Treasury Management Systems Overview2013 Edition

ContentsChapter 1: The challenges of Treasury Management ............................................... 1

Chapter 2: Differentiators for treasury management systems .................................... 2

Chapter 3: EY’s treasury system selection and implementation approach ....................... 3

Chapter 4: Vendor profiles ............................................................................ 5

Chapter 5: Vendor responses ......................................................................... 8

EY treasury services contacts .................................................11

About the authors ..................................................................13

Treasury Management Systems Overview 1

Chapter 1: The challenges of Treasury ManagementIntroductionVarious changes are occurring in the world of treasury management. Treasurers are confronted with the question of whether their information systems can handle all of these new trends, which include:

• The growing need to collect financial information from a group’s entities

• The expansion and increasing complexity of the kind of instruments handled

• The implementation of the Payment Services Directive

• The development of remote banking communication (elimination of the ETEBAC protocol, the growing strength of SWIFTNet, the appearance of EBICS [electronic banking internet standard] on the scene)

• The heightened expectations regarding the internal control of treasury activities

At the same time, getting to grips with the range of software on offer that fulfills these needs is made more complex by rapid changes in technologies and approaches. Software vendors aspire to cover an ever broader spectrum of treasury management needs stemming from market activities, the liquidity management and banking communication.

In this environment, the key factors for success in choosing a treasury management system are:

• Selecting a tool that is adapted to teams’ operational needs and that brings value to their operations

• Automating recurrent tasks, in particular reporting, in order to ensure permanence and relevance of the information

• Integrating reliable internal control solutions directly in the application’s processing flows

What do Treasurers need to consider?Selecting a solution that is adapted to your needs

• Sifting and consolidating the responses via comparative analysis tables of functional and technical capabilities and overall costs, in order to facilitate the decision-making process and its acceptance by line personnel

Implementation assistance

• Drawing up functional specifications and handling the relationship with the project ownership

• Monitoring the publishers’ work and providing project ownership assistance (budget and schedule monitoring, project reporting and governance, allotment and overall organization of the work)

• Assistance in gaining acceptance (setting up test cases, sequencing)

• Assistance in deploying the solution within the group

• Training users on the new tools

Diagnosing and improving automatic controls

• Identifying risk areas based on a standardized approach

• Defining a test program (sampling policy, test methods)

• Recommending and implementing additional controls as needed

2

Chapter 2: Differentiators for treasury management systems The recent economic turmoil has refocused treasury departments from crisis management back to the task of efficiently managing activities and raises the question of what lessons can be learned and what opportunities can be leveraged from enhancing the organizations access to information through the improved treasury management systems. How can the organization better employ technology to gain access to vital real-time information? For example, a finely implemented system will provide strong and automated functionality through automated payment solutions, real-time balance information, automated reconciliations and confirmations. It can also provide strong analytical tools to effectively measure and monitor financial risk positions in a volatile market and execute hedging of exposures to amiable pricing. It may also offer the functionality to manage your liquidity positions through integrating cash forecasts (with careful input), balancing of foreign currency cash accounts, managing collateral, controlling banking authorities, monitoring credit, as well as enhancing the control environment.

However, not all functionality is implemented in a smooth manner. In this version and previous edition of this Treasury Management Systems Overview, we talked about the consolidation trend in the market for system vendors. The emphasis in the market seems to have shifted to replacing technology that treasury has “outgrown,” was implemented with limited functional scope, replaced because of a “forced retirement” of the vendor’s solution or as a result of recent treasury integration. Although the fragmentation of the treasury system market has been reduced, treasurers still struggle with the choice of selecting a system that offers the required visibility and speed of management information while having the robustness for core treasury functionality. The key question for treasurers is twofold: “What can I give up and what can I gain?” and “How do I differentiate among the systems offered?”

With companies seeking a single, integrated, system solution for the bulk of their treasury activities, how does a treasury identify and evaluate the systems available and translate this information into a comprehensive vision on which system or systems might best meet their needs — for the least amount of cost — today and tomorrow?

