expanding an existing programme it is important to consider
the value your card provider can add to this process They can
provide an analysis of your accounts payable vendor filemdash
identifying those vendors who accept card payments
Working with the ldquolow hanging fruitrdquo can help your organisation
reap immediate benefits The larger ticket transactions can be
moved to card-type payments as well with the most popular
being a virtual or electronic card payment method
Continue to Provide Results-Driven CommunicationIt is important to relay results and successes to management
Use the following keys to successful communication
bull Be brief by limiting communication to a one-page summary
Put conclusions firstmdashgive highlights up front and supporting
detail second
bull Title the document presentation or email subject line with a key
message (eg ldquoP-Card Program Saved USD 4M in 2015rdquo versus
ldquoP-Card Program Report Attachedrdquo)
bull Focus on the facts Show numbers as often as possible and
summarise whether the numbers meet fall below or exceed
expectations Then explain Verify numbers with other team
members to build a coalition of support and ensure that you
have the complete picture
bull Facts and figures must be formatted consistently from one
communication to the next allowing for easy comparison
bull In verbal and written discussion keep your presentation analytical
bull If asked by management to give results ldquoon the flyrdquo synthesise
the key points for management into three to four concise bullet
points Add recommendations or alternative courses of action
if you have time Stay ahead of management requests by
monitoring your KPIs frequently
bull Ask to be part of upcoming meetings and do not be afraid to be
proactive rather than reactive
What if They Say ldquoNordquoExplore what could change a ldquonordquo into a ldquoyesrdquo When you are
ready to address the issue again with new insight go back to
your stakeholders It is generally okay to respectfully disagree
with management but as noted earlier ensure you have the
supporting documentation to make your point Finally know when
it is time to move on However moving on does not mean giving
up on the programme altogether It is still prudent to share the
status of the programme
About Terri Brustad Terri Brustad CPCP is the NAPCP Manager of Content Services Her previous experience includes 10 years in the Commercial Card industry mainly in the role of a public-sector P-Card Administrator Terri achieved the Certified Purchasing Card Professional (CPCP) credential in 2009
About NAPCP The NAPCP is a membership-based professional association committed to advancing Commercial Card and Payment professionals and industry practices worldwide The NAPCP is a respected voice in the industry serving as an impartial resource for members at all experience levels in the public and private sectors The 2016 NAPCP European Conference will be held in London on 23 June 2016
Virtual cards hold the potential to disrupt the commercial
payments space on two fronts
1) Physical cards are likely to disappear
2) These solutions hold the potential to drive a step change in card
adoption and usage levels
The challenge for the industry is clearly communicating and
providing compelling evidence of the benefits that virtual cards
offer and ensuring sales teams are trained to sell the solutions
over and above traditional ones eg corporate cards To help
unlock the opportunities in underpenetrated industries such as
telco construction and healthcare etc issuers must develop
tailored solutions to cater for any idiosyncrasies and overcome
the card acceptance challenge
The FutureTechnology holds the key to disrupting commercial payments
and the growing FinTech movement will support this Traditional
commercial payment providers will look towards and work more
closely with FinTechrsquos as an alternative source of innovation to their
own product development and delivery functions The opportunity
for banks is to build and launch disruptive technologies more
quickly The challenge is picking the right FinTech(s) that will help
deliver scalable solutions In the short-term we expect issuers to
increasingly focus their attention on developing virtual solutions
and integrating these onto mobile and wearable devices
Stargazing into the future wearables will be the game changer
as mobility becomes ever more important Wearables will also
be the bridging technology for embeddables In the next 10-15
years embedded chips in humans could become a reality
We are increasingly connected and interact with technology in
our personal and business lives and embeddables are the next
logical step More sophisticated chips will soon replace wearable
technology such as payment devices and fitness bands and will
help us all get used to a more connected and augmented lifestyle
As a concept it is well aligned to payments Embedded and inner-
connected biometrics will enhance security and offer a more
seamless experience
The future looks bright for commercial payments but will not be
without its challenges
About Chris Holmes Chris leads various work streams across the Financial Services practice He has managed multiple global projects across the payments banking FinTech AltFi and tech industries His specialist skills are geared to NPD sizing and opportunity assessments benchmarking and best practice identification
About KAE KAE is a strategic marketing consultancy that has provided support to some of the worldrsquos largest payment and tech brands for the past 25 years Operating globally from a London HQ KAE has provided consulting and strategic advice in more than 50 countries across three core areas Insight Strategy and Analytics
Large supplier communities are based in emerging Asia
and Africa yet major economies like China and Indonesia are
experiencing great increases in disposable income and thus
engaging more on the consumer side of supply chains The
combined dynamics are shaping economic activity and flows in
ways that need a wider range of financing and risk mitigation
solutions including end-to-end SCF
Supply Chain Finance is defined as the use of financing and risk
mitigation practices and techniques to optimise the management
of the working capital and liquidity invested in supply chain
processes and transactions SCF is typically applied to
open account trade and is triggered by supply chain events
Visibility of underlying trade flows by the finance provider(s) is
a necessary component of such financing arrangements which
can be enabled by a technology platform
Source Standard Definitions for Techniques of Supply Chain
Finance 2016
Practitioners and financial institutions based in Asia are proactively
working to develop their SCF propositions in response to evolving
market demand and region-specific practices With ASEAN
integration progressing the Trans-Pacific Partnership advancing
and intra-regional trade growing in importance the central role of
cross-border supply chains and SCF in particular will increase
in the next several years as enablers of trade development and
inclusion
The Standard Definitions are a ldquoliving documentrdquo meant to evolve
with market practice the needs of clients financiers regulatory
authorities and others The next phase will focus on dissemination
education and advocacy in support of global adoption
This is the start of a journey that will only speed up in adoption
impact and importance SCF an idea whose time has come
About Alexander R Malaket A recognised specialist in international trade including trade and supply chain finance Mr Malaket has advised government international institution banking and corporate clients around the world developed and delivered training materials and seminars and authored numerous white papers briefing and policy papers and research reports on a variety of topics in international business finance and international development
About International Chamber of Commerce (ICC) The ICC Banking Commission is a leading global rule-making body for the banking industry It produces universally accepted rules and guidelines for international banking practice With 85 years of experience and more than 600 members in +100 countries the ICC Banking Commission ndash the largest commission of ICC the World Business Organization ndash has rightly gained a reputation as the most authoritative voice in the field of trade finance
wwwiccwboorg
Alexander R Malaket
PresidentOPUS Advisory Services International IncDeputy Head of the Executive CommitteeICC Banking CommissionChairSCF Terminology Drafting Group
The EVP and CFO at Turkcell Murat Dogan Erden proved
in his keynote that even mature companies can adapt quickly to
game changers Turkcell is a dominant telecoms operator that
has successfully managed the transition from a pay-per-minute
market through providing world leading surf speeds content
and services Turkcell is also exploiting its credit management
competence to expand into consumer finance Turkcell will use
its market access through all the connected devices
Developing the FSC doesnrsquot only consist of cutting costs and
lead times It also enables expanding the core business offering
with financial components
About Magnus Lind Magnus Lind is co-founder of The Talent Show He has a background as an international business executive in Europe SE Asia and North America and he has founded companies in 7 different countries where he acted as CEO board director and investor The Talent Show puts innovation and disruption above case studies and legacy thinking
About The Talent Show The Talent Show is a corporate driven event focusing on the whole corporate Financial Supply Chain (CFSC) and how it links to the physical chain The audience consists of CFO and CPO supply chain treasurers and IT Participants include Sandvik Turkcell Port of Rotterdam Abengoa Octal Arriva DONG Energy Ericsson and SABMiller
Some banks and platform providers offer both Dynamic
Discounting as well as SCF with the option to switch between
the two might an opportunity arise for the buyer to invest its cash
for other purposes than to prepay its suppliers A bank will then
be brought in to take over the funding
All in all with all developments in the SCF market it would make
sense for SMEs to explore the potential benefits of SCF for the
business they are in Having said that SCF awareness is still
not very widespread amongst SMEs despite several initiatives
to change that for the better What a pity In the end there is
nothing to lose and everything to gain
About Anita Gerrits For the past 7 years Anita has been a strong believer in and advocate of the concept of SCF She provides consultancy support in this exciting relative new area of finance She also organises workshops acts as guest speaker and trainer to business management as well to students to create awareness and understanding of this topic It all began in 2009 when she played a leading role in achieving a cash flow turnaround of the European Consumer Business of Kimberly-Clark through a massive reduction in working capital She has a corporate background studied business economics credit rating advisory and business valuation
wwwg-raybiz
Anita Gerrits
Supply Chain Finance Specialist
Follow on Twitter Tweet aboutExchangeSummit EXCS16
From E-Invoicing toSupply Chain Financing
October 10 and 11 2016Barcelona Spain
Exchange Summit with 2 major E-Invoicing events in 2016
June 7 and 8 2016Orlando Florida USA
100 FREE TICKETS
100 FREE TICKETS
Apply now on
Apply now on
wwwexchange-summitcomfree100
wwwexchange-summitcomfree100
Key topics 2016
bull E-Invoicing entering a new era ndash global market development and forecast
bull E-Invoicing from a corporate and governmental perspective
bull Implementing tax compliance in a paperless world
bull Compliance and fraud prevention within E-Invoicing
bull Driving forward ARAP and end-to-end P2P automation
bull Global standardisation and status of E-Invoicing interoperability
bull Best practice in onboarding customers to E-Invoicing
bull Supply chain financing ndash new opportunities and challenges
wwwexchange-summitcom
Within our two major E-Invoicing events in 2016 you will
bull network with more than 500 participants
bull meet experts from over 40 different countries
bull evaluate solutions from 50+ service providers
bull benefit from exclusive keynotes best-practices and discussions
Anzeige_EXC_Paypers_Layout 1 14042016 1530 Seite 1
Thus the cross-border invoicing issuance for companies
with subsidiaries worldwide is a real challenge where the law is
applicable (ie country of establishment place of VAT registration
transport invoicing goods or services)
Electronic invoice still on the riseDespite the legal and technical obstacles enterprisesrsquo awareness
of process automation with electronic invoicing and cost
reduction has been steadily increasing Most of them would take
the decision to start e-invoicing shortly if the legislation would be
clearer and standardised On the other hand the governments
are aware of the scale of the VAT fraud and are looking for tools
to seal the system ndash unfortunately each country is trying to find
its own way
However it is highly unlikely that the EU will implement the
clearance model there are several initiatives to speed up
the process The Member States decided to organise multi-
stakeholders forums to implement a European Standard for
e-invoicing (expected in 2017) and increase the interoperability
among service providers Hopefully the Directive 201455
EU on electronic invoicing in public procurement will prove to
be a significant milestone resulting in the mass adoption of
electronic invoices in the structured form (not PDF invoices)
and public authorities will realise the benefits of e-invoicing and
hasten the implementation of common understandable and
unified legislation on cross-border e-invoicing In a nutshell
the stage of market education and convincing towards adopting
automated invoices processing is coming to an end Most of
the enterprises have launched or consider the implementation
of e-invoicing at a country level in the short term Currently the
biggest challenge is to enable the smooth extension of their
projects on the transnational level Finding a service provider with
vast international experience is essential Comarch EDI enables
compliance with all local legal requirements Its membership
in organisations such as the GS1 or the European E-Invoicing
Service Providers Association (EESPA) guarantees that the
company is a reliable partner Comarch EDI has cooperated with
GS1 and EESPA for many years in several countries to make
sure that our services are of the highest quality and the solution
is compliant with national and international requirements
About Bartłomiej Woacutejtowicz He has over 10 years of experience in the field of B2B communication in the supply chain Initially responsible for the EDI market development in Southern and Central Europe he is currently responsible for the development of Comarch EDI portfolio
About Comarch EDI Comarch EDI is a B2B platform which provides a competitive advantage by a fast and secure data exchange with business partners The solution provides the automation of data processing throughout the supply chain from the procurement process through the logistics to invoicing and payment processing
bull Donrsquot overestimate VAT compliance many companies
think VAT compliance requires parties to agree bilaterally on
e-invoicing that conversion by parties is forbidden by VAT law
that invoice originality is a major concern and that authenticity
and integrity are complex The reality is that none of these are
true Conversion of invoices is fact of live for years and no
show-stopper at all Invoice originality is in most European
countries easily solvable by service providers and ERP vendors
in the market the PEPPOL regulatory framework solves
authenticity and integrity and is not a concern anymore for
participants
What should service providers and ERP vendors do Embrace
openness Opening your platform does not harm your business
model Instead it allows easy integration of your platform with
many other e-invoicing ERP and accounting software vendors
with only one standard and protocol (PEPPOL) It eliminates the
need for costly bilateral agreements And it also empowers your
existing and new customers to use your services beyond your
platform
In a nutshell the paradigm of open e-invoicing and further
collaboration between e-invoicing providers ERP and accounting
software vendors in the area of interoperability is essential to
move Europe further in e-invoicing The private sector should now
step in and leverage that growth
(1) DNS is the same mechanism that makes sure that www
simplerinvoicingorg is translated into a technical IP address
of our web server The same mechanism is used to resolve
for example a VAT number into the IP address to which an
e-invoice can be delivered
About Jaap Jan Nienhuis Jaap Jan Nienhuis is Manager Simplerinvoicing at SIDN He is responsible for managing the Simplerinvoicing scheme authority Jaap Jan has a special interest in the development of new services in 4-corner models In his former roles he has been involved in a number of European collaborative e-invoicing initiatives including the EBA E-invoicing Working Group
About SIDN Simplerinvoicing is a collaboration between leading European e-invoicing and accounting software providers who all strive for mass adoption of e-invoicing by interoperability and standardisation Simplerinvoicing is a PEPPOL Authority The Dutch government is connected via Simplerinvoicing
wwwsimplerinvocingorg
Jaap Jan Nienhuis
Manager SimplerinvoicingSimplerinvoicing
DONT MISS THE OPPORTUNITY OF BEING PART OF LARGE-SCALE PAYMENTS INDUSTRY OVERVIEW
The Paypers offers the most valuable source of information and guidance for all parties interested in the current state of affairs of the payments industry
Paul Alfing Chairman e-Payments Committee Ecommerce Europe
Once a year The Paypers releases three large-scale industry overviews covering the latest trends developments disruptive innovations and challenges that define the global onlinemobile payments e-invoicing B2B payments ecommerce and web fraud prevention amp digital identity space Industry consultants policy makers service providers merchants from all over the world share their views and expertise on different key topics within the industry Listings and advertorial options are also part of the Guides for the purpose of ensuring effective company exposure at a global level
For the latest edition please check the Reports section
ONLINE PAYMENTSAn all-in-one reference guide on (online) payments amp ecommerce industry trends evolving business models top players and relevant (alternative) payment methods
B2B PAYMENTS SCF amp E-INVOICINGIndustry voices from the online finance space share insights into the dynamic B2B payment e-invoicing supply chain finance industries to support innovative solutions amp thriving businesses
WEB FRAUD PREVENTION ONLINE SECURITY amp DIGITAL IDENTITYIn-depth source of information highlighting key facts amp trends into the global digital identity transactional and web fraud prevention amp detection ecosystem
card application foreign exchange services etc) in a quick
easy and frictionless manner from a variety of service providers
Automation and great UX being the name of the game
They do not have to provide the financial services directly to
the customer They can act as the broker the digital conduit
for products and services benefiting from the commercial
relationships struck with selected service providers
The world of retail banking and payments is set for great change
About Brendan Jones A senior management consultant with over 30 yearsrsquo experience in the payments industry working with a variety of organisations including technology amp service providers and financial organisations Previously held senior roles focusing on business strategy regu lat ion bus iness deve lopment MampA product development programme amp operations management and business process reengineering
About Evolution Payments Consulting Evolution Payments Consulting (EPC) provides payment consulting services to the financial services industry and allied organisations EPC provides payments industry advice to companies looking to support the implementation of new regulation developlaunch new banking and payment propositions re-purpose existing products and services to meet the new and existing regulatory requirements
(prevalent in the recruitment process outsourcing (RPO) world)
unlimited liquidated damages clauses and ban on assignment
clauses The latter contractual terms seek to prevent suppliers
from using their unpaid invoices to access invoice finance
Admirably the government is already taking specific legislative
action against these with the aforementioned Small Business
Act enabling Regulations (expected shortly) to render such
clauses ineffective belatedly bringing the UK into line with
most of the other major world economies This will allow invoice
financiers to provide more funding to more businesses and will
particularly benefit the smaller supplier businesses that suffer
most from these unnecessary clauses
Ultimately this should also be good for larger customer businesses
who will benefit from more stable and well-funded supply chains
Of course whilst invoice finance can help SMEs unlock funding
it is not a silver bullet and is not a substitute for paying suppliers
promptly and treating them fairly For that there needs to be a
cultural shift and that is where an empowered and resourced
Small Business Commissioner could have a real impact
About Matthew Davies Matthew is the Director of Policy and Communications at ABFA
About ABFA The ABFA represents the asset based finance industry in the UK and the Republic of Ireland Members include UK and Irish high street banks specialist and challenger banks specialist businesses of international banks and corporates and independent nonbank finance providers
wwwabfaorguk
Matthew Davies
Director of Policy and CommunicationsAsset Based Finance Association
[The above material is drawn from a Guidance Paper prepared
for the European Multi-Stakeholder Forum on e-Invoicing and
prepared by the writer in conjunction with an Activity Group of
the Forum]
About Charles Bryant Charles Bryant is Secretary General of EESPA and also active in the Global Supply Chain Finance Forum
About EESPA The European E-invoicing Service Providers Association acts as a trade association at European level for a large and dynamic community of e-invoicing service providers drawn from organisations that provide network business outsourcing financial technology and EDI services EESPA is an International Not-for-Profit Association organised under Belgian law Formed in 2011 it has over 60 full and associate members and is involved with a range of important initiatives in interoperability the public policy debate and promoting adoption
The International Association of Alternative Finance (IAAF
orguk) has been taking a lead through 2015 in encouraging
platforms to work together to develop standards The concept
is to not make anything mandatory at this stage but to build
guidelines that members can work towards This has been
achieved in parallel with key stakeholders and regulators
The latter have been especially supportive as they do not want to
kill an embryonic alternative finance sector
However the fate of the sector very much rests in the decisions
of platforms and funding providers Do they lose the agility
of alternative finance or do they work together on building
guidelines and standards which could become the kind of
regulation that will support growth The IAAF is launching the
first Guidelines for the growth of alternative finance on June 16
The guidelines cover key areas required to support the growth
of the sector and will hopefully provide the pathway that the
industry needs
About Tony Duggan Tony was previously Supply Chain Development Director at Wickes where he developed Europersquos largest B2B platform As Consulting Services Director at Bolero a division of the SWIFT banking network he worked with some of the worldrsquos largest banks on global SCF initiatives This unique experience along with his real experience in start-ups and SMEs has provided him with real insights into the challenges of SCF and has been fundamental in the design of the Crossflow solution
About IAAF Founded in London in 2014 the International Association for Alternative Finance (IAAF) is an industry body committed to the promotion and development of the Alternative Business Finance sector IAAF sets out its drive for the Business Alternative Finance to be applied with excellence globally thereby creating opportunities for members and supporting the economy development as a whole The Associationrsquos four key focus areas are regulation reputation operational environment and future growth
CloudTrade is one of the fastest growing e-invoice networks and built firmly on the premise that e-invoicing should be free for suppliers easy-to-use and non-disruptive ndash only then will suppliers move away from paper These principles underpin the CloudTrade service which ensures high supplier adoption is guaranteed
Website wwwcloudtradenetworkcom
Service provider type E-invoicing service provider
Head office location UK
In which market do you provide your services
North America Europe Middle EastAfrica AsiaPacific
Contact details Mr Richard Manson Commercial Director richardmansoncloud-tradecom +44 (0)7956 441898 2-6 Boundary Row London SE1 8HP
Active since 2010
Keywords electronic invoicing e-invoicing PDF invoicing P2P purchase to pay e-order O2C order to cash
Markets
Which side in the supply chain is your primary target group
Both buyers and suppliers
B2B B2C andor B2G (Government)
B2B B2G
Target customer Corporates
Are you specialized in a certain industry
Generic (no specific industry)
Proposition
Which processes in the supply chain do you facilitate
Ordering supply chain invoicing
Support interoperability with other service providers
Yes ndash we currently interoperate with a number of service providers Furthermore CloudTrade is a registered Access Point on the PEPPOL network
Which pricing model do you mainly use
Subscription and transaction-based
Solution description CloudTrade removes the barriers to supplier adoption Our patented solution provides a non-disruptive way for a supplier to send electronic invoices ndash without having to change systems or infrastructure The net result is that we will remove more paper from an organisation in a shorter time frame than any other e-invoicing approach
Services which of the following services do you offer
Purchase Order Flip No
Matching of related transactions Yes ndash match invoices to POs contracts service entry sheets or goods receipt Business rules can be amended per customer
Distribution of e-invoices Yes
Invoice presentment portal No ndash a portal is available for the receiving organisation but not for the sending organisation Processing updates are provided to the supplier via e-mail
Legal compliance tools Yes
TAXVAT compliancy Yes
e-Signature service Yes
Finance amp (reversed) factoring services
Yes ndash offered through a CloudTrade partner
(Dynamic) discounting Yes ndash offered through a CloudTrade partner
Which standards do you support All current major e-invoicing e-billing and payment standards
Conversion from or into various XML formats (mapping)
Yes
Content validation of incoming invoice data
Yes ndash each document is validated against a set of document and customer specific validations
Facilitate customer onboarding Yes ndash due to the ease by which suppliers are able to adopt CloudTradersquos e-invoicing service typically more than 90 of suppliers that we are asked to on-board will come on board
Other services The core technology underpinning CloudTradersquos service is document agnostic We can (and do) provide e-document services across numerous sectors and document flows
Comarch is a global provider of IT solutions Comarch has more than 20 years of industry experience thousands successfully completed projects in over 40 countries worldwide references own RampD department made up of high-end IT engineers high ranking IT analyst ratings Gartner IDC Truffle 100 custom data centers in Poland and Germany
Website wwwcomarchcom wwwedicomarchcom
Service provider type Software vendor e-invoicing provider
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Licensed SaaS transaction-based
Solution description Comarch EDI provides the companies with smart solution enabling exchange of validated and tax compliant invoices in the format adjusted to back office systems It provides electronic archive and electronic signature as well as Service Desk in 12 languages (including English German French Turkish Russian) to guarantee onboarding of each partner
Services which of the following services do you offer
The most experienced team in the e-billing and payment industry ebpSource delivers software solutions consultancy and support to billers banks payment processors and outsourcers ebpSource brings unparalleled knowledge and a highly successful track-record designing developing deploying integrating and supporting many of the largest and highest-adoption services of this kind worldwide
Website wwwebpsourcecom
Service provider type Software vendor and reseller ndash e-billing e-invoicing e-signing mobile payment supply chain finance and authentication specialists Large-scale projects at a national and international level Ongoing support and specialist consultancy
Head office location United Kingdom
In which market do you provide your services
Globally
Contact details Steve Wright Commercial Director swrightebpsourcecom +44 1753 567896
Which side in the supply chain is your primary target group
Both suppliers and buyers
B2B B2C andor B2G (Government)
B2B B2C B2G
Target customer Corporates
Are you specialized in a certain industry
Cross-industry with specific specialisations in national e-bill consolidation bank-based e-invoicing and payment telecoms and utility e-billing e-signing and smart authentication
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
ebpSource has a wealth of experience in connecting e-billing and payment infrastructures at a national and regional level
Which pricing model do you mainly use
License subscription transaction-based
Solution description ebpSource provides a range of software consultancy and support services to help clients achieve new levels of operational efficiency customer service and cost reduction The team works closely with clients to design develop deploy integrate and support end customer applications Our key focus is long-term strategic partnerships with customers
Services which of the following services do you offer
Order2Cash is a pioneering provider of global order to cash optimisation services Cited by Gartner as a pure-play Order2Cash solution provider our services empower the work of Fortune 500 companies and leading enterprises around the world helping them to reduce costs and optimise spending on resources and technology Discover more at wwworder2cashcom Order2Cash is an Anachron company wwwanachroncom
Website
Service provider type
Head office location
In which market do you provide your services
Contact details
Active since
Keywords
wwworder2cashcomOrder2Cash provides flawless integration of the entire accounts receivable process across the enterprise and around the globe End-to-end global SaaS solutions including credit checks secure online contract signing multi-channel e-invoicing online payments credit management and document archiving
EMEA Head office Amsterdam the Netherlands US Head office NY USA
Yes we have interoperability agreements with an extensive range of B2BB2G e-invoicing networks and are a member of the European E-Invoicing Service Providers Association (EESPA)
Transaction-based pricing
Order2Cashcom offers a suite of SaaS solutions that combine to create a flawless integration of the entire accounts receivable process across the enterprise and around the globe Its modules support credit checks contracting e-invoicing payments and credit management Select components and tailor a solution to suit your business needs
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes Our solutions integrate with 700+ ERP systems for easy document exchange In addition we are connected with over 25 P2P platforms
Invoice presentment portal Yes
Legal compliance tools We work closely together with partners such as PwC and EY to ensure international TaxVAT compliancy
TAXVAT compliancy Global coverage
e-Signature service Every document is signed with an e-signature (QES or AES) to guarantee integrity and authenticity and to meet VAT requirements This can be completed with a timestamp
Finance amp (reversed) factoring services
Offered through partner network of financial institutions
e-Archiving Every document is securely archived complete legal storage period
Scanning of paper invoices Yes in cooperation with our network of output partners
Total invoice management 100 paper to electronic
Yes
Printing Yes in cooperation with our network of global output partners
Workflow functionality Yes
Direct integration with payments Yes
Accounts Payable management Available in cooperation with our network of output patners
Accounts Receivable management
Yes
Integration with ERPaccounting software
Yes We have established connections with over 700 ERP systems
Which standards do you support UNCEFACT CII ISO20022 Financial Invoice UBL 20 and others if required
Conversion from or into various XML formats (mapping)
Yes Any structured data can be converted to XML format
Content validation of incoming invoice data
Yes All data is validated and reported
Facilitate customer onboarding Yes Full support guidelines and advice is offered to all clients on customer activation
Other services Related to invoicing reporting query management customer grouping authorisation tools consolidated billing Alongside invoicing services your Order2Cash solution can expand to include online payment functionalities robust credit management and cash application tools as well as a secure online contract and document signing service Further details on the full platform can be found on our website
Connecting everyone everywhere
Flawless integration of the entire AR process across the enterprise
and around the globe
wwworder2cashcom
Fix Your Leaky Receivables Scan the QR code to claim your FREE Diagnostic Spreadsheet and measure the hidden costs in your accounts receivables processes
Saphety is a leading company in global network solutions for electronic documents exchange document presentment data synchronisation and public procurement Saphety has 4700 companies and over 129000 users throughout more than 30 countries
Website httpwwwsaphetycom
Service provider type E-invoicing service provider bank software vendor reseller or specialist
Head office location Portugal (headquarters in Lisbon and operational offices in Bogotaacute Colombia and Satildeo Paulo Brazil)
In which market do you provide your services
Global
Contact details infosaphetycom +351 210 114 640
Active since 2000
Keywords electronic documents exchange e-invoice invoice software paperless transactions EDI document presentment public procurement data synchronisation
Markets
Which side in the supply chain is your primary target group
Buyers suppliers both
B2B B2C andor B2G (Government)
B2B B2G
Target customer Micro SMEs SMEs corporates and government
Are you specialised in a certain industry
Automotive government healthcare retail utilities telecom tourism oil amp energy finance (bank and insurance) mass businesses and others
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Subscription transaction-based
Solution description SaphetyDoc enables you to exchange business documentation electronically including purchase orders delivery notes and invoices in a simple way at a low cost While complying with all legal requirements related to e-invoicing SaphetyDoc allows to completely eliminate the use of paper in the invoicing process from issuance to sending and approval
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes
Invoice presentment portal Yes
Legal compliance tools Yes
TAXVAT compliancy AU AT BE BG CA CY CZ DK EE FI FR DE GR HK HU IS IE IM IL IT LV LI LT LU MT MX MA NL NZ NO PL PT RO SG SK SI ZA ES SE CH GB US
e-Signature service Yes we provide e-Signature Service We can also use external e-Signature service if requested by client
Tungsten Corporation accelerates global trade by enabling customers to streamline invoice processing improve cash-flow management and make better buying decisions Tungsten Network helps buying organisations reduce their invoice-processing costs by 60 and profit by applying real-time spend analytics to their line-level invoice data Suppliers gain efficiencies greater payment-status visibility and optional early payment
Website wwwtungsten-networkcom
Service provider type Global e-invoicing network invoice finance and spend analytics
Head office location London UK
In which market do you provide your services
Globally
Contact details Mr Ruud van Hilten SVP Global Buyer Sales ruudvanhiltentungsten-networkcom +44 87 0165 7420
Active since 2000
Keywords electronic invoicing accounts payable procurement supplier network purchase to pay invoice finance spend analytics AP workflow
Markets
Which side in the supply chain is your primary target group
Generic (no specific industry) E-invoicing is a horizontal process
Proposition
Which processes in the supply chain do you facilitate
Invoicing purchase to pay working capital financing purchasing orders supplier self-service real-time spend analytics
Support interoperability with other service providers
Yes We interoperate with compliant service providers where there is customer demand qualifying invoice volume and compliance is maintained
Which pricing model do you mainly use
Balanced-costs are shared by buyers and suppliers Low volume suppliers receive 52 free invoices annually and high volume suppliers receive 520 free invoices annually After these free invoice transactions have been used a flat fee structure is applied per invoice transaction
Solution description The worldrsquos largest organisations connect with thousands of suppliers around the globe through Tungsten Network We enable companies to send and receive error-free tax-compliant invoices around the globe without the need to install any hardware or software We provide a unique supplier engagement and onboarding programme to ensure that suppliers participate and transact with their buyers
Services which of the following services do you offer
Purchase Order Flip Yes We can take POs from all sources in a buyerrsquos structure and present these to the supply chain Suppliers can convert POs directly into invoices on our portal
Matching of related transactions Yes We match invoices with POs online-level if required
Distribution of e-invoices Yes We enable companies to send and receive compliant B2B invoices
Invoice presentment portal Yes Suppliers can use our portal to manually enter their invoice data convert a PO check the status of their invoices and select early payment
Legal compliance tools Yes Our rules engine enables companies to receive compliant invoices in all the jurisdictions we are compliant in
TAXVAT compliancy Yes We work with local tax authorities to enable companies to send and receive compliant invoices We are currently compliant in 47 countries with a pipeline of new countries in progress
e-Signature service Yes All compliant invoices are digitally signed where required by local regulations We provide at-source signature verification
Finance amp (reversed) factoring services
Yes Invoice financing is a service we offer through Tungsten Network Finance This can be funded by Tungstenrsquos own financing partners the buyer or the buyerrsquos banking partners
(Dynamic) discounting Yes We offer this service on a case-by-case basis via Tungsten Network
e-Archiving Yes We provide legally compliant archiving
Scanning of paper invoices Yes As a component of a structured e-invoicing programme
Total invoice management 100 paper to electronic
Yes As a component of a structured e-invoicing programme
Printing Yes We can arrange this service through a partner
Workflow functionality Yes We can arrange this service through a partner
Direct integration with payments Yes Tungsten Bank has access to all relevant payment systems
Accounts Payable management No We partner with the worldrsquos largest BPO providers
Accounts Receivable management
No We partner with the worldrsquos largest BPO providers
Integration with ERPaccounting software
Yes We fully integrate with any ERP financial software
Which standards do you support Yes We support all structured file formats and most data standards
Conversion from or into various XML formats (mapping)
Yes We support all structured file formats and most data standards
Content validation of incoming invoice data
Yes We use extensive and flexible rule-sets to ensure compliance with our buyersrsquo business processes
Facilitate customer onboarding Yes We provide a unique supplier engagement and onboarding programme and can contractually guarantee paper conversion rates in best practice projects
Other services Purchase order services invoice status service spend analytics supply chain finance
Editorrsquos LetterFour Trends in B2B Payments and Financing Innovation | Mirela Amariei Senior Editor The Paypers
Thought Leadership
B2B paymentsExclusive interview with Andrew P Reid | Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking Deutsche BankBlockchain in B2B Payments | Enrico Camerinelli Senior Analyst Aite GroupThe Emerging Internet of Payments | Roger Bass Founder CEO and Principal Traxiant
BlockchainB2B Blockchain-based Payments Can it Beat the Banks | Kris Wielens Senior Consultant Orchard FinanceThe Three-Phased Transformation of Supply Chain Finance with Blockchain Technology | Gys Hough Consultant Innopay
Innovation in payments amp bankingExclusive interview with Wim Raymaekers | Head of Banking Market SWIFTExclusive interview with Markus Strauszligfeld | Head of International Cash Management Sales UniCreditMaking One-Click Finance Possible ndash Who Are the Relevant Stakeholders and How They Should Work Together | Susie West CEO and Founder sharedserviceslinkExclusive interview with Marten Nelson | VP Marketing TokenThe Future of Banking Innovation and the Fintech Startups Journey | Falguni Desai Founder amp Managing Director Future Asia Ventures
The power of data amp traceability Track and Trace of Invoices for Working Capital Optimisation | Prof Dr Michael Henke Director Enterprise Logistics Fraunhofer InstituteTurning Financial Messaging Data into Business Profit ndash The New Challenge for Financial Institutions | Andreacute Casterman Chief Marketing Officer INTIX
Commercial paymentsGaining Management Support for Your P-Card Programme | Terri Brustad Manager of Content Services NAPCPCommercial Payments under the Scrutiny of New Technology | Chris Holmes Senior Vice President KAE
Trade amp finance Financing International Supply Chains An Idea Whose Time Has Come | Alexander R Malaket Deputy Head of the Executive Committee ICC Banking CommissionImproving Access to Finance for SMEs with the Open RFI Project | Matthijs van Bergen Researcher SCF Windesheim amp Steven van der Hooft CEO Capital ChainsIf Supply Chain Finance is Supplier-Centric Financial Supply Chain is Customer-Centric | Magnus Lind Co-Founder The Talent ShowSupply Chain Finance Time for SMEs to Take Position | Anita Gerrits Supply Chain Finance Specialist
E-invoicingCross-border Invoicing ndash The Real Challenge for Multinational Projects | Bartłomiej Woacutejtowicz Product DevelopmentManager Comarch EDIWhy lsquoOpenness Should Be The 1 Selection Criteria for Any E-invoicing RFP Process | Jaap Jan Project ManagerSimplerinvoicing
Regulation amp lawPSD2 XS2A ndash a Step Towards Open Banking | Brendan Jones Evolution Payments ConsultingLate Payment ndash A Perspective | Matthew Davies Director of Policy and Communications Asset Based Finance AssociationThe Directive 201455EU for E-invoicing and Procurement How Public Authorities Should Respond | Charles Bryant Secretary General EESPARegulation and Growth in Alternative Finance ndash A Contradiction in the Making | Tony Duggan Founder and Director IAAF
In total nearly GBP 149 billion was lent to SMEs in the UK
(a 99 year-on-year growth rate and 194 average growth rate
between 2013 and 2015)
Interestingly enough innovative corporate partnerships are
being forged between alternative finance platforms with the likes
of Virgin Amazon Uber Sage and KPMG This has certainly
pushed boundaries ndash merging the traditional corporate world
with the disruptive models of alternative finance
Invoice trading the second highest model continues to be a
popular financing tool for small and medium-sized enterprises
wanting to trade their invoices or receivables at a discount
in exchange for the speedy procurement of working capital
However while the GBP 270 million market size in 2014 grew by
178 compared to 2013 growth from 2014 ndash 2015 was more
modest with a 20 growth rate to GBP 325 million
Zooming in on the strategies banks (and alternative finance
providers for that matter) use to better position themselves we
identify a lot of partnerships Banks teaming up with online lenders
This is a different dynamic ndash instead of trying to displace banks
online lenders decided to strike partnerships For instance On
Deck teamed up with JP Morgan Chase and said it will help speed
up the process of offering small business loans to the banks 4
million customers Lending Club another online lender tied-up
with Citi Moven partnered marketplace lender CommonBond
In a game of tongue twisters American Banker said that fintechs
team up to become more like a bank I would argue that banks
team up with fintechs to become more like a fintech
Also another question arises what if a corporate want to expand
into more countries That may mean to establish a physical
presence in each location that is relevant to their client Could
banks satisfy that need too
The industry is dynamic and some companies leapfrogged some
steps but although the developments are innovative and exciting
the road ahead is paved with many bumps
About Mirela Amariei Crafting large-scale industry reports carrying out interviews and writing about innovation in payments and fintech are Mirelarsquos daily treats As the Senior Editor at The Paypers she speaks frequently with key thoughts leaders to identify trends and trendsetters She can be reached at mirelathepayperscom and via Linkedin wwwlinkedincominamarieim
About The Paypers The Paypers is the leading source of news and intelligence for professionals in the payment community worldwide Our products are aimed at merchants payment services providers processors financial institutions start-ups technology vendors and payment professionals and have a special focus on all major trends and developments in payments-related industries including online and mobile payments and banking ecommerce e-invoicing supply chain finance web fraud amp security and many others
B2B payment innovation the beginning of exciting times
Deutsche Bank
Why should banks and corporates invest in real-time payments For corporates the benefits stem from the capability for executing
time-sensitive transactions ndash such as High-Value critical vendor
or MampA-related payments ndash while receiving close-to-immediate
proof of execution instead of waiting for the specific entry to be
documented by standard intraday reporting
For banks to serve client needs they need to be involved in these
developments which is why Deutsche Bank and others are helping
develop a Pan-European Instant Payment Solution For large
banks involvement in establishing such future paymentcollection
platforms is a revenue loss avoidance tactic rather than a
profit creation one as they will otherwise lose market share to
disruptors And while urgent payments can currently be more
expensive there may be a regulatory push for banks to provide
real-time payments with no extra charges in the near future
What are the benefits and challenges of implementing pay-on-behalf-ofcollect-on-behalf-of structuresPOBOCOBO structures help corporates consolidate cash
flows and rationalise account structures as well as increasing
purchasing power when negotiating cash management terms
with banks POBOCOBO simplifies liquidity management as
cash is centralised through domestic and cross-border cash
concentration It also allows for streamlined cash management
activities across subsidiaries as payments and receivables
are bundled in one place (such as a Shared Service Centre)
for execution out of the central account Improving cash and
liquidity management in these ways reduces credit need and the
operational burden on subsidiaries
Deutsche Bankrsquos experience and feasibility studies on POBO
COBO in Europe over the past four years have shown four kinds
of challenges market-specific practices and legal tax and
operational considerations In addition POBOCOBO structures
differ in the status of the underlying account For POBO the
ordering account can be a normal operating account in most
jurisdictions but since funds collected within COBO structures
often relate to different legal entities the underlying account is
often considered a trust account This has further implications
For instance depending on regional Anti-Money Laundering laws
an account can contain either own funds of the account holder
or funds that belong to third parties (trust accounts) ndash not both
That in turn may require corporates to separate some incoming
transaction flows from the entities flowsrsquo part of the on-behalf-of
structure
What main friction points in B2B cross-border payments will disappear in the next five yearsDevelopments driven by regulatory change or facilitated by
technology and solution-based improvements will ultimately
allow for more frictionless and cost-effective transaction
processing For example the Payment Services Directive (to be
updated soon by PSD-2) affected cut-off times and value-dating
habits and a shift will likely take place in this area to align cross-
border payments in different currencies with the same value-
dating as SEPA payments
Similarly currency payments will likely become easier thanks
to automated conversion services such as Deutsche Bankrsquos
FX4Cash which offers client ease-of-use real-time FX rates
and enhanced transaction data And solutions such as Virtual
Accounts will improve reconciliation and accounting (through the
rationalisation of physical bank accounts across a region)
Retail banking has experienced futuristic leaps in the payments space ndash now is the time for the same level of transformation and convenience in the B2B space
The industry is poised to apply such innovation to the B2B space ndash but only through collaboration will this be possible
What bank-core competencies foster innovation and growth through fintech partnerships in the B2B payments space We have witnessed the effects of the first wave of digitalisation
on daily activities particularly through smart devices and apps
Peer-to-peer and C2B processes have already experienced
radical transformation and the industry is poised to apply such
innovation to the B2B space ndash but only through collaboration
between incumbents and new players will this be possible
Fintechs have the technical skills and understanding of consumer
behaviour fail-friendly mindset and regulatory freedom to be
innovative ndash but in an increasingly competitive landscape that
will see market consolidation over coming years they need more
than that to survive Banks conversely experience internal and
external obstacles to innovating independently including legacy
systems internal siloes a cautious culture and tighter regulatory
restrictions But by offering the strength of their established
reputation global infrastructure existing client-base and expertise
regarding risk regulation and treasury needs banks can support
fintech growth bring new products to market through such
strategic alliances and successfully scale-up new offerings
What are the Bankrsquos plans for blockchainDistributed Ledger Technology is not new but interest around its
potential applications is rising and opportunities for blockchain
ndash from fraud prevention and risk reduction to quicker and more
transparent payment flows ndash cannot be ignored We are at the
beginning of the blockchain journey and the ways it will change
business models processes and ecosystems are yet to be
seen but we predict immense potential up and down the value-
chain Participants ndash for example it was one of the first banks to
test smart contracts for corporate bonds which was conducted
in-house in collaboration with the DB Labs Deutsche Bank
recently opened innovation labs in London and Berlin with a third
just opened in Silicon Valley which will help the Bank best utilise
new technologies and deepen relationships with start-ups In a
decade there will be myriad different blockchain technologies and
interoperability will be crucial The Bank is an initial driving member
of blockchain consortium R3 CEV and participated in trials of five
distinct blockchain technologies with other member banks
About Andrew Reid Appointed to his current role in 2013 Andrew has been with the Bank for 17 years within corporate cash management and trade finance Andrew supports and advises clients in adapting to the new regulatory environment and optimising their treasury operations
About Deutsche Bank Deutsche Bank provides commercial and investment banking retai l banking transaction banking and asset and wealth management products and services to corporations governments institutional investors businesses and private individuals Deutsche Bank is Germanyrsquos leading bank with a strong position in Europe and a significant presence in the Americas and Asia Pacific
gtbdbcom
Andrew P Reid
Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking
When paying the supplier the buyer issues a payment
instruction from its accounts payable to the bank This initiates
the transfer of title of currency and a time-stamp makes the
transaction irrevocable The intermediary bank may enjoy
blockchainrsquos irrevocability and title transfer to secure the
uniqueness and traceability of the transactions underpinning
the cash transfer The distributed nature of the blockchain
ledger avoids any delayed centralized control of AML screening
checking of availability of funds and clearing billing and
reporting activities All executed operations are validated within
The ledger offers the extra capability to the bank to swiftly handle
format translations from the clientrsquos accounting system A smart
contract on the blockchain provides the bank with the capability
to charge transparent and auditable service fees
The distributed ledger operates as the connectivity software
that the clearing network provides to all trading parties and
intermediaries The network is also capable of offering time-
stamping services as well as detect transactions that may trigger
the execution of smart contract applications Format translations
can be easily offered as a value added service
The beneficiary bank receives notice of an irrevocable transfer of
cash title that the distributed ledger renders valid and immediately
executable The ledger also streamlines all necessary account
management verifications to validate the payment data The sellerrsquos
account is immediately credited and all subsequent regulatory
and accounting reporting is made auditable and irrevocable
Bank services can be charged via smart contract applications
agreed between the parties The blockchain enables the seller-
ie the B2B payment receiving party- to update the accounts
receivable database with a payment confirmation that becomes
an auditable transaction
Blockchain is certainly not the panacea for all problems but the
frequency of applied features to the B2B payment processes
tells however that all parties involved could strongly benefit
from this technology without the need for anyone to be removed
About Enrico Camerinelli Enrico Camerinelli is a senior analyst at Aite Group specializing in wholesale banking cash and trade finance and payments He brings a strong European focus to Aite Grouprsquos Wholesale Banking practice Mr Camerinelli has been widely quoted by publications ranging from American Banker to the Financial Times
About Aite Group Aite Group is an independent research and advisory firm focused on business technology and regulatory issues and their impact on the financial services industry With expertise in banking payments wealth management capital markets and insurance Aite Groups analysts work with clients as partner advisor and catalyst
No discussion of B2B payments futures would be complete
without touching on the blockchain Such solutions seem likely
to play an important role How the various ldquonot-Bitcoinsrdquo with
their technical and regulatory benefits will fare against Bitcoin
itself remains unclear Standards such as the ldquoInterledger
Protocolrdquo could play a role perhaps enabling an ldquoInternet of
Valuerdquo layer for the IoP That said in global B2B payments
the ldquochicken-and-eggrdquo challenges that are inherent in any
new network technology clearly exist Blockchain adoption as
a purely ldquoback officerdquo or inter-bank technology seems likely
to happen first within narrowly-defined early use cases and
communities Adding value to pre-existing end-user (buyer-
seller) interactions like Skype did may be one plausible early
adoption scenario ldquoPiggy-backingrdquo on another network layer or
use case like Paypalrsquos initial use for eBay payments is another
way to think about this Combining all of these may work best
end user demand can be effective in driving adoption by solution
providers notably banks in this case
An Internet of Payments as it emerges will reshape the B2B
payments industry and much more besides It will likely develop
quite suddenly as a mass phenomenon much like the Internet in
the mid-nineties It will create winners and losers Those who move
early to test learn and shape the emerging Internet of Payments
ecosystem and framework will be best positioned to win
About Roger Bass Roger Bass is Founder CEO and Principal of Traxiant Previously with Intuit for eleven years he recently led a Network Payments initiative Other instrumental roles included the launch of Intuitrsquos European operations first online banking solution SMB Internet group and the QuickBooks platform Reach out via rogertraxiantcom
About Traxiant Traxiant provides software and consulting solutions to help financial and technology providers grow their B2B Payments and Financing solutions and profit from the Internet of Payments Solutions and areas of expertise include card e-payables global payments receivables financing and supplier networks
bull Various parties in a supply chain can all be paid when the end
consumer purchases the product For example a consumer
buys a song online At the moment of purchase the amount
paid is distributed amongst the band the producer the studio
and the record label All parties are rewarded based on their
added value
Blockchain-based payments open up many possibilities
Not only is it possible to trade easier and cheaper but also
payments can be made smarter Banks are particularly interested
in this new technology and are closely investigating the potential
it may offer to them It is exciting times for banks and payment
institutions as with blockchain the real disruption is knocking
on the door The disruption here is not that things are done a
bit smarter more efficient or faster The disruption in payments
is that there is technology available that makes banks PSPs
credit card companies redundant Cutting out these middlemen
by making use of technology that provides the same trust and
robustness (or perhaps even more) will increase the speed of
payments increase the possibility to trade with each other while
significantly reducing costs
About Kris Wielens Kris Wielens is Senior Consultant with Orchard Finance He has more than a decade experience is (corporate) payments with various fims He has been active as Head of Strategic Partnerships EMEA Business Development Manager Sales Manager and Credit Analyst
About Orchard Finance Orchard Finance is a leading independent consultancy and staffing company specialized in the areas of Finance and Treasury Tailoring to our clients we offer advisory services project management and staff ing support Our professionals have a long standing reputation based on operational and project experience in banking corporate finance and treasury management amp control
Phase 3 Automatable transactional network (5-7 years)As soon as the SCF community gains communal understanding
of blockchain as a transactional network then the next natural
line of inquiry could be the nature of transaction initiation During
this inquiry the following components of blockchain technology
will be discovered and the third phase might commence
bull Multi-signature capability ndash a means of separate entities to
safely and securely state whether an event took place or not
bull Smart contracts ndash agreements that automatically execute the
change of ownership of funds or goods based on whether an
event took place or not
bull Cryptocurrencies ndash a set of tokens of a variable but crypto-
graphi cally verifiable amount which is used for efficient value
transfers
By means of combining multi-signature and smart contracts with
existing e-mandates or cryptocurrencies the automatic payment
of invoice amounts or other types of collateral could be initiated
and executed instantaneously and automatically This will open
the path towards an international SCF network that automatically
creates investment grade financial instruments as a seamless
part of the supply chain process
ConclusionAlthough history shows us that we can only have so much
foresight we see a clear match between the features of blockchain
concepts and SCF we believe that at some point blockchain will
be a prominent part of SCF The speed at which SCF will evolve
and innovate will depend on the creativity of its stakeholders
and how fast the common understanding on how to use the
technology will develop Seeing that blockchain technology has
something compelling to offer at each phase of understanding we
see rapid developments taking place sooner than later
About Gys Hough Gys Hough follows the develop-ment of blockchain concepts since 2012 and was involved in shaping several business ideas based on blockchain concepts in the field He is also involved in the facilitation of various discussions surrounding blockchain applications in the financial industry
About Innopay Innopay is an independent consulting company specialised in online payments digital identity and e-business We help our clients including financial institutions governments and corporates to develop the compelling strategies and digital services for consumers and companies that are key for successful competition in a rapidly digitising world
Launched in December 2015 to much anticipation in the industry
the initiative has received strong backing with more than 50
leading banks already signed up The Paypers spoke to Wim
Raymaekers SWIFTrsquos Head of Banking Market and programme
manager of the global payments innovation initiative to find out
more about this exciting move
We often hear that B2B payments are opaque complex and risky Why do you think that is and where do you think that improvements can be madeYes currently when a corporate treasurer sends a request
for a cross-border transaction to his bank he typically has no
sight on what actually happens with that demand They often
liken this to a lsquoblack holersquo saying they have no view on when
payments occur or their final costs This can lead to problems
with suppliers or end-customers not to mention increasing
financial risks resulting from payment delays or non-compliance
with regulatory requirements
I think improvements can be made in three main areas firstly
the speed of payments corporates want fastest payments so
banks need to be able to guarantee that they are made within
certain timeframe Secondly corporates want to know the
exact payment amount that will reach their counterparty ndash here
banks need to provide transparency on the fees involved and
the amount credited to the creditor And thirdly they want to
be able to track payments banks need to let corporates know
when payments have been initiated and credited to the creditors
account to avoid delays in the supply chain or frictions between
supplier and seller
What are the opportunities for a corporate to leap forward through the use of the cross-border payment industryCorporates are not in the business of payments they just want
to buy and sell Yet they do have to manage their treasury to
make those payments ndash so a better faster more transparent
payment solution is important to them On top of that having
a good payment infrastructure benefits your supply chain
Because if the money does not get to the supplier in time the
credit line will go up causing delays on all fronts So the better
your payment infrastructure is the stronger and more reliable
your supply chain is
Designed for the corporate treasurer SWIFTrsquos global payments innovation initiative offers an ambitious roadmap for reinventing the correspondent banking model as we know it today With ever increasing competition from new entrants offering same-day or even real-time payment facilities SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
Correspondent banking rejuvenated
SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
What can you tell us about the global payments innovation initiative (gpii) and what are SWIFTrsquos plans in regard to this initiativeAs part of the initiative SWIFT is working in close collaboration
with the largest transactions banks in the world to enhance
their corporate customersrsquo cross-border payment experience
Together we will strive to provide a faster service with upfront
clarity on costs confirmation of delivery and richer remittance
information data
We are now working together with the banks to commonly
agree service level agreements (SLAs) to which all the initiative
member banks must comply The new service will be designed
to address end-customer needs without compromising banks
abilities to meet their compliance obligations market credit and
liquidity risk requirements
What is the role of blockchain in this initiativeSWIFT is devoting significant resources to instigate the
opportunities and challenges of deploying blockchain and
distributed ledger technologies more broadly on our platform
While the initiative aims to first make improvements based on the
existing infrastructures in parallel we are building a gpii vision
for cross-border payments This will set out how we will adopt
new technologies in order to ensure corporate customers receive
the best possible payments experience in the near future
Wim Raymaekers
Head of Banking MarketSWIFT
About Wim Raymaekers Wim Raymaekers leads SWIFTrsquos banking initiatives worldwide and is responsible for developing and driving value propositions across the banking community In this capacity Wimrsquos mission is to help banks grow their business particularly in view of changing customer and market requirements
About SWIFT SWIFT is a global member-owned cooperative and the worldrsquos leading provider of secure financial messaging services We provide our community with a platform for messaging and standards for communicating and we offer products and services to facilitate access and integration identification analysis and financial crime compliance
Which are UniCreditrsquos strategies to remain competitive in the B2B cross-border payments spaceUniCredit is taking a number of steps to ensure that it offers a highly
competitive portfolio of payments services including a number of
tools for simplifying cross-border transactions
In particular UniCredit has invested considerably in the
Bank Payment Obligation (BPO) ndash a settlement tool which
enables firms to execute secure transactions mediated by
partner banks through a quick and efficient digital process
When carried out properly BPOs combine the risk mitigation and
financing advantages of Letters of Credit (LCs) with the digital
speed of open account settlement This makes them particularly
advantageous for cross-border transactions ndash especially with
unfamiliar counterparties or those concentrated in a particular
region or industry Thanks to bank mediation the risk of non-
payment in such cases is drastically reduced ndash allowing firms
to take on more business and sell their receivables more easily
UniCredit has worked hard to bring these benefits to clients in
the most efficient and convenient format possible ndash offering vast
improvements on LC processing times which are only set to
increase once the process is fully digitalized This principle of
fully digitalized processes is also reflected in UniCreditrsquos virtual
accounts services which enable clients to consolidate their
bank accounts in a given currency into a single ldquoparentrdquo account
This can then be divided internally into as many ldquovirtualrdquo
accounts as required ndash with each account given its own allocated
funds account number and permissions Already available
for affiliatesrsquo incoming and outgoing transactions in nearly 50
countries including the SEPA zone and six CEE markets this
system generates huge benefits to efficiency scalability and
transparency ndash eliminating the need for cash pooling expediting
the process of opening and closing accounts and providing a
comprehensive overview of cash flows without sacrificing detail
Going forward UniCredit intends to remain at the cutting edge
of B2B cross-border payments with new initiatives such as the
integration of big-data analytics into existing payments services
ndash offering clients insights based on payments data and other
relevant information
With increased customer demand to install real-time payment infrastructures what trends do you see happening right nowThe demand for instant payments is part of a wider trend towards
greater speed and efficiency in the industry This is particularly
notable in ecommerce where firms are looking to provide
increasingly rapid delivery services ndash with next-day and even
same-day delivery now possible The use of digital technology to
expedite routine processes is becoming more and more prevalent
with clients increasingly basing their expectations on their
experiences in the retail sector UniCredit is keen to play its part
in this development and is already implementing real-time rates
for instant payments ndash including for cross-border transactions ndash
ahead of the November 2017 implementation date
How has UniCredit adapted to the digitalisation of the transaction banking industryUniCredit has established itself as a frontrunner in the
development of key advances such as the BPO and virtual
accounts and continues to search for new and innovative ways
to leverage technology for the benefit of its clients To this end
it has taken a number of steps to ensure continued innovation
ndash with product development teams harnessing the expertise of
traditional banking experts and technology specialists along
with a wide range of external perspectives
This has already seen blockchain technology become a reality
for custody services clients while virtual accounts technology
is being supplemented by CAMT messages ndash enhancing
standardisation even beyond the SEPA zone with automated
reconciliation between banks and corporates
The field of payments is undergoing a period of transformation as digitalisation paves the way for greater speed and efficiency
UniCredit has also adopted a more holistic client interface
including its IT solutions provider in client meetings This enables
UniCredit to adapt its solutions to clientsrsquo individual technological
requirements rather than expecting them to adapt to accommo-
date the solution
How do you support your CEE-based clients in their efforts to optimise working capitalUniCredit offers its CEE-based clients a full range of support for
their working capital optimisation programmes ndash having been the
first in Russia Bulgaria and Croatia to offer classic services such
as cross-border cash pooling UniCredit also offers unrivalled
BPO coverage with the instrument already available in Bulgaria
and Romania In terms of approach we encourage firms to avoid
the lsquosilorsquo mindset of asking how they can benefit from individual
tools such as receivables finance or approved payables finance
ndash instead promoting a focus on overarching short- mid- and
long-term goals Mostly it turns out that short-term liquidity
generation is not corporatesrsquo main concern ndash especially given the
abundance of liquidity in todayrsquos market Other factors however
such as risk mitigation supply-chain stability and balance-sheet
optimisation almost always figure in their plans ndash demanding
a holistic programme for working capital optimisation This of
course also means being prepared for the eventuality of liquidity
suddenly or gradually drying up
In the face of fintech disruption which areas can banks capitalise onFintech companies certainly bring new impulses to the transaction
banking sector but banks almost always excel by capitalising
on their existing strengths ndash drawing on their holistic financial
expertise and their status as trusted and highly regulated
partners to corporate clients These strengths can to a certain
extent be amplified through digitalisation within banks ndash
translating greater efficiency into greater convenience for clients
Even more promising however is the potential for co-operation
between banks and specialist technology companies with banks
combining their core strengths and broad client base with fintech
independence and nimbleness to create the ideal conditions for
innovation
About Markus Strauszligfeld Since 2005 Markus Strauszligfeld has been Head of International Cash Management Sales at UniCredit responsible for cash management and eBanking sales to large and multi-national organisations in Europe the US and Asia
About UniCredit UniCredit is a bank with a substantial footprint in Europe and an extensive international network of branches representative offices and correspondent banks ndash enabling it to follow its clients wherever they go Its payments services come under the Global Transaction Banking (GTB) unit
wwwgtbunicrediteu
