ANNUAL SURVEY TREASURY & CASH MANAGEMENT BY ANITA HAWSER WORLD’S BEST TREASURY PROVIDERS 2009

ith the continuing turmoil in In light of the turmoil in global incorporates the cash manage- the world’s financial mar- financial markets over the past 12 ment and transaction services Wkets and an ongoing in- months, judging this year’s business lines of most banks, is crease in risk aversion, the face of awards was more challenging expected to emerge from this cri- the treasury and cash management than usual, given the uncertainty sis in much better shape as banks industry is changing rapidly. The surrounding those banks that look to solidify their position by crisis has certainly leveled the play- have been nationalized, partly na- facilitating the cross-border ing field in terms of those banks tionalized or the subject of ongo- movement of funds between trad- less exposed to the subprime crisis ing government bailouts. While ing counterparties and to help being able to capitalize on the flight the financial crisis has sorely companies achieve greater visi- to quality that is taking place as tested the investment banking bility over their working capital customers review existing credit model and found it to be wanting, and liquidity. lines and banking relationships. global transaction banking, which While scale and transaction vol-

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Corporations are focusing ever more intensely on their cash and liquidity management operations. In these credit-challenged times, selecting the best treasury and cash management provider is more important than ever.

umes are important in terms of processes. Commitment to the ing beyond core treasury and cash being able to re-invest in technol- business and the ability to service management services to provide ogy and delivering economies of customers’ needs no matter where real value-added solutions to their scale, in the wake of the crisis ef- they are located are essential for banking and corporate customers. fective treasury and cash man- banks to retain customer loyalty. Regions covered in the awards agement is more about providing That requires a combination of lo- include North America, Western both banking and corporate cus- cal market knowledge and exper- Europe, Asia, Latin America, Cen- tomers with a wider range of val- tise and ongoing investment in tral and Eastern Europe, the ue-added services around trans- technology to make the cus- Nordic region, Africa and the Mid- action reporting, account tomer’s experience a consistent dle East. We also selected the visibility and risk management. one, whether doing business with best overall cash management And as existing relationships be- a bank in Asia, Western Europe or banks in each region and across tween treasury and cash manage- the Middle East. five regional categories encom- ment banks and their customers Global Finance has picked the passing payments and collections, are tested by the current crisis, cash management banks and liquidity management, risk man- those banks and software ven- treasury management software agement, CLS-linked offerings dors with healthier balance providers we believe have suc- and money market funds. sheets have the opportunity to cessfully combined geographical A best overall global cash man- shine and gain market share over reach, product innovation, invest- agement bank was also chosen, their competitors. ment in technology and local mar- and—in recognition of the in- An increasing differentiator will ket knowledge to meet the needs creasing popularity of the pri- be the ability of treasury and cash of their customers. Winners were vate white-labeling business, management providers to service selected using a range of subjec- where cash management banks the needs of those companies in tive and objective criteria includ- that have made the upfront in- the lower to mid-tiers as they are ing companies’ investment in new vestment in global payment net- the ones that are hurting the most and innovative technologies, prof- works, platforms and solutions as credit becomes scarcer and itability, product depth and provide their technology for oth- they seek to unlock capital breadth, market share and region- er banks to use—we have award- trapped in inefficient accounts re- al coverage. Our winners reflect ed Best White Label System ceivable and accounts payable those companies that are innovat- Provider.

