Treasury Mangement Systems 2013 by EY

8/10/2019 Treasury Mangement Systems 2013 by EY

1/144

Treasury ManagementSystems Overview

2013 Edition


2/144

Treasury Management Systems Overview

2013 Edition

The information contained in this publication is intended to provide only a general outline of the subjects covered and maybecome out of date or incorrect. It should not be regarded as comprehensive or suf cient for making decisions, nor should it beused in place of professional advice. Accordingly, Ernst & Young accepts no responsibility for any loss arising from any actiontaken or not taken by anyone using this publication.

Ernst & Young is de ned on page 138.


3/144

PrefaceTreasurers are facing turbulent and challenging times. The global nancial crisis has led treasury to prioritize monitoringthe nancial markets, optimizing cash ow and managing risk management. Considering the speed of developments, acomprehensive and real-time treasury management system is essential to manage nancial positions and risks proactively.

Treasury management has become more automated through improved straight-through processing (STP) and further integrationwith corporate nancial systems. This reduces the required number of manual activities, makes the process more ef cientand provided the system is implemented adequately more secure. Ideally, this automation frees time for treasury teams toconcentrate on areas where the greatest value can be added.

This focus on automation puts the treasury management system at the heart of the organization. The requirements placed on thesystem in terms of functionality, process transparency and security increase each year. Given the critical functionality provided,

companies need to rely fully on the system and the support provided by the vendor, which, like other key relationships, should beevaluated on a regular basis.

This booklet presents an overview of the main functional speci cations of the leading treasury management systems used forcorporate treasury management. The system capabilities and vendor information are based on information supplied by therespondents to an extensive questionnaire prepared by Ernst & Young Treasury Services. Additional information is availablefrom Ernst & Young Treasury Services, which provides treasury advisory services to assist companies with the selection andimplementation of treasury management systems.


4/144


5/144

ContentsChapter 1:Ernst & Youngs treasury service offering .............................................. 1

Chapter 2:Differentiators for treasury management systems .................................... 3

Chapter 3:Ernst & Youngs treasury system selection and implementation approach .......... 7

Chapter 4:Vendor pro les ........................................................................... 13

Chapter 5:Vendor responses ........................................................................ 44

Ernst & Young treasury services contacts .............................. 134

About the authors ................................................................ 136


6/144


7/144

Treasury Management Systems Overview 1

Chapter 1: Ernst & Youngs treasury service offeringIntroductionVarious changes are occurring in the world of treasury management. Treasurers are confronted with the question of whethertheir information systems can handle all of these new trends, which include:

The growing need to collect nancial information from a groups 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 activitiesAt the same time, getting to grips with the range of software on offer that ful lls these needs is made more complex by rapidchanges in technologies and approaches. Software vendors aspire to cover an ever broader spectrum of treasury managementneeds 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 applications processing ows

We can provide you with ongoing assistance in:Selecting a solution that is adapted to your needs

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

Implementation assistance

Drawing up functional speci cations 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 toolsDiagnosing and improving automatic controls

Identifying risk areas based on a standardized approach De ning a test program (sampling policy, test methods) Recommending and implementing additional controls as needed


8/144

2

Optimizing production of steering reports

Analyzing steering reports in line with the managements objectives Identifying the underlying data and extraction methods for treasury management systems Adapting and/or designing reporting (modeling, testing and approving steering report production processes) Automating production methods (design and optimization of existing IT or business intelligence systems)Setting up an overall organization that allows information collection within the group

Identifying the organizational methods and technical capacities for making a collection tool available With the IT departments, de ning operational solutions (utilization of existing solutions within the group, assistance in choosing

commercial solutions, solution speci cation)

Assistance and follow-up in the implementation phase

We mobilize Experience that allows you to bene t from a clear view of all of the

solutions on the market that cover the various elds of treasurymanagement (market activities, risk monitoring and related reporting,communication with subsidiaries, liquidity management, cash forecasts,banking communication, payment factory, etc.).

Updated knowledge of the existing solutions on the market (regular globalsurvey of treasury management tools and their use in the largest groups).

A team of specialists composed of auditors and former treasurymanagement and banking consultants, and IT specialists who havedeveloped a wide range of skills through experience with large industrial,commercial and nancial groups.

An international network and synergies with the other key Ernst & Youngbusiness lines (Tax & Legal, Transaction Advisory Services, ActuarialServices, etc.) We offer recognized project management methods andskills that focus on quality, and our legal status guarantees completeindependence with respect to software publishers.


9/144


Chapter 2: Differentiators for treasury

management systemsThe recent economic turmoil has refocused treasury departments from crisis management back to the task of ef cientlymanaging activities and raises the question of what lessons can be learned and what opportunities can be leveraged fromenhancing the organizations access to information through the improved treasury management systems. How can theorganization better employ technology to gain access to vital real-time information? For example, a nely implemented systemwill provide strong and automated functionality through automated payment solutions, real-time balance information, automatedreconciliations and con rmations. It can also provide strong analytical tools to effectively measure and monitor nancial riskpositions in a volatile market and execute hedging of exposures to amiable pricing. It may also offer the functionality to manageyour 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 TreasuryManagement Systems Overview , we talked about the consolidation trend in the market for system vendors. The emphasis in themarket seems to have shifted to replacing technology that treasury has outgrown, was implemented with limited functionalscope, replaced because of a forced retirement of the vendors solution or as a result of recent treasury integration. Althoughthe fragmentation of the treasury system market has been reduced, treasurers still struggle with the choice of selecting asystem that offers the required visibility and speed of management information while having the robustness for core treasuryfunctionality. The key question for treasurers is twofold: What can I give up and what can I gain? and How do I differentiateamong the systems offered?

With companies seeking a single, integrated, system solution for the bulk of their treasury activities, how does a treasury identifyand evaluate the systems available and translate this information into a comprehensive vision on which system or systems mightbest 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 improvingpro t margins is always top of mind, and is ever more so this year, we are observing a slight increase in initiatives to supporttechnology improvements to achieve cost savings, particularly in industries where there is uncertainty regarding reformor regulation and those associated costs. As such, a single-system solution that either is, or has the potential to be, fullyintegrated with the banking, trading or other portals (e.g., SWIFT) and ERP systems, has become paramount to achieving thesecost reductions. This wall-to-wall approach on system selection is continuing to be popular as companies try to save costs oninterface support and system licenses for a more ef cient and visible nancial 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 timeusing a variety of complex instruments, or the ability to strengthen and improve cash management, cash visibility and access, and

cash ow forecasting tools and processes. Or is it the ability to interface with the ERP and generate automated payments? Whatshould you consider in a TMS in order to make a sound choice between the most popular systems on the market at the momentand the system that might best t 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 bene ts 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


10/144

4

Identifying critical business requirementsCore functionality must always include a system that accurately captures and monitors all required instrument types; providesaccess and visibility to cash ows; supports segregation of duties and enforces controls; makes con rmations, reconciliations andexecuting hedges and payments as automated as possible; has a user-friendly and exible report writer; and supports interfacesto other systems. But what else can a strongly implemented system provide? How well does your existing system or processescalculate and continuously provide accurate valuations and real-time management information?

