Nine key considerations for companies when choosing a connectivity partner are outlined in a white paper from Fundtech, which can be downloaded free of charge.
The paper, entitled
‘Best Practices in Choosing a Connectivity Partner,’
is issued by the financial software provider to serve as a guide to corporates that seek to connect to banks (via SWIFTNet, for example) in order to enable their business to take advantage of standardised payments and messaging.
“As globalisation gathers pace and even smaller corporates conduct international business, financial messaging connectivity via a service bureau is moving down market, and appealing to corporates of all sizes,” comments Fundtech.
“As more and more corporates realize the value that a connectivity provider could bring, it is important that they not only consider the partner’s attributes and capabilities, but also their own unique needs and how they may evolve in the future.
The company adds that the right partner can improve straight-through processing (STP) rates, streamline banking relationships, enhance working capital management, and increase fraud prevention – and will scale with the corporate as it grows and evolves.
“By selecting the right connectivity partner, a corporate will gain the benefit of a solution and service that will adapt to its expanding needs,” says Per Trifunovic, chief executive officer (CEO) of Fundtech’s BBP business unit. “Put simply selecting the right connectivity partner is not just a decision for today, but one that has implications that will continue for years to come.”
The white paper contains two case studies exploring corporates that have benefited from a using a service bureau for financial messaging connectivity. The first case study looks at how beverage bottler Coca Cola Hellenic used a connectivity partner to centralise treasury and upgrade its messaging infrastructure.
The second study, on reinsurance giant Swiss Re, shows how the company quickly realised improved inbound and outbound messaging information and improved its cash management capabilities, among other things.
A complimentary copy of the Fundtech white paper may be downloaded by visiting http://www.fundtech.com/library/white-papers/.
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.
Due to the low interest rate environment and Basel III regulation many corporate treasurers, who may have in the past been very reliant on the banking sector to provide them with cash management solutions, have been forced to explore alternative options as banks have been refusing short dated cash deposits.
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.