TOMATO CATCH-UP - Newsletter Issue 212 – August 2018
The Tomato Newsletter is a monthly compilation of issues relating to the world of corporate treasurers, IT professionals and bankers. We have created this newsletter as a resource to inform you about the latest news in your professional world.
The newsletter is written in German and in English, the language used for the articles is that of the original information source.
Introduction:
News of the Payment Initiative PSD2 continues to make headlines. More competition in the banking sector is certainly desirable. But do you really want to allow third parties to give access to your bank accounts? What if the bank gives more data to third party (parties) than agreed (portfolio, savings and mortgage accounts)? Will the EU data protection legislation (EU-DSGVO/GDPR) help to protect customers? Do you want to communicate with a bank-computer-voice when data glitches happen?
We will create a webpage with explanations, examples and updates and introduce it to you in our next newsletter. In the last two weeks, two surveys on the automation of the finance function are providing a different perspective on this issue. Is it a threat or a missed opportunity? Furthermore, what does it take to develop optimal cash forecasting? Find out!
Perhaps you will enjoy a well-deserved summer holiday like the employees of Tomato. This newsletter is deliberately short. We hope you enjoy our summaries. As always, should you encounter a new and challenging issue, get in touch with Martin for a discussion that will clarify it. Contact Martin via the embedded email address or call 044 814 2001.
Happy Summer and stay cool!
The Tomato Team
- Das Treasury und die Automatisierung
- Closing the Automation Gap in Treasury
- Skills Required for Exceptional Cash Forecasting
- New Requirements of IFRIC 22
- Ressource: Nachtrag zum Schweizer ISO 20022
- Fides Community Conference 24.8.2018
- Swiss Treasury Summit 12.9.2018
1. Das Treasury und die Automatisierung
Der 6. Cash Management Campus (CMC) fand am 19. Juni in Köln statt. Eine TED-Umfrage an der Veranstaltung ergab, dass 66 % der Teilnehmer erwarten, dass Teile des Finanzsektors bald automatisiert werden könnten. Sie rechnen damit, dass sich Back-, Middle- und Frontoffice grundlegend verändern werden.
Der Treasurer berichtet über weitere Resultate der Umfrage und Bereiche, die von einer verstärkten Automatisierung besonders betroffen sein können.
Von Köln kommt das Thema Digitales Treasury auch nach Zug. Auf dem Swiss Treasury Summit am 12.9.2018 diskutieren unter Koordination von Patricia Laeri, Janko Hahn, Marcel Kellerhals, Brigitte Krapf, Antje Wachsmuth. Lesen Sie weiter unten Punkt 7.
2. Closing the Gap in Financial Automation
Not only Treasury but also all cash flows are subject to underlying the changes.
A study conducted by Serrala (the company earlier known as Hanse Orga) investigated whether global financial leaders have the right processes, tools and talent to meet the needs of their organization.
98% of respondents consider "increasing automation" the number one priority in their organization. They identify the main driving forces behind the automation productivity gains and cost reductions.
The article in The Global Treasurer explains in which functions automation is critical and the hurdles treasurers face.
Eine Ressource in Deutsch: Prozess-Automatisierung im Zeitalter des Kunden, ein White Paper von IBM
3. Skills Required for Exceptional Cash Forecasting
In an article in Global Treasurer on ideal cash forecasting skills, Martin Gillespie refers to the book Superforecastering: The Art and Science of Prediction, in which Isaiah Berlin groups forecasters into two categories: Hedgehogs and foxes.
While hedgehogs base predictions on great theories, such as the outbreak of war or natural disaster, foxes base their judgment on a series of smaller theories, which they continuously adapt as new information comes up. Berlin suggests that foxes are far better forecasters.
However, much of the data collection, consolidation and basic reporting tasks can be automated with special software so that the forecaster can use his time to perform the most valuable activities such as data analysis and interpretation.
In the end, a hybrid approach combining forecasting software and the refined skills of a forecaster reaps best results. Details...
Martin’s Comment:
Cash planning remains a manual task, even if a large amount of data is collected automatically. It constantly takes human intelligence and innovative thinking and appreciation to evaluate that all data is meaningful. Do you preferably want to be more concise and also precise in your data? Contact Martin via the embedded email address or call 044 814 2001.
4. New Requirements of IFRIC 22
Most companies that prepare their financial statements in compliance with IFRS are investing their capacities in the changeover to the new accounting standards IFRS 9, 15 and 16. However, the effects of the new requirements of IFRIC 22 on their 2018 financial statements have not yet been fully thought through, suggests KPMG’s Martin Stevka. He explains in an expert blog to what extent IFRS accountants are affected by the new requirements.
In Deutsch: Die Europäische Union hat IFRIC 22 Fremdwährungstransaktionen und im Voraus erbrachte oder erhaltene Gegenleistungen in europäisches Recht übernommen (Amtsblatt 3. April 2018).
5. Ressource: Nachtrag zum Schweizer ISO 20022
Seit 1. Juli 2018 unterstützt der Finanzplatz Schweiz das DTA-Verfahren nicht mehr. Die UBS spezifiziert: „Falls Sie noch nicht auf ISO 20022 umgestellt haben, können Sie dies bis Ende Oktober 2018 nachholen.“
Auf der webpage Harmonisierung des Zahlungsverkehrs: ISO 20022 als neuer Standard im Schweizer Zahlungsverkehr von UBS finden Sie:
- Den Fahrplan für die gesamte Umstellung (sehr gute Grafik)
- Bereit für ISO 20022: Erfahrungsberichte von Unternehmen
- Unterlagen: Merkblätter und Dokumente
- FAQ
- Sehenswert ist das UBS-Video mit meinem Kollegen Markus Meyer.
Gratulation Markus gut gemacht.
Hier eine vereinfachte Darstellung des neuen ZV Schweiz der Tomato AG
6. Fides Community Conference 24.8.2018 in Zürich
Fides Treasury Services ist bekannt durch ihre Bankanbindungen. Mit mehr als 10.000 Banken in über 170 Ländern bietet Fides ein grosses Banken-Netzwerk weltweit, egal welches Format Sie benötigen. Vor allem SWIFT MT, ISO 20022 und viele Weitere.
Am 24.8.2018, kurz nach den Zürcher Sommerferien, findet die Fides Community Services in Zürich statt. Details…
7. Swiss Treasury Summit 12.9.2018 in Zug
Jährlich im September findet die Zusammenkunft der Swiss Treasurer statt. Als unabhängiger Treffpunkt fördert die HSLU das Berufsbild des Treasurers. Das Programm widmet sich aktuellen Herausforderungen der finanziellen Führung von Unternehmen. Reservieren Sie sich diesen Termin am Mittwoch, den 12. September von 9 bis 17 Uhr mit anschliessendem Apéro riche.
Hier geht’s zum PDF-Flyer
From the desk of Martin:
Wishing you continuous warm days! Remember, the frosty days will be back in just a few months. I myself enjoy evenings after work swimming in the Rhine near my house, followed by a glass of cold white wine with olives, tomatoes and a fried sausage by the fire on the banks of the river, waiting for another dark sunset.
