Treasury Today May/June 2024 magazine cover
May/June 2024

Publication date: May 2024

Risk and resilience

Treasury Today goes to press as geopolitical risk spikes even higher following the escalation of the conflict in the Middle East. It is at times like this, as ground war continues to rage in Europe, that cooperation and pulling together to protect our common interests becomes more important than ever. Against this backdrop, this edition’s exploration of the impact of Brexit and the UK’s decision to break away from the EU eight years ago, is thought provoking.

Treasury Today March/April 2024 magazine cover
March/April 2024

Publication date: Mar 2024

A digital world

In a reflection of how data, the critical raw material for producing digital products and services, is increasingly shaping corporate treasury, two features in this edition focus on the new corporate gold, set to shape strategies and investment in the future.

Treasury Today January/February 2024 magazine cover
January/February 2024

Publication date: Jan 2024

Preparing for volatility

Weaving the different threads from the articles in our latest edition together reveals one common seam: risk – and how to navigate it. A fitting topic in our first edition of 2024, a year that could hold more uncertainty than most. War continues to rage between Israel and Hamas and Russia and Ukraine. It’s the biggest election year in history with voters going to the polls in countries including the US, Germany, the UK and India. And it remains to be seen if economies will experience a hard or soft economic landing, and to what extent corporate earnings are pounded. It’s an uncertain backdrop for companies developing new operations in China plus 1 and 2 strategies in countries like India and Mexico, the focus of our Insight & Analysis feature.

Treasury Today November/December 2023 magazine cover
November/December 2023

Publication date: Nov 2023

Strategic Sustainable Treasury

As 2023 draws to a close, this edition gathers key opinions from the industry on where treasurers will be most focused in 2024. In an uncertain world, the treasury playbook is reassuringly familiar as teams prioritise supply chain resilience against the backdrop of geopolitical risk and better cash forecasting.

Treasury Today September/October 2023 magazine cover
September/October 2023

Publication date: Sep 2023

Managing change

The themes shaping our latest edition are a fitting round-up of the enduring issues influencing treasury strategy today – how to extract better returns from cash in a higher rate environment, the impact of China’s struggling economy on trade and how to harness real-world impacts of digitisation, all feature on our pages.

July/August 2023

Publication date: Jul 2023

Strength; resilience and success

This edition comes to you following the celebratory dinner in the magnificent rooms of the St. Pancras Renaissance Hotel in honour of all our Adam Smith Awards 2023 winners. These prestigious awards, scooped by top treasury talent from around the globe and now in their 16th year, are a thrilling affirmation of the vital role of treasury in corporate success and resilience. Essential in today’s challenging world where just in the last few months treasury has had to navigate another spike in instability in Russia, unrest in France and interest rates cranking higher.

May/June 2023

Publication date: May 2023

A technological world

In this packed edition, a few key themes come to the fore. First up, corporate frustration with international payments. In our Insight & Analysis feature, European treasury teams say slow processing times, complexity, and time-consuming and costly management behind cross border payments remain an enduring bugbear. SWIFT, the global payments network that celebrates its 50th anniversary this year, holds solutions to their payments angst which often remain tantalisingly out of reach.

March/April 2023

Publication date: Mar 2023

Change agent

If one theme emerges from our second, suitably packed, edition of the year it is change and innovation. Like our Insight & Analysis feature, reporting how the Bank of England and UK Treasury has just fired the starting gun for a British central bank digital currency (CBDC). Perhaps the most significant treasury opportunity inherent in CBDCs lies in cross border payments. Built on multiple correspondent banking arrangements, cross border payments are slow, opaque and incur transaction costs and risks that corporate treasury knows all too well.