Markus Strauszligfeld
Head of International Cash Management SalesUniCredit
C-SuiteThe CFO needs to back your project and this support must
be visible It is important to educate them on the SFP early by
presenting them with relevant case studies you have gathered
and the possible business case
C-Suite contributionThey will need your direction but the CFO and CPO will add
panache to your SFP The lsquosignaturersquo on the comms piece sent to
suppliers should be theirs If any buyer in the business becomes
concerned about this programme the C-Suite needs to have
a response at hand To realise the significant savings that can
come from your SFP your C-Suite must be ready to provide the
required PR
SuppliersBuyers rarely push back against SFPs because a) itrsquos optional
for suppliers and b) itrsquos attractive for suppliers However getting
the suppliers to engage is instrumental and makes the supplier
a key stakeholder
Supplier contributionSuccess Without their participation your business case is a flop
So make sure they understand what the SFP is whatrsquos in it for
them what they need to do who they can reach out to with
questions or concerns and that participation in SFP inevitably
qualifies them as a preferred supplier
ConclusionGet the first five stakeholders onboard early at concept stage
so they feel supportive of the SFPrsquos direction and purpose and
ask them how involved they would like to be given their role
About Susie West Susie West is the CEO and Founder at sharedserviceslink and proudly labels herself as a shared services geek She has been in the shared services industry since 1998 In 2007 she set up sharedserviceslink a leading global business community for professionals looking to improve performance in shared services Her central aim is to help individuals companies and the market mature through the sharing and consumption of (mostly peer generated) best practice information
About sharedserviceslink sharedserviceslink is a business community for professionals working in shared services sharederserviceslink is viewed as trusted advisors to this market because it offers exceptional content connection insight and overall value
About the companyToken provides digital payment solutions for banks and their clients to deliver instant end-to-end secure and frictionless payments worldwide The solution addresses the key concerns of PSD2 security disintermediation and lack of revenue
wwwtokenio
Marten Nelson
VP MarketingToken
Website wwwtokenioOffices location Redwood City California USAFounded in 2015Categories payments psd2 fintech
Token
The next generation of payments infrastructure will first of all help banks open up
What drives real-time payments infrastructure adoption in the US vs EUA number of valuable business cases drive the adoption of real-
time payments infrastructure Both consumers and businesses
expect funds to be instantly available during a payment
transaction 25 years ago the invention of the Worldwide Web
allowed us to share data instantly and globally Exchanging value
should be just as easy and fast as moving information but for
a number of reasons this hasnrsquot yet happened While there are
regional real-time payments solutions the US and many parts
of Europe are still lagging But there is hope ndash the Feds in the
US and the ECB have launched real-time payments initiatives
Why did Token choose to leverage the bankrsquos existing ledger instead of using blockchain The main reasons were that we found the bankrsquos ledger to
perform pretty well in most cases and to leverage existing
infrastructure typically reduces the complexity of deployment
and therefore cost It was simply a cost-benefit analysis
There are many interesting use cases for distributed ledgers
and for some of our functions and in some situations it makes
sense Thatrsquos why we designed the solution with distributed
ledgers being optional
What is the value proposition for European banks by integrating Token Token solves the main issues banks are facing in terms of
PSD2 security disintermediation and the economics First you
can think of Token as a PSD2 firewall that protects the bank
infrastructure from poorly behaving third parties Second Token
retains the bankrsquos customer experience even when accessed by
third parties Last we allow banks to offer value-added services
The Future of Banking Innovation and the Fintech Startups Journey
Future Asia Ventures
The financial services sector has become the poster child for
corporate innovation Over the last 5 years banks have been
investigating and experimenting with several new financial
technologies in the crowd funding trade processing lending
and wealth management areas These experiments have come
in different shapes and sizes Based on our research we know
21 banks that have launched accelerator programs around the
world Other banks have launched pre-accelerators incubators
and labs
As a research amp advisory firm we regularly speak with many
corporations startups and venture investors We are constantly
learning about the landscape Here are 5 perspectives we would
like to share
1 Fintech is old but the market conditions have never been betterMost experienced financial sector professionals understand that
this recent wave of fintech startups is just that ndash a wave Fintech
is a new term that captures a large category of existing and
growing technologies which involve transaction processing data
and record keeping Fintech companies have been innovating
since the 1950s The last 60 years produced ATMs credit cards
online banking and online stock investing to name only a few
Innovation in fintech is nothing new What is new is the explosion
of startups in the last six years There are now approximately
6000 fintech startups The playing field is crowded and thatrsquos
because the opportunity to innovate has never been greater
The combination of cheap capital a dry period in bank innovation
and a credit crisis followed by heavy regulation created the
right environment for startups to rise There has never been a
better time to be an entrepreneur
2 Regulation matters It might sound obvious but regulatory rules and compliance are
a very important part of the startup journey for fintech founders
This makes fintech different from other startup sectors
Founders in fintech are generally a decade or more experienced
than their peers Regulation is often an entry barrier because
you need to be licensed by regulatory bodies to do business in
each jurisdiction For startups that want to expand compliance
is mandatory and expensive The financial system for good
reason doesnrsquot tolerate risk As a result founders need to
cooperate with regulators budget for long waiting periods find
strategic partnerships that help their growth efforts and be in this
for the long haul Fintech is marathon not a sprint
3 Innovation canrsquot be measuredWhen speaking with innovation officers I am often asked
which program or format is the best People are looking for a
quantitative measure or a definitive leader among corporations
The truth is there is no one best model or best innovator
An innovation program should be designed around your
budget your timeline and the problem you are trying to solve
These factors are different for each company For some a
hackathon might be best while for others a robust corporate
ventures program might make more sense Available capital
decision-making dynamics and pain points vary per company
Each company has to do whatrsquos right for them However one
thing is certain ndash good innovation programs have a clearly
defined problem and success criteria Without a mandate you
are bound to go in circles
Number of Corporate Accelerators Launched Each Year Corporate accelerator launches have peaked So far in 2016 2 new accelerators have launched Going forward companies will design tailored open innovation programs and formats to engage and collaborate with startups
About Falguni Desai She is the Founder amp Managing Director of Future Asia Ventures and has over 18 years of corporate strategy innovation and MampA experience She has worked globally with business leaders at Fortune 500 firms in the financial media and technology sectors to foster growth amp expansion
About Future Asia Ventures Future Asia Ventures is an innovation advisory amp research firm Through our research and services we help new ventures grow and connect investors with innovative opportunities We serve private investors foundations and corporations around the world
wwwfutureasiaventurescom
Falguni Desai
Founder amp Managing DirectorFuture Asia Ventures
4 Innovation is inherently wastefulSeveral companies are still sitting on the sidelines While our
latest research has uncovered that 116 companies around the
world have set up corporate accelerators and several dozens
have launched incubators and labs the majority of large
companies are not engaged in this type of open innovation
They might be wondering whether an innovation program will
generate returns The answer is no not in the short term But in
the long run yes Innovation creates waste Companies wonrsquot
solve the problem on the first try Several partnerships and
investments will fail Incubated ideas may not scale and those
looking to try their hand at innovation should swallow this pill
and be prepared for failure To be good at innovation you need to
try things and then quickly stop them when they donrsquot work and
quickly try again
5 The endgame is collaboration not conflictI still see articles which predict a future without banks how
disruption will cause banks to fail and shut down The reality
is banks play a very important role in the lending infrastructure
of most modern economies Peeling back through fintech
history the innovations that survived and scaled were the
ones that worked with banks not against them In the 1990s
online stock brokers appeared on the scene Stock exchanges
and brokers didnrsquot disappear but they now operate differently
Today fintech marketplace lenders offer loans more efficiently
to retail customers The capital for these loans comes from
traditional banks and large asset managers Banks brokers and
asset managers wonrsquot disappear instead their processes and
the customer experience they offer will change dramatically The
moral here is that new fintech services will become part of the
overall financial infrastructure Fintech startups will eventually
grow into companies that are counterparties and partners to
banks not necessarily competitors Of course not all of them
will succeed but the future of banking will be formed through
collaboration
VISIT OUR ENHANCED ONLINE COMPANY PROFILES DATABASE
ALL COMPANY PROFILES IN THE B2B PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING MARKET GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
AND ADVANCED SEARCH FUNCTIONALITY
wwwe-invoicingthepayperscom
ALL COMPANY PROFILES IN THE B2B FINTECH PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
About Prof Dr Michael Henke Prof Dr Michael Henke completes the board of directors of Fraunhofer IML as new director of the section Enterprise Logistics and he also holds the chair of Enterprise Logistics at the faculty of Mechanical Engineering at TU Dortmund University His research focuses lie among others on the area of eg management of the Industry 40 purchasing and supply management supply chain risk management and financial supply chain management
About Fraunhofer Fraunhofer IML is said to be first address for all questions with respect to holistic logistics the employees work on all fields of internal and external logistics Made-to-measure arranged teams create cross-industry and customer-specific solutions in the area of materials handling warehouse management supply chain management simulation supported business and system planning and also traffic systems closed loop economy resources logistics building logistics and e-business
wwwimlfraunhoferde
Share this story
3 First steps were takenInnopay an e-business consultancy firm from the Netherlands
the Dutch factoring company lsquovoldaanrsquo and a client of voldaan
developed the SBRF Model in 2015 Within the scope of the
Workshops on Standardisation in SCF by the Supply Chain
Finance Community Innopay and the Fraunhofer Institute
of Material Flow and Logistics (IML) presented the SBRF
demonstration since November 2015
The ldquoProof of Conceptrdquo demonstrated the financier tracking the
status of an outstanding invoice electronically He gained insight
into the progress of the invoice and could assess the associated
risks
During the Workshop Series the model as well as development
improvement and extension potentials have been discussed
actively by the participants European experts on SCF and
e-invoicing Subjects to the discussions have also been technical
specifications and the integration with other solutions
4 More Proofs of ConceptIn the first half of 2016 the SBRF concept will extend to more
financiers sellers buyers and ERP solutions across Germany
and Italy at least The well-established network of the SCF
Community and its members will provide a basis for the
development and geographical extension
The practical integration with e-invoicing and SCF platforms and
the standardisation along the dimensions of Legal Operational
Functional and Technical dimensions will be investigated in detail
For Germany a planned SCF event at the House of Logistics
and Mobility (HOLM) in Frankfurt organised by the Fraunhofer
IML and Innopay makes an important contribution to the Proof
of Concept The event is scheduled for summer 2016 and will
include workshops on the SBRF Model Moreover further
aspects of SCF standardisation according to the SCF research
bull First and foremost they must elevate information to its deserved
status of strategic asset This will help ensure that data is
actively managed on enterprise level for its embedded value to
be realised
bull They also need to equip themselves with the right technology in
order to turn information to their advantage
However some barriers exist
bull Integration with legacy systems many legacy systems make it
difficult to extract data and may not be best suited for Big Data
technologies
bull Connecting data silos there is no uniform view of data and most
organisations have not integrated disparate data sources given
the complexity of the task
Data integration tools are becoming key to connecting various
data sources and data sets and delivering on the promise of
information or data management
FIs become master of your dataBy conquering Big Data challenges FIs will be able to draw a
competitive advantage through enhanced strategic decision-
making improved customer service and effective risk management
Information management technology and governance are
key to break down the organisational silos that typically exist
within financial institutions to provide a complete picture of an
institutionrsquos financial transactions and client information across
a myriad of sources Not only does this make it easy for FIs to
respond to the increasing requirements for compliance and
reporting it also provides the opportunity to turn such data into
valuable insights and information for the customersrsquo benefit
Information management tools will help financial institutions
address a series of strategic objectives including regulatory
readiness and responsiveness enhanced strategic decision-
making faster customer service effective risk management
In sum FIs that become master of their own data will benefit from
a competitive advantage which they will turn into business profit
About Andreacute Casterman Andreacute Casterman is Chief Marketing Officer at INTIX and a Member of the Banking ExCo of the ICC During the past 5 years Andreacute was SWIFTrsquos head of the corporate amp trade markets in charge of strategy governance and product initiatives Andreacute Casterman has two masterrsquos degrees from VUB and a masterrsquos degree from ICHEC
About INTIX INTIX helps financial institutions and corporates address financial data management challenges in four strategic areas regulatory compliance business intelligence customer services and risk management INTIX helps its clients retrieve consolidate and reconcile any type of financial messaging data and protects them from any IT complexity and obsolescence issues
Gaining Management Support for Your P-Card Programme
NAPCP
Achieving buy-in of the card programme especially by
management is a frequently cited challenge by the NAPCPs
audience The concern is justifiable Lack of buy-in can result
in never getting a programme implemented having a static card
programme or the elimination of the programme altogether
Whether you are considering implementing a new programme
or expanding the current one there are several questions to
address that can help in preparing your case to management
bull What are you seeking buy-in for and from whom Do you want
to ldquosellrdquo the existing P-Card programme to a new manager or
do you want to propose programme expansion
bull What is the rationale for your goal Management will only buy
into something that benefits the organisation and is supported
by facts including a cost justification
bull How does your goal support the goals of the organisation or
solve an organisational challenge Management decision-
making is driven by accountability for goals and the ability to
resolve issues
bull Are you aware of common objections to P-Card programmes
1 Data from the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation a report based on more than 3123 survey responses from end-user organisations
bull Who are the stakeholders There is nothing more defeating
than trying to move an idea or goal forward then learning that
someone with ldquoveto powerrdquo was left out of the discussions
inadvertently List who should be involved and why They might
provide good input in support of the card programme andor
express concerns such as the common objections listed above
The Business CaseThe next step is to create a solid business case based on the
answered questions above as well as other common business
case elements Include
bull statement of purpose (what you are seekingmdashyour goal)
bull where you are today (current metricsKey Performance Indicators
(KPIs) and how they compare to industry benchmarks) where
you want to be and ldquowhy nowrdquo
bull how your idea aligns with organisational goals
bull input from stakeholders plus common objections industry-wide
(if different from stakeholder input) address any concerns and
objections with facts
bull cost justifications to support the value proposition such as
anticipated andor actual process savings reductions in full-
time equivalents (FTEs) especially within the procurement and
or accounts payable departments and other hard- and soft-
dollar savings
bull implementation plan if applicable (eg for programme expansion)
Present cost saving benefits such as the cost of traditional
cheques versus P-Cards If your organisation has not completed
an internal process cost analysis use the NAPCP average
process costs shown below
1 As specified within the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation
2 Based on average monthly card spend of USD 1M and average transaction size of USD 559 per the results of a 2015 NAPCP poll
If expanding an existing programme it is important to consider
the value your card provider can add to this process They can
provide an analysis of your accounts payable vendor filemdash
identifying those vendors who accept card payments
Working with the ldquolow hanging fruitrdquo can help your organisation
reap immediate benefits The larger ticket transactions can be
moved to card-type payments as well with the most popular
being a virtual or electronic card payment method
Continue to Provide Results-Driven CommunicationIt is important to relay results and successes to management
Use the following keys to successful communication
bull Be brief by limiting communication to a one-page summary
Put conclusions firstmdashgive highlights up front and supporting
detail second
bull Title the document presentation or email subject line with a key
message (eg ldquoP-Card Program Saved USD 4M in 2015rdquo versus
ldquoP-Card Program Report Attachedrdquo)
bull Focus on the facts Show numbers as often as possible and
summarise whether the numbers meet fall below or exceed
expectations Then explain Verify numbers with other team
members to build a coalition of support and ensure that you
have the complete picture
bull Facts and figures must be formatted consistently from one
communication to the next allowing for easy comparison
bull In verbal and written discussion keep your presentation analytical
bull If asked by management to give results ldquoon the flyrdquo synthesise
the key points for management into three to four concise bullet
points Add recommendations or alternative courses of action
if you have time Stay ahead of management requests by
monitoring your KPIs frequently
bull Ask to be part of upcoming meetings and do not be afraid to be
proactive rather than reactive
What if They Say ldquoNordquoExplore what could change a ldquonordquo into a ldquoyesrdquo When you are
ready to address the issue again with new insight go back to
your stakeholders It is generally okay to respectfully disagree
with management but as noted earlier ensure you have the
supporting documentation to make your point Finally know when
it is time to move on However moving on does not mean giving
up on the programme altogether It is still prudent to share the
status of the programme
About Terri Brustad Terri Brustad CPCP is the NAPCP Manager of Content Services Her previous experience includes 10 years in the Commercial Card industry mainly in the role of a public-sector P-Card Administrator Terri achieved the Certified Purchasing Card Professional (CPCP) credential in 2009
About NAPCP The NAPCP is a membership-based professional association committed to advancing Commercial Card and Payment professionals and industry practices worldwide The NAPCP is a respected voice in the industry serving as an impartial resource for members at all experience levels in the public and private sectors The 2016 NAPCP European Conference will be held in London on 23 June 2016
Virtual cards hold the potential to disrupt the commercial
payments space on two fronts
1) Physical cards are likely to disappear
2) These solutions hold the potential to drive a step change in card
adoption and usage levels
The challenge for the industry is clearly communicating and
providing compelling evidence of the benefits that virtual cards
offer and ensuring sales teams are trained to sell the solutions
over and above traditional ones eg corporate cards To help
unlock the opportunities in underpenetrated industries such as
telco construction and healthcare etc issuers must develop
tailored solutions to cater for any idiosyncrasies and overcome
the card acceptance challenge
The FutureTechnology holds the key to disrupting commercial payments
and the growing FinTech movement will support this Traditional
commercial payment providers will look towards and work more
closely with FinTechrsquos as an alternative source of innovation to their
own product development and delivery functions The opportunity
for banks is to build and launch disruptive technologies more
quickly The challenge is picking the right FinTech(s) that will help
deliver scalable solutions In the short-term we expect issuers to
increasingly focus their attention on developing virtual solutions
and integrating these onto mobile and wearable devices
Stargazing into the future wearables will be the game changer
as mobility becomes ever more important Wearables will also
be the bridging technology for embeddables In the next 10-15
years embedded chips in humans could become a reality
We are increasingly connected and interact with technology in
our personal and business lives and embeddables are the next
logical step More sophisticated chips will soon replace wearable
technology such as payment devices and fitness bands and will
help us all get used to a more connected and augmented lifestyle
As a concept it is well aligned to payments Embedded and inner-
connected biometrics will enhance security and offer a more
seamless experience
The future looks bright for commercial payments but will not be
without its challenges
About Chris Holmes Chris leads various work streams across the Financial Services practice He has managed multiple global projects across the payments banking FinTech AltFi and tech industries His specialist skills are geared to NPD sizing and opportunity assessments benchmarking and best practice identification
About KAE KAE is a strategic marketing consultancy that has provided support to some of the worldrsquos largest payment and tech brands for the past 25 years Operating globally from a London HQ KAE has provided consulting and strategic advice in more than 50 countries across three core areas Insight Strategy and Analytics
Large supplier communities are based in emerging Asia
and Africa yet major economies like China and Indonesia are
experiencing great increases in disposable income and thus
engaging more on the consumer side of supply chains The
combined dynamics are shaping economic activity and flows in
ways that need a wider range of financing and risk mitigation
solutions including end-to-end SCF
Supply Chain Finance is defined as the use of financing and risk
mitigation practices and techniques to optimise the management
of the working capital and liquidity invested in supply chain
processes and transactions SCF is typically applied to
open account trade and is triggered by supply chain events
Visibility of underlying trade flows by the finance provider(s) is
a necessary component of such financing arrangements which
can be enabled by a technology platform
Source Standard Definitions for Techniques of Supply Chain
Finance 2016
Practitioners and financial institutions based in Asia are proactively
working to develop their SCF propositions in response to evolving
market demand and region-specific practices With ASEAN
integration progressing the Trans-Pacific Partnership advancing
and intra-regional trade growing in importance the central role of
cross-border supply chains and SCF in particular will increase
in the next several years as enablers of trade development and
inclusion
The Standard Definitions are a ldquoliving documentrdquo meant to evolve
with market practice the needs of clients financiers regulatory
authorities and others The next phase will focus on dissemination
education and advocacy in support of global adoption
This is the start of a journey that will only speed up in adoption
impact and importance SCF an idea whose time has come
About Alexander R Malaket A recognised specialist in international trade including trade and supply chain finance Mr Malaket has advised government international institution banking and corporate clients around the world developed and delivered training materials and seminars and authored numerous white papers briefing and policy papers and research reports on a variety of topics in international business finance and international development
About International Chamber of Commerce (ICC) The ICC Banking Commission is a leading global rule-making body for the banking industry It produces universally accepted rules and guidelines for international banking practice With 85 years of experience and more than 600 members in +100 countries the ICC Banking Commission ndash the largest commission of ICC the World Business Organization ndash has rightly gained a reputation as the most authoritative voice in the field of trade finance
wwwiccwboorg
Alexander R Malaket
PresidentOPUS Advisory Services International IncDeputy Head of the Executive CommitteeICC Banking CommissionChairSCF Terminology Drafting Group
The EVP and CFO at Turkcell Murat Dogan Erden proved
in his keynote that even mature companies can adapt quickly to
game changers Turkcell is a dominant telecoms operator that
has successfully managed the transition from a pay-per-minute
market through providing world leading surf speeds content
and services Turkcell is also exploiting its credit management
competence to expand into consumer finance Turkcell will use
its market access through all the connected devices
Developing the FSC doesnrsquot only consist of cutting costs and
lead times It also enables expanding the core business offering
with financial components
About Magnus Lind Magnus Lind is co-founder of The Talent Show He has a background as an international business executive in Europe SE Asia and North America and he has founded companies in 7 different countries where he acted as CEO board director and investor The Talent Show puts innovation and disruption above case studies and legacy thinking
About The Talent Show The Talent Show is a corporate driven event focusing on the whole corporate Financial Supply Chain (CFSC) and how it links to the physical chain The audience consists of CFO and CPO supply chain treasurers and IT Participants include Sandvik Turkcell Port of Rotterdam Abengoa Octal Arriva DONG Energy Ericsson and SABMiller
Some banks and platform providers offer both Dynamic
Discounting as well as SCF with the option to switch between
the two might an opportunity arise for the buyer to invest its cash
for other purposes than to prepay its suppliers A bank will then
be brought in to take over the funding
All in all with all developments in the SCF market it would make
sense for SMEs to explore the potential benefits of SCF for the
business they are in Having said that SCF awareness is still
not very widespread amongst SMEs despite several initiatives
to change that for the better What a pity In the end there is
nothing to lose and everything to gain
About Anita Gerrits For the past 7 years Anita has been a strong believer in and advocate of the concept of SCF She provides consultancy support in this exciting relative new area of finance She also organises workshops acts as guest speaker and trainer to business management as well to students to create awareness and understanding of this topic It all began in 2009 when she played a leading role in achieving a cash flow turnaround of the European Consumer Business of Kimberly-Clark through a massive reduction in working capital She has a corporate background studied business economics credit rating advisory and business valuation
wwwg-raybiz
Anita Gerrits
Supply Chain Finance Specialist
Follow on Twitter Tweet aboutExchangeSummit EXCS16
From E-Invoicing toSupply Chain Financing
October 10 and 11 2016Barcelona Spain
Exchange Summit with 2 major E-Invoicing events in 2016
June 7 and 8 2016Orlando Florida USA
100 FREE TICKETS
100 FREE TICKETS
Apply now on
Apply now on
wwwexchange-summitcomfree100
wwwexchange-summitcomfree100
Key topics 2016
bull E-Invoicing entering a new era ndash global market development and forecast
bull E-Invoicing from a corporate and governmental perspective
bull Implementing tax compliance in a paperless world
bull Compliance and fraud prevention within E-Invoicing
bull Driving forward ARAP and end-to-end P2P automation
bull Global standardisation and status of E-Invoicing interoperability
bull Best practice in onboarding customers to E-Invoicing
bull Supply chain financing ndash new opportunities and challenges
wwwexchange-summitcom
Within our two major E-Invoicing events in 2016 you will
bull network with more than 500 participants
bull meet experts from over 40 different countries
bull evaluate solutions from 50+ service providers
bull benefit from exclusive keynotes best-practices and discussions
Anzeige_EXC_Paypers_Layout 1 14042016 1530 Seite 1
Thus the cross-border invoicing issuance for companies
with subsidiaries worldwide is a real challenge where the law is
applicable (ie country of establishment place of VAT registration
transport invoicing goods or services)
Electronic invoice still on the riseDespite the legal and technical obstacles enterprisesrsquo awareness
of process automation with electronic invoicing and cost
reduction has been steadily increasing Most of them would take
the decision to start e-invoicing shortly if the legislation would be
clearer and standardised On the other hand the governments
are aware of the scale of the VAT fraud and are looking for tools
to seal the system ndash unfortunately each country is trying to find
its own way
However it is highly unlikely that the EU will implement the
clearance model there are several initiatives to speed up
the process The Member States decided to organise multi-
stakeholders forums to implement a European Standard for
e-invoicing (expected in 2017) and increase the interoperability
among service providers Hopefully the Directive 201455
EU on electronic invoicing in public procurement will prove to
be a significant milestone resulting in the mass adoption of
electronic invoices in the structured form (not PDF invoices)
and public authorities will realise the benefits of e-invoicing and
hasten the implementation of common understandable and
unified legislation on cross-border e-invoicing In a nutshell
the stage of market education and convincing towards adopting
automated invoices processing is coming to an end Most of
the enterprises have launched or consider the implementation
of e-invoicing at a country level in the short term Currently the
biggest challenge is to enable the smooth extension of their
projects on the transnational level Finding a service provider with
vast international experience is essential Comarch EDI enables
compliance with all local legal requirements Its membership
in organisations such as the GS1 or the European E-Invoicing
Service Providers Association (EESPA) guarantees that the
company is a reliable partner Comarch EDI has cooperated with
GS1 and EESPA for many years in several countries to make
sure that our services are of the highest quality and the solution
is compliant with national and international requirements
About Bartłomiej Woacutejtowicz He has over 10 years of experience in the field of B2B communication in the supply chain Initially responsible for the EDI market development in Southern and Central Europe he is currently responsible for the development of Comarch EDI portfolio
About Comarch EDI Comarch EDI is a B2B platform which provides a competitive advantage by a fast and secure data exchange with business partners The solution provides the automation of data processing throughout the supply chain from the procurement process through the logistics to invoicing and payment processing
bull Donrsquot overestimate VAT compliance many companies
think VAT compliance requires parties to agree bilaterally on
e-invoicing that conversion by parties is forbidden by VAT law
that invoice originality is a major concern and that authenticity
and integrity are complex The reality is that none of these are
true Conversion of invoices is fact of live for years and no
show-stopper at all Invoice originality is in most European
countries easily solvable by service providers and ERP vendors
in the market the PEPPOL regulatory framework solves
authenticity and integrity and is not a concern anymore for
participants
What should service providers and ERP vendors do Embrace
openness Opening your platform does not harm your business
model Instead it allows easy integration of your platform with
many other e-invoicing ERP and accounting software vendors
with only one standard and protocol (PEPPOL) It eliminates the
need for costly bilateral agreements And it also empowers your
existing and new customers to use your services beyond your
platform
In a nutshell the paradigm of open e-invoicing and further
collaboration between e-invoicing providers ERP and accounting
software vendors in the area of interoperability is essential to
move Europe further in e-invoicing The private sector should now
step in and leverage that growth
(1) DNS is the same mechanism that makes sure that www
simplerinvoicingorg is translated into a technical IP address
of our web server The same mechanism is used to resolve
for example a VAT number into the IP address to which an
e-invoice can be delivered
About Jaap Jan Nienhuis Jaap Jan Nienhuis is Manager Simplerinvoicing at SIDN He is responsible for managing the Simplerinvoicing scheme authority Jaap Jan has a special interest in the development of new services in 4-corner models In his former roles he has been involved in a number of European collaborative e-invoicing initiatives including the EBA E-invoicing Working Group
About SIDN Simplerinvoicing is a collaboration between leading European e-invoicing and accounting software providers who all strive for mass adoption of e-invoicing by interoperability and standardisation Simplerinvoicing is a PEPPOL Authority The Dutch government is connected via Simplerinvoicing
wwwsimplerinvocingorg
Jaap Jan Nienhuis
Manager SimplerinvoicingSimplerinvoicing
DONT MISS THE OPPORTUNITY OF BEING PART OF LARGE-SCALE PAYMENTS INDUSTRY OVERVIEW
The Paypers offers the most valuable source of information and guidance for all parties interested in the current state of affairs of the payments industry
Paul Alfing Chairman e-Payments Committee Ecommerce Europe
Once a year The Paypers releases three large-scale industry overviews covering the latest trends developments disruptive innovations and challenges that define the global onlinemobile payments e-invoicing B2B payments ecommerce and web fraud prevention amp digital identity space Industry consultants policy makers service providers merchants from all over the world share their views and expertise on different key topics within the industry Listings and advertorial options are also part of the Guides for the purpose of ensuring effective company exposure at a global level
For the latest edition please check the Reports section
ONLINE PAYMENTSAn all-in-one reference guide on (online) payments amp ecommerce industry trends evolving business models top players and relevant (alternative) payment methods
B2B PAYMENTS SCF amp E-INVOICINGIndustry voices from the online finance space share insights into the dynamic B2B payment e-invoicing supply chain finance industries to support innovative solutions amp thriving businesses
WEB FRAUD PREVENTION ONLINE SECURITY amp DIGITAL IDENTITYIn-depth source of information highlighting key facts amp trends into the global digital identity transactional and web fraud prevention amp detection ecosystem
card application foreign exchange services etc) in a quick
easy and frictionless manner from a variety of service providers
Automation and great UX being the name of the game
They do not have to provide the financial services directly to
the customer They can act as the broker the digital conduit
for products and services benefiting from the commercial
relationships struck with selected service providers
The world of retail banking and payments is set for great change
About Brendan Jones A senior management consultant with over 30 yearsrsquo experience in the payments industry working with a variety of organisations including technology amp service providers and financial organisations Previously held senior roles focusing on business strategy regu lat ion bus iness deve lopment MampA product development programme amp operations management and business process reengineering
About Evolution Payments Consulting Evolution Payments Consulting (EPC) provides payment consulting services to the financial services industry and allied organisations EPC provides payments industry advice to companies looking to support the implementation of new regulation developlaunch new banking and payment propositions re-purpose existing products and services to meet the new and existing regulatory requirements
(prevalent in the recruitment process outsourcing (RPO) world)
unlimited liquidated damages clauses and ban on assignment
clauses The latter contractual terms seek to prevent suppliers
from using their unpaid invoices to access invoice finance
Admirably the government is already taking specific legislative
action against these with the aforementioned Small Business
Act enabling Regulations (expected shortly) to render such
clauses ineffective belatedly bringing the UK into line with
most of the other major world economies This will allow invoice
financiers to provide more funding to more businesses and will
particularly benefit the smaller supplier businesses that suffer
most from these unnecessary clauses
Ultimately this should also be good for larger customer businesses
who will benefit from more stable and well-funded supply chains
Of course whilst invoice finance can help SMEs unlock funding
it is not a silver bullet and is not a substitute for paying suppliers
promptly and treating them fairly For that there needs to be a
cultural shift and that is where an empowered and resourced
Small Business Commissioner could have a real impact
About Matthew Davies Matthew is the Director of Policy and Communications at ABFA
About ABFA The ABFA represents the asset based finance industry in the UK and the Republic of Ireland Members include UK and Irish high street banks specialist and challenger banks specialist businesses of international banks and corporates and independent nonbank finance providers
wwwabfaorguk
Matthew Davies
Director of Policy and CommunicationsAsset Based Finance Association
[The above material is drawn from a Guidance Paper prepared
for the European Multi-Stakeholder Forum on e-Invoicing and
prepared by the writer in conjunction with an Activity Group of
the Forum]
About Charles Bryant Charles Bryant is Secretary General of EESPA and also active in the Global Supply Chain Finance Forum
About EESPA The European E-invoicing Service Providers Association acts as a trade association at European level for a large and dynamic community of e-invoicing service providers drawn from organisations that provide network business outsourcing financial technology and EDI services EESPA is an International Not-for-Profit Association organised under Belgian law Formed in 2011 it has over 60 full and associate members and is involved with a range of important initiatives in interoperability the public policy debate and promoting adoption
The International Association of Alternative Finance (IAAF
orguk) has been taking a lead through 2015 in encouraging
platforms to work together to develop standards The concept
is to not make anything mandatory at this stage but to build
guidelines that members can work towards This has been
achieved in parallel with key stakeholders and regulators
The latter have been especially supportive as they do not want to
kill an embryonic alternative finance sector
However the fate of the sector very much rests in the decisions
of platforms and funding providers Do they lose the agility
of alternative finance or do they work together on building
guidelines and standards which could become the kind of
regulation that will support growth The IAAF is launching the
first Guidelines for the growth of alternative finance on June 16
The guidelines cover key areas required to support the growth
of the sector and will hopefully provide the pathway that the
industry needs
About Tony Duggan Tony was previously Supply Chain Development Director at Wickes where he developed Europersquos largest B2B platform As Consulting Services Director at Bolero a division of the SWIFT banking network he worked with some of the worldrsquos largest banks on global SCF initiatives This unique experience along with his real experience in start-ups and SMEs has provided him with real insights into the challenges of SCF and has been fundamental in the design of the Crossflow solution
About IAAF Founded in London in 2014 the International Association for Alternative Finance (IAAF) is an industry body committed to the promotion and development of the Alternative Business Finance sector IAAF sets out its drive for the Business Alternative Finance to be applied with excellence globally thereby creating opportunities for members and supporting the economy development as a whole The Associationrsquos four key focus areas are regulation reputation operational environment and future growth
CloudTrade is one of the fastest growing e-invoice networks and built firmly on the premise that e-invoicing should be free for suppliers easy-to-use and non-disruptive ndash only then will suppliers move away from paper These principles underpin the CloudTrade service which ensures high supplier adoption is guaranteed
Website wwwcloudtradenetworkcom
Service provider type E-invoicing service provider
Head office location UK
In which market do you provide your services
North America Europe Middle EastAfrica AsiaPacific
Contact details Mr Richard Manson Commercial Director richardmansoncloud-tradecom +44 (0)7956 441898 2-6 Boundary Row London SE1 8HP
Active since 2010
Keywords electronic invoicing e-invoicing PDF invoicing P2P purchase to pay e-order O2C order to cash
Markets
Which side in the supply chain is your primary target group
Both buyers and suppliers
B2B B2C andor B2G (Government)
B2B B2G
Target customer Corporates
Are you specialized in a certain industry
Generic (no specific industry)
Proposition
Which processes in the supply chain do you facilitate
Ordering supply chain invoicing
Support interoperability with other service providers
Yes ndash we currently interoperate with a number of service providers Furthermore CloudTrade is a registered Access Point on the PEPPOL network
Which pricing model do you mainly use
Subscription and transaction-based
Solution description CloudTrade removes the barriers to supplier adoption Our patented solution provides a non-disruptive way for a supplier to send electronic invoices ndash without having to change systems or infrastructure The net result is that we will remove more paper from an organisation in a shorter time frame than any other e-invoicing approach
Services which of the following services do you offer
Purchase Order Flip No
Matching of related transactions Yes ndash match invoices to POs contracts service entry sheets or goods receipt Business rules can be amended per customer
Distribution of e-invoices Yes
Invoice presentment portal No ndash a portal is available for the receiving organisation but not for the sending organisation Processing updates are provided to the supplier via e-mail
Legal compliance tools Yes
TAXVAT compliancy Yes
e-Signature service Yes
Finance amp (reversed) factoring services
Yes ndash offered through a CloudTrade partner
(Dynamic) discounting Yes ndash offered through a CloudTrade partner
Which standards do you support All current major e-invoicing e-billing and payment standards
Conversion from or into various XML formats (mapping)
Yes
Content validation of incoming invoice data
Yes ndash each document is validated against a set of document and customer specific validations
Facilitate customer onboarding Yes ndash due to the ease by which suppliers are able to adopt CloudTradersquos e-invoicing service typically more than 90 of suppliers that we are asked to on-board will come on board
Other services The core technology underpinning CloudTradersquos service is document agnostic We can (and do) provide e-document services across numerous sectors and document flows
Comarch is a global provider of IT solutions Comarch has more than 20 years of industry experience thousands successfully completed projects in over 40 countries worldwide references own RampD department made up of high-end IT engineers high ranking IT analyst ratings Gartner IDC Truffle 100 custom data centers in Poland and Germany
Website wwwcomarchcom wwwedicomarchcom
Service provider type Software vendor e-invoicing provider
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Licensed SaaS transaction-based
Solution description Comarch EDI provides the companies with smart solution enabling exchange of validated and tax compliant invoices in the format adjusted to back office systems It provides electronic archive and electronic signature as well as Service Desk in 12 languages (including English German French Turkish Russian) to guarantee onboarding of each partner
Services which of the following services do you offer
The most experienced team in the e-billing and payment industry ebpSource delivers software solutions consultancy and support to billers banks payment processors and outsourcers ebpSource brings unparalleled knowledge and a highly successful track-record designing developing deploying integrating and supporting many of the largest and highest-adoption services of this kind worldwide
Website wwwebpsourcecom
Service provider type Software vendor and reseller ndash e-billing e-invoicing e-signing mobile payment supply chain finance and authentication specialists Large-scale projects at a national and international level Ongoing support and specialist consultancy
Head office location United Kingdom
In which market do you provide your services
Globally
Contact details Steve Wright Commercial Director swrightebpsourcecom +44 1753 567896
Which side in the supply chain is your primary target group
Both suppliers and buyers
B2B B2C andor B2G (Government)
B2B B2C B2G
Target customer Corporates
Are you specialized in a certain industry
Cross-industry with specific specialisations in national e-bill consolidation bank-based e-invoicing and payment telecoms and utility e-billing e-signing and smart authentication
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
ebpSource has a wealth of experience in connecting e-billing and payment infrastructures at a national and regional level
Which pricing model do you mainly use
License subscription transaction-based
Solution description ebpSource provides a range of software consultancy and support services to help clients achieve new levels of operational efficiency customer service and cost reduction The team works closely with clients to design develop deploy integrate and support end customer applications Our key focus is long-term strategic partnerships with customers
Services which of the following services do you offer
Order2Cash is a pioneering provider of global order to cash optimisation services Cited by Gartner as a pure-play Order2Cash solution provider our services empower the work of Fortune 500 companies and leading enterprises around the world helping them to reduce costs and optimise spending on resources and technology Discover more at wwworder2cashcom Order2Cash is an Anachron company wwwanachroncom
Website
Service provider type
Head office location
In which market do you provide your services
Contact details
Active since
Keywords
wwworder2cashcomOrder2Cash provides flawless integration of the entire accounts receivable process across the enterprise and around the globe End-to-end global SaaS solutions including credit checks secure online contract signing multi-channel e-invoicing online payments credit management and document archiving
EMEA Head office Amsterdam the Netherlands US Head office NY USA
Yes we have interoperability agreements with an extensive range of B2BB2G e-invoicing networks and are a member of the European E-Invoicing Service Providers Association (EESPA)
Transaction-based pricing
Order2Cashcom offers a suite of SaaS solutions that combine to create a flawless integration of the entire accounts receivable process across the enterprise and around the globe Its modules support credit checks contracting e-invoicing payments and credit management Select components and tailor a solution to suit your business needs
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes Our solutions integrate with 700+ ERP systems for easy document exchange In addition we are connected with over 25 P2P platforms
Invoice presentment portal Yes
Legal compliance tools We work closely together with partners such as PwC and EY to ensure international TaxVAT compliancy
TAXVAT compliancy Global coverage
e-Signature service Every document is signed with an e-signature (QES or AES) to guarantee integrity and authenticity and to meet VAT requirements This can be completed with a timestamp
Finance amp (reversed) factoring services
Offered through partner network of financial institutions
e-Archiving Every document is securely archived complete legal storage period
Scanning of paper invoices Yes in cooperation with our network of output partners
Total invoice management 100 paper to electronic
Yes
Printing Yes in cooperation with our network of global output partners
Workflow functionality Yes
Direct integration with payments Yes
Accounts Payable management Available in cooperation with our network of output patners
Accounts Receivable management
Yes
Integration with ERPaccounting software
Yes We have established connections with over 700 ERP systems
Which standards do you support UNCEFACT CII ISO20022 Financial Invoice UBL 20 and others if required
Conversion from or into various XML formats (mapping)
Yes Any structured data can be converted to XML format
Content validation of incoming invoice data
Yes All data is validated and reported
Facilitate customer onboarding Yes Full support guidelines and advice is offered to all clients on customer activation
Other services Related to invoicing reporting query management customer grouping authorisation tools consolidated billing Alongside invoicing services your Order2Cash solution can expand to include online payment functionalities robust credit management and cash application tools as well as a secure online contract and document signing service Further details on the full platform can be found on our website
Connecting everyone everywhere
Flawless integration of the entire AR process across the enterprise
and around the globe
wwworder2cashcom
Fix Your Leaky Receivables Scan the QR code to claim your FREE Diagnostic Spreadsheet and measure the hidden costs in your accounts receivables processes
Saphety is a leading company in global network solutions for electronic documents exchange document presentment data synchronisation and public procurement Saphety has 4700 companies and over 129000 users throughout more than 30 countries
Website httpwwwsaphetycom
Service provider type E-invoicing service provider bank software vendor reseller or specialist
Head office location Portugal (headquarters in Lisbon and operational offices in Bogotaacute Colombia and Satildeo Paulo Brazil)
In which market do you provide your services
Global
Contact details infosaphetycom +351 210 114 640
Active since 2000
Keywords electronic documents exchange e-invoice invoice software paperless transactions EDI document presentment public procurement data synchronisation
Markets
Which side in the supply chain is your primary target group
Buyers suppliers both
B2B B2C andor B2G (Government)
B2B B2G
Target customer Micro SMEs SMEs corporates and government
Are you specialised in a certain industry
Automotive government healthcare retail utilities telecom tourism oil amp energy finance (bank and insurance) mass businesses and others
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Subscription transaction-based
Solution description SaphetyDoc enables you to exchange business documentation electronically including purchase orders delivery notes and invoices in a simple way at a low cost While complying with all legal requirements related to e-invoicing SaphetyDoc allows to completely eliminate the use of paper in the invoicing process from issuance to sending and approval
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes
Invoice presentment portal Yes
Legal compliance tools Yes
TAXVAT compliancy AU AT BE BG CA CY CZ DK EE FI FR DE GR HK HU IS IE IM IL IT LV LI LT LU MT MX MA NL NZ NO PL PT RO SG SK SI ZA ES SE CH GB US
e-Signature service Yes we provide e-Signature Service We can also use external e-Signature service if requested by client
Tungsten Corporation accelerates global trade by enabling customers to streamline invoice processing improve cash-flow management and make better buying decisions Tungsten Network helps buying organisations reduce their invoice-processing costs by 60 and profit by applying real-time spend analytics to their line-level invoice data Suppliers gain efficiencies greater payment-status visibility and optional early payment
Website wwwtungsten-networkcom
Service provider type Global e-invoicing network invoice finance and spend analytics
Head office location London UK
In which market do you provide your services
Globally
Contact details Mr Ruud van Hilten SVP Global Buyer Sales ruudvanhiltentungsten-networkcom +44 87 0165 7420
Active since 2000
Keywords electronic invoicing accounts payable procurement supplier network purchase to pay invoice finance spend analytics AP workflow
Markets
Which side in the supply chain is your primary target group
Generic (no specific industry) E-invoicing is a horizontal process
Proposition
Which processes in the supply chain do you facilitate
Invoicing purchase to pay working capital financing purchasing orders supplier self-service real-time spend analytics
Support interoperability with other service providers
Yes We interoperate with compliant service providers where there is customer demand qualifying invoice volume and compliance is maintained
Which pricing model do you mainly use
Balanced-costs are shared by buyers and suppliers Low volume suppliers receive 52 free invoices annually and high volume suppliers receive 520 free invoices annually After these free invoice transactions have been used a flat fee structure is applied per invoice transaction
Solution description The worldrsquos largest organisations connect with thousands of suppliers around the globe through Tungsten Network We enable companies to send and receive error-free tax-compliant invoices around the globe without the need to install any hardware or software We provide a unique supplier engagement and onboarding programme to ensure that suppliers participate and transact with their buyers
Services which of the following services do you offer
Purchase Order Flip Yes We can take POs from all sources in a buyerrsquos structure and present these to the supply chain Suppliers can convert POs directly into invoices on our portal
Matching of related transactions Yes We match invoices with POs online-level if required
Distribution of e-invoices Yes We enable companies to send and receive compliant B2B invoices
Invoice presentment portal Yes Suppliers can use our portal to manually enter their invoice data convert a PO check the status of their invoices and select early payment
Legal compliance tools Yes Our rules engine enables companies to receive compliant invoices in all the jurisdictions we are compliant in
TAXVAT compliancy Yes We work with local tax authorities to enable companies to send and receive compliant invoices We are currently compliant in 47 countries with a pipeline of new countries in progress
e-Signature service Yes All compliant invoices are digitally signed where required by local regulations We provide at-source signature verification
Finance amp (reversed) factoring services
Yes Invoice financing is a service we offer through Tungsten Network Finance This can be funded by Tungstenrsquos own financing partners the buyer or the buyerrsquos banking partners
(Dynamic) discounting Yes We offer this service on a case-by-case basis via Tungsten Network
e-Archiving Yes We provide legally compliant archiving
Scanning of paper invoices Yes As a component of a structured e-invoicing programme
Total invoice management 100 paper to electronic
Yes As a component of a structured e-invoicing programme
Printing Yes We can arrange this service through a partner
Workflow functionality Yes We can arrange this service through a partner
Direct integration with payments Yes Tungsten Bank has access to all relevant payment systems
Accounts Payable management No We partner with the worldrsquos largest BPO providers
Accounts Receivable management
No We partner with the worldrsquos largest BPO providers
Integration with ERPaccounting software
Yes We fully integrate with any ERP financial software
Which standards do you support Yes We support all structured file formats and most data standards
Conversion from or into various XML formats (mapping)
Yes We support all structured file formats and most data standards
Content validation of incoming invoice data
Yes We use extensive and flexible rule-sets to ensure compliance with our buyersrsquo business processes
Facilitate customer onboarding Yes We provide a unique supplier engagement and onboarding programme and can contractually guarantee paper conversion rates in best practice projects
Other services Purchase order services invoice status service spend analytics supply chain finance
Editorrsquos LetterFour Trends in B2B Payments and Financing Innovation | Mirela Amariei Senior Editor The Paypers
Thought Leadership
B2B paymentsExclusive interview with Andrew P Reid | Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking Deutsche BankBlockchain in B2B Payments | Enrico Camerinelli Senior Analyst Aite GroupThe Emerging Internet of Payments | Roger Bass Founder CEO and Principal Traxiant
BlockchainB2B Blockchain-based Payments Can it Beat the Banks | Kris Wielens Senior Consultant Orchard FinanceThe Three-Phased Transformation of Supply Chain Finance with Blockchain Technology | Gys Hough Consultant Innopay
Innovation in payments amp bankingExclusive interview with Wim Raymaekers | Head of Banking Market SWIFTExclusive interview with Markus Strauszligfeld | Head of International Cash Management Sales UniCreditMaking One-Click Finance Possible ndash Who Are the Relevant Stakeholders and How They Should Work Together | Susie West CEO and Founder sharedserviceslinkExclusive interview with Marten Nelson | VP Marketing TokenThe Future of Banking Innovation and the Fintech Startups Journey | Falguni Desai Founder amp Managing Director Future Asia Ventures
The power of data amp traceability Track and Trace of Invoices for Working Capital Optimisation | Prof Dr Michael Henke Director Enterprise Logistics Fraunhofer InstituteTurning Financial Messaging Data into Business Profit ndash The New Challenge for Financial Institutions | Andreacute Casterman Chief Marketing Officer INTIX
Commercial paymentsGaining Management Support for Your P-Card Programme | Terri Brustad Manager of Content Services NAPCPCommercial Payments under the Scrutiny of New Technology | Chris Holmes Senior Vice President KAE
Trade amp finance Financing International Supply Chains An Idea Whose Time Has Come | Alexander R Malaket Deputy Head of the Executive Committee ICC Banking CommissionImproving Access to Finance for SMEs with the Open RFI Project | Matthijs van Bergen Researcher SCF Windesheim amp Steven van der Hooft CEO Capital ChainsIf Supply Chain Finance is Supplier-Centric Financial Supply Chain is Customer-Centric | Magnus Lind Co-Founder The Talent ShowSupply Chain Finance Time for SMEs to Take Position | Anita Gerrits Supply Chain Finance Specialist
E-invoicingCross-border Invoicing ndash The Real Challenge for Multinational Projects | Bartłomiej Woacutejtowicz Product DevelopmentManager Comarch EDIWhy lsquoOpenness Should Be The 1 Selection Criteria for Any E-invoicing RFP Process | Jaap Jan Project ManagerSimplerinvoicing
Regulation amp lawPSD2 XS2A ndash a Step Towards Open Banking | Brendan Jones Evolution Payments ConsultingLate Payment ndash A Perspective | Matthew Davies Director of Policy and Communications Asset Based Finance AssociationThe Directive 201455EU for E-invoicing and Procurement How Public Authorities Should Respond | Charles Bryant Secretary General EESPARegulation and Growth in Alternative Finance ndash A Contradiction in the Making | Tony Duggan Founder and Director IAAF
In total nearly GBP 149 billion was lent to SMEs in the UK
(a 99 year-on-year growth rate and 194 average growth rate
between 2013 and 2015)
Interestingly enough innovative corporate partnerships are
being forged between alternative finance platforms with the likes
of Virgin Amazon Uber Sage and KPMG This has certainly
pushed boundaries ndash merging the traditional corporate world
with the disruptive models of alternative finance
Invoice trading the second highest model continues to be a
popular financing tool for small and medium-sized enterprises
wanting to trade their invoices or receivables at a discount
in exchange for the speedy procurement of working capital
However while the GBP 270 million market size in 2014 grew by
178 compared to 2013 growth from 2014 ndash 2015 was more
modest with a 20 growth rate to GBP 325 million
Zooming in on the strategies banks (and alternative finance
providers for that matter) use to better position themselves we
identify a lot of partnerships Banks teaming up with online lenders
This is a different dynamic ndash instead of trying to displace banks
online lenders decided to strike partnerships For instance On
Deck teamed up with JP Morgan Chase and said it will help speed
up the process of offering small business loans to the banks 4
million customers Lending Club another online lender tied-up
with Citi Moven partnered marketplace lender CommonBond
In a game of tongue twisters American Banker said that fintechs
team up to become more like a bank I would argue that banks
team up with fintechs to become more like a fintech
Also another question arises what if a corporate want to expand
into more countries That may mean to establish a physical
presence in each location that is relevant to their client Could
banks satisfy that need too
The industry is dynamic and some companies leapfrogged some
steps but although the developments are innovative and exciting
the road ahead is paved with many bumps
About Mirela Amariei Crafting large-scale industry reports carrying out interviews and writing about innovation in payments and fintech are Mirelarsquos daily treats As the Senior Editor at The Paypers she speaks frequently with key thoughts leaders to identify trends and trendsetters She can be reached at mirelathepayperscom and via Linkedin wwwlinkedincominamarieim
About The Paypers The Paypers is the leading source of news and intelligence for professionals in the payment community worldwide Our products are aimed at merchants payment services providers processors financial institutions start-ups technology vendors and payment professionals and have a special focus on all major trends and developments in payments-related industries including online and mobile payments and banking ecommerce e-invoicing supply chain finance web fraud amp security and many others
B2B payment innovation the beginning of exciting times
Deutsche Bank
Why should banks and corporates invest in real-time payments For corporates the benefits stem from the capability for executing
time-sensitive transactions ndash such as High-Value critical vendor
or MampA-related payments ndash while receiving close-to-immediate
proof of execution instead of waiting for the specific entry to be
documented by standard intraday reporting
For banks to serve client needs they need to be involved in these
developments which is why Deutsche Bank and others are helping
develop a Pan-European Instant Payment Solution For large
banks involvement in establishing such future paymentcollection
platforms is a revenue loss avoidance tactic rather than a
profit creation one as they will otherwise lose market share to
disruptors And while urgent payments can currently be more
expensive there may be a regulatory push for banks to provide
real-time payments with no extra charges in the near future
What are the benefits and challenges of implementing pay-on-behalf-ofcollect-on-behalf-of structuresPOBOCOBO structures help corporates consolidate cash
flows and rationalise account structures as well as increasing
purchasing power when negotiating cash management terms
with banks POBOCOBO simplifies liquidity management as
cash is centralised through domestic and cross-border cash
concentration It also allows for streamlined cash management
activities across subsidiaries as payments and receivables
are bundled in one place (such as a Shared Service Centre)
for execution out of the central account Improving cash and
liquidity management in these ways reduces credit need and the
operational burden on subsidiaries
Deutsche Bankrsquos experience and feasibility studies on POBO
COBO in Europe over the past four years have shown four kinds
of challenges market-specific practices and legal tax and
operational considerations In addition POBOCOBO structures
differ in the status of the underlying account For POBO the
ordering account can be a normal operating account in most
jurisdictions but since funds collected within COBO structures
often relate to different legal entities the underlying account is
often considered a trust account This has further implications
For instance depending on regional Anti-Money Laundering laws
an account can contain either own funds of the account holder
or funds that belong to third parties (trust accounts) ndash not both
That in turn may require corporates to separate some incoming
transaction flows from the entities flowsrsquo part of the on-behalf-of
structure
What main friction points in B2B cross-border payments will disappear in the next five yearsDevelopments driven by regulatory change or facilitated by
technology and solution-based improvements will ultimately
allow for more frictionless and cost-effective transaction
processing For example the Payment Services Directive (to be
updated soon by PSD-2) affected cut-off times and value-dating
habits and a shift will likely take place in this area to align cross-
border payments in different currencies with the same value-
dating as SEPA payments
Similarly currency payments will likely become easier thanks
to automated conversion services such as Deutsche Bankrsquos
FX4Cash which offers client ease-of-use real-time FX rates
and enhanced transaction data And solutions such as Virtual
Accounts will improve reconciliation and accounting (through the
rationalisation of physical bank accounts across a region)
Retail banking has experienced futuristic leaps in the payments space ndash now is the time for the same level of transformation and convenience in the B2B space
The industry is poised to apply such innovation to the B2B space ndash but only through collaboration will this be possible
What bank-core competencies foster innovation and growth through fintech partnerships in the B2B payments space We have witnessed the effects of the first wave of digitalisation
on daily activities particularly through smart devices and apps
Peer-to-peer and C2B processes have already experienced
radical transformation and the industry is poised to apply such
innovation to the B2B space ndash but only through collaboration
between incumbents and new players will this be possible
Fintechs have the technical skills and understanding of consumer
behaviour fail-friendly mindset and regulatory freedom to be
innovative ndash but in an increasingly competitive landscape that
will see market consolidation over coming years they need more
than that to survive Banks conversely experience internal and
external obstacles to innovating independently including legacy
systems internal siloes a cautious culture and tighter regulatory
restrictions But by offering the strength of their established
reputation global infrastructure existing client-base and expertise
regarding risk regulation and treasury needs banks can support
fintech growth bring new products to market through such
strategic alliances and successfully scale-up new offerings
What are the Bankrsquos plans for blockchainDistributed Ledger Technology is not new but interest around its
potential applications is rising and opportunities for blockchain
ndash from fraud prevention and risk reduction to quicker and more
transparent payment flows ndash cannot be ignored We are at the
beginning of the blockchain journey and the ways it will change
business models processes and ecosystems are yet to be
seen but we predict immense potential up and down the value-
chain Participants ndash for example it was one of the first banks to
test smart contracts for corporate bonds which was conducted
in-house in collaboration with the DB Labs Deutsche Bank
recently opened innovation labs in London and Berlin with a third
just opened in Silicon Valley which will help the Bank best utilise
new technologies and deepen relationships with start-ups In a
decade there will be myriad different blockchain technologies and
interoperability will be crucial The Bank is an initial driving member
of blockchain consortium R3 CEV and participated in trials of five
distinct blockchain technologies with other member banks
About Andrew Reid Appointed to his current role in 2013 Andrew has been with the Bank for 17 years within corporate cash management and trade finance Andrew supports and advises clients in adapting to the new regulatory environment and optimising their treasury operations
About Deutsche Bank Deutsche Bank provides commercial and investment banking retai l banking transaction banking and asset and wealth management products and services to corporations governments institutional investors businesses and private individuals Deutsche Bank is Germanyrsquos leading bank with a strong position in Europe and a significant presence in the Americas and Asia Pacific
gtbdbcom
Andrew P Reid
Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking
When paying the supplier the buyer issues a payment
instruction from its accounts payable to the bank This initiates
the transfer of title of currency and a time-stamp makes the
transaction irrevocable The intermediary bank may enjoy
blockchainrsquos irrevocability and title transfer to secure the
uniqueness and traceability of the transactions underpinning
the cash transfer The distributed nature of the blockchain
ledger avoids any delayed centralized control of AML screening
checking of availability of funds and clearing billing and
reporting activities All executed operations are validated within
The ledger offers the extra capability to the bank to swiftly handle
format translations from the clientrsquos accounting system A smart
contract on the blockchain provides the bank with the capability
to charge transparent and auditable service fees
The distributed ledger operates as the connectivity software
that the clearing network provides to all trading parties and
intermediaries The network is also capable of offering time-
stamping services as well as detect transactions that may trigger
the execution of smart contract applications Format translations
can be easily offered as a value added service
The beneficiary bank receives notice of an irrevocable transfer of
cash title that the distributed ledger renders valid and immediately
executable The ledger also streamlines all necessary account