bank”—commercial, retail and investment banking constituting BEST OVERALL BANK the “good bank,” and the “bad bank” encompassing brokerage, FOR CASH MANAGEMENT retail asset management and riskier assets. However, Citi’s Trans- action Services business line remains a profitable business, with GLOBAL WINNER net revenues and income showing double-digit percentage in- Citi creases across North America, EMEA,Asia and Latin America in 2008. Citi continues to benefit from its early vision, leadership The past 12 months have been tough for Citi, with government and investment, which according to some analysts means many bailouts and talk of it being split into a “good bank/bad of its competitors are still catching up. CitiDirect Online Bank-

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ing and Citi’s TreasuryVision and Online Investment platform market position as the flight to quality continues.According continue to set the standard when it comes to integrating on- to analysts, HSBC remains the cash management provider of line cash management, investment and web-based treasury man- choice in Asia.They are also impressed by its efforts to en- agement.Citi’s global presence in 140 countries is unrivaled,and hance bank/client connectivity via its partnership with ERP the bank is able to deliver greater economies of scale based on provider SAP.HSBC is present in 20 markets across the re- the more than 1.9 billion transactions it processes annually. Citi gion and is committed to servicing all segments of the mar- has access to clearing systems in all of the markets in which it ket, including SMEs, with strong growth in that market seg- operates and boasts more than 300,000 cash and payment col- ment in both China and India. The bank has expanded its lection points globally. branch network in the past 12 months, particularly in Chi- na, where it claims to be a leader among foreign banks in terms of having the most “own-branded” branches. HSBC BEST BANK FOR CASH MANAGEMENT also has a strong track record in delivering tailor-made solu- tions to suit the specific needs of customers doing business NORTH AMERICA in the region. JPMorgan Chase According to analysts, JPMorgan Chase is among the leaders LATIN AMERICA in supporting its US-based corporate clients’ migration away Citi from checks to electronic payments.As a leading ACH proces- sor, JPMorgan continues to innovate in this space. Last year the Citi has a formidable presence in the region, encompassing 23 bank also announced a $1 billion investment in its treasury markets with its base of more than 6,500 corporate clients. services business to help position the bank as a major global Across Mexico, Latin America and the Caribbean, Citi boasts player. JPMorgan Chase also appears to be benefiting from the more than 1,800 proprietary branches. Latin America was one “flight to quality”:A survey by research firm Greenwich Asso- of Citi’s strongest-performing regions in 2008: Cash manage- ciates indicates that 47% of corporates believe JPMorgan ment revenues increased 25% year-on-year, liabilities in- strengthened its reputation among US companies during the creased 22%, and local payment transaction volumes increased current economic crisis. The bank is expanding its footprint by 30%. Citi has also assisted in the development of markets across the United States, and as a leading US dollar clearer JP- in the region, with its participation in projects for imple- Morgan Chase processed in September 2008 a record $5.05 menting Real Time Gross Settlement payment systems and trillion US dollar payments in a single day. automated clearinghouses. WESTERN EUROPE CENTRAL & EASTERN EUROPE Deutsche Bank RZB/Raiffeisen International Analysts say that 2008 was the year that German banking group With more than 40% of its assets in the region, RZB’s com- Deutsche Bank became the “undisputed leader” in European mitment to Central and Eastern Europe is unwavering. In the cash management, and 2009 will be the year that Deutsche first nine months of 2008, Raiffeisen International recorded Bank looks to consolidate its position, with balances increasing €861 million in consolidated profit, an increase of 37.7% on by 60% in the past few months as the bank benefits from the 2007. Its corporate customer segment saw profit before tax flight to quality. On the back of increased cash management increase by 35% to €698 million in the nine months to Sep- volumes, Deutsche Bank’s global transaction banking net rev- tember 2008. RZB ranks among the top three banks based on enues reached €751 million in the fourth quarter of 2008, rep- balance sheet totals in eight of the 17 CEE markets in which resenting an increase of 14% on the same period a year earlier. it operates. RZB services a range of customers, from large Having invested heavily in its Single Euro Payments Area multinationals to medium-size companies.With a strong pres- (SEPA) engine, Deutsche has positioned itself as a leading ence and history in the region, it also boasts a reputation for provider of SEPA Credit Transfers and Direct Debits, which are tailoring cross-border cash management solutions to suit the scheduled to go live later this year. specific needs of customers doing business in the region. ASIA NORDIC REGION HSBC SEB Competition between domestic and foreign cash manage- When it comes to customer satisfaction, SEB outperforms ment banks is heating up, particularly as the economic bal- its tech-savvy Nordic competitors and a number of other ance of power shifts from West to East and Asian banks less global cash management banks.With a reported 22% market exposed to the US subprime crisis look to enhance their share in the Nordic/Baltic region, SEB has developed a

