Agenda

Plenary

This event offers big-picture sessions around the global economy and its challenges for companies; the latest tech developments offering real opportunities to solve finance function pain points; regulation and other current trends.

Robert Novaria

Chair: Robert Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group

Robert Novaria
Robert Novaria Treasury Alliance Group EuroFinance Tutor & Partner

Bob has more than 30 years of corporate treasury experience in the roles of treasurer, credit director, finance manager and controller at BP America and Amoco Corporation. He has successfully managed post-acquisition integrations, technology upgrades and corporate restructurings. Currently, Bob is a partner with the Treasury Alliance Group, leveraging his corporate experience in client engagements dealing with global treasury, risk and crisis management; cash management and cash flow forecasting; working capital management; shared service operations and general management. He also shares his experiences by tutoring others in courses such as international cash and treasury management, corporate risk management and cash flow forecasting, as well as by chairing, moderating and speaking at treasury conferences worldwide.

  • 9:00am
    Chair's Introduction
    Robert Novaria

    Robert Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group

    Robert Novaria
    Robert Novaria Treasury Alliance Group EuroFinance Tutor & Partner

    Bob has more than 30 years of corporate treasury experience in the roles of treasurer, credit director, finance manager and controller at BP America and Amoco Corporation. He has successfully managed post-acquisition integrations, technology upgrades and corporate restructurings. Currently, Bob is a partner with the Treasury Alliance Group, leveraging his corporate experience in client engagements dealing with global treasury, risk and crisis management; cash management and cash flow forecasting; working capital management; shared service operations and general management. He also shares his experiences by tutoring others in courses such as international cash and treasury management, corporate risk management and cash flow forecasting, as well as by chairing, moderating and speaking at treasury conferences worldwide.

  • 9:10am
    What’s driving or not driving the global economy and what matters for companies now?

    Economies have stopped working the way we expect. The link between employment and inflation seems broken. A quarter of all investment-grade bonds now have negative yields. Central bank balance sheets bulge with the bonds they have bought. The role of those banks and their governments in fiscal and monetary policy is blurring. The rules of business are in flux, too. Political turmoil matters more than the normal rules of the market. The continued move towards global supply chains and the digital reinvention of sectors as far apart as taxis, pizzas and healthcare collides with nostalgic populism and its desire to reassert nation states and their boundaries.  New generations of consumers demand sustainability from markets, driving leaders to seek profits with purpose. And all the while, more than a decade after the financial crisis, debt levels continue to rise and a private equity bubble looks set to burst, if it hasn’t already. So why is the new thinking that emerged after previous crises missing this time round? Is the Chinese model showing the deficiencies in the neoliberal consensus, and will populism overturn it? And what can companies do to ensure that they avoid extinction in what seems awfully like the transition to a new era?

  • 9:50am
    The big debate: will regulation kill innovation?

    It may not be treasury, but the whole idea of technology and what it can do has always fascinated. And the lesson that technology has disrupted, and always will do, relates to any industry or profession. From developments in flight, urbanization, computers and energy, the effects have always been economic and social – and so political. But the difference today is that the effects of the latest developments are beginning to be seen not as progress – not lifting people from poverty and bondage – but as regressive and reversing previous gains. Technology that takes jobs without replacing them; algorithms that hack humans into harmful but profitable behaviors; companies that undermine the political system that gave limited liability corporations the right to exist. Like Big Tobacco and Big Oil, the tech firms themselves understand that what they provide needs to be regulated. But how much, by whom and what basis? And how much will regulation kill innovation?

