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P00-00 Bird & Bird OP www.txfnews.com www.tagmydeals.com Trade & Supply Chain Finance Special report September 2014 In this issue: ■ Global heads of trade finance Q&As ■ Securitisation of trade receivables ■ The post-SEPA migration landscape ■ The rise of factoring Your European partner for trade finance and supply chain solutions We strive for your success Best Trade Bank in Western Europe bnpparibas.com Contents 2 Global head interview – Barclays TXF talks to Barclays about the current state of the trade and supply chain finance market. 4 Global head interview – Citi TXF talks to Citi about the current state of the trade and supply chain finance market. 8 Global head interview – HSBC TXF talks to HSBC about the current state of the trade and supply chain finance market. 11 Global heads interview – Lloyds Bank TXF talks to Lloyds Bank about the current state of the trade and supply chain finance market. 14 Global head interview – Santander TXF talks to Santander about the current state of the trade and supply chain Jonathan Bell finance market. Editor-in-chief [email protected] 16 Global head interview – UniCredit TXF talks to UniCredit about the current state of the trade and supply chain Hesham Zakai finance market. Content manager [email protected] 20 Looking at the post-SEPA migration landscape Martin Runow, head of cash management for corporates, Americas, Deutsche Bank, Dalia Gebrial talks about the post-SEPA migration landscape. News, data & events executive [email protected] 23 CGI delivers enhanced products and benefits for banks Jonathan Bell at TXF talks to Kitt Carswell and Frank Tezzi at CGI about the enhanced Dan Sheriff development of CGI’s platform for trade finance banks. Managing director [email protected] 28 Who cares about cash? Prof Michael Henke and Dr David Wuttke analyse the ways that cash is managed Dominik Kloiber throughout the supply chain. Commercial director [email protected] 31 MINTed? Why the BRICS bank has to have a broad remit Rebecca Harding, CEO, Delta Economics provides detailed research on global Max Carter trade flows and trends. Product development director [email protected] 36 Securitisation: an alternative source of corporate liquidity Arnold Alpert, director - deal origination, Finacity, examines how securitisation James Petras programmes can assist corporates in raising liquidity. Chief technology officer [email protected] 41 Entering a new era in commerce and finance André Casterman, global head, corporate and supply chain markets, SWIFT, Alfonso Olivas examines how rapidly digitisation is influencing the trade space. Head of data and analytics [email protected] 44 The rise of factoring in today’s trade landscape Michel Leblanc, deputy vice president, international trade, National Bank of Katy Rose Canada, examines the expansion of factoring as a trade finance tool. Head of marketing [email protected] 47 Ambitious ITFA revamp looks to the future Hesham Zakai reports on changes taking place within the International Forfaiting Mailing address: Association. TXF Canterbury Court 49 Trade finance: in conversation with the masters Kennington Park Alexander Malaket shares insights and observations with Paul Johnson, director, 1-3 Brixton Road senior product manager, BofAML, based in Los Angeles. London SW9 6DE. 53 Quite revolution: bringing trading counterparties closer Tel: +44 (0) 20 3735 5180 Ina Kerr, CEO Bolero International, looks at the growing business case for ePresentation. Registered office: TXF Limited 56 Improving the efficiency of FSCM 7-10 Chandos Street Frank-Oliver Wolf, at Commerzbank, explains how enlightened companies are London adopting a holistic view of financial supply chain management (FSCM). W1G 9DQ. 60 Making trade flow in 2020: the role of payment and finance Registered in England & Wales. Registered No: 08421624 solutions © TXF Limited 2014 Dominic Broom, at BNY Mellon, explores developments in technology, global trade 1 flows, choices of currency, and regulation and examines how they may help oil the Copying without permission of the publisher is prohibited. wheels of global trade. www.tagmydeals.com www.txfnews.com Trade & Supply Chain Finance in 2014 Global head interview – Barclays TXF talks with Dan Roberts, global head of trade finance at Barclays Bank in London. Dan Roberts, global head of trade duction in the global fungibility of are starting out in and developing finance at Barclays Bank. liquidity and capital are only now their careers in trade finance are being absorbed into trade fi- getting enough relevant opera- TXF: What are your views on where nance strategies. As well as regu- tional expertise. the trade finance market is at the lation, there are some potentially Overall, trade finance faces present time, and what do you disruptive technologies coming to some formidable challenges think