management verifications to validate the payment data The sellerrsquos
account is immediately credited and all subsequent regulatory
and accounting reporting is made auditable and irrevocable
Bank services can be charged via smart contract applications
agreed between the parties The blockchain enables the seller-
ie the B2B payment receiving party- to update the accounts
receivable database with a payment confirmation that becomes
an auditable transaction
Blockchain is certainly not the panacea for all problems but the
frequency of applied features to the B2B payment processes
tells however that all parties involved could strongly benefit
from this technology without the need for anyone to be removed
About Enrico Camerinelli Enrico Camerinelli is a senior analyst at Aite Group specializing in wholesale banking cash and trade finance and payments He brings a strong European focus to Aite Grouprsquos Wholesale Banking practice Mr Camerinelli has been widely quoted by publications ranging from American Banker to the Financial Times
About Aite Group Aite Group is an independent research and advisory firm focused on business technology and regulatory issues and their impact on the financial services industry With expertise in banking payments wealth management capital markets and insurance Aite Groups analysts work with clients as partner advisor and catalyst
No discussion of B2B payments futures would be complete
without touching on the blockchain Such solutions seem likely
to play an important role How the various ldquonot-Bitcoinsrdquo with
their technical and regulatory benefits will fare against Bitcoin
itself remains unclear Standards such as the ldquoInterledger
Protocolrdquo could play a role perhaps enabling an ldquoInternet of
Valuerdquo layer for the IoP That said in global B2B payments
the ldquochicken-and-eggrdquo challenges that are inherent in any
new network technology clearly exist Blockchain adoption as
a purely ldquoback officerdquo or inter-bank technology seems likely
to happen first within narrowly-defined early use cases and
communities Adding value to pre-existing end-user (buyer-
seller) interactions like Skype did may be one plausible early
adoption scenario ldquoPiggy-backingrdquo on another network layer or
use case like Paypalrsquos initial use for eBay payments is another
way to think about this Combining all of these may work best
end user demand can be effective in driving adoption by solution
providers notably banks in this case
An Internet of Payments as it emerges will reshape the B2B
payments industry and much more besides It will likely develop
quite suddenly as a mass phenomenon much like the Internet in
the mid-nineties It will create winners and losers Those who move
early to test learn and shape the emerging Internet of Payments
ecosystem and framework will be best positioned to win
About Roger Bass Roger Bass is Founder CEO and Principal of Traxiant Previously with Intuit for eleven years he recently led a Network Payments initiative Other instrumental roles included the launch of Intuitrsquos European operations first online banking solution SMB Internet group and the QuickBooks platform Reach out via rogertraxiantcom
About Traxiant Traxiant provides software and consulting solutions to help financial and technology providers grow their B2B Payments and Financing solutions and profit from the Internet of Payments Solutions and areas of expertise include card e-payables global payments receivables financing and supplier networks
bull Various parties in a supply chain can all be paid when the end
consumer purchases the product For example a consumer
buys a song online At the moment of purchase the amount
paid is distributed amongst the band the producer the studio
and the record label All parties are rewarded based on their
added value
Blockchain-based payments open up many possibilities
Not only is it possible to trade easier and cheaper but also
payments can be made smarter Banks are particularly interested
in this new technology and are closely investigating the potential
it may offer to them It is exciting times for banks and payment
institutions as with blockchain the real disruption is knocking
on the door The disruption here is not that things are done a
bit smarter more efficient or faster The disruption in payments
is that there is technology available that makes banks PSPs
credit card companies redundant Cutting out these middlemen
by making use of technology that provides the same trust and
robustness (or perhaps even more) will increase the speed of
payments increase the possibility to trade with each other while
significantly reducing costs
About Kris Wielens Kris Wielens is Senior Consultant with Orchard Finance He has more than a decade experience is (corporate) payments with various fims He has been active as Head of Strategic Partnerships EMEA Business Development Manager Sales Manager and Credit Analyst
About Orchard Finance Orchard Finance is a leading independent consultancy and staffing company specialized in the areas of Finance and Treasury Tailoring to our clients we offer advisory services project management and staff ing support Our professionals have a long standing reputation based on operational and project experience in banking corporate finance and treasury management amp control
Phase 3 Automatable transactional network (5-7 years)As soon as the SCF community gains communal understanding
of blockchain as a transactional network then the next natural
line of inquiry could be the nature of transaction initiation During
this inquiry the following components of blockchain technology
will be discovered and the third phase might commence
bull Multi-signature capability ndash a means of separate entities to
safely and securely state whether an event took place or not
bull Smart contracts ndash agreements that automatically execute the
change of ownership of funds or goods based on whether an
event took place or not
bull Cryptocurrencies ndash a set of tokens of a variable but crypto-
graphi cally verifiable amount which is used for efficient value
transfers
By means of combining multi-signature and smart contracts with
existing e-mandates or cryptocurrencies the automatic payment
of invoice amounts or other types of collateral could be initiated
and executed instantaneously and automatically This will open
the path towards an international SCF network that automatically
creates investment grade financial instruments as a seamless
part of the supply chain process
ConclusionAlthough history shows us that we can only have so much
foresight we see a clear match between the features of blockchain
concepts and SCF we believe that at some point blockchain will
be a prominent part of SCF The speed at which SCF will evolve
and innovate will depend on the creativity of its stakeholders
and how fast the common understanding on how to use the
technology will develop Seeing that blockchain technology has
something compelling to offer at each phase of understanding we
see rapid developments taking place sooner than later
About Gys Hough Gys Hough follows the develop-ment of blockchain concepts since 2012 and was involved in shaping several business ideas based on blockchain concepts in the field He is also involved in the facilitation of various discussions surrounding blockchain applications in the financial industry
About Innopay Innopay is an independent consulting company specialised in online payments digital identity and e-business We help our clients including financial institutions governments and corporates to develop the compelling strategies and digital services for consumers and companies that are key for successful competition in a rapidly digitising world
Launched in December 2015 to much anticipation in the industry
the initiative has received strong backing with more than 50
leading banks already signed up The Paypers spoke to Wim
Raymaekers SWIFTrsquos Head of Banking Market and programme
manager of the global payments innovation initiative to find out
more about this exciting move
We often hear that B2B payments are opaque complex and risky Why do you think that is and where do you think that improvements can be madeYes currently when a corporate treasurer sends a request
for a cross-border transaction to his bank he typically has no
sight on what actually happens with that demand They often
liken this to a lsquoblack holersquo saying they have no view on when
payments occur or their final costs This can lead to problems
with suppliers or end-customers not to mention increasing
financial risks resulting from payment delays or non-compliance
with regulatory requirements
I think improvements can be made in three main areas firstly
the speed of payments corporates want fastest payments so
banks need to be able to guarantee that they are made within
certain timeframe Secondly corporates want to know the
exact payment amount that will reach their counterparty ndash here
banks need to provide transparency on the fees involved and
the amount credited to the creditor And thirdly they want to
be able to track payments banks need to let corporates know
when payments have been initiated and credited to the creditors
account to avoid delays in the supply chain or frictions between
supplier and seller
What are the opportunities for a corporate to leap forward through the use of the cross-border payment industryCorporates are not in the business of payments they just want
to buy and sell Yet they do have to manage their treasury to
make those payments ndash so a better faster more transparent
payment solution is important to them On top of that having
a good payment infrastructure benefits your supply chain
Because if the money does not get to the supplier in time the
credit line will go up causing delays on all fronts So the better
your payment infrastructure is the stronger and more reliable
your supply chain is
Designed for the corporate treasurer SWIFTrsquos global payments innovation initiative offers an ambitious roadmap for reinventing the correspondent banking model as we know it today With ever increasing competition from new entrants offering same-day or even real-time payment facilities SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
Correspondent banking rejuvenated
SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
What can you tell us about the global payments innovation initiative (gpii) and what are SWIFTrsquos plans in regard to this initiativeAs part of the initiative SWIFT is working in close collaboration
with the largest transactions banks in the world to enhance
their corporate customersrsquo cross-border payment experience
Together we will strive to provide a faster service with upfront
clarity on costs confirmation of delivery and richer remittance
information data
We are now working together with the banks to commonly
agree service level agreements (SLAs) to which all the initiative
member banks must comply The new service will be designed
to address end-customer needs without compromising banks
abilities to meet their compliance obligations market credit and
liquidity risk requirements
What is the role of blockchain in this initiativeSWIFT is devoting significant resources to instigate the
opportunities and challenges of deploying blockchain and
distributed ledger technologies more broadly on our platform
While the initiative aims to first make improvements based on the
existing infrastructures in parallel we are building a gpii vision
for cross-border payments This will set out how we will adopt
new technologies in order to ensure corporate customers receive
the best possible payments experience in the near future
Wim Raymaekers
Head of Banking MarketSWIFT
About Wim Raymaekers Wim Raymaekers leads SWIFTrsquos banking initiatives worldwide and is responsible for developing and driving value propositions across the banking community In this capacity Wimrsquos mission is to help banks grow their business particularly in view of changing customer and market requirements
About SWIFT SWIFT is a global member-owned cooperative and the worldrsquos leading provider of secure financial messaging services We provide our community with a platform for messaging and standards for communicating and we offer products and services to facilitate access and integration identification analysis and financial crime compliance
Which are UniCreditrsquos strategies to remain competitive in the B2B cross-border payments spaceUniCredit is taking a number of steps to ensure that it offers a highly
competitive portfolio of payments services including a number of
tools for simplifying cross-border transactions
In particular UniCredit has invested considerably in the
Bank Payment Obligation (BPO) ndash a settlement tool which
enables firms to execute secure transactions mediated by
partner banks through a quick and efficient digital process
When carried out properly BPOs combine the risk mitigation and
financing advantages of Letters of Credit (LCs) with the digital
speed of open account settlement This makes them particularly
advantageous for cross-border transactions ndash especially with
unfamiliar counterparties or those concentrated in a particular
region or industry Thanks to bank mediation the risk of non-
payment in such cases is drastically reduced ndash allowing firms
to take on more business and sell their receivables more easily
UniCredit has worked hard to bring these benefits to clients in
the most efficient and convenient format possible ndash offering vast
improvements on LC processing times which are only set to
increase once the process is fully digitalized This principle of
fully digitalized processes is also reflected in UniCreditrsquos virtual
accounts services which enable clients to consolidate their
bank accounts in a given currency into a single ldquoparentrdquo account
This can then be divided internally into as many ldquovirtualrdquo
accounts as required ndash with each account given its own allocated
funds account number and permissions Already available
for affiliatesrsquo incoming and outgoing transactions in nearly 50
countries including the SEPA zone and six CEE markets this
system generates huge benefits to efficiency scalability and
transparency ndash eliminating the need for cash pooling expediting
the process of opening and closing accounts and providing a
comprehensive overview of cash flows without sacrificing detail
Going forward UniCredit intends to remain at the cutting edge
of B2B cross-border payments with new initiatives such as the
integration of big-data analytics into existing payments services
ndash offering clients insights based on payments data and other
relevant information
With increased customer demand to install real-time payment infrastructures what trends do you see happening right nowThe demand for instant payments is part of a wider trend towards
greater speed and efficiency in the industry This is particularly
notable in ecommerce where firms are looking to provide
increasingly rapid delivery services ndash with next-day and even
same-day delivery now possible The use of digital technology to
expedite routine processes is becoming more and more prevalent
with clients increasingly basing their expectations on their
experiences in the retail sector UniCredit is keen to play its part
in this development and is already implementing real-time rates
for instant payments ndash including for cross-border transactions ndash
ahead of the November 2017 implementation date
How has UniCredit adapted to the digitalisation of the transaction banking industryUniCredit has established itself as a frontrunner in the
development of key advances such as the BPO and virtual
accounts and continues to search for new and innovative ways
to leverage technology for the benefit of its clients To this end
it has taken a number of steps to ensure continued innovation
ndash with product development teams harnessing the expertise of
traditional banking experts and technology specialists along
with a wide range of external perspectives
This has already seen blockchain technology become a reality
for custody services clients while virtual accounts technology
is being supplemented by CAMT messages ndash enhancing
standardisation even beyond the SEPA zone with automated
reconciliation between banks and corporates
The field of payments is undergoing a period of transformation as digitalisation paves the way for greater speed and efficiency
UniCredit has also adopted a more holistic client interface
including its IT solutions provider in client meetings This enables
UniCredit to adapt its solutions to clientsrsquo individual technological
requirements rather than expecting them to adapt to accommo-
date the solution
How do you support your CEE-based clients in their efforts to optimise working capitalUniCredit offers its CEE-based clients a full range of support for
their working capital optimisation programmes ndash having been the
first in Russia Bulgaria and Croatia to offer classic services such
as cross-border cash pooling UniCredit also offers unrivalled
BPO coverage with the instrument already available in Bulgaria
and Romania In terms of approach we encourage firms to avoid
the lsquosilorsquo mindset of asking how they can benefit from individual
tools such as receivables finance or approved payables finance
ndash instead promoting a focus on overarching short- mid- and
long-term goals Mostly it turns out that short-term liquidity
generation is not corporatesrsquo main concern ndash especially given the
abundance of liquidity in todayrsquos market Other factors however
such as risk mitigation supply-chain stability and balance-sheet
optimisation almost always figure in their plans ndash demanding
a holistic programme for working capital optimisation This of
course also means being prepared for the eventuality of liquidity
suddenly or gradually drying up
In the face of fintech disruption which areas can banks capitalise onFintech companies certainly bring new impulses to the transaction
banking sector but banks almost always excel by capitalising
on their existing strengths ndash drawing on their holistic financial
expertise and their status as trusted and highly regulated
partners to corporate clients These strengths can to a certain
extent be amplified through digitalisation within banks ndash
translating greater efficiency into greater convenience for clients
Even more promising however is the potential for co-operation
between banks and specialist technology companies with banks
combining their core strengths and broad client base with fintech
independence and nimbleness to create the ideal conditions for
innovation
About Markus Strauszligfeld Since 2005 Markus Strauszligfeld has been Head of International Cash Management Sales at UniCredit responsible for cash management and eBanking sales to large and multi-national organisations in Europe the US and Asia
About UniCredit UniCredit is a bank with a substantial footprint in Europe and an extensive international network of branches representative offices and correspondent banks ndash enabling it to follow its clients wherever they go Its payments services come under the Global Transaction Banking (GTB) unit
wwwgtbunicrediteu
Markus Strauszligfeld
Head of International Cash Management SalesUniCredit
C-SuiteThe CFO needs to back your project and this support must
be visible It is important to educate them on the SFP early by
presenting them with relevant case studies you have gathered
and the possible business case
C-Suite contributionThey will need your direction but the CFO and CPO will add
panache to your SFP The lsquosignaturersquo on the comms piece sent to
suppliers should be theirs If any buyer in the business becomes
concerned about this programme the C-Suite needs to have
a response at hand To realise the significant savings that can
come from your SFP your C-Suite must be ready to provide the
required PR
SuppliersBuyers rarely push back against SFPs because a) itrsquos optional
for suppliers and b) itrsquos attractive for suppliers However getting
the suppliers to engage is instrumental and makes the supplier
a key stakeholder
Supplier contributionSuccess Without their participation your business case is a flop
So make sure they understand what the SFP is whatrsquos in it for
them what they need to do who they can reach out to with
questions or concerns and that participation in SFP inevitably
qualifies them as a preferred supplier
ConclusionGet the first five stakeholders onboard early at concept stage
so they feel supportive of the SFPrsquos direction and purpose and
ask them how involved they would like to be given their role
About Susie West Susie West is the CEO and Founder at sharedserviceslink and proudly labels herself as a shared services geek She has been in the shared services industry since 1998 In 2007 she set up sharedserviceslink a leading global business community for professionals looking to improve performance in shared services Her central aim is to help individuals companies and the market mature through the sharing and consumption of (mostly peer generated) best practice information
About sharedserviceslink sharedserviceslink is a business community for professionals working in shared services sharederserviceslink is viewed as trusted advisors to this market because it offers exceptional content connection insight and overall value
About the companyToken provides digital payment solutions for banks and their clients to deliver instant end-to-end secure and frictionless payments worldwide The solution addresses the key concerns of PSD2 security disintermediation and lack of revenue
wwwtokenio
Marten Nelson
VP MarketingToken
Website wwwtokenioOffices location Redwood City California USAFounded in 2015Categories payments psd2 fintech
Token
The next generation of payments infrastructure will first of all help banks open up
What drives real-time payments infrastructure adoption in the US vs EUA number of valuable business cases drive the adoption of real-
time payments infrastructure Both consumers and businesses
expect funds to be instantly available during a payment
transaction 25 years ago the invention of the Worldwide Web
allowed us to share data instantly and globally Exchanging value
should be just as easy and fast as moving information but for
a number of reasons this hasnrsquot yet happened While there are
regional real-time payments solutions the US and many parts
of Europe are still lagging But there is hope ndash the Feds in the
US and the ECB have launched real-time payments initiatives
Why did Token choose to leverage the bankrsquos existing ledger instead of using blockchain The main reasons were that we found the bankrsquos ledger to
perform pretty well in most cases and to leverage existing
infrastructure typically reduces the complexity of deployment
and therefore cost It was simply a cost-benefit analysis
There are many interesting use cases for distributed ledgers
and for some of our functions and in some situations it makes
sense Thatrsquos why we designed the solution with distributed
ledgers being optional
What is the value proposition for European banks by integrating Token Token solves the main issues banks are facing in terms of
PSD2 security disintermediation and the economics First you
can think of Token as a PSD2 firewall that protects the bank
infrastructure from poorly behaving third parties Second Token
retains the bankrsquos customer experience even when accessed by
third parties Last we allow banks to offer value-added services
The Future of Banking Innovation and the Fintech Startups Journey
Future Asia Ventures
The financial services sector has become the poster child for
corporate innovation Over the last 5 years banks have been
investigating and experimenting with several new financial
technologies in the crowd funding trade processing lending
and wealth management areas These experiments have come
in different shapes and sizes Based on our research we know
21 banks that have launched accelerator programs around the
world Other banks have launched pre-accelerators incubators
and labs
As a research amp advisory firm we regularly speak with many
corporations startups and venture investors We are constantly
learning about the landscape Here are 5 perspectives we would
like to share
1 Fintech is old but the market conditions have never been betterMost experienced financial sector professionals understand that
this recent wave of fintech startups is just that ndash a wave Fintech
is a new term that captures a large category of existing and
growing technologies which involve transaction processing data
and record keeping Fintech companies have been innovating
since the 1950s The last 60 years produced ATMs credit cards
online banking and online stock investing to name only a few
Innovation in fintech is nothing new What is new is the explosion
of startups in the last six years There are now approximately
6000 fintech startups The playing field is crowded and thatrsquos
because the opportunity to innovate has never been greater
The combination of cheap capital a dry period in bank innovation
and a credit crisis followed by heavy regulation created the
right environment for startups to rise There has never been a
better time to be an entrepreneur
2 Regulation matters It might sound obvious but regulatory rules and compliance are
a very important part of the startup journey for fintech founders
This makes fintech different from other startup sectors
Founders in fintech are generally a decade or more experienced
than their peers Regulation is often an entry barrier because
you need to be licensed by regulatory bodies to do business in
each jurisdiction For startups that want to expand compliance
is mandatory and expensive The financial system for good
reason doesnrsquot tolerate risk As a result founders need to
cooperate with regulators budget for long waiting periods find
strategic partnerships that help their growth efforts and be in this
for the long haul Fintech is marathon not a sprint
3 Innovation canrsquot be measuredWhen speaking with innovation officers I am often asked
which program or format is the best People are looking for a
quantitative measure or a definitive leader among corporations
The truth is there is no one best model or best innovator
An innovation program should be designed around your
budget your timeline and the problem you are trying to solve
These factors are different for each company For some a
hackathon might be best while for others a robust corporate
ventures program might make more sense Available capital
decision-making dynamics and pain points vary per company
Each company has to do whatrsquos right for them However one
thing is certain ndash good innovation programs have a clearly
defined problem and success criteria Without a mandate you
are bound to go in circles
Number of Corporate Accelerators Launched Each Year Corporate accelerator launches have peaked So far in 2016 2 new accelerators have launched Going forward companies will design tailored open innovation programs and formats to engage and collaborate with startups
About Falguni Desai She is the Founder amp Managing Director of Future Asia Ventures and has over 18 years of corporate strategy innovation and MampA experience She has worked globally with business leaders at Fortune 500 firms in the financial media and technology sectors to foster growth amp expansion
About Future Asia Ventures Future Asia Ventures is an innovation advisory amp research firm Through our research and services we help new ventures grow and connect investors with innovative opportunities We serve private investors foundations and corporations around the world
wwwfutureasiaventurescom
Falguni Desai
Founder amp Managing DirectorFuture Asia Ventures
4 Innovation is inherently wastefulSeveral companies are still sitting on the sidelines While our
latest research has uncovered that 116 companies around the
world have set up corporate accelerators and several dozens
have launched incubators and labs the majority of large
companies are not engaged in this type of open innovation
They might be wondering whether an innovation program will
generate returns The answer is no not in the short term But in
the long run yes Innovation creates waste Companies wonrsquot
solve the problem on the first try Several partnerships and
investments will fail Incubated ideas may not scale and those
looking to try their hand at innovation should swallow this pill
and be prepared for failure To be good at innovation you need to
try things and then quickly stop them when they donrsquot work and
quickly try again
5 The endgame is collaboration not conflictI still see articles which predict a future without banks how
disruption will cause banks to fail and shut down The reality
is banks play a very important role in the lending infrastructure
of most modern economies Peeling back through fintech
history the innovations that survived and scaled were the
ones that worked with banks not against them In the 1990s
online stock brokers appeared on the scene Stock exchanges
and brokers didnrsquot disappear but they now operate differently
Today fintech marketplace lenders offer loans more efficiently
to retail customers The capital for these loans comes from
traditional banks and large asset managers Banks brokers and
asset managers wonrsquot disappear instead their processes and
the customer experience they offer will change dramatically The
moral here is that new fintech services will become part of the
overall financial infrastructure Fintech startups will eventually
grow into companies that are counterparties and partners to
banks not necessarily competitors Of course not all of them
will succeed but the future of banking will be formed through
collaboration
VISIT OUR ENHANCED ONLINE COMPANY PROFILES DATABASE
ALL COMPANY PROFILES IN THE B2B PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING MARKET GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
AND ADVANCED SEARCH FUNCTIONALITY
wwwe-invoicingthepayperscom
ALL COMPANY PROFILES IN THE B2B FINTECH PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
About Prof Dr Michael Henke Prof Dr Michael Henke completes the board of directors of Fraunhofer IML as new director of the section Enterprise Logistics and he also holds the chair of Enterprise Logistics at the faculty of Mechanical Engineering at TU Dortmund University His research focuses lie among others on the area of eg management of the Industry 40 purchasing and supply management supply chain risk management and financial supply chain management
About Fraunhofer Fraunhofer IML is said to be first address for all questions with respect to holistic logistics the employees work on all fields of internal and external logistics Made-to-measure arranged teams create cross-industry and customer-specific solutions in the area of materials handling warehouse management supply chain management simulation supported business and system planning and also traffic systems closed loop economy resources logistics building logistics and e-business
wwwimlfraunhoferde
Share this story
3 First steps were takenInnopay an e-business consultancy firm from the Netherlands
the Dutch factoring company lsquovoldaanrsquo and a client of voldaan
developed the SBRF Model in 2015 Within the scope of the
Workshops on Standardisation in SCF by the Supply Chain
Finance Community Innopay and the Fraunhofer Institute
of Material Flow and Logistics (IML) presented the SBRF
demonstration since November 2015
The ldquoProof of Conceptrdquo demonstrated the financier tracking the
status of an outstanding invoice electronically He gained insight
into the progress of the invoice and could assess the associated
risks
During the Workshop Series the model as well as development
improvement and extension potentials have been discussed
actively by the participants European experts on SCF and
e-invoicing Subjects to the discussions have also been technical
specifications and the integration with other solutions
4 More Proofs of ConceptIn the first half of 2016 the SBRF concept will extend to more
financiers sellers buyers and ERP solutions across Germany
and Italy at least The well-established network of the SCF
Community and its members will provide a basis for the
development and geographical extension
The practical integration with e-invoicing and SCF platforms and
the standardisation along the dimensions of Legal Operational
Functional and Technical dimensions will be investigated in detail
For Germany a planned SCF event at the House of Logistics
and Mobility (HOLM) in Frankfurt organised by the Fraunhofer
IML and Innopay makes an important contribution to the Proof
of Concept The event is scheduled for summer 2016 and will
include workshops on the SBRF Model Moreover further
aspects of SCF standardisation according to the SCF research
bull First and foremost they must elevate information to its deserved
status of strategic asset This will help ensure that data is
actively managed on enterprise level for its embedded value to
be realised
bull They also need to equip themselves with the right technology in
order to turn information to their advantage
However some barriers exist
bull Integration with legacy systems many legacy systems make it
difficult to extract data and may not be best suited for Big Data
technologies
bull Connecting data silos there is no uniform view of data and most
organisations have not integrated disparate data sources given
the complexity of the task
Data integration tools are becoming key to connecting various
data sources and data sets and delivering on the promise of
information or data management
FIs become master of your dataBy conquering Big Data challenges FIs will be able to draw a
competitive advantage through enhanced strategic decision-
making improved customer service and effective risk management
Information management technology and governance are
key to break down the organisational silos that typically exist
within financial institutions to provide a complete picture of an
institutionrsquos financial transactions and client information across
a myriad of sources Not only does this make it easy for FIs to
respond to the increasing requirements for compliance and
reporting it also provides the opportunity to turn such data into
valuable insights and information for the customersrsquo benefit
Information management tools will help financial institutions
address a series of strategic objectives including regulatory
readiness and responsiveness enhanced strategic decision-
making faster customer service effective risk management
In sum FIs that become master of their own data will benefit from
a competitive advantage which they will turn into business profit
About Andreacute Casterman Andreacute Casterman is Chief Marketing Officer at INTIX and a Member of the Banking ExCo of the ICC During the past 5 years Andreacute was SWIFTrsquos head of the corporate amp trade markets in charge of strategy governance and product initiatives Andreacute Casterman has two masterrsquos degrees from VUB and a masterrsquos degree from ICHEC
About INTIX INTIX helps financial institutions and corporates address financial data management challenges in four strategic areas regulatory compliance business intelligence customer services and risk management INTIX helps its clients retrieve consolidate and reconcile any type of financial messaging data and protects them from any IT complexity and obsolescence issues
Gaining Management Support for Your P-Card Programme
NAPCP
Achieving buy-in of the card programme especially by
management is a frequently cited challenge by the NAPCPs
audience The concern is justifiable Lack of buy-in can result
in never getting a programme implemented having a static card
programme or the elimination of the programme altogether
Whether you are considering implementing a new programme
or expanding the current one there are several questions to
address that can help in preparing your case to management
bull What are you seeking buy-in for and from whom Do you want
to ldquosellrdquo the existing P-Card programme to a new manager or
do you want to propose programme expansion
bull What is the rationale for your goal Management will only buy
into something that benefits the organisation and is supported
by facts including a cost justification
bull How does your goal support the goals of the organisation or
solve an organisational challenge Management decision-
making is driven by accountability for goals and the ability to
resolve issues
bull Are you aware of common objections to P-Card programmes
1 Data from the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation a report based on more than 3123 survey responses from end-user organisations
bull Who are the stakeholders There is nothing more defeating
than trying to move an idea or goal forward then learning that
someone with ldquoveto powerrdquo was left out of the discussions
inadvertently List who should be involved and why They might
provide good input in support of the card programme andor
express concerns such as the common objections listed above
The Business CaseThe next step is to create a solid business case based on the
answered questions above as well as other common business
case elements Include
bull statement of purpose (what you are seekingmdashyour goal)
bull where you are today (current metricsKey Performance Indicators
(KPIs) and how they compare to industry benchmarks) where
you want to be and ldquowhy nowrdquo
bull how your idea aligns with organisational goals
bull input from stakeholders plus common objections industry-wide
(if different from stakeholder input) address any concerns and
objections with facts
bull cost justifications to support the value proposition such as
anticipated andor actual process savings reductions in full-
time equivalents (FTEs) especially within the procurement and
or accounts payable departments and other hard- and soft-
dollar savings
bull implementation plan if applicable (eg for programme expansion)
Present cost saving benefits such as the cost of traditional
cheques versus P-Cards If your organisation has not completed
an internal process cost analysis use the NAPCP average
process costs shown below
1 As specified within the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation
2 Based on average monthly card spend of USD 1M and average transaction size of USD 559 per the results of a 2015 NAPCP poll
If expanding an existing programme it is important to consider
the value your card provider can add to this process They can
provide an analysis of your accounts payable vendor filemdash
identifying those vendors who accept card payments
Working with the ldquolow hanging fruitrdquo can help your organisation
reap immediate benefits The larger ticket transactions can be
moved to card-type payments as well with the most popular
being a virtual or electronic card payment method
Continue to Provide Results-Driven CommunicationIt is important to relay results and successes to management
Use the following keys to successful communication
bull Be brief by limiting communication to a one-page summary
Put conclusions firstmdashgive highlights up front and supporting
detail second
bull Title the document presentation or email subject line with a key
message (eg ldquoP-Card Program Saved USD 4M in 2015rdquo versus
ldquoP-Card Program Report Attachedrdquo)
bull Focus on the facts Show numbers as often as possible and
summarise whether the numbers meet fall below or exceed
expectations Then explain Verify numbers with other team
members to build a coalition of support and ensure that you
have the complete picture
bull Facts and figures must be formatted consistently from one
communication to the next allowing for easy comparison
bull In verbal and written discussion keep your presentation analytical
bull If asked by management to give results ldquoon the flyrdquo synthesise
the key points for management into three to four concise bullet
points Add recommendations or alternative courses of action
if you have time Stay ahead of management requests by
monitoring your KPIs frequently
bull Ask to be part of upcoming meetings and do not be afraid to be
proactive rather than reactive
What if They Say ldquoNordquoExplore what could change a ldquonordquo into a ldquoyesrdquo When you are
ready to address the issue again with new insight go back to
your stakeholders It is generally okay to respectfully disagree
with management but as noted earlier ensure you have the
supporting documentation to make your point Finally know when
it is time to move on However moving on does not mean giving
up on the programme altogether It is still prudent to share the
status of the programme
About Terri Brustad Terri Brustad CPCP is the NAPCP Manager of Content Services Her previous experience includes 10 years in the Commercial Card industry mainly in the role of a public-sector P-Card Administrator Terri achieved the Certified Purchasing Card Professional (CPCP) credential in 2009
About NAPCP The NAPCP is a membership-based professional association committed to advancing Commercial Card and Payment professionals and industry practices worldwide The NAPCP is a respected voice in the industry serving as an impartial resource for members at all experience levels in the public and private sectors The 2016 NAPCP European Conference will be held in London on 23 June 2016
Virtual cards hold the potential to disrupt the commercial
payments space on two fronts
1) Physical cards are likely to disappear
2) These solutions hold the potential to drive a step change in card
adoption and usage levels
The challenge for the industry is clearly communicating and
providing compelling evidence of the benefits that virtual cards
offer and ensuring sales teams are trained to sell the solutions
over and above traditional ones eg corporate cards To help
unlock the opportunities in underpenetrated industries such as
telco construction and healthcare etc issuers must develop
tailored solutions to cater for any idiosyncrasies and overcome
the card acceptance challenge
The FutureTechnology holds the key to disrupting commercial payments
and the growing FinTech movement will support this Traditional
commercial payment providers will look towards and work more
closely with FinTechrsquos as an alternative source of innovation to their
own product development and delivery functions The opportunity
for banks is to build and launch disruptive technologies more
quickly The challenge is picking the right FinTech(s) that will help
deliver scalable solutions In the short-term we expect issuers to
increasingly focus their attention on developing virtual solutions
and integrating these onto mobile and wearable devices
Stargazing into the future wearables will be the game changer
as mobility becomes ever more important Wearables will also
be the bridging technology for embeddables In the next 10-15
years embedded chips in humans could become a reality
We are increasingly connected and interact with technology in
our personal and business lives and embeddables are the next
logical step More sophisticated chips will soon replace wearable
technology such as payment devices and fitness bands and will
help us all get used to a more connected and augmented lifestyle
As a concept it is well aligned to payments Embedded and inner-
connected biometrics will enhance security and offer a more
seamless experience
The future looks bright for commercial payments but will not be
without its challenges
About Chris Holmes Chris leads various work streams across the Financial Services practice He has managed multiple global projects across the payments banking FinTech AltFi and tech industries His specialist skills are geared to NPD sizing and opportunity assessments benchmarking and best practice identification
About KAE KAE is a strategic marketing consultancy that has provided support to some of the worldrsquos largest payment and tech brands for the past 25 years Operating globally from a London HQ KAE has provided consulting and strategic advice in more than 50 countries across three core areas Insight Strategy and Analytics
Large supplier communities are based in emerging Asia
and Africa yet major economies like China and Indonesia are
experiencing great increases in disposable income and thus
engaging more on the consumer side of supply chains The
combined dynamics are shaping economic activity and flows in
ways that need a wider range of financing and risk mitigation
solutions including end-to-end SCF
Supply Chain Finance is defined as the use of financing and risk
mitigation practices and techniques to optimise the management
of the working capital and liquidity invested in supply chain
processes and transactions SCF is typically applied to
open account trade and is triggered by supply chain events
Visibility of underlying trade flows by the finance provider(s) is
a necessary component of such financing arrangements which
can be enabled by a technology platform
Source Standard Definitions for Techniques of Supply Chain
Finance 2016
Practitioners and financial institutions based in Asia are proactively
working to develop their SCF propositions in response to evolving
market demand and region-specific practices With ASEAN
integration progressing the Trans-Pacific Partnership advancing
and intra-regional trade growing in importance the central role of
cross-border supply chains and SCF in particular will increase
in the next several years as enablers of trade development and
inclusion
The Standard Definitions are a ldquoliving documentrdquo meant to evolve
with market practice the needs of clients financiers regulatory
authorities and others The next phase will focus on dissemination
education and advocacy in support of global adoption
This is the start of a journey that will only speed up in adoption
impact and importance SCF an idea whose time has come
About Alexander R Malaket A recognised specialist in international trade including trade and supply chain finance Mr Malaket has advised government international institution banking and corporate clients around the world developed and delivered training materials and seminars and authored numerous white papers briefing and policy papers and research reports on a variety of topics in international business finance and international development
About International Chamber of Commerce (ICC) The ICC Banking Commission is a leading global rule-making body for the banking industry It produces universally accepted rules and guidelines for international banking practice With 85 years of experience and more than 600 members in +100 countries the ICC Banking Commission ndash the largest commission of ICC the World Business Organization ndash has rightly gained a reputation as the most authoritative voice in the field of trade finance
wwwiccwboorg
Alexander R Malaket
PresidentOPUS Advisory Services International IncDeputy Head of the Executive CommitteeICC Banking CommissionChairSCF Terminology Drafting Group
The EVP and CFO at Turkcell Murat Dogan Erden proved
in his keynote that even mature companies can adapt quickly to
game changers Turkcell is a dominant telecoms operator that
has successfully managed the transition from a pay-per-minute
market through providing world leading surf speeds content
and services Turkcell is also exploiting its credit management
competence to expand into consumer finance Turkcell will use
its market access through all the connected devices
Developing the FSC doesnrsquot only consist of cutting costs and
lead times It also enables expanding the core business offering
with financial components
About Magnus Lind Magnus Lind is co-founder of The Talent Show He has a background as an international business executive in Europe SE Asia and North America and he has founded companies in 7 different countries where he acted as CEO board director and investor The Talent Show puts innovation and disruption above case studies and legacy thinking
About The Talent Show The Talent Show is a corporate driven event focusing on the whole corporate Financial Supply Chain (CFSC) and how it links to the physical chain The audience consists of CFO and CPO supply chain treasurers and IT Participants include Sandvik Turkcell Port of Rotterdam Abengoa Octal Arriva DONG Energy Ericsson and SABMiller
Some banks and platform providers offer both Dynamic
Discounting as well as SCF with the option to switch between
the two might an opportunity arise for the buyer to invest its cash
for other purposes than to prepay its suppliers A bank will then
be brought in to take over the funding
All in all with all developments in the SCF market it would make
sense for SMEs to explore the potential benefits of SCF for the
business they are in Having said that SCF awareness is still
not very widespread amongst SMEs despite several initiatives
to change that for the better What a pity In the end there is
nothing to lose and everything to gain
About Anita Gerrits For the past 7 years Anita has been a strong believer in and advocate of the concept of SCF She provides consultancy support in this exciting relative new area of finance She also organises workshops acts as guest speaker and trainer to business management as well to students to create awareness and understanding of this topic It all began in 2009 when she played a leading role in achieving a cash flow turnaround of the European Consumer Business of Kimberly-Clark through a massive reduction in working capital She has a corporate background studied business economics credit rating advisory and business valuation
wwwg-raybiz
Anita Gerrits
Supply Chain Finance Specialist
Follow on Twitter Tweet aboutExchangeSummit EXCS16
From E-Invoicing toSupply Chain Financing
October 10 and 11 2016Barcelona Spain
Exchange Summit with 2 major E-Invoicing events in 2016
June 7 and 8 2016Orlando Florida USA
100 FREE TICKETS
100 FREE TICKETS
Apply now on
Apply now on
wwwexchange-summitcomfree100
wwwexchange-summitcomfree100
Key topics 2016
bull E-Invoicing entering a new era ndash global market development and forecast
bull E-Invoicing from a corporate and governmental perspective
bull Implementing tax compliance in a paperless world
bull Compliance and fraud prevention within E-Invoicing
bull Driving forward ARAP and end-to-end P2P automation
bull Global standardisation and status of E-Invoicing interoperability
bull Best practice in onboarding customers to E-Invoicing
bull Supply chain financing ndash new opportunities and challenges
wwwexchange-summitcom
Within our two major E-Invoicing events in 2016 you will
bull network with more than 500 participants
bull meet experts from over 40 different countries
bull evaluate solutions from 50+ service providers
bull benefit from exclusive keynotes best-practices and discussions
Anzeige_EXC_Paypers_Layout 1 14042016 1530 Seite 1
Thus the cross-border invoicing issuance for companies
with subsidiaries worldwide is a real challenge where the law is
applicable (ie country of establishment place of VAT registration
transport invoicing goods or services)
Electronic invoice still on the riseDespite the legal and technical obstacles enterprisesrsquo awareness
of process automation with electronic invoicing and cost
reduction has been steadily increasing Most of them would take
the decision to start e-invoicing shortly if the legislation would be
clearer and standardised On the other hand the governments
are aware of the scale of the VAT fraud and are looking for tools
to seal the system ndash unfortunately each country is trying to find
its own way
However it is highly unlikely that the EU will implement the
clearance model there are several initiatives to speed up
the process The Member States decided to organise multi-
stakeholders forums to implement a European Standard for
e-invoicing (expected in 2017) and increase the interoperability
among service providers Hopefully the Directive 201455
EU on electronic invoicing in public procurement will prove to
be a significant milestone resulting in the mass adoption of
electronic invoices in the structured form (not PDF invoices)
and public authorities will realise the benefits of e-invoicing and
hasten the implementation of common understandable and
unified legislation on cross-border e-invoicing In a nutshell
the stage of market education and convincing towards adopting
automated invoices processing is coming to an end Most of
the enterprises have launched or consider the implementation
of e-invoicing at a country level in the short term Currently the
biggest challenge is to enable the smooth extension of their
projects on the transnational level Finding a service provider with
vast international experience is essential Comarch EDI enables
compliance with all local legal requirements Its membership
in organisations such as the GS1 or the European E-Invoicing
Service Providers Association (EESPA) guarantees that the
company is a reliable partner Comarch EDI has cooperated with
GS1 and EESPA for many years in several countries to make
sure that our services are of the highest quality and the solution
is compliant with national and international requirements
About Bartłomiej Woacutejtowicz He has over 10 years of experience in the field of B2B communication in the supply chain Initially responsible for the EDI market development in Southern and Central Europe he is currently responsible for the development of Comarch EDI portfolio
About Comarch EDI Comarch EDI is a B2B platform which provides a competitive advantage by a fast and secure data exchange with business partners The solution provides the automation of data processing throughout the supply chain from the procurement process through the logistics to invoicing and payment processing
bull Donrsquot overestimate VAT compliance many companies
think VAT compliance requires parties to agree bilaterally on
e-invoicing that conversion by parties is forbidden by VAT law
that invoice originality is a major concern and that authenticity
and integrity are complex The reality is that none of these are
true Conversion of invoices is fact of live for years and no
show-stopper at all Invoice originality is in most European
countries easily solvable by service providers and ERP vendors
in the market the PEPPOL regulatory framework solves
authenticity and integrity and is not a concern anymore for
participants
What should service providers and ERP vendors do Embrace
openness Opening your platform does not harm your business
model Instead it allows easy integration of your platform with
many other e-invoicing ERP and accounting software vendors
with only one standard and protocol (PEPPOL) It eliminates the
need for costly bilateral agreements And it also empowers your
existing and new customers to use your services beyond your
platform
In a nutshell the paradigm of open e-invoicing and further
collaboration between e-invoicing providers ERP and accounting
software vendors in the area of interoperability is essential to
move Europe further in e-invoicing The private sector should now
step in and leverage that growth
(1) DNS is the same mechanism that makes sure that www
simplerinvoicingorg is translated into a technical IP address
of our web server The same mechanism is used to resolve
for example a VAT number into the IP address to which an
e-invoice can be delivered
About Jaap Jan Nienhuis Jaap Jan Nienhuis is Manager Simplerinvoicing at SIDN He is responsible for managing the Simplerinvoicing scheme authority Jaap Jan has a special interest in the development of new services in 4-corner models In his former roles he has been involved in a number of European collaborative e-invoicing initiatives including the EBA E-invoicing Working Group
About SIDN Simplerinvoicing is a collaboration between leading European e-invoicing and accounting software providers who all strive for mass adoption of e-invoicing by interoperability and standardisation Simplerinvoicing is a PEPPOL Authority The Dutch government is connected via Simplerinvoicing
wwwsimplerinvocingorg
Jaap Jan Nienhuis
Manager SimplerinvoicingSimplerinvoicing
DONT MISS THE OPPORTUNITY OF BEING PART OF LARGE-SCALE PAYMENTS INDUSTRY OVERVIEW
The Paypers offers the most valuable source of information and guidance for all parties interested in the current state of affairs of the payments industry
Paul Alfing Chairman e-Payments Committee Ecommerce Europe
Once a year The Paypers releases three large-scale industry overviews covering the latest trends developments disruptive innovations and challenges that define the global onlinemobile payments e-invoicing B2B payments ecommerce and web fraud prevention amp digital identity space Industry consultants policy makers service providers merchants from all over the world share their views and expertise on different key topics within the industry Listings and advertorial options are also part of the Guides for the purpose of ensuring effective company exposure at a global level
For the latest edition please check the Reports section
ONLINE PAYMENTSAn all-in-one reference guide on (online) payments amp ecommerce industry trends evolving business models top players and relevant (alternative) payment methods
B2B PAYMENTS SCF amp E-INVOICINGIndustry voices from the online finance space share insights into the dynamic B2B payment e-invoicing supply chain finance industries to support innovative solutions amp thriving businesses
WEB FRAUD PREVENTION ONLINE SECURITY amp DIGITAL IDENTITYIn-depth source of information highlighting key facts amp trends into the global digital identity transactional and web fraud prevention amp detection ecosystem
card application foreign exchange services etc) in a quick
easy and frictionless manner from a variety of service providers
Automation and great UX being the name of the game
They do not have to provide the financial services directly to
the customer They can act as the broker the digital conduit
for products and services benefiting from the commercial
relationships struck with selected service providers
The world of retail banking and payments is set for great change
About Brendan Jones A senior management consultant with over 30 yearsrsquo experience in the payments industry working with a variety of organisations including technology amp service providers and financial organisations Previously held senior roles focusing on business strategy regu lat ion bus iness deve lopment MampA product development programme amp operations management and business process reengineering
About Evolution Payments Consulting Evolution Payments Consulting (EPC) provides payment consulting services to the financial services industry and allied organisations EPC provides payments industry advice to companies looking to support the implementation of new regulation developlaunch new banking and payment propositions re-purpose existing products and services to meet the new and existing regulatory requirements
(prevalent in the recruitment process outsourcing (RPO) world)
unlimited liquidated damages clauses and ban on assignment
clauses The latter contractual terms seek to prevent suppliers
from using their unpaid invoices to access invoice finance
Admirably the government is already taking specific legislative
action against these with the aforementioned Small Business
Act enabling Regulations (expected shortly) to render such
clauses ineffective belatedly bringing the UK into line with
most of the other major world economies This will allow invoice
financiers to provide more funding to more businesses and will
particularly benefit the smaller supplier businesses that suffer
most from these unnecessary clauses
Ultimately this should also be good for larger customer businesses
who will benefit from more stable and well-funded supply chains
Of course whilst invoice finance can help SMEs unlock funding
it is not a silver bullet and is not a substitute for paying suppliers
promptly and treating them fairly For that there needs to be a
cultural shift and that is where an empowered and resourced
Small Business Commissioner could have a real impact
About Matthew Davies Matthew is the Director of Policy and Communications at ABFA
About ABFA The ABFA represents the asset based finance industry in the UK and the Republic of Ireland Members include UK and Irish high street banks specialist and challenger banks specialist businesses of international banks and corporates and independent nonbank finance providers
wwwabfaorguk
Matthew Davies
Director of Policy and CommunicationsAsset Based Finance Association
[The above material is drawn from a Guidance Paper prepared
for the European Multi-Stakeholder Forum on e-Invoicing and
prepared by the writer in conjunction with an Activity Group of
the Forum]
About Charles Bryant Charles Bryant is Secretary General of EESPA and also active in the Global Supply Chain Finance Forum
About EESPA The European E-invoicing Service Providers Association acts as a trade association at European level for a large and dynamic community of e-invoicing service providers drawn from organisations that provide network business outsourcing financial technology and EDI services EESPA is an International Not-for-Profit Association organised under Belgian law Formed in 2011 it has over 60 full and associate members and is involved with a range of important initiatives in interoperability the public policy debate and promoting adoption
The International Association of Alternative Finance (IAAF
orguk) has been taking a lead through 2015 in encouraging
platforms to work together to develop standards The concept
is to not make anything mandatory at this stage but to build
guidelines that members can work towards This has been
achieved in parallel with key stakeholders and regulators
The latter have been especially supportive as they do not want to
kill an embryonic alternative finance sector
However the fate of the sector very much rests in the decisions
of platforms and funding providers Do they lose the agility
of alternative finance or do they work together on building
guidelines and standards which could become the kind of
regulation that will support growth The IAAF is launching the
first Guidelines for the growth of alternative finance on June 16
The guidelines cover key areas required to support the growth
of the sector and will hopefully provide the pathway that the
industry needs
About Tony Duggan Tony was previously Supply Chain Development Director at Wickes where he developed Europersquos largest B2B platform As Consulting Services Director at Bolero a division of the SWIFT banking network he worked with some of the worldrsquos largest banks on global SCF initiatives This unique experience along with his real experience in start-ups and SMEs has provided him with real insights into the challenges of SCF and has been fundamental in the design of the Crossflow solution
About IAAF Founded in London in 2014 the International Association for Alternative Finance (IAAF) is an industry body committed to the promotion and development of the Alternative Business Finance sector IAAF sets out its drive for the Business Alternative Finance to be applied with excellence globally thereby creating opportunities for members and supporting the economy development as a whole The Associationrsquos four key focus areas are regulation reputation operational environment and future growth
CloudTrade is one of the fastest growing e-invoice networks and built firmly on the premise that e-invoicing should be free for suppliers easy-to-use and non-disruptive ndash only then will suppliers move away from paper These principles underpin the CloudTrade service which ensures high supplier adoption is guaranteed
Website wwwcloudtradenetworkcom
Service provider type E-invoicing service provider
Head office location UK
In which market do you provide your services
North America Europe Middle EastAfrica AsiaPacific
Contact details Mr Richard Manson Commercial Director richardmansoncloud-tradecom +44 (0)7956 441898 2-6 Boundary Row London SE1 8HP
Active since 2010
Keywords electronic invoicing e-invoicing PDF invoicing P2P purchase to pay e-order O2C order to cash
Markets
Which side in the supply chain is your primary target group
Both buyers and suppliers
B2B B2C andor B2G (Government)
B2B B2G
Target customer Corporates
Are you specialized in a certain industry
Generic (no specific industry)
Proposition
Which processes in the supply chain do you facilitate
Ordering supply chain invoicing
Support interoperability with other service providers
Yes ndash we currently interoperate with a number of service providers Furthermore CloudTrade is a registered Access Point on the PEPPOL network
Which pricing model do you mainly use
Subscription and transaction-based
Solution description CloudTrade removes the barriers to supplier adoption Our patented solution provides a non-disruptive way for a supplier to send electronic invoices ndash without having to change systems or infrastructure The net result is that we will remove more paper from an organisation in a shorter time frame than any other e-invoicing approach
Services which of the following services do you offer
Purchase Order Flip No
Matching of related transactions Yes ndash match invoices to POs contracts service entry sheets or goods receipt Business rules can be amended per customer
Distribution of e-invoices Yes
Invoice presentment portal No ndash a portal is available for the receiving organisation but not for the sending organisation Processing updates are provided to the supplier via e-mail
Legal compliance tools Yes
TAXVAT compliancy Yes
e-Signature service Yes
Finance amp (reversed) factoring services
Yes ndash offered through a CloudTrade partner
(Dynamic) discounting Yes ndash offered through a CloudTrade partner
Which standards do you support All current major e-invoicing e-billing and payment standards
Conversion from or into various XML formats (mapping)
Yes
Content validation of incoming invoice data
Yes ndash each document is validated against a set of document and customer specific validations
Facilitate customer onboarding Yes ndash due to the ease by which suppliers are able to adopt CloudTradersquos e-invoicing service typically more than 90 of suppliers that we are asked to on-board will come on board
Other services The core technology underpinning CloudTradersquos service is document agnostic We can (and do) provide e-document services across numerous sectors and document flows
Comarch is a global provider of IT solutions Comarch has more than 20 years of industry experience thousands successfully completed projects in over 40 countries worldwide references own RampD department made up of high-end IT engineers high ranking IT analyst ratings Gartner IDC Truffle 100 custom data centers in Poland and Germany
Website wwwcomarchcom wwwedicomarchcom
Service provider type Software vendor e-invoicing provider
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Licensed SaaS transaction-based
Solution description Comarch EDI provides the companies with smart solution enabling exchange of validated and tax compliant invoices in the format adjusted to back office systems It provides electronic archive and electronic signature as well as Service Desk in 12 languages (including English German French Turkish Russian) to guarantee onboarding of each partner
Services which of the following services do you offer
The most experienced team in the e-billing and payment industry ebpSource delivers software solutions consultancy and support to billers banks payment processors and outsourcers ebpSource brings unparalleled knowledge and a highly successful track-record designing developing deploying integrating and supporting many of the largest and highest-adoption services of this kind worldwide
Website wwwebpsourcecom
Service provider type Software vendor and reseller ndash e-billing e-invoicing e-signing mobile payment supply chain finance and authentication specialists Large-scale projects at a national and international level Ongoing support and specialist consultancy
Head office location United Kingdom
In which market do you provide your services
Globally
Contact details Steve Wright Commercial Director swrightebpsourcecom +44 1753 567896
Which side in the supply chain is your primary target group
Both suppliers and buyers
B2B B2C andor B2G (Government)
B2B B2C B2G
Target customer Corporates
Are you specialized in a certain industry
Cross-industry with specific specialisations in national e-bill consolidation bank-based e-invoicing and payment telecoms and utility e-billing e-signing and smart authentication
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
ebpSource has a wealth of experience in connecting e-billing and payment infrastructures at a national and regional level
Which pricing model do you mainly use
License subscription transaction-based
Solution description ebpSource provides a range of software consultancy and support services to help clients achieve new levels of operational efficiency customer service and cost reduction The team works closely with clients to design develop deploy integrate and support end customer applications Our key focus is long-term strategic partnerships with customers
Services which of the following services do you offer
Order2Cash is a pioneering provider of global order to cash optimisation services Cited by Gartner as a pure-play Order2Cash solution provider our services empower the work of Fortune 500 companies and leading enterprises around the world helping them to reduce costs and optimise spending on resources and technology Discover more at wwworder2cashcom Order2Cash is an Anachron company wwwanachroncom
Website
Service provider type
Head office location
In which market do you provide your services
Contact details
Active since
Keywords
wwworder2cashcomOrder2Cash provides flawless integration of the entire accounts receivable process across the enterprise and around the globe End-to-end global SaaS solutions including credit checks secure online contract signing multi-channel e-invoicing online payments credit management and document archiving
EMEA Head office Amsterdam the Netherlands US Head office NY USA
Yes we have interoperability agreements with an extensive range of B2BB2G e-invoicing networks and are a member of the European E-Invoicing Service Providers Association (EESPA)
Transaction-based pricing
Order2Cashcom offers a suite of SaaS solutions that combine to create a flawless integration of the entire accounts receivable process across the enterprise and around the globe Its modules support credit checks contracting e-invoicing payments and credit management Select components and tailor a solution to suit your business needs
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes Our solutions integrate with 700+ ERP systems for easy document exchange In addition we are connected with over 25 P2P platforms
Invoice presentment portal Yes
Legal compliance tools We work closely together with partners such as PwC and EY to ensure international TaxVAT compliancy
TAXVAT compliancy Global coverage
e-Signature service Every document is signed with an e-signature (QES or AES) to guarantee integrity and authenticity and to meet VAT requirements This can be completed with a timestamp
Finance amp (reversed) factoring services
Offered through partner network of financial institutions
e-Archiving Every document is securely archived complete legal storage period
Scanning of paper invoices Yes in cooperation with our network of output partners
Total invoice management 100 paper to electronic
Yes
Printing Yes in cooperation with our network of global output partners
Workflow functionality Yes
Direct integration with payments Yes
Accounts Payable management Available in cooperation with our network of output patners
Accounts Receivable management
Yes
Integration with ERPaccounting software
Yes We have established connections with over 700 ERP systems
Which standards do you support UNCEFACT CII ISO20022 Financial Invoice UBL 20 and others if required
Conversion from or into various XML formats (mapping)
Yes Any structured data can be converted to XML format
Content validation of incoming invoice data
Yes All data is validated and reported
Facilitate customer onboarding Yes Full support guidelines and advice is offered to all clients on customer activation
Other services Related to invoicing reporting query management customer grouping authorisation tools consolidated billing Alongside invoicing services your Order2Cash solution can expand to include online payment functionalities robust credit management and cash application tools as well as a secure online contract and document signing service Further details on the full platform can be found on our website
Connecting everyone everywhere
Flawless integration of the entire AR process across the enterprise
and around the globe
wwworder2cashcom
Fix Your Leaky Receivables Scan the QR code to claim your FREE Diagnostic Spreadsheet and measure the hidden costs in your accounts receivables processes
Saphety is a leading company in global network solutions for electronic documents exchange document presentment data synchronisation and public procurement Saphety has 4700 companies and over 129000 users throughout more than 30 countries
Website httpwwwsaphetycom
Service provider type E-invoicing service provider bank software vendor reseller or specialist
Head office location Portugal (headquarters in Lisbon and operational offices in Bogotaacute Colombia and Satildeo Paulo Brazil)
In which market do you provide your services
Global
Contact details infosaphetycom +351 210 114 640
Active since 2000
Keywords electronic documents exchange e-invoice invoice software paperless transactions EDI document presentment public procurement data synchronisation
Markets
Which side in the supply chain is your primary target group
Buyers suppliers both
B2B B2C andor B2G (Government)
B2B B2G
Target customer Micro SMEs SMEs corporates and government
Are you specialised in a certain industry
Automotive government healthcare retail utilities telecom tourism oil amp energy finance (bank and insurance) mass businesses and others
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Subscription transaction-based
Solution description SaphetyDoc enables you to exchange business documentation electronically including purchase orders delivery notes and invoices in a simple way at a low cost While complying with all legal requirements related to e-invoicing SaphetyDoc allows to completely eliminate the use of paper in the invoicing process from issuance to sending and approval
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes
Invoice presentment portal Yes
Legal compliance tools Yes