  • 10:30am
    It’s tough out there and companies may have to change

    US companies have gotten used to an easy ride from their domestic tax, employment, data protection and anti-trust regimes. But when they try to export their business practices elsewhere, it’s a different story. In Europe and Asia, investors, and more significantly governments, are looking much harder about how tax and regulatory arbitrage, monopoly practices, and unfair employment strategies, rather than genuine innovation, lie behind outsize profits at some firms. In Europe, the low to non-existent taxation paid by key digital platforms is a target. Some companies’ misuse of private customer data to generate ad revenues has been punished with large fines. Others have been hit with a billion dollars of fines for misuse of data and selling product below cost. And online content providers are under scrutiny for how they manage, promote and monetize that content. In Asia, chasing Chinese business comes at the cost of censorship, nixed M&A deals and blacklisting threats. How can fast-growth US innovators avoid the regulatory backlash? Learn from the firms who have experienced it.

  • 11:00am
    Refreshment break
  • 11:30am
    Going for green: sustainability impacts us all. Can treasury contribute and help the bottom line?

    Environmental, social and corporate governance (ESG) is becoming a critical part of corporate reputation, driving not just customer retention and loyalty but also investor and other stakeholder behavior. So how can treasury contribute to companies’ overall ESG efforts? One easy step is to ensure that any service provider to treasury – including banks – is itself a responsible and sustainable partner. This idea can be extended to the supply chain via innovative green SCF solutions that tie discount rates or other financial incentives to suppliers’ own demonstrated sustainability. Another step is to look at moving to the increasing number of sustainable financing products in the bond, bank and leasing markets. Banks can even help companies meet their sustainability commitments through structuring their working capital requirements to help fund renewable energy projects in ways that are more economical than other funding options. In this session, we bring you three socially responsible companies who not only tell you their treasury growth stories but also explain how treasury has gone green.

    Peter Filipovic

    Peter Filipovic, VP, Treasurer, Starbucks Coffee Company

    Peter Filipovic
    Peter Filipovic Starbucks Coffee Company VP, Treasurer

    Peter has joined Starbucks in 2006 and currently leads it Treasury & Risk Management function. His team is responsible for capital raising and allocation strategy, commodity and currency risk management, cash management, insurance and execution of worker’s comp and customer claims programs. Prior to his current role, Peter served in a number of business development roles most recently as director of international strategy and business development responsible for expanding Starbucks global footprint through company owned operations and licensed partnerships and driving execution of international ownership strategy. Earlier in his career Peter held various finance and treasury roles in Starbucks and Kimberly-Clark. He graduated from the University of Arizona with a Bachelor of Arts degree in business administration and received Master of Business Administration degree from Thunderbird. Peter is passionate about balancing profitability with social good and it is important to him that alongside serving great coffee, Starbucks is a leader in corporate social responsibility inclusive of sustainability issues and using its balance sheet for good.

  • 12:10pm
    Sustaining rapid growth: a fireside chat

    Most treasurers have planned for risks on the downside, but how many plan for risks on the upside? In companies that are growing fast, treasury can unwittingly become a brake on growth: ‘no, you can’t launch the product there; no, you cannot pay that vendor; no, you cannot accept that currency.’ Keeping ahead of the business in order to facilitate growth is a discipline most treasurers need to learn. Critical to this is the choice of bank and vendor partners. Are they flexible enough to support your growth? How can they help with technology? If you have an e-Commerce model, can they help you with low-value, local payments and trapped cash in emerging markets?  And can treasury keep up with the volumes if the business becomes more direct-to-consumer? In this fireside chat, a treasurer talks about how they balanced the traditional role of treasury – focusing on funding, working capital, risk and credit control – with the need to make it as easy as possible for the business to expand into new regions, customer bases and sales channels.

    David Watt

    David Watt, Head of Treasury, Sonder Inc.

    David Watt
    David Watt Sonder Inc. Head of Treasury

    David joined Sonder to found their Treasury department at the start of 2019. Prior to that he spent 4+ years helping Uber expand to nearly 80 countries leading a team that grew to 30 people across 3 locations in the San Francisco, Amsterdam, and Singapore. In addition to the two recent roles with start ups David worked in several public companies such as URS, eBay, and World savings. Before getting into Treasury David worked in Accounting and earned a CPA license in California.

