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  • Best-of-breed is becoming the “new normal”
    in Treasury Management

    Best-of-Breed: Corporate Payments, Cash Management and Treasury Solutions byTIS and TIPCO

    PRESS RELEASE
    P
    Corporate payment provider TIS (Treasury Intelligence Solutions GmbH) and treasury experts TIPCO formalize their collaboration to best serve their clients’ needs

    Wien, September 29, 2020 – TIS, a leading cloud-based platform for corporate payments, and TIPCO, a best-in-class treasury solutions provider announced today that they have formalized their long-standing cooperation through a strategic partnership agreement.

    Over the past years, TIS and TIPCO have built an impressive track-record of successfully providing market-leading solutions to European clients.

    The two companies are recognized leaders in bank connectivity and payments, cash forecasting, risk management, bank relationship management and analytics. TIS and TIPCO share a joint mission to provide corporate treasurers with the best possible solutions through a seamless end-to-end cash management process. The components are tailored to the clients’ specific needs, without the need of costly IT implementation.

    Joerg Wiemer, co-founder and Chief Strategy Officer of TIS, is very excited about the prospect of this new partnership: “TIPCO is a top-of-the-line provider with an excellent solution. Formalizing our partnership is an important step towards building a best-of-breed cash management ecosystem based on cloud and API integration. This will provide our customers with a better experience that includes faster innovation and more strategic agility for future growth.”

    Alexander Fleischmann, Head of International Market Development and responsible for the collaboration on behalf of TIPCO summarizes: “Good systems should save a company time and money. Digitalization, however, can also be at the cost of flexibility if you rely on rigid one-fits-all solutions. The seamless integration between TIS and TIP combines two systems to offer the best of both: state-of-the art technology and extremely high levels of flexibility. We are convinced that we can offer numerous companies a perfect solution as a result.”

     

    About TIPCO

    The Austrian software provider TIPCO has made TIP the solution of choice for some of the leading companies in Europe across various industries. Over 130 clients – including Deutsche Telekom AG, Deutsche Post DHL Group, Fresenius, Merck, REWE Group, STIHL and many more – trust in TIP and in TIPCO’s ability to provide market-leading treasury innovation. The Treasury Information Platform TIP stands for state-of-the-art solutions for cash visibility, cash flow forecasting, risk management, guarantee management, bank fee analysis and reporting. TIP empowers Treasury departments to digitalize their processes and do away with manual data capturing and endless e-mail exchanges thanks to flexible and smart workflows.

    Go to www.tipco.at/en to gain access to case studies and on-demand webinars and to schedule your custom online demo!

     

    About TIS

    TIS (Treasury Intelligence Solutions GmbH), founded in Walldorf, Germany in 2010, is a global leader in managing corporate payments. The Financial Times named TIS as one of “Europe’s Fastest Growing Companies” for 2019 and 2020.  Offered as Software-as-a-Service (SaaS), the TIS solution is a comprehensive, highly-scalable, cloud platform for company-wide payments and cash management. The TIS solution has been successfully used for many years in both large and medium-sized companies, including Adecco Group, Hugo Boss, Fresenius, Fugro, Lanxess, OSRAM and QIAGEN. More than 25% of DAX companies are already TIS customers.

    Your world of Payments. ONE Login.

    https://www.tis.biz

     


    Press contacts

     

    TIPCO

    Sophie Halfmann

    Am Belvedere 8

    A ­– 1100 Wien

     

    Treasury Intelligence Solutions GmbH

    Liang Fang

    Altrottstrasse 31

    69190 Walldorf

  • Cash flow forecasting at Lufthansa:
    How do you navigate through a global crisis?

    Cash Flow Forecasting at Lufthansa

    “If Lufthansa can do it, so can we.” This could be the motto in all treasury departments at the moment given that there is hardly any other German corporate currently facing greater challenges in terms of cash flow forecasting. So, how does Lufthansa forecast its cash flows and how is its treasury department dealing with the new demands?