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range of innovative electronic cash management solutions and remote deposit capabilities electronically without neces- including online, web-based cash forecasting and electronic sarily having to invest in additional bricks and mortar. Wells power-of-attorney processing. More recently it has enabled Fargo provides a wholesale lockbox network across Canada clients to benefit by combining cash management, supply and reportedly has the largest lockbox image network, boast- chain finance, trade finance, custody and fund services under ing 19 sites in the United States and Canada. It continues to the banner of Global Transaction Services. Its Cash Manage- invest in its ACH and foreign exchange processing capabilities ment Value Chain concept also enables customers to bench- as well as building a “payments hub” to help make the send- mark themselves against industry best practices across a ing and tracking of global payments easier. It is helping com- range of key areas. panies achieve major efficiencies by converting check pay- ments to ACH debits and providing automated solutions for AFRICA managing increased payment volumes. Standard Bank WESTERN EUROPE Standard Bank has a presence in 18 African countries and a Deutsche Bank 42% market share of the South African business electronic banking market, processing more than 20 million transactions As a leading euro clearer, Deutsche Bank has consolidated its a month. Standard Bank’s strategic foothold in the region re- position in the new payments landscape that is emerging in sulted in the Industrial and Commercial Bank of China Europe with the advent of SEPA.The bank’s SEPA engine (ICBC) acquiring a 20% stake in the South African bank in is well placed to enable customers to take advantage of the March 2008. In the six months to June 30, 2008, Standard new payment instruments, including credit transfers and di- Bank’s corporate and investment banking division grew head- rect debits. Leveraging its history of innovation and market line earnings by 20%. In the same business segment, loans and leadership in the FX market, toward the end of 2008 advances grew by 31% from June 2007 to June 2008. Deutsche Bank launched FX4Cash, a new cross-currency payments solution that enables clients to effect local pay- MIDDLE EAST ments in more than 70 different currencies without having HSBC to set up local bank accounts for each currency.According to Deutsche Bank, more than 90 corporates and financial in- HSBC is well represented in the region, with a presence in 14 stitutions have signed up to use the new service.The bank is countries. It is also the largest multinational bank in Saudi also leveraging its cash management portal, DB-Direct In- Arabia. January 2008 to September 2008 saw the bank win ternet, to help global companies standardize and streamline approximately 900 new mandates in the region, constituting their payments and collections. a value of $25 million. HSBC is also playing a leading role in ensuring local payments market infrastructure adheres to in- ASIA ternational best practices by working closely with the Dubai HSBC International Financial Centre (DIFC) on the development of a regional multi-currency real-time gross settlement system Already well established in the region, HSBC has won a con- for payments. It is also rolling out a common and expanded siderable number of payments and collections mandates in set of integrated receivables, payments and liquidity solutions Asia-Pacific. Its integrated receivables and payables solutions to key markets in the region as part of its Project Gold Suite, are proving popular, particularly as they take the pain out of which will standardize the bank’s back-office software plat- collections and reconciling receivables. HSBC’s Express Auto- forms across the region. pay solution speeds up collections via same-day processing of batch files. In 2008 HSBC won more than 2,500 new man- PAYMENTS & COLLECTIONS dates across the region. NORTH AMERICA LATIN AMERICA Wells Fargo Citi In treasury surveys,Wells Fargo gets high scores for its prod- Customers of Citi have access to a wide range of payment op- uct offerings and cash management technology. Following its tions including checks, local interbank ACH transfers, coun- acquisition of Wachovia Bank, research firm Greenwich Asso- try-specific payment instruments and various online or elec- ciates says it is now a challenger to the larger US cash man- tronic channels. Citi is connected to most of the major agement banks at the smaller end of the large corporate cate- automated clearinghouses in the region and is leveraging the gory. What makes Wells Fargo stand out is its use of latest XML-based standards to provide customers with a more technology, which has enabled it to deliver ACH, transaction efficient way of transmitting payment transaction files. Citi al-