  • 12:50pm
    Lunch
  • 2:00pm
    The right structure for your growth strategy

    Tax and accounting regulations drive most treasury structures. Adapting domestic treasuries to global growth strategies is a complex and difficult task. Just ensuring that the structures chosen remain viable in a volatile regulatory environment is hard enough. Throw in cross-border funding and cash management, risk management, supply chain financing and the acquisitions that usually accompany growth, and building a future-proofed but efficient treasury becomes more difficult still. So, should treasurers of fast-growth and internationalizing firms start with a robust tax minimization structure and work from there? This speaker explains how they built an international tax structure and how technology is critical to baking resilience into what they have built.

  • 2:40pm
    Liquidity management in a negative rate world

    Roughly a quarter of the debts issued by governments and companies around the world are currently trading with negative yields. Even some junk bonds have a negative yield to call. The question of how to respond is really above the treasurer’s pay-grade. Yields are this low because central banks want banks to lend and companies to spend. And the corporate response has been to spend – at the end of 2018 America’s cash mountain was down 15% from the record $1.99 trillion at the end of 2017 – though more on stock buy-backs than gainful investment. So, the question is really one for the board: with money not worth much in the bank, what are the other ways to use it? And the savers’ nightmare is the borrowers’ paradise, so is now not the time to be refinancing? It is also true to say that this is more hype than reality: the nominal levels are eye-catching, but are they a distraction? After all, real yields have been close to zero and negative before. So, is it simply the nominal losses that worry treasurers and if so why? If their firms are too worried about recession to invest now, then they have to accept the cost of insurance – that cash at hand – has risen in parallel. There are strategies for avoiding nominal loss, but they all come with risk – risks that will likely crystallize in the event of the recession that is preventing investment. So, it makes little sense to take a risk with liquidity that you are not prepared to take for the firm’s future. This situation requires a change of policy from the top, not simply a tweak of cash pooling or liquidity management technology. This treasurer explains what he has told the Board and what happened next.

  • 3:20pm
    Refreshment break
  • 3:50pm
    Masterclasses

    Delegates can choose one of two Masterclasses to attend, chaired by our expert speakers.

    • Robotics: automatics in the treasury
    • Cash forecasting: finally some solutions

  • 5:10pm
    Networking reception
  • 6:00pm
    Adjourn to day 2

Masterclass 1

Robotics: automatics in the treasury

  • Part 1
    A not so bumpy road to robotic process automation

    Turning repetitive, manual treasury tasks into software is the natural extension of treasurers’ longstanding drive for STP. Like STP it depends partly on how quickly and easily existing technology infrastructure can be connected and integrated with third-party software and services and partly on the elimination of internal inefficiencies. Internally, areas such as FX, AP, AR, credit control and physical and financial supply chains all still contain manual and semi-manual processes and spreadsheets. Externally, it is not just the explosion of new technology partners that is causing integration issues; banks still do not have common interfaces and template requirements, even across their own branches globally. TMS providers do not provide standardised interfaces and treasurers often find themselves building them from scratch. So, does robotic process automation solve any of these issues, or does it need to wait until the underlying problems are tackled? And how big does a treasury have to be to have the scale to make RPA cost effective?

  • Part 2
    Automatic means automatic

    Treasurers asked to break down core processes into programmable chunks may worry that they are analysing themselves out of a job. Some may believe that automation and AI will release them to become more valuable deliverers of strategic insights to the business. Systems will perform many of the functions previously the preserve of treasury, but treasury will become a centre of expertise in tailoring treasury strategy to support the business’ chosen trajectory. Others see treasurers morphing into guardians of these new automated systems (attended RPA), acting on automated outputs but taking final decisions themselves while also shouldering more responsibility for increasingly complex regulation and compliance. This treasurer is in the midst of a large-scale automation project: this is how they are progressing and how they see their future.