are the biggest challenges the fore, and the rate of migration around balance sheets, around that the industry faces? from consumer technology into technology and around people. Trade finance is at an exciting corporate mainstream is happen- However, the amount of cross-bor- juncture; most of the regulations ing at an increasing pace. der trade will continue to grow are now known but the industry is Career paths and demo- and trade finance is a very frag- still adapting to Basel III, AML/KYC graphics within the industry itself mented market – so there are regulations, ring-fencing and reso- are also changing – in particular, plenty of opportunities for growth lution regimes, amongst other we as an industry really have to for the banks that adapt well to things. The impact in terms of re- make sure that young people who the changing environment. TXF: Has the, or will the, cost of providing trade finance increase We have been talking for years about due to the greater pressure and requirements from regulators and convergence of consumer and those related to compliance? corporate technology in financial No. In theory prices should have risen (and supply should have services driving digitalisation of the fallen) due to the higher costs; in trade industry, and I think we’re now practice, the impact of monetary at the point where we’re going to start policy has created an abun- 2 dance of liquidity looking for a seeing it happen. home, which has pushed margins www.tagmydeals.com www.txfnews.com Trade & Supply Chain Finance in 2014 down. It is not clear what will trig- ger a reversal in pricing trends to more fundamental pricing levels; my guess would be either a geo- political shock or the eventual re- versal of QE in the US. TXF: What position is the bank tak- ing in regard to servicing new clients as well as SMEs? We are always looking to build re- lationships with new trade clients across our core client groups: busi- nesses of all sizes in the UK and Africa, global corporates and global financial institutions. Dan Roberts, global head of trade finance at Barclays Bank in London. can develop even more innova- way for our clients. Where appropri- TXF: What do you see your clients tion going forward. Barclays has a ate, we partner on doc trade (net- asking for now that is different strong track record of technology work guarantees, L/C reissuance) from the past? Do you see a differ- innovation across multiple product and on large transactions. ent attitude from corporates? areas, and we believe that there Client expectations are changing. are a lot of opportunities to deliver TXF: Where do you see Barclays Clients are now asking for more valuable, effective solutions that making a push in trade finance – provision of information, better will benefit our trade clients as product and/or region? Do you customer service (faster turn- well. see the bank as having certain around, less tolerance for error) niche strengths? and expect more integrated front- TXF: It is over 18 months on now We will be growing our business in end technologies. They are also in- since the official launch of the our four core client segments: UK, terested in being able to have Bank Payment Obligation (BPO) Africa, global corporates and customisable, simplified non-pro- from SWIFT, what is your view of the global financial institutions. Our in- prietary yet secure access to their initiative, what if anything is hold- vestments in technology will build bank. ing it back and how important do on our strengths in doc trade. The you think it will be? jewel in our crown today is our re- TXF: Technology within trade has Overall, the concept remains ap- ceivables finance capability, and grown massively over the last few pealing, but at this stage corpo- we’re seeing strong growth in the years. What sort of investment has rate take up rates remain slow. If space. Barclays made in this area and end-user, by which I mean corpo- what do you still need to do? How rate, demand picks up, I think BPO TXF: What do you think the next do you view the bank’s trade should emerge as one of the big thing in trade will be? technology offering in compari- growth products. We have been talking for years son to other institutions? about convergence of consumer Indeed. We are investing in tech- TXF: Is Barclays teaming with other and corporate technology in fi- nology to digitise the front-end FIs, and if so why and how does this nancial services driving digitalisa- and front office, automate back- make a difference for your clients? tion of the trade industry, and I end processes to improve client Yes. We do this to ensure we pro- think we’re now at the point experience, reduce costs and vide maximum network coverage where we’re going to start seeing maintain high quality controls, and 3 in the simplest and most effective it happen.
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