Recent events have now called for systems that can also provide useful real-time information to better control working capitallevels, have visibility on global cash balances and have the scope to robustly identify core, liquid and strategic levels of fundingand liquidity. Every treasury function operates in a different risk environment and treasurers face a multitude of differing businessdrivers. With this in mind, the real differentiators for a TMS will center on how a TMS package comprehensively covers yourbusiness requirements, and mainly its ability to adapt to the speci c business or industry needs of the company. However, if thesystem does not meet the majority of the business requirements, should a company consider customization or implementing theapplication in a manner for which the system was not intended? If yes, then what level of customization is appropriate and how

can this be supported going forward? Will the customization be too rigid to support new functionality as a companys needs andfocus change? What is the risk that the vendor will eventually decline to support these customizations or unintended uses?

Solutions to meet a changing business environmentWhat functionality do you require from a treasury management system today, how deep is your treasury footprint within thebusiness and what functionality are you likely to require in the medium-term? There is no doubt that cash has been rmlyensconced onto its throne and a back-to-basics approach has been adopted; for example, cash management and forecasting,covenant management and monitoring and supporting local funding solutions have all been revisited, expanded or furtherembedded.

With the right system selection and implementation, various assumptions around commercial and economic environments maybe exed and analyzed to provide further insight into how the balance sheet value can change.

Further advances are being made by treasurers toward more effective liquidity planning and management or, in essence,expanding the cash management footprint. This means treasury has more in uence and impact over accounts receivable,collections and the order-to-cash cycle with particular focus on the time value of money and credit risk, but does the currentTMS, on its own, offer greater visibility and control over this cash process? Does the TMS facilitate the reporting of all group bankaccount balances while supporting a robust forecasting process and escalation of variations? To what extent can the TMS assistin setting up a comprehensive system for cash forecasting for the company and its subsidiaries? And to what lengths can treasuryprovide the resources with the necessary knowledge to facilitate this?


11/144


Evaluating the costs and bene ts of integrationWe have mentioned the ability of the system providers to deliver functionality for the more recent businessdevelopments. Is your vendor overly concerned about the problems that you have with connecting yourtreasury system to other system applications? It seems so, but how well does your system provider enableyou to obtain directly the information you require? For example, what is the ability to capture foreignexchange-embedded derivatives in contracts, or to extract the level of detail (or provide the exibility foraccurate manual input or overlays) for a reliable forecast short and medium-term. How does your systemallow you to interface directly with an internet dealing platform without the need of another application,web-based or not? Does your system facilitate the Single Euro Payment Area (SEPA)? Can you easily runa multilateral netting program in the chosen system? Would it be t for purpose if EMIR is enforced?

These questions are sometimes ignored during the implementation of a treasury management system, butare critical in achieving an integrated solution that provides visibility and access to information that allowsthe treasury department to analyze and take prompt action that bene ts the organization. Prioritizing

the connectivity between systems should be part of considering existing and future requirements, ascompanies begin the selection process, and certainly as implementation proceeds.

Evaluating the software delivery modelIn the last 12 years, many well-known names in the treasury market have disappeared and othershave come forward. Through consolidation, system vendors have become larger and expanded theirglobal presence. This expanded scale has the potential that these vendors will be able to invest more indevelopment to improve their solutions, meet the increased expectations of their global customer base andto provide better service levels. However, many treasurers are justly concerned with the lack of competitionin this market if the consolidation trend were to continue. Nevertheless, we are happy to see new vendorsincluded in this overview, which contributes to improved choices installed, web-based or hosted there iscompetition and innovation in this market.

In the past, most treasury management systems were locally installed applications that had the advantageof the company being able to control the IT security, environment and data. The disadvantage, however, isthat IT department resources were, and are, needed to implement and support this specialty applicationused by a relatively small population of users within the organization. An added complexity ariseswhen your IT organization is also outsourced, where it becomes more challenging to prevail on internalrelationships and hierarchies to achieve your technology objectives.

To address these challenges, and with the advent of improved network security, an increasing numberof vendors are offering other software delivery models to meet these needs. Two models have increasedtheir prominence and acceptance the web-based solutions or Software-as-a-Service (SaaS solutions) orthe hosting of your installed application. The SaaS model has the advantage of standardized processing,potentially simpler implementations and a per-user/per-function pricing model that is budget friendly.However, some companies have struggled with security and data privacy concerns as dictated by theirinternal security policies. Another alternative is to have your installed application hosted by your vendor.Hosting your application has the advantage of having your hardware installed, implemented and hosted atthe vendors location. The vendor supports your IT infrastructure needs relative to the treasury application.No training of your IT department is needed to install the application and manage the database and there isno need to schedule upgrades with your outsourced IT department its all provided by your vendor.


12/144

6

Assessing the vendor relationship during selectionOne area that seems to be most in need of improvement centers on the support given to existing customers and control overapparent development costs. Whether this is due to system providers focusing on new clients to drive revenue or customizingexisting developed solutions is unclear; however, it has become a constant source of frustration with many treasury departments.If you have a good working relationship with a high level of support from your TMS vendor, it is most likely that you are a largecompany with a large budget or you have a highly dedicated vendor.

An important part of the selection process must focus on selecting a vendor that will offer the most rewarding client relationshippackage. In addition to assessing system capabilities, there is a need to view the commercial risks and the nancial stability ofthe TMS provider, as well as the possibility of it being acquired and/or its TMS no longer being supported. Moreover, how muchemphasis the vendor puts on after-the-sale customer support is also a question that requires af rmation during the selectionprocess.

What else can the system vendor do for you? This is what used to be called the soft factor. Good examples of these softfactors are implementation support and the fact that the vendor may also allocate development time (via invoices) on existingcustomers, instead of focusing mainly on new business to drive revenue growth. The vendor may offer extended support onceyou go live on the system as your team transitions to its new roles. You may also expect your system vendor to have a visionon, and a solution for, the latest treasury business developments. Finally, you may expect from your system vendor that systemdevelopments are not only focused on enhancing the core system, but also focused on enhancing the integration with othersystems in your organization.

Assessing the vendor implementation and post-sales supportSome of the distinguishing features of a successful implementation are the level of engagement on implementation by thetreasury team and the vendor as well as the quality of implementation resources available. However, resources are alwaysstretched, especially during the recent challenges in the nancial markets. Companies seconding resources are often a criticalfactor in achieving a smooth and successful implementation project, but what level of resources and implementation support are

offered by the vendor and are they independent enough to help ensure a smooth implementation?