While technological developments within the treasury landscape have been evolving, with a relatively stable state of providers, the focus has been in offering solutions tailored to the needs of treasury departments. Although cost containment and improving profit margins is always top of mind, and is ever more so this year, we are observing a slight increase in initiatives to support technology improvements to achieve cost savings, particularly in industries where there is uncertainty regarding reform or regulation and those associated costs. As such, a “single-system solution” that either is, or has the potential to be, fully integrated with the banking, trading or other portals (e.g., SWIFT) and ERP systems, has become paramount to achieving these cost reductions. This “wall-to-wall” approach on system selection is continuing to be popular as companies try to save costs on interface support and system licenses for a more efficient and visible financial value chain management.

Drivers in choosing a treasury management system (TMS)What are the main drivers in choosing a TMS? Is it the ability to effectively manage and monitor your trading risks in real time using a variety of complex instruments, or the ability to strengthen and improve cash management, cash visibility and access, and cash flow forecasting tools and processes. Or is it the ability to interface with the ERP and generate automated payments? What should you consider in a TMS in order to make a sound choice between the most popular systems on the market at the moment and the system that might best fit your needs? We believe there are several key drivers in evaluating your choices:

• Identifying and prioritizing the needs for business-critical treasury activities

• Identifying and evaluating solutions that can adapt to a changing business environment

• Identifying and evaluating costs and benefits associated with integration

• Assessing the software delivery model that best meets your functional and economic needs

• Assessing the system vendor and developing that relationship before, during and after implementation to best serve your needs

Treasury Management Systems Overview 3

Chapter 3: EY’s treasury system selection and implementation approachBackgroundWhen we work with clients to replace their current treasury management systems, there is usually a fair amount of disenchantment with the client’s present system or the realization that the system has served its useful life. The reasons for the disappointment vary, from realization that the system was not a good fit, or that it was a poor implementation of a good system, or that the system is incompatible or unstable in their environment. However, the underlying theme appears to be a lack of clear expectations. To avoid this, companies should take a more pragmatic approach to system selection to help ensure the best system fit. In our experience, successful projects manage expectations by thoroughly assessing business requirements, focusing on project management during selection and implementation, and considering the capabilities and capacity of the chosen vendor.

EY Treasury Services has extensive experience in selecting and implementing treasury management packages. EY’s approach is largely based on experience in assisting clients in selecting and implementing a variety of treasury systems, as well as our industry knowledge of treasury management. Based on EY’s experience with the various vendors and an up-to-date understanding of the market and developments, EY can help shorten the system selection procedure and assist in its successful implementation1.

A key element in the EY approach is a thorough and detailed understanding of your business processes and the definition of business requirements. However, technological and data opportunities and restraints should never be ignored in the search for the system solution. Therefore, EY can also provide technical knowledge that is both conceptual and practical so that appropriate technological solutions are considered.

The overall goal of EY is to support the client in selecting the most appropriate treasury management solution to meet its defined business requirements and to support clients during their implementation of their chosen solution. Implementation is seen as a separate phase from the selection process, as it depends to a large extent on the vendor and the package chosen. For the various treasury management packages, tailored implementation processes have been developed by EY, the vendors or other consultants. To avoid making any decisions in the selection phase that might negatively affect the implementation, EY firmly believes that any selection project should be approached as the preparation to implementation.

4

Project start-up and planningBefore starting a project, a project plan should be drafted. This plan should contain a description of the resources required, a clear timetable with deadlines and work-products and the responsibilities of each project member. Furthermore, it is important that the project management is in place before the project gets under way.

Phase 1: Strategic framework and requirements specificationThe first step EY takes in the selection process is to carry out an assessment to identify the client’s strategic framework. The strategic framework provides the necessary setting for the treasury management system. Taking or confirming previous decisions on strategy, overall business processes, organization and system philosophy lays the foundation for the requirements specification. The importance of this phase is often forgotten or considered irrelevant to the system selection. If this phase is omitted, however, the project runs the risk of being based on the wrong assumptions, which could result in fundamental and costly revisions late in the selection or implementation phases. Simultaneously, the treasury management processes, methods and techniques used are reviewed and compared with market practice.

