As gate keeper of corporate’ cash balances, the core treasury responsibility has always been, and will always be, to ensure the company has sufficient funds to pay all company’s obligations at the appropriate time and in the appropriate currency. Nothing new here.
Zanders has decided to participate in the ISO 20022 Payments Standards Evaluation Group (SEG). This is a milestone event as Zanders continues on its growth strategy to help corporates become better, smarter and more efficient in the way they work. To help explain the significance of this decision, we need to consider Zanders’ broader engagement in the global financial standards domain.
SWIFT’s Customer Security Programme (CSP) helps corporates and financial institutions ensure their defenses against cyberattacks are up to date and effective, to protect the integrity of the wider financial network. Before the annual attestation of their level of compliance to SWIFT at the end of the year, users need to compare the security measures they have implemented with those detailed in SWIFT’s Customer Security Controls Framework (CSCF).
Royal FloraHolland has been on a journey to optimize their cash management processes. With a complex landscape consisting of two SAP systems and several banks, the choice was made to implement SWIFT’s Alliance Lite 2 functionality.
Despite the tremendous push towards fully automating trade confirmations between banks and corporates in recent years, many transactions are still confirmed manually. Manual confirmations are slow and error-prone, putting both sides of the trade at risk. In addition, many international regulations such as EMIR and Dodd-Frank have demanded an increase in automation.