Often, if vendor information is reviewed during the selection process, it is mostly the nancial stability and the geographicallocation that are assessed. Vendors understand that it is the client who is the least experienced and, therefore, this has causedconscientious vendors to redesign their implementation approach. The best way to shorten implementation time and effort is toleave out choices. Choices need decisions and decisions need time. Therefore, some vendors have decided to sell their systemwith an industry-standard parameter set. This is based on the size of the treasury, the position in the organization, the strategicgoals, the complexity of the instruments, the transaction volume and the size of risk positions. The bene t is mutual. If yourtreasury is organized according to industry standards, the system can be implemented quickly because many choices havealready been de ned that allow you to achieve go live in half of the time usually needed for a full-scope implementation. Inthis regard, the vendor is more or less assured of a well-de ned project with minimal risks. However, making educated choicesis of paramount importance in implementing a TMS that offers your organization the power to drive through ef ciencies andimprovements in the way your treasury thinks and manages its cash, funding and risks.

ConclusionIn assessing the differentiators of a TMS, companies should consider not only their critical business requirements, but alsowhether the solution can adapt to your changing business environment, the cost-effectiveness of establishing integration points,the most bene cial software delivery model and a careful assessment of the vendor before, during and after implementation.


13/144


Chapter 3: Ernst & Youngs treasury system selection

and implementation approachBackgroundWhen we work with clients to replace their current treasury management systems, there is usually a fair amount of disenchantmentwith the clients 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 t, or that it was a poor implementation of a good system, or that the system isincompatible or unstable in their environment. However, the underlying theme appears to be a lack of clear expectations. To avoidthis, companies should take a more pragmatic approach to system selection to help ensure the best system t. In our experience,successful projects manage expectations by thoroughly assessing business requirements, focusing on project management duringselection and implementation, and considering the capabilities and capacity of the chosen vendor.

Ernst & Young Treasury Services has extensive experience in selecting and implementing treasury management packages.Ernst & Youngs approach is largely based on experience in assisting clients in selecting and implementing a variety of treasurysystems, as well as our industry knowledge of treasury management. Based on Ernst & Youngs experience with the variousvendors and an up-to-date understanding of the market and developments, Ernst & Young can help shorten the system selectionprocedure and assist in its successful implementation 1.

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

The overall goal of Ernst & Young is to support the client in selecting the most appropriate treasury management solutionto meet its de ned 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 thepackage chosen. For the various treasury management packages, tailored implementation processes have been developed byErnst & Young, the vendors or other consultants. To avoid making any decisions in the selection phase that might negativelyaffect the implementation, Ernst & Young rmly believes that any selection project should be approached as the preparationto implementation.

1 Treasury systems selection and implementation services are subject to Ernst & Youngs client and engagement acceptance procedures.


14/144

8

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

Phase 1: Strategic framework and requirements speci cationThe rst step Ernst & Young takes in the selection process is to carry out an assessment to identify the clients strategicframework. The strategic framework provides the necessary setting for the treasury management system. Taking or con rmingprevious decisions on strategy, overall business processes, organization and system philosophy lays the foundation for therequirements speci cation. 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 infundamental and costly revisions late in the selection or implementation phases. Simultaneously, the treasury managementprocesses, methods and techniques used are reviewed and compared with market practice.

Duration

Review: Determine

selectioncriteria

RFI Make long list

EY systemsknowledge base

Project startand planning

= Deliverable

Strategic scope P h a s e

0

P h a s e

1

RFI

Motivated long list

Send, receive and assess RFI Motivated short list

P h a s e

2

Dene test

agenda

Implementation/integration

Demos Finalreport

Analyze system integration

Final report withrecommendations

Test agenda

RFI = Request for information

Figure 1: System selection project plan

Project plan system selection


15/144


Key considerations on requirements at this stage may typically include:

Accounting standards in hedge designations and valuations Customized reporting tools Cash management bene ts and multilateral netting opportunities Forecasting tools Real time limit monitoring and risk management Security Robust interfaces with banking platforms, trading systems, accounting packages and market information sources TMS limitations and exibility toward the changing needs of the businessThe requirements speci cation describes the organizations requirements for the future TMS. The requirements speci cation isused as the basis for the Request for information (RFI), sometimes called a vendor questionnaire.

Phase 1: Strategic scope and requirement speci cation

Duration= Deliverable

RFI

Motivated long list

Motivated short list

Determine selection criteria

Formulate and draw down RFI

Determine long list

Send, receive & assess RFI

Dene test agenda Test agenda

S = Steering Committee meeting

S

S

Figure 2: Strategic framework and requirements speci cation


16/144

10

In Ernst & Youngs view, it is not advisable to start this phase by sending out a Request for Proposal (RFP). The contractualcomplexity of an RFP undermines the goal of this phase of the selection process, which is to gather information about the vendorand the functional and technical speci cations of the system.

Instead of the usual long list detailing a large number of suppliers who are asked to complete an RFI, Ernst & Youngs approachis to propose four to six packages based on objective criteria and business requirements and agreed to by the client. A tailor-made questionnaire of business requirements geared to the complexity of the clients wishes and needs is sent to the short-listed vendors. The speci city of the questions enables a rapid analysis of the responses. Based on the weighting of the variousquestions in the RFI and scores for the vendors answers, the responses to the RFI can be quanti ed, providing the client with areasonably objective ranking of the vendors and their systems.

Phase 2: Workshops and nal system selectionDuring the system selection phase, the best and second-best choices of treasury management system and vendor candidate areidenti ed. Two or three vendors that score best in the RFI phase are invited by the client to demonstrate their systems during a

two-day workshop. The vendors receive a detailed workshop agenda with the invitation from the client and some examples ofclient-speci c transactions or processes. The client and Ernst & Young will score the vendor demonstrations. These scores arecompiled and compared to the RFI scores to illuminate the systems functionality and which system best meets the clients statedbusiness needs. At the end of this phase, the client should know with some degree of certainty what their nal choice of systemand vendor will be. Their choice is supported through a combination of analyzing the results of the RFI and the demonstration ofthe vendors systems during the workshops.

Phase 2: Workshops and nal system selection

Duration

= Deliverable

Demo I

S = Steering Committee meeting

S

Demo II Demo III EvaluationWrite report of

recommendations

To analyze system integration

Final report of

recommendations

Figure 3: Workshops and nal system selection

After the system is selected by the client, the next step is the contract negotiations. The importance of these negotiations shouldnot be underestimated, as the selected system may be operational for a period of 5 to 10 years. It is also important that thecontract with the vendor re ects not only pricing, but the level of commitment to be given by both parties, such as frequency ofupgrades or patches to core system and level and length of support given to existing versions of the TMS package. During thisphase, the implementation plan is drawn up. This plan should form part of the contract.


17/144


Phase 3: IntegrationFew projects will place as much burden on treasury, compliance and treasury accounting as a TMS implementation. Althoughmuch is written about how critical project sponsorship can be; a lack of project ownership can have disastrous results.Without well-de ned, documented and understood business needs, the project will languish because other business criticalinitiatives will always take precedence. The best project managers we have observed bring a number of skills to the table. Theproject management methodology is in itself important, but an understanding of treasury practices, the companys business andtreasury systems is crucial.