January/February 2023

Publication date: Jan 2023

Treasury in a changing world

Treasury is constantly subject to change and in this edition, the first of a new year, the theme of change and how best to navigate it runs throughout. Our Insight and Analysis feature reports how companies are diversifying their supply chains out of China, building a dual supply chain to better navigate geopolitical, ethical or logistical risk. “Almost all our customers want to hear that we are opening other factories outside China. This seems to be the winning formula,” observes Jacob Rothman, President and CEO of Velong Enterprises, a China-based manufacturer of kitchen and household products for export. Picking up Velong’s Chinese supply chain and dropping it in another country like Turkey or Mexico is far from easy, and Rothman shares his approach to this seismic change.

November/December 2022

Publication date: Nov 2022

Operational resiliency

As 2022 draws to a close, war continues to grind on in Europe in a brutal stalemate. Russia is now attacking western Ukraine in its bid to destroy the country’s critical infrastructure and Russian troops, dug-in in the east, currently occupy 16% of Ukrainian territory. Meanwhile, Ukraine has led a successful counterattack behind Russian lines and exposed critical Russian weaknesses ahead of what promises to be a long winter. Winter promises tough months for European businesses too. If there is one key message from European treasurers featured in this edition, it is that the energy crisis is taking a heavy toll.

September/October 2022

Publication date: Sep 2022

Time to prepare

As this edition goes to press, the UK is absorbing the loss of HM Queen Elizabeth II, the country’s longest standing monarch. A force of stability and resilience for 70 years, the person the country has looked to in times of crisis is no longer there and her passing accentuates a sense of change against the backdrop of already profound economic challenges.

July/August 2022

Publication date: Jul 2022

Rising risks

Treasury teams hoping for a quiet summer will look out on the political and economic landscape with a sense of trepidation. As this edition goes to press, UK governing politicians are more focused on a leadership contest following Prime Minister Boris Johnson’s resignation than the country’s urgent economic travails. All the while rising COVID cases in China threaten more lockdowns and corporates and markets are balancing key unknowns as quantitative tightening ratchets up and Central Banks start to shrink their balance sheets. Elsewhere, Europe’s energy crisis grows, and Japan is coming to terms with the assassination of Shinzo Abe.

May/June 2022

Publication date: May 2022

Strength in adversity

Of all the myriad and complex challenges companies face in the current climate, crisis in their supply chains is up there. Companies have struggled to access the key components that go into their products ever since the pandemic closed borders, but the problem is now exacerbated by China locking down several cities to suppress outbreaks of the virus and Russia’s invasion of Ukraine. Such is the challenge of shortages, delays and surging costs, a clear split is emerging in corporates’ response that signposts winners and losers ahead.

March/April 2022

Publication date: Mar 2022

Strength in times of crisis

As this edition goes to press, Russia’s invasion of Ukraine has raged for four weeks. Alongside the tragic human consequences, the war has left companies scrambling to cope with the impact. Commodity prices have surged, impacting supply chains, and sanctions have forced companies to cut ties with Russia where doing business is neither morally, commercially nor politically viable. Some of our best-read stories include the impact of axing Russian banks from SWIFT, and whether this could accelerate China’s rival payments system, CIPS.

January/February 2022

Publication date: Jan 2022

The view on 2022: the trends set to shape the treasury landscape

As 2022 gets under way, this edition explores some of the most important issues set to drive treasury policy in the year ahead, including digitisation and reducing emissions. Our main feature sets the scene, polling a variety of treasury and corporate experts on what they perceive as treasuries’ key challenges in the year ahead. Cybercrime, supply chain issues and the consequences of vaccine inequality make the shortlist. Rising energy prices, accentuated by greenflation as green politics continue to reduce the supply of key raw materials and slow investment in oil and minefields, will also stay front of mind.

November/December 2021

Publication date: Nov 2021

COP26, shareholder conversations and crypto

As this edition goes to press, governments from around the world are gathering in Glasgow for the United Nations’ climate change conference COP26. The world is waiting to hear if leaders can act together to introduce the global policy framework needed to wean economies off fossil fuels and achieve net zero by 2050.