    Priti Kartik

    Priti Kartik, Head of Treasury, Credit and Collections, Logitech

    Priti Kartik
    Priti Kartik Logitech Head of Treasury, Credit and Collections

    Priti Kartik is Head of Global Treasury, Credit, and Collections at Logitech. She joined Logitech in 2012 as Senior Manager and as Head of Treasury since 2016, oversees all functions of Treasury globally. In 2018, her responsibilities expanded to include Global Credit and Collections. Prior to Logitech, Priti worked at Thoratec and Altera where she held various leadership positions in the Finance department. She also served as Vice President and President of the Silicon Valley AFP (formerly PTMA) in 2009-2011. Priti holds a Graduate Diploma in Finance from Australian National University and a Bachelor of Commerce degree from the University of Mumbai, India and is CTP certified.

  • Part 3
    Robots on parade

    RPA spans the whole range of treasury sexiness processes, from unattended RPA’s focus on high-volume, low-value processes such as reporting and invoice processing, to attended automation in which parts of a more complex, high-value process are automated to enhance the final result. Three vendors from different parts of the automation spectrum illustrate the possibilities.

  • 5:10pm
    Adjourn to networking reception

Masterclass 2

Cash forecasting: finally some solutions

  • Part 1
    The challenge of cognitive cash

    Cashflow forecasting is still a manual, spreadsheet-based process involving too many people, resulting in monthly or quarterly forecasts for, often, only the current quarter or even the year. The granularity of inputs is insufficient and manual interventions obscure the data patterns that could have been useful. AI-systems use combinations of machine learning and true AI on data at an invoice, employee and vendor payment level to learn the historical patterns that form the baseline truth of the cash position. Machine learning systems then automatically reconfigure forecast models by comparing forecast versus actual cash positions to improve accuracy with time.

  • Part 2
    How treasurers see the future

    A new enterprise-wide ERP system was an opportunity to look again at forecasting. Having decided on a bottom-up process and a two-month rolling forecast, this company looked at what technology, including AI and ML, could deliver what they needed. This is how the project unfolded.

    Excel and an inflexible, legacy ERP system push-button visibility and a cutting-edge cash planning and business intelligence tool. Broken down into 25 ‘micro-challenges’ the project took a year but now delivers better entity level forecasts and has even affected dividend distributions. This is how the team did it.

    This firm wanted a dynamic dashboard to gather treasury-critical information into a single window and realized that new technologies could clean their data and upgrade their analysis techniques to improve the accuracy of their forecasts and reconciliations. The treasurer explains how they chose technologies and vendors and what the project delivered.

  • Part 3
    The tech parade: what the vendors say

    Whatever the problem, more data and some AI to crunch it is the answer. That’s the way it seems from trade surveillance, to cybersecurity to cashflow forecasting. But is it true? Surely AI systems need far more data to learn from than most companies have in their accounting systems? That’s why it’s Big Tech that dominates AI research. And isn’t AI just the latest fintech bandwagon for coders seeking VC backers? These companies say no. So, are the impressive claims they make for their products borne out by results? Is AI the answer to the cashflow forecasting problem or could treasury get by with just a more rigorous version of the existing process? These three vendors give their side of the story.

  • 5:10pm
    Adjourn to networking reception

Plenary

This event offers big picture sessions around the global economy and its challenges for companies; the latest tech developments offering real opportunities to solve finance function pain points; regulation and other current trends.

Robert Novaria

Chair: Robert Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group

Robert Novaria
Robert Novaria Treasury Alliance Group EuroFinance Tutor & Partner

Bob has more than 30 years of corporate treasury experience in the roles of treasurer, credit director, finance manager and controller at BP America and Amoco Corporation. He has successfully managed post-acquisition integrations, technology upgrades and corporate restructurings. Currently, Bob is a partner with the Treasury Alliance Group, leveraging his corporate experience in client engagements dealing with global treasury, risk and crisis management; cash management and cash flow forecasting; working capital management; shared service operations and general management. He also shares his experiences by tutoring others in courses such as international cash and treasury management, corporate risk management and cash flow forecasting, as well as by chairing, moderating and speaking at treasury conferences worldwide.