TAXVAT compliancy AU AT BE BG CA CY CZ DK EE FI FR DE GR HK HU IS IE IM IL IT LV LI LT LU MT MX MA NL NZ NO PL PT RO SG SK SI ZA ES SE CH GB US
e-Signature service Yes we provide e-Signature Service We can also use external e-Signature service if requested by client
Tungsten Corporation accelerates global trade by enabling customers to streamline invoice processing improve cash-flow management and make better buying decisions Tungsten Network helps buying organisations reduce their invoice-processing costs by 60 and profit by applying real-time spend analytics to their line-level invoice data Suppliers gain efficiencies greater payment-status visibility and optional early payment
Website wwwtungsten-networkcom
Service provider type Global e-invoicing network invoice finance and spend analytics
Head office location London UK
In which market do you provide your services
Globally
Contact details Mr Ruud van Hilten SVP Global Buyer Sales ruudvanhiltentungsten-networkcom +44 87 0165 7420
Active since 2000
Keywords electronic invoicing accounts payable procurement supplier network purchase to pay invoice finance spend analytics AP workflow
Markets
Which side in the supply chain is your primary target group
Generic (no specific industry) E-invoicing is a horizontal process
Proposition
Which processes in the supply chain do you facilitate
Invoicing purchase to pay working capital financing purchasing orders supplier self-service real-time spend analytics
Support interoperability with other service providers
Yes We interoperate with compliant service providers where there is customer demand qualifying invoice volume and compliance is maintained
Which pricing model do you mainly use
Balanced-costs are shared by buyers and suppliers Low volume suppliers receive 52 free invoices annually and high volume suppliers receive 520 free invoices annually After these free invoice transactions have been used a flat fee structure is applied per invoice transaction
Solution description The worldrsquos largest organisations connect with thousands of suppliers around the globe through Tungsten Network We enable companies to send and receive error-free tax-compliant invoices around the globe without the need to install any hardware or software We provide a unique supplier engagement and onboarding programme to ensure that suppliers participate and transact with their buyers
Services which of the following services do you offer
Purchase Order Flip Yes We can take POs from all sources in a buyerrsquos structure and present these to the supply chain Suppliers can convert POs directly into invoices on our portal
Matching of related transactions Yes We match invoices with POs online-level if required
Distribution of e-invoices Yes We enable companies to send and receive compliant B2B invoices
Invoice presentment portal Yes Suppliers can use our portal to manually enter their invoice data convert a PO check the status of their invoices and select early payment
Legal compliance tools Yes Our rules engine enables companies to receive compliant invoices in all the jurisdictions we are compliant in
TAXVAT compliancy Yes We work with local tax authorities to enable companies to send and receive compliant invoices We are currently compliant in 47 countries with a pipeline of new countries in progress
e-Signature service Yes All compliant invoices are digitally signed where required by local regulations We provide at-source signature verification
Finance amp (reversed) factoring services
Yes Invoice financing is a service we offer through Tungsten Network Finance This can be funded by Tungstenrsquos own financing partners the buyer or the buyerrsquos banking partners
(Dynamic) discounting Yes We offer this service on a case-by-case basis via Tungsten Network
e-Archiving Yes We provide legally compliant archiving
Scanning of paper invoices Yes As a component of a structured e-invoicing programme
Total invoice management 100 paper to electronic
Yes As a component of a structured e-invoicing programme
Printing Yes We can arrange this service through a partner
Workflow functionality Yes We can arrange this service through a partner
Direct integration with payments Yes Tungsten Bank has access to all relevant payment systems
Accounts Payable management No We partner with the worldrsquos largest BPO providers
Accounts Receivable management
No We partner with the worldrsquos largest BPO providers
Integration with ERPaccounting software
Yes We fully integrate with any ERP financial software
Which standards do you support Yes We support all structured file formats and most data standards
Conversion from or into various XML formats (mapping)
Yes We support all structured file formats and most data standards
Content validation of incoming invoice data
Yes We use extensive and flexible rule-sets to ensure compliance with our buyersrsquo business processes
Facilitate customer onboarding Yes We provide a unique supplier engagement and onboarding programme and can contractually guarantee paper conversion rates in best practice projects
Other services Purchase order services invoice status service spend analytics supply chain finance
Editorrsquos LetterFour Trends in B2B Payments and Financing Innovation | Mirela Amariei Senior Editor The Paypers
Thought Leadership
B2B paymentsExclusive interview with Andrew P Reid | Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking Deutsche BankBlockchain in B2B Payments | Enrico Camerinelli Senior Analyst Aite GroupThe Emerging Internet of Payments | Roger Bass Founder CEO and Principal Traxiant
BlockchainB2B Blockchain-based Payments Can it Beat the Banks | Kris Wielens Senior Consultant Orchard FinanceThe Three-Phased Transformation of Supply Chain Finance with Blockchain Technology | Gys Hough Consultant Innopay
Innovation in payments amp bankingExclusive interview with Wim Raymaekers | Head of Banking Market SWIFTExclusive interview with Markus Strauszligfeld | Head of International Cash Management Sales UniCreditMaking One-Click Finance Possible ndash Who Are the Relevant Stakeholders and How They Should Work Together | Susie West CEO and Founder sharedserviceslinkExclusive interview with Marten Nelson | VP Marketing TokenThe Future of Banking Innovation and the Fintech Startups Journey | Falguni Desai Founder amp Managing Director Future Asia Ventures
The power of data amp traceability Track and Trace of Invoices for Working Capital Optimisation | Prof Dr Michael Henke Director Enterprise Logistics Fraunhofer InstituteTurning Financial Messaging Data into Business Profit ndash The New Challenge for Financial Institutions | Andreacute Casterman Chief Marketing Officer INTIX
Commercial paymentsGaining Management Support for Your P-Card Programme | Terri Brustad Manager of Content Services NAPCPCommercial Payments under the Scrutiny of New Technology | Chris Holmes Senior Vice President KAE
Trade amp finance Financing International Supply Chains An Idea Whose Time Has Come | Alexander R Malaket Deputy Head of the Executive Committee ICC Banking CommissionImproving Access to Finance for SMEs with the Open RFI Project | Matthijs van Bergen Researcher SCF Windesheim amp Steven van der Hooft CEO Capital ChainsIf Supply Chain Finance is Supplier-Centric Financial Supply Chain is Customer-Centric | Magnus Lind Co-Founder The Talent ShowSupply Chain Finance Time for SMEs to Take Position | Anita Gerrits Supply Chain Finance Specialist
E-invoicingCross-border Invoicing ndash The Real Challenge for Multinational Projects | Bartłomiej Woacutejtowicz Product DevelopmentManager Comarch EDIWhy lsquoOpenness Should Be The 1 Selection Criteria for Any E-invoicing RFP Process | Jaap Jan Project ManagerSimplerinvoicing
Regulation amp lawPSD2 XS2A ndash a Step Towards Open Banking | Brendan Jones Evolution Payments ConsultingLate Payment ndash A Perspective | Matthew Davies Director of Policy and Communications Asset Based Finance AssociationThe Directive 201455EU for E-invoicing and Procurement How Public Authorities Should Respond | Charles Bryant Secretary General EESPARegulation and Growth in Alternative Finance ndash A Contradiction in the Making | Tony Duggan Founder and Director IAAF
In total nearly GBP 149 billion was lent to SMEs in the UK
(a 99 year-on-year growth rate and 194 average growth rate
between 2013 and 2015)
Interestingly enough innovative corporate partnerships are
being forged between alternative finance platforms with the likes
of Virgin Amazon Uber Sage and KPMG This has certainly
pushed boundaries ndash merging the traditional corporate world
with the disruptive models of alternative finance
Invoice trading the second highest model continues to be a
popular financing tool for small and medium-sized enterprises
wanting to trade their invoices or receivables at a discount
in exchange for the speedy procurement of working capital
However while the GBP 270 million market size in 2014 grew by
178 compared to 2013 growth from 2014 ndash 2015 was more
modest with a 20 growth rate to GBP 325 million
Zooming in on the strategies banks (and alternative finance
providers for that matter) use to better position themselves we
identify a lot of partnerships Banks teaming up with online lenders
This is a different dynamic ndash instead of trying to displace banks
online lenders decided to strike partnerships For instance On
Deck teamed up with JP Morgan Chase and said it will help speed
up the process of offering small business loans to the banks 4
million customers Lending Club another online lender tied-up
with Citi Moven partnered marketplace lender CommonBond
In a game of tongue twisters American Banker said that fintechs
team up to become more like a bank I would argue that banks
team up with fintechs to become more like a fintech
Also another question arises what if a corporate want to expand
into more countries That may mean to establish a physical
presence in each location that is relevant to their client Could
banks satisfy that need too
The industry is dynamic and some companies leapfrogged some
steps but although the developments are innovative and exciting
the road ahead is paved with many bumps
About Mirela Amariei Crafting large-scale industry reports carrying out interviews and writing about innovation in payments and fintech are Mirelarsquos daily treats As the Senior Editor at The Paypers she speaks frequently with key thoughts leaders to identify trends and trendsetters She can be reached at mirelathepayperscom and via Linkedin wwwlinkedincominamarieim
About The Paypers The Paypers is the leading source of news and intelligence for professionals in the payment community worldwide Our products are aimed at merchants payment services providers processors financial institutions start-ups technology vendors and payment professionals and have a special focus on all major trends and developments in payments-related industries including online and mobile payments and banking ecommerce e-invoicing supply chain finance web fraud amp security and many others
B2B payment innovation the beginning of exciting times
Deutsche Bank
Why should banks and corporates invest in real-time payments For corporates the benefits stem from the capability for executing
time-sensitive transactions ndash such as High-Value critical vendor
or MampA-related payments ndash while receiving close-to-immediate
proof of execution instead of waiting for the specific entry to be
documented by standard intraday reporting
For banks to serve client needs they need to be involved in these
developments which is why Deutsche Bank and others are helping
develop a Pan-European Instant Payment Solution For large
banks involvement in establishing such future paymentcollection
platforms is a revenue loss avoidance tactic rather than a
profit creation one as they will otherwise lose market share to
disruptors And while urgent payments can currently be more
expensive there may be a regulatory push for banks to provide
real-time payments with no extra charges in the near future
What are the benefits and challenges of implementing pay-on-behalf-ofcollect-on-behalf-of structuresPOBOCOBO structures help corporates consolidate cash
flows and rationalise account structures as well as increasing
purchasing power when negotiating cash management terms
with banks POBOCOBO simplifies liquidity management as
cash is centralised through domestic and cross-border cash
concentration It also allows for streamlined cash management
activities across subsidiaries as payments and receivables
are bundled in one place (such as a Shared Service Centre)
for execution out of the central account Improving cash and
liquidity management in these ways reduces credit need and the
operational burden on subsidiaries
Deutsche Bankrsquos experience and feasibility studies on POBO
COBO in Europe over the past four years have shown four kinds
of challenges market-specific practices and legal tax and
operational considerations In addition POBOCOBO structures
differ in the status of the underlying account For POBO the
ordering account can be a normal operating account in most
jurisdictions but since funds collected within COBO structures
often relate to different legal entities the underlying account is
often considered a trust account This has further implications
For instance depending on regional Anti-Money Laundering laws
an account can contain either own funds of the account holder
or funds that belong to third parties (trust accounts) ndash not both
That in turn may require corporates to separate some incoming
transaction flows from the entities flowsrsquo part of the on-behalf-of
structure
What main friction points in B2B cross-border payments will disappear in the next five yearsDevelopments driven by regulatory change or facilitated by
technology and solution-based improvements will ultimately
allow for more frictionless and cost-effective transaction
processing For example the Payment Services Directive (to be
updated soon by PSD-2) affected cut-off times and value-dating
habits and a shift will likely take place in this area to align cross-
border payments in different currencies with the same value-
dating as SEPA payments
Similarly currency payments will likely become easier thanks
to automated conversion services such as Deutsche Bankrsquos
FX4Cash which offers client ease-of-use real-time FX rates
and enhanced transaction data And solutions such as Virtual
Accounts will improve reconciliation and accounting (through the
rationalisation of physical bank accounts across a region)
Retail banking has experienced futuristic leaps in the payments space ndash now is the time for the same level of transformation and convenience in the B2B space
The industry is poised to apply such innovation to the B2B space ndash but only through collaboration will this be possible
What bank-core competencies foster innovation and growth through fintech partnerships in the B2B payments space We have witnessed the effects of the first wave of digitalisation
on daily activities particularly through smart devices and apps
Peer-to-peer and C2B processes have already experienced
radical transformation and the industry is poised to apply such
innovation to the B2B space ndash but only through collaboration
between incumbents and new players will this be possible
Fintechs have the technical skills and understanding of consumer
behaviour fail-friendly mindset and regulatory freedom to be
innovative ndash but in an increasingly competitive landscape that
will see market consolidation over coming years they need more
than that to survive Banks conversely experience internal and
external obstacles to innovating independently including legacy
systems internal siloes a cautious culture and tighter regulatory
restrictions But by offering the strength of their established
reputation global infrastructure existing client-base and expertise
regarding risk regulation and treasury needs banks can support
fintech growth bring new products to market through such
strategic alliances and successfully scale-up new offerings
What are the Bankrsquos plans for blockchainDistributed Ledger Technology is not new but interest around its
potential applications is rising and opportunities for blockchain
ndash from fraud prevention and risk reduction to quicker and more
transparent payment flows ndash cannot be ignored We are at the
beginning of the blockchain journey and the ways it will change
business models processes and ecosystems are yet to be
seen but we predict immense potential up and down the value-
chain Participants ndash for example it was one of the first banks to
test smart contracts for corporate bonds which was conducted
in-house in collaboration with the DB Labs Deutsche Bank
recently opened innovation labs in London and Berlin with a third
just opened in Silicon Valley which will help the Bank best utilise
new technologies and deepen relationships with start-ups In a
decade there will be myriad different blockchain technologies and
interoperability will be crucial The Bank is an initial driving member
of blockchain consortium R3 CEV and participated in trials of five
distinct blockchain technologies with other member banks
About Andrew Reid Appointed to his current role in 2013 Andrew has been with the Bank for 17 years within corporate cash management and trade finance Andrew supports and advises clients in adapting to the new regulatory environment and optimising their treasury operations
About Deutsche Bank Deutsche Bank provides commercial and investment banking retai l banking transaction banking and asset and wealth management products and services to corporations governments institutional investors businesses and private individuals Deutsche Bank is Germanyrsquos leading bank with a strong position in Europe and a significant presence in the Americas and Asia Pacific
gtbdbcom
Andrew P Reid
Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking
When paying the supplier the buyer issues a payment
instruction from its accounts payable to the bank This initiates
the transfer of title of currency and a time-stamp makes the
transaction irrevocable The intermediary bank may enjoy
blockchainrsquos irrevocability and title transfer to secure the
uniqueness and traceability of the transactions underpinning
the cash transfer The distributed nature of the blockchain
ledger avoids any delayed centralized control of AML screening
checking of availability of funds and clearing billing and
reporting activities All executed operations are validated within
The ledger offers the extra capability to the bank to swiftly handle
format translations from the clientrsquos accounting system A smart
contract on the blockchain provides the bank with the capability
to charge transparent and auditable service fees
The distributed ledger operates as the connectivity software
that the clearing network provides to all trading parties and
intermediaries The network is also capable of offering time-
stamping services as well as detect transactions that may trigger
the execution of smart contract applications Format translations
can be easily offered as a value added service
The beneficiary bank receives notice of an irrevocable transfer of
cash title that the distributed ledger renders valid and immediately
executable The ledger also streamlines all necessary account
management verifications to validate the payment data The sellerrsquos
account is immediately credited and all subsequent regulatory
and accounting reporting is made auditable and irrevocable
Bank services can be charged via smart contract applications
agreed between the parties The blockchain enables the seller-
ie the B2B payment receiving party- to update the accounts
receivable database with a payment confirmation that becomes
an auditable transaction
Blockchain is certainly not the panacea for all problems but the
frequency of applied features to the B2B payment processes
tells however that all parties involved could strongly benefit
from this technology without the need for anyone to be removed
About Enrico Camerinelli Enrico Camerinelli is a senior analyst at Aite Group specializing in wholesale banking cash and trade finance and payments He brings a strong European focus to Aite Grouprsquos Wholesale Banking practice Mr Camerinelli has been widely quoted by publications ranging from American Banker to the Financial Times
About Aite Group Aite Group is an independent research and advisory firm focused on business technology and regulatory issues and their impact on the financial services industry With expertise in banking payments wealth management capital markets and insurance Aite Groups analysts work with clients as partner advisor and catalyst
No discussion of B2B payments futures would be complete
without touching on the blockchain Such solutions seem likely
to play an important role How the various ldquonot-Bitcoinsrdquo with
their technical and regulatory benefits will fare against Bitcoin
itself remains unclear Standards such as the ldquoInterledger
Protocolrdquo could play a role perhaps enabling an ldquoInternet of
Valuerdquo layer for the IoP That said in global B2B payments
the ldquochicken-and-eggrdquo challenges that are inherent in any
new network technology clearly exist Blockchain adoption as
a purely ldquoback officerdquo or inter-bank technology seems likely
to happen first within narrowly-defined early use cases and
communities Adding value to pre-existing end-user (buyer-
seller) interactions like Skype did may be one plausible early
adoption scenario ldquoPiggy-backingrdquo on another network layer or
use case like Paypalrsquos initial use for eBay payments is another
way to think about this Combining all of these may work best
end user demand can be effective in driving adoption by solution
providers notably banks in this case
An Internet of Payments as it emerges will reshape the B2B
payments industry and much more besides It will likely develop
quite suddenly as a mass phenomenon much like the Internet in
the mid-nineties It will create winners and losers Those who move
early to test learn and shape the emerging Internet of Payments
ecosystem and framework will be best positioned to win
About Roger Bass Roger Bass is Founder CEO and Principal of Traxiant Previously with Intuit for eleven years he recently led a Network Payments initiative Other instrumental roles included the launch of Intuitrsquos European operations first online banking solution SMB Internet group and the QuickBooks platform Reach out via rogertraxiantcom
About Traxiant Traxiant provides software and consulting solutions to help financial and technology providers grow their B2B Payments and Financing solutions and profit from the Internet of Payments Solutions and areas of expertise include card e-payables global payments receivables financing and supplier networks
bull Various parties in a supply chain can all be paid when the end
consumer purchases the product For example a consumer
buys a song online At the moment of purchase the amount
paid is distributed amongst the band the producer the studio
and the record label All parties are rewarded based on their
added value
Blockchain-based payments open up many possibilities
Not only is it possible to trade easier and cheaper but also
payments can be made smarter Banks are particularly interested
in this new technology and are closely investigating the potential
it may offer to them It is exciting times for banks and payment
institutions as with blockchain the real disruption is knocking
on the door The disruption here is not that things are done a
bit smarter more efficient or faster The disruption in payments
is that there is technology available that makes banks PSPs
credit card companies redundant Cutting out these middlemen
by making use of technology that provides the same trust and
robustness (or perhaps even more) will increase the speed of
payments increase the possibility to trade with each other while
significantly reducing costs
About Kris Wielens Kris Wielens is Senior Consultant with Orchard Finance He has more than a decade experience is (corporate) payments with various fims He has been active as Head of Strategic Partnerships EMEA Business Development Manager Sales Manager and Credit Analyst
About Orchard Finance Orchard Finance is a leading independent consultancy and staffing company specialized in the areas of Finance and Treasury Tailoring to our clients we offer advisory services project management and staff ing support Our professionals have a long standing reputation based on operational and project experience in banking corporate finance and treasury management amp control
Phase 3 Automatable transactional network (5-7 years)As soon as the SCF community gains communal understanding
of blockchain as a transactional network then the next natural
line of inquiry could be the nature of transaction initiation During
this inquiry the following components of blockchain technology
will be discovered and the third phase might commence
bull Multi-signature capability ndash a means of separate entities to
safely and securely state whether an event took place or not
bull Smart contracts ndash agreements that automatically execute the
change of ownership of funds or goods based on whether an
event took place or not
bull Cryptocurrencies ndash a set of tokens of a variable but crypto-
graphi cally verifiable amount which is used for efficient value
transfers
By means of combining multi-signature and smart contracts with
existing e-mandates or cryptocurrencies the automatic payment
of invoice amounts or other types of collateral could be initiated
and executed instantaneously and automatically This will open
the path towards an international SCF network that automatically
creates investment grade financial instruments as a seamless
part of the supply chain process
ConclusionAlthough history shows us that we can only have so much
foresight we see a clear match between the features of blockchain
concepts and SCF we believe that at some point blockchain will
be a prominent part of SCF The speed at which SCF will evolve
and innovate will depend on the creativity of its stakeholders
and how fast the common understanding on how to use the
technology will develop Seeing that blockchain technology has
something compelling to offer at each phase of understanding we
see rapid developments taking place sooner than later
About Gys Hough Gys Hough follows the develop-ment of blockchain concepts since 2012 and was involved in shaping several business ideas based on blockchain concepts in the field He is also involved in the facilitation of various discussions surrounding blockchain applications in the financial industry
About Innopay Innopay is an independent consulting company specialised in online payments digital identity and e-business We help our clients including financial institutions governments and corporates to develop the compelling strategies and digital services for consumers and companies that are key for successful competition in a rapidly digitising world
Launched in December 2015 to much anticipation in the industry
the initiative has received strong backing with more than 50
leading banks already signed up The Paypers spoke to Wim
Raymaekers SWIFTrsquos Head of Banking Market and programme
manager of the global payments innovation initiative to find out
more about this exciting move
We often hear that B2B payments are opaque complex and risky Why do you think that is and where do you think that improvements can be madeYes currently when a corporate treasurer sends a request
for a cross-border transaction to his bank he typically has no
sight on what actually happens with that demand They often
liken this to a lsquoblack holersquo saying they have no view on when
payments occur or their final costs This can lead to problems
with suppliers or end-customers not to mention increasing
financial risks resulting from payment delays or non-compliance
with regulatory requirements
I think improvements can be made in three main areas firstly
the speed of payments corporates want fastest payments so
banks need to be able to guarantee that they are made within
certain timeframe Secondly corporates want to know the
exact payment amount that will reach their counterparty ndash here
banks need to provide transparency on the fees involved and
the amount credited to the creditor And thirdly they want to
be able to track payments banks need to let corporates know
when payments have been initiated and credited to the creditors
account to avoid delays in the supply chain or frictions between
supplier and seller
What are the opportunities for a corporate to leap forward through the use of the cross-border payment industryCorporates are not in the business of payments they just want
to buy and sell Yet they do have to manage their treasury to
make those payments ndash so a better faster more transparent
payment solution is important to them On top of that having
a good payment infrastructure benefits your supply chain
Because if the money does not get to the supplier in time the
credit line will go up causing delays on all fronts So the better
your payment infrastructure is the stronger and more reliable
your supply chain is
Designed for the corporate treasurer SWIFTrsquos global payments innovation initiative offers an ambitious roadmap for reinventing the correspondent banking model as we know it today With ever increasing competition from new entrants offering same-day or even real-time payment facilities SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
Correspondent banking rejuvenated
SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
What can you tell us about the global payments innovation initiative (gpii) and what are SWIFTrsquos plans in regard to this initiativeAs part of the initiative SWIFT is working in close collaboration
with the largest transactions banks in the world to enhance
their corporate customersrsquo cross-border payment experience
Together we will strive to provide a faster service with upfront
clarity on costs confirmation of delivery and richer remittance
information data
We are now working together with the banks to commonly
agree service level agreements (SLAs) to which all the initiative
member banks must comply The new service will be designed
to address end-customer needs without compromising banks
abilities to meet their compliance obligations market credit and
liquidity risk requirements
What is the role of blockchain in this initiativeSWIFT is devoting significant resources to instigate the
opportunities and challenges of deploying blockchain and
distributed ledger technologies more broadly on our platform
While the initiative aims to first make improvements based on the
existing infrastructures in parallel we are building a gpii vision
for cross-border payments This will set out how we will adopt
new technologies in order to ensure corporate customers receive
the best possible payments experience in the near future
Wim Raymaekers
Head of Banking MarketSWIFT
About Wim Raymaekers Wim Raymaekers leads SWIFTrsquos banking initiatives worldwide and is responsible for developing and driving value propositions across the banking community In this capacity Wimrsquos mission is to help banks grow their business particularly in view of changing customer and market requirements
About SWIFT SWIFT is a global member-owned cooperative and the worldrsquos leading provider of secure financial messaging services We provide our community with a platform for messaging and standards for communicating and we offer products and services to facilitate access and integration identification analysis and financial crime compliance
Which are UniCreditrsquos strategies to remain competitive in the B2B cross-border payments spaceUniCredit is taking a number of steps to ensure that it offers a highly
competitive portfolio of payments services including a number of
tools for simplifying cross-border transactions
In particular UniCredit has invested considerably in the
Bank Payment Obligation (BPO) ndash a settlement tool which
enables firms to execute secure transactions mediated by
partner banks through a quick and efficient digital process
When carried out properly BPOs combine the risk mitigation and
financing advantages of Letters of Credit (LCs) with the digital
speed of open account settlement This makes them particularly
advantageous for cross-border transactions ndash especially with
unfamiliar counterparties or those concentrated in a particular
region or industry Thanks to bank mediation the risk of non-
payment in such cases is drastically reduced ndash allowing firms
to take on more business and sell their receivables more easily
UniCredit has worked hard to bring these benefits to clients in
the most efficient and convenient format possible ndash offering vast
improvements on LC processing times which are only set to
increase once the process is fully digitalized This principle of
fully digitalized processes is also reflected in UniCreditrsquos virtual
accounts services which enable clients to consolidate their
bank accounts in a given currency into a single ldquoparentrdquo account
This can then be divided internally into as many ldquovirtualrdquo
accounts as required ndash with each account given its own allocated
funds account number and permissions Already available
for affiliatesrsquo incoming and outgoing transactions in nearly 50
countries including the SEPA zone and six CEE markets this
system generates huge benefits to efficiency scalability and
transparency ndash eliminating the need for cash pooling expediting
the process of opening and closing accounts and providing a
comprehensive overview of cash flows without sacrificing detail
Going forward UniCredit intends to remain at the cutting edge
of B2B cross-border payments with new initiatives such as the
integration of big-data analytics into existing payments services
ndash offering clients insights based on payments data and other
relevant information
With increased customer demand to install real-time payment infrastructures what trends do you see happening right nowThe demand for instant payments is part of a wider trend towards
greater speed and efficiency in the industry This is particularly
notable in ecommerce where firms are looking to provide
increasingly rapid delivery services ndash with next-day and even
same-day delivery now possible The use of digital technology to
expedite routine processes is becoming more and more prevalent
with clients increasingly basing their expectations on their
experiences in the retail sector UniCredit is keen to play its part
in this development and is already implementing real-time rates
for instant payments ndash including for cross-border transactions ndash
ahead of the November 2017 implementation date
How has UniCredit adapted to the digitalisation of the transaction banking industryUniCredit has established itself as a frontrunner in the
development of key advances such as the BPO and virtual
accounts and continues to search for new and innovative ways
to leverage technology for the benefit of its clients To this end
it has taken a number of steps to ensure continued innovation
ndash with product development teams harnessing the expertise of
traditional banking experts and technology specialists along
with a wide range of external perspectives
This has already seen blockchain technology become a reality
for custody services clients while virtual accounts technology
is being supplemented by CAMT messages ndash enhancing
standardisation even beyond the SEPA zone with automated
reconciliation between banks and corporates
The field of payments is undergoing a period of transformation as digitalisation paves the way for greater speed and efficiency
UniCredit has also adopted a more holistic client interface
including its IT solutions provider in client meetings This enables
UniCredit to adapt its solutions to clientsrsquo individual technological
requirements rather than expecting them to adapt to accommo-
date the solution
How do you support your CEE-based clients in their efforts to optimise working capitalUniCredit offers its CEE-based clients a full range of support for
their working capital optimisation programmes ndash having been the
first in Russia Bulgaria and Croatia to offer classic services such
as cross-border cash pooling UniCredit also offers unrivalled
BPO coverage with the instrument already available in Bulgaria
and Romania In terms of approach we encourage firms to avoid
the lsquosilorsquo mindset of asking how they can benefit from individual
tools such as receivables finance or approved payables finance
ndash instead promoting a focus on overarching short- mid- and
long-term goals Mostly it turns out that short-term liquidity
generation is not corporatesrsquo main concern ndash especially given the
abundance of liquidity in todayrsquos market Other factors however
such as risk mitigation supply-chain stability and balance-sheet
optimisation almost always figure in their plans ndash demanding
a holistic programme for working capital optimisation This of
course also means being prepared for the eventuality of liquidity
suddenly or gradually drying up
In the face of fintech disruption which areas can banks capitalise onFintech companies certainly bring new impulses to the transaction
banking sector but banks almost always excel by capitalising
on their existing strengths ndash drawing on their holistic financial
expertise and their status as trusted and highly regulated
partners to corporate clients These strengths can to a certain
extent be amplified through digitalisation within banks ndash
translating greater efficiency into greater convenience for clients
Even more promising however is the potential for co-operation
between banks and specialist technology companies with banks
combining their core strengths and broad client base with fintech
independence and nimbleness to create the ideal conditions for
innovation
About Markus Strauszligfeld Since 2005 Markus Strauszligfeld has been Head of International Cash Management Sales at UniCredit responsible for cash management and eBanking sales to large and multi-national organisations in Europe the US and Asia
About UniCredit UniCredit is a bank with a substantial footprint in Europe and an extensive international network of branches representative offices and correspondent banks ndash enabling it to follow its clients wherever they go Its payments services come under the Global Transaction Banking (GTB) unit
wwwgtbunicrediteu
Markus Strauszligfeld
Head of International Cash Management SalesUniCredit
C-SuiteThe CFO needs to back your project and this support must
be visible It is important to educate them on the SFP early by
presenting them with relevant case studies you have gathered
and the possible business case
C-Suite contributionThey will need your direction but the CFO and CPO will add
panache to your SFP The lsquosignaturersquo on the comms piece sent to
suppliers should be theirs If any buyer in the business becomes
concerned about this programme the C-Suite needs to have
a response at hand To realise the significant savings that can
come from your SFP your C-Suite must be ready to provide the
required PR
SuppliersBuyers rarely push back against SFPs because a) itrsquos optional
for suppliers and b) itrsquos attractive for suppliers However getting
the suppliers to engage is instrumental and makes the supplier
a key stakeholder
Supplier contributionSuccess Without their participation your business case is a flop
So make sure they understand what the SFP is whatrsquos in it for
them what they need to do who they can reach out to with
questions or concerns and that participation in SFP inevitably
qualifies them as a preferred supplier
ConclusionGet the first five stakeholders onboard early at concept stage
so they feel supportive of the SFPrsquos direction and purpose and
ask them how involved they would like to be given their role
About Susie West Susie West is the CEO and Founder at sharedserviceslink and proudly labels herself as a shared services geek She has been in the shared services industry since 1998 In 2007 she set up sharedserviceslink a leading global business community for professionals looking to improve performance in shared services Her central aim is to help individuals companies and the market mature through the sharing and consumption of (mostly peer generated) best practice information
About sharedserviceslink sharedserviceslink is a business community for professionals working in shared services sharederserviceslink is viewed as trusted advisors to this market because it offers exceptional content connection insight and overall value
About the companyToken provides digital payment solutions for banks and their clients to deliver instant end-to-end secure and frictionless payments worldwide The solution addresses the key concerns of PSD2 security disintermediation and lack of revenue
wwwtokenio
Marten Nelson
VP MarketingToken
Website wwwtokenioOffices location Redwood City California USAFounded in 2015Categories payments psd2 fintech
Token
The next generation of payments infrastructure will first of all help banks open up
What drives real-time payments infrastructure adoption in the US vs EUA number of valuable business cases drive the adoption of real-
time payments infrastructure Both consumers and businesses
expect funds to be instantly available during a payment
transaction 25 years ago the invention of the Worldwide Web
allowed us to share data instantly and globally Exchanging value
should be just as easy and fast as moving information but for
a number of reasons this hasnrsquot yet happened While there are
regional real-time payments solutions the US and many parts
of Europe are still lagging But there is hope ndash the Feds in the
US and the ECB have launched real-time payments initiatives
Why did Token choose to leverage the bankrsquos existing ledger instead of using blockchain The main reasons were that we found the bankrsquos ledger to
perform pretty well in most cases and to leverage existing
infrastructure typically reduces the complexity of deployment
and therefore cost It was simply a cost-benefit analysis
There are many interesting use cases for distributed ledgers
and for some of our functions and in some situations it makes
sense Thatrsquos why we designed the solution with distributed
ledgers being optional
What is the value proposition for European banks by integrating Token Token solves the main issues banks are facing in terms of
PSD2 security disintermediation and the economics First you
can think of Token as a PSD2 firewall that protects the bank
infrastructure from poorly behaving third parties Second Token
retains the bankrsquos customer experience even when accessed by
third parties Last we allow banks to offer value-added services
The Future of Banking Innovation and the Fintech Startups Journey
Future Asia Ventures
The financial services sector has become the poster child for
corporate innovation Over the last 5 years banks have been
investigating and experimenting with several new financial
technologies in the crowd funding trade processing lending
and wealth management areas These experiments have come
in different shapes and sizes Based on our research we know
21 banks that have launched accelerator programs around the
world Other banks have launched pre-accelerators incubators
and labs
As a research amp advisory firm we regularly speak with many
corporations startups and venture investors We are constantly
learning about the landscape Here are 5 perspectives we would
like to share
1 Fintech is old but the market conditions have never been betterMost experienced financial sector professionals understand that
this recent wave of fintech startups is just that ndash a wave Fintech
is a new term that captures a large category of existing and
growing technologies which involve transaction processing data
and record keeping Fintech companies have been innovating
since the 1950s The last 60 years produced ATMs credit cards
online banking and online stock investing to name only a few
Innovation in fintech is nothing new What is new is the explosion
of startups in the last six years There are now approximately
6000 fintech startups The playing field is crowded and thatrsquos
because the opportunity to innovate has never been greater
The combination of cheap capital a dry period in bank innovation
and a credit crisis followed by heavy regulation created the
right environment for startups to rise There has never been a
better time to be an entrepreneur
2 Regulation matters It might sound obvious but regulatory rules and compliance are
a very important part of the startup journey for fintech founders
This makes fintech different from other startup sectors
Founders in fintech are generally a decade or more experienced
than their peers Regulation is often an entry barrier because
you need to be licensed by regulatory bodies to do business in
each jurisdiction For startups that want to expand compliance
is mandatory and expensive The financial system for good
reason doesnrsquot tolerate risk As a result founders need to
cooperate with regulators budget for long waiting periods find
strategic partnerships that help their growth efforts and be in this
for the long haul Fintech is marathon not a sprint
3 Innovation canrsquot be measuredWhen speaking with innovation officers I am often asked
which program or format is the best People are looking for a
quantitative measure or a definitive leader among corporations
The truth is there is no one best model or best innovator
An innovation program should be designed around your
budget your timeline and the problem you are trying to solve
These factors are different for each company For some a
hackathon might be best while for others a robust corporate
ventures program might make more sense Available capital
decision-making dynamics and pain points vary per company
Each company has to do whatrsquos right for them However one
thing is certain ndash good innovation programs have a clearly
defined problem and success criteria Without a mandate you
are bound to go in circles
Number of Corporate Accelerators Launched Each Year Corporate accelerator launches have peaked So far in 2016 2 new accelerators have launched Going forward companies will design tailored open innovation programs and formats to engage and collaborate with startups
About Falguni Desai She is the Founder amp Managing Director of Future Asia Ventures and has over 18 years of corporate strategy innovation and MampA experience She has worked globally with business leaders at Fortune 500 firms in the financial media and technology sectors to foster growth amp expansion
About Future Asia Ventures Future Asia Ventures is an innovation advisory amp research firm Through our research and services we help new ventures grow and connect investors with innovative opportunities We serve private investors foundations and corporations around the world
wwwfutureasiaventurescom
Falguni Desai
Founder amp Managing DirectorFuture Asia Ventures
4 Innovation is inherently wastefulSeveral companies are still sitting on the sidelines While our
latest research has uncovered that 116 companies around the
world have set up corporate accelerators and several dozens
have launched incubators and labs the majority of large
companies are not engaged in this type of open innovation
They might be wondering whether an innovation program will
generate returns The answer is no not in the short term But in
the long run yes Innovation creates waste Companies wonrsquot
solve the problem on the first try Several partnerships and
investments will fail Incubated ideas may not scale and those
looking to try their hand at innovation should swallow this pill
and be prepared for failure To be good at innovation you need to
try things and then quickly stop them when they donrsquot work and
quickly try again
5 The endgame is collaboration not conflictI still see articles which predict a future without banks how
disruption will cause banks to fail and shut down The reality
is banks play a very important role in the lending infrastructure
of most modern economies Peeling back through fintech
history the innovations that survived and scaled were the
ones that worked with banks not against them In the 1990s
online stock brokers appeared on the scene Stock exchanges
and brokers didnrsquot disappear but they now operate differently
Today fintech marketplace lenders offer loans more efficiently
to retail customers The capital for these loans comes from
traditional banks and large asset managers Banks brokers and
asset managers wonrsquot disappear instead their processes and
the customer experience they offer will change dramatically The
moral here is that new fintech services will become part of the
overall financial infrastructure Fintech startups will eventually
grow into companies that are counterparties and partners to
banks not necessarily competitors Of course not all of them
will succeed but the future of banking will be formed through
collaboration
VISIT OUR ENHANCED ONLINE COMPANY PROFILES DATABASE
ALL COMPANY PROFILES IN THE B2B PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING MARKET GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
AND ADVANCED SEARCH FUNCTIONALITY
wwwe-invoicingthepayperscom
ALL COMPANY PROFILES IN THE B2B FINTECH PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
About Prof Dr Michael Henke Prof Dr Michael Henke completes the board of directors of Fraunhofer IML as new director of the section Enterprise Logistics and he also holds the chair of Enterprise Logistics at the faculty of Mechanical Engineering at TU Dortmund University His research focuses lie among others on the area of eg management of the Industry 40 purchasing and supply management supply chain risk management and financial supply chain management
About Fraunhofer Fraunhofer IML is said to be first address for all questions with respect to holistic logistics the employees work on all fields of internal and external logistics Made-to-measure arranged teams create cross-industry and customer-specific solutions in the area of materials handling warehouse management supply chain management simulation supported business and system planning and also traffic systems closed loop economy resources logistics building logistics and e-business
wwwimlfraunhoferde
Share this story
3 First steps were takenInnopay an e-business consultancy firm from the Netherlands
the Dutch factoring company lsquovoldaanrsquo and a client of voldaan
developed the SBRF Model in 2015 Within the scope of the
Workshops on Standardisation in SCF by the Supply Chain
Finance Community Innopay and the Fraunhofer Institute
of Material Flow and Logistics (IML) presented the SBRF
demonstration since November 2015
The ldquoProof of Conceptrdquo demonstrated the financier tracking the
status of an outstanding invoice electronically He gained insight
into the progress of the invoice and could assess the associated
risks
During the Workshop Series the model as well as development
improvement and extension potentials have been discussed
actively by the participants European experts on SCF and
e-invoicing Subjects to the discussions have also been technical
specifications and the integration with other solutions
4 More Proofs of ConceptIn the first half of 2016 the SBRF concept will extend to more
financiers sellers buyers and ERP solutions across Germany
and Italy at least The well-established network of the SCF
Community and its members will provide a basis for the
development and geographical extension
The practical integration with e-invoicing and SCF platforms and
the standardisation along the dimensions of Legal Operational
Functional and Technical dimensions will be investigated in detail
For Germany a planned SCF event at the House of Logistics
and Mobility (HOLM) in Frankfurt organised by the Fraunhofer
IML and Innopay makes an important contribution to the Proof
of Concept The event is scheduled for summer 2016 and will
include workshops on the SBRF Model Moreover further
aspects of SCF standardisation according to the SCF research
bull First and foremost they must elevate information to its deserved
status of strategic asset This will help ensure that data is
actively managed on enterprise level for its embedded value to
be realised
bull They also need to equip themselves with the right technology in
order to turn information to their advantage
However some barriers exist
bull Integration with legacy systems many legacy systems make it
difficult to extract data and may not be best suited for Big Data
technologies
bull Connecting data silos there is no uniform view of data and most
organisations have not integrated disparate data sources given
the complexity of the task
Data integration tools are becoming key to connecting various
data sources and data sets and delivering on the promise of
information or data management
FIs become master of your dataBy conquering Big Data challenges FIs will be able to draw a
competitive advantage through enhanced strategic decision-
making improved customer service and effective risk management
Information management technology and governance are
key to break down the organisational silos that typically exist
within financial institutions to provide a complete picture of an
institutionrsquos financial transactions and client information across
a myriad of sources Not only does this make it easy for FIs to
respond to the increasing requirements for compliance and
reporting it also provides the opportunity to turn such data into
valuable insights and information for the customersrsquo benefit
Information management tools will help financial institutions
address a series of strategic objectives including regulatory
readiness and responsiveness enhanced strategic decision-
making faster customer service effective risk management
In sum FIs that become master of their own data will benefit from
a competitive advantage which they will turn into business profit
About Andreacute Casterman Andreacute Casterman is Chief Marketing Officer at INTIX and a Member of the Banking ExCo of the ICC During the past 5 years Andreacute was SWIFTrsquos head of the corporate amp trade markets in charge of strategy governance and product initiatives Andreacute Casterman has two masterrsquos degrees from VUB and a masterrsquos degree from ICHEC
About INTIX INTIX helps financial institutions and corporates address financial data management challenges in four strategic areas regulatory compliance business intelligence customer services and risk management INTIX helps its clients retrieve consolidate and reconcile any type of financial messaging data and protects them from any IT complexity and obsolescence issues
Gaining Management Support for Your P-Card Programme
NAPCP
Achieving buy-in of the card programme especially by
management is a frequently cited challenge by the NAPCPs
audience The concern is justifiable Lack of buy-in can result
in never getting a programme implemented having a static card
programme or the elimination of the programme altogether
Whether you are considering implementing a new programme
or expanding the current one there are several questions to
address that can help in preparing your case to management
bull What are you seeking buy-in for and from whom Do you want
to ldquosellrdquo the existing P-Card programme to a new manager or
do you want to propose programme expansion
bull What is the rationale for your goal Management will only buy
into something that benefits the organisation and is supported
by facts including a cost justification
bull How does your goal support the goals of the organisation or
solve an organisational challenge Management decision-
making is driven by accountability for goals and the ability to
resolve issues
bull Are you aware of common objections to P-Card programmes
1 Data from the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation a report based on more than 3123 survey responses from end-user organisations
bull Who are the stakeholders There is nothing more defeating
than trying to move an idea or goal forward then learning that
someone with ldquoveto powerrdquo was left out of the discussions
inadvertently List who should be involved and why They might
provide good input in support of the card programme andor
express concerns such as the common objections listed above
The Business CaseThe next step is to create a solid business case based on the
answered questions above as well as other common business
case elements Include
bull statement of purpose (what you are seekingmdashyour goal)
bull where you are today (current metricsKey Performance Indicators
(KPIs) and how they compare to industry benchmarks) where
you want to be and ldquowhy nowrdquo
bull how your idea aligns with organisational goals
bull input from stakeholders plus common objections industry-wide
(if different from stakeholder input) address any concerns and
objections with facts
bull cost justifications to support the value proposition such as
anticipated andor actual process savings reductions in full-
time equivalents (FTEs) especially within the procurement and
or accounts payable departments and other hard- and soft-
dollar savings
bull implementation plan if applicable (eg for programme expansion)
Present cost saving benefits such as the cost of traditional
cheques versus P-Cards If your organisation has not completed
an internal process cost analysis use the NAPCP average
process costs shown below
1 As specified within the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation
2 Based on average monthly card spend of USD 1M and average transaction size of USD 559 per the results of a 2015 NAPCP poll
If expanding an existing programme it is important to consider
the value your card provider can add to this process They can
provide an analysis of your accounts payable vendor filemdash
identifying those vendors who accept card payments
Working with the ldquolow hanging fruitrdquo can help your organisation
reap immediate benefits The larger ticket transactions can be
moved to card-type payments as well with the most popular
being a virtual or electronic card payment method
Continue to Provide Results-Driven CommunicationIt is important to relay results and successes to management
Use the following keys to successful communication
bull Be brief by limiting communication to a one-page summary
Put conclusions firstmdashgive highlights up front and supporting
detail second
bull Title the document presentation or email subject line with a key
message (eg ldquoP-Card Program Saved USD 4M in 2015rdquo versus
ldquoP-Card Program Report Attachedrdquo)
bull Focus on the facts Show numbers as often as possible and
summarise whether the numbers meet fall below or exceed
expectations Then explain Verify numbers with other team
members to build a coalition of support and ensure that you
have the complete picture
bull Facts and figures must be formatted consistently from one
communication to the next allowing for easy comparison
bull In verbal and written discussion keep your presentation analytical
bull If asked by management to give results ldquoon the flyrdquo synthesise
the key points for management into three to four concise bullet
points Add recommendations or alternative courses of action
if you have time Stay ahead of management requests by
monitoring your KPIs frequently
bull Ask to be part of upcoming meetings and do not be afraid to be
proactive rather than reactive
What if They Say ldquoNordquoExplore what could change a ldquonordquo into a ldquoyesrdquo When you are
ready to address the issue again with new insight go back to
your stakeholders It is generally okay to respectfully disagree
with management but as noted earlier ensure you have the
supporting documentation to make your point Finally know when
it is time to move on However moving on does not mean giving
up on the programme altogether It is still prudent to share the
status of the programme
About Terri Brustad Terri Brustad CPCP is the NAPCP Manager of Content Services Her previous experience includes 10 years in the Commercial Card industry mainly in the role of a public-sector P-Card Administrator Terri achieved the Certified Purchasing Card Professional (CPCP) credential in 2009
About NAPCP The NAPCP is a membership-based professional association committed to advancing Commercial Card and Payment professionals and industry practices worldwide The NAPCP is a respected voice in the industry serving as an impartial resource for members at all experience levels in the public and private sectors The 2016 NAPCP European Conference will be held in London on 23 June 2016
Virtual cards hold the potential to disrupt the commercial
payments space on two fronts
1) Physical cards are likely to disappear
2) These solutions hold the potential to drive a step change in card
adoption and usage levels
The challenge for the industry is clearly communicating and
providing compelling evidence of the benefits that virtual cards
offer and ensuring sales teams are trained to sell the solutions
over and above traditional ones eg corporate cards To help
unlock the opportunities in underpenetrated industries such as
telco construction and healthcare etc issuers must develop
tailored solutions to cater for any idiosyncrasies and overcome
the card acceptance challenge
The FutureTechnology holds the key to disrupting commercial payments
and the growing FinTech movement will support this Traditional
commercial payment providers will look towards and work more
closely with FinTechrsquos as an alternative source of innovation to their
own product development and delivery functions The opportunity
for banks is to build and launch disruptive technologies more
quickly The challenge is picking the right FinTech(s) that will help
deliver scalable solutions In the short-term we expect issuers to
increasingly focus their attention on developing virtual solutions
and integrating these onto mobile and wearable devices
Stargazing into the future wearables will be the game changer
as mobility becomes ever more important Wearables will also
be the bridging technology for embeddables In the next 10-15
years embedded chips in humans could become a reality
We are increasingly connected and interact with technology in
our personal and business lives and embeddables are the next
logical step More sophisticated chips will soon replace wearable
technology such as payment devices and fitness bands and will
help us all get used to a more connected and augmented lifestyle
As a concept it is well aligned to payments Embedded and inner-
connected biometrics will enhance security and offer a more
seamless experience
The future looks bright for commercial payments but will not be
without its challenges
About Chris Holmes Chris leads various work streams across the Financial Services practice He has managed multiple global projects across the payments banking FinTech AltFi and tech industries His specialist skills are geared to NPD sizing and opportunity assessments benchmarking and best practice identification
About KAE KAE is a strategic marketing consultancy that has provided support to some of the worldrsquos largest payment and tech brands for the past 25 years Operating globally from a London HQ KAE has provided consulting and strategic advice in more than 50 countries across three core areas Insight Strategy and Analytics
Large supplier communities are based in emerging Asia
and Africa yet major economies like China and Indonesia are
experiencing great increases in disposable income and thus
engaging more on the consumer side of supply chains The
combined dynamics are shaping economic activity and flows in
ways that need a wider range of financing and risk mitigation
solutions including end-to-end SCF
Supply Chain Finance is defined as the use of financing and risk
mitigation practices and techniques to optimise the management
of the working capital and liquidity invested in supply chain
processes and transactions SCF is typically applied to
open account trade and is triggered by supply chain events
Visibility of underlying trade flows by the finance provider(s) is
a necessary component of such financing arrangements which
can be enabled by a technology platform
Source Standard Definitions for Techniques of Supply Chain
Finance 2016
Practitioners and financial institutions based in Asia are proactively
working to develop their SCF propositions in response to evolving
market demand and region-specific practices With ASEAN
integration progressing the Trans-Pacific Partnership advancing
and intra-regional trade growing in importance the central role of
cross-border supply chains and SCF in particular will increase
in the next several years as enablers of trade development and
inclusion
The Standard Definitions are a ldquoliving documentrdquo meant to evolve
with market practice the needs of clients financiers regulatory
authorities and others The next phase will focus on dissemination
education and advocacy in support of global adoption
This is the start of a journey that will only speed up in adoption
impact and importance SCF an idea whose time has come
About Alexander R Malaket A recognised specialist in international trade including trade and supply chain finance Mr Malaket has advised government international institution banking and corporate clients around the world developed and delivered training materials and seminars and authored numerous white papers briefing and policy papers and research reports on a variety of topics in international business finance and international development
About International Chamber of Commerce (ICC) The ICC Banking Commission is a leading global rule-making body for the banking industry It produces universally accepted rules and guidelines for international banking practice With 85 years of experience and more than 600 members in +100 countries the ICC Banking Commission ndash the largest commission of ICC the World Business Organization ndash has rightly gained a reputation as the most authoritative voice in the field of trade finance
wwwiccwboorg
Alexander R Malaket
PresidentOPUS Advisory Services International IncDeputy Head of the Executive CommitteeICC Banking CommissionChairSCF Terminology Drafting Group
The EVP and CFO at Turkcell Murat Dogan Erden proved
in his keynote that even mature companies can adapt quickly to
game changers Turkcell is a dominant telecoms operator that
has successfully managed the transition from a pay-per-minute
market through providing world leading surf speeds content
and services Turkcell is also exploiting its credit management
competence to expand into consumer finance Turkcell will use
its market access through all the connected devices
Developing the FSC doesnrsquot only consist of cutting costs and
lead times It also enables expanding the core business offering
with financial components
About Magnus Lind Magnus Lind is co-founder of The Talent Show He has a background as an international business executive in Europe SE Asia and North America and he has founded companies in 7 different countries where he acted as CEO board director and investor The Talent Show puts innovation and disruption above case studies and legacy thinking
About The Talent Show The Talent Show is a corporate driven event focusing on the whole corporate Financial Supply Chain (CFSC) and how it links to the physical chain The audience consists of CFO and CPO supply chain treasurers and IT Participants include Sandvik Turkcell Port of Rotterdam Abengoa Octal Arriva DONG Energy Ericsson and SABMiller
Some banks and platform providers offer both Dynamic
Discounting as well as SCF with the option to switch between
the two might an opportunity arise for the buyer to invest its cash
for other purposes than to prepay its suppliers A bank will then
be brought in to take over the funding
All in all with all developments in the SCF market it would make
sense for SMEs to explore the potential benefits of SCF for the
business they are in Having said that SCF awareness is still
not very widespread amongst SMEs despite several initiatives
to change that for the better What a pity In the end there is
nothing to lose and everything to gain
About Anita Gerrits For the past 7 years Anita has been a strong believer in and advocate of the concept of SCF She provides consultancy support in this exciting relative new area of finance She also organises workshops acts as guest speaker and trainer to business management as well to students to create awareness and understanding of this topic It all began in 2009 when she played a leading role in achieving a cash flow turnaround of the European Consumer Business of Kimberly-Clark through a massive reduction in working capital She has a corporate background studied business economics credit rating advisory and business valuation
wwwg-raybiz
Anita Gerrits
Supply Chain Finance Specialist
Follow on Twitter Tweet aboutExchangeSummit EXCS16
From E-Invoicing toSupply Chain Financing
October 10 and 11 2016Barcelona Spain
Exchange Summit with 2 major E-Invoicing events in 2016
June 7 and 8 2016Orlando Florida USA
100 FREE TICKETS
100 FREE TICKETS
Apply now on
Apply now on
wwwexchange-summitcomfree100
wwwexchange-summitcomfree100
Key topics 2016
bull E-Invoicing entering a new era ndash global market development and forecast
bull E-Invoicing from a corporate and governmental perspective
bull Implementing tax compliance in a paperless world
bull Compliance and fraud prevention within E-Invoicing
bull Driving forward ARAP and end-to-end P2P automation
bull Global standardisation and status of E-Invoicing interoperability
bull Best practice in onboarding customers to E-Invoicing
bull Supply chain financing ndash new opportunities and challenges
wwwexchange-summitcom
Within our two major E-Invoicing events in 2016 you will
bull network with more than 500 participants
bull meet experts from over 40 different countries
bull evaluate solutions from 50+ service providers
bull benefit from exclusive keynotes best-practices and discussions
Anzeige_EXC_Paypers_Layout 1 14042016 1530 Seite 1
Thus the cross-border invoicing issuance for companies
with subsidiaries worldwide is a real challenge where the law is
applicable (ie country of establishment place of VAT registration
transport invoicing goods or services)
Electronic invoice still on the riseDespite the legal and technical obstacles enterprisesrsquo awareness
of process automation with electronic invoicing and cost
reduction has been steadily increasing Most of them would take
the decision to start e-invoicing shortly if the legislation would be
clearer and standardised On the other hand the governments
are aware of the scale of the VAT fraud and are looking for tools
to seal the system ndash unfortunately each country is trying to find
its own way
However it is highly unlikely that the EU will implement the
clearance model there are several initiatives to speed up
the process The Member States decided to organise multi-
stakeholders forums to implement a European Standard for
e-invoicing (expected in 2017) and increase the interoperability
among service providers Hopefully the Directive 201455
EU on electronic invoicing in public procurement will prove to
be a significant milestone resulting in the mass adoption of
electronic invoices in the structured form (not PDF invoices)
and public authorities will realise the benefits of e-invoicing and
hasten the implementation of common understandable and
unified legislation on cross-border e-invoicing In a nutshell
the stage of market education and convincing towards adopting
automated invoices processing is coming to an end Most of
the enterprises have launched or consider the implementation
of e-invoicing at a country level in the short term Currently the
biggest challenge is to enable the smooth extension of their
projects on the transnational level Finding a service provider with
vast international experience is essential Comarch EDI enables
compliance with all local legal requirements Its membership
in organisations such as the GS1 or the European E-Invoicing
Service Providers Association (EESPA) guarantees that the
company is a reliable partner Comarch EDI has cooperated with
GS1 and EESPA for many years in several countries to make
sure that our services are of the highest quality and the solution
is compliant with national and international requirements
About Bartłomiej Woacutejtowicz He has over 10 years of experience in the field of B2B communication in the supply chain Initially responsible for the EDI market development in Southern and Central Europe he is currently responsible for the development of Comarch EDI portfolio
About Comarch EDI Comarch EDI is a B2B platform which provides a competitive advantage by a fast and secure data exchange with business partners The solution provides the automation of data processing throughout the supply chain from the procurement process through the logistics to invoicing and payment processing
bull Donrsquot overestimate VAT compliance many companies
think VAT compliance requires parties to agree bilaterally on
e-invoicing that conversion by parties is forbidden by VAT law
that invoice originality is a major concern and that authenticity
and integrity are complex The reality is that none of these are
true Conversion of invoices is fact of live for years and no
show-stopper at all Invoice originality is in most European
countries easily solvable by service providers and ERP vendors
in the market the PEPPOL regulatory framework solves
authenticity and integrity and is not a concern anymore for
participants
What should service providers and ERP vendors do Embrace
openness Opening your platform does not harm your business
model Instead it allows easy integration of your platform with
many other e-invoicing ERP and accounting software vendors
with only one standard and protocol (PEPPOL) It eliminates the
need for costly bilateral agreements And it also empowers your
existing and new customers to use your services beyond your
platform
In a nutshell the paradigm of open e-invoicing and further
collaboration between e-invoicing providers ERP and accounting
software vendors in the area of interoperability is essential to
move Europe further in e-invoicing The private sector should now
step in and leverage that growth
(1) DNS is the same mechanism that makes sure that www
simplerinvoicingorg is translated into a technical IP address
of our web server The same mechanism is used to resolve
for example a VAT number into the IP address to which an
e-invoice can be delivered