September/October 2021

Publication date: Sep 2021

Treasury’s climate challenge

The latest message from the Intergovernmental Panel on Climate Change, released in August, was a dire warning from scientists on the impact of climate change. It has focused attention on the UN’s COP26 conference in November and the urgency to get gathered countries that have adopted the Paris Agreement to collaborate on cutting emissions to sign up to new, tougher cuts in Glasgow to try and decarbonise the world.

July/August 2021

Publication date: Jul 2021

Challenges in a changing world

The message from G7 leaders recently gathered in Cornwall was clear. With many of the discussions, like talk of an international infrastructure drive to rival China’s Belt and Road Initiative, centred on a determination to push back against China’s growing global influence, expect a greater sense of western unity and a tougher stance on China ahead. Another standout message signalled root and branch ambitious reform of global corporation tax following a headline-grabbing commitment to introduce new taxing rights over companies and a new global minimum tax.

May/June 2021

Publication date: May 2021

Time to act

As this edition goes to press, two days of climate discussions close with ambitious new emission pledges from countries including Japan, Canada and South Korea, counterbalanced by foot-dragging from Australia and Brazil.

March/April 2021

Publication date: Mar 2021

Liquidity, sustainability and the rush to list

As the vaccines roll out and lockdowns begin to lift, the sectors hit hardest by the pandemic are finally preparing to open for business once again. In this edition, we speak to two corporate treasurers working in the travel and tourism sectors to reflect on the challenges of the last year. Darrell Campbell, Head of Treasury for the world’s biggest cruise ship operator Carnival Corporation, recounts how Carnival raised over US$22bn in emergency funding in a sweeping liquidity strategy. He explains how his first priority was simply keeping the company afloat, a white- knuckle ride that included tapping the high-yield market and articulating financial models to a new and unknown investor group.

January/February 2021

Publication date: Jan 2021

All smooth transitions require early action

COVID and Brexit aside, our conversations with treasury teams over the last year have revealed an enduring preoccupation with two transitions. On one hand, treasury is having to navigate the transition from LIBOR to new risk-free rates. For corporates who have embarked on the journey, moving every type of bank loan, bond issuance, inter-company loan or derivative exposure to the new benchmarks, working out the cost of borrowing and setting up new treasury systems is proving no mean feat.

November/December 2020

Publication date: Nov 2020

Purpose in a volatile world

The idea of corporate purpose is still relatively new, but companies’ ability to combine profits and purpose is increasingly on the radar as corporate stakeholders, particularly employees and ESG-minded investors, demand more than just shareholder primacy. Rather than knock purpose off the agenda, the pandemic has pushed many companies to revisit their social purpose and role in society, encouraging more to act in the interests of all their stakeholders.

September/October 2020

Publication date: Sep 2020

Embracing change

“When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us.” Alexander Graham Bell.

July/August 2020

Publication date: Jul 2020

There is no ‘new normal’

Over the past few months the phrase ‘new normal’ has surfaced as a way of describing how we now live. But does it really mean anything? We live in a dynamic world where events, and our perceptions of them, are constantly changing. We are in a permanent state of flux so surely a ‘new’ normal exists no more than an ‘old’ normal. As Heraclitus argued millennia ago, the only constant in life is change.

May/June 2020

Publication date: May 2020

A different way of living

These times are challenging for everyone. But amongst the personal tragedy and heartache, the frustration and anger, every day we can see shining examples of humanity. Those that are on the frontline in the fight against COVID-19 – and there are many – reveal to us that, fundamentally, humans can and will pull together to do whatever is necessary, because of – and yes, also in spite of – each other.

March/April 2020

Publication date: Mar 2020

Testing times

Firstly, let’s tackle the Big One. Treasurers across the region will be keeping a close eye on the unfolding events following the outbreak of a novel coronavirus, Covid-19. Its economic impact is already being felt, with countries across the globe downgrading their economic growth forecasts. Supply chains are being disrupted, with factory closures in China affecting companies around the world, whilst diverse sectors are seeing a considerable impact, and many businesses take steps to minimise staff travel.

January/February 2020

Publication date: Jan 2020

Welcome to 2020. It’s going to be… interesting!

