CASH MANAGEMENT: FURTHER READING Editor’s selection
What else is going on in cash management? We have assembled the top three essential reading items from our flow website. These are our editorial content highlights
Trip.com’s journey towards a digital treasury
Trip.com Group is one of the world’s largest online travel agencies operating platforms for booking flights, hotels, trains, car rentals and attraction tickets. As the company aims to regain its pre- pandemic international growth path, this creates new challenges for the treasury department. “Whenever the business introduces a new product – which often happens within one or two weeks as we are in the tech space – we need to incorporate this into our treasury processes,” explains Xuelin Chen, Director Group Treasury,
Trip.com Group. Therefore, in 2021,
Trip.com partnered
with Deutsche Bank in a proof of concept (PoC) to standardise and automate treasury processes. This case study explains how the company uses process mining to identify and remove pain points in its FX payment process, and looks at the next digital treasury projects in
Trip.com’s pipeline.
Keeping the SWIFT network secure
The Bangladesh Bank heist was a turning point for the financial industry. In February 2016, hackers manipulated the internal systems of the Bangladesh central bank by deploying trusted Windows software. The attackers then issued bogus payment requests via the SWIFT network to illegally transfer close to US$951m. While most of the funds could be recovered, this was a wake- up call, and led SWIFT to introduce its Customer Security Programme (CSP) to ensure that banks put in place defences against cyberattacks to protect the integrity of the entire network. However, as cybercriminals ramp up
their efforts and new fraud techniques evolve, SWIFT is regularly updating its Customer Control Framework. This article summarises the upcoming changes and how banks can prepare for staying compliant, while also shedding light on the difficult question of how to define and identify abnormal behaviour.
Treasurer’s checklist: How to improve cash management in five steps
What makes a good treasury? As finance departments need to keep pace with the digitalisation of the business, this question has become more important than ever. To outline what best practice in corporate treasury looks like, Deutsche Bank partnered with the Association of Corporate Treasurers (ACT) to conduct a review among more than 200 corporate treasurers and CFOs around the world. Drawing on these detailed results,
flow selected five basic steps that are necessary to reach best practice in cash management:
Step 1: Rationalise the number of bank accounts
Step 2: Increase centralisation by using in-house banks
Step 3: Improve cashflow forecasting Step 4: Utilise emerging technologies Step 5: Improve the handling with surplus cash
Read more of our best coverage
Use your smartphone to scan the QR code to access the Cash Management section of
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