Another critical success factor we have observed in successful projects is the willingness of companies to deploy (or hire)participative engaged thinking resources to the project. These visionary users, through treasury and system knowledge, askWhat if ?, How about this approach ... ? or Wouldnt it be great value add if ? A good project manager will know whenthese resources generate an inspired solution that warrants a scope change.

During the hectic and sometimes rocky period of implementing the selected package, the client is confronted with variousanxiety-inducing issues that can only be resolved with the aid of specialists in business consulting, implementation consulting,often provided by the vendor, and technical advice. Advisors can assist and guide management through the system selection andimplementation. Once the vendor has been selected, an experienced and knowledgeable implementation advisor is key to theprojects success.

Phase 3: Integration process

Live dataconversion

Technicalinstallation

Static dataconversion

Countries Locations

PortfoliosSettlement

Parties

Structure

Instruments

Limits

Dealers

Rates

Accounts

Currencies

Implementationplanning

Reporting

Training

Security

Accountinginterface

Market datainterface

Bankinginterface

Parallel run

Figure 4: Integration process


18/144

12

Ernst & Young offers business advisory services and a strategic approach to automating nancial processes. Given its strategicvision of the entire nancial process, Ernst & Young can advise and support the client in the integration of the selected package inthe organization as a whole. As part of this process, the new working methods that the client wishes to introduce are incorporatedinto the con guration of the package, including report de nition, interface con guration, system security and employee training,among others.

Proposed integrated project team

IT architects

Subject matter experts

ValuationRisk

management

Market data

AccountingPerformance

measurement

STP

Systems Internet

Businessarchitects

Financialengineers

Internal auditors

Project managers

Steering Committee

Integrationprocess

Figure 5: Ernst & Young resources for integration

Software implementation forms part of the system integration process performed by Ernst & Young at the clients organization.Hence, both Ernst & Young and the client have key roles to play during the implementation.

Many things can go wrong during a system implementation from interfacing to basic functionality, from large show-stoppingissues to short-term workarounds and from individual instrument calculation to portfolio limit management and measurement.

Therefore, Ernst & Young provides an experienced project leader who, together with an internal project leader at the client,plays a key role in the project and reports to the Steering Committee. Ernst & Young provides support in resolving issues, whichinvariably arise during the integration process, and helps to identify blockers quickly and facilitate their removal.

Ernst & Youngs international organization has subject matter resources available in all areas of treasury management systemselection and integration.


19/144


Chapter 4: Vendor pro lesThe following vendors (responding vendors) completed questionnaires provided in October 2012 by Ernst & Young relating totheir products. Ernst & Young has not veri ed or substantiated any of the information provided by the vendors any of which couldbe materially inaccurate or misleading and does not in any way endorse or promote any products or services provided by these orany other vendors. Any opinions expressed are those of the vendors and not of Ernst & Young.

Bellin ..................................................................... 14

Exalog ...................................................................16

GTreasury .............................................................. 18

Hanse Orga ............................................................20IT2 .........................................................................22

Kyriba .................................................................... 24

MCC .......................................................................26

Misys .................................................................... 28

Openlink ................................................................30

Oracle ....................................................................32

Reval ..................................................................... 34SAP ......................................................................36

Sungard ................................................................. 38

Technosis ............................................................... 40

Trinity ................................................................... 42


20/144

14

Bellin

Companys history

Founding date Home country Number of staff Main evolutions

1998 Germany 62 Founded by MartinBellin in Germany, hasnow expanded in otherEuropean countries andNorth America.

Contact details

Name Phone Fax Email

Stefan Obenauer + 49 7822 4460 302 + 49 7822 4460 105 [email protected]

Financials as of 2011

Ownership Sales revenue Net pro t

Privately owned Not speci ed Not speci ed

Solution implementation

Introduced rst version1998

Last version release

2009

System name

tm5

Implementation Other solutions

>200 Not speci ed


21/144


Verbatim

Question Comments

Please provide a brief description of thecompany and your solutions

Bellin GmbH was founded in 1998 by Martin Bellin, a professional treasurer who had been workingas head of treasury for more than 10 years before he started the company. Bellin is the marketleader for TMS in the German speaking countries (DACH) and has, in recent years, expanded intoother 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 externaltreasury experts for input on future developments in order to be as practical as possible. Bellinalso puts a high focus on integrating core treasury-related tools in the most ef cient way. Thisincludes, among others, a multicountry and multibank capable payment factory, which is at theleading edge, as several industry awards in the past few years have shown.

In your opinion, what are the mostimportant general developments intreasury 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 bedone where it originates, e.g., all relevant data is entered by the group companies themselvesinstead of group treasury compiling all data. Once data is entered, it is immediately available forreporting, hence providing up-to-date information at the treasurers ngertips.

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

What are the future development plans andstrategy 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 Americanmarkets. We will continue this worldwide expansion through our partner network.

With Bellin Backstage, we provide a treasury networking and training platform for tm5 usersworldwide.

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

tm5 offers the complete integration and straight-through processing (STP) of the essentialtreasury tools and activities into one web-based application. STP includes, e.g., dealmanagement, liquidity planning, settlement through payments using the integrated paymentfactory and comparison of planned with actual cash ows.


22/144

16

Exalog

Companys history


1984 France 53 Purchased in 1994 byJacques Lafarge andexpanded globally,starting 2007.

Contact details


Thierry Cohen + 33 1 4146 1002 Not speci ed [email protected]



Main shareholder: Jacques Lafarge 3.9m Pro tability: 453,000


Introduced rst version

2000Last version release

2012

System name

Allmybanks.net


89 Bank X Exabanque.net Direct-debits.net


23/144


Verbatim

Question Comments


Created in 1984, exalog is specialized in treasury management and electronic banking(certi ed SWIFT Service Bureau). It provides web-based cash management applications directlyto companies (B2B) and to banks (white labelling model).

More than 10,000 companies with 20,000 users in 47 countries connect, daily,to exalogs systems.

We provide 5,168 corporates with technical assistance from Europe (Paris and Madrid),United States (New York City) and Asia (Phnom Penh) in English, French, Spanish and Chinese.

We have three main cash management solutions:

Allmybanks.net: Worldwide TMS

Exabanque.net: Application for French companies

Direct-debits.net: Solution to manage SEPA direct debits

We also offer seven European banks white-labeled applications dedicated to their owncorporate customers.


Saas Mode (no technical requirements)

Straight through processing (STP)

In-house banking

Netting/Payment factory Electronic Bank Account Management


Our strategy is based on innovation and worldwide development.