Project plan system selection

Duration

Review:• Determine

selection criteria

• RFI

• Make long list

EY systemsknowledge base

Project startand planning

= Deliverable

Strategic scope

Pha

se 0

Pha

se 1

RFI

Motivated long list

Send, receive and assess RFI Motivated short list

Pha

se 2

Define testagenda

Implementation/integration

Demos Final report

Analyze system integration

Final report withrecommendations

Test agenda

RFI = Request for information

Treasury Management Systems Overview 5

Chapter 4: Vendor profilesThe following vendors (responding vendors) completed questionnaires provided in October 2012 by EY relating to their products. EY has not verified or substantiated any of the information provided by the vendors any of which could be materially inaccurate or misleading and does not in any way endorse or promote any products or services provided by these or any other vendors. Any opinions expressed are those of the vendors and not of EY.

Bellin........................................................................6

6

Bellin

Company’s history

Founding date Home country Number of staff Main evolutions

1998 Germany 62 Founded by Martin Bellin in Germany, has now expanded in other European countries and North America.

Contact details

Name Phone Fax Email

Stefan Obenauer + 49 7822 4460 302 + 49 7822 4460 105 stefan.obenauer@bellin.de

Financials as of 2011

Ownership Sales revenue Net profit

Privately owned Not specified Not specified

Solution implementation

Introduced first version

1998

Last version release

2009

System name

tm5

Implementation Other solutions

>200 Not specified

Treasury Management Systems Overview 7

Verbatim

Question Comments

Please provide a brief description of the company and your solutions

“Bellin GmbH was founded in 1998 by Martin Bellin, a professional treasurer who had been working as head of treasury for more than 10 years before he started the company. Bellin is the market leader for TMS in the German speaking countries (DACH) and has, in recent years, expanded into other European countries (Benelux, Nordics, France and UK) as well as North America.

Customers are served from the Bellin HQ in Ettenheim, Germany, its subsidiary in Vancouver, Canada, and several partner companies in the above-mentioned markets.

The company is privately owned by Martin Bellin.

tm5 is the Bellin solution from treasurers for treasurers. We rely on internal as well as external treasury experts for input on future developments in order to be as practical as possible. Bellin also puts a high focus on integrating core treasury-related tools in the most efficient way. This includes, among others, a multicountry and multibank capable payment factory, which is at the leading edge, as several industry awards in the past few years have shown.”

In your opinion, what are the most important general developments in treasury software?

“A very important aspect is a web-based technology, which tm5 offered from its very beginning. Bellin trademarked the LOADBALANCEDTREASURY concept, which states that work should be done where it originates, e.g., all relevant data is entered by the group companies themselves instead of group treasury compiling all data. Once data is entered, it is immediately available for reporting, hence providing up-to-date information at the treasurer’s fingertips.

Also, the integration of bank connectivity is a subject of high demand, where Bellin is a leading TMS provider with award-winning solutions.”

What are the future development plans and strategy of your company?

“Bellin has become a worldwide provider of TMS, not only with regard to group companies, but also adding group treasury departments as direct customers in European and American markets. We will continue this worldwide expansion through our partner network.

With Bellin Backstage, we provide a treasury networking and training platform for tm5 users worldwide.”

What are the advantages of your system, compared with other systems in the same category?

“tm5 offers the complete integration and straight-through processing (STP) of the essential treasury tools and activities into one web-based application. STP includes, e.g., deal management, liquidity planning, settlement through payments using the integrated payment factory and comparison of planned with actual cash flows.”

8

Section A: General information regarding the vendor and the system ....................................................... 9

Chapter 5: Vendor responsesThe following presents information provided by the Responding Vendors in response to questionnaires sent by EY in October 2012. It has not been verified or substantiated by EY. This information has not been updated and therefore may not be current. We have presented such information in chart form to facilitate review, but neither the format of the chart nor the information included therein reflects any endorsement by EY of any particular vendor or its products, or any opinion or conclusion with regard thereto.