In 2019, political risk-watchers were spoilt for choice. But from the Brexit saga, to drone strikes in Saudi Arabia, the conflict in Syria, the US-China trade war, protests in Hong Kong, the threat of a global recession et al – it all added up to one big headache for treasurers.

November/December 2019

Publication date: Nov 2019

The game of risk

Life has its risks, without which, arguably, we wouldn’t progress. Think how far we have come in the worlds of medicine and travel, for example, as previous generations have wrestled the odds and overcome life-threatening hurdles, just so we can have life a bit easier.

September/October 2019

Publication date: Sep 2019

The rise and rise of the connected treasurer

Treasury once resided in an ivory tower within its own organisation; an inscrutable technical wizard that somehow made sure the bills were paid. Often the only time people knew it was there was when something went wrong.

July/August 2019

Publication date: Jul 2019

An island of cooperation in a sea of disquiet

In a recent FT interview, Vladimir Putin said that “the liberal idea” has “outlived its purpose”. With the rise of anti-immigration sentiment, the will to shut down borders and end multiculturalism, it has certainly been tested.

May/June 2019

Publication date: May 2019

The whole is often greater than the sum of its parts

At this point in 2019, those in the UK who voted to leave the EU should have been cheering as they finally threw off the shackles of EU membership, whilst those who voted remain would be ruing the day former Prime Minister Cameron decided to play political games with the country’s future. It has not happened yet. It might not. The truth is that nobody knows.

March/April 2019

Publication date: Mar 2019

The uncertainty principle

The whole Brexit experience for the business community has been characterised by an expanding series of unknowns (both known and unknown, as former US Secretary of Defense, Donald Rumsfeld would say), playing out at length. The uncertainty that this has foisted upon many sectors across the UK, Europe and beyond has been challenging, to say the least. It is one that many treasurers will have had to manage, despite the lack of hard facts.

January/February 2019

Publication date: Jan 2019

Time to reflect

In ‘The Gumball Rally’, a 1970s comedy film about an illegal US coast-to-coast road race, the Ferrari Daytona-driving Italian, Franco Bertollini, rips off his rear-view mirror exclaiming “what’s behind doesn’t matter”.

November/December 2018

Publication date: Nov 2018

The five Ps of successful treasury

Was it by accident or design that this issue has more than a few articles geared to helping treasurers prepare for and overcome adverse situations? The world has been gearing up over the past year with some interesting challenges, so perhaps for the final publication of the year such an editorial schedule was inevitable, however it came about.

September/October 2018

Publication date: Sep 2018

The rise of the reasonable treasurer

With conference season well under way, few could fail to notice the pre-occupation of the event organisers with the march of technology.

July/August 2018

Publication date: Jul 2018

Towards an open world economy

There may be many contenders for “the project of the century”. The worlds of computing, healthcare, automotive and aeronautics for example may all lay claim to the most important missions for the benefit of humanity. And let’s not forget the ‘project’ to save the planet itself from mankind’s best efforts to make it uninhabitable through pollutants.

May/June 2018

Publication date: May 2018

The Persistence of cash

Rumours concerning the death of cash appear to be much exaggerated. Again. For a payment form that has been slated for demise for many years, it seems to be hanging on remarkably well.

March/April 2018

Publication date: Mar 2018

Trump and the Davos dream

When President Trump took to the stage to deliver his 16-minute speech on the closing day of the 2018 World Economic Forum (WEF) in Davos, was there a feeling that his hitherto hard-boiled “America First” manifesto had softened?

January/February 2018

Publication date: Jan 2018

2018: the year of digital banking

So, farewell then bank branch; the end is nigh. Is that a problem? When NatWest in the UK recently announced the closure of 197 branches as part of a major cost-saver by its parent company, RBS (along with 62 of RBS’s own branches), the hue and cry from those who still see value in bank branches was loud and clear.

November/December 2017

Publication date: Nov 2017

Do treasurers dream of electric sheep?