Single sign-on offering : All elements are packaged together: treasury system, bankconnectivity, customer support. For bank connectivity, we are in charge of nancial transactionsmonitoring and follow-up with our customers banks. Our supports expertise in our systemensures our responsiveness to our customers demands.

Saas mode : This technology allows all parties to cooperate on the same basis (with totaltraceability of actions) eradicating the duplication of tasks. The entire group has access to thesame real-time vision (with user rights lters). User-friendly interface.

Autonomy in creating and de ning user privileges

Evolutive maintenance : exalog is proactive about its product upgrades and the user communitycontributes to the software development making innovation a shared process.

Pricing structure : No rate per user, but per actual volumes.


24/144

18

GTreasury

Companys history


1986 USA 45 GTreasury was amongthe rst treasury soultionproviders in the late 1980s.Their products are nowdistributed by leadingcompanies under their owntrade name.

Contact details


Warren Davey + 1 403 269 3262 + 1 403 269 3261 [email protected]






1986


2012

System name

GTreasury


100 Not speci ed


25/144


Verbatim

Question Comments


For the past 26 years, GTreasury has provided best-of-breed treasury solutions and servicesto banks, corporations, and organizations of all sizes all over the globe. The ONE EnterprisePlatform is a single modular treasury solution containing all GTreasury functionality.

The ONE Enterprise Platform can be installed locally or hosted in the cloud. Clients can pick andchoose what functionality they require and add-on as or where needed at any time.


Over the past several years there has been an acceptance of cloud computing in treasury.Todays cloud solutions are much easier to purchase, con gure and maintain than thehistorically large install projects of the past. Due to this trend, treasury users are becoming moredemanding of enhanced work ow, risk avoidance and ultimately enriched information. Treasurysoftware started as a data collection hub and through the years has morphed and will continueto evolve into more of a decision support tool.


GTreasury has always and will continue to be a pioneer in the development of treasurysolutions. Our corporate philosophy has always been to develop solutions for our clients needsand offer them to the industry. Core concepts in GTreasurys future development plans revolvearound enhanced work ows for e based automation of treasury data (eBAM, eStatements,etc.) and continuous improvements in decision support tools focused on turning this data intoactionable treasury information.

What are the advantages of your system,

compared with other systems in thesame category?

GTreasurys ONE Enterprise Platform is the only system in the industry which can be installed at

the client site or hosted completely in the cloud thus catering to two distinctly different markets.GTreasurys Worksheetsare also a one of a kind decision support tool that allows users the abilityto track, monitor and report on all treasury related activities in a simple to use consolidatedformat. GTreasurys 26 years of single platform development translates into the mostfunctionally rich solution whose inner workings all interoperate seamlessly with one another.


26/144

20

Hanse Orga

Companys history


1984 Germany 158 Not speci ed

Contact details


Bart Parren + 49 40 514 8080 + 49 40 514 808 188 [email protected]



Family owned Not speci ed Not speci ed



2005


2012

System name

FinanceSuite


>500 AutoBank Next generation Moneta Next generation


27/144


Verbatim

Question Comments


Hanse Orga AG specializes in SAP-integrated software solutions that help medium-sized andlarge corporates to improve their nancial supply chain management signi cantly. We are a SAPsolution partner and our products are certi ed by SAP as FinanceSuite 4.3. With over 150dedicated employees and more than 500 customers worldwide, we count among the largestEuropean treasury providers.

The FinanceSuite comprises ve modules that can be exibly combined with each other: AutoBankAutomatic Cash Application, Cash and Liquidity Management, Payment Management, TreasuryManagement and eBAM (electronic Bank Account Management). Intelligent features ensureautomated processes, signi cant savings in terms of costs and time, and full compliance.


The integration of processes within the nancial supply chain, and therefore integration of ERPdata into treasury.

Further automation of paper processes: bank account management, bank fee calculations anddispute processes.

Further centralization of processes, e.g., payment and receivables factories.


To bolster integrability of available functionalities; to address challenges from changing treasury environment and responsibilities; and to enhanceuser friendliness.


Integration within SAP:

No double hardware and software

Automatically bene ting from IT investments (backup and restore, resilience, etc.)

Usage of SAP functions as a technical framework: integration with Microsoft Of ce, usersecurity, job scheduling, user interface, etc.

Automatic integration of business data from the ERP into treasury (forecasts, exposures)

Automatic accounting for treasury actions ( nancial transactions, payments, treasury payments)


28/144

22

IT2

Companys history


1983 UK 132 IT2 Treasury Solutions Ltd.is a single-product treasurytechnology provider,with a long history ofsuccess. The IT2 systemspredecessor, InternationalTreasurer, was released in1983. IT2 for Windows wasrst released in 1996. IT2has been 100% owned byCapMan Plc (www.capman.com) since July 2007.

Contact details


Patrick Coleman + 44 20 8741 3553 + 44 20 8741 5175 [email protected]



100% owned by Capman Plc 13.2m EBIT: 1.98m



1996


2012

System name

IT2


282 Not speci ed


29/144


Verbatim

Question Comments


IT2 Treasury Solutions is a leading provider of treasury management software to corporatetreasuries and nancial institutions. IT2 is strategically committed to be a specialist treasurysolutions provider.

IT2 is a fully integrated best practice solution that supports treasury in its entirety, ful lling cash,in-house bank, payment factory, debt and investment, nancial risk, treasury accounting andhedge accounting requirements. Founded in 1982, the company is located in New York, London,Hong Kong, Paris, Copenhagen and Amsterdam, serving more than 270 customers worldwide.

IT2 believes that treasury professionals deserve not only total visibility into their cash positionsand nancial risks, but also complete transparency into their treasury policy, operationalwork ows, key controls and performance measurements. All these features are essential forsecuring compliance with the regulations, standards and policies by which treasury is governed and they are essential for demonstrating the value of treasury to the rest of the business, tomanagement, and to external stakeholders such as investors.

IT2 rmly believes that treasury teams need and deserve a much higher quality of support thanis provided by traditional treasury technologies especially as the treasury industry is now underincreasing pressure, being expected to achieve more, despite resource and budgetary constraints.

In your opinion, what are the mostimportant general developments in

treasury software?

IT2 views the most important recent developments in treasury software to be:

The full integration of best practice treasury business processes within the treasury function.

Treasury business intelligence: the capability to provide increased accountability to seniormanagement and stakeholders through faster and better visibility of cash and risk exposures.

Making the most effective use of funding facilities and entire banking relationships.

The emergence of advanced treasury risk management counterparty, market andoperational.

Measuring results through KPIs for objective compliance optimization, and to supportcontinuous improvement in the treasury function.

The emergence of eBAM.


At the strategic level, IT2 remains totally committed to a single, functionally complete TMS thatis continually improved based on feedback from our customer base and the marketplace.

The roadmap for IT2 is dynamic, and re ects todays business priorities of the global treasuryindustry. It is determined in consultation with a user group of 350 client professionals from bothcorporates and nancial institutions, from Europe, North America and Asia Paci c.