Treasury Management Systems Overview 9

Company name:System name:

Version: Date:

Bellin GmbH Finanzdienste tm5

05 Apr 12

ExalogAllmybanks.net

13 Apr 12

GTreasury SS LLC.GTreasury

10.7 04 Oct 12

Hanseorga AGFinanceSuite 4.2 02 May 12

Section A: General information regarding the vendor and the system

Other systems

Name of other product N/P Exabanque.net N/P AutoBank Next Generation

Type of product N/P Financial transaction management for French companies

N/P Automatic cash application

% of sales N/P 27% N/P N/P

Name of other product N/P Bank-X N/P Moneta Next Generation

Type of product N/P Web-based cash management application in white-labeling model (exalog customizes it for banks that retail it to their own corporate customers)

N/P Finance management

% of sales N/P 26% N/P N/P

Name of other product N/P Allmybanks.net N/P N/P

Type of product N/P Treasury workstation N/P N/P

% of sales N/P 21% N/P N/P

Name of other product N/P Direct-debits.net N/P N/P

Type of product N/P Recurring collection management (SEPA Direct Debit)

N/P N/P

% of sales N/P 2% N/P N/P

Partner

What other system vendors do you partner with and what is the objective of partnership?

1. Various bank communication module providers: Omikron, IBM, SWIFT — provide access to local bank connectivity.

2. Various trading software providers: 360T, FXall, Currenex — provide interfaces for importing trade deal information.

3. Erste Bank, Austria — provide market data.4. Misys — deal matching software.5. Vallstein — provide bank relationship

management functionality.

Partnership with SWIFT to offer to customers global bank connectivity. It has resulted in exalog becoming a certified SWIFT Service Bureau.

NA SAP certified partner, SWIFT partner

Implementation

For which kind of company or in which industry did you implement the paired (yours and the partner’s solution)

Typically, tm5 is installed in all kind of industries and not limited to any particular one. This also holds true for paired solutions.

Exalog solutions are not designed for a certain industry, but for multinational corporations.All of Allmybanks.net customers can choose between different bank channels (SWIFT, FTP, EBICS, …) and formats (ISO, SEPA, MTs, CFONB, AEB, …).

NA

Normally included in the service

24/7 telephone support Yes Yes Yes No

Online corrections Yes Yes Yes Yes

Training Yes Yes Yes Yes

Documentation Yes Yes Yes Yes

Hosting Yes Yes Yes No

Warranty Yes Yes Yes Yes

Other:

Monitoring N/P N/P N/P N/P

General information regarding the vendor and the system — from Bellin to Misys

10

IT2 Treasury Solutions LimitedIT2 8.0: Reimagine Treasury Oct 12

Kyriba SemeaCash, Risk and Payment Management 11.1 Apr 12

MCC SoftDiapason 5.2 31 Oct 12

MisysKondor Trade Processing (KTP) 7.0 Oct 12

MisysOpics Plus 3.1 04 Apr 12

Section A: General information regarding the vendor and the system

Other systems

N/P N/P N/P Kondor+ Misys Global Cash Pooling

N/P N/P N/P Trade and Risk Management System for financial institutions

Cash pooling

N/P N/P N/P N/P N/P

N/P N/P N/P Kondor Trade Processing (KTP) Misys Confirmation Matching Service

N/P N/P N/P TMS Solution and back office solution for banks Confirmation matching

N/P N/P N/P N/P N/P

N/P N/P N/P Misys Global Risk (MGR) Misys Eagleye

N/P N/P N/P Market, Credit and Liquidity Risk management system Risk Monitoring

N/P N/P N/P N/P N/P

N/P N/P N/P Opics Plus Misys Opics Risk Plus

N/P N/P N/P Treasury and Capital Markets system Market and Credit Risk

N/P N/P N/P N/P N/P

Partner

6. Bank reporting solution providers (banks, SWIFT, Fides), many bank and bank independent dealing portals, confirmation matching platforms, market data providers, middleware providers and business process service providers (treasury outsourcers).

7. The IT2 Academy trains implementation and integration partners, including OpusCapita, TreasuryOne, EY, PwC, Deloitte, KPMG, Zanders and many more.