     

    Europe’s largest aviation group has been using the TIP treasury information platform for the past 18 years and has already established long-term forecasting over a period of 27 months during this time. A very reliable approach under ‘normal’ conditions which nonetheless had to be reconsidered and re-evaluated due to the massive declines in cash flows as a result of COVID-19. TIP is a particularly flexible solution which has been designed to also respond and develop fast to changing requirements. This is one of the reasons why Lufthansa decided to also manage this task with TIP: “The COVID-19 crisis has redefined cash flow forecasting. TIPCO immediately understood the situation we are facing, grasped our requirements and swiftly implemented them. This was extremely important and helpful for us.” summarises Thomas Linnert (Head of Corporate Treasury Operations).

     

    We were able to demonstrate just how flexible the software really is in less than two weeks. An impressive performance on both sides given that the goal was not only to set up a short-term, week-by-week, currency-differentiated cash flow forecasting system, but also a significantly more detailed forecasting structure which still needed to be easily understandable in terms of its scope and remain user friendly. Working together with the team at Lufthansa responsible for cash flow forecasting, our treasury consultants developed practical forecasting tools which make TIP a reliable and effective crisis management tool for both the parent company and the subsidiaries.

     

    One of these tools is an Excel upload feature which enables local users to upload data from their own templates into the forecast. This allows the forecasters to easily and quickly import existing data and also avoids manual transfer errors. With the same goal in mind, a mirroring function was also implemented which automatically ‘pre-fills’ internal cash flows on the other side of the equation (sellers’ rule) so that existing data don’t need to be entered twice. Carlos Scheeren, the project lead for the implementation of the week-by-week forecast at Lufthansa: “The quality of the forecasting done by our subsidiaries is extremely important. The forecasting tools in TIP provide us with a way to support the local units in their work and at the same time to improve data quality at the group level.”

     

    As a result of the action taken in response to COVID-19, the main focus of many large corporates around the world in on the quality of their forecasting data. To ensure that all users capture their data as accurately and reliably as possible, they need to be able to regularly check their forecasting quality in a timely manner. Both subsidiaries and corporate finance therefore have the means to view deviations from the last forecast entered using a data analysis tool based on the TIP database so that they can better estimate their forecasting behaviour and learn from the past.

     

    From the action plan to the implementation and the go-live, all Lufthansa needed was ten days and was already able to forecast its global liquidity at the beginning of April. An impressive performance on the part of everyone involved despite the challenging deadline. We would like to thank Lufthansa for the trust placed in our team and our software, and to wish our client all the very best for the coming weeks and months.

     

     

     

    Cash Flow Forecasting with TIP: Download our Webinar!

    This webinar shows you how cash flow forecasting can learn from your historical data, rely on existing data in your systems and combine both to deliver dependable cash flow forecasts. We will also show you how user friendliness and immediate responses on the quality of cash flow forecasts can win over your subsidiaries. This not only improves the quality of forecasting but also your communication with subsidiaries.

    Webinar Liquiditätsplanung

  • The treasury information platform TIP
    in use at thyssenkrupp Elevator

    Treasury at thyssenkrupp Elevator

    Following the carve out of thyssenkrupp Elevator, this global provider of elevators and escalators also needed an independent treasury reporting system. The treasury information platform TIP was already well established within the thyssenkrupp group and was therefore well received by the new treasury team.

    The flexible structure of the software in particular, which allows specific modifications to be made at any time, was key to convincing this group with annual revenues of around eight billion euro (2018/19). The contract was awarded in March 2020 and the integration of financial status, guarantee and derivative reporting in the new corporate organisation followed just a few months later. In order to also be able to perform its own forecasting in future, the TIP cash flow forecasting module and the Excel Cube were also launched to allow thyssenkrupp Elevator to directly access its financial data and prepare ad-hoc reports for Management.

