• David Blair, Acarate

    Ripple vs SWIFT: payment (r)evolution

    Cross-border payments are currently slow, expensive and opaque. Ripple offers sub second efficiently priced payments using a variant of blockchain technology. In response, SWIFT has launched GPII, same day credit of funds, up front pricing and payment tracking. This article explores the two solutions, and what they mean for treasurers.

  • David Blair, Acarate

    In-house banks without expensive software

    The current popularity of in-house banks (IHB) combined with the regulatory uncertainty surrounding notional pooling makes the case for multicurrency virtual accounts (MCVA) very attractive to a wide range of treasurers.

  • David Blair, Acarate

    Payments without banks

    The current arrangements for storing and transferring value evolved over centuries under organisational, legal and technical constraints that are now mostly irrelevant. Rather than delegating account holding and payments to banks, central banks should bank us all directly.

  • David Blair, Acarate

    Blockchain for treasurers

    Several conferences in 2016 have persuaded me that most treasurers (and most bankers) do not really understand distributed ledgers such as blockchain and their implications for the profession. Here I take a closer look at the key attributes of distributed ledgers and put these into perspective.

  • David Blair, Acarate

    Conference whirlwind

    I had the pleasure of chairing at three conferences in the last month – ACTS/ATC in Singapore, SIBOS in Geneva and EuroFinance in Vienna. When I look through my notes, my head spins. My only conclusion is that we are at a confusing point. Here are some observations.

  • David Blair, Acarate

    Treasury metrics

    Treasury metrics should link up to the departments overall goal, which will be some form of cost effective risk reduction. However, performance can only be properly defined in terms of parameters that are in practice subjective, and therefore must be set by the board of directors. In this article I explore the various metrics that treasury may wish to employ.

  • David Blair, Acarate

    Cash is reality

    Despite mountains of academic literature, clear evidence of corporate performance, and professional investor behaviour, firms are often managed – and employeesrewarded – for accounting results. Why is cash flow so neglected?

  • Jellyfish swimming in the deep ocean

    Liquidity management

    Following queries on my ‘Cash management tools compared’ article, it seems useful to follow up with another view of liquidity management. In the previous article, I analysed how different cash management tools can help treasurers. Here I will look at the issues facing treasurers around liquidity management, and show how the different tools address those issues.

  • David Blair, Acarate

    Mitigating FX execution risk

    Derivatives have always presented delicate control risks and corporates, with their limited resources, are particularly exposed. This article explores these risks and suggests practical risk mitigation, specifically four eye FX dealing.

  • David Blair, Acarate

    KYC is killing your customers

    The burden of complying with unclear and fragmented KYC regulations is having wide reaching impacts on banks and global finance. It has also been a growing inefficiency for corporates which is intensely frustrating because meeting the authorities’ aim of transparency should not be difficult.