N/P No partnership Misys partners with a broad range of world-class partners, bringing together the collective talent of the leaders in the marketplace, focused on creating the integrated, end-to-end solutions our customers demand. Our partners provide us with greater reach into the marketplace, greater scale to execute on customer requirements, and their complementary skills, solutions and technologies help us deliver greater depth of value to our customers. They span technology, solution, platform, consulting, SI, delivery and sales and all are strategic to our business. Our customers want to buy complete solutions and invest in a partnership with their vendor-working with partners enables Misys to provide this to our customers. We have deep relationships with technology companies such as IBM and Microsoft, whose technology and innovation are a key part of our products. On the consulting side, we have strong relationships with a range of, such as Deloitte and Accenture, and we work closely with a broad range of systems integrators, such as HCL and everis. Our solution partners include market leaders such as Numerix and SmartStream, whose solutions complement and extend our products.

Microsoft, SAP, HCL, Digital China, Finantix, Everis, SmartStream.

Implementation

As typical examples of how IT2 works with partners:• OpusCapita implemented IT2 for

Swedish retail and foreign exchange bank, FOREX Bank

• KPMG has completed significant IT2 implementation work at SABMiller, Motability and A. Schulman

• PwC has completed IT2 implementation work at Celio International and Besins Healthcare

• IT2’s partner in Sub-Saharan Africa, TreasuryOne, continues to deliver a steady flow of IT2 system implementations in the region

N/P N/P Banks, Corporates and Insurance companies. Financial services and capital market

Normally included in the service

Yes No No No Yes

Yes Yes Yes Yes No

Yes N/P Yes Yes Yes

Yes N/P Yes Yes Yes

Yes N/P Yes No Yes

Yes N/P Yes Yes No

N/P N/P N/P N/P N/P

General information regarding the vendor and the system — from Bellin to Misys

Treasury Management Systems Overview 11

AustraliaErnst & Young Nominees (NSW) PTY LimitedLevel 23, 8 Exhibition StreetMelbourne3000

Ian CroftsTelephone: + 61 3 9288 8029Email: ian.crofts@au.ey.com

BelgiumErnst & Young Bedrijfsrevisoren B.V. CVBADe Kleetlaan 2 B1831 Brussels

Jean-Francois HubinTelephone: + 32 02 774 9266Email: jean-francois.hubin@be.ey.com

FinlandErnst & Young OyElielinaukio 5 B FI00100 Helsinki

Antti HakkarainenTelephone: + 358 207 280 190Email: antti.hakkarainen@fi.ey.com

FranceErnst & Young Et Associés Tour First1, place des Saisons92037 Paris La Défense Cedex

Olivier DrionTelephone: + 33 1 46 93 79 14Email: olivier.drion@fr.ey.com

Tanguy CoatmellecTelephone: + 33 1 55 61 80 74Email: tanguy.coatmellec@fr.ey.com

Jerome BrunTelephone: + 33 1 46 93 48 60 Email: jerome.brun@fr.ey.com

GermanyErnst & Young GmbH WirtschaftsprüfungsgesellschaftMittlerer Pfad 15, 70499, Stuttgart, Germany

Dr. Steffen KuhnTelephone: + 49 711 9881 14063Email: steffen.kuhn@de.ey.com

Hong KongErnst & Young Limited18/FTwo International Finance Centre8 Finance StreetCentral Hong Kong

Peter Picton-PhilippsTelephone: + 852 28469687Email: peter.picton-philipps@hk.ey.com

ItalyErnst & Young Financial Business Advisors SPA Via Wittgens, 620123 Milano

Emilio MaffiTelephone: + 39 02 722 12203Email: emilio.maffi@it.ey.com

IndiaErnst & Young Consulting India Private Limited6th floor, Express Towers Nariman PointMumbai 400 021Maharashtra

Muzammil PatelTelephone: + 91 22 4035 6300Email: muzammil.patel@in.ey.com

KuwaitErnst & Young Kuwait W L L Abdulla Mubarak Street Souk As Safat, 3rd Floor P.O. Box 74 Safat Safat 13001