  • 9:00am
    Chair's introduction
    Robert Novaria

    Robert Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group

    Robert Novaria
    Robert Novaria Treasury Alliance Group EuroFinance Tutor & Partner

    Bob has more than 30 years of corporate treasury experience in the roles of treasurer, credit director, finance manager and controller at BP America and Amoco Corporation. He has successfully managed post-acquisition integrations, technology upgrades and corporate restructurings. Currently, Bob is a partner with the Treasury Alliance Group, leveraging his corporate experience in client engagements dealing with global treasury, risk and crisis management; cash management and cash flow forecasting; working capital management; shared service operations and general management. He also shares his experiences by tutoring others in courses such as international cash and treasury management, corporate risk management and cash flow forecasting, as well as by chairing, moderating and speaking at treasury conferences worldwide.

  • 9:10am
    Teasing out the trends that impact the business

    It’s a big picture world right now. Mega trends in politics, economics, trade, technology, regulation and the environment matter more than the details. Has the tech bubble burst? What does the US-China trade war mean for business? Is Europe falling to pieces? What does business look like after the next round of digitalization, after automation and AI get to grips with Big Data? Will a quarter of all investment grade bonds stay at negative yields?

    Listen to our expert snapshots and join in their discussion with a treasurer about what each of these trends mean.

    Are the China days over?
    The escalating tariff fight between the US and China creates problems for manufacturers. These firms need to look at moving production to unaffected countries in Asia, such as Vietnam and Thailand, or even to Mexico. But which countries are most attractive from the point of view of wages, taxation and proximity to high-tech supply chains? And what about Taiwan?

    GDPR plus CCPA equals… what?
    Surveillance capitalism has a problem. Customers have woken up to the fact that they are giving away billions of dollars of value for free and regulators have noticed that firms from search engines to loyalty card schemes are not very good at explaining what they are doing with data, nor at keeping it safe and private once they have. So what does giving people the right to see their data do to the businesses that monetize it and how much of a risk are companies really facing?

    Which bubble is bursting what?
    It’s not just WeWork. A host of IPOs have disappointed. But are investors tired of tech? Or are they tired of things masquerading as tech, or whose tech is no barrier to entry? And which investors? Venture capital flows into fintechs and cybersecurity start-ups are still strong. Private equity is still buying big tech firms. So are public markets rejecting private valuations across the board, or is it more complicated? These firms and investors give us their view.

    What’s wrong with interest rates?
    In Denmark, some financial institutions are offering borrowers “negative” mortgages that pay interest. The global pile of negative yielding debt has swelled above $12.5 trillion. And in the US, the yield on 10-year Treasuries is close to being negative in real terms with growth at 3.1 per cent in the first quarter and the US economy grew by an annualized 2 per cent in the second quarter. The US Federal Reserve is adding both permanent and temporary liquidity to financial markets to counter structural issues in the repo markets and is signalling smaller rate rises going forward. So are low rates permanent? What could cause shocks on the upside? Negative rates is also a bank relationship and counterparty risk issue.

  • 9:50am
    So what now for cryptocurrencies?

    How well cryptocurrencies are doing depends partly on your politics. The news that some workers in tech are choosing to be paid in bitcoin was viewed by some as an endorsement of digital currencies and by others as a regression to the kind of payment-in-company-tokens that created forms of corporate bondage in the not-too-distant-past. More prosaically, cryptocurrencies have not yet been able to demonstrate that they are currencies, rather than assets, and that they can become institutionalized as money. But the biggest news in crypto is the deterioration of the Libra project in the face of opposition from governments and regulators and the resulting departure of partners such as MasterCard, Visa, PayPal and eBay. Central Banks saw Libra, which worked on a permissioned blockchain, as potentially a systemically important payment system, rather than as a currency, and so demanded the same resilience they would expect from channels like SWIFT. So are central banks the real future of digital currencies? If the People’s Bank of China does roll out DCEP, as has been announced, then maybe.