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so customized its e-Tax Collection Gateway to suit the spe- cific requirements of countries in the region. The bank’s re- MIDDLE EAST mote check deposit capture solution continues to prove pop- HSBC ular, processing more than 5 million items across the region since it was launched in 2005. E-payments, local and cross-border payment capabilities, cen- tralized payments and processing efficiencies are just some of CENTRAL & EASTERN EUROPE the benefits HSBC is delivering to customers in the region. UniCredit Group The integrated receivables and payables solutions HSBC is known for in other regions are also being rolled out in the The pan-European banking group has a strong presence in Middle East to ensure faster availability of funds for compa- the region, encompassing 19 markets. UniCredit Group is a nies. By standardizing its payments platform across the bank- market leader in the CEE region in terms of foreign pay- ing group, HSBC is offering companies in the Middle East ments, processing 5.2 million Swift MT1XX payment mes- the same level of operational efficiencies customers in other sages. UniCredit’s EuropeanGate allows customers to access regions are receiving. HSBC is also facilitating enhanced au- all accounts within UniCredit Group via a single bank con- tomation of payments via its collaboration with the UAE cen- nection. CEE customers with cross-border payment needs tral bank for a more streamlined bulk payment solution. can also leverage UniCredit’s membership of the IBOS Asso- ciation, a network of banks that provide global cooperation and multi-bank cash management. It is also a forerunner in LIQUIDITY MANAGEMENT SwiftNet connectivity for corporates, which enables compa- nies to exchange payment messages and files with multiple NORTH AMERICA banks via a single interface. JPMorgan Chase JPMorgan Chase provides a wide range of liquidity manage- NORDIC REGION ment techniques, including US dollar cash concentration, Danske Bank cross-border sweeps and US dollar and multi-currency pool- ing services. It also provides clients with access to a wide Danske Bank understands the benefits of providing customers range of investments for earning higher yields on surplus cash with solutions that enable them to collect payments from cus- balances, including money market deposit accounts and mu- tomers more easily. Its Collection Service enables customers tual funds. to consolidate their invoices and collections in one system, and with a unique reference number for each payment re- WESTERN EUROPE quest, reconciling payments against the correct invoice is Royal Bank of Scotland much easier. Notifications regarding payments from multiple countries can be received in a single format. Overall cus- When it bought ABN AMRO’s international cash manage- tomers benefit from more timely notifications, reduced time ment business, Royal Bank of Scotland (RBS) acquired a in chasing collections and enhanced visibility and control over business with a strong track record in regional and global liq- their working capital. uidity management. RBS’s global cash concentration prod- ucts are proving popular, and the bank continues to expand AFRICA geographical coverage for its cross-border cash optimization Standard Bank solution, which enables companies to earn higher yields on consolidated regional positions. Recent innovations include With acquisitions in Nigeria,Turkey and Argentina and an ex- its multi-currency conversion service, which enables cus- tensive banking network in Africa, Standard Bank is in a strong tomers to make payments in a range of currencies without position to service clients’ regional and global payment needs. having to hold accounts in those currencies, thereby simpli- With China becoming South Africa’s strongest trading partner, fying the number of accounts treasurers have to manage. Standard Bank is well placed to share in that burgeoning cor- RBS has extended its financial institutions solution, Money- porate and trade finance franchise via its strategic partnership Markets Express, to corporates, offering them a wider range with Chinese bank ICBC. As part of its African Payments of short- and medium-term investments. Gateway offering, Standard Bank leverages its extensive net- work of more than 1,000 branches to provide local and mul- ASIA ti-currency payments throughout Africa. Its extensive network Citi also supports cash and check payments and collections, and it is complemented by its robust electronic banking platform, In addition to its award-winning TreasuryVision platform, which provides real-time fund transfer capabilities. which aggregates information from multiple banks, Citi has