Is the world speeding up? Here we are, in the last two months of a year that has seemingly passed by in a flash. We know the world is not spinning any faster, but the pace of life has increased exponentially over the past decade. As a result, we have all become time-poor, spending our days feeling rushed and, perhaps as a result, demanding instant gratification.

September/October 2017

Publication date: Sep 2017

Talk of the town

The annual EuroFinance jamboree heads to Barcelona this year and one topic that is, without doubt, going to dominate discussions is technology. However, we stand at an interesting point in time where treasury professionals have heard enough about the promise of technology and are beginning to demand solutions that can help them today.

July/August 2017

Publication date: Jul 2017

It’s ten years since the crisis. A lot has changed

It’s been a decade since the financial crisis transformed the lives of all of us that work in financial markets. Looking back now, few could have imagined the sizeable impact the crisis had and still has on the world today.

May/June 2017

Publication date: May 2017

Treasury: risky business

Risk management is a strong theme throughout this edition of Treasury Today, and with good reason. Risk management is a key concern for treasurers around the world, with many struggling to understand the direction the world is heading and what this means for their operations.

March/April 2017

Publication date: Mar 2017

Shaping up for the future

The global financial crisis and its fallout are often cited as having enabled treasury departments around the world to become strategic partners to the business. And whilst this may be true to a certain extent – the crisis certainly provided treasury with a platform to shine – the department could have easily fallen out of the spotlight once the crisis abated.

January/February 2017

Publication date: Jan 2017

Adam Smith Awards, ten years on…

We have certainly come a long way since our Adam Smith Awards for Best Practice and Innovation was launched in 2008. Not only is this awards programme acknowledged as the industry benchmark for corporate treasury achievement, it is also now synonymous with best practice and innovation.

November/December 2016

Publication date: Nov 2016

The end of the madness?

As we reach the end of 2016 few would say that it has been a boring year. It may, in fact, go down as one of the most volatile years on record.

September/October 2016

Publication date: Sep 2016

Think about the future… and then plan for it

Treasurers have always played a valuable role in the corporate machine but, as most participants and observers now know, the role has taken on greater operational significance. What’s more, it now bears the kind of strategic importance that once was reserved for the C-suite. In essence, treasurers have far greater responsibility than ever before.

July/August 2016 magazine

Publication date: Jul 2016

Brexit… what to do now?

What many people, industry experts, politicians, the media and professional commentators thought would never happen, has. On 24th June we all awoke to the news that the British people had voted by a margin of 52% to 48% in favour of leaving the European Union and financial markets around the world went into meltdown. UK Prime Minister David Cameron resigned. There was a coup to oust the leader of the Labour Party and a meeting of the European Union in Brussels came to no real decision as to exactly when the UK will invoke Article 50 of the Lisbon Treaty which would start the divorce process.

May/June 2016

Publication date: May 2016

Please speak up now…

Our Corporate Treasury Benchmarking Studies have been leading the industry since 2009. Thanks to the 3,500 of you who have taken part, we have built up a very clear picture of the key issues and challenges affecting corporate treasury and, importantly, provided some of the KPI metrics against which you have been able to benchmark yourselves.

March/April 2016

Publication date: Mar 2016

Something for your ‘to-do’ list… now

Nominations close at midnight on 29th April
Treasury Today’s Adam Smith Awards is the largest corporate treasury awards programme and recognises the very best and brightest in the industry. For 2016, our panel of judges will again be looking for solutions that truly demonstrate exceptional best practice and innovation in the corporate treasury arena.

January/February 2016

Publication date: Jan 2016

A time to reflect…

As we start a new year, the global financial crisis seems like a distant memory – or does it? At the beginning of January 2008, The World Bank predicted global economic growth would slow as the credit crunch hit the richest nations. By mid-January, global stock markets had suffered their biggest falls since the 9/11 attack on the World Trade Centre and the US Fed had slashed rates by three quarters of a percentage point to 3.5% – its biggest cut in 25 years. At the end of the month, major bond insurer, MBIA, announced losses of $2.3bn, blaming its exposure to the US subprime mortgage crisis.

