“TIP encouraged us to set up a digitized and more efficient bank account management.”
Dieter Worf, Head of Treasury, SCHOTT AG.
Every Treasurer managing dozens if not hundreds of bank accounts worldwide knows the challenge: The accounts are distributed around the globe, denominated in various currencies and held at numerous banks. Retaining an overview is therefore no easy task. What about the number, status and purpose of accounts? Are the account signatory permissions still up-to-date? The Treasury team at SCHOTT AG, a leading international manufacturer of specialty glass and glass ceramics located in Mainz, Germany faced similar questions. With over 60 group entities and more than 200 bank accounts the team was used to the fact that managing these accounts takes a lot of time.
In 2018 however, SCHOTT embarked on a journey to digitize bank account management using the Treasury Information Platform (TIP) and leveraging XML-based eBAM-messages for communication with one of the group’s core banks via the SWIFT-network.
The outcome: More automation and more transparency!
SCHOTT is a leading international technology group in the areas of speciality glass and glass-ceramics. The company has more than 130 years of outstanding development, materials and technology expertise and offers a broad portfolio of high-quality products and intelligent solutions. SCHOTT is an innovative enabler for many industries, including the home appliance, pharma, electronics, optics, life sciences, automotive and aviation industries. SCHOTT strives to play an important part in everyone’s lives and is committed to innovation and sustainable success. The parent company, SCHOTT AG, has its headquarters in Mainz (Germany) and is solely owned by the Carl Zeiss Foundation. This is one of the oldest private and one of the largest foundations supporting scientific research in Germany. As a foundation-based company, SCHOTT assumes special responsibility for its employees, society and the environment.
Its more than 15,500 employees worldwide, of whom 5,500 are based in Germany, most recently generated revenues of EUR 2.08bn, 86% of which was generated abroad.
The TIP eBAM solution leverages digital workflows to support all activities relating to the management of group-wide bank accounts across their entire lifecycle. Besides internal request/approval steps, bi-directional communication with external banking partners is enabled using XML-based .acmt formats which can be exchanged via SWIFT. In addition, via automated connectors, bank account data can be kept in sync with TMS, ERPs and other systems.
Easy access to current market data is a core requirement of any Treasury department. Incomplete data sources and inadequate automation cost time and lead to errors.
Good news: In cooperation with our partner vwd Vereinigte Wirtschaftsdienste GmbH, from now on, we offer our clients a reliable and cost-efficient integration of current market data in TIP. No matter if you require current rates for cash visibility, cash flow forecasting or risk management – our cooperation with vwd enables seamless access to the market data you need at highly competitive prices.
Your advantages at a glance:
Infront and vwd have joined forces as of July 2019 to become a leading European full-service provider of financial market solutions. Infront offers a powerful combination of global market data, news, analytics and trading tools. vwd provides financial information and IT solutions for the investment industry. Together the two companies are a strong partner for our customers, with a comprehensive and holistic solution offering that is unique in Europe. Infront and vwd product coverage includes data and feed solutions, real-time financial market data solutions, news, analytics and trading platform solutions, solutions for portfolio management and advisory, regulatory compliance as well as publication and distribution solutions.
At TIPCO, we are experts in Treasury digitalisation. Our web-based Treasury Information Platform TIP leverages data from various source systems, supplements these with information provided by local subsidiaries and offers a comprehensive toolbox for data analysis and reporting. By combining IT-skills with many years of treasury expertise, we have made TIP the solution of choice for some of the leading companies in Europe across various industries. More than 120 clients trust in TIP and in our ability to provide market-leading treasury innovation.
We attach particular importance to teamwork because we believe that an excellent working environment is the key to excellent work. We are proud of our employees as every one of them is the basis for the satisfaction of our clients and the success of TIP. We encourage further education and training and we are willing to give professional newcomers and lateral entrants a chance to discover the world at the interface of treasury and technology.
Please, note: Our job ads are in German as you need to speak our corporate language fluently.