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developed a range of liquidity management tools, including ments. SEB recently launched a new version of its WebFore- in-country and cross-border target balancing, pooling, cross- cast. Other liquidity management tools include its automated border sweeping and investments. In a low interest rate envi- cross-border pooling solution encompassing 33 markets, ronment, optimizing yields earned on excess cash balances is which enables clients to concentrate liquidity in a specific essential, and Citi’s Interest Optimization solution aggregates currency into a single account. balances across multiple countries and currencies to enhance returns. It has also developed tailored sweeping solutions to AFRICA overcome some of the challenges associated with managing Standard Chartered liquidity in markets such as China. It also provides companies with access to a wide range of money market funds via its Given its long-standing presence in Africa, as well as its ex- Singapore-based Asia Pacific Liquidity and Investment Desk. tensive network in other major emerging markets, Standard Chartered is able to offer a full suite of cross-border liquidi- LATIN AMERICA ty management solutions. Its global notional aggregation so- Citi lution facilitates interest optimization across five regions in- cluding Africa. Customers can also benefit from the bank’s When it comes to helping customers in the region better “single instance, single version” global liquidity management manage their regional and global liquidity needs, Citi takes a platform, which ensures operational consistency across differ- consultative approach, providing customers with analysis of ent locations. their existing liquidity management and investment struc- tures and transparency of information to help them better MIDDLE EAST manage surplus cash balances. Customers have access to a Standard Chartered wide range of money market investments via the bank’s on- line investments platform, which can also be accessed via its By leveraging its presence across Asia,Africa and the Middle award-winning TreasuryVision platform, which provides East, Standard Chartered is able to offer “cross-regional” liq- clients with enhanced visibility over accounts, investments uidity solutions as well as global notional aggregation for op- and liquidity across multiple banking providers. timizing interest earned on surplus cash balances.Those cus- tomers wanting to manage surplus cash in US dollars can CENTRAL & EASTERN EUROPE automatically concentrate cash from any Standard Chartered RZB/ Raiffeisen International branch or third-party bank into the US. As liquidity risk moves to the top of the agenda, treasurers are looking for a wide range of solutions that can help optimize RISK MANAGEMENT their cash balances, yields and interest earned on surplus cash balances. RZB offers a wide range of solutions including cash NORTH AMERICA pooling, which encompasses both zero balance and notional JPMorgan Chase pooling, cross-border target balancing and zero balancing, as JPMorgan prides itself on being one of the few banks that well as cross-border/cross-currency margin pooling. For can leverage its global treasury, asset management and invest- multinationals doing business across CEE, RZB has designed ment banking capabilities to help customers invest their sur- a uniform solution for optimizing interest earnings. Instead plus cash more wisely and earn higher yields. It has also of having to physically transfer funds cross-border, cross-bor- launched a foreign exchange payments and risk management der margin pooling “virtually” pools funds for interest en- platform for corporate clients with global, inter-company hancement. The “pool” accounts are held with RZB’s CEE and third-party payment requirements. network banks, and interest gains are credited to each ac- count. Customers also benefit from a consolidated view of WESTERN EUROPE their group’s liquidity. Deutsche Bank NORDIC REGION In these uncertain times companies need to be certain of a bank’s financial strength, and Deutsche Bank prides itself on SEB its strong tier 1 capital ratio of 10%. Customers of its DB-Di- In these credit-challenged times, the ability to accurately pre- rect Internet portal can benefit from enhanced authorization dict a company’s medium- to longer-term funding needs is via a new, more portable mobile solution. Customers want- paramount. An early leader in this space, SEB’s WebForecast ing to authorize transactions across cash, trade and other enables companies to set up a uniform forecasting process for banking solutions can also do so via a single interface. all business units or to customize it to suit specific require- Deutsche Bank is helping customers gain greater visibility in-

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to and control over their cash with the provision of solutions that support centralized and more streamlined processing of AFRICA payments on a global basis. Citi ASIA When it comes to managing liquidity risk, customers of Citi Standard Chartered can access a wide range of solutions boasting varying levels of sophistication. Liquidity management products contributed al- Visibility of information pertaining to liquidity and funds most 40% of Citi’s African cash management revenues in held with third-party banks is key to managing risk in these 2008. The global cash management bank provides customers credit-challenged times. Standard Chartered provides a range with high levels of visibility into their accounts, cash move- of sweeping solutions that enable companies to sweep infor- ments and investments, enabling them to better manage their mation from multiple accounts and to optimize liquidity liquidity needs on a global and regional basis. across multiple group entities. Its Straight2Bank “fully inte- grated” working capital platform provides a single interface MIDDLE EAST through which clients can access a wide range of services, in- Samba cluding cash and trade reporting, transaction banking and FX capabilities. Samba Treasury