    Dennis Schwinning, Head of Treasury Front Office at thyssenkrupp Elevator:

    “TIP allows us to set up our treasury reporting to exactly reflect our requirements; from cash flow forecasting to ad-hoc reporting. TIPCO had already demonstrated its flexibility and high degree of customer orientation during the carve out process.”

    We are delighted about the positive feedback, the success of the carve out process and would particularly like to thank our new client for the trust they have placed in us. 

     

    Cash Flow Forecasting with TIP: Download our Webinar!

    This webinar shows you how cash flow forecasting can learn from your historical data, rely on existing data in your systems and combine both to deliver dependable cash flow forecasts. We will also show you how user friendliness and immediate responses on the quality of cash flow forecasts can win over your subsidiaries. This not only improves the quality of forecasting but also your communication with subsidiaries.

    Webinar Liquiditätsplanung

  • Best-of-breed treasury system landscape:
    Corestate at the 8th Cash Management Campus

    The 8th Cash Management Campus of DerTreasurer was held digitally for the first time as a result of the COVID-19 restrictions but was nonetheless well received by participants. Hardly surprising given that it is currently more important than ever to inform yourself about developments in the market and, not least, about solutions for system-based cash flow forecasting. Our client Corestate was also among the presenters. During his presentation, Tobias Wriedt (Head of Treasury) explained how Corestate has reorganised its treasury system landscape and which factors were important here. Corestate Capital Holding S.A. is a publicly-listed real estate investment manager and co-investor with around €28bn in assets under management and is therefore one of the leading providers of integrated real estate investment solutions in Europe.

    Among other factors, it was important for Corestate that the new treasury system landscape be able to ensure the smooth exchange of data both internally and externally. The aim was to integrate upstream systems which were already deployed, as well as third parties, without complex workarounds. It soon became clear to Corestate that neither an SAP-integrated solution nor an all-in-one solution fitted the ticket.

    “We decided against an SAP-integrated solution from the outset because we work with four different ERP solutions and committing to SAP would have excluded the others,” says Wriedt summarising the decisive argument. For similar reasons, they also opted not to go for an all-in-one solution. While one of these might be a good option in the long term, it would have required very carefully conceived and therefore time-consuming specialist concepts during the preparation phase in order to implement all of the requirements in terms of cash flows, forecasting, reporting and credit management in order for the various areas of treasury to be fully integrated. Corestate wanted fast, reliable results, and that’s why they decided to rely on experts in the various areas of treasury.

    The treasury information platform TIP is responsible for reporting and cash flow forecasting and is closely integrated with data captured by TIS. Both systems have ‘known’ each other for several years and are closely aligned. The TIS interface allows Corestate to access its group-wide financial status and cash flows in its forecasting at the click of a button in TIP. Besides this, daily ECB exchange rates can be imported and any cash flows which haven’t been captured in upstream systems can easily be imported via Excel.

    Cloud-based or on-premise solution? Wriedt explains why the cloud-based solutions offered by TIS and TIPCO were important for Corestate: “In addition to issues such as data protection and data security, a major advantage is the fact that a cloud-based solution means that we don’t need to reserve any in-house resources for support, administration or the like.” His assessment is one which many of our clients share and which has been proven in practice many times.

    TIP went live at the end of 2019 and has since been used intensively. A short-term cash flow forecast had already been planned even before the COVID-19 outbreak and was quietly implemented at the beginning of the year.

    Wriedt summarises:

    “From our point of view and in terms of what we need, we opted for the best providers you can get for these three areas of treasury.” A great compliment and one that we are delighted about and happy to share with TIS and our Austrian colleagues at LANG Finanzsoftware.

     

    The full version of the presentation on YouTube:

  • Setting up a short-term cash flow forecast
    in just two days!

    Short-term cash flow forecast

    Most of our clients have been reliably forecasting their cash flows with TIP for years. In stable economic times, all you need for this is long-term forecasting horizons; but in time such as the COVID-19 pandemic, there needs to be a rethink. In this context, increasing numbers of clients are supplementing their previous forecasting with a short-term cash flow forecast covering 14 days and/or 13 weeks.

