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The aim of the MOLSWIFT project was to replace the many formerly used electronic banking terminals with a single robust, state-of-the-art electronic banking communication tool with the highest security standards, in order to improve control, visibility, security and efficiency in the daily banking operations.
Roche have created a SWIFT based solution to send out MT502-messages (order to buy or sell) which are delivered to the MMF providers directly, the MMFs return a MT509 (trade status message) followed by a MT515 (Client Confirmation of Purchase or Sale) message. In close collaboration with SWIFT, the project was successfully delivered within a short time frame of just six months.
Working with Standard Chartered, Microsoft has developed a non-recourse receivables financing solution where payment terms can be extended to 210 days on a fully disclosed transaction.
This multi-faceted project has highlighted numerous instances of best practice and innovation. Most notably, the level of collaboration between the Nigerian Breweries’ treasury team and Citi was especially impressive.
The attention to detail that has been followed to create an efficient treasury management solution in Africa is the key differentiator of ABB’s solution here. For ABB to have developed a regional treasury solution that is both compliant with local regulations and efficient in servicing day-to-day business requirements highlights the true value of this infrastructure spanning 13 markets in the African continent.
The ultimate goal was to eventually establish greater visibility and control of cash flows and effectively utilise the excess cash across entities through a structured liquidity management solution.
As a corporate dealing with multiple financial institutions, Emirates Airlines needed to first understand the Message Implementation Guidelines (MIGs) of all the banks they wanted to work with. They turned to Citi and have worked with SWIFT MyStandards to provide the solution.
Financing activities for 2016 were driven by increased funding requirements and the Etihad Aviation Group Treasury was responsible for raising funding of approximately US$6.9bn required for major capex and infrastructure developments, investment activities as well as managing the business’ liquidity requirements for the financial year. This number included the acquisition of ten new aircraft, bridge financing requirements and the refinancing of some maturing and existing debt, aligning it with the underlying project or asset life. This solution comprises a basket of innovative funding structures including the first corporate issuance in the Schuldschein market from a Middle Eastern borrower.
This is a proof of concept using blockchain for cross-border payments. The transactions were conducted between Panini Group and Australian packaging firm Amcor. Each transaction was cleared in a few minutes and used different currencies to facilitate transactions between bank accounts located at branches in Germany, the Netherlands and the UK.
This relates to a pilot transaction in September 2016; a letter of credit which guaranteed the export of €110k worth of dairy products from Ireland to the Seychelles using distributed ledger/ blockchain technology.