Find more TIPCO jobs at karriere.at.
FIRDAY 15 NOVEMBER
13:00 – 13:30
Room: BOSTON 11
Speaker: Dr. Mark Blatt | Dräger
We are proud to present one of our latest projects together with Dr. Mark Blatt, Strategic Projects
Finance & Controlling at Dräger. Visit our product demo at the DACT at 13:00 and meet our team at the TIPCO stand.
Everybody does it. FX hedging today is common practice for Group Treasurers. Target hedge ratios like ‘80% of USD’, ‘75% of CHF’ can be found all around. But how do you ensure that your hedge ratios and hedge portfolio match your risk appetite? How do you base your decisions on solid statistical and mathematical models and thorough analysis without breaking Excel or spending fortunes for change requests to your TMS vendor? How do you ensure that your hedging portfolio is optimal in terms of reducing your overall risk, optimal in terms of its’ cost or optimal in terms of its’ efficiency (e.g. minimum number of hedge deals)? Let us show you how!
In this product demo, together with Dr. Mark Blatt of Dräger, we will walk you through an FX risk management solution that provides you with concrete proposals for hedge portfolios that not only ensure you stay within a pre-defined target ‘at-risk’ limit but are also optimized for minimum cost, minimum deals or minimum hedged currencies.
The outcome: A best-in-class FX risk management solution generating fewer deals and less cost.
On November 15, Dr. Mark Blatt (Dräger) and Alexander Fleischmann (TIPCO) present what this looks like in practice:
Dräger manufactures medical and safety technology products. In so doing, the company protects, supports, and saves people’s lives around the world in hospitals, with fire departments, emergency services, authorities, and in mining as well as industry.
Founded in Lübeck in 1889, Dräger has grown into a worldwide, listed enterprise in its fifth generation as a family-run business. Dräger has more than 14,000 employees worldwide and is present in over 190 countries around the globe. The company generated revenues of around 2.6 billion euros in 2018.
About the Treasury-Information-Platform TIP
TIP empowers Treasury departments to digitalise their processes and do away with manual data capturing and endless e-mail exchanges. Whether the focus is on cash visibility, cash flow forecasting, risk management, guarantee management or bank fee analysis, TIP leverages data from various source systems, supplements these with information provided by local subsidiaries and offers a comprehensive toolbox for data analysis and reporting. This avoids the need to capture data manually, which is one of the most common causes of inaccurate data. No matter if requests for intercompany financing, guarantees or bank accounts: TIP workflows engage the right people and the right systems at the right time, resulting in a smarter and more efficient Treasury. The Austrian software provider TIPCO has made TIP the solution of choice for some of the leading companies in Europe across various industries. More than 130 clients trust in TIP and in TIPCO’s ability to provide market-leading treasury innovation.
On 7 November, we will be taking part in a table talk about “Predictive analytics in cash flow forecasting” at the 1st ACTA – TMS day in Vorarlberg. Predictive analytics is currently one of the most promising digitalisation issues in treasury. The objective is to massively reduce the manual work involved in cash flow forecasting, while at the same time maintaining or improving quality relative to manual forecasting. Find out exactly how predictive analytics works, which preconditions need to be met and how you can benefit from it.
On 27 November (Wednesday), we will be presenting four treasury issues on the TIPCO stand at the 15th Structured Finance event, each in just ten minutes. These short demos will be taking place during the breaks between speakers and there is no need to register in advance.
TIP offers smart solutions in the areas of cash flow forecasting, reporting, risk management, guarantees, derivatives, automatic bank fee monitoring and workflows. Regardless of whether you have already deployed a treasury management system or still prepare reports manually with Excel, TIP is the key to saving you valuable time and increasing the quality of your data.
Want to find out more? Take a look at our case studies to speedily discover how our prestigious clients already deploy the TIP treasury information platform.
We look forward to your visit to our stand (A27) in Stuttgart.