About Jaap Jan Nienhuis Jaap Jan Nienhuis is Manager Simplerinvoicing at SIDN He is responsible for managing the Simplerinvoicing scheme authority Jaap Jan has a special interest in the development of new services in 4-corner models In his former roles he has been involved in a number of European collaborative e-invoicing initiatives including the EBA E-invoicing Working Group
About SIDN Simplerinvoicing is a collaboration between leading European e-invoicing and accounting software providers who all strive for mass adoption of e-invoicing by interoperability and standardisation Simplerinvoicing is a PEPPOL Authority The Dutch government is connected via Simplerinvoicing
wwwsimplerinvocingorg
Jaap Jan Nienhuis
Manager SimplerinvoicingSimplerinvoicing
DONT MISS THE OPPORTUNITY OF BEING PART OF LARGE-SCALE PAYMENTS INDUSTRY OVERVIEW
The Paypers offers the most valuable source of information and guidance for all parties interested in the current state of affairs of the payments industry
Paul Alfing Chairman e-Payments Committee Ecommerce Europe
Once a year The Paypers releases three large-scale industry overviews covering the latest trends developments disruptive innovations and challenges that define the global onlinemobile payments e-invoicing B2B payments ecommerce and web fraud prevention amp digital identity space Industry consultants policy makers service providers merchants from all over the world share their views and expertise on different key topics within the industry Listings and advertorial options are also part of the Guides for the purpose of ensuring effective company exposure at a global level
For the latest edition please check the Reports section
ONLINE PAYMENTSAn all-in-one reference guide on (online) payments amp ecommerce industry trends evolving business models top players and relevant (alternative) payment methods
B2B PAYMENTS SCF amp E-INVOICINGIndustry voices from the online finance space share insights into the dynamic B2B payment e-invoicing supply chain finance industries to support innovative solutions amp thriving businesses
WEB FRAUD PREVENTION ONLINE SECURITY amp DIGITAL IDENTITYIn-depth source of information highlighting key facts amp trends into the global digital identity transactional and web fraud prevention amp detection ecosystem
card application foreign exchange services etc) in a quick
easy and frictionless manner from a variety of service providers
Automation and great UX being the name of the game
They do not have to provide the financial services directly to
the customer They can act as the broker the digital conduit
for products and services benefiting from the commercial
relationships struck with selected service providers
The world of retail banking and payments is set for great change
About Brendan Jones A senior management consultant with over 30 yearsrsquo experience in the payments industry working with a variety of organisations including technology amp service providers and financial organisations Previously held senior roles focusing on business strategy regu lat ion bus iness deve lopment MampA product development programme amp operations management and business process reengineering
About Evolution Payments Consulting Evolution Payments Consulting (EPC) provides payment consulting services to the financial services industry and allied organisations EPC provides payments industry advice to companies looking to support the implementation of new regulation developlaunch new banking and payment propositions re-purpose existing products and services to meet the new and existing regulatory requirements
(prevalent in the recruitment process outsourcing (RPO) world)
unlimited liquidated damages clauses and ban on assignment
clauses The latter contractual terms seek to prevent suppliers
from using their unpaid invoices to access invoice finance
Admirably the government is already taking specific legislative
action against these with the aforementioned Small Business
Act enabling Regulations (expected shortly) to render such
clauses ineffective belatedly bringing the UK into line with
most of the other major world economies This will allow invoice
financiers to provide more funding to more businesses and will
particularly benefit the smaller supplier businesses that suffer
most from these unnecessary clauses
Ultimately this should also be good for larger customer businesses
who will benefit from more stable and well-funded supply chains
Of course whilst invoice finance can help SMEs unlock funding
it is not a silver bullet and is not a substitute for paying suppliers
promptly and treating them fairly For that there needs to be a
cultural shift and that is where an empowered and resourced
Small Business Commissioner could have a real impact
About Matthew Davies Matthew is the Director of Policy and Communications at ABFA
About ABFA The ABFA represents the asset based finance industry in the UK and the Republic of Ireland Members include UK and Irish high street banks specialist and challenger banks specialist businesses of international banks and corporates and independent nonbank finance providers
wwwabfaorguk
Matthew Davies
Director of Policy and CommunicationsAsset Based Finance Association
[The above material is drawn from a Guidance Paper prepared
for the European Multi-Stakeholder Forum on e-Invoicing and
prepared by the writer in conjunction with an Activity Group of
the Forum]
About Charles Bryant Charles Bryant is Secretary General of EESPA and also active in the Global Supply Chain Finance Forum
About EESPA The European E-invoicing Service Providers Association acts as a trade association at European level for a large and dynamic community of e-invoicing service providers drawn from organisations that provide network business outsourcing financial technology and EDI services EESPA is an International Not-for-Profit Association organised under Belgian law Formed in 2011 it has over 60 full and associate members and is involved with a range of important initiatives in interoperability the public policy debate and promoting adoption
The International Association of Alternative Finance (IAAF
orguk) has been taking a lead through 2015 in encouraging
platforms to work together to develop standards The concept
is to not make anything mandatory at this stage but to build
guidelines that members can work towards This has been
achieved in parallel with key stakeholders and regulators
The latter have been especially supportive as they do not want to
kill an embryonic alternative finance sector
However the fate of the sector very much rests in the decisions
of platforms and funding providers Do they lose the agility
of alternative finance or do they work together on building
guidelines and standards which could become the kind of
regulation that will support growth The IAAF is launching the
first Guidelines for the growth of alternative finance on June 16
The guidelines cover key areas required to support the growth
of the sector and will hopefully provide the pathway that the
industry needs
About Tony Duggan Tony was previously Supply Chain Development Director at Wickes where he developed Europersquos largest B2B platform As Consulting Services Director at Bolero a division of the SWIFT banking network he worked with some of the worldrsquos largest banks on global SCF initiatives This unique experience along with his real experience in start-ups and SMEs has provided him with real insights into the challenges of SCF and has been fundamental in the design of the Crossflow solution
About IAAF Founded in London in 2014 the International Association for Alternative Finance (IAAF) is an industry body committed to the promotion and development of the Alternative Business Finance sector IAAF sets out its drive for the Business Alternative Finance to be applied with excellence globally thereby creating opportunities for members and supporting the economy development as a whole The Associationrsquos four key focus areas are regulation reputation operational environment and future growth
CloudTrade is one of the fastest growing e-invoice networks and built firmly on the premise that e-invoicing should be free for suppliers easy-to-use and non-disruptive ndash only then will suppliers move away from paper These principles underpin the CloudTrade service which ensures high supplier adoption is guaranteed
Website wwwcloudtradenetworkcom
Service provider type E-invoicing service provider
Head office location UK
In which market do you provide your services
North America Europe Middle EastAfrica AsiaPacific
Contact details Mr Richard Manson Commercial Director richardmansoncloud-tradecom +44 (0)7956 441898 2-6 Boundary Row London SE1 8HP
Active since 2010
Keywords electronic invoicing e-invoicing PDF invoicing P2P purchase to pay e-order O2C order to cash
Markets
Which side in the supply chain is your primary target group
Both buyers and suppliers
B2B B2C andor B2G (Government)
B2B B2G
Target customer Corporates
Are you specialized in a certain industry
Generic (no specific industry)
Proposition
Which processes in the supply chain do you facilitate
Ordering supply chain invoicing
Support interoperability with other service providers
Yes ndash we currently interoperate with a number of service providers Furthermore CloudTrade is a registered Access Point on the PEPPOL network
Which pricing model do you mainly use
Subscription and transaction-based
Solution description CloudTrade removes the barriers to supplier adoption Our patented solution provides a non-disruptive way for a supplier to send electronic invoices ndash without having to change systems or infrastructure The net result is that we will remove more paper from an organisation in a shorter time frame than any other e-invoicing approach
Services which of the following services do you offer
Purchase Order Flip No
Matching of related transactions Yes ndash match invoices to POs contracts service entry sheets or goods receipt Business rules can be amended per customer
Distribution of e-invoices Yes
Invoice presentment portal No ndash a portal is available for the receiving organisation but not for the sending organisation Processing updates are provided to the supplier via e-mail
Legal compliance tools Yes
TAXVAT compliancy Yes
e-Signature service Yes
Finance amp (reversed) factoring services
Yes ndash offered through a CloudTrade partner
(Dynamic) discounting Yes ndash offered through a CloudTrade partner
Which standards do you support All current major e-invoicing e-billing and payment standards
Conversion from or into various XML formats (mapping)
Yes
Content validation of incoming invoice data
Yes ndash each document is validated against a set of document and customer specific validations
Facilitate customer onboarding Yes ndash due to the ease by which suppliers are able to adopt CloudTradersquos e-invoicing service typically more than 90 of suppliers that we are asked to on-board will come on board
Other services The core technology underpinning CloudTradersquos service is document agnostic We can (and do) provide e-document services across numerous sectors and document flows
Comarch is a global provider of IT solutions Comarch has more than 20 years of industry experience thousands successfully completed projects in over 40 countries worldwide references own RampD department made up of high-end IT engineers high ranking IT analyst ratings Gartner IDC Truffle 100 custom data centers in Poland and Germany
Website wwwcomarchcom wwwedicomarchcom
Service provider type Software vendor e-invoicing provider
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Licensed SaaS transaction-based
Solution description Comarch EDI provides the companies with smart solution enabling exchange of validated and tax compliant invoices in the format adjusted to back office systems It provides electronic archive and electronic signature as well as Service Desk in 12 languages (including English German French Turkish Russian) to guarantee onboarding of each partner
Services which of the following services do you offer
The most experienced team in the e-billing and payment industry ebpSource delivers software solutions consultancy and support to billers banks payment processors and outsourcers ebpSource brings unparalleled knowledge and a highly successful track-record designing developing deploying integrating and supporting many of the largest and highest-adoption services of this kind worldwide
Website wwwebpsourcecom
Service provider type Software vendor and reseller ndash e-billing e-invoicing e-signing mobile payment supply chain finance and authentication specialists Large-scale projects at a national and international level Ongoing support and specialist consultancy
Head office location United Kingdom
In which market do you provide your services
Globally
Contact details Steve Wright Commercial Director swrightebpsourcecom +44 1753 567896
Which side in the supply chain is your primary target group
Both suppliers and buyers
B2B B2C andor B2G (Government)
B2B B2C B2G
Target customer Corporates
Are you specialized in a certain industry
Cross-industry with specific specialisations in national e-bill consolidation bank-based e-invoicing and payment telecoms and utility e-billing e-signing and smart authentication
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
ebpSource has a wealth of experience in connecting e-billing and payment infrastructures at a national and regional level
Which pricing model do you mainly use
License subscription transaction-based
Solution description ebpSource provides a range of software consultancy and support services to help clients achieve new levels of operational efficiency customer service and cost reduction The team works closely with clients to design develop deploy integrate and support end customer applications Our key focus is long-term strategic partnerships with customers
Services which of the following services do you offer
Order2Cash is a pioneering provider of global order to cash optimisation services Cited by Gartner as a pure-play Order2Cash solution provider our services empower the work of Fortune 500 companies and leading enterprises around the world helping them to reduce costs and optimise spending on resources and technology Discover more at wwworder2cashcom Order2Cash is an Anachron company wwwanachroncom
Website
Service provider type
Head office location
In which market do you provide your services
Contact details
Active since
Keywords
wwworder2cashcomOrder2Cash provides flawless integration of the entire accounts receivable process across the enterprise and around the globe End-to-end global SaaS solutions including credit checks secure online contract signing multi-channel e-invoicing online payments credit management and document archiving
EMEA Head office Amsterdam the Netherlands US Head office NY USA
Yes we have interoperability agreements with an extensive range of B2BB2G e-invoicing networks and are a member of the European E-Invoicing Service Providers Association (EESPA)
Transaction-based pricing
Order2Cashcom offers a suite of SaaS solutions that combine to create a flawless integration of the entire accounts receivable process across the enterprise and around the globe Its modules support credit checks contracting e-invoicing payments and credit management Select components and tailor a solution to suit your business needs
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes Our solutions integrate with 700+ ERP systems for easy document exchange In addition we are connected with over 25 P2P platforms
Invoice presentment portal Yes
Legal compliance tools We work closely together with partners such as PwC and EY to ensure international TaxVAT compliancy
TAXVAT compliancy Global coverage
e-Signature service Every document is signed with an e-signature (QES or AES) to guarantee integrity and authenticity and to meet VAT requirements This can be completed with a timestamp
Finance amp (reversed) factoring services
Offered through partner network of financial institutions
e-Archiving Every document is securely archived complete legal storage period
Scanning of paper invoices Yes in cooperation with our network of output partners
Total invoice management 100 paper to electronic
Yes
Printing Yes in cooperation with our network of global output partners
Workflow functionality Yes
Direct integration with payments Yes
Accounts Payable management Available in cooperation with our network of output patners
Accounts Receivable management
Yes
Integration with ERPaccounting software
Yes We have established connections with over 700 ERP systems
Which standards do you support UNCEFACT CII ISO20022 Financial Invoice UBL 20 and others if required
Conversion from or into various XML formats (mapping)
Yes Any structured data can be converted to XML format
Content validation of incoming invoice data
Yes All data is validated and reported
Facilitate customer onboarding Yes Full support guidelines and advice is offered to all clients on customer activation
Other services Related to invoicing reporting query management customer grouping authorisation tools consolidated billing Alongside invoicing services your Order2Cash solution can expand to include online payment functionalities robust credit management and cash application tools as well as a secure online contract and document signing service Further details on the full platform can be found on our website
Connecting everyone everywhere
Flawless integration of the entire AR process across the enterprise
and around the globe
wwworder2cashcom
Fix Your Leaky Receivables Scan the QR code to claim your FREE Diagnostic Spreadsheet and measure the hidden costs in your accounts receivables processes
Saphety is a leading company in global network solutions for electronic documents exchange document presentment data synchronisation and public procurement Saphety has 4700 companies and over 129000 users throughout more than 30 countries
Website httpwwwsaphetycom
Service provider type E-invoicing service provider bank software vendor reseller or specialist
Head office location Portugal (headquarters in Lisbon and operational offices in Bogotaacute Colombia and Satildeo Paulo Brazil)
In which market do you provide your services
Global
Contact details infosaphetycom +351 210 114 640
Active since 2000
Keywords electronic documents exchange e-invoice invoice software paperless transactions EDI document presentment public procurement data synchronisation
Markets
Which side in the supply chain is your primary target group
Buyers suppliers both
B2B B2C andor B2G (Government)
B2B B2G
Target customer Micro SMEs SMEs corporates and government
Are you specialised in a certain industry
Automotive government healthcare retail utilities telecom tourism oil amp energy finance (bank and insurance) mass businesses and others
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Subscription transaction-based
Solution description SaphetyDoc enables you to exchange business documentation electronically including purchase orders delivery notes and invoices in a simple way at a low cost While complying with all legal requirements related to e-invoicing SaphetyDoc allows to completely eliminate the use of paper in the invoicing process from issuance to sending and approval
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes
Invoice presentment portal Yes
Legal compliance tools Yes
TAXVAT compliancy AU AT BE BG CA CY CZ DK EE FI FR DE GR HK HU IS IE IM IL IT LV LI LT LU MT MX MA NL NZ NO PL PT RO SG SK SI ZA ES SE CH GB US
e-Signature service Yes we provide e-Signature Service We can also use external e-Signature service if requested by client
Tungsten Corporation accelerates global trade by enabling customers to streamline invoice processing improve cash-flow management and make better buying decisions Tungsten Network helps buying organisations reduce their invoice-processing costs by 60 and profit by applying real-time spend analytics to their line-level invoice data Suppliers gain efficiencies greater payment-status visibility and optional early payment
Website wwwtungsten-networkcom
Service provider type Global e-invoicing network invoice finance and spend analytics
Head office location London UK
In which market do you provide your services
Globally
Contact details Mr Ruud van Hilten SVP Global Buyer Sales ruudvanhiltentungsten-networkcom +44 87 0165 7420
Active since 2000
Keywords electronic invoicing accounts payable procurement supplier network purchase to pay invoice finance spend analytics AP workflow
Markets
Which side in the supply chain is your primary target group
Generic (no specific industry) E-invoicing is a horizontal process
Proposition
Which processes in the supply chain do you facilitate
Invoicing purchase to pay working capital financing purchasing orders supplier self-service real-time spend analytics
Support interoperability with other service providers
Yes We interoperate with compliant service providers where there is customer demand qualifying invoice volume and compliance is maintained
Which pricing model do you mainly use
Balanced-costs are shared by buyers and suppliers Low volume suppliers receive 52 free invoices annually and high volume suppliers receive 520 free invoices annually After these free invoice transactions have been used a flat fee structure is applied per invoice transaction
Solution description The worldrsquos largest organisations connect with thousands of suppliers around the globe through Tungsten Network We enable companies to send and receive error-free tax-compliant invoices around the globe without the need to install any hardware or software We provide a unique supplier engagement and onboarding programme to ensure that suppliers participate and transact with their buyers
Services which of the following services do you offer
Purchase Order Flip Yes We can take POs from all sources in a buyerrsquos structure and present these to the supply chain Suppliers can convert POs directly into invoices on our portal
Matching of related transactions Yes We match invoices with POs online-level if required
Distribution of e-invoices Yes We enable companies to send and receive compliant B2B invoices
Invoice presentment portal Yes Suppliers can use our portal to manually enter their invoice data convert a PO check the status of their invoices and select early payment
Legal compliance tools Yes Our rules engine enables companies to receive compliant invoices in all the jurisdictions we are compliant in
TAXVAT compliancy Yes We work with local tax authorities to enable companies to send and receive compliant invoices We are currently compliant in 47 countries with a pipeline of new countries in progress
e-Signature service Yes All compliant invoices are digitally signed where required by local regulations We provide at-source signature verification
Finance amp (reversed) factoring services
Yes Invoice financing is a service we offer through Tungsten Network Finance This can be funded by Tungstenrsquos own financing partners the buyer or the buyerrsquos banking partners
(Dynamic) discounting Yes We offer this service on a case-by-case basis via Tungsten Network
e-Archiving Yes We provide legally compliant archiving
Scanning of paper invoices Yes As a component of a structured e-invoicing programme
Total invoice management 100 paper to electronic
Yes As a component of a structured e-invoicing programme
Printing Yes We can arrange this service through a partner
Workflow functionality Yes We can arrange this service through a partner
Direct integration with payments Yes Tungsten Bank has access to all relevant payment systems
Accounts Payable management No We partner with the worldrsquos largest BPO providers
Accounts Receivable management
No We partner with the worldrsquos largest BPO providers
Integration with ERPaccounting software
Yes We fully integrate with any ERP financial software
Which standards do you support Yes We support all structured file formats and most data standards
Conversion from or into various XML formats (mapping)
Yes We support all structured file formats and most data standards
Content validation of incoming invoice data
Yes We use extensive and flexible rule-sets to ensure compliance with our buyersrsquo business processes
Facilitate customer onboarding Yes We provide a unique supplier engagement and onboarding programme and can contractually guarantee paper conversion rates in best practice projects
Other services Purchase order services invoice status service spend analytics supply chain finance
Trade amp finance Financing International Supply Chains An Idea Whose Time Has Come | Alexander R Malaket Deputy Head of the Executive Committee ICC Banking CommissionImproving Access to Finance for SMEs with the Open RFI Project | Matthijs van Bergen Researcher SCF Windesheim amp Steven van der Hooft CEO Capital ChainsIf Supply Chain Finance is Supplier-Centric Financial Supply Chain is Customer-Centric | Magnus Lind Co-Founder The Talent ShowSupply Chain Finance Time for SMEs to Take Position | Anita Gerrits Supply Chain Finance Specialist
E-invoicingCross-border Invoicing ndash The Real Challenge for Multinational Projects | Bartłomiej Woacutejtowicz Product DevelopmentManager Comarch EDIWhy lsquoOpenness Should Be The 1 Selection Criteria for Any E-invoicing RFP Process | Jaap Jan Project ManagerSimplerinvoicing
Regulation amp lawPSD2 XS2A ndash a Step Towards Open Banking | Brendan Jones Evolution Payments ConsultingLate Payment ndash A Perspective | Matthew Davies Director of Policy and Communications Asset Based Finance AssociationThe Directive 201455EU for E-invoicing and Procurement How Public Authorities Should Respond | Charles Bryant Secretary General EESPARegulation and Growth in Alternative Finance ndash A Contradiction in the Making | Tony Duggan Founder and Director IAAF
In total nearly GBP 149 billion was lent to SMEs in the UK
(a 99 year-on-year growth rate and 194 average growth rate
between 2013 and 2015)
Interestingly enough innovative corporate partnerships are
being forged between alternative finance platforms with the likes
of Virgin Amazon Uber Sage and KPMG This has certainly
pushed boundaries ndash merging the traditional corporate world
with the disruptive models of alternative finance
Invoice trading the second highest model continues to be a
popular financing tool for small and medium-sized enterprises
wanting to trade their invoices or receivables at a discount
in exchange for the speedy procurement of working capital
However while the GBP 270 million market size in 2014 grew by
178 compared to 2013 growth from 2014 ndash 2015 was more
modest with a 20 growth rate to GBP 325 million
Zooming in on the strategies banks (and alternative finance
providers for that matter) use to better position themselves we
identify a lot of partnerships Banks teaming up with online lenders
This is a different dynamic ndash instead of trying to displace banks
online lenders decided to strike partnerships For instance On
Deck teamed up with JP Morgan Chase and said it will help speed
up the process of offering small business loans to the banks 4
million customers Lending Club another online lender tied-up
with Citi Moven partnered marketplace lender CommonBond
In a game of tongue twisters American Banker said that fintechs
team up to become more like a bank I would argue that banks
team up with fintechs to become more like a fintech
Also another question arises what if a corporate want to expand
into more countries That may mean to establish a physical
presence in each location that is relevant to their client Could
banks satisfy that need too
The industry is dynamic and some companies leapfrogged some
steps but although the developments are innovative and exciting
the road ahead is paved with many bumps
About Mirela Amariei Crafting large-scale industry reports carrying out interviews and writing about innovation in payments and fintech are Mirelarsquos daily treats As the Senior Editor at The Paypers she speaks frequently with key thoughts leaders to identify trends and trendsetters She can be reached at mirelathepayperscom and via Linkedin wwwlinkedincominamarieim
About The Paypers The Paypers is the leading source of news and intelligence for professionals in the payment community worldwide Our products are aimed at merchants payment services providers processors financial institutions start-ups technology vendors and payment professionals and have a special focus on all major trends and developments in payments-related industries including online and mobile payments and banking ecommerce e-invoicing supply chain finance web fraud amp security and many others
B2B payment innovation the beginning of exciting times
Deutsche Bank
Why should banks and corporates invest in real-time payments For corporates the benefits stem from the capability for executing
time-sensitive transactions ndash such as High-Value critical vendor
or MampA-related payments ndash while receiving close-to-immediate
proof of execution instead of waiting for the specific entry to be
documented by standard intraday reporting
For banks to serve client needs they need to be involved in these
developments which is why Deutsche Bank and others are helping
develop a Pan-European Instant Payment Solution For large
banks involvement in establishing such future paymentcollection
platforms is a revenue loss avoidance tactic rather than a
profit creation one as they will otherwise lose market share to
disruptors And while urgent payments can currently be more
expensive there may be a regulatory push for banks to provide
real-time payments with no extra charges in the near future
What are the benefits and challenges of implementing pay-on-behalf-ofcollect-on-behalf-of structuresPOBOCOBO structures help corporates consolidate cash
flows and rationalise account structures as well as increasing
purchasing power when negotiating cash management terms
with banks POBOCOBO simplifies liquidity management as
cash is centralised through domestic and cross-border cash
concentration It also allows for streamlined cash management
activities across subsidiaries as payments and receivables
are bundled in one place (such as a Shared Service Centre)
for execution out of the central account Improving cash and
liquidity management in these ways reduces credit need and the
operational burden on subsidiaries
Deutsche Bankrsquos experience and feasibility studies on POBO
COBO in Europe over the past four years have shown four kinds
of challenges market-specific practices and legal tax and
operational considerations In addition POBOCOBO structures
differ in the status of the underlying account For POBO the
ordering account can be a normal operating account in most
jurisdictions but since funds collected within COBO structures
often relate to different legal entities the underlying account is
often considered a trust account This has further implications
For instance depending on regional Anti-Money Laundering laws
an account can contain either own funds of the account holder
or funds that belong to third parties (trust accounts) ndash not both
That in turn may require corporates to separate some incoming
transaction flows from the entities flowsrsquo part of the on-behalf-of
structure
What main friction points in B2B cross-border payments will disappear in the next five yearsDevelopments driven by regulatory change or facilitated by
technology and solution-based improvements will ultimately
allow for more frictionless and cost-effective transaction
processing For example the Payment Services Directive (to be
updated soon by PSD-2) affected cut-off times and value-dating
habits and a shift will likely take place in this area to align cross-
border payments in different currencies with the same value-
dating as SEPA payments
Similarly currency payments will likely become easier thanks
to automated conversion services such as Deutsche Bankrsquos
FX4Cash which offers client ease-of-use real-time FX rates
and enhanced transaction data And solutions such as Virtual
Accounts will improve reconciliation and accounting (through the
rationalisation of physical bank accounts across a region)
Retail banking has experienced futuristic leaps in the payments space ndash now is the time for the same level of transformation and convenience in the B2B space
The industry is poised to apply such innovation to the B2B space ndash but only through collaboration will this be possible
What bank-core competencies foster innovation and growth through fintech partnerships in the B2B payments space We have witnessed the effects of the first wave of digitalisation
on daily activities particularly through smart devices and apps
Peer-to-peer and C2B processes have already experienced
radical transformation and the industry is poised to apply such
innovation to the B2B space ndash but only through collaboration
between incumbents and new players will this be possible
Fintechs have the technical skills and understanding of consumer
behaviour fail-friendly mindset and regulatory freedom to be
innovative ndash but in an increasingly competitive landscape that
will see market consolidation over coming years they need more
than that to survive Banks conversely experience internal and
external obstacles to innovating independently including legacy
systems internal siloes a cautious culture and tighter regulatory
restrictions But by offering the strength of their established
reputation global infrastructure existing client-base and expertise
regarding risk regulation and treasury needs banks can support
fintech growth bring new products to market through such
strategic alliances and successfully scale-up new offerings
What are the Bankrsquos plans for blockchainDistributed Ledger Technology is not new but interest around its
potential applications is rising and opportunities for blockchain
ndash from fraud prevention and risk reduction to quicker and more
transparent payment flows ndash cannot be ignored We are at the
beginning of the blockchain journey and the ways it will change
business models processes and ecosystems are yet to be
seen but we predict immense potential up and down the value-
chain Participants ndash for example it was one of the first banks to
test smart contracts for corporate bonds which was conducted
in-house in collaboration with the DB Labs Deutsche Bank
recently opened innovation labs in London and Berlin with a third
just opened in Silicon Valley which will help the Bank best utilise
new technologies and deepen relationships with start-ups In a
decade there will be myriad different blockchain technologies and
interoperability will be crucial The Bank is an initial driving member
of blockchain consortium R3 CEV and participated in trials of five
distinct blockchain technologies with other member banks
About Andrew Reid Appointed to his current role in 2013 Andrew has been with the Bank for 17 years within corporate cash management and trade finance Andrew supports and advises clients in adapting to the new regulatory environment and optimising their treasury operations
About Deutsche Bank Deutsche Bank provides commercial and investment banking retai l banking transaction banking and asset and wealth management products and services to corporations governments institutional investors businesses and private individuals Deutsche Bank is Germanyrsquos leading bank with a strong position in Europe and a significant presence in the Americas and Asia Pacific
gtbdbcom
Andrew P Reid
Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking
When paying the supplier the buyer issues a payment
instruction from its accounts payable to the bank This initiates
the transfer of title of currency and a time-stamp makes the
transaction irrevocable The intermediary bank may enjoy
blockchainrsquos irrevocability and title transfer to secure the
uniqueness and traceability of the transactions underpinning
the cash transfer The distributed nature of the blockchain
ledger avoids any delayed centralized control of AML screening
checking of availability of funds and clearing billing and
reporting activities All executed operations are validated within
The ledger offers the extra capability to the bank to swiftly handle
format translations from the clientrsquos accounting system A smart
contract on the blockchain provides the bank with the capability
to charge transparent and auditable service fees
The distributed ledger operates as the connectivity software
that the clearing network provides to all trading parties and
intermediaries The network is also capable of offering time-
stamping services as well as detect transactions that may trigger
the execution of smart contract applications Format translations
can be easily offered as a value added service
The beneficiary bank receives notice of an irrevocable transfer of
cash title that the distributed ledger renders valid and immediately
executable The ledger also streamlines all necessary account
management verifications to validate the payment data The sellerrsquos
account is immediately credited and all subsequent regulatory
and accounting reporting is made auditable and irrevocable
Bank services can be charged via smart contract applications
agreed between the parties The blockchain enables the seller-
ie the B2B payment receiving party- to update the accounts
receivable database with a payment confirmation that becomes
an auditable transaction
Blockchain is certainly not the panacea for all problems but the
frequency of applied features to the B2B payment processes
tells however that all parties involved could strongly benefit
from this technology without the need for anyone to be removed
About Enrico Camerinelli Enrico Camerinelli is a senior analyst at Aite Group specializing in wholesale banking cash and trade finance and payments He brings a strong European focus to Aite Grouprsquos Wholesale Banking practice Mr Camerinelli has been widely quoted by publications ranging from American Banker to the Financial Times
About Aite Group Aite Group is an independent research and advisory firm focused on business technology and regulatory issues and their impact on the financial services industry With expertise in banking payments wealth management capital markets and insurance Aite Groups analysts work with clients as partner advisor and catalyst
No discussion of B2B payments futures would be complete
without touching on the blockchain Such solutions seem likely
to play an important role How the various ldquonot-Bitcoinsrdquo with
their technical and regulatory benefits will fare against Bitcoin
itself remains unclear Standards such as the ldquoInterledger
Protocolrdquo could play a role perhaps enabling an ldquoInternet of
Valuerdquo layer for the IoP That said in global B2B payments
the ldquochicken-and-eggrdquo challenges that are inherent in any
new network technology clearly exist Blockchain adoption as
a purely ldquoback officerdquo or inter-bank technology seems likely
to happen first within narrowly-defined early use cases and
communities Adding value to pre-existing end-user (buyer-
seller) interactions like Skype did may be one plausible early
adoption scenario ldquoPiggy-backingrdquo on another network layer or
use case like Paypalrsquos initial use for eBay payments is another
way to think about this Combining all of these may work best
end user demand can be effective in driving adoption by solution
providers notably banks in this case
An Internet of Payments as it emerges will reshape the B2B
payments industry and much more besides It will likely develop
quite suddenly as a mass phenomenon much like the Internet in
the mid-nineties It will create winners and losers Those who move
early to test learn and shape the emerging Internet of Payments
ecosystem and framework will be best positioned to win
About Roger Bass Roger Bass is Founder CEO and Principal of Traxiant Previously with Intuit for eleven years he recently led a Network Payments initiative Other instrumental roles included the launch of Intuitrsquos European operations first online banking solution SMB Internet group and the QuickBooks platform Reach out via rogertraxiantcom
About Traxiant Traxiant provides software and consulting solutions to help financial and technology providers grow their B2B Payments and Financing solutions and profit from the Internet of Payments Solutions and areas of expertise include card e-payables global payments receivables financing and supplier networks
bull Various parties in a supply chain can all be paid when the end
consumer purchases the product For example a consumer
buys a song online At the moment of purchase the amount
paid is distributed amongst the band the producer the studio
and the record label All parties are rewarded based on their
added value
Blockchain-based payments open up many possibilities
Not only is it possible to trade easier and cheaper but also
payments can be made smarter Banks are particularly interested
in this new technology and are closely investigating the potential
it may offer to them It is exciting times for banks and payment
institutions as with blockchain the real disruption is knocking
on the door The disruption here is not that things are done a
bit smarter more efficient or faster The disruption in payments
is that there is technology available that makes banks PSPs
credit card companies redundant Cutting out these middlemen
by making use of technology that provides the same trust and
robustness (or perhaps even more) will increase the speed of
payments increase the possibility to trade with each other while
significantly reducing costs
About Kris Wielens Kris Wielens is Senior Consultant with Orchard Finance He has more than a decade experience is (corporate) payments with various fims He has been active as Head of Strategic Partnerships EMEA Business Development Manager Sales Manager and Credit Analyst
About Orchard Finance Orchard Finance is a leading independent consultancy and staffing company specialized in the areas of Finance and Treasury Tailoring to our clients we offer advisory services project management and staff ing support Our professionals have a long standing reputation based on operational and project experience in banking corporate finance and treasury management amp control
Phase 3 Automatable transactional network (5-7 years)As soon as the SCF community gains communal understanding
of blockchain as a transactional network then the next natural
line of inquiry could be the nature of transaction initiation During
this inquiry the following components of blockchain technology
will be discovered and the third phase might commence
bull Multi-signature capability ndash a means of separate entities to
safely and securely state whether an event took place or not
bull Smart contracts ndash agreements that automatically execute the
change of ownership of funds or goods based on whether an
event took place or not
bull Cryptocurrencies ndash a set of tokens of a variable but crypto-
graphi cally verifiable amount which is used for efficient value
transfers
By means of combining multi-signature and smart contracts with
existing e-mandates or cryptocurrencies the automatic payment
of invoice amounts or other types of collateral could be initiated
and executed instantaneously and automatically This will open
the path towards an international SCF network that automatically
creates investment grade financial instruments as a seamless
part of the supply chain process
ConclusionAlthough history shows us that we can only have so much
foresight we see a clear match between the features of blockchain
concepts and SCF we believe that at some point blockchain will
be a prominent part of SCF The speed at which SCF will evolve
and innovate will depend on the creativity of its stakeholders
and how fast the common understanding on how to use the
technology will develop Seeing that blockchain technology has
something compelling to offer at each phase of understanding we
see rapid developments taking place sooner than later
About Gys Hough Gys Hough follows the develop-ment of blockchain concepts since 2012 and was involved in shaping several business ideas based on blockchain concepts in the field He is also involved in the facilitation of various discussions surrounding blockchain applications in the financial industry
About Innopay Innopay is an independent consulting company specialised in online payments digital identity and e-business We help our clients including financial institutions governments and corporates to develop the compelling strategies and digital services for consumers and companies that are key for successful competition in a rapidly digitising world
Launched in December 2015 to much anticipation in the industry
the initiative has received strong backing with more than 50
leading banks already signed up The Paypers spoke to Wim
Raymaekers SWIFTrsquos Head of Banking Market and programme
manager of the global payments innovation initiative to find out
more about this exciting move
We often hear that B2B payments are opaque complex and risky Why do you think that is and where do you think that improvements can be madeYes currently when a corporate treasurer sends a request
for a cross-border transaction to his bank he typically has no
sight on what actually happens with that demand They often
liken this to a lsquoblack holersquo saying they have no view on when
payments occur or their final costs This can lead to problems
with suppliers or end-customers not to mention increasing
financial risks resulting from payment delays or non-compliance
with regulatory requirements
I think improvements can be made in three main areas firstly
the speed of payments corporates want fastest payments so
banks need to be able to guarantee that they are made within
certain timeframe Secondly corporates want to know the
exact payment amount that will reach their counterparty ndash here
banks need to provide transparency on the fees involved and
the amount credited to the creditor And thirdly they want to
be able to track payments banks need to let corporates know
when payments have been initiated and credited to the creditors
account to avoid delays in the supply chain or frictions between
supplier and seller
What are the opportunities for a corporate to leap forward through the use of the cross-border payment industryCorporates are not in the business of payments they just want
to buy and sell Yet they do have to manage their treasury to
make those payments ndash so a better faster more transparent
payment solution is important to them On top of that having
a good payment infrastructure benefits your supply chain
Because if the money does not get to the supplier in time the
credit line will go up causing delays on all fronts So the better
your payment infrastructure is the stronger and more reliable
your supply chain is
Designed for the corporate treasurer SWIFTrsquos global payments innovation initiative offers an ambitious roadmap for reinventing the correspondent banking model as we know it today With ever increasing competition from new entrants offering same-day or even real-time payment facilities SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
Correspondent banking rejuvenated
SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
What can you tell us about the global payments innovation initiative (gpii) and what are SWIFTrsquos plans in regard to this initiativeAs part of the initiative SWIFT is working in close collaboration
with the largest transactions banks in the world to enhance
their corporate customersrsquo cross-border payment experience
Together we will strive to provide a faster service with upfront
clarity on costs confirmation of delivery and richer remittance
information data
We are now working together with the banks to commonly
agree service level agreements (SLAs) to which all the initiative
member banks must comply The new service will be designed
to address end-customer needs without compromising banks
abilities to meet their compliance obligations market credit and
liquidity risk requirements
What is the role of blockchain in this initiativeSWIFT is devoting significant resources to instigate the
opportunities and challenges of deploying blockchain and
distributed ledger technologies more broadly on our platform
While the initiative aims to first make improvements based on the
existing infrastructures in parallel we are building a gpii vision
for cross-border payments This will set out how we will adopt
new technologies in order to ensure corporate customers receive
the best possible payments experience in the near future
Wim Raymaekers
Head of Banking MarketSWIFT
About Wim Raymaekers Wim Raymaekers leads SWIFTrsquos banking initiatives worldwide and is responsible for developing and driving value propositions across the banking community In this capacity Wimrsquos mission is to help banks grow their business particularly in view of changing customer and market requirements
About SWIFT SWIFT is a global member-owned cooperative and the worldrsquos leading provider of secure financial messaging services We provide our community with a platform for messaging and standards for communicating and we offer products and services to facilitate access and integration identification analysis and financial crime compliance
Which are UniCreditrsquos strategies to remain competitive in the B2B cross-border payments spaceUniCredit is taking a number of steps to ensure that it offers a highly
competitive portfolio of payments services including a number of
tools for simplifying cross-border transactions
In particular UniCredit has invested considerably in the
Bank Payment Obligation (BPO) ndash a settlement tool which
enables firms to execute secure transactions mediated by
partner banks through a quick and efficient digital process
When carried out properly BPOs combine the risk mitigation and
financing advantages of Letters of Credit (LCs) with the digital
speed of open account settlement This makes them particularly
advantageous for cross-border transactions ndash especially with
unfamiliar counterparties or those concentrated in a particular
region or industry Thanks to bank mediation the risk of non-
payment in such cases is drastically reduced ndash allowing firms
to take on more business and sell their receivables more easily
UniCredit has worked hard to bring these benefits to clients in
the most efficient and convenient format possible ndash offering vast
improvements on LC processing times which are only set to
increase once the process is fully digitalized This principle of
fully digitalized processes is also reflected in UniCreditrsquos virtual
accounts services which enable clients to consolidate their
bank accounts in a given currency into a single ldquoparentrdquo account
This can then be divided internally into as many ldquovirtualrdquo
accounts as required ndash with each account given its own allocated
funds account number and permissions Already available
for affiliatesrsquo incoming and outgoing transactions in nearly 50
countries including the SEPA zone and six CEE markets this
system generates huge benefits to efficiency scalability and
transparency ndash eliminating the need for cash pooling expediting
the process of opening and closing accounts and providing a
comprehensive overview of cash flows without sacrificing detail
Going forward UniCredit intends to remain at the cutting edge
of B2B cross-border payments with new initiatives such as the
integration of big-data analytics into existing payments services
ndash offering clients insights based on payments data and other
relevant information
With increased customer demand to install real-time payment infrastructures what trends do you see happening right nowThe demand for instant payments is part of a wider trend towards
greater speed and efficiency in the industry This is particularly
notable in ecommerce where firms are looking to provide
increasingly rapid delivery services ndash with next-day and even
same-day delivery now possible The use of digital technology to
expedite routine processes is becoming more and more prevalent
with clients increasingly basing their expectations on their
experiences in the retail sector UniCredit is keen to play its part
in this development and is already implementing real-time rates
for instant payments ndash including for cross-border transactions ndash
ahead of the November 2017 implementation date
How has UniCredit adapted to the digitalisation of the transaction banking industryUniCredit has established itself as a frontrunner in the
development of key advances such as the BPO and virtual
accounts and continues to search for new and innovative ways
to leverage technology for the benefit of its clients To this end
it has taken a number of steps to ensure continued innovation
ndash with product development teams harnessing the expertise of
traditional banking experts and technology specialists along
with a wide range of external perspectives
This has already seen blockchain technology become a reality
for custody services clients while virtual accounts technology
is being supplemented by CAMT messages ndash enhancing
standardisation even beyond the SEPA zone with automated
reconciliation between banks and corporates
The field of payments is undergoing a period of transformation as digitalisation paves the way for greater speed and efficiency
UniCredit has also adopted a more holistic client interface
including its IT solutions provider in client meetings This enables
UniCredit to adapt its solutions to clientsrsquo individual technological
requirements rather than expecting them to adapt to accommo-
date the solution
How do you support your CEE-based clients in their efforts to optimise working capitalUniCredit offers its CEE-based clients a full range of support for
their working capital optimisation programmes ndash having been the
first in Russia Bulgaria and Croatia to offer classic services such
as cross-border cash pooling UniCredit also offers unrivalled
BPO coverage with the instrument already available in Bulgaria
and Romania In terms of approach we encourage firms to avoid
the lsquosilorsquo mindset of asking how they can benefit from individual
tools such as receivables finance or approved payables finance
ndash instead promoting a focus on overarching short- mid- and
long-term goals Mostly it turns out that short-term liquidity
generation is not corporatesrsquo main concern ndash especially given the
abundance of liquidity in todayrsquos market Other factors however
such as risk mitigation supply-chain stability and balance-sheet
optimisation almost always figure in their plans ndash demanding
a holistic programme for working capital optimisation This of
course also means being prepared for the eventuality of liquidity
suddenly or gradually drying up
In the face of fintech disruption which areas can banks capitalise onFintech companies certainly bring new impulses to the transaction
banking sector but banks almost always excel by capitalising
on their existing strengths ndash drawing on their holistic financial
expertise and their status as trusted and highly regulated
partners to corporate clients These strengths can to a certain
extent be amplified through digitalisation within banks ndash
translating greater efficiency into greater convenience for clients
Even more promising however is the potential for co-operation
between banks and specialist technology companies with banks
combining their core strengths and broad client base with fintech
independence and nimbleness to create the ideal conditions for
innovation
About Markus Strauszligfeld Since 2005 Markus Strauszligfeld has been Head of International Cash Management Sales at UniCredit responsible for cash management and eBanking sales to large and multi-national organisations in Europe the US and Asia
About UniCredit UniCredit is a bank with a substantial footprint in Europe and an extensive international network of branches representative offices and correspondent banks ndash enabling it to follow its clients wherever they go Its payments services come under the Global Transaction Banking (GTB) unit
wwwgtbunicrediteu
Markus Strauszligfeld
Head of International Cash Management SalesUniCredit
C-SuiteThe CFO needs to back your project and this support must
be visible It is important to educate them on the SFP early by
presenting them with relevant case studies you have gathered
and the possible business case
C-Suite contributionThey will need your direction but the CFO and CPO will add
panache to your SFP The lsquosignaturersquo on the comms piece sent to
suppliers should be theirs If any buyer in the business becomes
concerned about this programme the C-Suite needs to have
a response at hand To realise the significant savings that can
come from your SFP your C-Suite must be ready to provide the
required PR
SuppliersBuyers rarely push back against SFPs because a) itrsquos optional
for suppliers and b) itrsquos attractive for suppliers However getting
the suppliers to engage is instrumental and makes the supplier
a key stakeholder
Supplier contributionSuccess Without their participation your business case is a flop
So make sure they understand what the SFP is whatrsquos in it for
them what they need to do who they can reach out to with
questions or concerns and that participation in SFP inevitably
qualifies them as a preferred supplier
ConclusionGet the first five stakeholders onboard early at concept stage
so they feel supportive of the SFPrsquos direction and purpose and
ask them how involved they would like to be given their role
About Susie West Susie West is the CEO and Founder at sharedserviceslink and proudly labels herself as a shared services geek She has been in the shared services industry since 1998 In 2007 she set up sharedserviceslink a leading global business community for professionals looking to improve performance in shared services Her central aim is to help individuals companies and the market mature through the sharing and consumption of (mostly peer generated) best practice information
About sharedserviceslink sharedserviceslink is a business community for professionals working in shared services sharederserviceslink is viewed as trusted advisors to this market because it offers exceptional content connection insight and overall value
About the companyToken provides digital payment solutions for banks and their clients to deliver instant end-to-end secure and frictionless payments worldwide The solution addresses the key concerns of PSD2 security disintermediation and lack of revenue
wwwtokenio
Marten Nelson
VP MarketingToken
Website wwwtokenioOffices location Redwood City California USAFounded in 2015Categories payments psd2 fintech
Token
The next generation of payments infrastructure will first of all help banks open up
What drives real-time payments infrastructure adoption in the US vs EUA number of valuable business cases drive the adoption of real-
time payments infrastructure Both consumers and businesses
expect funds to be instantly available during a payment
transaction 25 years ago the invention of the Worldwide Web
allowed us to share data instantly and globally Exchanging value
should be just as easy and fast as moving information but for
a number of reasons this hasnrsquot yet happened While there are
regional real-time payments solutions the US and many parts
of Europe are still lagging But there is hope ndash the Feds in the
US and the ECB have launched real-time payments initiatives
Why did Token choose to leverage the bankrsquos existing ledger instead of using blockchain The main reasons were that we found the bankrsquos ledger to
perform pretty well in most cases and to leverage existing
infrastructure typically reduces the complexity of deployment
and therefore cost It was simply a cost-benefit analysis
There are many interesting use cases for distributed ledgers
and for some of our functions and in some situations it makes
sense Thatrsquos why we designed the solution with distributed
ledgers being optional
What is the value proposition for European banks by integrating Token Token solves the main issues banks are facing in terms of
PSD2 security disintermediation and the economics First you
can think of Token as a PSD2 firewall that protects the bank
infrastructure from poorly behaving third parties Second Token
retains the bankrsquos customer experience even when accessed by
third parties Last we allow banks to offer value-added services
The Future of Banking Innovation and the Fintech Startups Journey
Future Asia Ventures
The financial services sector has become the poster child for
corporate innovation Over the last 5 years banks have been
investigating and experimenting with several new financial
technologies in the crowd funding trade processing lending
and wealth management areas These experiments have come
in different shapes and sizes Based on our research we know
21 banks that have launched accelerator programs around the
world Other banks have launched pre-accelerators incubators
and labs
As a research amp advisory firm we regularly speak with many
corporations startups and venture investors We are constantly
learning about the landscape Here are 5 perspectives we would
like to share
1 Fintech is old but the market conditions have never been betterMost experienced financial sector professionals understand that
this recent wave of fintech startups is just that ndash a wave Fintech
is a new term that captures a large category of existing and
growing technologies which involve transaction processing data
and record keeping Fintech companies have been innovating
since the 1950s The last 60 years produced ATMs credit cards
online banking and online stock investing to name only a few
Innovation in fintech is nothing new What is new is the explosion
of startups in the last six years There are now approximately
6000 fintech startups The playing field is crowded and thatrsquos
because the opportunity to innovate has never been greater
The combination of cheap capital a dry period in bank innovation
and a credit crisis followed by heavy regulation created the
right environment for startups to rise There has never been a
better time to be an entrepreneur
2 Regulation matters It might sound obvious but regulatory rules and compliance are
a very important part of the startup journey for fintech founders
This makes fintech different from other startup sectors
Founders in fintech are generally a decade or more experienced
than their peers Regulation is often an entry barrier because
you need to be licensed by regulatory bodies to do business in
each jurisdiction For startups that want to expand compliance
is mandatory and expensive The financial system for good
reason doesnrsquot tolerate risk As a result founders need to
cooperate with regulators budget for long waiting periods find
strategic partnerships that help their growth efforts and be in this
for the long haul Fintech is marathon not a sprint
3 Innovation canrsquot be measuredWhen speaking with innovation officers I am often asked
which program or format is the best People are looking for a
quantitative measure or a definitive leader among corporations
The truth is there is no one best model or best innovator
An innovation program should be designed around your
budget your timeline and the problem you are trying to solve
These factors are different for each company For some a
hackathon might be best while for others a robust corporate
ventures program might make more sense Available capital
decision-making dynamics and pain points vary per company
Each company has to do whatrsquos right for them However one
thing is certain ndash good innovation programs have a clearly
defined problem and success criteria Without a mandate you
are bound to go in circles
Number of Corporate Accelerators Launched Each Year Corporate accelerator launches have peaked So far in 2016 2 new accelerators have launched Going forward companies will design tailored open innovation programs and formats to engage and collaborate with startups
About Falguni Desai She is the Founder amp Managing Director of Future Asia Ventures and has over 18 years of corporate strategy innovation and MampA experience She has worked globally with business leaders at Fortune 500 firms in the financial media and technology sectors to foster growth amp expansion
About Future Asia Ventures Future Asia Ventures is an innovation advisory amp research firm Through our research and services we help new ventures grow and connect investors with innovative opportunities We serve private investors foundations and corporations around the world
wwwfutureasiaventurescom
Falguni Desai
Founder amp Managing DirectorFuture Asia Ventures
4 Innovation is inherently wastefulSeveral companies are still sitting on the sidelines While our
latest research has uncovered that 116 companies around the
world have set up corporate accelerators and several dozens
have launched incubators and labs the majority of large
companies are not engaged in this type of open innovation
They might be wondering whether an innovation program will
generate returns The answer is no not in the short term But in
the long run yes Innovation creates waste Companies wonrsquot
solve the problem on the first try Several partnerships and
investments will fail Incubated ideas may not scale and those
looking to try their hand at innovation should swallow this pill
and be prepared for failure To be good at innovation you need to
try things and then quickly stop them when they donrsquot work and
quickly try again
5 The endgame is collaboration not conflictI still see articles which predict a future without banks how
disruption will cause banks to fail and shut down The reality
is banks play a very important role in the lending infrastructure
of most modern economies Peeling back through fintech
history the innovations that survived and scaled were the
ones that worked with banks not against them In the 1990s
online stock brokers appeared on the scene Stock exchanges
and brokers didnrsquot disappear but they now operate differently
Today fintech marketplace lenders offer loans more efficiently
to retail customers The capital for these loans comes from
traditional banks and large asset managers Banks brokers and
asset managers wonrsquot disappear instead their processes and
the customer experience they offer will change dramatically The
moral here is that new fintech services will become part of the
overall financial infrastructure Fintech startups will eventually
grow into companies that are counterparties and partners to
banks not necessarily competitors Of course not all of them
will succeed but the future of banking will be formed through
collaboration
VISIT OUR ENHANCED ONLINE COMPANY PROFILES DATABASE
ALL COMPANY PROFILES IN THE B2B PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING MARKET GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
AND ADVANCED SEARCH FUNCTIONALITY
wwwe-invoicingthepayperscom
ALL COMPANY PROFILES IN THE B2B FINTECH PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
About Prof Dr Michael Henke Prof Dr Michael Henke completes the board of directors of Fraunhofer IML as new director of the section Enterprise Logistics and he also holds the chair of Enterprise Logistics at the faculty of Mechanical Engineering at TU Dortmund University His research focuses lie among others on the area of eg management of the Industry 40 purchasing and supply management supply chain risk management and financial supply chain management
About Fraunhofer Fraunhofer IML is said to be first address for all questions with respect to holistic logistics the employees work on all fields of internal and external logistics Made-to-measure arranged teams create cross-industry and customer-specific solutions in the area of materials handling warehouse management supply chain management simulation supported business and system planning and also traffic systems closed loop economy resources logistics building logistics and e-business
wwwimlfraunhoferde
Share this story
3 First steps were takenInnopay an e-business consultancy firm from the Netherlands
the Dutch factoring company lsquovoldaanrsquo and a client of voldaan
developed the SBRF Model in 2015 Within the scope of the
Workshops on Standardisation in SCF by the Supply Chain
Finance Community Innopay and the Fraunhofer Institute
of Material Flow and Logistics (IML) presented the SBRF
demonstration since November 2015
The ldquoProof of Conceptrdquo demonstrated the financier tracking the
status of an outstanding invoice electronically He gained insight
into the progress of the invoice and could assess the associated
risks
During the Workshop Series the model as well as development
improvement and extension potentials have been discussed
actively by the participants European experts on SCF and
e-invoicing Subjects to the discussions have also been technical
specifications and the integration with other solutions
4 More Proofs of ConceptIn the first half of 2016 the SBRF concept will extend to more
financiers sellers buyers and ERP solutions across Germany
and Italy at least The well-established network of the SCF
Community and its members will provide a basis for the
development and geographical extension
The practical integration with e-invoicing and SCF platforms and
the standardisation along the dimensions of Legal Operational
Functional and Technical dimensions will be investigated in detail
For Germany a planned SCF event at the House of Logistics
and Mobility (HOLM) in Frankfurt organised by the Fraunhofer
IML and Innopay makes an important contribution to the Proof
of Concept The event is scheduled for summer 2016 and will
include workshops on the SBRF Model Moreover further
aspects of SCF standardisation according to the SCF research
bull First and foremost they must elevate information to its deserved
status of strategic asset This will help ensure that data is
actively managed on enterprise level for its embedded value to
be realised
bull They also need to equip themselves with the right technology in
order to turn information to their advantage
However some barriers exist
bull Integration with legacy systems many legacy systems make it
difficult to extract data and may not be best suited for Big Data
technologies
bull Connecting data silos there is no uniform view of data and most
organisations have not integrated disparate data sources given
the complexity of the task
Data integration tools are becoming key to connecting various
data sources and data sets and delivering on the promise of
information or data management
FIs become master of your dataBy conquering Big Data challenges FIs will be able to draw a
competitive advantage through enhanced strategic decision-
making improved customer service and effective risk management
Information management technology and governance are
key to break down the organisational silos that typically exist
within financial institutions to provide a complete picture of an
institutionrsquos financial transactions and client information across
a myriad of sources Not only does this make it easy for FIs to
respond to the increasing requirements for compliance and
reporting it also provides the opportunity to turn such data into
valuable insights and information for the customersrsquo benefit
Information management tools will help financial institutions
address a series of strategic objectives including regulatory
readiness and responsiveness enhanced strategic decision-
making faster customer service effective risk management
In sum FIs that become master of their own data will benefit from
a competitive advantage which they will turn into business profit
About Andreacute Casterman Andreacute Casterman is Chief Marketing Officer at INTIX and a Member of the Banking ExCo of the ICC During the past 5 years Andreacute was SWIFTrsquos head of the corporate amp trade markets in charge of strategy governance and product initiatives Andreacute Casterman has two masterrsquos degrees from VUB and a masterrsquos degree from ICHEC
About INTIX INTIX helps financial institutions and corporates address financial data management challenges in four strategic areas regulatory compliance business intelligence customer services and risk management INTIX helps its clients retrieve consolidate and reconcile any type of financial messaging data and protects them from any IT complexity and obsolescence issues
Gaining Management Support for Your P-Card Programme
NAPCP
Achieving buy-in of the card programme especially by
management is a frequently cited challenge by the NAPCPs
audience The concern is justifiable Lack of buy-in can result
in never getting a programme implemented having a static card
programme or the elimination of the programme altogether
Whether you are considering implementing a new programme
or expanding the current one there are several questions to
address that can help in preparing your case to management
bull What are you seeking buy-in for and from whom Do you want
to ldquosellrdquo the existing P-Card programme to a new manager or
do you want to propose programme expansion
bull What is the rationale for your goal Management will only buy
into something that benefits the organisation and is supported
by facts including a cost justification
bull How does your goal support the goals of the organisation or
solve an organisational challenge Management decision-
making is driven by accountability for goals and the ability to
resolve issues
bull Are you aware of common objections to P-Card programmes
1 Data from the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation a report based on more than 3123 survey responses from end-user organisations
bull Who are the stakeholders There is nothing more defeating
than trying to move an idea or goal forward then learning that
someone with ldquoveto powerrdquo was left out of the discussions
inadvertently List who should be involved and why They might
provide good input in support of the card programme andor
express concerns such as the common objections listed above
The Business CaseThe next step is to create a solid business case based on the
answered questions above as well as other common business
case elements Include
bull statement of purpose (what you are seekingmdashyour goal)
bull where you are today (current metricsKey Performance Indicators
(KPIs) and how they compare to industry benchmarks) where
you want to be and ldquowhy nowrdquo
bull how your idea aligns with organisational goals
bull input from stakeholders plus common objections industry-wide
(if different from stakeholder input) address any concerns and
objections with facts
bull cost justifications to support the value proposition such as
anticipated andor actual process savings reductions in full-
time equivalents (FTEs) especially within the procurement and
or accounts payable departments and other hard- and soft-
dollar savings