November/December 2015

Publication date: Nov 2015

Predicting the future… or is it too late?

October 21st 2015 has just passed. Those of you who are familiar with the American science-fiction adventure movie ‘Back to the Future’ will appreciate the significance of this date. For those of you who aren’t, it is interesting to observe that some of the predictions in the film have actually come true. Personal drones, tablets and mobile payment technology, biometric devices, hands-free gaming consoles, smart clothing and wearable technology, video phones, waste-fuelled cars, hover-boards and video glasses are all a reality. Wal-Mart Stores is even applying to US regulators for permission to test drones for home delivery, curb-side pickup and checking warehouse inventories, as it goes head-to-head with Amazon in using these aerial devices to fulfil online orders.

October 2015

Publication date: Oct 2015

Control the ball and you control the game

Having just returned from the EuroFinance International Cash and Treasury Management conference in Copenhagen, it is perhaps worth reflecting on some of the key themes that emerged. The focus of this year’s event was fitness; keeping your treasury function fit for purpose, fit for growth and fit for the future. These themes were addressed on consecutive days under the banners of flexibility, strength and speed, and sustainability.

September 2015

Publication date: Sep 2015

Is your treasury fit for purpose?

This issue of Treasury Today coincides with our attendance at EuroFinance’s International Cash and Treasury Management Conference 2015 in Copenhagen, Denmark. Indeed, we expect many of you may be attending the conference too. The theme this year is ‘keeping treasury fit for purpose, fit for growth and fit for the future’ – something that many treasurers will be thinking about as they take the time to step away from their desks and look towards 2016.

July/August 2015

Publication date: Jul 2015

Women in Treasury: not just for girls

It’s a standing joke that the industry needs a ‘Women in Treasury’ initiative because every day at the office is just like a ‘Men in Treasury’ forum. And whilst one of the drivers behind Treasury Today’s pioneering Women in Treasury campaign – which began in 2013 – was, and still is, to give women in the (male-dominated) profession greater recognition and a platform for inspiration, as counterintuitive as it might seem, it’s not all aimed at the fairer sex.

June 2015

Publication date: Jun 2015

Fraud: the pitfalls of growth

It’s no secret that companies are firmly focusing on growth again. Yet, at a time when market volatility is high, geopolitical stability is being rocked, and international regulatory regimes are growing ever tighter, growth can be tricky to find.

May 2015

Publication date: May 2015

We will all pay for over-regulation

You only have to talk to a banker these days and the increasing cost of regulation is the first or second topic of conversation. In fact, it is sometimes the first and the second topic of conversation.

April 2015

Publication date: Apr 2015

Stand out from the crowd

Being good at your job isn’t the only prerequisite for getting ahead in your career. Today, it’s not just what you know that matters; it’s also who you know. Having a good profile at work is essential for your career. It means being trusted with the best projects and being first in line for promotion.

March 2015

Publication date: Mar 2015

On a SEPArate note

In recent weeks, regulatory talk has understandably turned to the European Parliament’s proposed money market reforms. And with ongoing concerns around the knock-on effect of Basel III, bank ring-fencing measures in the UK, and the US’s Foreign Account Tax Compliance Act (FATCA), for example, it is little surprise that the Single Euro Payments Area (SEPA) has fallen under the radar of late. Yet the next SEPA deadline is now less than 12 months away and some corporates have much to achieve in that time.

February 2015

Publication date: Feb 2015

Euro MMFs under further pressure

With the prospect of transformative regulation still hanging over the sector, Europe’s money market funds (MMFs) continue to operate against a backdrop of uncertainty. Recent moves by the European Central Bank (ECB) and Swiss National Bank (SNB) are only making matters more complex – for those in the industry, and for corporate treasurers who invest in the funds.