  • 10:20am
    Refreshment break
  • 10:50am
    Tailored strategies for digital treasuries

    It is all too easy to generalize about digitalization. Yes, there is an increasing tension between the real-time transactional world experienced by customers and clunky treasury technology. Yes, developments in technology across the full spectrum of treasury activities have given treasurers unprecedented choice over who supplies them with core products and services. And yes, it is clear that digitalization is an opportunity for treasury to develop real-time capabilities and to begin to deliver genuinely strategic insights to senior management. But one size does not fit all and many of the structures and solutions being proposed today are unsuited to the resources and needs of mid-sized, fast-growth companies. How much of their treasuries should be on-premises versus in the Cloud? Instead of enduring the costs and lead-times of difficult legacy integrations, maybe it’s better to start again? This treasurer gives their perspective on building the right digital treasury for you.

  • 11:30am
    The reality of real-time payments: what's in it for treasury?

    In this moderated session, our expert panelists will explore the new payment trends and advances in the US and globally, including which developments are important for a corporate treasury. Learn from a bank, fintech and corporate perspective about impacts to the global marketplace from real-time payments. How will the reality of real-time, cross-border payments impact working capital, systems and processes within a company? How will APIs and new standards benefit corporates? What are the advancements in cloud technology in this space, how safe are they, and how real is their potential for adoption?

    Jim Scurlock

    Jim Scurlock, Head of Cash Management, Microsoft

    Jim Scurlock
    Jim Scurlock Microsoft Head of Cash Management

    Bob Sneed

    Bob Sneed, Executive Vice President of Sales, TransCard

    Bob Sneed
    Bob Sneed TransCard Executive Vice President of Sales

    Carl Slabicki

    Carl Slabicki, Executive Manager, Treasury Services, BNY Mellon

    Carl Slabicki
    Carl Slabicki BNY Mellon Executive Manager, Treasury Services

    Carl Slabicki is the Head of Strategic Payment Solutions for BNY Mellon’s Treasury Services. In his current role, Carl is responsible for our Payables and Receivables product group that delivers specialized solutions to optimize payment flows for our multi-segment corporate client base, our bank clients in a private label capacity and our strategy to selectively partner with FinTechs to enhance and scale our services across the market. This product group focuses on providing holistic payment services to support the full spectrum of payables and receivables while optimizing our client’s payment flows and services by leveraging new networks and capabilities such as Real-Time Payments (RTP®), Tokenized Payments® now available with Zelle®, ACH, Check Processing and Specialized Industry Solutions. Mr. Slabicki is the Chair of Zelle’s Wholesale Payments Advisory Committee, a member of the Federal Reserve’s Faster Payments Council and represents BNY Mellon on many industry working groups focused on faster payments such as The Clearing House’s RTP® network and Zelle® disbursements. Prior to joining BNY Mellon in 2014, Mr. Slabicki was the Treasurer for the Wurth Group of North America Inc. which is the regional in-house bank, holding company and shared service center for the Wurth Group. Mr. Slabicki graduated from Muhlenberg College with bachelor degrees in Economics and in Business Administration and is a graduate of SIFMA’s Security Industry Institute at Wharton. He is a Certified Treasury Professional (CTP), an Accredited ACH Professional (AAP) and a member of the Association for Financial Professionals (AFP).

    Jeff Horowitz

    Jeff Horowitz, Managing Director, Treasury Services, BNY Mellon

    Jeff Horowitz
    Jeff Horowitz BNY Mellon Managing Director, Treasury Services

  • 12:10am
    Lunch
  • 1:10pm
    Masterclasses

    Delegates can choose one of two Masterclasses to attend, chaired by our expert speakers.