On 17 September, we will be taking part in two table talks at the Future of Cash Management in Mannheim. This event, organised by Schwabe, Ley & Greiner, is again taking place at Congress Centre the Rosengarten venue.
Predictive analytics is currently one of the most promising digitalisation issues in treasury. The clear objective is to massively reduce the manual work involved in cash flow forecasting, while at the same time maintaining or improving quality relative to manual forecasting. We invite you to attend this table talk with Hubert Rappold at 14:20. Find out exactly how predictive analytics works, which preconditions need to be met and how you can benefit from it.
Optimised workflows support you in your daily processes, add structure to your working and approval procedures, and inform the right people at the right time about what they need to do next. During this table talk, Martin Winter will be presenting a successful example based on guarantee management. We will show you how it works – from the internal request, via the electronic request, up until the guarantee lifecycle finally ends in the system.
TUESDAY 21 MAY
15:50 – 16:35
Room: Central 6
Speaker: Soenke Stamm | DNV GL
We are proud to present one of our latest projects together with Soenke Stamm, Senior Guarantee Manager at DNV GL Group AS. Visit our Treasury Fringe on the first ACT Annual Conference day at 15:50 and meet our team at booth #132.
Despite technological advances, too often treasury processes still rely on Excel templates and endless e-mail exchanges. Complex activities like bank account management and FX management involve numerous, manual steps that need to be performed across various systems. The handling of bank guarantees is no different: besides plenty of coordination and clarification work, the manual processing of various, different bank forms takes time and is a frequent cause for errors.
Guarantee management is a specialist area where a well-trained eye, top levels of concentration and lots of hard work are preconditions. At corporate groups, this often involves many subsidiaries and therefore numerous players and parties. When a subsidiary needs a guarantee, it often takes several days and no-end of coordination until the bank guarantee is finally available. During these tedious coordination processes, it is often necessary for a colleague to pick up the phone after the fifth email and personally ask about the guarantee – but that doesn’t make things any more efficient. Double data entries are not rare, cost everyone involved lots of time and increase the error rate. And, if high volumes require several approval steps, then compliance checks and even more patience are necessary.
Imagine you could do away with this paper chase and digitalise your guarantee processes as far as possible. Starting with the request for a guarantee, on to the approvals process and distribution, all the way to issuing the associated documents. Paper-based applications which are circulated within the group and later forwarded to the bank by fax, email or post, would then be a thing of the past. That is all possible with a digitalised process and tailor-made workflow management: Reduce your processing times, forget tedious typing work and have more time for performing analyses.
On 21 May, Soenke Stamm (DNV GL) and Alexander Fleischmann (TIPCO) present what this looks like in practice:
The Norwegian group is the leading provider of risk management and quality assurance services to the maritime, oil and gas, and power and renewables industries with 12.000 employees and a revenue of 19,6 billion NOK (1,72 billion GBP). The corporate group is also global leader in certifying management systems of companies across all types of industries, including healthcare, food and beverage, automotive and aerospace. From structural defects at a molecular level, to an anomaly in terabytes of data, no detail is too small for the world-class technical experts – from advising on tomorrow’s energy infrastructure to creating technical standards for the safety of the world’s shipping fleet, or assessing the sustainability of a food value chain.
About the Treasury-Information-Platform TIP
TIP empowers Treasury departments to digitalise their processes and do away with manual data capturing and endless e-mail exchanges. Whether the focus is on cash visibility, cash flow forecasting, risk management, guarantee management or bank fee analysis, TIP leverages data from various source systems, supplements these with information provided by local subsidiaries and offers a comprehensive toolbox for data analysis and reporting. This avoids the need to capture data manually, which is one of the most common causes of inaccurate data. No matter if requests for intercompany financing, guarantees or bank accounts: TIP workflows engage the right people and the right systems at the right time, resulting in a smarter and more efficient Treasury. The Austrian software provider TIPCO has made TIP the solution of choice for some of the leading companies in Europe across various industries. More than 120 clients trust in TIP and in TIPCO’s ability to provide market-leading treasury innovation.