IT2s process-oriented architecture is revolutionary, in enabling best practice treasurywork ows, as opposed to older approaches simply based on deal types. IT2 includes a libraryof hundreds of self-documenting treasury processes embodying audit-friendly treasury bestpractice and offering SWIFT and secure implementation.

IT2 is a single, fully functional, fully integrated system covering all domains of treasury activity.Advanced functionality, for example for risk management, collateral management, hedge accountingor eBAM, have been developed and are available as integral system components.

IT2 is an up-to-date system from a vendor that is securely committed to software innovation,service excellence and treasury expertise.


30/144

24

Kyriba

Companys history


2000 USA Not speci ed In May 2008, Kyribaraised US$7m to nanceits accelerating growthand received new fundingsubscribed by its currentshareholders and byCoface, a new investor.In October 2010, Kyribaannounced that it hassecured US$10.6m ingrowth nancing.

Contact details


Emmanuel Quentin + 33 1 7792 1717 + 33 1 7792 1711 [email protected]



100% by Kyribia Corp Not speci ed Not speci ed



2001


2011

System name

KyribiaTI


600 Not speci ed


31/144


Verbatim

Question Comments


Kyriba SEMEA is a fully owned Kyriba Corp subsidiary. Kyriba group is organized as follows:

The holding, Kyriba Corp, which is also in charge of the sales development of the application inNorth America.

Kyriba SAS, fully owned Kyriba Corp subsidiary, in charge of product and platformdevelopment and operating.

Several sales organizations by geographical zone, such as Kyriba SEMEA for the South Europeand Middle East Asia.

Kyriba was created in 2000.

Our rst objective was to propose a web-based cash management solution to the bankingindustry for their corporate customers.

At the end of 2003, Kyriba decided to offer its SaaS services directly to corporates and the rstnon-banking references were signed during 2003.

At the beginning of 2007, Kyriba received new funding led by BRED Banque Populaire, one ofthe leading French banks in the payment industry and an important bank for the SWIFT network.Over US$14.4m was invested in the oversubscribed round by BRED Banque Populaire and existinginvestors, including GRP Partners.

In May 2008, Kyriba raised US$7m to nance its accelerating growth and received new funding

subscribed by its current shareholders and by Coface, a new investor.In October 2010, Kyriba announced that it has secured US$10.6m in growth nancing. The roundwas led by Iris Capital, a pan-European growth and late-stage investor, alongside existing investorBRED Banque Populaire.

Today, Kyriba represents:

A team of 200 people, from which 75 are working in product research and development.

A worldwide presence with of ces in France (Paris), Italy, Spain, UK, Brazil, Hong Kong, andthe United States (New York and San Diego).

SaaS Kyriba offer (Software-as-a Service) is based on:

An industry expertise developed in major software providers and consulting rms. Thisexpertise has been constantly enriched by the addition of new functionalities answering tomarket and customer needs.

A well-known expertise in designing and producing new technology solutions, developed inpartnership with major new technology actors.


SWIFT Connectivity

Payment factory/centralization

Global risk management (FX, IR, commodities)

Multi-devices access

Real time access and visibility


Consolidate existing core business/existing topics

Explore new business areas/new topics

Explore new territories with high business potential/new countries

Continue to improve platform capacity through technical development


The Kyriba platform is the rst and only full-web cash management, payments, risk and supplychain nance solution for groups and their subsidiaries, easily and quickly implemented. Oursolution is very suitable for international groups with centralization projects. We have a greatexperience with multi-country projects based on SWIFT Connectivity.


32/144

26

MCC

Companys history


1991 France 30 In 2008, MCC started itsoperations in the TreasuryManagement Softwarearea by offering a new andpowerful product: Diapason.

Contact details


Alexandre Bromberg + 33 1 4493 2421 Not speci ed [email protected]



Not speci ed Turnover: 2,795,000 Not speci ed



2008


2012

System name

Diapason


16 Not speci ed


33/144


34/144

28

Misys

Companys history


1979 UK >4000 Misys was formed by themerger of Misys with Turaz,which includes the award-winning Kondor+ product line.

Contact details


Edward Taylor + 44 20 3320 5530 Not speci ed [email protected]



Not speci ed Not speci ed Not speci ed



1992Last version release

2012

System name

Kondor Trade Processing (KTP)


210 Kondor+ Misys Global Risk(MGR)

Opics Plus


35/144


Verbatim

Question Comments


Misys is at the forefront of the nancial software industry, providing the broadest portfolio ofbanking, treasury, trading and risk solutions available on the market. With 1,800 customers in120 countries, our team of domain experts and partners have an unparalleled ability to addressindustry requirements at both a global and local level. Misys was formed by the merger of Misyswith Turaz, which includes the award-winning Kondor+ product line. Combined, they are able toaddress all customer requirements across both the banking and trading book businesses. Misysis the trusted partner that nancial services organizations turn to for help solving their mostcomplex problems.


Cash ow ef ciency (working capital management) and access to liquidity is key.

Increased demand for risk management (what-if scenarios) and capital preservation.

Increased demand for bank connectivity through SWIFT.

From day-to-day cash ow management to a center of expertise providing the necessaryinsight to make business decisions.


Leveraging the combined strength and capability of both Misys and Turaz, the new Misyscombined company provides solutions to meet the banking and capital markets software needsof nancial institutions in every segment, market, tier and geography. Protect Misys customersinvestment in existing Misys and Turaz solutions; existing roadmap investments continue topush forward including OTC clearing, CVA, Delta One etc. Extend the value of our customers

existing investments by providing seamless integration across silos e.g., reduce distributioncosts via e-trading, provide global risk and P&L dashboard capabilities, reduce collateral costsvia optimization, also extend enterprise capabilities with Misys Global risk. Minimizing TCOis a key strategy involving functional and technical coherence e.g., common user experienceand work ow, shared pricing libraries and data models-Innovate Evolve Misys toward nextgeneration banking and capital markets solutions. Leverage the intellectual property andtalent of our combined teams to innovate. Focus on next-generation functional and technicalcapabilities. Our goal will be to meet customers requirements for new business models, riskcontrol, regulatory compliance and reduced total cost of ownership.


Fully integrated solution for corporates

Cash and deal management for central treasury and subs in one system

Proven solution worldwide customer base of more than 210 named customers

Regional to global customer experience True exible and open system


36/144

30

Openlink

Companys history


USA 798 Not speci ed

Contact details


Richard Childes + 44 20 7382 1929 + 44 20 7382 1989 [email protected]



Owned by Hellman andFriedman, and employees

US$62.42m US$11.51m



1994


2011

System name

Findur


140 Solarc RightAngle dbc SMARTsoft


37/144


Verbatim

Question Comments


Openlinks solution for corporations offers an incredibly wide array of features in a singleintegrated platform. It has been designed and developed to help treasurers maximize ef ciency,streamline business processes, minimize operational risk and help reduce internal and externalcosts. Openlink provides front-to-back straight-through-processing with easy access to alltransaction lifecycle events and critical decision-making information.