Imran A AliTelephone: + 965 229 55304Email: imran.a.ali@kw.ey.com

MalaysiaErnst & Young Advisory Services Sdn. BhdLevel 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara50490 Kuala Lumpur

Ramesh RajaratnamTelephone: + 60 3 7495 8767Email: ramesh.rajaratnam@my.ey.com

EY Treasury Services contactsEY refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

12

Middle-EastErnst & Young Middle East12th Floor, Al attar Business Tower, P.O. Box 9267Sheikh Zayed RoadDubai

Dr. Sandeep SrivastavaTelephone: + 97 14 3129 435Email: sandeep.srivastava@ae.ey.com

NetherlandsErnst & Young Nederland LLPAntonio Vivaldistraat 1501083 HP Amsterdam

Nico WarmerTelephone: + 31 88 407 14 00 Email: nico.warmer@nl.ey.com

Arjan Peters Telephone: + 31 88 407 17 80Email: arjan.peters@nl.ey.com

NorwayErnst & Young ASChristian Frederiks plass 6 NO-0051 Oslo

Morten AbrahamsenTelephone: + 47 476 18 712Email: morten.abrahamsen@no.ey.com

PolandErnst & Young Polska SP Z O O Spolka Komandytowa Rondo ONZ 100124 Warszawa

Paweł PreussTelephone: + 48 22 557 7530Email: pawel.preuss@pl.ey.com

RussiaErnst & Young Law (CIS) Moscow Sadovnicheskaya nab. 77, bld. 1Moscow 115035

Oleg DanilinTelephone: + 7 495 755 9957Email: oleg.danilin@ru.ey.com

SwedenErnst & Young Sweden ABJakobsbergsgatan 2410399 Stockholm

Karin SanchoTelephone: + 46 8 52059767Email: karin.sancho@se.ey.com

SpainErnst & Young S.L. Plaza Pablo Ruiz Picasso, 1 28020 Madrid

Francisco de Asis Velilla VelascoTelephone: + 34 915 727 321Email: franciscodeasis.velillavelasco@es.ey.com

South AfricaErnst & Young (C.A.) SA Wanderers Office Park52 Corlett Drive, Illovo

Freda BritzTelephone: + 27 11 772 3229Email: freda.britz@za.ey.com

SwitzerlandErnst & Young AGMaagplatz 1, 8005 Zurich

Roger DischTelephone: + 41 58 286 41 59Email: roger.disch@ch.ey.com

United KingdomErnst & Young, LLP1 More London PlaceLondon SE1 2AF

Richard BrownTelephone: + 44 20 7951 5564Email: rbrown2@uk.ey.com

Dimos DimitriadisTelephone: + 44 20 7951 9984Email: ddimitriadis@uk.ey.com

Keith StrachanTelephone: + 44 20 7951 5433Email: kstrachan@uk.ey.com

United StatesErnst & Young LLP5 Times SquareNew York NY 10036-6530

Robert BaldoniTelephone: + 1 212 773 5420Email: robert.baldoni@ey.com

Davide di Gennaro Telephone: + 1 212 773 5434Email: davide.digennaro@ey.com

Treasury Management Systems Overview 13

About the authorsJérôme Brun Jerome is a senior manager with EY Et Associés, the French EY member firm, based in Paris, and works for a dedicated treasury service line. Jerome has specific experience in cash and liquidity management, post-merger and spin-off integration and short-term financing.

Arjan Peters Arjan is a senior manager with Ernst & Young Nederland LLP, based in Amsterdam, with a focus on treasury and financial risk management for multinational companies and banks. He has more than 14 years of experience in financial services. He has been involved in various projects related to treasury organization and control, financial and operational risk management and treasury system selections.

Davide di Gennaro Davide di Gennaro is a New York-based senior manager in Ernst & Young’s Global Treasury Advisory Services practice. He has over 15 years of treasury and financial risk management experience, including asset-liability management, foreign exchange risk management, treasury management and operations, treasury organization design and integration, liquidity risk management, cash management, funds transfer pricing, credit risk, securities and derivative valuation, and portfolio management. Davide also focuses on the systems and risk management aspects of treasury and is often involved in both the selection and the implementation of these systems.

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