bull implementation plan if applicable (eg for programme expansion)
Present cost saving benefits such as the cost of traditional
cheques versus P-Cards If your organisation has not completed
an internal process cost analysis use the NAPCP average
process costs shown below
1 As specified within the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation
2 Based on average monthly card spend of USD 1M and average transaction size of USD 559 per the results of a 2015 NAPCP poll
If expanding an existing programme it is important to consider
the value your card provider can add to this process They can
provide an analysis of your accounts payable vendor filemdash
identifying those vendors who accept card payments
Working with the ldquolow hanging fruitrdquo can help your organisation
reap immediate benefits The larger ticket transactions can be
moved to card-type payments as well with the most popular
being a virtual or electronic card payment method
Continue to Provide Results-Driven CommunicationIt is important to relay results and successes to management
Use the following keys to successful communication
bull Be brief by limiting communication to a one-page summary
Put conclusions firstmdashgive highlights up front and supporting
detail second
bull Title the document presentation or email subject line with a key
message (eg ldquoP-Card Program Saved USD 4M in 2015rdquo versus
ldquoP-Card Program Report Attachedrdquo)
bull Focus on the facts Show numbers as often as possible and
summarise whether the numbers meet fall below or exceed
expectations Then explain Verify numbers with other team
members to build a coalition of support and ensure that you
have the complete picture
bull Facts and figures must be formatted consistently from one
communication to the next allowing for easy comparison
bull In verbal and written discussion keep your presentation analytical
bull If asked by management to give results ldquoon the flyrdquo synthesise
the key points for management into three to four concise bullet
points Add recommendations or alternative courses of action
if you have time Stay ahead of management requests by
monitoring your KPIs frequently
bull Ask to be part of upcoming meetings and do not be afraid to be
proactive rather than reactive
What if They Say ldquoNordquoExplore what could change a ldquonordquo into a ldquoyesrdquo When you are
ready to address the issue again with new insight go back to
your stakeholders It is generally okay to respectfully disagree
with management but as noted earlier ensure you have the
supporting documentation to make your point Finally know when
it is time to move on However moving on does not mean giving
up on the programme altogether It is still prudent to share the
status of the programme
About Terri Brustad Terri Brustad CPCP is the NAPCP Manager of Content Services Her previous experience includes 10 years in the Commercial Card industry mainly in the role of a public-sector P-Card Administrator Terri achieved the Certified Purchasing Card Professional (CPCP) credential in 2009
About NAPCP The NAPCP is a membership-based professional association committed to advancing Commercial Card and Payment professionals and industry practices worldwide The NAPCP is a respected voice in the industry serving as an impartial resource for members at all experience levels in the public and private sectors The 2016 NAPCP European Conference will be held in London on 23 June 2016
Virtual cards hold the potential to disrupt the commercial
payments space on two fronts
1) Physical cards are likely to disappear
2) These solutions hold the potential to drive a step change in card
adoption and usage levels
The challenge for the industry is clearly communicating and
providing compelling evidence of the benefits that virtual cards
offer and ensuring sales teams are trained to sell the solutions
over and above traditional ones eg corporate cards To help
unlock the opportunities in underpenetrated industries such as
telco construction and healthcare etc issuers must develop
tailored solutions to cater for any idiosyncrasies and overcome
the card acceptance challenge
The FutureTechnology holds the key to disrupting commercial payments
and the growing FinTech movement will support this Traditional
commercial payment providers will look towards and work more
closely with FinTechrsquos as an alternative source of innovation to their
own product development and delivery functions The opportunity
for banks is to build and launch disruptive technologies more
quickly The challenge is picking the right FinTech(s) that will help
deliver scalable solutions In the short-term we expect issuers to
increasingly focus their attention on developing virtual solutions
and integrating these onto mobile and wearable devices
Stargazing into the future wearables will be the game changer
as mobility becomes ever more important Wearables will also
be the bridging technology for embeddables In the next 10-15
years embedded chips in humans could become a reality
We are increasingly connected and interact with technology in
our personal and business lives and embeddables are the next
logical step More sophisticated chips will soon replace wearable
technology such as payment devices and fitness bands and will
help us all get used to a more connected and augmented lifestyle
As a concept it is well aligned to payments Embedded and inner-
connected biometrics will enhance security and offer a more
seamless experience
The future looks bright for commercial payments but will not be
without its challenges
About Chris Holmes Chris leads various work streams across the Financial Services practice He has managed multiple global projects across the payments banking FinTech AltFi and tech industries His specialist skills are geared to NPD sizing and opportunity assessments benchmarking and best practice identification
About KAE KAE is a strategic marketing consultancy that has provided support to some of the worldrsquos largest payment and tech brands for the past 25 years Operating globally from a London HQ KAE has provided consulting and strategic advice in more than 50 countries across three core areas Insight Strategy and Analytics
Large supplier communities are based in emerging Asia
and Africa yet major economies like China and Indonesia are
experiencing great increases in disposable income and thus
engaging more on the consumer side of supply chains The
combined dynamics are shaping economic activity and flows in
ways that need a wider range of financing and risk mitigation
solutions including end-to-end SCF
Supply Chain Finance is defined as the use of financing and risk
mitigation practices and techniques to optimise the management
of the working capital and liquidity invested in supply chain
processes and transactions SCF is typically applied to
open account trade and is triggered by supply chain events
Visibility of underlying trade flows by the finance provider(s) is
a necessary component of such financing arrangements which
can be enabled by a technology platform
Source Standard Definitions for Techniques of Supply Chain
Finance 2016
Practitioners and financial institutions based in Asia are proactively
working to develop their SCF propositions in response to evolving
market demand and region-specific practices With ASEAN
integration progressing the Trans-Pacific Partnership advancing
and intra-regional trade growing in importance the central role of
cross-border supply chains and SCF in particular will increase
in the next several years as enablers of trade development and
inclusion
The Standard Definitions are a ldquoliving documentrdquo meant to evolve
with market practice the needs of clients financiers regulatory
authorities and others The next phase will focus on dissemination
education and advocacy in support of global adoption
This is the start of a journey that will only speed up in adoption
impact and importance SCF an idea whose time has come
About Alexander R Malaket A recognised specialist in international trade including trade and supply chain finance Mr Malaket has advised government international institution banking and corporate clients around the world developed and delivered training materials and seminars and authored numerous white papers briefing and policy papers and research reports on a variety of topics in international business finance and international development
About International Chamber of Commerce (ICC) The ICC Banking Commission is a leading global rule-making body for the banking industry It produces universally accepted rules and guidelines for international banking practice With 85 years of experience and more than 600 members in +100 countries the ICC Banking Commission ndash the largest commission of ICC the World Business Organization ndash has rightly gained a reputation as the most authoritative voice in the field of trade finance
wwwiccwboorg
Alexander R Malaket
PresidentOPUS Advisory Services International IncDeputy Head of the Executive CommitteeICC Banking CommissionChairSCF Terminology Drafting Group
The EVP and CFO at Turkcell Murat Dogan Erden proved
in his keynote that even mature companies can adapt quickly to
game changers Turkcell is a dominant telecoms operator that
has successfully managed the transition from a pay-per-minute
market through providing world leading surf speeds content
and services Turkcell is also exploiting its credit management
competence to expand into consumer finance Turkcell will use
its market access through all the connected devices
Developing the FSC doesnrsquot only consist of cutting costs and
lead times It also enables expanding the core business offering
with financial components
About Magnus Lind Magnus Lind is co-founder of The Talent Show He has a background as an international business executive in Europe SE Asia and North America and he has founded companies in 7 different countries where he acted as CEO board director and investor The Talent Show puts innovation and disruption above case studies and legacy thinking
About The Talent Show The Talent Show is a corporate driven event focusing on the whole corporate Financial Supply Chain (CFSC) and how it links to the physical chain The audience consists of CFO and CPO supply chain treasurers and IT Participants include Sandvik Turkcell Port of Rotterdam Abengoa Octal Arriva DONG Energy Ericsson and SABMiller
Some banks and platform providers offer both Dynamic
Discounting as well as SCF with the option to switch between
the two might an opportunity arise for the buyer to invest its cash
for other purposes than to prepay its suppliers A bank will then
be brought in to take over the funding
All in all with all developments in the SCF market it would make
sense for SMEs to explore the potential benefits of SCF for the
business they are in Having said that SCF awareness is still
not very widespread amongst SMEs despite several initiatives
to change that for the better What a pity In the end there is
nothing to lose and everything to gain
About Anita Gerrits For the past 7 years Anita has been a strong believer in and advocate of the concept of SCF She provides consultancy support in this exciting relative new area of finance She also organises workshops acts as guest speaker and trainer to business management as well to students to create awareness and understanding of this topic It all began in 2009 when she played a leading role in achieving a cash flow turnaround of the European Consumer Business of Kimberly-Clark through a massive reduction in working capital She has a corporate background studied business economics credit rating advisory and business valuation
wwwg-raybiz
Anita Gerrits
Supply Chain Finance Specialist
Follow on Twitter Tweet aboutExchangeSummit EXCS16
From E-Invoicing toSupply Chain Financing
October 10 and 11 2016Barcelona Spain
Exchange Summit with 2 major E-Invoicing events in 2016
June 7 and 8 2016Orlando Florida USA
100 FREE TICKETS
100 FREE TICKETS
Apply now on
Apply now on
wwwexchange-summitcomfree100
wwwexchange-summitcomfree100
Key topics 2016
bull E-Invoicing entering a new era ndash global market development and forecast
bull E-Invoicing from a corporate and governmental perspective
bull Implementing tax compliance in a paperless world
bull Compliance and fraud prevention within E-Invoicing
bull Driving forward ARAP and end-to-end P2P automation
bull Global standardisation and status of E-Invoicing interoperability
bull Best practice in onboarding customers to E-Invoicing
bull Supply chain financing ndash new opportunities and challenges
wwwexchange-summitcom
Within our two major E-Invoicing events in 2016 you will
bull network with more than 500 participants
bull meet experts from over 40 different countries
bull evaluate solutions from 50+ service providers
bull benefit from exclusive keynotes best-practices and discussions
Anzeige_EXC_Paypers_Layout 1 14042016 1530 Seite 1
Thus the cross-border invoicing issuance for companies
with subsidiaries worldwide is a real challenge where the law is
applicable (ie country of establishment place of VAT registration
transport invoicing goods or services)
Electronic invoice still on the riseDespite the legal and technical obstacles enterprisesrsquo awareness
of process automation with electronic invoicing and cost
reduction has been steadily increasing Most of them would take
the decision to start e-invoicing shortly if the legislation would be
clearer and standardised On the other hand the governments
are aware of the scale of the VAT fraud and are looking for tools
to seal the system ndash unfortunately each country is trying to find
its own way
However it is highly unlikely that the EU will implement the
clearance model there are several initiatives to speed up
the process The Member States decided to organise multi-
stakeholders forums to implement a European Standard for
e-invoicing (expected in 2017) and increase the interoperability
among service providers Hopefully the Directive 201455
EU on electronic invoicing in public procurement will prove to
be a significant milestone resulting in the mass adoption of
electronic invoices in the structured form (not PDF invoices)
and public authorities will realise the benefits of e-invoicing and
hasten the implementation of common understandable and
unified legislation on cross-border e-invoicing In a nutshell
the stage of market education and convincing towards adopting
automated invoices processing is coming to an end Most of
the enterprises have launched or consider the implementation
of e-invoicing at a country level in the short term Currently the
biggest challenge is to enable the smooth extension of their
projects on the transnational level Finding a service provider with
vast international experience is essential Comarch EDI enables
compliance with all local legal requirements Its membership
in organisations such as the GS1 or the European E-Invoicing
Service Providers Association (EESPA) guarantees that the
company is a reliable partner Comarch EDI has cooperated with
GS1 and EESPA for many years in several countries to make
sure that our services are of the highest quality and the solution
is compliant with national and international requirements
About Bartłomiej Woacutejtowicz He has over 10 years of experience in the field of B2B communication in the supply chain Initially responsible for the EDI market development in Southern and Central Europe he is currently responsible for the development of Comarch EDI portfolio
About Comarch EDI Comarch EDI is a B2B platform which provides a competitive advantage by a fast and secure data exchange with business partners The solution provides the automation of data processing throughout the supply chain from the procurement process through the logistics to invoicing and payment processing
bull Donrsquot overestimate VAT compliance many companies
think VAT compliance requires parties to agree bilaterally on
e-invoicing that conversion by parties is forbidden by VAT law
that invoice originality is a major concern and that authenticity
and integrity are complex The reality is that none of these are
true Conversion of invoices is fact of live for years and no
show-stopper at all Invoice originality is in most European
countries easily solvable by service providers and ERP vendors
in the market the PEPPOL regulatory framework solves
authenticity and integrity and is not a concern anymore for
participants
What should service providers and ERP vendors do Embrace
openness Opening your platform does not harm your business
model Instead it allows easy integration of your platform with
many other e-invoicing ERP and accounting software vendors
with only one standard and protocol (PEPPOL) It eliminates the
need for costly bilateral agreements And it also empowers your
existing and new customers to use your services beyond your
platform
In a nutshell the paradigm of open e-invoicing and further
collaboration between e-invoicing providers ERP and accounting
software vendors in the area of interoperability is essential to
move Europe further in e-invoicing The private sector should now
step in and leverage that growth
(1) DNS is the same mechanism that makes sure that www
simplerinvoicingorg is translated into a technical IP address
of our web server The same mechanism is used to resolve
for example a VAT number into the IP address to which an
e-invoice can be delivered
About Jaap Jan Nienhuis Jaap Jan Nienhuis is Manager Simplerinvoicing at SIDN He is responsible for managing the Simplerinvoicing scheme authority Jaap Jan has a special interest in the development of new services in 4-corner models In his former roles he has been involved in a number of European collaborative e-invoicing initiatives including the EBA E-invoicing Working Group
About SIDN Simplerinvoicing is a collaboration between leading European e-invoicing and accounting software providers who all strive for mass adoption of e-invoicing by interoperability and standardisation Simplerinvoicing is a PEPPOL Authority The Dutch government is connected via Simplerinvoicing
wwwsimplerinvocingorg
Jaap Jan Nienhuis
Manager SimplerinvoicingSimplerinvoicing
DONT MISS THE OPPORTUNITY OF BEING PART OF LARGE-SCALE PAYMENTS INDUSTRY OVERVIEW
The Paypers offers the most valuable source of information and guidance for all parties interested in the current state of affairs of the payments industry
Paul Alfing Chairman e-Payments Committee Ecommerce Europe
Once a year The Paypers releases three large-scale industry overviews covering the latest trends developments disruptive innovations and challenges that define the global onlinemobile payments e-invoicing B2B payments ecommerce and web fraud prevention amp digital identity space Industry consultants policy makers service providers merchants from all over the world share their views and expertise on different key topics within the industry Listings and advertorial options are also part of the Guides for the purpose of ensuring effective company exposure at a global level
For the latest edition please check the Reports section
ONLINE PAYMENTSAn all-in-one reference guide on (online) payments amp ecommerce industry trends evolving business models top players and relevant (alternative) payment methods
B2B PAYMENTS SCF amp E-INVOICINGIndustry voices from the online finance space share insights into the dynamic B2B payment e-invoicing supply chain finance industries to support innovative solutions amp thriving businesses
WEB FRAUD PREVENTION ONLINE SECURITY amp DIGITAL IDENTITYIn-depth source of information highlighting key facts amp trends into the global digital identity transactional and web fraud prevention amp detection ecosystem
card application foreign exchange services etc) in a quick
easy and frictionless manner from a variety of service providers
Automation and great UX being the name of the game
They do not have to provide the financial services directly to
the customer They can act as the broker the digital conduit
for products and services benefiting from the commercial
relationships struck with selected service providers
The world of retail banking and payments is set for great change
About Brendan Jones A senior management consultant with over 30 yearsrsquo experience in the payments industry working with a variety of organisations including technology amp service providers and financial organisations Previously held senior roles focusing on business strategy regu lat ion bus iness deve lopment MampA product development programme amp operations management and business process reengineering
About Evolution Payments Consulting Evolution Payments Consulting (EPC) provides payment consulting services to the financial services industry and allied organisations EPC provides payments industry advice to companies looking to support the implementation of new regulation developlaunch new banking and payment propositions re-purpose existing products and services to meet the new and existing regulatory requirements
(prevalent in the recruitment process outsourcing (RPO) world)
unlimited liquidated damages clauses and ban on assignment
clauses The latter contractual terms seek to prevent suppliers
from using their unpaid invoices to access invoice finance
Admirably the government is already taking specific legislative
action against these with the aforementioned Small Business
Act enabling Regulations (expected shortly) to render such
clauses ineffective belatedly bringing the UK into line with
most of the other major world economies This will allow invoice
financiers to provide more funding to more businesses and will
particularly benefit the smaller supplier businesses that suffer
most from these unnecessary clauses
Ultimately this should also be good for larger customer businesses
who will benefit from more stable and well-funded supply chains
Of course whilst invoice finance can help SMEs unlock funding
it is not a silver bullet and is not a substitute for paying suppliers
promptly and treating them fairly For that there needs to be a
cultural shift and that is where an empowered and resourced
Small Business Commissioner could have a real impact
About Matthew Davies Matthew is the Director of Policy and Communications at ABFA
About ABFA The ABFA represents the asset based finance industry in the UK and the Republic of Ireland Members include UK and Irish high street banks specialist and challenger banks specialist businesses of international banks and corporates and independent nonbank finance providers
wwwabfaorguk
Matthew Davies
Director of Policy and CommunicationsAsset Based Finance Association
[The above material is drawn from a Guidance Paper prepared
for the European Multi-Stakeholder Forum on e-Invoicing and
prepared by the writer in conjunction with an Activity Group of
the Forum]
About Charles Bryant Charles Bryant is Secretary General of EESPA and also active in the Global Supply Chain Finance Forum
About EESPA The European E-invoicing Service Providers Association acts as a trade association at European level for a large and dynamic community of e-invoicing service providers drawn from organisations that provide network business outsourcing financial technology and EDI services EESPA is an International Not-for-Profit Association organised under Belgian law Formed in 2011 it has over 60 full and associate members and is involved with a range of important initiatives in interoperability the public policy debate and promoting adoption
The International Association of Alternative Finance (IAAF
orguk) has been taking a lead through 2015 in encouraging
platforms to work together to develop standards The concept
is to not make anything mandatory at this stage but to build
guidelines that members can work towards This has been
achieved in parallel with key stakeholders and regulators
The latter have been especially supportive as they do not want to
kill an embryonic alternative finance sector
However the fate of the sector very much rests in the decisions
of platforms and funding providers Do they lose the agility
of alternative finance or do they work together on building
guidelines and standards which could become the kind of
regulation that will support growth The IAAF is launching the
first Guidelines for the growth of alternative finance on June 16
The guidelines cover key areas required to support the growth
of the sector and will hopefully provide the pathway that the
industry needs
About Tony Duggan Tony was previously Supply Chain Development Director at Wickes where he developed Europersquos largest B2B platform As Consulting Services Director at Bolero a division of the SWIFT banking network he worked with some of the worldrsquos largest banks on global SCF initiatives This unique experience along with his real experience in start-ups and SMEs has provided him with real insights into the challenges of SCF and has been fundamental in the design of the Crossflow solution
About IAAF Founded in London in 2014 the International Association for Alternative Finance (IAAF) is an industry body committed to the promotion and development of the Alternative Business Finance sector IAAF sets out its drive for the Business Alternative Finance to be applied with excellence globally thereby creating opportunities for members and supporting the economy development as a whole The Associationrsquos four key focus areas are regulation reputation operational environment and future growth
CloudTrade is one of the fastest growing e-invoice networks and built firmly on the premise that e-invoicing should be free for suppliers easy-to-use and non-disruptive ndash only then will suppliers move away from paper These principles underpin the CloudTrade service which ensures high supplier adoption is guaranteed
Website wwwcloudtradenetworkcom
Service provider type E-invoicing service provider
Head office location UK
In which market do you provide your services
North America Europe Middle EastAfrica AsiaPacific
Contact details Mr Richard Manson Commercial Director richardmansoncloud-tradecom +44 (0)7956 441898 2-6 Boundary Row London SE1 8HP
Active since 2010
Keywords electronic invoicing e-invoicing PDF invoicing P2P purchase to pay e-order O2C order to cash
Markets
Which side in the supply chain is your primary target group
Both buyers and suppliers
B2B B2C andor B2G (Government)
B2B B2G
Target customer Corporates
Are you specialized in a certain industry
Generic (no specific industry)
Proposition
Which processes in the supply chain do you facilitate
Ordering supply chain invoicing
Support interoperability with other service providers
Yes ndash we currently interoperate with a number of service providers Furthermore CloudTrade is a registered Access Point on the PEPPOL network
Which pricing model do you mainly use
Subscription and transaction-based
Solution description CloudTrade removes the barriers to supplier adoption Our patented solution provides a non-disruptive way for a supplier to send electronic invoices ndash without having to change systems or infrastructure The net result is that we will remove more paper from an organisation in a shorter time frame than any other e-invoicing approach
Services which of the following services do you offer
Purchase Order Flip No
Matching of related transactions Yes ndash match invoices to POs contracts service entry sheets or goods receipt Business rules can be amended per customer
Distribution of e-invoices Yes
Invoice presentment portal No ndash a portal is available for the receiving organisation but not for the sending organisation Processing updates are provided to the supplier via e-mail
Legal compliance tools Yes
TAXVAT compliancy Yes
e-Signature service Yes
Finance amp (reversed) factoring services
Yes ndash offered through a CloudTrade partner
(Dynamic) discounting Yes ndash offered through a CloudTrade partner
Which standards do you support All current major e-invoicing e-billing and payment standards
Conversion from or into various XML formats (mapping)
Yes
Content validation of incoming invoice data
Yes ndash each document is validated against a set of document and customer specific validations
Facilitate customer onboarding Yes ndash due to the ease by which suppliers are able to adopt CloudTradersquos e-invoicing service typically more than 90 of suppliers that we are asked to on-board will come on board
Other services The core technology underpinning CloudTradersquos service is document agnostic We can (and do) provide e-document services across numerous sectors and document flows
Comarch is a global provider of IT solutions Comarch has more than 20 years of industry experience thousands successfully completed projects in over 40 countries worldwide references own RampD department made up of high-end IT engineers high ranking IT analyst ratings Gartner IDC Truffle 100 custom data centers in Poland and Germany
Website wwwcomarchcom wwwedicomarchcom
Service provider type Software vendor e-invoicing provider
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Licensed SaaS transaction-based
Solution description Comarch EDI provides the companies with smart solution enabling exchange of validated and tax compliant invoices in the format adjusted to back office systems It provides electronic archive and electronic signature as well as Service Desk in 12 languages (including English German French Turkish Russian) to guarantee onboarding of each partner
Services which of the following services do you offer
The most experienced team in the e-billing and payment industry ebpSource delivers software solutions consultancy and support to billers banks payment processors and outsourcers ebpSource brings unparalleled knowledge and a highly successful track-record designing developing deploying integrating and supporting many of the largest and highest-adoption services of this kind worldwide
Website wwwebpsourcecom
Service provider type Software vendor and reseller ndash e-billing e-invoicing e-signing mobile payment supply chain finance and authentication specialists Large-scale projects at a national and international level Ongoing support and specialist consultancy
Head office location United Kingdom
In which market do you provide your services
Globally
Contact details Steve Wright Commercial Director swrightebpsourcecom +44 1753 567896
Which side in the supply chain is your primary target group
Both suppliers and buyers
B2B B2C andor B2G (Government)
B2B B2C B2G
Target customer Corporates
Are you specialized in a certain industry
Cross-industry with specific specialisations in national e-bill consolidation bank-based e-invoicing and payment telecoms and utility e-billing e-signing and smart authentication
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
ebpSource has a wealth of experience in connecting e-billing and payment infrastructures at a national and regional level
Which pricing model do you mainly use
License subscription transaction-based
Solution description ebpSource provides a range of software consultancy and support services to help clients achieve new levels of operational efficiency customer service and cost reduction The team works closely with clients to design develop deploy integrate and support end customer applications Our key focus is long-term strategic partnerships with customers
Services which of the following services do you offer
Order2Cash is a pioneering provider of global order to cash optimisation services Cited by Gartner as a pure-play Order2Cash solution provider our services empower the work of Fortune 500 companies and leading enterprises around the world helping them to reduce costs and optimise spending on resources and technology Discover more at wwworder2cashcom Order2Cash is an Anachron company wwwanachroncom
Website
Service provider type
Head office location
In which market do you provide your services
Contact details
Active since
Keywords
wwworder2cashcomOrder2Cash provides flawless integration of the entire accounts receivable process across the enterprise and around the globe End-to-end global SaaS solutions including credit checks secure online contract signing multi-channel e-invoicing online payments credit management and document archiving
EMEA Head office Amsterdam the Netherlands US Head office NY USA
Yes we have interoperability agreements with an extensive range of B2BB2G e-invoicing networks and are a member of the European E-Invoicing Service Providers Association (EESPA)
Transaction-based pricing
Order2Cashcom offers a suite of SaaS solutions that combine to create a flawless integration of the entire accounts receivable process across the enterprise and around the globe Its modules support credit checks contracting e-invoicing payments and credit management Select components and tailor a solution to suit your business needs
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes Our solutions integrate with 700+ ERP systems for easy document exchange In addition we are connected with over 25 P2P platforms
Invoice presentment portal Yes
Legal compliance tools We work closely together with partners such as PwC and EY to ensure international TaxVAT compliancy
TAXVAT compliancy Global coverage
e-Signature service Every document is signed with an e-signature (QES or AES) to guarantee integrity and authenticity and to meet VAT requirements This can be completed with a timestamp
Finance amp (reversed) factoring services
Offered through partner network of financial institutions
e-Archiving Every document is securely archived complete legal storage period
Scanning of paper invoices Yes in cooperation with our network of output partners
Total invoice management 100 paper to electronic
Yes
Printing Yes in cooperation with our network of global output partners
Workflow functionality Yes
Direct integration with payments Yes
Accounts Payable management Available in cooperation with our network of output patners
Accounts Receivable management
Yes
Integration with ERPaccounting software
Yes We have established connections with over 700 ERP systems
Which standards do you support UNCEFACT CII ISO20022 Financial Invoice UBL 20 and others if required
Conversion from or into various XML formats (mapping)
Yes Any structured data can be converted to XML format
Content validation of incoming invoice data
Yes All data is validated and reported
Facilitate customer onboarding Yes Full support guidelines and advice is offered to all clients on customer activation
Other services Related to invoicing reporting query management customer grouping authorisation tools consolidated billing Alongside invoicing services your Order2Cash solution can expand to include online payment functionalities robust credit management and cash application tools as well as a secure online contract and document signing service Further details on the full platform can be found on our website
Connecting everyone everywhere
Flawless integration of the entire AR process across the enterprise
and around the globe
wwworder2cashcom
Fix Your Leaky Receivables Scan the QR code to claim your FREE Diagnostic Spreadsheet and measure the hidden costs in your accounts receivables processes
Saphety is a leading company in global network solutions for electronic documents exchange document presentment data synchronisation and public procurement Saphety has 4700 companies and over 129000 users throughout more than 30 countries
Website httpwwwsaphetycom
Service provider type E-invoicing service provider bank software vendor reseller or specialist
Head office location Portugal (headquarters in Lisbon and operational offices in Bogotaacute Colombia and Satildeo Paulo Brazil)
In which market do you provide your services
Global
Contact details infosaphetycom +351 210 114 640
Active since 2000
Keywords electronic documents exchange e-invoice invoice software paperless transactions EDI document presentment public procurement data synchronisation
Markets
Which side in the supply chain is your primary target group
Buyers suppliers both
B2B B2C andor B2G (Government)
B2B B2G
Target customer Micro SMEs SMEs corporates and government
Are you specialised in a certain industry
Automotive government healthcare retail utilities telecom tourism oil amp energy finance (bank and insurance) mass businesses and others
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Subscription transaction-based
Solution description SaphetyDoc enables you to exchange business documentation electronically including purchase orders delivery notes and invoices in a simple way at a low cost While complying with all legal requirements related to e-invoicing SaphetyDoc allows to completely eliminate the use of paper in the invoicing process from issuance to sending and approval
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes
Invoice presentment portal Yes
Legal compliance tools Yes
TAXVAT compliancy AU AT BE BG CA CY CZ DK EE FI FR DE GR HK HU IS IE IM IL IT LV LI LT LU MT MX MA NL NZ NO PL PT RO SG SK SI ZA ES SE CH GB US
e-Signature service Yes we provide e-Signature Service We can also use external e-Signature service if requested by client
Tungsten Corporation accelerates global trade by enabling customers to streamline invoice processing improve cash-flow management and make better buying decisions Tungsten Network helps buying organisations reduce their invoice-processing costs by 60 and profit by applying real-time spend analytics to their line-level invoice data Suppliers gain efficiencies greater payment-status visibility and optional early payment
Website wwwtungsten-networkcom
Service provider type Global e-invoicing network invoice finance and spend analytics
Head office location London UK
In which market do you provide your services
Globally
Contact details Mr Ruud van Hilten SVP Global Buyer Sales ruudvanhiltentungsten-networkcom +44 87 0165 7420
Active since 2000
Keywords electronic invoicing accounts payable procurement supplier network purchase to pay invoice finance spend analytics AP workflow
Markets
Which side in the supply chain is your primary target group
Generic (no specific industry) E-invoicing is a horizontal process
Proposition
Which processes in the supply chain do you facilitate
Invoicing purchase to pay working capital financing purchasing orders supplier self-service real-time spend analytics
Support interoperability with other service providers
Yes We interoperate with compliant service providers where there is customer demand qualifying invoice volume and compliance is maintained
Which pricing model do you mainly use
Balanced-costs are shared by buyers and suppliers Low volume suppliers receive 52 free invoices annually and high volume suppliers receive 520 free invoices annually After these free invoice transactions have been used a flat fee structure is applied per invoice transaction
Solution description The worldrsquos largest organisations connect with thousands of suppliers around the globe through Tungsten Network We enable companies to send and receive error-free tax-compliant invoices around the globe without the need to install any hardware or software We provide a unique supplier engagement and onboarding programme to ensure that suppliers participate and transact with their buyers
Services which of the following services do you offer
Purchase Order Flip Yes We can take POs from all sources in a buyerrsquos structure and present these to the supply chain Suppliers can convert POs directly into invoices on our portal
Matching of related transactions Yes We match invoices with POs online-level if required
Distribution of e-invoices Yes We enable companies to send and receive compliant B2B invoices
Invoice presentment portal Yes Suppliers can use our portal to manually enter their invoice data convert a PO check the status of their invoices and select early payment
Legal compliance tools Yes Our rules engine enables companies to receive compliant invoices in all the jurisdictions we are compliant in
TAXVAT compliancy Yes We work with local tax authorities to enable companies to send and receive compliant invoices We are currently compliant in 47 countries with a pipeline of new countries in progress
e-Signature service Yes All compliant invoices are digitally signed where required by local regulations We provide at-source signature verification
Finance amp (reversed) factoring services
Yes Invoice financing is a service we offer through Tungsten Network Finance This can be funded by Tungstenrsquos own financing partners the buyer or the buyerrsquos banking partners
(Dynamic) discounting Yes We offer this service on a case-by-case basis via Tungsten Network
e-Archiving Yes We provide legally compliant archiving
Scanning of paper invoices Yes As a component of a structured e-invoicing programme
Total invoice management 100 paper to electronic
Yes As a component of a structured e-invoicing programme
Printing Yes We can arrange this service through a partner
Workflow functionality Yes We can arrange this service through a partner
Direct integration with payments Yes Tungsten Bank has access to all relevant payment systems
Accounts Payable management No We partner with the worldrsquos largest BPO providers
Accounts Receivable management
No We partner with the worldrsquos largest BPO providers
Integration with ERPaccounting software
Yes We fully integrate with any ERP financial software
Which standards do you support Yes We support all structured file formats and most data standards
Conversion from or into various XML formats (mapping)
Yes We support all structured file formats and most data standards
Content validation of incoming invoice data
Yes We use extensive and flexible rule-sets to ensure compliance with our buyersrsquo business processes
Facilitate customer onboarding Yes We provide a unique supplier engagement and onboarding programme and can contractually guarantee paper conversion rates in best practice projects
Other services Purchase order services invoice status service spend analytics supply chain finance
In total nearly GBP 149 billion was lent to SMEs in the UK
(a 99 year-on-year growth rate and 194 average growth rate
between 2013 and 2015)
Interestingly enough innovative corporate partnerships are
being forged between alternative finance platforms with the likes
of Virgin Amazon Uber Sage and KPMG This has certainly
pushed boundaries ndash merging the traditional corporate world
with the disruptive models of alternative finance
Invoice trading the second highest model continues to be a
popular financing tool for small and medium-sized enterprises
wanting to trade their invoices or receivables at a discount
in exchange for the speedy procurement of working capital
However while the GBP 270 million market size in 2014 grew by
178 compared to 2013 growth from 2014 ndash 2015 was more
modest with a 20 growth rate to GBP 325 million
Zooming in on the strategies banks (and alternative finance
providers for that matter) use to better position themselves we
identify a lot of partnerships Banks teaming up with online lenders
This is a different dynamic ndash instead of trying to displace banks
online lenders decided to strike partnerships For instance On
Deck teamed up with JP Morgan Chase and said it will help speed
up the process of offering small business loans to the banks 4
million customers Lending Club another online lender tied-up
with Citi Moven partnered marketplace lender CommonBond
In a game of tongue twisters American Banker said that fintechs
team up to become more like a bank I would argue that banks
team up with fintechs to become more like a fintech
Also another question arises what if a corporate want to expand
into more countries That may mean to establish a physical
presence in each location that is relevant to their client Could
banks satisfy that need too
The industry is dynamic and some companies leapfrogged some
steps but although the developments are innovative and exciting
the road ahead is paved with many bumps
About Mirela Amariei Crafting large-scale industry reports carrying out interviews and writing about innovation in payments and fintech are Mirelarsquos daily treats As the Senior Editor at The Paypers she speaks frequently with key thoughts leaders to identify trends and trendsetters She can be reached at mirelathepayperscom and via Linkedin wwwlinkedincominamarieim
About The Paypers The Paypers is the leading source of news and intelligence for professionals in the payment community worldwide Our products are aimed at merchants payment services providers processors financial institutions start-ups technology vendors and payment professionals and have a special focus on all major trends and developments in payments-related industries including online and mobile payments and banking ecommerce e-invoicing supply chain finance web fraud amp security and many others
B2B payment innovation the beginning of exciting times
Deutsche Bank
Why should banks and corporates invest in real-time payments For corporates the benefits stem from the capability for executing
time-sensitive transactions ndash such as High-Value critical vendor
or MampA-related payments ndash while receiving close-to-immediate
proof of execution instead of waiting for the specific entry to be
documented by standard intraday reporting
For banks to serve client needs they need to be involved in these
developments which is why Deutsche Bank and others are helping
develop a Pan-European Instant Payment Solution For large
banks involvement in establishing such future paymentcollection
platforms is a revenue loss avoidance tactic rather than a
profit creation one as they will otherwise lose market share to
disruptors And while urgent payments can currently be more
expensive there may be a regulatory push for banks to provide
real-time payments with no extra charges in the near future
What are the benefits and challenges of implementing pay-on-behalf-ofcollect-on-behalf-of structuresPOBOCOBO structures help corporates consolidate cash
flows and rationalise account structures as well as increasing
purchasing power when negotiating cash management terms
with banks POBOCOBO simplifies liquidity management as
cash is centralised through domestic and cross-border cash
concentration It also allows for streamlined cash management
activities across subsidiaries as payments and receivables
are bundled in one place (such as a Shared Service Centre)
for execution out of the central account Improving cash and
liquidity management in these ways reduces credit need and the
operational burden on subsidiaries
Deutsche Bankrsquos experience and feasibility studies on POBO
COBO in Europe over the past four years have shown four kinds
of challenges market-specific practices and legal tax and
operational considerations In addition POBOCOBO structures
differ in the status of the underlying account For POBO the
ordering account can be a normal operating account in most
jurisdictions but since funds collected within COBO structures
often relate to different legal entities the underlying account is
often considered a trust account This has further implications
For instance depending on regional Anti-Money Laundering laws
an account can contain either own funds of the account holder
or funds that belong to third parties (trust accounts) ndash not both
That in turn may require corporates to separate some incoming
transaction flows from the entities flowsrsquo part of the on-behalf-of
structure
What main friction points in B2B cross-border payments will disappear in the next five yearsDevelopments driven by regulatory change or facilitated by
technology and solution-based improvements will ultimately
allow for more frictionless and cost-effective transaction
processing For example the Payment Services Directive (to be
updated soon by PSD-2) affected cut-off times and value-dating
habits and a shift will likely take place in this area to align cross-
border payments in different currencies with the same value-
dating as SEPA payments
Similarly currency payments will likely become easier thanks
to automated conversion services such as Deutsche Bankrsquos
FX4Cash which offers client ease-of-use real-time FX rates
and enhanced transaction data And solutions such as Virtual
Accounts will improve reconciliation and accounting (through the
rationalisation of physical bank accounts across a region)
Retail banking has experienced futuristic leaps in the payments space ndash now is the time for the same level of transformation and convenience in the B2B space
The industry is poised to apply such innovation to the B2B space ndash but only through collaboration will this be possible
What bank-core competencies foster innovation and growth through fintech partnerships in the B2B payments space We have witnessed the effects of the first wave of digitalisation
on daily activities particularly through smart devices and apps
Peer-to-peer and C2B processes have already experienced
radical transformation and the industry is poised to apply such
innovation to the B2B space ndash but only through collaboration
between incumbents and new players will this be possible
Fintechs have the technical skills and understanding of consumer
behaviour fail-friendly mindset and regulatory freedom to be
innovative ndash but in an increasingly competitive landscape that
will see market consolidation over coming years they need more
than that to survive Banks conversely experience internal and
external obstacles to innovating independently including legacy
systems internal siloes a cautious culture and tighter regulatory
restrictions But by offering the strength of their established
reputation global infrastructure existing client-base and expertise
regarding risk regulation and treasury needs banks can support
fintech growth bring new products to market through such
strategic alliances and successfully scale-up new offerings
What are the Bankrsquos plans for blockchainDistributed Ledger Technology is not new but interest around its
potential applications is rising and opportunities for blockchain
ndash from fraud prevention and risk reduction to quicker and more
transparent payment flows ndash cannot be ignored We are at the
beginning of the blockchain journey and the ways it will change
business models processes and ecosystems are yet to be
seen but we predict immense potential up and down the value-
chain Participants ndash for example it was one of the first banks to
test smart contracts for corporate bonds which was conducted
in-house in collaboration with the DB Labs Deutsche Bank
recently opened innovation labs in London and Berlin with a third
just opened in Silicon Valley which will help the Bank best utilise
new technologies and deepen relationships with start-ups In a
decade there will be myriad different blockchain technologies and
interoperability will be crucial The Bank is an initial driving member
of blockchain consortium R3 CEV and participated in trials of five
distinct blockchain technologies with other member banks
About Andrew Reid Appointed to his current role in 2013 Andrew has been with the Bank for 17 years within corporate cash management and trade finance Andrew supports and advises clients in adapting to the new regulatory environment and optimising their treasury operations
About Deutsche Bank Deutsche Bank provides commercial and investment banking retai l banking transaction banking and asset and wealth management products and services to corporations governments institutional investors businesses and private individuals Deutsche Bank is Germanyrsquos leading bank with a strong position in Europe and a significant presence in the Americas and Asia Pacific
gtbdbcom
Andrew P Reid
Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking
When paying the supplier the buyer issues a payment
instruction from its accounts payable to the bank This initiates
the transfer of title of currency and a time-stamp makes the
transaction irrevocable The intermediary bank may enjoy
blockchainrsquos irrevocability and title transfer to secure the
uniqueness and traceability of the transactions underpinning
the cash transfer The distributed nature of the blockchain
ledger avoids any delayed centralized control of AML screening
checking of availability of funds and clearing billing and
reporting activities All executed operations are validated within
The ledger offers the extra capability to the bank to swiftly handle
format translations from the clientrsquos accounting system A smart
contract on the blockchain provides the bank with the capability
to charge transparent and auditable service fees
The distributed ledger operates as the connectivity software
that the clearing network provides to all trading parties and
intermediaries The network is also capable of offering time-
stamping services as well as detect transactions that may trigger
the execution of smart contract applications Format translations
can be easily offered as a value added service
The beneficiary bank receives notice of an irrevocable transfer of
cash title that the distributed ledger renders valid and immediately
executable The ledger also streamlines all necessary account
management verifications to validate the payment data The sellerrsquos
account is immediately credited and all subsequent regulatory
and accounting reporting is made auditable and irrevocable
Bank services can be charged via smart contract applications
agreed between the parties The blockchain enables the seller-
ie the B2B payment receiving party- to update the accounts
receivable database with a payment confirmation that becomes
an auditable transaction
Blockchain is certainly not the panacea for all problems but the
frequency of applied features to the B2B payment processes
tells however that all parties involved could strongly benefit
from this technology without the need for anyone to be removed
About Enrico Camerinelli Enrico Camerinelli is a senior analyst at Aite Group specializing in wholesale banking cash and trade finance and payments He brings a strong European focus to Aite Grouprsquos Wholesale Banking practice Mr Camerinelli has been widely quoted by publications ranging from American Banker to the Financial Times
About Aite Group Aite Group is an independent research and advisory firm focused on business technology and regulatory issues and their impact on the financial services industry With expertise in banking payments wealth management capital markets and insurance Aite Groups analysts work with clients as partner advisor and catalyst
No discussion of B2B payments futures would be complete
without touching on the blockchain Such solutions seem likely
to play an important role How the various ldquonot-Bitcoinsrdquo with
their technical and regulatory benefits will fare against Bitcoin
itself remains unclear Standards such as the ldquoInterledger
Protocolrdquo could play a role perhaps enabling an ldquoInternet of
Valuerdquo layer for the IoP That said in global B2B payments
the ldquochicken-and-eggrdquo challenges that are inherent in any
new network technology clearly exist Blockchain adoption as
a purely ldquoback officerdquo or inter-bank technology seems likely
to happen first within narrowly-defined early use cases and
communities Adding value to pre-existing end-user (buyer-
seller) interactions like Skype did may be one plausible early
adoption scenario ldquoPiggy-backingrdquo on another network layer or
use case like Paypalrsquos initial use for eBay payments is another
way to think about this Combining all of these may work best
end user demand can be effective in driving adoption by solution
providers notably banks in this case
An Internet of Payments as it emerges will reshape the B2B
payments industry and much more besides It will likely develop
quite suddenly as a mass phenomenon much like the Internet in
the mid-nineties It will create winners and losers Those who move
early to test learn and shape the emerging Internet of Payments
ecosystem and framework will be best positioned to win
About Roger Bass Roger Bass is Founder CEO and Principal of Traxiant Previously with Intuit for eleven years he recently led a Network Payments initiative Other instrumental roles included the launch of Intuitrsquos European operations first online banking solution SMB Internet group and the QuickBooks platform Reach out via rogertraxiantcom
About Traxiant Traxiant provides software and consulting solutions to help financial and technology providers grow their B2B Payments and Financing solutions and profit from the Internet of Payments Solutions and areas of expertise include card e-payables global payments receivables financing and supplier networks
bull Various parties in a supply chain can all be paid when the end
consumer purchases the product For example a consumer
buys a song online At the moment of purchase the amount
paid is distributed amongst the band the producer the studio
and the record label All parties are rewarded based on their
added value
Blockchain-based payments open up many possibilities
Not only is it possible to trade easier and cheaper but also
payments can be made smarter Banks are particularly interested
in this new technology and are closely investigating the potential
it may offer to them It is exciting times for banks and payment
institutions as with blockchain the real disruption is knocking
on the door The disruption here is not that things are done a
bit smarter more efficient or faster The disruption in payments
is that there is technology available that makes banks PSPs
credit card companies redundant Cutting out these middlemen
by making use of technology that provides the same trust and
robustness (or perhaps even more) will increase the speed of
payments increase the possibility to trade with each other while
significantly reducing costs
About Kris Wielens Kris Wielens is Senior Consultant with Orchard Finance He has more than a decade experience is (corporate) payments with various fims He has been active as Head of Strategic Partnerships EMEA Business Development Manager Sales Manager and Credit Analyst
About Orchard Finance Orchard Finance is a leading independent consultancy and staffing company specialized in the areas of Finance and Treasury Tailoring to our clients we offer advisory services project management and staff ing support Our professionals have a long standing reputation based on operational and project experience in banking corporate finance and treasury management amp control
Phase 3 Automatable transactional network (5-7 years)As soon as the SCF community gains communal understanding
of blockchain as a transactional network then the next natural
line of inquiry could be the nature of transaction initiation During
this inquiry the following components of blockchain technology
will be discovered and the third phase might commence
bull Multi-signature capability ndash a means of separate entities to
safely and securely state whether an event took place or not
bull Smart contracts ndash agreements that automatically execute the
change of ownership of funds or goods based on whether an
event took place or not
bull Cryptocurrencies ndash a set of tokens of a variable but crypto-
graphi cally verifiable amount which is used for efficient value
transfers
By means of combining multi-signature and smart contracts with
existing e-mandates or cryptocurrencies the automatic payment
of invoice amounts or other types of collateral could be initiated
and executed instantaneously and automatically This will open
the path towards an international SCF network that automatically
creates investment grade financial instruments as a seamless
part of the supply chain process
ConclusionAlthough history shows us that we can only have so much
foresight we see a clear match between the features of blockchain
concepts and SCF we believe that at some point blockchain will
be a prominent part of SCF The speed at which SCF will evolve
and innovate will depend on the creativity of its stakeholders
and how fast the common understanding on how to use the
technology will develop Seeing that blockchain technology has
something compelling to offer at each phase of understanding we
see rapid developments taking place sooner than later
About Gys Hough Gys Hough follows the develop-ment of blockchain concepts since 2012 and was involved in shaping several business ideas based on blockchain concepts in the field He is also involved in the facilitation of various discussions surrounding blockchain applications in the financial industry
About Innopay Innopay is an independent consulting company specialised in online payments digital identity and e-business We help our clients including financial institutions governments and corporates to develop the compelling strategies and digital services for consumers and companies that are key for successful competition in a rapidly digitising world
Launched in December 2015 to much anticipation in the industry
the initiative has received strong backing with more than 50
leading banks already signed up The Paypers spoke to Wim
Raymaekers SWIFTrsquos Head of Banking Market and programme
manager of the global payments innovation initiative to find out
more about this exciting move
We often hear that B2B payments are opaque complex and risky Why do you think that is and where do you think that improvements can be madeYes currently when a corporate treasurer sends a request
for a cross-border transaction to his bank he typically has no
sight on what actually happens with that demand They often
liken this to a lsquoblack holersquo saying they have no view on when
payments occur or their final costs This can lead to problems
with suppliers or end-customers not to mention increasing
financial risks resulting from payment delays or non-compliance
with regulatory requirements
I think improvements can be made in three main areas firstly
the speed of payments corporates want fastest payments so
banks need to be able to guarantee that they are made within
certain timeframe Secondly corporates want to know the
exact payment amount that will reach their counterparty ndash here
banks need to provide transparency on the fees involved and
the amount credited to the creditor And thirdly they want to
be able to track payments banks need to let corporates know
when payments have been initiated and credited to the creditors
account to avoid delays in the supply chain or frictions between
supplier and seller
What are the opportunities for a corporate to leap forward through the use of the cross-border payment industryCorporates are not in the business of payments they just want
to buy and sell Yet they do have to manage their treasury to
make those payments ndash so a better faster more transparent
payment solution is important to them On top of that having
a good payment infrastructure benefits your supply chain
Because if the money does not get to the supplier in time the
credit line will go up causing delays on all fronts So the better
your payment infrastructure is the stronger and more reliable
your supply chain is
Designed for the corporate treasurer SWIFTrsquos global payments innovation initiative offers an ambitious roadmap for reinventing the correspondent banking model as we know it today With ever increasing competition from new entrants offering same-day or even real-time payment facilities SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
Correspondent banking rejuvenated
SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
What can you tell us about the global payments innovation initiative (gpii) and what are SWIFTrsquos plans in regard to this initiativeAs part of the initiative SWIFT is working in close collaboration
with the largest transactions banks in the world to enhance
their corporate customersrsquo cross-border payment experience
Together we will strive to provide a faster service with upfront
clarity on costs confirmation of delivery and richer remittance
information data
We are now working together with the banks to commonly
agree service level agreements (SLAs) to which all the initiative
member banks must comply The new service will be designed
to address end-customer needs without compromising banks
abilities to meet their compliance obligations market credit and
liquidity risk requirements
What is the role of blockchain in this initiativeSWIFT is devoting significant resources to instigate the
opportunities and challenges of deploying blockchain and
distributed ledger technologies more broadly on our platform
While the initiative aims to first make improvements based on the
existing infrastructures in parallel we are building a gpii vision
for cross-border payments This will set out how we will adopt
new technologies in order to ensure corporate customers receive
the best possible payments experience in the near future
Wim Raymaekers
Head of Banking MarketSWIFT
About Wim Raymaekers Wim Raymaekers leads SWIFTrsquos banking initiatives worldwide and is responsible for developing and driving value propositions across the banking community In this capacity Wimrsquos mission is to help banks grow their business particularly in view of changing customer and market requirements
About SWIFT SWIFT is a global member-owned cooperative and the worldrsquos leading provider of secure financial messaging services We provide our community with a platform for messaging and standards for communicating and we offer products and services to facilitate access and integration identification analysis and financial crime compliance
Which are UniCreditrsquos strategies to remain competitive in the B2B cross-border payments spaceUniCredit is taking a number of steps to ensure that it offers a highly
competitive portfolio of payments services including a number of
tools for simplifying cross-border transactions
In particular UniCredit has invested considerably in the
Bank Payment Obligation (BPO) ndash a settlement tool which
enables firms to execute secure transactions mediated by
partner banks through a quick and efficient digital process
When carried out properly BPOs combine the risk mitigation and
financing advantages of Letters of Credit (LCs) with the digital
speed of open account settlement This makes them particularly
advantageous for cross-border transactions ndash especially with
unfamiliar counterparties or those concentrated in a particular
region or industry Thanks to bank mediation the risk of non-
payment in such cases is drastically reduced ndash allowing firms
to take on more business and sell their receivables more easily
UniCredit has worked hard to bring these benefits to clients in
the most efficient and convenient format possible ndash offering vast
improvements on LC processing times which are only set to
increase once the process is fully digitalized This principle of
fully digitalized processes is also reflected in UniCreditrsquos virtual
accounts services which enable clients to consolidate their
bank accounts in a given currency into a single ldquoparentrdquo account
This can then be divided internally into as many ldquovirtualrdquo
accounts as required ndash with each account given its own allocated
funds account number and permissions Already available
for affiliatesrsquo incoming and outgoing transactions in nearly 50
countries including the SEPA zone and six CEE markets this
system generates huge benefits to efficiency scalability and
transparency ndash eliminating the need for cash pooling expediting
the process of opening and closing accounts and providing a
comprehensive overview of cash flows without sacrificing detail
Going forward UniCredit intends to remain at the cutting edge
of B2B cross-border payments with new initiatives such as the
integration of big-data analytics into existing payments services
ndash offering clients insights based on payments data and other
relevant information
With increased customer demand to install real-time payment infrastructures what trends do you see happening right nowThe demand for instant payments is part of a wider trend towards
greater speed and efficiency in the industry This is particularly
notable in ecommerce where firms are looking to provide
increasingly rapid delivery services ndash with next-day and even
same-day delivery now possible The use of digital technology to
expedite routine processes is becoming more and more prevalent
with clients increasingly basing their expectations on their
experiences in the retail sector UniCredit is keen to play its part
in this development and is already implementing real-time rates
for instant payments ndash including for cross-border transactions ndash
ahead of the November 2017 implementation date
How has UniCredit adapted to the digitalisation of the transaction banking industryUniCredit has established itself as a frontrunner in the
development of key advances such as the BPO and virtual
accounts and continues to search for new and innovative ways
to leverage technology for the benefit of its clients To this end
it has taken a number of steps to ensure continued innovation
ndash with product development teams harnessing the expertise of
traditional banking experts and technology specialists along
with a wide range of external perspectives
This has already seen blockchain technology become a reality
for custody services clients while virtual accounts technology
is being supplemented by CAMT messages ndash enhancing
standardisation even beyond the SEPA zone with automated
reconciliation between banks and corporates
The field of payments is undergoing a period of transformation as digitalisation paves the way for greater speed and efficiency
UniCredit has also adopted a more holistic client interface
including its IT solutions provider in client meetings This enables
UniCredit to adapt its solutions to clientsrsquo individual technological
requirements rather than expecting them to adapt to accommo-
date the solution
How do you support your CEE-based clients in their efforts to optimise working capitalUniCredit offers its CEE-based clients a full range of support for
their working capital optimisation programmes ndash having been the
first in Russia Bulgaria and Croatia to offer classic services such
as cross-border cash pooling UniCredit also offers unrivalled
BPO coverage with the instrument already available in Bulgaria
and Romania In terms of approach we encourage firms to avoid
the lsquosilorsquo mindset of asking how they can benefit from individual
tools such as receivables finance or approved payables finance
ndash instead promoting a focus on overarching short- mid- and
long-term goals Mostly it turns out that short-term liquidity
generation is not corporatesrsquo main concern ndash especially given the
abundance of liquidity in todayrsquos market Other factors however
such as risk mitigation supply-chain stability and balance-sheet
optimisation almost always figure in their plans ndash demanding
a holistic programme for working capital optimisation This of
course also means being prepared for the eventuality of liquidity
suddenly or gradually drying up
In the face of fintech disruption which areas can banks capitalise onFintech companies certainly bring new impulses to the transaction
banking sector but banks almost always excel by capitalising
on their existing strengths ndash drawing on their holistic financial
expertise and their status as trusted and highly regulated
partners to corporate clients These strengths can to a certain
extent be amplified through digitalisation within banks ndash
translating greater efficiency into greater convenience for clients
Even more promising however is the potential for co-operation
between banks and specialist technology companies with banks
combining their core strengths and broad client base with fintech
independence and nimbleness to create the ideal conditions for
innovation
About Markus Strauszligfeld Since 2005 Markus Strauszligfeld has been Head of International Cash Management Sales at UniCredit responsible for cash management and eBanking sales to large and multi-national organisations in Europe the US and Asia
About UniCredit UniCredit is a bank with a substantial footprint in Europe and an extensive international network of branches representative offices and correspondent banks ndash enabling it to follow its clients wherever they go Its payments services come under the Global Transaction Banking (GTB) unit
wwwgtbunicrediteu
Markus Strauszligfeld
Head of International Cash Management SalesUniCredit
C-SuiteThe CFO needs to back your project and this support must
be visible It is important to educate them on the SFP early by
presenting them with relevant case studies you have gathered
and the possible business case
C-Suite contributionThey will need your direction but the CFO and CPO will add
panache to your SFP The lsquosignaturersquo on the comms piece sent to
suppliers should be theirs If any buyer in the business becomes
concerned about this programme the C-Suite needs to have
a response at hand To realise the significant savings that can
come from your SFP your C-Suite must be ready to provide the
required PR
SuppliersBuyers rarely push back against SFPs because a) itrsquos optional
for suppliers and b) itrsquos attractive for suppliers However getting
the suppliers to engage is instrumental and makes the supplier
a key stakeholder
Supplier contributionSuccess Without their participation your business case is a flop
So make sure they understand what the SFP is whatrsquos in it for
them what they need to do who they can reach out to with
questions or concerns and that participation in SFP inevitably
qualifies them as a preferred supplier
ConclusionGet the first five stakeholders onboard early at concept stage
so they feel supportive of the SFPrsquos direction and purpose and
ask them how involved they would like to be given their role
About Susie West Susie West is the CEO and Founder at sharedserviceslink and proudly labels herself as a shared services geek She has been in the shared services industry since 1998 In 2007 she set up sharedserviceslink a leading global business community for professionals looking to improve performance in shared services Her central aim is to help individuals companies and the market mature through the sharing and consumption of (mostly peer generated) best practice information
About sharedserviceslink sharedserviceslink is a business community for professionals working in shared services sharederserviceslink is viewed as trusted advisors to this market because it offers exceptional content connection insight and overall value
About the companyToken provides digital payment solutions for banks and their clients to deliver instant end-to-end secure and frictionless payments worldwide The solution addresses the key concerns of PSD2 security disintermediation and lack of revenue
wwwtokenio
Marten Nelson
VP MarketingToken
Website wwwtokenioOffices location Redwood City California USAFounded in 2015Categories payments psd2 fintech
