Bellin has updated its treasury management system (TMS) tm5 software so that it offers better connectivity, with 10 new banks added, extra SWIFT message handling functionality, and compliance with new norms coming in under the single euro payments area (SEPA) and European Market Infrastructure Regulation (EMIR).
According to the TMS vendor its new tm5 offering now includes the country-specific SEPA formats for Germany, Austria and Switzerland. Although the continent is supposed to be moving towards a harmonised payments infrastructure, with mandatory XML ISO 20022 messaging and other stipulations, some domestic differences remain. The upgrade includes better presentation of statements with SEPA-specific information helping treasury to overcome the SEPA Direct Debit (SDD) mandate management challenge, claims Bellin, and the inclusion of more data such as International Bank Account Numbers (IBANs) and Bank Identifier Codes (BICs), among much else.
The update also enables SEPA payments for most European countries via the Electronic Banking Internet Communication Standard (EBICS), which is a transmission protocol for banking information, and will help to enhance connectivity for treasury end users.
A function for obtaining guarantees electronically has been integrated as well. Orders can now be sent to banks directly via EBICS, which the vendor claims is a significant step towards “paperless” treasury management and compliance. Direct host-to-host connections to another ten different banks across Europe are also incorporated in to the upgrade.
“For Bellin it is important to always keep our software up to date with the latest technical standards,” said Martin Bellin, the founder and managing director of the firm, in regard to the technology upgrade.
In regard to EMIR, which will impact traders and FIs more than treasurers but will change the marketplace, Bellin points out that its upgraded software for handling the planned new Legal Entity Identifier (LEI) company identification and reporting standards, which are part of EMIR but also a global initiative, will help derivatives hedging procedures and reporting to the trade repositories mandated by the Pittsburgh G20 meeting.
“Many customers are currently focusing on EMIR,” says Bellin. “Updating tm5 enables us to implement the strict requirements for the new guidelines.”
Furthermore, the update expands the scope of Bellin’s tm5 SWIFT Service. The vendor says its TMS can now exchange messages with all SWIFT-enabled institutes more easily, with or without additional service bureaux, potentially cutting the technical and administrative workload for companies.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.
As the May 25 deadline for Europe’s General Data Protection Regulation (GDPR) inches closer, many treasurers are being lumped with the task of ensuring their wider company is compliant.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.