     

    The volatile economic situation at present leaves little room for manoeuvre and, at the outset of our first such project, it was soon clear that a solution was needed ASAP, and one delivered from home office to home office. Since 16 March, Austria has been in lockdown and we of course have also sent our staff home. The question of how such an ambitious project could work without face-to-face meetings was one we had to first clarify by means of a dry run. The outcome of this was clear: it hardly makes any difference. The only thing that several colleagues missed was the office cookie jar.

     

    But why did it work so well? TIPCO supports over 130 corporates worldwide, the majority of which are based in neighbouring Germany, but also in the UK and even in the UAE there are also group treasurers who enjoy the benefits of TIP on a daily basis. Online meetings with our clients are the rule rather than the exception, which is why we are so well versed here. On top, there are also perfectly configured hosting environments which we not only use internally but which are likewise offered to our clients.

     

    As a result, the first home-office implementation of a short-term cash flow forecast went like clockwork. The parameters were quickly and efficiently defined with the client in an online kick-off meeting, after which a forecasting grid was prepared and immediately made available to the client’s various subsidiaries. These subsidiaries, based all around the world, were able to enter their forecast data just 24 hours later, which the majority actually did, and therefore automatically reported these to the parent company. Even the group treasurer was surprised by the high degree of compliance.

    short-term cash flow forecast

    The current circumstances present major challenges for our clients. The situation is serious and, even if they don’t wear their business outfits when working from their home offices, they are nonetheless fully committed to and concentrated on the task of safeguarding their subsidiaries’ liquidity in the coming weeks and months. That is why we fully understand our client’s decision not to be identified by name in this case study. We are delighted with the success of this project but nonetheless are aware that our software is mainly being used at the moment to manage the ongoing emergency.

     

    We would also like to say a big “Thank You” to all those colleagues who cooperated so well from their home offices. We are convinced that there are many other companies out there that we can help to expand their cash flow forecasting, and working from home offices isn’t going to get in the way. In fact, we are already working on other implementation projects.

     

    If you have any questions on this, please get in touch, we’ll be happy to help.

     

     

    Cash Flow Forecasting with TIP: Download our Webinar!

    This webinar shows you how cash flow forecasting can learn from your historical data, rely on existing data in your systems and combine both to deliver dependable cash flow forecasts. We will also show you how user friendliness and immediate responses on the quality of cash flow forecasts can win over your subsidiaries. This not only improves the quality of forecasting but also your communication with subsidiaries.

     

    Webinar Liquiditätsplanung

     

  • Access to group-wide data in Excel:
    Flexible reporting at STIHL

    Self-Service BI mit dem Excel Cube

    Self-Service-BI with the Excel Cube

    Designing flexible, tailor-made reports in just a few minutes without having to manually prepare data is a dream of many treasurers. STIHL found its solution using the TIP Cube from TIPCO and defined new benchmarks in treasury reporting in the process.

    The age-old problem with treasury reporting is that setting up reports takes time and money. Large Excel files with flexible data capturing features need to be prepared and sent to subsidiaries in order for these to enter the necessary data. The next challenge is to collect the data, identify and correct any formatting and data capture errors and to compile the data. It is often necessary to add additional data from various source systems to the information provided by the subsidiaries. No end of time passes before you have finally gathered all the data for the analysis in question, time which should have been invested in the analysis rather than data preparation. There is also the issue of costs: Even if reports have been cost-intensively programmed for specific purposes, requirements tend to change over time, making it necessary to again appoint an external consultant. And the dream of being able to respond rapidly to ad-hoc requests remains exactly that, a dream.

    Raise the speed, improve the data

    These shortcomings bothered us for many years. That’s why we set up a basis for centralised data management in the STIHL treasury department several years ago. Based on the existing TMS (Reval), TIP was launched as an on-top solution. Since then, we have been automatically gathering the data of all group subsidiaries at head office and preparing pre-defined forecast and status reports at the press of a button.