These features support all aspects of dealing and hedging, cash and liquidity management,risk management, accounting and reporting. Our solution offers the most rigorous transactionprocessing support and analytical capabilities in the treasury management system market.

Our broad asset class coverage includes forecasting (cash, commodities, FX), foreign exchange(vanilla and exotics), debt and capital markets, in-house banking and bank connectivity, creditand market risk, real-time position reporting (including risk measures), visual work ow creationand management, commodities and emissions management.

Openlinks diverse client portfolio covers more than 540 institutions, including automotive,banks, commodity and energy companies, insurance companies, pensions, manufacturing,metals, shipping, travel and tourism, hedge funds and proprietary trading rms. Headquarteredon Long Island, New York, our 1,300plus staff is situated in 14 regional of ces globally.

In your opinion, what are the mostimportant general developments in

treasury software?

Risk management: traditionally treasuries mitigated market risk by focusing on interest ratesand FX. Over the last decade commodities have exhibited the greatest volatility. There has been

a movement to better integrate the treasury and procurement departments in order to managerisk more ef ciently at the supply chain level.

The ability to accurately value vanilla and complex derivatives including CVAs.

Technology: corporates typically have functionality spread across an array of systems utilizingnon-conforming technologies. There is a signi cant need for better integration (especiallyconsolidated payments and enterprise risk reports), including the standardization of interfacesbased on XML.


The collateral management module was recently enhanced to address complete lifecyclerequirements (legal agreements, mark-to-market of referenced deals, thresholds, haircuts,pledge/title transfer (proper coupon payout treatment), inventory, reporting and reconciliation).

Hedge analysis/hedge accounting is another are we are focused on. We recently released a suiteof standard reports (Hedge Effectiveness, FAS 157 Roll Forward, OCI Roll Forward, ScheduleDB, MTM by Counterparty, MTM by Legal Entity). We are focused on supporting upcoming andevolving regulatory mandates, such as Dodd Frank (central clearing of OTC derivatives).


Openlinks TMS provides customers with the solution that they want, not that prescribed bymore traditional treasury systems.

Openlinks visual work ow building tools enable corporations to implement the very processesthey require, ensuring all deals are processed front-to-back of ce through the inherent STP.

Openlinks ability to handle all asset classes from traditional treasury products to complexnancial derivatives, and nancial and physical commodities, from deal execution through toaccounting, means the treasury team can focus on the industrys best risk analytics to makebetter decisions and drive value in the business.


38/144

32

Oracle

Companys history


Not speci ed US Not speci ed In recent years, billions ofdollars had been investedto acquire a number ofcomplementary companies,products, servicesand technologies. Newacquisition are expected.

Contact details


Amrita Mehrok(for Oracle Treasury)

+ 1 650 506 4425 Not speci ed [email protected]

Deepa Saoji(for PeopleSoft)

+ 1 925 694 4307 + 1 650 506 4679 [email protected]



Not speci ed US$23b Operating income: US$8.3b

Solution implementationA Oracle Treasury


2000


2009

System name

Oracle Treasury

Implementation

Not speci ed

B PeopleSoft


1998


2009

System name

PeopleSoft

ImplementationNot speci ed


39/144


Verbatim

Question Comments


Oracle is one of the worlds largest software and technology companies, with operations andcustomers around the globe. Oracles Financial Management solutions are designed to helpour customers address todays challenges and to support their organizations operations andgrowth objectives. Treasury staffs are typically small in number, while they manage large sumsand potential risks. They require systems that provide better information, with intelligent use ofautomation and straight-through-processing of routine tasks, when and where possible.

Treasury organizations must have real-time visibility into their domestic (and global) cashposition to accurately forecast cash requirements, and to quickly determine necessary transfers,investments or borrowing needs. Oracle Cash Management provides Cash Positioning andForecasting tools, perform automated bank reconciliations, distribute payments ef ciently andsecurely, and automatically generate accounting entries.

Oracles Treasury Management Solutions provide robust front, middle and back-of cefunctionality. You can choose from a wide variety of securities instruments and other tools tohelp manage liquidity, interest rate and foreign exchange risk. Whether you want to forecastcash balances, identify enterprise wide currency exposures or analyze investment and debtportfolios, the Oracle solutions provide a fully integrated design for vastly improved visibility andease of use.


As discussed above, Treasury departments are leanly staffed and appreciate the newgeneration of software solutions due to their vastly improved user-interfaces and navigation.Greater use of role based dashboards where more processes are automated and use ofcollaboration tools is encouraged. More powerful analytics and contextual reporting withembedded analytics when and where it makes sense. And more streamlined communicationswith banking and other nancial services providers through direct connections to networks likeSWIFT or the popular Trading Portals.


Not speci ed


The key advantages of the Oracle Treasury Solutions come from the integrated design andthe overall stability and strength of Oracle as a partner. Treasury departments can no longerafford to operate as a separate island from the rest of the organization It is far too importantfor todays Treasury to have the complete view of enterprise cash balances, current and futurecash ows, intercompany funding requirements, investment, debt and currency positions and

exposures for risk management purposes. Creating this level of visibility is very costly to buildand maintain when it is not delivered as part of the base solution. This goes beyond the standardG/L interface. Due to its size, Oracle invests billions of dollars each year in their nancialsolutions and should be considered a viable option in any evaluation.


40/144

34

Reval

Companys history


1999 USA 389 In 2009, Reval acquired itsmajor US rival (FXPress)and in the austrian solutionprovider (Eco nance), thelargest and leading TMSsolution in the CentralEurope market.

Contact details


Brendan Nel + 43 316 908 030 557 Not speci ed [email protected]






2001


2012

System name

Reval Saas


492 Reval Installed Reval Center


41/144


Verbatim

Question Comments


Revals solution for treasury and risk management delivers deep and broad visibility into cash,liquidity and nancial risk, all on one platform.

By combining innovation with expertise, Reval automates and improves front-to-back of ceoperational ef ciency and increases security, control and compliance to allow treasury to performoptimally and nimbly and with the strategic long-term vision a shifting global economy requires.


Over the past few years, corporate treasury has been put in the spotlight due to a myriad ofmarket factors. In order to manage this new reality, treasury is turning to treasury technologyand software. These include:

1. All-in-One: treasury is looking at providers that can provide the full suite of cash management,liquidity, nancial risk management and compliance management capabilities.

2. Risk and Compliance Management: treasury are demanding tools that offer scalability intonancial (FX, IR, commodities) risk management, liquidity risk management, counterparty riskmanagement and accounting and compliance management.

3. Optimized Cash Management Structures: treasury continues to accelerate the adoption ofoptimized cash management structures and is looking for technology to assist in the deployment.