Token
The next generation of payments infrastructure will first of all help banks open up
What drives real-time payments infrastructure adoption in the US vs EUA number of valuable business cases drive the adoption of real-
time payments infrastructure Both consumers and businesses
expect funds to be instantly available during a payment
transaction 25 years ago the invention of the Worldwide Web
allowed us to share data instantly and globally Exchanging value
should be just as easy and fast as moving information but for
a number of reasons this hasnrsquot yet happened While there are
regional real-time payments solutions the US and many parts
of Europe are still lagging But there is hope ndash the Feds in the
US and the ECB have launched real-time payments initiatives
Why did Token choose to leverage the bankrsquos existing ledger instead of using blockchain The main reasons were that we found the bankrsquos ledger to
perform pretty well in most cases and to leverage existing
infrastructure typically reduces the complexity of deployment
and therefore cost It was simply a cost-benefit analysis
There are many interesting use cases for distributed ledgers
and for some of our functions and in some situations it makes
sense Thatrsquos why we designed the solution with distributed
ledgers being optional
What is the value proposition for European banks by integrating Token Token solves the main issues banks are facing in terms of
PSD2 security disintermediation and the economics First you
can think of Token as a PSD2 firewall that protects the bank
infrastructure from poorly behaving third parties Second Token
retains the bankrsquos customer experience even when accessed by
third parties Last we allow banks to offer value-added services
The Future of Banking Innovation and the Fintech Startups Journey
Future Asia Ventures
The financial services sector has become the poster child for
corporate innovation Over the last 5 years banks have been
investigating and experimenting with several new financial
technologies in the crowd funding trade processing lending
and wealth management areas These experiments have come
in different shapes and sizes Based on our research we know
21 banks that have launched accelerator programs around the
world Other banks have launched pre-accelerators incubators
and labs
As a research amp advisory firm we regularly speak with many
corporations startups and venture investors We are constantly
learning about the landscape Here are 5 perspectives we would
like to share
1 Fintech is old but the market conditions have never been betterMost experienced financial sector professionals understand that
this recent wave of fintech startups is just that ndash a wave Fintech
is a new term that captures a large category of existing and
growing technologies which involve transaction processing data
and record keeping Fintech companies have been innovating
since the 1950s The last 60 years produced ATMs credit cards
online banking and online stock investing to name only a few
Innovation in fintech is nothing new What is new is the explosion
of startups in the last six years There are now approximately
6000 fintech startups The playing field is crowded and thatrsquos
because the opportunity to innovate has never been greater
The combination of cheap capital a dry period in bank innovation
and a credit crisis followed by heavy regulation created the
right environment for startups to rise There has never been a
better time to be an entrepreneur
2 Regulation matters It might sound obvious but regulatory rules and compliance are
a very important part of the startup journey for fintech founders
This makes fintech different from other startup sectors
Founders in fintech are generally a decade or more experienced
than their peers Regulation is often an entry barrier because
you need to be licensed by regulatory bodies to do business in
each jurisdiction For startups that want to expand compliance
is mandatory and expensive The financial system for good
reason doesnrsquot tolerate risk As a result founders need to
cooperate with regulators budget for long waiting periods find
strategic partnerships that help their growth efforts and be in this
for the long haul Fintech is marathon not a sprint
3 Innovation canrsquot be measuredWhen speaking with innovation officers I am often asked
which program or format is the best People are looking for a
quantitative measure or a definitive leader among corporations
The truth is there is no one best model or best innovator
An innovation program should be designed around your
budget your timeline and the problem you are trying to solve
These factors are different for each company For some a
hackathon might be best while for others a robust corporate
ventures program might make more sense Available capital
decision-making dynamics and pain points vary per company
Each company has to do whatrsquos right for them However one
thing is certain ndash good innovation programs have a clearly
defined problem and success criteria Without a mandate you
are bound to go in circles
Number of Corporate Accelerators Launched Each Year Corporate accelerator launches have peaked So far in 2016 2 new accelerators have launched Going forward companies will design tailored open innovation programs and formats to engage and collaborate with startups
About Falguni Desai She is the Founder amp Managing Director of Future Asia Ventures and has over 18 years of corporate strategy innovation and MampA experience She has worked globally with business leaders at Fortune 500 firms in the financial media and technology sectors to foster growth amp expansion
About Future Asia Ventures Future Asia Ventures is an innovation advisory amp research firm Through our research and services we help new ventures grow and connect investors with innovative opportunities We serve private investors foundations and corporations around the world
wwwfutureasiaventurescom
Falguni Desai
Founder amp Managing DirectorFuture Asia Ventures
4 Innovation is inherently wastefulSeveral companies are still sitting on the sidelines While our
latest research has uncovered that 116 companies around the
world have set up corporate accelerators and several dozens
have launched incubators and labs the majority of large
companies are not engaged in this type of open innovation
They might be wondering whether an innovation program will
generate returns The answer is no not in the short term But in
the long run yes Innovation creates waste Companies wonrsquot
solve the problem on the first try Several partnerships and
investments will fail Incubated ideas may not scale and those
looking to try their hand at innovation should swallow this pill
and be prepared for failure To be good at innovation you need to
try things and then quickly stop them when they donrsquot work and
quickly try again
5 The endgame is collaboration not conflictI still see articles which predict a future without banks how
disruption will cause banks to fail and shut down The reality
is banks play a very important role in the lending infrastructure
of most modern economies Peeling back through fintech
history the innovations that survived and scaled were the
ones that worked with banks not against them In the 1990s
online stock brokers appeared on the scene Stock exchanges
and brokers didnrsquot disappear but they now operate differently
Today fintech marketplace lenders offer loans more efficiently
to retail customers The capital for these loans comes from
traditional banks and large asset managers Banks brokers and
asset managers wonrsquot disappear instead their processes and
the customer experience they offer will change dramatically The
moral here is that new fintech services will become part of the
overall financial infrastructure Fintech startups will eventually
grow into companies that are counterparties and partners to
banks not necessarily competitors Of course not all of them
will succeed but the future of banking will be formed through
collaboration
VISIT OUR ENHANCED ONLINE COMPANY PROFILES DATABASE
ALL COMPANY PROFILES IN THE B2B PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING MARKET GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
AND ADVANCED SEARCH FUNCTIONALITY
wwwe-invoicingthepayperscom
ALL COMPANY PROFILES IN THE B2B FINTECH PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
About Prof Dr Michael Henke Prof Dr Michael Henke completes the board of directors of Fraunhofer IML as new director of the section Enterprise Logistics and he also holds the chair of Enterprise Logistics at the faculty of Mechanical Engineering at TU Dortmund University His research focuses lie among others on the area of eg management of the Industry 40 purchasing and supply management supply chain risk management and financial supply chain management
About Fraunhofer Fraunhofer IML is said to be first address for all questions with respect to holistic logistics the employees work on all fields of internal and external logistics Made-to-measure arranged teams create cross-industry and customer-specific solutions in the area of materials handling warehouse management supply chain management simulation supported business and system planning and also traffic systems closed loop economy resources logistics building logistics and e-business
wwwimlfraunhoferde
Share this story
3 First steps were takenInnopay an e-business consultancy firm from the Netherlands
the Dutch factoring company lsquovoldaanrsquo and a client of voldaan
developed the SBRF Model in 2015 Within the scope of the
Workshops on Standardisation in SCF by the Supply Chain
Finance Community Innopay and the Fraunhofer Institute
of Material Flow and Logistics (IML) presented the SBRF
demonstration since November 2015
The ldquoProof of Conceptrdquo demonstrated the financier tracking the
status of an outstanding invoice electronically He gained insight
into the progress of the invoice and could assess the associated
risks
During the Workshop Series the model as well as development
improvement and extension potentials have been discussed
actively by the participants European experts on SCF and
e-invoicing Subjects to the discussions have also been technical
specifications and the integration with other solutions
4 More Proofs of ConceptIn the first half of 2016 the SBRF concept will extend to more
financiers sellers buyers and ERP solutions across Germany
and Italy at least The well-established network of the SCF
Community and its members will provide a basis for the
development and geographical extension
The practical integration with e-invoicing and SCF platforms and
the standardisation along the dimensions of Legal Operational
Functional and Technical dimensions will be investigated in detail
For Germany a planned SCF event at the House of Logistics
and Mobility (HOLM) in Frankfurt organised by the Fraunhofer
IML and Innopay makes an important contribution to the Proof
of Concept The event is scheduled for summer 2016 and will
include workshops on the SBRF Model Moreover further
aspects of SCF standardisation according to the SCF research
bull First and foremost they must elevate information to its deserved
status of strategic asset This will help ensure that data is
actively managed on enterprise level for its embedded value to
be realised
bull They also need to equip themselves with the right technology in
order to turn information to their advantage
However some barriers exist
bull Integration with legacy systems many legacy systems make it
difficult to extract data and may not be best suited for Big Data
technologies
bull Connecting data silos there is no uniform view of data and most
organisations have not integrated disparate data sources given
the complexity of the task
Data integration tools are becoming key to connecting various
data sources and data sets and delivering on the promise of
information or data management
FIs become master of your dataBy conquering Big Data challenges FIs will be able to draw a
competitive advantage through enhanced strategic decision-
making improved customer service and effective risk management
Information management technology and governance are
key to break down the organisational silos that typically exist
within financial institutions to provide a complete picture of an
institutionrsquos financial transactions and client information across
a myriad of sources Not only does this make it easy for FIs to
respond to the increasing requirements for compliance and
reporting it also provides the opportunity to turn such data into
valuable insights and information for the customersrsquo benefit
Information management tools will help financial institutions
address a series of strategic objectives including regulatory
readiness and responsiveness enhanced strategic decision-
making faster customer service effective risk management
In sum FIs that become master of their own data will benefit from
a competitive advantage which they will turn into business profit
About Andreacute Casterman Andreacute Casterman is Chief Marketing Officer at INTIX and a Member of the Banking ExCo of the ICC During the past 5 years Andreacute was SWIFTrsquos head of the corporate amp trade markets in charge of strategy governance and product initiatives Andreacute Casterman has two masterrsquos degrees from VUB and a masterrsquos degree from ICHEC
About INTIX INTIX helps financial institutions and corporates address financial data management challenges in four strategic areas regulatory compliance business intelligence customer services and risk management INTIX helps its clients retrieve consolidate and reconcile any type of financial messaging data and protects them from any IT complexity and obsolescence issues
Gaining Management Support for Your P-Card Programme
NAPCP
Achieving buy-in of the card programme especially by
management is a frequently cited challenge by the NAPCPs
audience The concern is justifiable Lack of buy-in can result
in never getting a programme implemented having a static card
programme or the elimination of the programme altogether
Whether you are considering implementing a new programme
or expanding the current one there are several questions to
address that can help in preparing your case to management
bull What are you seeking buy-in for and from whom Do you want
to ldquosellrdquo the existing P-Card programme to a new manager or
do you want to propose programme expansion
bull What is the rationale for your goal Management will only buy
into something that benefits the organisation and is supported
by facts including a cost justification
bull How does your goal support the goals of the organisation or
solve an organisational challenge Management decision-
making is driven by accountability for goals and the ability to
resolve issues
bull Are you aware of common objections to P-Card programmes
1 Data from the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation a report based on more than 3123 survey responses from end-user organisations
bull Who are the stakeholders There is nothing more defeating
than trying to move an idea or goal forward then learning that
someone with ldquoveto powerrdquo was left out of the discussions
inadvertently List who should be involved and why They might
provide good input in support of the card programme andor
express concerns such as the common objections listed above
The Business CaseThe next step is to create a solid business case based on the
answered questions above as well as other common business
case elements Include
bull statement of purpose (what you are seekingmdashyour goal)
bull where you are today (current metricsKey Performance Indicators
(KPIs) and how they compare to industry benchmarks) where
you want to be and ldquowhy nowrdquo
bull how your idea aligns with organisational goals
bull input from stakeholders plus common objections industry-wide
(if different from stakeholder input) address any concerns and
objections with facts
bull cost justifications to support the value proposition such as
anticipated andor actual process savings reductions in full-
time equivalents (FTEs) especially within the procurement and
or accounts payable departments and other hard- and soft-
dollar savings
bull implementation plan if applicable (eg for programme expansion)
Present cost saving benefits such as the cost of traditional
cheques versus P-Cards If your organisation has not completed
an internal process cost analysis use the NAPCP average
process costs shown below
1 As specified within the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation
2 Based on average monthly card spend of USD 1M and average transaction size of USD 559 per the results of a 2015 NAPCP poll
If expanding an existing programme it is important to consider
the value your card provider can add to this process They can
provide an analysis of your accounts payable vendor filemdash
identifying those vendors who accept card payments
Working with the ldquolow hanging fruitrdquo can help your organisation
reap immediate benefits The larger ticket transactions can be
moved to card-type payments as well with the most popular
being a virtual or electronic card payment method
Continue to Provide Results-Driven CommunicationIt is important to relay results and successes to management
Use the following keys to successful communication
bull Be brief by limiting communication to a one-page summary
Put conclusions firstmdashgive highlights up front and supporting
detail second
bull Title the document presentation or email subject line with a key
message (eg ldquoP-Card Program Saved USD 4M in 2015rdquo versus
ldquoP-Card Program Report Attachedrdquo)
bull Focus on the facts Show numbers as often as possible and
summarise whether the numbers meet fall below or exceed
expectations Then explain Verify numbers with other team
members to build a coalition of support and ensure that you
have the complete picture
bull Facts and figures must be formatted consistently from one
communication to the next allowing for easy comparison
bull In verbal and written discussion keep your presentation analytical
bull If asked by management to give results ldquoon the flyrdquo synthesise
the key points for management into three to four concise bullet
points Add recommendations or alternative courses of action
if you have time Stay ahead of management requests by
monitoring your KPIs frequently
bull Ask to be part of upcoming meetings and do not be afraid to be
proactive rather than reactive
What if They Say ldquoNordquoExplore what could change a ldquonordquo into a ldquoyesrdquo When you are
ready to address the issue again with new insight go back to
your stakeholders It is generally okay to respectfully disagree
with management but as noted earlier ensure you have the
supporting documentation to make your point Finally know when
it is time to move on However moving on does not mean giving
up on the programme altogether It is still prudent to share the
status of the programme
About Terri Brustad Terri Brustad CPCP is the NAPCP Manager of Content Services Her previous experience includes 10 years in the Commercial Card industry mainly in the role of a public-sector P-Card Administrator Terri achieved the Certified Purchasing Card Professional (CPCP) credential in 2009
About NAPCP The NAPCP is a membership-based professional association committed to advancing Commercial Card and Payment professionals and industry practices worldwide The NAPCP is a respected voice in the industry serving as an impartial resource for members at all experience levels in the public and private sectors The 2016 NAPCP European Conference will be held in London on 23 June 2016
Virtual cards hold the potential to disrupt the commercial
payments space on two fronts
1) Physical cards are likely to disappear
2) These solutions hold the potential to drive a step change in card
adoption and usage levels
The challenge for the industry is clearly communicating and
providing compelling evidence of the benefits that virtual cards
offer and ensuring sales teams are trained to sell the solutions
over and above traditional ones eg corporate cards To help
unlock the opportunities in underpenetrated industries such as
telco construction and healthcare etc issuers must develop
tailored solutions to cater for any idiosyncrasies and overcome
the card acceptance challenge
The FutureTechnology holds the key to disrupting commercial payments
and the growing FinTech movement will support this Traditional
commercial payment providers will look towards and work more
closely with FinTechrsquos as an alternative source of innovation to their
own product development and delivery functions The opportunity
for banks is to build and launch disruptive technologies more
quickly The challenge is picking the right FinTech(s) that will help
deliver scalable solutions In the short-term we expect issuers to
increasingly focus their attention on developing virtual solutions
and integrating these onto mobile and wearable devices
Stargazing into the future wearables will be the game changer
as mobility becomes ever more important Wearables will also
be the bridging technology for embeddables In the next 10-15
years embedded chips in humans could become a reality
We are increasingly connected and interact with technology in
our personal and business lives and embeddables are the next
logical step More sophisticated chips will soon replace wearable
technology such as payment devices and fitness bands and will
help us all get used to a more connected and augmented lifestyle
As a concept it is well aligned to payments Embedded and inner-
connected biometrics will enhance security and offer a more
seamless experience
The future looks bright for commercial payments but will not be
without its challenges
About Chris Holmes Chris leads various work streams across the Financial Services practice He has managed multiple global projects across the payments banking FinTech AltFi and tech industries His specialist skills are geared to NPD sizing and opportunity assessments benchmarking and best practice identification
About KAE KAE is a strategic marketing consultancy that has provided support to some of the worldrsquos largest payment and tech brands for the past 25 years Operating globally from a London HQ KAE has provided consulting and strategic advice in more than 50 countries across three core areas Insight Strategy and Analytics
Large supplier communities are based in emerging Asia
and Africa yet major economies like China and Indonesia are
experiencing great increases in disposable income and thus
engaging more on the consumer side of supply chains The
combined dynamics are shaping economic activity and flows in
ways that need a wider range of financing and risk mitigation
solutions including end-to-end SCF
Supply Chain Finance is defined as the use of financing and risk
mitigation practices and techniques to optimise the management
of the working capital and liquidity invested in supply chain
processes and transactions SCF is typically applied to
open account trade and is triggered by supply chain events
Visibility of underlying trade flows by the finance provider(s) is
a necessary component of such financing arrangements which
can be enabled by a technology platform
Source Standard Definitions for Techniques of Supply Chain
Finance 2016
Practitioners and financial institutions based in Asia are proactively
working to develop their SCF propositions in response to evolving
market demand and region-specific practices With ASEAN
integration progressing the Trans-Pacific Partnership advancing
and intra-regional trade growing in importance the central role of
cross-border supply chains and SCF in particular will increase
in the next several years as enablers of trade development and
inclusion
The Standard Definitions are a ldquoliving documentrdquo meant to evolve
with market practice the needs of clients financiers regulatory
authorities and others The next phase will focus on dissemination
education and advocacy in support of global adoption
This is the start of a journey that will only speed up in adoption
impact and importance SCF an idea whose time has come
About Alexander R Malaket A recognised specialist in international trade including trade and supply chain finance Mr Malaket has advised government international institution banking and corporate clients around the world developed and delivered training materials and seminars and authored numerous white papers briefing and policy papers and research reports on a variety of topics in international business finance and international development
About International Chamber of Commerce (ICC) The ICC Banking Commission is a leading global rule-making body for the banking industry It produces universally accepted rules and guidelines for international banking practice With 85 years of experience and more than 600 members in +100 countries the ICC Banking Commission ndash the largest commission of ICC the World Business Organization ndash has rightly gained a reputation as the most authoritative voice in the field of trade finance
wwwiccwboorg
Alexander R Malaket
PresidentOPUS Advisory Services International IncDeputy Head of the Executive CommitteeICC Banking CommissionChairSCF Terminology Drafting Group
The EVP and CFO at Turkcell Murat Dogan Erden proved
in his keynote that even mature companies can adapt quickly to
game changers Turkcell is a dominant telecoms operator that
has successfully managed the transition from a pay-per-minute
market through providing world leading surf speeds content
and services Turkcell is also exploiting its credit management
competence to expand into consumer finance Turkcell will use
its market access through all the connected devices
Developing the FSC doesnrsquot only consist of cutting costs and
lead times It also enables expanding the core business offering
with financial components
About Magnus Lind Magnus Lind is co-founder of The Talent Show He has a background as an international business executive in Europe SE Asia and North America and he has founded companies in 7 different countries where he acted as CEO board director and investor The Talent Show puts innovation and disruption above case studies and legacy thinking
About The Talent Show The Talent Show is a corporate driven event focusing on the whole corporate Financial Supply Chain (CFSC) and how it links to the physical chain The audience consists of CFO and CPO supply chain treasurers and IT Participants include Sandvik Turkcell Port of Rotterdam Abengoa Octal Arriva DONG Energy Ericsson and SABMiller
Some banks and platform providers offer both Dynamic
Discounting as well as SCF with the option to switch between
the two might an opportunity arise for the buyer to invest its cash
for other purposes than to prepay its suppliers A bank will then
be brought in to take over the funding
All in all with all developments in the SCF market it would make
sense for SMEs to explore the potential benefits of SCF for the
business they are in Having said that SCF awareness is still
not very widespread amongst SMEs despite several initiatives
to change that for the better What a pity In the end there is
nothing to lose and everything to gain
About Anita Gerrits For the past 7 years Anita has been a strong believer in and advocate of the concept of SCF She provides consultancy support in this exciting relative new area of finance She also organises workshops acts as guest speaker and trainer to business management as well to students to create awareness and understanding of this topic It all began in 2009 when she played a leading role in achieving a cash flow turnaround of the European Consumer Business of Kimberly-Clark through a massive reduction in working capital She has a corporate background studied business economics credit rating advisory and business valuation
wwwg-raybiz
Anita Gerrits
Supply Chain Finance Specialist
Follow on Twitter Tweet aboutExchangeSummit EXCS16
From E-Invoicing toSupply Chain Financing
October 10 and 11 2016Barcelona Spain
Exchange Summit with 2 major E-Invoicing events in 2016
June 7 and 8 2016Orlando Florida USA
100 FREE TICKETS
100 FREE TICKETS
Apply now on
Apply now on
wwwexchange-summitcomfree100
wwwexchange-summitcomfree100
Key topics 2016
bull E-Invoicing entering a new era ndash global market development and forecast
bull E-Invoicing from a corporate and governmental perspective
bull Implementing tax compliance in a paperless world
bull Compliance and fraud prevention within E-Invoicing
bull Driving forward ARAP and end-to-end P2P automation
bull Global standardisation and status of E-Invoicing interoperability
bull Best practice in onboarding customers to E-Invoicing
bull Supply chain financing ndash new opportunities and challenges
wwwexchange-summitcom
Within our two major E-Invoicing events in 2016 you will
bull network with more than 500 participants
bull meet experts from over 40 different countries
bull evaluate solutions from 50+ service providers
bull benefit from exclusive keynotes best-practices and discussions
Anzeige_EXC_Paypers_Layout 1 14042016 1530 Seite 1
Thus the cross-border invoicing issuance for companies
with subsidiaries worldwide is a real challenge where the law is
applicable (ie country of establishment place of VAT registration
transport invoicing goods or services)
Electronic invoice still on the riseDespite the legal and technical obstacles enterprisesrsquo awareness
of process automation with electronic invoicing and cost
reduction has been steadily increasing Most of them would take
the decision to start e-invoicing shortly if the legislation would be
clearer and standardised On the other hand the governments
are aware of the scale of the VAT fraud and are looking for tools
to seal the system ndash unfortunately each country is trying to find
its own way
However it is highly unlikely that the EU will implement the
clearance model there are several initiatives to speed up
the process The Member States decided to organise multi-
stakeholders forums to implement a European Standard for
e-invoicing (expected in 2017) and increase the interoperability
among service providers Hopefully the Directive 201455
EU on electronic invoicing in public procurement will prove to
be a significant milestone resulting in the mass adoption of
electronic invoices in the structured form (not PDF invoices)
and public authorities will realise the benefits of e-invoicing and
hasten the implementation of common understandable and
unified legislation on cross-border e-invoicing In a nutshell
the stage of market education and convincing towards adopting
automated invoices processing is coming to an end Most of
the enterprises have launched or consider the implementation
of e-invoicing at a country level in the short term Currently the
biggest challenge is to enable the smooth extension of their
projects on the transnational level Finding a service provider with
vast international experience is essential Comarch EDI enables
compliance with all local legal requirements Its membership
in organisations such as the GS1 or the European E-Invoicing
Service Providers Association (EESPA) guarantees that the
company is a reliable partner Comarch EDI has cooperated with
GS1 and EESPA for many years in several countries to make
sure that our services are of the highest quality and the solution
is compliant with national and international requirements
About Bartłomiej Woacutejtowicz He has over 10 years of experience in the field of B2B communication in the supply chain Initially responsible for the EDI market development in Southern and Central Europe he is currently responsible for the development of Comarch EDI portfolio
About Comarch EDI Comarch EDI is a B2B platform which provides a competitive advantage by a fast and secure data exchange with business partners The solution provides the automation of data processing throughout the supply chain from the procurement process through the logistics to invoicing and payment processing
bull Donrsquot overestimate VAT compliance many companies
think VAT compliance requires parties to agree bilaterally on
e-invoicing that conversion by parties is forbidden by VAT law
that invoice originality is a major concern and that authenticity
and integrity are complex The reality is that none of these are
true Conversion of invoices is fact of live for years and no
show-stopper at all Invoice originality is in most European
countries easily solvable by service providers and ERP vendors
in the market the PEPPOL regulatory framework solves
authenticity and integrity and is not a concern anymore for
participants
What should service providers and ERP vendors do Embrace
openness Opening your platform does not harm your business
model Instead it allows easy integration of your platform with
many other e-invoicing ERP and accounting software vendors
with only one standard and protocol (PEPPOL) It eliminates the
need for costly bilateral agreements And it also empowers your
existing and new customers to use your services beyond your
platform
In a nutshell the paradigm of open e-invoicing and further
collaboration between e-invoicing providers ERP and accounting
software vendors in the area of interoperability is essential to
move Europe further in e-invoicing The private sector should now
step in and leverage that growth
(1) DNS is the same mechanism that makes sure that www
simplerinvoicingorg is translated into a technical IP address
of our web server The same mechanism is used to resolve
for example a VAT number into the IP address to which an
e-invoice can be delivered
About Jaap Jan Nienhuis Jaap Jan Nienhuis is Manager Simplerinvoicing at SIDN He is responsible for managing the Simplerinvoicing scheme authority Jaap Jan has a special interest in the development of new services in 4-corner models In his former roles he has been involved in a number of European collaborative e-invoicing initiatives including the EBA E-invoicing Working Group
About SIDN Simplerinvoicing is a collaboration between leading European e-invoicing and accounting software providers who all strive for mass adoption of e-invoicing by interoperability and standardisation Simplerinvoicing is a PEPPOL Authority The Dutch government is connected via Simplerinvoicing
wwwsimplerinvocingorg
Jaap Jan Nienhuis
Manager SimplerinvoicingSimplerinvoicing
DONT MISS THE OPPORTUNITY OF BEING PART OF LARGE-SCALE PAYMENTS INDUSTRY OVERVIEW
The Paypers offers the most valuable source of information and guidance for all parties interested in the current state of affairs of the payments industry
Paul Alfing Chairman e-Payments Committee Ecommerce Europe
Once a year The Paypers releases three large-scale industry overviews covering the latest trends developments disruptive innovations and challenges that define the global onlinemobile payments e-invoicing B2B payments ecommerce and web fraud prevention amp digital identity space Industry consultants policy makers service providers merchants from all over the world share their views and expertise on different key topics within the industry Listings and advertorial options are also part of the Guides for the purpose of ensuring effective company exposure at a global level
For the latest edition please check the Reports section
ONLINE PAYMENTSAn all-in-one reference guide on (online) payments amp ecommerce industry trends evolving business models top players and relevant (alternative) payment methods
B2B PAYMENTS SCF amp E-INVOICINGIndustry voices from the online finance space share insights into the dynamic B2B payment e-invoicing supply chain finance industries to support innovative solutions amp thriving businesses
WEB FRAUD PREVENTION ONLINE SECURITY amp DIGITAL IDENTITYIn-depth source of information highlighting key facts amp trends into the global digital identity transactional and web fraud prevention amp detection ecosystem
card application foreign exchange services etc) in a quick
easy and frictionless manner from a variety of service providers
Automation and great UX being the name of the game
They do not have to provide the financial services directly to
the customer They can act as the broker the digital conduit
for products and services benefiting from the commercial
relationships struck with selected service providers
The world of retail banking and payments is set for great change
About Brendan Jones A senior management consultant with over 30 yearsrsquo experience in the payments industry working with a variety of organisations including technology amp service providers and financial organisations Previously held senior roles focusing on business strategy regu lat ion bus iness deve lopment MampA product development programme amp operations management and business process reengineering
About Evolution Payments Consulting Evolution Payments Consulting (EPC) provides payment consulting services to the financial services industry and allied organisations EPC provides payments industry advice to companies looking to support the implementation of new regulation developlaunch new banking and payment propositions re-purpose existing products and services to meet the new and existing regulatory requirements
(prevalent in the recruitment process outsourcing (RPO) world)
unlimited liquidated damages clauses and ban on assignment
clauses The latter contractual terms seek to prevent suppliers
from using their unpaid invoices to access invoice finance
Admirably the government is already taking specific legislative
action against these with the aforementioned Small Business
Act enabling Regulations (expected shortly) to render such
clauses ineffective belatedly bringing the UK into line with
most of the other major world economies This will allow invoice
financiers to provide more funding to more businesses and will
particularly benefit the smaller supplier businesses that suffer
most from these unnecessary clauses
Ultimately this should also be good for larger customer businesses
who will benefit from more stable and well-funded supply chains
Of course whilst invoice finance can help SMEs unlock funding
it is not a silver bullet and is not a substitute for paying suppliers
promptly and treating them fairly For that there needs to be a
cultural shift and that is where an empowered and resourced
Small Business Commissioner could have a real impact
About Matthew Davies Matthew is the Director of Policy and Communications at ABFA
About ABFA The ABFA represents the asset based finance industry in the UK and the Republic of Ireland Members include UK and Irish high street banks specialist and challenger banks specialist businesses of international banks and corporates and independent nonbank finance providers
wwwabfaorguk
Matthew Davies
Director of Policy and CommunicationsAsset Based Finance Association
[The above material is drawn from a Guidance Paper prepared
for the European Multi-Stakeholder Forum on e-Invoicing and
prepared by the writer in conjunction with an Activity Group of
the Forum]
About Charles Bryant Charles Bryant is Secretary General of EESPA and also active in the Global Supply Chain Finance Forum
About EESPA The European E-invoicing Service Providers Association acts as a trade association at European level for a large and dynamic community of e-invoicing service providers drawn from organisations that provide network business outsourcing financial technology and EDI services EESPA is an International Not-for-Profit Association organised under Belgian law Formed in 2011 it has over 60 full and associate members and is involved with a range of important initiatives in interoperability the public policy debate and promoting adoption
The International Association of Alternative Finance (IAAF
orguk) has been taking a lead through 2015 in encouraging
platforms to work together to develop standards The concept
is to not make anything mandatory at this stage but to build
guidelines that members can work towards This has been
achieved in parallel with key stakeholders and regulators
The latter have been especially supportive as they do not want to
kill an embryonic alternative finance sector
However the fate of the sector very much rests in the decisions
of platforms and funding providers Do they lose the agility
of alternative finance or do they work together on building
guidelines and standards which could become the kind of
regulation that will support growth The IAAF is launching the
first Guidelines for the growth of alternative finance on June 16
The guidelines cover key areas required to support the growth
of the sector and will hopefully provide the pathway that the
industry needs
About Tony Duggan Tony was previously Supply Chain Development Director at Wickes where he developed Europersquos largest B2B platform As Consulting Services Director at Bolero a division of the SWIFT banking network he worked with some of the worldrsquos largest banks on global SCF initiatives This unique experience along with his real experience in start-ups and SMEs has provided him with real insights into the challenges of SCF and has been fundamental in the design of the Crossflow solution
About IAAF Founded in London in 2014 the International Association for Alternative Finance (IAAF) is an industry body committed to the promotion and development of the Alternative Business Finance sector IAAF sets out its drive for the Business Alternative Finance to be applied with excellence globally thereby creating opportunities for members and supporting the economy development as a whole The Associationrsquos four key focus areas are regulation reputation operational environment and future growth
CloudTrade is one of the fastest growing e-invoice networks and built firmly on the premise that e-invoicing should be free for suppliers easy-to-use and non-disruptive ndash only then will suppliers move away from paper These principles underpin the CloudTrade service which ensures high supplier adoption is guaranteed
Website wwwcloudtradenetworkcom
Service provider type E-invoicing service provider
Head office location UK
In which market do you provide your services
North America Europe Middle EastAfrica AsiaPacific
Contact details Mr Richard Manson Commercial Director richardmansoncloud-tradecom +44 (0)7956 441898 2-6 Boundary Row London SE1 8HP
Active since 2010
Keywords electronic invoicing e-invoicing PDF invoicing P2P purchase to pay e-order O2C order to cash
Markets
Which side in the supply chain is your primary target group
Both buyers and suppliers
B2B B2C andor B2G (Government)
B2B B2G
Target customer Corporates
Are you specialized in a certain industry
Generic (no specific industry)
Proposition
Which processes in the supply chain do you facilitate
Ordering supply chain invoicing
Support interoperability with other service providers
Yes ndash we currently interoperate with a number of service providers Furthermore CloudTrade is a registered Access Point on the PEPPOL network
Which pricing model do you mainly use
Subscription and transaction-based
Solution description CloudTrade removes the barriers to supplier adoption Our patented solution provides a non-disruptive way for a supplier to send electronic invoices ndash without having to change systems or infrastructure The net result is that we will remove more paper from an organisation in a shorter time frame than any other e-invoicing approach
Services which of the following services do you offer
Purchase Order Flip No
Matching of related transactions Yes ndash match invoices to POs contracts service entry sheets or goods receipt Business rules can be amended per customer
Distribution of e-invoices Yes
Invoice presentment portal No ndash a portal is available for the receiving organisation but not for the sending organisation Processing updates are provided to the supplier via e-mail
Legal compliance tools Yes
TAXVAT compliancy Yes
e-Signature service Yes
Finance amp (reversed) factoring services
Yes ndash offered through a CloudTrade partner
(Dynamic) discounting Yes ndash offered through a CloudTrade partner
Which standards do you support All current major e-invoicing e-billing and payment standards
Conversion from or into various XML formats (mapping)
Yes
Content validation of incoming invoice data
Yes ndash each document is validated against a set of document and customer specific validations
Facilitate customer onboarding Yes ndash due to the ease by which suppliers are able to adopt CloudTradersquos e-invoicing service typically more than 90 of suppliers that we are asked to on-board will come on board
Other services The core technology underpinning CloudTradersquos service is document agnostic We can (and do) provide e-document services across numerous sectors and document flows
Comarch is a global provider of IT solutions Comarch has more than 20 years of industry experience thousands successfully completed projects in over 40 countries worldwide references own RampD department made up of high-end IT engineers high ranking IT analyst ratings Gartner IDC Truffle 100 custom data centers in Poland and Germany
Website wwwcomarchcom wwwedicomarchcom
Service provider type Software vendor e-invoicing provider
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Licensed SaaS transaction-based
Solution description Comarch EDI provides the companies with smart solution enabling exchange of validated and tax compliant invoices in the format adjusted to back office systems It provides electronic archive and electronic signature as well as Service Desk in 12 languages (including English German French Turkish Russian) to guarantee onboarding of each partner
Services which of the following services do you offer
The most experienced team in the e-billing and payment industry ebpSource delivers software solutions consultancy and support to billers banks payment processors and outsourcers ebpSource brings unparalleled knowledge and a highly successful track-record designing developing deploying integrating and supporting many of the largest and highest-adoption services of this kind worldwide
Website wwwebpsourcecom
Service provider type Software vendor and reseller ndash e-billing e-invoicing e-signing mobile payment supply chain finance and authentication specialists Large-scale projects at a national and international level Ongoing support and specialist consultancy
Head office location United Kingdom
In which market do you provide your services
Globally
Contact details Steve Wright Commercial Director swrightebpsourcecom +44 1753 567896
Which side in the supply chain is your primary target group
Both suppliers and buyers
B2B B2C andor B2G (Government)
B2B B2C B2G
Target customer Corporates
Are you specialized in a certain industry
Cross-industry with specific specialisations in national e-bill consolidation bank-based e-invoicing and payment telecoms and utility e-billing e-signing and smart authentication
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
ebpSource has a wealth of experience in connecting e-billing and payment infrastructures at a national and regional level
Which pricing model do you mainly use
License subscription transaction-based
Solution description ebpSource provides a range of software consultancy and support services to help clients achieve new levels of operational efficiency customer service and cost reduction The team works closely with clients to design develop deploy integrate and support end customer applications Our key focus is long-term strategic partnerships with customers
Services which of the following services do you offer
Order2Cash is a pioneering provider of global order to cash optimisation services Cited by Gartner as a pure-play Order2Cash solution provider our services empower the work of Fortune 500 companies and leading enterprises around the world helping them to reduce costs and optimise spending on resources and technology Discover more at wwworder2cashcom Order2Cash is an Anachron company wwwanachroncom
Website
Service provider type
Head office location
In which market do you provide your services
Contact details
Active since
Keywords
wwworder2cashcomOrder2Cash provides flawless integration of the entire accounts receivable process across the enterprise and around the globe End-to-end global SaaS solutions including credit checks secure online contract signing multi-channel e-invoicing online payments credit management and document archiving
EMEA Head office Amsterdam the Netherlands US Head office NY USA
Yes we have interoperability agreements with an extensive range of B2BB2G e-invoicing networks and are a member of the European E-Invoicing Service Providers Association (EESPA)
Transaction-based pricing
Order2Cashcom offers a suite of SaaS solutions that combine to create a flawless integration of the entire accounts receivable process across the enterprise and around the globe Its modules support credit checks contracting e-invoicing payments and credit management Select components and tailor a solution to suit your business needs
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes Our solutions integrate with 700+ ERP systems for easy document exchange In addition we are connected with over 25 P2P platforms
Invoice presentment portal Yes
Legal compliance tools We work closely together with partners such as PwC and EY to ensure international TaxVAT compliancy
TAXVAT compliancy Global coverage
e-Signature service Every document is signed with an e-signature (QES or AES) to guarantee integrity and authenticity and to meet VAT requirements This can be completed with a timestamp
Finance amp (reversed) factoring services
Offered through partner network of financial institutions
e-Archiving Every document is securely archived complete legal storage period
Scanning of paper invoices Yes in cooperation with our network of output partners
Total invoice management 100 paper to electronic
Yes
Printing Yes in cooperation with our network of global output partners
Workflow functionality Yes
Direct integration with payments Yes
Accounts Payable management Available in cooperation with our network of output patners
Accounts Receivable management
Yes
Integration with ERPaccounting software
Yes We have established connections with over 700 ERP systems
Which standards do you support UNCEFACT CII ISO20022 Financial Invoice UBL 20 and others if required
Conversion from or into various XML formats (mapping)
Yes Any structured data can be converted to XML format
Content validation of incoming invoice data
Yes All data is validated and reported
Facilitate customer onboarding Yes Full support guidelines and advice is offered to all clients on customer activation
Other services Related to invoicing reporting query management customer grouping authorisation tools consolidated billing Alongside invoicing services your Order2Cash solution can expand to include online payment functionalities robust credit management and cash application tools as well as a secure online contract and document signing service Further details on the full platform can be found on our website
Connecting everyone everywhere
Flawless integration of the entire AR process across the enterprise
and around the globe
wwworder2cashcom
Fix Your Leaky Receivables Scan the QR code to claim your FREE Diagnostic Spreadsheet and measure the hidden costs in your accounts receivables processes
Saphety is a leading company in global network solutions for electronic documents exchange document presentment data synchronisation and public procurement Saphety has 4700 companies and over 129000 users throughout more than 30 countries
Website httpwwwsaphetycom
Service provider type E-invoicing service provider bank software vendor reseller or specialist
Head office location Portugal (headquarters in Lisbon and operational offices in Bogotaacute Colombia and Satildeo Paulo Brazil)
In which market do you provide your services
Global
Contact details infosaphetycom +351 210 114 640
Active since 2000
Keywords electronic documents exchange e-invoice invoice software paperless transactions EDI document presentment public procurement data synchronisation
Markets
Which side in the supply chain is your primary target group
Buyers suppliers both
B2B B2C andor B2G (Government)
B2B B2G
Target customer Micro SMEs SMEs corporates and government
Are you specialised in a certain industry
Automotive government healthcare retail utilities telecom tourism oil amp energy finance (bank and insurance) mass businesses and others
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Subscription transaction-based
Solution description SaphetyDoc enables you to exchange business documentation electronically including purchase orders delivery notes and invoices in a simple way at a low cost While complying with all legal requirements related to e-invoicing SaphetyDoc allows to completely eliminate the use of paper in the invoicing process from issuance to sending and approval
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes
Invoice presentment portal Yes
Legal compliance tools Yes
TAXVAT compliancy AU AT BE BG CA CY CZ DK EE FI FR DE GR HK HU IS IE IM IL IT LV LI LT LU MT MX MA NL NZ NO PL PT RO SG SK SI ZA ES SE CH GB US
e-Signature service Yes we provide e-Signature Service We can also use external e-Signature service if requested by client
Tungsten Corporation accelerates global trade by enabling customers to streamline invoice processing improve cash-flow management and make better buying decisions Tungsten Network helps buying organisations reduce their invoice-processing costs by 60 and profit by applying real-time spend analytics to their line-level invoice data Suppliers gain efficiencies greater payment-status visibility and optional early payment
Website wwwtungsten-networkcom
Service provider type Global e-invoicing network invoice finance and spend analytics
Head office location London UK
In which market do you provide your services
Globally
Contact details Mr Ruud van Hilten SVP Global Buyer Sales ruudvanhiltentungsten-networkcom +44 87 0165 7420
Active since 2000
Keywords electronic invoicing accounts payable procurement supplier network purchase to pay invoice finance spend analytics AP workflow
Markets
Which side in the supply chain is your primary target group
Generic (no specific industry) E-invoicing is a horizontal process
Proposition
Which processes in the supply chain do you facilitate
Invoicing purchase to pay working capital financing purchasing orders supplier self-service real-time spend analytics
Support interoperability with other service providers
Yes We interoperate with compliant service providers where there is customer demand qualifying invoice volume and compliance is maintained
Which pricing model do you mainly use
Balanced-costs are shared by buyers and suppliers Low volume suppliers receive 52 free invoices annually and high volume suppliers receive 520 free invoices annually After these free invoice transactions have been used a flat fee structure is applied per invoice transaction
Solution description The worldrsquos largest organisations connect with thousands of suppliers around the globe through Tungsten Network We enable companies to send and receive error-free tax-compliant invoices around the globe without the need to install any hardware or software We provide a unique supplier engagement and onboarding programme to ensure that suppliers participate and transact with their buyers
Services which of the following services do you offer
Purchase Order Flip Yes We can take POs from all sources in a buyerrsquos structure and present these to the supply chain Suppliers can convert POs directly into invoices on our portal
Matching of related transactions Yes We match invoices with POs online-level if required
Distribution of e-invoices Yes We enable companies to send and receive compliant B2B invoices
Invoice presentment portal Yes Suppliers can use our portal to manually enter their invoice data convert a PO check the status of their invoices and select early payment
Legal compliance tools Yes Our rules engine enables companies to receive compliant invoices in all the jurisdictions we are compliant in
TAXVAT compliancy Yes We work with local tax authorities to enable companies to send and receive compliant invoices We are currently compliant in 47 countries with a pipeline of new countries in progress
e-Signature service Yes All compliant invoices are digitally signed where required by local regulations We provide at-source signature verification
Finance amp (reversed) factoring services
Yes Invoice financing is a service we offer through Tungsten Network Finance This can be funded by Tungstenrsquos own financing partners the buyer or the buyerrsquos banking partners
(Dynamic) discounting Yes We offer this service on a case-by-case basis via Tungsten Network
e-Archiving Yes We provide legally compliant archiving
Scanning of paper invoices Yes As a component of a structured e-invoicing programme
Total invoice management 100 paper to electronic
Yes As a component of a structured e-invoicing programme
Printing Yes We can arrange this service through a partner
Workflow functionality Yes We can arrange this service through a partner
Direct integration with payments Yes Tungsten Bank has access to all relevant payment systems
Accounts Payable management No We partner with the worldrsquos largest BPO providers
Accounts Receivable management
No We partner with the worldrsquos largest BPO providers
Integration with ERPaccounting software
Yes We fully integrate with any ERP financial software
Which standards do you support Yes We support all structured file formats and most data standards
Conversion from or into various XML formats (mapping)
Yes We support all structured file formats and most data standards
Content validation of incoming invoice data
Yes We use extensive and flexible rule-sets to ensure compliance with our buyersrsquo business processes
Facilitate customer onboarding Yes We provide a unique supplier engagement and onboarding programme and can contractually guarantee paper conversion rates in best practice projects
Other services Purchase order services invoice status service spend analytics supply chain finance
In total nearly GBP 149 billion was lent to SMEs in the UK
(a 99 year-on-year growth rate and 194 average growth rate
between 2013 and 2015)
Interestingly enough innovative corporate partnerships are
being forged between alternative finance platforms with the likes
of Virgin Amazon Uber Sage and KPMG This has certainly
pushed boundaries ndash merging the traditional corporate world
with the disruptive models of alternative finance
Invoice trading the second highest model continues to be a
popular financing tool for small and medium-sized enterprises
wanting to trade their invoices or receivables at a discount
in exchange for the speedy procurement of working capital
However while the GBP 270 million market size in 2014 grew by
178 compared to 2013 growth from 2014 ndash 2015 was more
modest with a 20 growth rate to GBP 325 million
Zooming in on the strategies banks (and alternative finance
providers for that matter) use to better position themselves we
identify a lot of partnerships Banks teaming up with online lenders
This is a different dynamic ndash instead of trying to displace banks
online lenders decided to strike partnerships For instance On
Deck teamed up with JP Morgan Chase and said it will help speed
up the process of offering small business loans to the banks 4
million customers Lending Club another online lender tied-up
with Citi Moven partnered marketplace lender CommonBond
In a game of tongue twisters American Banker said that fintechs
team up to become more like a bank I would argue that banks
team up with fintechs to become more like a fintech
Also another question arises what if a corporate want to expand
into more countries That may mean to establish a physical
presence in each location that is relevant to their client Could
banks satisfy that need too
The industry is dynamic and some companies leapfrogged some
steps but although the developments are innovative and exciting
the road ahead is paved with many bumps
About Mirela Amariei Crafting large-scale industry reports carrying out interviews and writing about innovation in payments and fintech are Mirelarsquos daily treats As the Senior Editor at The Paypers she speaks frequently with key thoughts leaders to identify trends and trendsetters She can be reached at mirelathepayperscom and via Linkedin wwwlinkedincominamarieim
About The Paypers The Paypers is the leading source of news and intelligence for professionals in the payment community worldwide Our products are aimed at merchants payment services providers processors financial institutions start-ups technology vendors and payment professionals and have a special focus on all major trends and developments in payments-related industries including online and mobile payments and banking ecommerce e-invoicing supply chain finance web fraud amp security and many others
B2B payment innovation the beginning of exciting times
Deutsche Bank
Why should banks and corporates invest in real-time payments For corporates the benefits stem from the capability for executing
time-sensitive transactions ndash such as High-Value critical vendor
or MampA-related payments ndash while receiving close-to-immediate
proof of execution instead of waiting for the specific entry to be
documented by standard intraday reporting
For banks to serve client needs they need to be involved in these
developments which is why Deutsche Bank and others are helping
develop a Pan-European Instant Payment Solution For large
banks involvement in establishing such future paymentcollection
platforms is a revenue loss avoidance tactic rather than a
profit creation one as they will otherwise lose market share to
disruptors And while urgent payments can currently be more
expensive there may be a regulatory push for banks to provide
real-time payments with no extra charges in the near future
What are the benefits and challenges of implementing pay-on-behalf-ofcollect-on-behalf-of structuresPOBOCOBO structures help corporates consolidate cash
flows and rationalise account structures as well as increasing
purchasing power when negotiating cash management terms
with banks POBOCOBO simplifies liquidity management as
cash is centralised through domestic and cross-border cash
concentration It also allows for streamlined cash management
activities across subsidiaries as payments and receivables
are bundled in one place (such as a Shared Service Centre)
for execution out of the central account Improving cash and
liquidity management in these ways reduces credit need and the
operational burden on subsidiaries
Deutsche Bankrsquos experience and feasibility studies on POBO
COBO in Europe over the past four years have shown four kinds
of challenges market-specific practices and legal tax and
operational considerations In addition POBOCOBO structures
differ in the status of the underlying account For POBO the
ordering account can be a normal operating account in most
jurisdictions but since funds collected within COBO structures
often relate to different legal entities the underlying account is
often considered a trust account This has further implications
For instance depending on regional Anti-Money Laundering laws
an account can contain either own funds of the account holder
or funds that belong to third parties (trust accounts) ndash not both
That in turn may require corporates to separate some incoming
transaction flows from the entities flowsrsquo part of the on-behalf-of
structure
What main friction points in B2B cross-border payments will disappear in the next five yearsDevelopments driven by regulatory change or facilitated by
technology and solution-based improvements will ultimately
allow for more frictionless and cost-effective transaction
processing For example the Payment Services Directive (to be
updated soon by PSD-2) affected cut-off times and value-dating
habits and a shift will likely take place in this area to align cross-
border payments in different currencies with the same value-
dating as SEPA payments
Similarly currency payments will likely become easier thanks
to automated conversion services such as Deutsche Bankrsquos
FX4Cash which offers client ease-of-use real-time FX rates
and enhanced transaction data And solutions such as Virtual
Accounts will improve reconciliation and accounting (through the
rationalisation of physical bank accounts across a region)
Retail banking has experienced futuristic leaps in the payments space ndash now is the time for the same level of transformation and convenience in the B2B space
The industry is poised to apply such innovation to the B2B space ndash but only through collaboration will this be possible
What bank-core competencies foster innovation and growth through fintech partnerships in the B2B payments space We have witnessed the effects of the first wave of digitalisation
on daily activities particularly through smart devices and apps
Peer-to-peer and C2B processes have already experienced
radical transformation and the industry is poised to apply such
innovation to the B2B space ndash but only through collaboration
between incumbents and new players will this be possible
Fintechs have the technical skills and understanding of consumer
behaviour fail-friendly mindset and regulatory freedom to be
innovative ndash but in an increasingly competitive landscape that
will see market consolidation over coming years they need more
than that to survive Banks conversely experience internal and
external obstacles to innovating independently including legacy
systems internal siloes a cautious culture and tighter regulatory
restrictions But by offering the strength of their established
reputation global infrastructure existing client-base and expertise
regarding risk regulation and treasury needs banks can support
fintech growth bring new products to market through such
strategic alliances and successfully scale-up new offerings
What are the Bankrsquos plans for blockchainDistributed Ledger Technology is not new but interest around its
potential applications is rising and opportunities for blockchain
ndash from fraud prevention and risk reduction to quicker and more
transparent payment flows ndash cannot be ignored We are at the
beginning of the blockchain journey and the ways it will change
business models processes and ecosystems are yet to be
seen but we predict immense potential up and down the value-
chain Participants ndash for example it was one of the first banks to
test smart contracts for corporate bonds which was conducted
in-house in collaboration with the DB Labs Deutsche Bank
recently opened innovation labs in London and Berlin with a third
just opened in Silicon Valley which will help the Bank best utilise
new technologies and deepen relationships with start-ups In a
decade there will be myriad different blockchain technologies and
interoperability will be crucial The Bank is an initial driving member
of blockchain consortium R3 CEV and participated in trials of five
distinct blockchain technologies with other member banks
About Andrew Reid Appointed to his current role in 2013 Andrew has been with the Bank for 17 years within corporate cash management and trade finance Andrew supports and advises clients in adapting to the new regulatory environment and optimising their treasury operations
About Deutsche Bank Deutsche Bank provides commercial and investment banking retai l banking transaction banking and asset and wealth management products and services to corporations governments institutional investors businesses and private individuals Deutsche Bank is Germanyrsquos leading bank with a strong position in Europe and a significant presence in the Americas and Asia Pacific
gtbdbcom
Andrew P Reid
Managing Director and Head of Cash Management Corporates EMEA Global Transaction Banking
When paying the supplier the buyer issues a payment
instruction from its accounts payable to the bank This initiates
the transfer of title of currency and a time-stamp makes the
transaction irrevocable The intermediary bank may enjoy
blockchainrsquos irrevocability and title transfer to secure the
uniqueness and traceability of the transactions underpinning
the cash transfer The distributed nature of the blockchain
ledger avoids any delayed centralized control of AML screening
checking of availability of funds and clearing billing and
reporting activities All executed operations are validated within
The ledger offers the extra capability to the bank to swiftly handle
format translations from the clientrsquos accounting system A smart
contract on the blockchain provides the bank with the capability
to charge transparent and auditable service fees
The distributed ledger operates as the connectivity software
that the clearing network provides to all trading parties and
intermediaries The network is also capable of offering time-
stamping services as well as detect transactions that may trigger
the execution of smart contract applications Format translations
can be easily offered as a value added service
The beneficiary bank receives notice of an irrevocable transfer of
cash title that the distributed ledger renders valid and immediately
executable The ledger also streamlines all necessary account
management verifications to validate the payment data The sellerrsquos
account is immediately credited and all subsequent regulatory
and accounting reporting is made auditable and irrevocable
Bank services can be charged via smart contract applications
agreed between the parties The blockchain enables the seller-
ie the B2B payment receiving party- to update the accounts
receivable database with a payment confirmation that becomes
an auditable transaction
Blockchain is certainly not the panacea for all problems but the
frequency of applied features to the B2B payment processes
tells however that all parties involved could strongly benefit
from this technology without the need for anyone to be removed
About Enrico Camerinelli Enrico Camerinelli is a senior analyst at Aite Group specializing in wholesale banking cash and trade finance and payments He brings a strong European focus to Aite Grouprsquos Wholesale Banking practice Mr Camerinelli has been widely quoted by publications ranging from American Banker to the Financial Times
About Aite Group Aite Group is an independent research and advisory firm focused on business technology and regulatory issues and their impact on the financial services industry With expertise in banking payments wealth management capital markets and insurance Aite Groups analysts work with clients as partner advisor and catalyst
No discussion of B2B payments futures would be complete
without touching on the blockchain Such solutions seem likely
to play an important role How the various ldquonot-Bitcoinsrdquo with
their technical and regulatory benefits will fare against Bitcoin
itself remains unclear Standards such as the ldquoInterledger
Protocolrdquo could play a role perhaps enabling an ldquoInternet of
Valuerdquo layer for the IoP That said in global B2B payments
the ldquochicken-and-eggrdquo challenges that are inherent in any
new network technology clearly exist Blockchain adoption as
a purely ldquoback officerdquo or inter-bank technology seems likely
to happen first within narrowly-defined early use cases and
communities Adding value to pre-existing end-user (buyer-
seller) interactions like Skype did may be one plausible early
adoption scenario ldquoPiggy-backingrdquo on another network layer or
use case like Paypalrsquos initial use for eBay payments is another
way to think about this Combining all of these may work best
end user demand can be effective in driving adoption by solution
providers notably banks in this case
An Internet of Payments as it emerges will reshape the B2B
payments industry and much more besides It will likely develop
quite suddenly as a mass phenomenon much like the Internet in
the mid-nineties It will create winners and losers Those who move
early to test learn and shape the emerging Internet of Payments
ecosystem and framework will be best positioned to win
About Roger Bass Roger Bass is Founder CEO and Principal of Traxiant Previously with Intuit for eleven years he recently led a Network Payments initiative Other instrumental roles included the launch of Intuitrsquos European operations first online banking solution SMB Internet group and the QuickBooks platform Reach out via rogertraxiantcom
About Traxiant Traxiant provides software and consulting solutions to help financial and technology providers grow their B2B Payments and Financing solutions and profit from the Internet of Payments Solutions and areas of expertise include card e-payables global payments receivables financing and supplier networks
bull Various parties in a supply chain can all be paid when the end
consumer purchases the product For example a consumer
buys a song online At the moment of purchase the amount
paid is distributed amongst the band the producer the studio
and the record label All parties are rewarded based on their
added value
Blockchain-based payments open up many possibilities
Not only is it possible to trade easier and cheaper but also
payments can be made smarter Banks are particularly interested
in this new technology and are closely investigating the potential
it may offer to them It is exciting times for banks and payment
institutions as with blockchain the real disruption is knocking
on the door The disruption here is not that things are done a
bit smarter more efficient or faster The disruption in payments
is that there is technology available that makes banks PSPs
credit card companies redundant Cutting out these middlemen
by making use of technology that provides the same trust and
robustness (or perhaps even more) will increase the speed of
payments increase the possibility to trade with each other while
significantly reducing costs
About Kris Wielens Kris Wielens is Senior Consultant with Orchard Finance He has more than a decade experience is (corporate) payments with various fims He has been active as Head of Strategic Partnerships EMEA Business Development Manager Sales Manager and Credit Analyst
About Orchard Finance Orchard Finance is a leading independent consultancy and staffing company specialized in the areas of Finance and Treasury Tailoring to our clients we offer advisory services project management and staff ing support Our professionals have a long standing reputation based on operational and project experience in banking corporate finance and treasury management amp control
Phase 3 Automatable transactional network (5-7 years)As soon as the SCF community gains communal understanding
of blockchain as a transactional network then the next natural