January 2015

Publication date: Jan 2015

Treasurers behaving badly

At the start of a New Year, it’s traditional to review our priorities and path for the future. We often think about what we’d like to achieve and what we can do better over the next 12 months – both in a personal and professional capacity. But to make this review a truly useful process, it’s important to take a ‘warts and all’ approach. Frequently, the biggest mistake people, and companies, make when looking to improve their situation is sugar-coating their current predicament or refusing to fully acknowledge their weaknesses.

November/December 2014

Publication date: Nov 2014

Reflections and projections

It’s hard to believe that the end of the year is almost upon us. For those in the corporate treasury profession, 2014 has been another rollercoaster ride. There have been highs; there have been lows; and there has been an overwhelming amount of regulation. Indeed, the beginning of the year was dominated by regulatory change, not least EMIR and SEPA.

October 2014

Publication date: Oct 2014

Cybercrime means business

Despite growing investment in measures to counter cyber-attack, an increasing number of banks and corporations are being caught short by fraudsters online. Given the pervasive reach of the internet, no country is immune from the threat of cybercrime. Nigeria, our Country Focus in this edition of Treasury Today, is no exception. A cyber heist on the nation’s banks in September saw criminals get away with more than $35m. Since 2013, Nigeria is now thought to have lost almost $120m to internet-based fraud.

September 2014

Publication date: Sep 2014

Beginning of the end of CNAV funds

After much prevaricating and political posturing, and with new commissioners making the decisions, the Securities and Exchange Commission (SEC) in the US has adopted new rules for regulating money market funds (MMFs) in a 3-2 vote.

July/August 2014

Publication date: Jul 2014

E-invoicing gains momentum

It’s been a busy few months on the e-invoicing front, with a number of positive and noteworthy developments. In this issue, we’ll highlight some of the most recent statistics and interesting e-invoicing news, but we really would urge treasurers to keep e-invoicing firmly on their radar as 2014 progresses. After all, in an environment where businesses of all sizes continue to focus on finding efficiencies and getting smarter about the way they work, while adding strategic value and easing financial pressures, e-invoicing is a tried and tested solution.

June 2014

Publication date: Jun 2014

Addressing SEPA’s shortcomings

In mid-May the European Payments Council (EPC) launched a three-month public consultation on possible changes to the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Rulebooks. Treasurers, along with other industry stakeholders, now have until 15th August 2014 to share their views on the Council’s potential modifications. This date is of course, just a few weeks out from the end of the ‘extended’ SEPA migration period – 1st August 2014.

May 2014

Publication date: May 2014

Unplug and play

Without doubt, technology has revolutionised the way we work. But it has also altered the way we live. Mobile technology and remote access solutions allow us to work on the go, or work from home, yet in doing so, they have blurred the lines between our personal and professional lives.

April 2014

Publication date: Apr 2014

Time to shine

Recognising the best in corporate treasury is a difficult business. But quality and integrity are vital to the success of the treasury profession. That’s why celebrating exemplary practice and showcasing innovative industry solutions is integral to Treasury Today’s annual Adam Smith Awards programme.

March 2014

Publication date: Mar 2014

Knowledge is power

Genuine market intelligence on the performance of corporate treasury functions is hard to come by. It is also extremely hard to ignore. That’s why your peers are using the findings of Treasury Today’s Corporate Benchmarking Programme to report to the C-suite and to set their treasury agenda.

February 2014

Publication date: Feb 2014

Regulators change their tune

While the spectre of financial regulation still looms large, some noteworthy concessions have been announced in recent weeks by various rule makers. This is good news for both banks and corporate treasurers, and suggests that the regulators are perhaps more ‘in touch’ than many had previously thought.

January 2014

Publication date: Jan 2014

SEPA: ready or not?

For those operating in the treasury space in Europe SEPA (or the Single Euro Payments Area to give it is unabbreviated name) seems to have been around for years. As we start 2014, one of the finishing lines for this project is now firmly in sight. The SEPA Regulation (EU) No 260/2012 set the final end-date for ‘legacy’ national euro credit transfer and direct debit schemes as 1st February 2014 in all Eurozone states. This can be deferred until 31st October 2016 for non-Eurozone states like the UK. From these dates the existing national euro credit transfer and direct debit schemes will have to be replaced by the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Schemes and the politicians’ goal of having ‘no frontier effect for cross-border payments’ will have been largely achieved.