    • Payments: keeping up with the changes
    • Liquidity & asset management: a changing view

  • 2:30pm
    Refreshment break
  • 3:00pm
    How to be an effective treasury organization and team to support growth

    There is a lot of talk about ‘strategic treasury,’ but not a lot of detail about what that means in practice. To deliver value to the business and to wider stakeholders, treasury needs a plan. This will include a digital transformation map, details of how automation will be introduced and a timeline for specific value-added deliverables. The development of treasury as a source of high-impact business insights, as well as maintaining its role as provider of the optimum funding mix, the most appropriate risk management strategies and the most effective cash and liquidity management programme inevitably means change. Treasuries taking on new activities, such as managing benefit plans or real estate portfolios, need to keep learning new skills. This presentation will deliver practical examples of the transactions, processes and steps along the way to developing the treasurer – and treasury – of the future.

  • 3:40pm
    My career path: a fireside chat about treasury

    Not every path into corporate treasury is obvious, and in today’s companies it may even help to have an unconventional treasury background. As treasury is transformed by technology, data, cybersecurity and systems skills can trump traditional expertise. As automation, outsourcing and shared service centres move basic processes out of treasury, the need for strategic and communications skills to partner the business increases. And as regulation  becomes an ever more significant driver of business location, structure and activity, treasury’s role in compliance and investor relations becomes more significant. So how did this treasurer at one of the world’s leading businesses start out? How did they end up where they are now? And just how deliberate was that? And finally, where next?

  • 4:10pm
    KAL's closing

    KAL, the Economist’s resident cartoonist, has published over 8000 cartoons, many of them gracing the cover of the Economist year after year as well as appearing in well-known news organisations globally. He has drawn every major political figure in the last few decades and won awards around the world for his editorial and satirical coverage of political events. He is passionate about his work and the use of humor as an important tool in the defense of freedom of speech. He will take us on a current events trip using his art and show us that everyone has a cartoonist lurking in them. He will close out the event with a short drawing lesson where you will be able to draw and take home a ‘realistic’ caricature of a major political figure!

    Kevin Kallaugher

    Kevin Kallaugher, Editorial Cartoonist, The Economist

    Kevin Kallaugher
    Kevin Kallaugher The Economist Editorial Cartoonist

    Kevin Kallaugher (KAL) is the internationally award-winning editorial cartoonist for The Economist and the Baltimore Sun. In a distinguished career that spans 39 years, KAL has created over 8,000 cartoons and 140 magazine covers. His résumé includes six collections of his published work, exhibitions in a dozen countries, and awards and honours in seven. These awards include Feature Cartoonist of the Year in Britain, Cartoon of the Year in Europe, the Thomas Nast Prize in Germany and the 2017 Berryman Award for cartoonist of the year in the United States. A graduate of Harvard, he has created acclaimed animations and calendars, toured the United States with the Second City improv comedy troupe and addressed audiences around the world. The “World Encyclopedia of Cartoons” says of KAL, “Commanding a masterful style, Kallaugher stands among the premier caricaturists of the (twentieth) century.”

  • 5:10pm
    Adjourn to networking reception and book signing
  • 6:00pm
    Conference concludes

Masterclass 1

Payments: keeping up with the changes

  • Part 1
    It’s a revolution, not an evolution

    The payments ecosystem is developing so rapidly, it is hard to keep up. The ease with which developers can access payment APIs, bank and other transaction data means that the number of platforms, apps and channels is multiplying almost daily. With these come better visibility, improved credit control, real-time and instant payments, but also cybersecurity and data privacy risks. They are also starting to upset the balance of power in the system of interchange, the fees that underpin much of the payment system. Cash wallets freeze out the credit card intermediaries and reduce bank income; new Big Tech payment players can afford to assume transaction credit risk and lower fees to merchants. They in turn are migrating customers to alternative payment platforms like Amazon Pay, Klarna and Zibby. As other large companies offer their own wallets [think Walmart Pay], the game will change again. So what is the big picture? What do all these various initiatives mean for corporate treasury? And is all this good or bad for the banks? This speaker sets the scene.