line of inquiry could be the nature of transaction initiation During
this inquiry the following components of blockchain technology
will be discovered and the third phase might commence
bull Multi-signature capability ndash a means of separate entities to
safely and securely state whether an event took place or not
bull Smart contracts ndash agreements that automatically execute the
change of ownership of funds or goods based on whether an
event took place or not
bull Cryptocurrencies ndash a set of tokens of a variable but crypto-
graphi cally verifiable amount which is used for efficient value
transfers
By means of combining multi-signature and smart contracts with
existing e-mandates or cryptocurrencies the automatic payment
of invoice amounts or other types of collateral could be initiated
and executed instantaneously and automatically This will open
the path towards an international SCF network that automatically
creates investment grade financial instruments as a seamless
part of the supply chain process
ConclusionAlthough history shows us that we can only have so much
foresight we see a clear match between the features of blockchain
concepts and SCF we believe that at some point blockchain will
be a prominent part of SCF The speed at which SCF will evolve
and innovate will depend on the creativity of its stakeholders
and how fast the common understanding on how to use the
technology will develop Seeing that blockchain technology has
something compelling to offer at each phase of understanding we
see rapid developments taking place sooner than later
About Gys Hough Gys Hough follows the develop-ment of blockchain concepts since 2012 and was involved in shaping several business ideas based on blockchain concepts in the field He is also involved in the facilitation of various discussions surrounding blockchain applications in the financial industry
About Innopay Innopay is an independent consulting company specialised in online payments digital identity and e-business We help our clients including financial institutions governments and corporates to develop the compelling strategies and digital services for consumers and companies that are key for successful competition in a rapidly digitising world
Launched in December 2015 to much anticipation in the industry
the initiative has received strong backing with more than 50
leading banks already signed up The Paypers spoke to Wim
Raymaekers SWIFTrsquos Head of Banking Market and programme
manager of the global payments innovation initiative to find out
more about this exciting move
We often hear that B2B payments are opaque complex and risky Why do you think that is and where do you think that improvements can be madeYes currently when a corporate treasurer sends a request
for a cross-border transaction to his bank he typically has no
sight on what actually happens with that demand They often
liken this to a lsquoblack holersquo saying they have no view on when
payments occur or their final costs This can lead to problems
with suppliers or end-customers not to mention increasing
financial risks resulting from payment delays or non-compliance
with regulatory requirements
I think improvements can be made in three main areas firstly
the speed of payments corporates want fastest payments so
banks need to be able to guarantee that they are made within
certain timeframe Secondly corporates want to know the
exact payment amount that will reach their counterparty ndash here
banks need to provide transparency on the fees involved and
the amount credited to the creditor And thirdly they want to
be able to track payments banks need to let corporates know
when payments have been initiated and credited to the creditors
account to avoid delays in the supply chain or frictions between
supplier and seller
What are the opportunities for a corporate to leap forward through the use of the cross-border payment industryCorporates are not in the business of payments they just want
to buy and sell Yet they do have to manage their treasury to
make those payments ndash so a better faster more transparent
payment solution is important to them On top of that having
a good payment infrastructure benefits your supply chain
Because if the money does not get to the supplier in time the
credit line will go up causing delays on all fronts So the better
your payment infrastructure is the stronger and more reliable
your supply chain is
Designed for the corporate treasurer SWIFTrsquos global payments innovation initiative offers an ambitious roadmap for reinventing the correspondent banking model as we know it today With ever increasing competition from new entrants offering same-day or even real-time payment facilities SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
Correspondent banking rejuvenated
SWIFT is uniting the banking industry to provide corporates with a cross-border payment service that offers greater speed transparency and predictability
What can you tell us about the global payments innovation initiative (gpii) and what are SWIFTrsquos plans in regard to this initiativeAs part of the initiative SWIFT is working in close collaboration
with the largest transactions banks in the world to enhance
their corporate customersrsquo cross-border payment experience
Together we will strive to provide a faster service with upfront
clarity on costs confirmation of delivery and richer remittance
information data
We are now working together with the banks to commonly
agree service level agreements (SLAs) to which all the initiative
member banks must comply The new service will be designed
to address end-customer needs without compromising banks
abilities to meet their compliance obligations market credit and
liquidity risk requirements
What is the role of blockchain in this initiativeSWIFT is devoting significant resources to instigate the
opportunities and challenges of deploying blockchain and
distributed ledger technologies more broadly on our platform
While the initiative aims to first make improvements based on the
existing infrastructures in parallel we are building a gpii vision
for cross-border payments This will set out how we will adopt
new technologies in order to ensure corporate customers receive
the best possible payments experience in the near future
Wim Raymaekers
Head of Banking MarketSWIFT
About Wim Raymaekers Wim Raymaekers leads SWIFTrsquos banking initiatives worldwide and is responsible for developing and driving value propositions across the banking community In this capacity Wimrsquos mission is to help banks grow their business particularly in view of changing customer and market requirements
About SWIFT SWIFT is a global member-owned cooperative and the worldrsquos leading provider of secure financial messaging services We provide our community with a platform for messaging and standards for communicating and we offer products and services to facilitate access and integration identification analysis and financial crime compliance
Which are UniCreditrsquos strategies to remain competitive in the B2B cross-border payments spaceUniCredit is taking a number of steps to ensure that it offers a highly
competitive portfolio of payments services including a number of
tools for simplifying cross-border transactions
In particular UniCredit has invested considerably in the
Bank Payment Obligation (BPO) ndash a settlement tool which
enables firms to execute secure transactions mediated by
partner banks through a quick and efficient digital process
When carried out properly BPOs combine the risk mitigation and
financing advantages of Letters of Credit (LCs) with the digital
speed of open account settlement This makes them particularly
advantageous for cross-border transactions ndash especially with
unfamiliar counterparties or those concentrated in a particular
region or industry Thanks to bank mediation the risk of non-
payment in such cases is drastically reduced ndash allowing firms
to take on more business and sell their receivables more easily
UniCredit has worked hard to bring these benefits to clients in
the most efficient and convenient format possible ndash offering vast
improvements on LC processing times which are only set to
increase once the process is fully digitalized This principle of
fully digitalized processes is also reflected in UniCreditrsquos virtual
accounts services which enable clients to consolidate their
bank accounts in a given currency into a single ldquoparentrdquo account
This can then be divided internally into as many ldquovirtualrdquo
accounts as required ndash with each account given its own allocated
funds account number and permissions Already available
for affiliatesrsquo incoming and outgoing transactions in nearly 50
countries including the SEPA zone and six CEE markets this
system generates huge benefits to efficiency scalability and
transparency ndash eliminating the need for cash pooling expediting
the process of opening and closing accounts and providing a
comprehensive overview of cash flows without sacrificing detail
Going forward UniCredit intends to remain at the cutting edge
of B2B cross-border payments with new initiatives such as the
integration of big-data analytics into existing payments services
ndash offering clients insights based on payments data and other
relevant information
With increased customer demand to install real-time payment infrastructures what trends do you see happening right nowThe demand for instant payments is part of a wider trend towards
greater speed and efficiency in the industry This is particularly
notable in ecommerce where firms are looking to provide
increasingly rapid delivery services ndash with next-day and even
same-day delivery now possible The use of digital technology to
expedite routine processes is becoming more and more prevalent
with clients increasingly basing their expectations on their
experiences in the retail sector UniCredit is keen to play its part
in this development and is already implementing real-time rates
for instant payments ndash including for cross-border transactions ndash
ahead of the November 2017 implementation date
How has UniCredit adapted to the digitalisation of the transaction banking industryUniCredit has established itself as a frontrunner in the
development of key advances such as the BPO and virtual
accounts and continues to search for new and innovative ways
to leverage technology for the benefit of its clients To this end
it has taken a number of steps to ensure continued innovation
ndash with product development teams harnessing the expertise of
traditional banking experts and technology specialists along
with a wide range of external perspectives
This has already seen blockchain technology become a reality
for custody services clients while virtual accounts technology
is being supplemented by CAMT messages ndash enhancing
standardisation even beyond the SEPA zone with automated
reconciliation between banks and corporates
The field of payments is undergoing a period of transformation as digitalisation paves the way for greater speed and efficiency
UniCredit has also adopted a more holistic client interface
including its IT solutions provider in client meetings This enables
UniCredit to adapt its solutions to clientsrsquo individual technological
requirements rather than expecting them to adapt to accommo-
date the solution
How do you support your CEE-based clients in their efforts to optimise working capitalUniCredit offers its CEE-based clients a full range of support for
their working capital optimisation programmes ndash having been the
first in Russia Bulgaria and Croatia to offer classic services such
as cross-border cash pooling UniCredit also offers unrivalled
BPO coverage with the instrument already available in Bulgaria
and Romania In terms of approach we encourage firms to avoid
the lsquosilorsquo mindset of asking how they can benefit from individual
tools such as receivables finance or approved payables finance
ndash instead promoting a focus on overarching short- mid- and
long-term goals Mostly it turns out that short-term liquidity
generation is not corporatesrsquo main concern ndash especially given the
abundance of liquidity in todayrsquos market Other factors however
such as risk mitigation supply-chain stability and balance-sheet
optimisation almost always figure in their plans ndash demanding
a holistic programme for working capital optimisation This of
course also means being prepared for the eventuality of liquidity
suddenly or gradually drying up
In the face of fintech disruption which areas can banks capitalise onFintech companies certainly bring new impulses to the transaction
banking sector but banks almost always excel by capitalising
on their existing strengths ndash drawing on their holistic financial
expertise and their status as trusted and highly regulated
partners to corporate clients These strengths can to a certain
extent be amplified through digitalisation within banks ndash
translating greater efficiency into greater convenience for clients
Even more promising however is the potential for co-operation
between banks and specialist technology companies with banks
combining their core strengths and broad client base with fintech
independence and nimbleness to create the ideal conditions for
innovation
About Markus Strauszligfeld Since 2005 Markus Strauszligfeld has been Head of International Cash Management Sales at UniCredit responsible for cash management and eBanking sales to large and multi-national organisations in Europe the US and Asia
About UniCredit UniCredit is a bank with a substantial footprint in Europe and an extensive international network of branches representative offices and correspondent banks ndash enabling it to follow its clients wherever they go Its payments services come under the Global Transaction Banking (GTB) unit
wwwgtbunicrediteu
Markus Strauszligfeld
Head of International Cash Management SalesUniCredit
C-SuiteThe CFO needs to back your project and this support must
be visible It is important to educate them on the SFP early by
presenting them with relevant case studies you have gathered
and the possible business case
C-Suite contributionThey will need your direction but the CFO and CPO will add
panache to your SFP The lsquosignaturersquo on the comms piece sent to
suppliers should be theirs If any buyer in the business becomes
concerned about this programme the C-Suite needs to have
a response at hand To realise the significant savings that can
come from your SFP your C-Suite must be ready to provide the
required PR
SuppliersBuyers rarely push back against SFPs because a) itrsquos optional
for suppliers and b) itrsquos attractive for suppliers However getting
the suppliers to engage is instrumental and makes the supplier
a key stakeholder
Supplier contributionSuccess Without their participation your business case is a flop
So make sure they understand what the SFP is whatrsquos in it for
them what they need to do who they can reach out to with
questions or concerns and that participation in SFP inevitably
qualifies them as a preferred supplier
ConclusionGet the first five stakeholders onboard early at concept stage
so they feel supportive of the SFPrsquos direction and purpose and
ask them how involved they would like to be given their role
About Susie West Susie West is the CEO and Founder at sharedserviceslink and proudly labels herself as a shared services geek She has been in the shared services industry since 1998 In 2007 she set up sharedserviceslink a leading global business community for professionals looking to improve performance in shared services Her central aim is to help individuals companies and the market mature through the sharing and consumption of (mostly peer generated) best practice information
About sharedserviceslink sharedserviceslink is a business community for professionals working in shared services sharederserviceslink is viewed as trusted advisors to this market because it offers exceptional content connection insight and overall value
About the companyToken provides digital payment solutions for banks and their clients to deliver instant end-to-end secure and frictionless payments worldwide The solution addresses the key concerns of PSD2 security disintermediation and lack of revenue
wwwtokenio
Marten Nelson
VP MarketingToken
Website wwwtokenioOffices location Redwood City California USAFounded in 2015Categories payments psd2 fintech
Token
The next generation of payments infrastructure will first of all help banks open up
What drives real-time payments infrastructure adoption in the US vs EUA number of valuable business cases drive the adoption of real-
time payments infrastructure Both consumers and businesses
expect funds to be instantly available during a payment
transaction 25 years ago the invention of the Worldwide Web
allowed us to share data instantly and globally Exchanging value
should be just as easy and fast as moving information but for
a number of reasons this hasnrsquot yet happened While there are
regional real-time payments solutions the US and many parts
of Europe are still lagging But there is hope ndash the Feds in the
US and the ECB have launched real-time payments initiatives
Why did Token choose to leverage the bankrsquos existing ledger instead of using blockchain The main reasons were that we found the bankrsquos ledger to
perform pretty well in most cases and to leverage existing
infrastructure typically reduces the complexity of deployment
and therefore cost It was simply a cost-benefit analysis
There are many interesting use cases for distributed ledgers
and for some of our functions and in some situations it makes
sense Thatrsquos why we designed the solution with distributed
ledgers being optional
What is the value proposition for European banks by integrating Token Token solves the main issues banks are facing in terms of
PSD2 security disintermediation and the economics First you
can think of Token as a PSD2 firewall that protects the bank
infrastructure from poorly behaving third parties Second Token
retains the bankrsquos customer experience even when accessed by
third parties Last we allow banks to offer value-added services
The Future of Banking Innovation and the Fintech Startups Journey
Future Asia Ventures
The financial services sector has become the poster child for
corporate innovation Over the last 5 years banks have been
investigating and experimenting with several new financial
technologies in the crowd funding trade processing lending
and wealth management areas These experiments have come
in different shapes and sizes Based on our research we know
21 banks that have launched accelerator programs around the
world Other banks have launched pre-accelerators incubators
and labs
As a research amp advisory firm we regularly speak with many
corporations startups and venture investors We are constantly
learning about the landscape Here are 5 perspectives we would
like to share
1 Fintech is old but the market conditions have never been betterMost experienced financial sector professionals understand that
this recent wave of fintech startups is just that ndash a wave Fintech
is a new term that captures a large category of existing and
growing technologies which involve transaction processing data
and record keeping Fintech companies have been innovating
since the 1950s The last 60 years produced ATMs credit cards
online banking and online stock investing to name only a few
Innovation in fintech is nothing new What is new is the explosion
of startups in the last six years There are now approximately
6000 fintech startups The playing field is crowded and thatrsquos
because the opportunity to innovate has never been greater
The combination of cheap capital a dry period in bank innovation
and a credit crisis followed by heavy regulation created the
right environment for startups to rise There has never been a
better time to be an entrepreneur
2 Regulation matters It might sound obvious but regulatory rules and compliance are
a very important part of the startup journey for fintech founders
This makes fintech different from other startup sectors
Founders in fintech are generally a decade or more experienced
than their peers Regulation is often an entry barrier because
you need to be licensed by regulatory bodies to do business in
each jurisdiction For startups that want to expand compliance
is mandatory and expensive The financial system for good
reason doesnrsquot tolerate risk As a result founders need to
cooperate with regulators budget for long waiting periods find
strategic partnerships that help their growth efforts and be in this
for the long haul Fintech is marathon not a sprint
3 Innovation canrsquot be measuredWhen speaking with innovation officers I am often asked
which program or format is the best People are looking for a
quantitative measure or a definitive leader among corporations
The truth is there is no one best model or best innovator
An innovation program should be designed around your
budget your timeline and the problem you are trying to solve
These factors are different for each company For some a
hackathon might be best while for others a robust corporate
ventures program might make more sense Available capital
decision-making dynamics and pain points vary per company
Each company has to do whatrsquos right for them However one
thing is certain ndash good innovation programs have a clearly
defined problem and success criteria Without a mandate you
are bound to go in circles
Number of Corporate Accelerators Launched Each Year Corporate accelerator launches have peaked So far in 2016 2 new accelerators have launched Going forward companies will design tailored open innovation programs and formats to engage and collaborate with startups
About Falguni Desai She is the Founder amp Managing Director of Future Asia Ventures and has over 18 years of corporate strategy innovation and MampA experience She has worked globally with business leaders at Fortune 500 firms in the financial media and technology sectors to foster growth amp expansion
About Future Asia Ventures Future Asia Ventures is an innovation advisory amp research firm Through our research and services we help new ventures grow and connect investors with innovative opportunities We serve private investors foundations and corporations around the world
wwwfutureasiaventurescom
Falguni Desai
Founder amp Managing DirectorFuture Asia Ventures
4 Innovation is inherently wastefulSeveral companies are still sitting on the sidelines While our
latest research has uncovered that 116 companies around the
world have set up corporate accelerators and several dozens
have launched incubators and labs the majority of large
companies are not engaged in this type of open innovation
They might be wondering whether an innovation program will
generate returns The answer is no not in the short term But in
the long run yes Innovation creates waste Companies wonrsquot
solve the problem on the first try Several partnerships and
investments will fail Incubated ideas may not scale and those
looking to try their hand at innovation should swallow this pill
and be prepared for failure To be good at innovation you need to
try things and then quickly stop them when they donrsquot work and
quickly try again
5 The endgame is collaboration not conflictI still see articles which predict a future without banks how
disruption will cause banks to fail and shut down The reality
is banks play a very important role in the lending infrastructure
of most modern economies Peeling back through fintech
history the innovations that survived and scaled were the
ones that worked with banks not against them In the 1990s
online stock brokers appeared on the scene Stock exchanges
and brokers didnrsquot disappear but they now operate differently
Today fintech marketplace lenders offer loans more efficiently
to retail customers The capital for these loans comes from
traditional banks and large asset managers Banks brokers and
asset managers wonrsquot disappear instead their processes and
the customer experience they offer will change dramatically The
moral here is that new fintech services will become part of the
overall financial infrastructure Fintech startups will eventually
grow into companies that are counterparties and partners to
banks not necessarily competitors Of course not all of them
will succeed but the future of banking will be formed through
collaboration
VISIT OUR ENHANCED ONLINE COMPANY PROFILES DATABASE
ALL COMPANY PROFILES IN THE B2B PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING MARKET GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
AND ADVANCED SEARCH FUNCTIONALITY
wwwe-invoicingthepayperscom
ALL COMPANY PROFILES IN THE B2B FINTECH PAYMENTS SUPPLY CHAIN FINANCE amp E-INVOICING GUIDE ARE
AVAILABLE ONLINE IN AN ENHANCED COMPANY PROFILES DATABASE COMPLETE WITH KEYWORDS COMPANY LOGO
About Prof Dr Michael Henke Prof Dr Michael Henke completes the board of directors of Fraunhofer IML as new director of the section Enterprise Logistics and he also holds the chair of Enterprise Logistics at the faculty of Mechanical Engineering at TU Dortmund University His research focuses lie among others on the area of eg management of the Industry 40 purchasing and supply management supply chain risk management and financial supply chain management
About Fraunhofer Fraunhofer IML is said to be first address for all questions with respect to holistic logistics the employees work on all fields of internal and external logistics Made-to-measure arranged teams create cross-industry and customer-specific solutions in the area of materials handling warehouse management supply chain management simulation supported business and system planning and also traffic systems closed loop economy resources logistics building logistics and e-business
wwwimlfraunhoferde
Share this story
3 First steps were takenInnopay an e-business consultancy firm from the Netherlands
the Dutch factoring company lsquovoldaanrsquo and a client of voldaan
developed the SBRF Model in 2015 Within the scope of the
Workshops on Standardisation in SCF by the Supply Chain
Finance Community Innopay and the Fraunhofer Institute
of Material Flow and Logistics (IML) presented the SBRF
demonstration since November 2015
The ldquoProof of Conceptrdquo demonstrated the financier tracking the
status of an outstanding invoice electronically He gained insight
into the progress of the invoice and could assess the associated
risks
During the Workshop Series the model as well as development
improvement and extension potentials have been discussed
actively by the participants European experts on SCF and
e-invoicing Subjects to the discussions have also been technical
specifications and the integration with other solutions
4 More Proofs of ConceptIn the first half of 2016 the SBRF concept will extend to more
financiers sellers buyers and ERP solutions across Germany
and Italy at least The well-established network of the SCF
Community and its members will provide a basis for the
development and geographical extension
The practical integration with e-invoicing and SCF platforms and
the standardisation along the dimensions of Legal Operational
Functional and Technical dimensions will be investigated in detail
For Germany a planned SCF event at the House of Logistics
and Mobility (HOLM) in Frankfurt organised by the Fraunhofer
IML and Innopay makes an important contribution to the Proof
of Concept The event is scheduled for summer 2016 and will
include workshops on the SBRF Model Moreover further
aspects of SCF standardisation according to the SCF research
bull First and foremost they must elevate information to its deserved
status of strategic asset This will help ensure that data is
actively managed on enterprise level for its embedded value to
be realised
bull They also need to equip themselves with the right technology in
order to turn information to their advantage
However some barriers exist
bull Integration with legacy systems many legacy systems make it
difficult to extract data and may not be best suited for Big Data
technologies
bull Connecting data silos there is no uniform view of data and most
organisations have not integrated disparate data sources given
the complexity of the task
Data integration tools are becoming key to connecting various
data sources and data sets and delivering on the promise of
information or data management
FIs become master of your dataBy conquering Big Data challenges FIs will be able to draw a
competitive advantage through enhanced strategic decision-
making improved customer service and effective risk management
Information management technology and governance are
key to break down the organisational silos that typically exist
within financial institutions to provide a complete picture of an
institutionrsquos financial transactions and client information across
a myriad of sources Not only does this make it easy for FIs to
respond to the increasing requirements for compliance and
reporting it also provides the opportunity to turn such data into
valuable insights and information for the customersrsquo benefit
Information management tools will help financial institutions
address a series of strategic objectives including regulatory
readiness and responsiveness enhanced strategic decision-
making faster customer service effective risk management
In sum FIs that become master of their own data will benefit from
a competitive advantage which they will turn into business profit
About Andreacute Casterman Andreacute Casterman is Chief Marketing Officer at INTIX and a Member of the Banking ExCo of the ICC During the past 5 years Andreacute was SWIFTrsquos head of the corporate amp trade markets in charge of strategy governance and product initiatives Andreacute Casterman has two masterrsquos degrees from VUB and a masterrsquos degree from ICHEC
About INTIX INTIX helps financial institutions and corporates address financial data management challenges in four strategic areas regulatory compliance business intelligence customer services and risk management INTIX helps its clients retrieve consolidate and reconcile any type of financial messaging data and protects them from any IT complexity and obsolescence issues
Gaining Management Support for Your P-Card Programme
NAPCP
Achieving buy-in of the card programme especially by
management is a frequently cited challenge by the NAPCPs
audience The concern is justifiable Lack of buy-in can result
in never getting a programme implemented having a static card
programme or the elimination of the programme altogether
Whether you are considering implementing a new programme
or expanding the current one there are several questions to
address that can help in preparing your case to management
bull What are you seeking buy-in for and from whom Do you want
to ldquosellrdquo the existing P-Card programme to a new manager or
do you want to propose programme expansion
bull What is the rationale for your goal Management will only buy
into something that benefits the organisation and is supported
by facts including a cost justification
bull How does your goal support the goals of the organisation or
solve an organisational challenge Management decision-
making is driven by accountability for goals and the ability to
resolve issues
bull Are you aware of common objections to P-Card programmes
1 Data from the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation a report based on more than 3123 survey responses from end-user organisations
bull Who are the stakeholders There is nothing more defeating
than trying to move an idea or goal forward then learning that
someone with ldquoveto powerrdquo was left out of the discussions
inadvertently List who should be involved and why They might
provide good input in support of the card programme andor
express concerns such as the common objections listed above
The Business CaseThe next step is to create a solid business case based on the
answered questions above as well as other common business
case elements Include
bull statement of purpose (what you are seekingmdashyour goal)
bull where you are today (current metricsKey Performance Indicators
(KPIs) and how they compare to industry benchmarks) where
you want to be and ldquowhy nowrdquo
bull how your idea aligns with organisational goals
bull input from stakeholders plus common objections industry-wide
(if different from stakeholder input) address any concerns and
objections with facts
bull cost justifications to support the value proposition such as
anticipated andor actual process savings reductions in full-
time equivalents (FTEs) especially within the procurement and
or accounts payable departments and other hard- and soft-
dollar savings
bull implementation plan if applicable (eg for programme expansion)
Present cost saving benefits such as the cost of traditional
cheques versus P-Cards If your organisation has not completed
an internal process cost analysis use the NAPCP average
process costs shown below
1 As specified within the 2014 Purchasing Card Benchmark Survey Results by RPMG Research Corporation
2 Based on average monthly card spend of USD 1M and average transaction size of USD 559 per the results of a 2015 NAPCP poll
If expanding an existing programme it is important to consider
the value your card provider can add to this process They can
provide an analysis of your accounts payable vendor filemdash
identifying those vendors who accept card payments
Working with the ldquolow hanging fruitrdquo can help your organisation
reap immediate benefits The larger ticket transactions can be
moved to card-type payments as well with the most popular
being a virtual or electronic card payment method
Continue to Provide Results-Driven CommunicationIt is important to relay results and successes to management
Use the following keys to successful communication
bull Be brief by limiting communication to a one-page summary
Put conclusions firstmdashgive highlights up front and supporting
detail second
bull Title the document presentation or email subject line with a key
message (eg ldquoP-Card Program Saved USD 4M in 2015rdquo versus
ldquoP-Card Program Report Attachedrdquo)
bull Focus on the facts Show numbers as often as possible and
summarise whether the numbers meet fall below or exceed
expectations Then explain Verify numbers with other team
members to build a coalition of support and ensure that you
have the complete picture
bull Facts and figures must be formatted consistently from one
communication to the next allowing for easy comparison
bull In verbal and written discussion keep your presentation analytical
bull If asked by management to give results ldquoon the flyrdquo synthesise
the key points for management into three to four concise bullet
points Add recommendations or alternative courses of action
if you have time Stay ahead of management requests by
monitoring your KPIs frequently
bull Ask to be part of upcoming meetings and do not be afraid to be
proactive rather than reactive
What if They Say ldquoNordquoExplore what could change a ldquonordquo into a ldquoyesrdquo When you are
ready to address the issue again with new insight go back to
your stakeholders It is generally okay to respectfully disagree
with management but as noted earlier ensure you have the
supporting documentation to make your point Finally know when
it is time to move on However moving on does not mean giving
up on the programme altogether It is still prudent to share the
status of the programme
About Terri Brustad Terri Brustad CPCP is the NAPCP Manager of Content Services Her previous experience includes 10 years in the Commercial Card industry mainly in the role of a public-sector P-Card Administrator Terri achieved the Certified Purchasing Card Professional (CPCP) credential in 2009
About NAPCP The NAPCP is a membership-based professional association committed to advancing Commercial Card and Payment professionals and industry practices worldwide The NAPCP is a respected voice in the industry serving as an impartial resource for members at all experience levels in the public and private sectors The 2016 NAPCP European Conference will be held in London on 23 June 2016
Virtual cards hold the potential to disrupt the commercial
payments space on two fronts
1) Physical cards are likely to disappear
2) These solutions hold the potential to drive a step change in card
adoption and usage levels
The challenge for the industry is clearly communicating and
providing compelling evidence of the benefits that virtual cards
offer and ensuring sales teams are trained to sell the solutions
over and above traditional ones eg corporate cards To help
unlock the opportunities in underpenetrated industries such as
telco construction and healthcare etc issuers must develop
tailored solutions to cater for any idiosyncrasies and overcome
the card acceptance challenge
The FutureTechnology holds the key to disrupting commercial payments
and the growing FinTech movement will support this Traditional
commercial payment providers will look towards and work more
closely with FinTechrsquos as an alternative source of innovation to their
own product development and delivery functions The opportunity
for banks is to build and launch disruptive technologies more
quickly The challenge is picking the right FinTech(s) that will help
deliver scalable solutions In the short-term we expect issuers to
increasingly focus their attention on developing virtual solutions
and integrating these onto mobile and wearable devices
Stargazing into the future wearables will be the game changer
as mobility becomes ever more important Wearables will also
be the bridging technology for embeddables In the next 10-15
years embedded chips in humans could become a reality
We are increasingly connected and interact with technology in
our personal and business lives and embeddables are the next
logical step More sophisticated chips will soon replace wearable
technology such as payment devices and fitness bands and will
help us all get used to a more connected and augmented lifestyle
As a concept it is well aligned to payments Embedded and inner-
connected biometrics will enhance security and offer a more
seamless experience
The future looks bright for commercial payments but will not be
without its challenges
About Chris Holmes Chris leads various work streams across the Financial Services practice He has managed multiple global projects across the payments banking FinTech AltFi and tech industries His specialist skills are geared to NPD sizing and opportunity assessments benchmarking and best practice identification
About KAE KAE is a strategic marketing consultancy that has provided support to some of the worldrsquos largest payment and tech brands for the past 25 years Operating globally from a London HQ KAE has provided consulting and strategic advice in more than 50 countries across three core areas Insight Strategy and Analytics
Large supplier communities are based in emerging Asia
and Africa yet major economies like China and Indonesia are
experiencing great increases in disposable income and thus
engaging more on the consumer side of supply chains The
combined dynamics are shaping economic activity and flows in
ways that need a wider range of financing and risk mitigation
solutions including end-to-end SCF
Supply Chain Finance is defined as the use of financing and risk
mitigation practices and techniques to optimise the management
of the working capital and liquidity invested in supply chain
processes and transactions SCF is typically applied to
open account trade and is triggered by supply chain events
Visibility of underlying trade flows by the finance provider(s) is
a necessary component of such financing arrangements which
can be enabled by a technology platform
Source Standard Definitions for Techniques of Supply Chain
Finance 2016
Practitioners and financial institutions based in Asia are proactively
working to develop their SCF propositions in response to evolving
market demand and region-specific practices With ASEAN
integration progressing the Trans-Pacific Partnership advancing
and intra-regional trade growing in importance the central role of
cross-border supply chains and SCF in particular will increase
in the next several years as enablers of trade development and
inclusion
The Standard Definitions are a ldquoliving documentrdquo meant to evolve
with market practice the needs of clients financiers regulatory
authorities and others The next phase will focus on dissemination
education and advocacy in support of global adoption
This is the start of a journey that will only speed up in adoption
impact and importance SCF an idea whose time has come
About Alexander R Malaket A recognised specialist in international trade including trade and supply chain finance Mr Malaket has advised government international institution banking and corporate clients around the world developed and delivered training materials and seminars and authored numerous white papers briefing and policy papers and research reports on a variety of topics in international business finance and international development
About International Chamber of Commerce (ICC) The ICC Banking Commission is a leading global rule-making body for the banking industry It produces universally accepted rules and guidelines for international banking practice With 85 years of experience and more than 600 members in +100 countries the ICC Banking Commission ndash the largest commission of ICC the World Business Organization ndash has rightly gained a reputation as the most authoritative voice in the field of trade finance
wwwiccwboorg
Alexander R Malaket
PresidentOPUS Advisory Services International IncDeputy Head of the Executive CommitteeICC Banking CommissionChairSCF Terminology Drafting Group
The EVP and CFO at Turkcell Murat Dogan Erden proved
in his keynote that even mature companies can adapt quickly to
game changers Turkcell is a dominant telecoms operator that
has successfully managed the transition from a pay-per-minute
market through providing world leading surf speeds content
and services Turkcell is also exploiting its credit management
competence to expand into consumer finance Turkcell will use
its market access through all the connected devices
Developing the FSC doesnrsquot only consist of cutting costs and
lead times It also enables expanding the core business offering
with financial components
About Magnus Lind Magnus Lind is co-founder of The Talent Show He has a background as an international business executive in Europe SE Asia and North America and he has founded companies in 7 different countries where he acted as CEO board director and investor The Talent Show puts innovation and disruption above case studies and legacy thinking
About The Talent Show The Talent Show is a corporate driven event focusing on the whole corporate Financial Supply Chain (CFSC) and how it links to the physical chain The audience consists of CFO and CPO supply chain treasurers and IT Participants include Sandvik Turkcell Port of Rotterdam Abengoa Octal Arriva DONG Energy Ericsson and SABMiller
Some banks and platform providers offer both Dynamic
Discounting as well as SCF with the option to switch between
the two might an opportunity arise for the buyer to invest its cash
for other purposes than to prepay its suppliers A bank will then
be brought in to take over the funding
All in all with all developments in the SCF market it would make
sense for SMEs to explore the potential benefits of SCF for the
business they are in Having said that SCF awareness is still
not very widespread amongst SMEs despite several initiatives
to change that for the better What a pity In the end there is
nothing to lose and everything to gain
About Anita Gerrits For the past 7 years Anita has been a strong believer in and advocate of the concept of SCF She provides consultancy support in this exciting relative new area of finance She also organises workshops acts as guest speaker and trainer to business management as well to students to create awareness and understanding of this topic It all began in 2009 when she played a leading role in achieving a cash flow turnaround of the European Consumer Business of Kimberly-Clark through a massive reduction in working capital She has a corporate background studied business economics credit rating advisory and business valuation
wwwg-raybiz
Anita Gerrits
Supply Chain Finance Specialist
Follow on Twitter Tweet aboutExchangeSummit EXCS16
From E-Invoicing toSupply Chain Financing
October 10 and 11 2016Barcelona Spain
Exchange Summit with 2 major E-Invoicing events in 2016
June 7 and 8 2016Orlando Florida USA
100 FREE TICKETS
100 FREE TICKETS
Apply now on
Apply now on
wwwexchange-summitcomfree100
wwwexchange-summitcomfree100
Key topics 2016
bull E-Invoicing entering a new era ndash global market development and forecast
bull E-Invoicing from a corporate and governmental perspective
bull Implementing tax compliance in a paperless world
bull Compliance and fraud prevention within E-Invoicing
bull Driving forward ARAP and end-to-end P2P automation
bull Global standardisation and status of E-Invoicing interoperability
bull Best practice in onboarding customers to E-Invoicing
bull Supply chain financing ndash new opportunities and challenges
wwwexchange-summitcom
Within our two major E-Invoicing events in 2016 you will
bull network with more than 500 participants
bull meet experts from over 40 different countries
bull evaluate solutions from 50+ service providers
bull benefit from exclusive keynotes best-practices and discussions
Anzeige_EXC_Paypers_Layout 1 14042016 1530 Seite 1
Thus the cross-border invoicing issuance for companies
with subsidiaries worldwide is a real challenge where the law is
applicable (ie country of establishment place of VAT registration
transport invoicing goods or services)
Electronic invoice still on the riseDespite the legal and technical obstacles enterprisesrsquo awareness
of process automation with electronic invoicing and cost
reduction has been steadily increasing Most of them would take
the decision to start e-invoicing shortly if the legislation would be
clearer and standardised On the other hand the governments
are aware of the scale of the VAT fraud and are looking for tools
to seal the system ndash unfortunately each country is trying to find
its own way
However it is highly unlikely that the EU will implement the
clearance model there are several initiatives to speed up
the process The Member States decided to organise multi-
stakeholders forums to implement a European Standard for
e-invoicing (expected in 2017) and increase the interoperability
among service providers Hopefully the Directive 201455
EU on electronic invoicing in public procurement will prove to
be a significant milestone resulting in the mass adoption of
electronic invoices in the structured form (not PDF invoices)
and public authorities will realise the benefits of e-invoicing and
hasten the implementation of common understandable and
unified legislation on cross-border e-invoicing In a nutshell
the stage of market education and convincing towards adopting
automated invoices processing is coming to an end Most of
the enterprises have launched or consider the implementation
of e-invoicing at a country level in the short term Currently the
biggest challenge is to enable the smooth extension of their
projects on the transnational level Finding a service provider with
vast international experience is essential Comarch EDI enables
compliance with all local legal requirements Its membership
in organisations such as the GS1 or the European E-Invoicing
Service Providers Association (EESPA) guarantees that the
company is a reliable partner Comarch EDI has cooperated with
GS1 and EESPA for many years in several countries to make
sure that our services are of the highest quality and the solution
is compliant with national and international requirements
About Bartłomiej Woacutejtowicz He has over 10 years of experience in the field of B2B communication in the supply chain Initially responsible for the EDI market development in Southern and Central Europe he is currently responsible for the development of Comarch EDI portfolio
About Comarch EDI Comarch EDI is a B2B platform which provides a competitive advantage by a fast and secure data exchange with business partners The solution provides the automation of data processing throughout the supply chain from the procurement process through the logistics to invoicing and payment processing
bull Donrsquot overestimate VAT compliance many companies
think VAT compliance requires parties to agree bilaterally on
e-invoicing that conversion by parties is forbidden by VAT law
that invoice originality is a major concern and that authenticity
and integrity are complex The reality is that none of these are
true Conversion of invoices is fact of live for years and no
show-stopper at all Invoice originality is in most European
countries easily solvable by service providers and ERP vendors
in the market the PEPPOL regulatory framework solves
authenticity and integrity and is not a concern anymore for
participants
What should service providers and ERP vendors do Embrace
openness Opening your platform does not harm your business
model Instead it allows easy integration of your platform with
many other e-invoicing ERP and accounting software vendors
with only one standard and protocol (PEPPOL) It eliminates the
need for costly bilateral agreements And it also empowers your
existing and new customers to use your services beyond your
platform
In a nutshell the paradigm of open e-invoicing and further
collaboration between e-invoicing providers ERP and accounting
software vendors in the area of interoperability is essential to
move Europe further in e-invoicing The private sector should now
step in and leverage that growth
(1) DNS is the same mechanism that makes sure that www
simplerinvoicingorg is translated into a technical IP address
of our web server The same mechanism is used to resolve
for example a VAT number into the IP address to which an
e-invoice can be delivered
About Jaap Jan Nienhuis Jaap Jan Nienhuis is Manager Simplerinvoicing at SIDN He is responsible for managing the Simplerinvoicing scheme authority Jaap Jan has a special interest in the development of new services in 4-corner models In his former roles he has been involved in a number of European collaborative e-invoicing initiatives including the EBA E-invoicing Working Group
About SIDN Simplerinvoicing is a collaboration between leading European e-invoicing and accounting software providers who all strive for mass adoption of e-invoicing by interoperability and standardisation Simplerinvoicing is a PEPPOL Authority The Dutch government is connected via Simplerinvoicing
wwwsimplerinvocingorg
Jaap Jan Nienhuis
Manager SimplerinvoicingSimplerinvoicing
DONT MISS THE OPPORTUNITY OF BEING PART OF LARGE-SCALE PAYMENTS INDUSTRY OVERVIEW
The Paypers offers the most valuable source of information and guidance for all parties interested in the current state of affairs of the payments industry
Paul Alfing Chairman e-Payments Committee Ecommerce Europe
Once a year The Paypers releases three large-scale industry overviews covering the latest trends developments disruptive innovations and challenges that define the global onlinemobile payments e-invoicing B2B payments ecommerce and web fraud prevention amp digital identity space Industry consultants policy makers service providers merchants from all over the world share their views and expertise on different key topics within the industry Listings and advertorial options are also part of the Guides for the purpose of ensuring effective company exposure at a global level
For the latest edition please check the Reports section
ONLINE PAYMENTSAn all-in-one reference guide on (online) payments amp ecommerce industry trends evolving business models top players and relevant (alternative) payment methods
B2B PAYMENTS SCF amp E-INVOICINGIndustry voices from the online finance space share insights into the dynamic B2B payment e-invoicing supply chain finance industries to support innovative solutions amp thriving businesses
WEB FRAUD PREVENTION ONLINE SECURITY amp DIGITAL IDENTITYIn-depth source of information highlighting key facts amp trends into the global digital identity transactional and web fraud prevention amp detection ecosystem
card application foreign exchange services etc) in a quick
easy and frictionless manner from a variety of service providers
Automation and great UX being the name of the game
They do not have to provide the financial services directly to
the customer They can act as the broker the digital conduit
for products and services benefiting from the commercial
relationships struck with selected service providers
The world of retail banking and payments is set for great change
About Brendan Jones A senior management consultant with over 30 yearsrsquo experience in the payments industry working with a variety of organisations including technology amp service providers and financial organisations Previously held senior roles focusing on business strategy regu lat ion bus iness deve lopment MampA product development programme amp operations management and business process reengineering
About Evolution Payments Consulting Evolution Payments Consulting (EPC) provides payment consulting services to the financial services industry and allied organisations EPC provides payments industry advice to companies looking to support the implementation of new regulation developlaunch new banking and payment propositions re-purpose existing products and services to meet the new and existing regulatory requirements
(prevalent in the recruitment process outsourcing (RPO) world)
unlimited liquidated damages clauses and ban on assignment
clauses The latter contractual terms seek to prevent suppliers
from using their unpaid invoices to access invoice finance
Admirably the government is already taking specific legislative
action against these with the aforementioned Small Business
Act enabling Regulations (expected shortly) to render such
clauses ineffective belatedly bringing the UK into line with
most of the other major world economies This will allow invoice
financiers to provide more funding to more businesses and will
particularly benefit the smaller supplier businesses that suffer
most from these unnecessary clauses
Ultimately this should also be good for larger customer businesses
who will benefit from more stable and well-funded supply chains
Of course whilst invoice finance can help SMEs unlock funding
it is not a silver bullet and is not a substitute for paying suppliers
promptly and treating them fairly For that there needs to be a
cultural shift and that is where an empowered and resourced
Small Business Commissioner could have a real impact
About Matthew Davies Matthew is the Director of Policy and Communications at ABFA
About ABFA The ABFA represents the asset based finance industry in the UK and the Republic of Ireland Members include UK and Irish high street banks specialist and challenger banks specialist businesses of international banks and corporates and independent nonbank finance providers
wwwabfaorguk
Matthew Davies
Director of Policy and CommunicationsAsset Based Finance Association
[The above material is drawn from a Guidance Paper prepared
for the European Multi-Stakeholder Forum on e-Invoicing and
prepared by the writer in conjunction with an Activity Group of
the Forum]
About Charles Bryant Charles Bryant is Secretary General of EESPA and also active in the Global Supply Chain Finance Forum
About EESPA The European E-invoicing Service Providers Association acts as a trade association at European level for a large and dynamic community of e-invoicing service providers drawn from organisations that provide network business outsourcing financial technology and EDI services EESPA is an International Not-for-Profit Association organised under Belgian law Formed in 2011 it has over 60 full and associate members and is involved with a range of important initiatives in interoperability the public policy debate and promoting adoption
The International Association of Alternative Finance (IAAF
orguk) has been taking a lead through 2015 in encouraging
platforms to work together to develop standards The concept
is to not make anything mandatory at this stage but to build
guidelines that members can work towards This has been
achieved in parallel with key stakeholders and regulators
The latter have been especially supportive as they do not want to
kill an embryonic alternative finance sector
However the fate of the sector very much rests in the decisions
of platforms and funding providers Do they lose the agility
of alternative finance or do they work together on building
guidelines and standards which could become the kind of
regulation that will support growth The IAAF is launching the
first Guidelines for the growth of alternative finance on June 16
The guidelines cover key areas required to support the growth
of the sector and will hopefully provide the pathway that the
industry needs
About Tony Duggan Tony was previously Supply Chain Development Director at Wickes where he developed Europersquos largest B2B platform As Consulting Services Director at Bolero a division of the SWIFT banking network he worked with some of the worldrsquos largest banks on global SCF initiatives This unique experience along with his real experience in start-ups and SMEs has provided him with real insights into the challenges of SCF and has been fundamental in the design of the Crossflow solution
About IAAF Founded in London in 2014 the International Association for Alternative Finance (IAAF) is an industry body committed to the promotion and development of the Alternative Business Finance sector IAAF sets out its drive for the Business Alternative Finance to be applied with excellence globally thereby creating opportunities for members and supporting the economy development as a whole The Associationrsquos four key focus areas are regulation reputation operational environment and future growth
CloudTrade is one of the fastest growing e-invoice networks and built firmly on the premise that e-invoicing should be free for suppliers easy-to-use and non-disruptive ndash only then will suppliers move away from paper These principles underpin the CloudTrade service which ensures high supplier adoption is guaranteed
Website wwwcloudtradenetworkcom
Service provider type E-invoicing service provider
Head office location UK
In which market do you provide your services
North America Europe Middle EastAfrica AsiaPacific
Contact details Mr Richard Manson Commercial Director richardmansoncloud-tradecom +44 (0)7956 441898 2-6 Boundary Row London SE1 8HP
Active since 2010
Keywords electronic invoicing e-invoicing PDF invoicing P2P purchase to pay e-order O2C order to cash
Markets
Which side in the supply chain is your primary target group
Both buyers and suppliers
B2B B2C andor B2G (Government)
B2B B2G
Target customer Corporates
Are you specialized in a certain industry
Generic (no specific industry)
Proposition
Which processes in the supply chain do you facilitate
Ordering supply chain invoicing
Support interoperability with other service providers
Yes ndash we currently interoperate with a number of service providers Furthermore CloudTrade is a registered Access Point on the PEPPOL network
Which pricing model do you mainly use
Subscription and transaction-based
Solution description CloudTrade removes the barriers to supplier adoption Our patented solution provides a non-disruptive way for a supplier to send electronic invoices ndash without having to change systems or infrastructure The net result is that we will remove more paper from an organisation in a shorter time frame than any other e-invoicing approach
Services which of the following services do you offer
Purchase Order Flip No
Matching of related transactions Yes ndash match invoices to POs contracts service entry sheets or goods receipt Business rules can be amended per customer
Distribution of e-invoices Yes
Invoice presentment portal No ndash a portal is available for the receiving organisation but not for the sending organisation Processing updates are provided to the supplier via e-mail
Legal compliance tools Yes
TAXVAT compliancy Yes
e-Signature service Yes
Finance amp (reversed) factoring services
Yes ndash offered through a CloudTrade partner
(Dynamic) discounting Yes ndash offered through a CloudTrade partner
Which standards do you support All current major e-invoicing e-billing and payment standards
Conversion from or into various XML formats (mapping)
Yes
Content validation of incoming invoice data
Yes ndash each document is validated against a set of document and customer specific validations
Facilitate customer onboarding Yes ndash due to the ease by which suppliers are able to adopt CloudTradersquos e-invoicing service typically more than 90 of suppliers that we are asked to on-board will come on board
Other services The core technology underpinning CloudTradersquos service is document agnostic We can (and do) provide e-document services across numerous sectors and document flows
Comarch is a global provider of IT solutions Comarch has more than 20 years of industry experience thousands successfully completed projects in over 40 countries worldwide references own RampD department made up of high-end IT engineers high ranking IT analyst ratings Gartner IDC Truffle 100 custom data centers in Poland and Germany
Website wwwcomarchcom wwwedicomarchcom
Service provider type Software vendor e-invoicing provider
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Licensed SaaS transaction-based
Solution description Comarch EDI provides the companies with smart solution enabling exchange of validated and tax compliant invoices in the format adjusted to back office systems It provides electronic archive and electronic signature as well as Service Desk in 12 languages (including English German French Turkish Russian) to guarantee onboarding of each partner
Services which of the following services do you offer
The most experienced team in the e-billing and payment industry ebpSource delivers software solutions consultancy and support to billers banks payment processors and outsourcers ebpSource brings unparalleled knowledge and a highly successful track-record designing developing deploying integrating and supporting many of the largest and highest-adoption services of this kind worldwide
Website wwwebpsourcecom
Service provider type Software vendor and reseller ndash e-billing e-invoicing e-signing mobile payment supply chain finance and authentication specialists Large-scale projects at a national and international level Ongoing support and specialist consultancy
Head office location United Kingdom
In which market do you provide your services
Globally
Contact details Steve Wright Commercial Director swrightebpsourcecom +44 1753 567896
Which side in the supply chain is your primary target group
Both suppliers and buyers
B2B B2C andor B2G (Government)
B2B B2C B2G
Target customer Corporates
Are you specialized in a certain industry
Cross-industry with specific specialisations in national e-bill consolidation bank-based e-invoicing and payment telecoms and utility e-billing e-signing and smart authentication
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
ebpSource has a wealth of experience in connecting e-billing and payment infrastructures at a national and regional level
Which pricing model do you mainly use
License subscription transaction-based
Solution description ebpSource provides a range of software consultancy and support services to help clients achieve new levels of operational efficiency customer service and cost reduction The team works closely with clients to design develop deploy integrate and support end customer applications Our key focus is long-term strategic partnerships with customers
Services which of the following services do you offer
Order2Cash is a pioneering provider of global order to cash optimisation services Cited by Gartner as a pure-play Order2Cash solution provider our services empower the work of Fortune 500 companies and leading enterprises around the world helping them to reduce costs and optimise spending on resources and technology Discover more at wwworder2cashcom Order2Cash is an Anachron company wwwanachroncom
Website
Service provider type
Head office location
In which market do you provide your services
Contact details
Active since
Keywords
wwworder2cashcomOrder2Cash provides flawless integration of the entire accounts receivable process across the enterprise and around the globe End-to-end global SaaS solutions including credit checks secure online contract signing multi-channel e-invoicing online payments credit management and document archiving
EMEA Head office Amsterdam the Netherlands US Head office NY USA
Yes we have interoperability agreements with an extensive range of B2BB2G e-invoicing networks and are a member of the European E-Invoicing Service Providers Association (EESPA)
Transaction-based pricing
Order2Cashcom offers a suite of SaaS solutions that combine to create a flawless integration of the entire accounts receivable process across the enterprise and around the globe Its modules support credit checks contracting e-invoicing payments and credit management Select components and tailor a solution to suit your business needs
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes Our solutions integrate with 700+ ERP systems for easy document exchange In addition we are connected with over 25 P2P platforms
Invoice presentment portal Yes
Legal compliance tools We work closely together with partners such as PwC and EY to ensure international TaxVAT compliancy
TAXVAT compliancy Global coverage
e-Signature service Every document is signed with an e-signature (QES or AES) to guarantee integrity and authenticity and to meet VAT requirements This can be completed with a timestamp
Finance amp (reversed) factoring services
Offered through partner network of financial institutions
e-Archiving Every document is securely archived complete legal storage period
Scanning of paper invoices Yes in cooperation with our network of output partners
Total invoice management 100 paper to electronic
Yes
Printing Yes in cooperation with our network of global output partners
Workflow functionality Yes
Direct integration with payments Yes
Accounts Payable management Available in cooperation with our network of output patners
Accounts Receivable management
Yes
Integration with ERPaccounting software
Yes We have established connections with over 700 ERP systems
Which standards do you support UNCEFACT CII ISO20022 Financial Invoice UBL 20 and others if required
Conversion from or into various XML formats (mapping)
Yes Any structured data can be converted to XML format
Content validation of incoming invoice data
Yes All data is validated and reported
Facilitate customer onboarding Yes Full support guidelines and advice is offered to all clients on customer activation
Other services Related to invoicing reporting query management customer grouping authorisation tools consolidated billing Alongside invoicing services your Order2Cash solution can expand to include online payment functionalities robust credit management and cash application tools as well as a secure online contract and document signing service Further details on the full platform can be found on our website
Connecting everyone everywhere
Flawless integration of the entire AR process across the enterprise
and around the globe
wwworder2cashcom
Fix Your Leaky Receivables Scan the QR code to claim your FREE Diagnostic Spreadsheet and measure the hidden costs in your accounts receivables processes
Saphety is a leading company in global network solutions for electronic documents exchange document presentment data synchronisation and public procurement Saphety has 4700 companies and over 129000 users throughout more than 30 countries
Website httpwwwsaphetycom
Service provider type E-invoicing service provider bank software vendor reseller or specialist
Head office location Portugal (headquarters in Lisbon and operational offices in Bogotaacute Colombia and Satildeo Paulo Brazil)
In which market do you provide your services
Global
Contact details infosaphetycom +351 210 114 640
Active since 2000
Keywords electronic documents exchange e-invoice invoice software paperless transactions EDI document presentment public procurement data synchronisation
Markets
Which side in the supply chain is your primary target group
Buyers suppliers both
B2B B2C andor B2G (Government)
B2B B2G
Target customer Micro SMEs SMEs corporates and government
Are you specialised in a certain industry
Automotive government healthcare retail utilities telecom tourism oil amp energy finance (bank and insurance) mass businesses and others
Proposition
Which processes in the supply chain do you facilitate
Support interoperability with other service providers
Yes
Which pricing model do you mainly use
Subscription transaction-based
Solution description SaphetyDoc enables you to exchange business documentation electronically including purchase orders delivery notes and invoices in a simple way at a low cost While complying with all legal requirements related to e-invoicing SaphetyDoc allows to completely eliminate the use of paper in the invoicing process from issuance to sending and approval
Services which of the following services do you offer
Purchase Order Flip Yes
Matching of related transactions Yes
Distribution of e-invoices Yes
Invoice presentment portal Yes
Legal compliance tools Yes
TAXVAT compliancy AU AT BE BG CA CY CZ DK EE FI FR DE GR HK HU IS IE IM IL IT LV LI LT LU MT MX MA NL NZ NO PL PT RO SG SK SI ZA ES SE CH GB US
e-Signature service Yes we provide e-Signature Service We can also use external e-Signature service if requested by client
Tungsten Corporation accelerates global trade by enabling customers to streamline invoice processing improve cash-flow management and make better buying decisions Tungsten Network helps buying organisations reduce their invoice-processing costs by 60 and profit by applying real-time spend analytics to their line-level invoice data Suppliers gain efficiencies greater payment-status visibility and optional early payment
Website wwwtungsten-networkcom
Service provider type Global e-invoicing network invoice finance and spend analytics
Head office location London UK
In which market do you provide your services
Globally
Contact details Mr Ruud van Hilten SVP Global Buyer Sales ruudvanhiltentungsten-networkcom +44 87 0165 7420
Active since 2000
Keywords electronic invoicing accounts payable procurement supplier network purchase to pay invoice finance spend analytics AP workflow
Markets
Which side in the supply chain is your primary target group
Generic (no specific industry) E-invoicing is a horizontal process
Proposition
Which processes in the supply chain do you facilitate
Invoicing purchase to pay working capital financing purchasing orders supplier self-service real-time spend analytics
Support interoperability with other service providers
Yes We interoperate with compliant service providers where there is customer demand qualifying invoice volume and compliance is maintained
Which pricing model do you mainly use
Balanced-costs are shared by buyers and suppliers Low volume suppliers receive 52 free invoices annually and high volume suppliers receive 520 free invoices annually After these free invoice transactions have been used a flat fee structure is applied per invoice transaction
Solution description The worldrsquos largest organisations connect with thousands of suppliers around the globe through Tungsten Network We enable companies to send and receive error-free tax-compliant invoices around the globe without the need to install any hardware or software We provide a unique supplier engagement and onboarding programme to ensure that suppliers participate and transact with their buyers
Services which of the following services do you offer
Purchase Order Flip Yes We can take POs from all sources in a buyerrsquos structure and present these to the supply chain Suppliers can convert POs directly into invoices on our portal
Matching of related transactions Yes We match invoices with POs online-level if required
Distribution of e-invoices Yes We enable companies to send and receive compliant B2B invoices
Invoice presentment portal Yes Suppliers can use our portal to manually enter their invoice data convert a PO check the status of their invoices and select early payment
Legal compliance tools Yes Our rules engine enables companies to receive compliant invoices in all the jurisdictions we are compliant in
TAXVAT compliancy Yes We work with local tax authorities to enable companies to send and receive compliant invoices We are currently compliant in 47 countries with a pipeline of new countries in progress
e-Signature service Yes All compliant invoices are digitally signed where required by local regulations We provide at-source signature verification
Finance amp (reversed) factoring services
Yes Invoice financing is a service we offer through Tungsten Network Finance This can be funded by Tungstenrsquos own financing partners the buyer or the buyerrsquos banking partners
(Dynamic) discounting Yes We offer this service on a case-by-case basis via Tungsten Network
e-Archiving Yes We provide legally compliant archiving
Scanning of paper invoices Yes As a component of a structured e-invoicing programme
Total invoice management 100 paper to electronic
Yes As a component of a structured e-invoicing programme
Printing Yes We can arrange this service through a partner
Workflow functionality Yes We can arrange this service through a partner
Direct integration with payments Yes Tungsten Bank has access to all relevant payment systems
Accounts Payable management No We partner with the worldrsquos largest BPO providers
Accounts Receivable management
No We partner with the worldrsquos largest BPO providers
Integration with ERPaccounting software
Yes We fully integrate with any ERP financial software
Which standards do you support Yes We support all structured file formats and most data standards
Conversion from or into various XML formats (mapping)
Yes We support all structured file formats and most data standards
Content validation of incoming invoice data
Yes We use extensive and flexible rule-sets to ensure compliance with our buyersrsquo business processes
Facilitate customer onboarding Yes We provide a unique supplier engagement and onboarding programme and can contractually guarantee paper conversion rates in best practice projects
Other services Purchase order services invoice status service spend analytics supply chain finance