has played a leading role in structured product exposure management. It specializes in managing interest rate LATIN AMERICA and foreign exchange risk via investment and risk manage- Citi ment products, including structured derivative products for exposure management. It also performs balance sheet and Mitigating risk is a priority for most treasurers in the current portfolio risk management analysis and has developed prod- climate, and Citi has leveraged its global expertise to help ucts to help customers mitigate commodity risk. governments, banks and clearinghouses in the region align themselves with globally accepted standards such as real-time gross settlement, payment-versus-payment settlement for FX BEST CLS-LINKED BANK OFFERING and the provision of automated clearinghouses. It has also played a significant role in advising firms on liquidity risk, NORTH AMERICA providing them with the application integration and visibili- Citi ty of transaction information required to better manage ex- With a more than 30% market share of third-party CLS serv- cess cash balances. ices in North America, Citi remains committed to delivering the FX risk reduction benefits of CLS to non-settlement CENTRAL & EASTERN EUROPE member banks and other third parties, including corporates. RZB/Raiffeisen International WESTERN EUROPE With liquidity risk likely to be a recurrent theme in 2009, Royal Bank of Scotland RZB has worked hard to provide a range of pooling solutions that enable companies to overcome local regulatory hurdles to Based on its ABN AMRO acquisition,RBS is one of only two consolidate surplus cash balances and provide treasurers with providers to offer settlement services encompassing the full greater visibility of their liquidity position on a group-wide or suite of CLS settlement currencies. It was also among the first regional basis. In an uncertain interest rate environment, the banks to go live with non-deliverable forwards in CLS. RBS bank also provides a range of solutions for optimizing interest is also spearheading the provision of third-party services as earned on pooled balances. part of CLS’s new Depository Trust & Clearing Corporation settlement service and is leading the way in the development NORDIC REGION of fourth-party CLS services, where banks provide third-par- SEB ty services to their clients. With credit scarce, companies need greater control over their ASIA working capital. SEB provides a range of solutions that enable HSBC treasurers to achieve this. SEB’s Cash Management Value Chain allows clients to benchmark themselves against industry As a leading settlement member bank within CLS,HSBC is one best practice when it comes to purchasing and sales, risk man- of few providers to support third-party CLS services in all CLS agement, cash positioning, cash-flow forecasting, short-term settlement currencies, including the Korean won. It is seeing in- investment and funding, and payments and collections. creased interest from corporates regarding FX settlement risk.

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vestments, execute trades and compare money market yields LATIN AMERICA and returns. Citi WESTERN EUROPE Citi’s domestic settlement service is being used by central Barclays Global Investors banks and other operators in emerging markets to reduce credit, operational and systemic risk in the interbank FX With preservation of capital uppermost in the minds of most market. The domestic settlement service, which leverages treasurers, funds that are highly rated and have low levels of Citi’s CLS platform, PayPlus, was implemented by the local volatility are greatly sought after. Barclays Global Investors clearinghouse in Colombia. boasts a range of highly rated US dollar, euro and sterling funds, which are well positioned for those firms seeking NORDIC REGION higher short-term yields. Nordea ASIA With FX settlement risk a key concern for corporate treas- J.P. Morgan Asset Management urers, Nordea has helped a number of corporates minimize risk via the provision of CLS third-party services. It offers J.P. Morgan Asset Management is one of the largest asset clearing services across a range of major Nordic and Baltic managers in the world and regularly tops global and interna- currencies. It is also a major liquidity provider to CLS in the tional money market fund rankings. Its global investment so- three Scandinavian currencies and provides CLS nostro serv- lutions include Japanese yen, Chinese renminbi, Singapore ices to other settlement members. dollar and Indian rupee. It also provides a global cash portal for managing liquidity online. AFRICA Standard Bank LATIN AMERICA Banco Bradesco Standard Bank is a leading South African rand nostro provider for more than 30 of the 57 CLS settlement member Bradesco is a market leader in asset management across the banks.The bank prides itself on never having missed a pay- region and is Brazil’s largest private bank. It counts more than ment deadline within CLS since the rand was accepted as a 1,300 Brazilian and multinational groups as corporate cus- settlement currency back in 2004. tomers and boasts a range of international subsidiaries in New York, London, the Cayman Islands, the Bahamas, Japan, MIDDLE EAST Argentina, Luxembourg and Hong Kong. HSBC CENTRAL & EASTERN EUROPE With a number of third-party CLS customers in the