    The new opportunities offered by digitalisation allow us to continue increasing the already high level of automation. Every Monday, STIHL Treasury provides Management with a dashboard report which highlights the current level of liquidity within the group from various perspectives. In the past, we had to manually copy and paste all of the data from other existing reports into a separate spreadsheet with numerous pre-defined formulae, a task which took half a day.

    Our long-standing system partner TIPCO came up with a solution to this challenge. TIPCO developed just the right tool, the TIP Cube, which allows us to design and automate ‘self-determined’ reports which flexibly reflect our requirements and which, most importantly, are based on Excel. We gave the green light in early 2018 and in under five weeks we had exactly what we needed.

    No more Blue Mondays

    Our Monday Morning Report, designed in-house, is now updated at the press of a button and can be modified without external support. The biggest advantage of the TIP Cube makes this possible: It provides access to all of the group’s data in Excel so that we can build our reports directly in a system we are all familiar with. Based on the current data, completely flexibly and with the formulae, diagrams and other functions we know inside out that Excel provides.

    Self-Service BI with the TIP Cube

    Data in Excel = reports in Excel The TIP Cube allows you to use the Excel pivot function to access your current group-wide data and to base detailed analyses on these. The drill-down function allows you to access even the lowest data level.

    It is no overstatement to claim that reporting is now really fun. We filter the financial status to reflect our needs, by subsidiary, counterparty or currency. We can define which effective date we want to see data for, but can also work with ‘dynamic intervals’, meaning that the report includes the previous working day, month or quarter.

    Dashboards with minimal effort

    A key reason why we opted for the TIP Cube was the current status of the data. The Cube provides us with the current data at the defined intervals (e.g. hourly), just the way these are managed in TIP. Every time we access the data, the dashboards show us the latest group-level information without us having to make any manual entries.

     

    Self-Service-BI with the Excel-Cube

    All your data at a single glance The TIP Cube displays your current data* in TIP, and therefore keeps the dashboard report up-to-date without having to manually process data.

    And if we want to do an ad-hoc analysis of how the various positions are made up, we simply drill down in the report. The drill-down function allows us to access even the lowest data level and to compare the relevant positions here. Thanks to the Cube, we now have the time we need to do the in-depth analyses which are the key to real value added.
    About STIHL

    STIHL is an international chainsaw manufacturer and the world’s most widely sold chainsaw brand. In 2016, the STIHL group generated revenues of 3.46 billion euros and employed a workforce of nearly 15,000 located worldwide. This family-owned company boasts an equity ratio of over 70 percent and is therefore able to finance all of its investments by tapping its own capital resources.

    The authors

    Ingo Schorn, Head of Treasury (ANDREAS STIHL AG & Co. KG)
    Katja Lehner, Treasury Front Office (ANDREAS STIHL AG & Co. KG)
    Dominik Scheitz, Consultant (TIPCO Treasury & Technology GmbH)

     

    *All screenshots in this case study are shown with sample data

  • Merck wins the 2018 Treasury Today Adam Smith Award!

    Merck - Adam Smith Award

    We sincerely congratulate our corporate client, Merck for winning the 2018 Treasury Today Adam Smith Award for First Class Relationship Management. It was a pleasure to be part of the treasury transformation process at Merck!

  • EuroFinance Annual Conference in Barcelona – discover TIP and win a PlayStation®4 with Virtual Reality headset!

    EF17

    What is awaiting you at Stand S023? TIP offers you amazingly flexible reporting at the press of a button. 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. We also offer smart solutions in the areas of cash flow forecasting, automatic bank fee monitoring, risk management, guarantees, derivatives and workflows. And, to make sure that a visit definitely pays off, we will be raffling off a PlayStation®4 plus a compatible Virtual Reality headset among all participating visitors to our stand. We look forward to your visit!

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