November/December 2013

Publication date: Nov 2013

An inspirational afternoon

The first Treasury Today Women in Treasury Lunch was held in London on Thursday 31st October. Our pioneering Women in Treasury initiative was launched in January of this year and continues to grow in ambition. In the project’s first year we have profiled leading women in the industry, launched a study into the professional experiences of these women and now hosted our first Women in Treasury event.

October 2013

Publication date: Oct 2013

Will MMFs make it over the regulatory hurdle?

The battle over new money market fund (MMF) regulations is coming to a head on both sides of the Atlantic. Early last month the European Commission (EC) put forward its proposals as to how to ensure the stability of the MMF industry and the money markets as a whole whilst, in the US, the three-month consultation regarding the US Securities and Exchange Commission’s (SEC) proposals saw a flurry of comments before it closed for consultation on 17th September.

September 2013

Publication date: Sep 2013

The Sibos jamboree heads for Dubai

Sibos is the annual banking conference organised by SWIFT, the bank owned provider of secure financial messaging services. Sibos has become the ‘must-attend’ conference for bankers, technology suppliers and consultants who are involved in all aspects of the transactional banking business. The conference is held in different parts of the world each year and there are 6,000+ attendees most years. What do they all do? Well, there are some serious debates at Sibos and informative conference sessions but it is also a big party as banking friends get together and the booze flows from the stands.

July/August 2013

Publication date: Jul 2013

A Canadian walks into the Bank…

This may sound like a good start to a joke, but Mark Carney’s first week has shown that he is serious about shaking things up as Governor of the Bank of England (BoE). In an attempt to shed his ‘rock star’ celebrity status for a more ‘man of the people’ image, Carney joined other City commuters in taking the tube to work and agreed to meet a group of protestors to review female representation on bank notes.

June 2013

Publication date: Jun 2013

A tale of two cities

Miami and Singapore: two very different cities in two very different regions. Yet there were a number of common themes running through the EuroFinance conferences held in these cities in May.

May 2013

Publication date: May 2013

The definitive industry benchmark

With nominations now closed, Treasury Today can announce that the 2013 Adam Smith Awards has once again attracted impressive entries from some of the world’s most innovative treasuries.

April 2013

Publication date: Apr 2013

Final call to action

By the time this issue hits your desk, you will have just two weeks left to get your submission(s) in for the 2013 Adam Smith Awards. Our simple ambition is to continue to recognise and showcase the best in corporate treasury practices as demonstrated by you, our readers.

March 2013

Publication date: Mar 2013

The great SEPA countdown

The race is on to beat the clock and migrate euro payments to Single Euro Payments Area (SEPA) instruments by the deadline of 1st February 2014. At long last, the Eurozone will give birth to a (relatively) harmonised payments landscape that should be easier and cheaper to navigate, both domestically and cross-border.

February 2013

Publication date: Feb 2013

2013: the year of ‘muted optimism’

The Year of the Snake came in with more of a whimper than a hiss, with continuing concern over problems in the Eurozone and the US budget deficit. However, despite the International Monetary Fund (IMF) trimming its growth forecast for the world economy in 2013, after predicting a less vigorous recovery in the US, UK and the leading countries of the Eurozone, the general mood at the recent World Economic Forum (WEF) meeting was moderately buoyant.

January 2013

Publication date: Jan 2013

Onward and upward

As a new calendar year starts we all have plans for 2013. Treasury Today continues to expand and we are working on three new initiatives this year. We are launching Treasury Today Asia; thus responding to the many requests we have received to broaden the coverage of Treasury Today in China to include the rest of Asia. We are also developing our web content to provide more tools and practical information to corporate treasurers and CFOs/FDs. Finally, we are beginning to offer customised research to banks and other vendors by undertaking specific market surveys and using our extensive benchmarking survey data.

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