Treasury Management in the Nordics Q/A
Translating company needs to technology solutions
Interview with Lars Beckman
Lars Beckman is the Managing Director of CORE Process, an authorized BELLIN partner, certified in tm5, who coordinates the sale of tm5 in the Nordic markets. Lars sat down with the team and we were thrilled to pick his brain about CORE and the state of treasury in the Nordic market. Here are some of the highlights of our talk with Lars:
What matters most to companies looking for treasury management solutions?
What matters above all are our clients’ requirements. We take a flexible and modular technological solution and apply it to this specific clients’ requirements and processes. This is a challenge but also a task we relish, and we work hard each time until we’ve implemented a solution that provides maximum security and efficiency to our clients in their day-to-day operations. Together with our clients, we pursue digital transformation and our focus is always to ensure that our clients receive a great return on investment (ROI).
How does a company know they need a Treasury Management System (TMS)?
We know treasury and we know how to improve efficiency using a TMS. Even if a company is not actively seeking a TMS, we are aware of the benefit it can have on treasury departments. Knowing the problems of our potential clients is what helps us realize what types of solutions they may need. Many companies having smaller TMS-systems suited for contract management or companies experiencing rapid growth balloon faster than their team can handle and need to change to a flexible and broad TMS. BELLIN tm5 with defined process flows simply solves all of their issues.
What specific steps do you take to meet these requirements?
Let me take ITAB Shop Concept, one of our clients, as an example: Our consultants organized a scoping session to find out what ITAB needs. What we learned that a quick return on investment was very important to this client. So rather than just selling them a technological solution, we provided expert advice in connection with organizational changes following their expansion – both geographically and in terms of business portfolio. We always encourage open communication and close collaboration to be able to find the best solution for our clients. The personal and close relationships with our clients are necessary to facilitate the proper technical and consulting support.
How does digitization connect with clients’ expectations?
When working with clients using digital systems, it is imperative to keep your work transparent. Like I mentioned earlier, collaboration and open communication are vital to maintaining a close relationship with clients. We want to change their mindset when approaching the efficiency of their current treasury structure rather than critique their work flow and original way of doing things. We want them to feel comfortable with the changes we are implementing, and we have realized that makes for a smooth transition. Like I said, we know treasury. We are experts in solving the problems they are currently experiencing. Once they jump on board and trust us, they see results.
Do you see any trends amongst TMS clients in the Nordics?
Move to have one umbrella system, integrated connections, not interfaces; integrated payments using SWIFTnet. This is also why we choose to work with BELLIN supporting this trend. One umbrella system with integrated features is sought after and tm5 has been a welcome beacon to their aspirations. We are supporting the companies that are ahead of the curve and moving toward using a complete BELLIN tm5, which holds all functions for the treasury department.
Where do you see treasury requirements in 5 to 10 years?
Currently, security and automated transactions are big topics. It is natural to want automation but the potential for security breaches tends to scare some companies. I think 5 to 10 years of innovation will see AI involved heavily in treasury. Automated transactions will be the norm and treasurers will be spending their time on analysis and risk assessment instead of data entry. The companies that jump on the wagon early enough will hit that optimization stage faster than the others.
BELLIN is the global leader in technology for corporate banking and treasury. We provide solutions for the financial sector, catering to a range of clients from large multinationals to SMEs and banks. Founded by a treasurer, BELLIN has been championing innovation and out-of-the-box thinking since 1998. With the treasury software tm5 as the centerpiece, BELLIN makes a fundamental difference by offering solutions that zero in on the relationship between corporates and banks and cover everything from payments to FX, cash and risk management. BELLIN is an international company with offices on four continents, powered by a trailblazing fintech spirit and yet firmly rooted in the heritage of German craftsmanship and engineering. BELLIN delights nearly 500 clients and over 50,000 users around the globe.
About CORE Process
CORE Process is a consulting firm specializing in cash and treasury management services. CORE’s main business function is strategic advice and ongoing support for treasury operations (Treasury as a Service). CORE Process is an authorized partner of BELLIN and provides consulting and support for tm5 treasury management software. CORE Process currently has 6 employees and over 20 consultants are directly linked to CORE Process via partnerships.
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