Reval allows our clients to gain total visibility into their organizations nancial positions bystrategically managing cash, liquidity and risk globally, through Revals single solution fortreasury and risk management. We aim to continue to develop our platform to align with thechallenges of the Treasury marketplace. Some of our strategic plans include:

Continue our industry-leading position in nancial risk management and compliance.

Develop next generation capabilities within treasury dashboards, treasury KPIs (keyperformance indicators) and mobile treasury access.

Enhance proactive oversight of treasury through real-time alert management.

Remain committed to enhancements in usability and intuitiveness so our clients can easilyleverage our capabilities.


Reval is fully committed to assisting our treasury clients with their most pressing challenges.Organizations select Reval as their strategic partner for many of the following reasons:

Single solution Reval is 100% committed behind a single platform.

SaaS Reval is uniquely positioned to offer the full spectrum of value of a SaaS deployed platform.

Implementation our methodology and commitment to client success exceeds our competition. Customer support and relationship management we focus heavily on our clients satisfaction

of Reval as a partner.

Risk management and compliance dominance there is no other platform that can offer thebreadth and depth of capabilities in these two areas.


42/144

36

SAP

The SAP logo is a trademark or registered trademark of SAP AG in Germany and several other countries and is reproduced withthe permission of SAP AG.

Companys history


1972 Germany 48,500 In 1988, SAP GmbHbecame SAP AG and issued1.2 million shares on theFrankfurt and Stuttgartstock exchanges. SAPacquires Business Objectsin 2008.

Contact details


Marc Astor + 49 622 774 6824 + 49 622 735 493 [email protected]



Publicly listed 11.565b Operating income: 2.840b



1990


2012

System name

SAP Treasury Applications

Implementation Other solutions>2000 Business Suite SAP NetWeaver SAP BusinessObjects


43/144


Verbatim

Question Comments


Forty years ago, SAP AG (NYSE: SAP), now the market leader in enterprise applicationsoftware, was founded. What began as a ve-man operation is now one of the worlds largestindependent software providers, an employer of more than 55,000 people in over 50 countries,serving more than 183,000 customers worldwide. Today, three-quarters of the Forbes 500companies run SAP software.

Our vision is to help the world run better and improve peoples lives. Our mission is to helpevery customer become a best run business because we win when our customers win. We havedeveloped a strategy that spans the following market categories: cloud, mobile, applications,analytics, and databases and technology.

In our traditional market category, SAP is the undisputed leader in the applications/ERP market,and we are number one in the analytics and mobile market. With our cloud and database andtechnology strategy, we also aim for leadership in these market categories. Applications, analytics,mobile and cloud are powered by SAP HANA, leveraging our in-memory technology. We offer acomplete suite of applications for treasury, including transaction and risk management, in-housebanking, liquidity and cash management and bank communication management.


Treasury follows the common trends of standardization, automation and harmonization ofIT landscapes to reduce interfaces, interdependencies and complexity and support STP. Astreasury is a very dynamic market with new trends and hot topics nearly every year (currentlyliquidity management, cash- ow forecasting, banking communications and commodityrisk management). Increasingly, mobile technology will be used for treasuries and the bene tsof high-speed database access and in-memory computing via SAP HANA will provide additionalanalytical insights.


We will keep the focus on the topics mentioned in the answer before (E1), and we will also investin support of CGI ISO20022 payments format, continuous innovations with regard to commodityrisk management, mobile applications including for the release of payments, improvedprocessing of bank statements in SAP cash management, optimized import of bank statementsand in-memory (HANA) based cash forecasting (all non-binding statements).


We are committed to innovation, real integration, stability, investment protection and,state-of-the-art functionality. We practice a non-disruptive approach to the inclusion ofnew functionality and upgrades, which means that customers can access new functionalityand innovations with greater speed and ease of implementation. We offer depth and breadth

in our treasury portfolio of applications without compromising on quality. Customers canhave con dence in our commitment to long-term development of our nance and treasuryapplications. We offer real seamless integration into our ERP suite. Our development resourcesand support organization is globally available.


44/144

38

Sungard

Companys history


1983 US >17,000 Not speci ed

Contact details


John Garay + 1 973 723 1479 + 1 973 463 1061 [email protected]

Financials as of 2012Ownership Sales revenue Net pro t

SunGard US$4.49b Operating income: US$333m



1994


2012

System nameAvantGard Treasury


>1,000 AvantGardReceivables

AvantGardPayments

AvantGard BankCommunications

AvantGardPaymentServices


45/144


Verbatim

Question Comments


SunGard is one of the worlds leading software and technology services companies. SunGardhas more than 17,000 employees and serves approximately 25,000 customers in more than 70countries. SunGard provides software and processing solutions for nancial services, educationand the public sector. SunGard also provides disaster recovery services, managed IT services,information availability consulting services and business continuity management software. Withannual revenue of about US$4.5b, SunGard is the largest privately held software and servicescompany and was ranked 434 on the Fortune 500 in 2011.

SunGards AvantGard is a leading liquidity and risk management solution for corporations,insurance companies and the public sector. The AvantGard solution suite includes credit riskmodeling, collections management, treasury risk analysis, cash management, payments systemintegration and payments execution delivered directly to corporations or via banking partners.AvantGard solutions help consolidate data from multiple in-house systems, drive work ow andprovide connectivity to a broad range of trading partners, including banks, SWIFT, credit dataproviders, FX platforms, money markets and market data. The technology is supported by a fullrange of services, including managed cloud services, treasury operations management, SWIFTadministration, managed bank connectivity, bank on-boarding and vendor enrollment.


Continued automation of operational tasks

Improved risk management

Stronger controls and auditability

Visibility across all treasury activities

Central data repository for all treasury transactions

Improved cash forecasting


1. Core treasury functionality has become (somewhat) commoditized; therefore, AvantGardhas become equally focused on wrapping its TMS with managed and hosted services toprovide a complete solution for the customer all under one roof; this includes not only hostingthe solution, but also managing the application, performing some treasury functions andmanaging all bank connectivity.

2. Our TMS solutions will continue to be a core of what SunGard AvantGard offers tocorporations globally. Services around the periphery of the core treasury solution, such as

payments, positioning, forecasting, reconciliations, messaging, hosting and many othermanual repetitive tasks, are a growing solution set that we continue to develop and enhance.SunGard is committed to the treasury market with our solutions and are committed to investin new technologies and services to enhance the user experience of our solutions. Servicingour customer base is at the core of our growth strategies; from entering into adjacent marketsaround bank connectivity to trade receivables, invoice nancing, supply chain nance,payments processing and more the treasurer and the TMS are at the core.


SunGards AvantGard full suite of treasury solutions addresses the widest range of treasury,liquidity risk and cash management requirements.

With of ces in more than 30 countries, SunGard is uniquely positioned to deliver software andservices to corporate customers throughout the world.


46/144

40

Technosis

Companys history

Documents

Treasury Mangement Systems 2013 by EY