  • Part 2
    Companies embracing the changing payments environment: case studies

    Leveraging APIs:
    APIs give corporate treasurers an alternative to traditional online channels at their banks, SWIFT or host-to-host connectivity. This treasury achieved better integration, straight-through processing and a near real-time payments and reconciliation service from their core banks with less investment in technology and a better interface.

    Just-in-time treasury:
    Big corporates initial reaction to instant payments was that they pulled the rug from their delayed payment cash management strategies. That’s changing. Instant payments (and the corollary, instant collections) will have a transformational impact on treasury, especially as the value limits on instant payment initiatives increase. Just-in-time payments enhance working capital, allow more precise funding, and reduce costs, especially in credit control. Real-time payments also boost new business: instant digital payment eliminates supplier credit risk, so firms can broaden their supply chain. And they enable new digital business models and a wider customer base, again, by eliminating credit risk. This treasurer is a convert.

    Migrating to alternative payments:
    For fast-growth companies payments pain points are a real problem. High processing costs, payment delays, manual AP processing, fraud risk, limited transaction visibility, mismatches between supplier payment methods and company systems, and problems in remittance data processing all cause real financial friction. Alternative payment providers can solve many of these issues as their barriers to market entry have been eroded by advances in technology and business models. This treasurer explains how.

  • Part 3
    The payments tech parade: five minutes to make a difference

    The range of payment platforms and channels is now confusing enough to be a problem for corporate treasurers. Faced with too many choices to evaluate through POC, and with the additional complexity of bank-fintech collaboration, treasurers need straight talking from the sell-side. Here three vendors give their side of the story.

  • 2:30pm
    Adjourn to refreshment break

Masterclass 2

Liquidity and asset management: a changing view

  • Part 1
    Liquidity gets smarter

    Better liquidity management starts with multi-bank, multi-currency, real-time gross settlement and continuous reconciliation. Blockchain and other new technologies have made this a practical proposition, allowing treasurers to unlock more of the liquidity trapped in their networks. The next step is to use next generation liquidity management techniques to make the most of it. These include new open-architecture bank platforms and digital ecosystems, which provide investment analytics, trading, settlement, and reporting capabilities that can integrate with TMS and other enterprise systems via reporting APIs and custom file integrations. Treasurers can also now choose from a variety of innovative liquidity planning and forecasting solutions that apply artificial intelligence and automation to historical patterns to make predictions about cash positions, and provide treasurers with insights that improve yields or reduce interest costs. And all of these services are becoming available on an omni-channel basis, enabling treasurers to work seamlessly regardless of location or device

  • Part 2
    Seamless liquidity and asset management: a case study

    Automated cash placement into money market funds is not new. Banks have offered the service for a couple of years now, allowing treasurers to set the rules under which they could maintain daily liquidity for transactional purposes while automatically investing their surplus cash on a daily, weekly or monthly basis. The next generation of these tools are beginning to incorporate cognitive analytics and are able to adapt investments to predicted cash movements and needs. This treasurer shows the benefits.

  • Part 3
    The liquidity beauty parade

    As elsewhere, treasurers’ main problem in liquidity management technology is the pace of development of new platforms, providers and channels. In this presentation, three solutions providers show how a combination of traditional techniques, better integration between third-party suppliers and upgraded internal systems and innovative new ecosystems and technologies are transforming corporate liquidity management.

  • 2:30pm
    Adjourn to refreshment break

If you are a corporate treasurer with an interesting story to tell, then we would love to hear from you. Please email Jelena at jelenatararyko@eurofinance.com.