Middle RZB/Raiffeisen International East, HSBC is one of the few banks to provide services in all CLS settlement currencies. It is also a leading FX player in Local companies, multinationals and banks can access a range the Middle East, with 14 dealing rooms. of instruments from RZB for managing currency and inter- est rate exposures. Instruments include foreign exchange spot and forward, money market products, interest rate derivatives BEST PROVIDER OF MONEY and futures. MARKET FUNDS NORDIC REGION NORTH AMERICA Nordea J.P. Morgan Asset Management The Nordic banking giant provides a number of euro and J.P.Morgan Asset Management has $1.2 trillion in assets un- Nordic currency money market funds. Its Swedish kronor re- der management as of September 30, 2008. Its US dollar, serve fund is highly rated for its consistency of performance euro and sterling funds are AAA-rated by the leading ratings and low volatility. agencies. According to money market fund data provider iMoneyNet, as of November 30, 2008, J.P.Morgan had the AFRICA largest US dollar liquidity fund (for non-US investors), with Banque Misr more than $72 billion in assets. Its global liquidity website allows customers to look at the performance of their in- Banque Misr’s Youm b Youm money market fund is one of

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the largest funds in North Africa, with more than $3 billion of which contains processes that are time consuming, paper-in- assets under management (as of November 30, 2008). It pro- tensive, error-prone and difficult to control. By outsourcing vides customers with consistently high returns and the these “non-core” processes, analyst firm Aite Group says com- convenience of a current account linked to a money market panies can automate and standardize processes, enhance trans- fund. The fund had 70,000 clients at the end of November action reporting and reduce accounts payable costs in terms of 2008, not including the 129,000 clients of the fund delivered penalties for late payments. via the distribution network of Egypt Post, which has 3,700 branches across the country. BEST ACCOUNTS RECEIVABLE SERVICES SunGard AvantGard Receivables MIDDLE EAST Banque Misr With more than 220 customers globally, SunGard AvantGard Receivables provides a comprehensive receivables manage- With more than $3 billion in assets under management, ment solution encompassing a breadth of functionality, from Banque Misr’s Youm b Youm money market fund benefits collections and dispute resolution to electronic invoice settle- from a wide distribution network encompassing North Africa, ment, cash forecasting and analysis and reporting.According to Lebanon, UAE, France and Germany.In order to provide con- analyst firm PayStream Advisors, SunGard AvantGard receiv- sistent returns, the Youm b Youm fund invests in high-quality ables and collections are the benchmarks against which all short-term instruments, such as treasury bills, deposits, repos other solutions are measured. It is leading the way when it and certificates of deposits. Corporates comprise 46% of hold- comes to the provision of comprehensive financial supply ings within the fund. chain management tools. Customers that use its solutions re- port significant reductions in days sales outstanding, bad debt BEST WHITE-LABEL SYSTEM and amounts outstanding due to disputes. PROVIDER BEST ELECTRONIC INVOICE PRESENTMENT The Bank of New York Mellon & PAYMENT SERVICES Ariba As the “banker’s bank,”The Bank of New York Mellon is one of the longest-standing providers in the white-labeling space. Enrolling suppliers is integral to driving adoption of electron- Its Enterprise Group, which is run as an independent busi- ic invoicing.With more than 180,000 companies and 30 mil- ness, has offered private-label outsourcing since 1990. It pro- lion purchase orders and invoices processed annually, Ariba’s vides a range of services to banks, including full outsourcing supplier network is the largest. E-invoicing can also be linked of operations—whereby banks can reduce their operating in to dynamic discounting capabilities on Ariba’s network for costs and technology investments and benefit from a “vari- those customers that wish to pay their invoices early. In a re- able cost structure”—and total treasury outsourcing for cent survey, business research group Forrester commended banks that do not want to launch their own cash manage- Ariba for its capabilities in invoice capture and conversion, in- ment service. BNY Mellon also goes a step further, provid- voice-driven financial optimization, technology,value delivery, ing a range of ancillary services dedicated to white labeling, installed customer base and product strategy. including writing marketing literature.The bank also recent- ly expanded its range of private-label and back-office out- BEST PAYROLL SERVICES sourcing solutions for banks. Oracle Oracle’s enterprise and human resources software incorporates BEST TREASURY MANAGEMENT payroll functionality. Oracle Payroll is integrated with other SYSTEMS & SERVICES PROVIDERS Oracle applications including a wide range of human re- sources applications. Its solution is rules-based for more BEST ACCOUNTS PAYABLE SERVICES streamlined processing, and its single engine can be used to The Bank of New York Mellon SourceNet Solutions manage global payroll requirements.

SourceNet solutions, which is part of The Bank of New York BEST CORPORATE CARDS & EXPENSE Mellon Treasury Services, has provided accounts payable out- SERVICES PROVIDER sourcing services since 1996 and processes more than 9 mil- MasterCard International lion transactions a year for top-tier and lower-tier customers. According to analysts, the benefits of accounts payable out- MasterCard has introduced a range of tools that make it eas- sourcing are numerous, especially in the area of payables, ier for companies to manage corporate travel and entertain-

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ment (T&E) expenses and purchasing programs. Its “opti- outsource non-core processing to a third-party provider. mizer” for T&E and purchasing allows companies to en- CPAS has an extensive global footprint, with customers in hance their purchasing programs by benchmarking them- Canada, the United States, Europe, China, Africa and the selves against best-in-class industry practices. MasterCard’s Caribbean. payment platform, inControl, was also implemented by the Royal Bank of Scotland (RBS) to provide its corporate cus- BEST TECHNOLOGY SERVICE PROVIDER tomers with advanced controls to better manage purchasing Hewlett-Packard/EDS expenditures. Using MasterCard Travel Dashboard, compa- nies can also gain greater visibility into and control over Hewlett Packard’s acquisition of leading IT outsourcing T&E spend. provider EDS makes it the second-largest IT and business services provider behind IBM. The acquisition will enable BEST ELECTRONIC COMMERCE PROVIDER HP to leverage EDS’s strong track record of providing tele- Fiserv/CheckFree com and IT services to large corporate clients.The acquisi- tion is expected to help HP develop a more services-ori- Following its acquisitions of e-billing provider CheckFree ented approach to its business, and together both HP and and online banking software provider Corillian back in EDS are likely to have more success in the provision of 2007, Fiserv is well positioned to take advantage of the what analysts term “converged services delivery,” which growth in online banking. It has successfully used these ac- refers to the end-to-end management of combined telecom quisitions to deliver enhanced solutions for online banking. and IT services. Its latest solution, Online Advantage, integrates a wide range of account information, including electronic pay- BEST TREASURY WORKSTATION PROVIDER ments and billing and account balances to enhance interac- SunGard AvantGard tions between banks and their online customers. Fiserv has also launched a mobile banking solution that can be inte- SunGard AvantGard’s solutions are highly regarded and grated with core banking systems, online banking and elec- widely used at the high-end treasury level.AvantGard Res- tronic payments systems. Fiserv’s new international pay- IQ provides a range of cash, investment, in-house banking ments platform also supports International ACH and accounting functionality, all of which can be integrat- Transactions (IAT), which are scheduled to be implement- ed with additional AvantGard functionality. AvantGard ed in September this year. Quantum also supports a wide range of treasury, risk, ac- counting and cash management capabilities. Customers of BEST LOSS PREVENTION/BUSINESS its treasury workstations can also benefit by taking advan- SERVICES PROVIDER tage of SunGard’s in-house hosting and application man- SunGard Availability Services agement services. SunGard is at the forefront of business continuity and mo- BEST TREASURY MANAGEMENT SOFTWARE bile recovery and recently reinforced its commitment by Wall Street Systems investing in more capabilities at its North American conti- nuity centers. Users in different locations are supported by The highly flexible nature of Wallstreet Treasury Software- SunGard’s range of recovery locations. Its drive imaging as-a-Service not only allows customers to access the ven- service also reduces the time taken to restore desktop PCs. dor’s mid-tier corporate treasury management software on- More than 10,000 customers in North America and Eu- line, but by integrating third-party functionality via its rope rely on SunGard to ensure business and information partner network, customers can easily add to the already continuity. broad set of functionality within Wallstreet Treasury encom- passing cash management, risk management, dealing and ac- BEST PENSION PLAN ADMINISTRATION counting.This is a quick and easy way of plugging in addi- SERVICES tional functionality without the inefficiencies of CPAS Systems point-to-point integration between disparate treasury man- agement software solutions. Members of WSS’s partner net- The Canadian company’s pension administration software is work include Fides Treasury, which provides connectivity to designed for pension plan sponsors, third-party administrators more than 800 banks, Speranza Systems for automated bank and financial institutions. The latest version of its software relationship management and account signing privileges, provides a web-based solution for managing defined benefit and Reval for hedge accounting.Analysts believe Wallstreet’s and defined contribution pensions. CPAS Systems also offers partner network is a key differentiator in the treasury man- an application hosting service, which enables customers to agement software space. ■

54 MARCH 2009