De lInstant Payment un monde sans cut-off De lInstant Payment un - - PowerPoint PPT Presentation

De l’Instant Payment à un monde sans cut-off

De l’Instant Payment à un monde sans cut-off De l’Instant Payment à un monde sans cut-off

Organisé par la commission Cash Management International

David Héleschewitz ALTEN Commission CMI Agnès Sertillange Faurecia Commission CMI Xavier Aublet Vinci Commission CMI

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Pour nous accompagner (par ordre d’intervention)

Nicolas Murat ESSILOR Responsable Cash Management & Back- Office Dominique Beauchamp BPCE Directeur Général Adjoint Natixis Payment Solutions Philippe Gelis Kantox Président Directeur Général et Co-fondateur Patrick Siméon Amundi Responsable de la gestion monétaire Sylvie Calsacy Worldline Responsable des affaires publiques et règlementaires

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Pour nous accompagner (suite)

Raphael Marek SWIFT Key Account Director SWIFT France Denis Mérendet BARCLAYS Head of Barclays Europe Cash Management Products Fayza Arsan-Le Saux DANONE Cash Management Director Hervé Labbé NowCP Co-fondateur Laurent Majchrzak CACEIS BANK Group Head of Products and Solutions

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Présentations

• 1. La gestion des cut-off et ses pain points
• 2. Le paiement instantané Worldline Swift Barclays
• 3. Témoignage entreprises – les paiements - Danone Essilor
• 4. Les nouvelles plateformes NowCP Teepi
• 5. La gestion de la liquidité côté institutions financières - BPCE Barclays

Dominique BEAUCHAMP

Proposition de gestion de la liquidité temps-réel côté banque

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Décaissements Encaissements

IP Initiation IP Fichiers EDI Open Banking/Acquisition IP API IP Initiation Fichiers EDI IP Request to Pay Monétique IP Monétique

Temps Réel 24/7 Temps Réel 24/7 Notifications Temps réel 24/7 Monitoring Temps réel 24/7

Placements Pooling IP reception B2B / C2B B2B / B2C

Nicolas Murat

Un monde avec cut-off – la gestion du FX

VIREMENTS DE TRESORERIE (règlements FX et équilibrage)

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La journée du trésorier, le marathon des cut-off

CASH MANAGEMENT BACK OFFICE FRONT OFFICE CASH MANAGEMENT CASH MANAGEMENT BACK OFFICE RAPPROCHEMENTS DES CASHFLOW DEVISES ANNONCE DE TRESORERIE DES FILIALES BESOIN DE COUVERTURE FX DES FILIALES POSITION DEVISE J, J+1, J+2 SWAP DE TRESORERIE FRONT OFFICE

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Cut-off? Le moins-disant a toujours raison

FRONT OFFICE BACK OFFICE CASH MANAGEMENT REGLEMENT

CUT OFF CUT OFF CUT OFF

OU SE TROUVE MA BANQUE ET MON COMPTE DE PAIEMENT?

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Cut-off… des questions?

CUT-OFF CASH MANAGEMENT CUT-OFF CANAL DE PAIEMENT CUT-OFF TYPE DE PAIEMENT CUT-OFF CLIENT CUT-OFF BACK OFFICE CUT OFF METIER? CUT-OFF BANCAIRE? CUT-OFF FRONT OFFICE CUT-OFF TECHNIQUE

Instant Payment : Contexte & Cas d’usages Instant Payment : Contexte & Cas d’usages

Sylvie Calsacy, Head of Public and Regulatory Affairs in Worldline

Source BRI/BIS

BIS definiton : fast payment” is defined as a payment” in which the transmission of the payment message and the availability of “final” funds to the payee occur in real time or near-real time on as near to a 24-hour and seven-day (24/7) basis as possible

Instant Immediate Real-time faster

Inter-

• perabilité

LAB LAT Date de valeur

Une gestion des risques plus fine….

Source : https://www.bis.org/cpmi/publ/d154.pdf

… pour une modernisation des systèmes de règlements et des usages.

2015 - Amsterdam Colère contre les banques à cause du temps de processing

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Insertion>Pied de page : ajouter le nom de la réunion/commission Insertion>Pied de page : ajouter la date

100 K€

1 Juil. 2020

36 pays

SCT

Le marché néerlandais de l’instant payment

Mise en place des options prévues par le scheme Des cas d’usage variés

Retour d’expérience sur l’utilisation du FP par le trésorier d’entreprise en UK Retour d’expérience sur l’utilisation du FP par le trésorier d’entreprise en UK

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Retour d’expérience sur l’utilisation du FP par le trésorier d’entreprise en UK

• 1. Bref histoire de Faster Payments (FP)
• La naissance de FP
• L’offre FP
• Le positionnement de FP dans l’écosystème des paiements GBP.
• 2. Une longue et lente adoption du scheme (étapes clés)
• 3. Expérience des augmentations de la limite du montant (passées et futurs)
• 4. L’écosystème autour de FP
• Les expériences passées (pay by bank : Zapp, Paym…)
• Les évolutions clés en cours (Open banking, Request to Pay, confirmation of payee) et principales difficultés rencontrées.

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Retour d’expérience sur l’utilisation du FP par le trésorier d’entreprise en UK

• 5. Cas d’usages
• Amex : marchants crédités plus vite
• Instant credit and re-credit : wallets, Jeux en ligne
• Instant refunds : remboursement tickets de train
• Instant Pay by bank : vente de billets d’avions, dépannage voiture sur autoroute…
• Payrolls : saisonnier ou secteurs spécifiques – BTP
• Backup de bacs
• 5. Impacts sur les trésoriers d’entreprise au UK
• Impacts on Cash pooling (notionnel, ZBA)
• Impacts on the liquidity management
• Encaissement, paiement : un mixte de gestion intraday et de prévisions
• Un coût de liquidité à priori plus élevé, mais pas forcément

6. Projets d’évolution du scheme (migration vers ISO20022, alignement de la limite avec celle de bacs, reporting…)

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la gestion de la liquidité temps-réel côté banque (état actuel et solutions envisagées)

• 1. Etat actuel
• Comment Barclays gère sa liquidité en temps reel, 24/7/365?
• 2. Solutions en cours de développement
• Comment limiter le surcoût de la liquidité induit par le 24/7/365?

Fayza ARSAN-LE SAUX

L’arrivée de l’instantanéité pour le trésorier d’entreprise

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365 days reporting consequence All SEPA transactions (debit/credit) Between 2 accounts in same bank in NL Files sent via e-banking or H2H

No cut-off 34 countries in SEPA zone

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Questions raised for current cashpooling model ?

What daily forecast for cashpool participants? How to fund on WE & target days ? What impact on bank O/D ? ZBA hours ? What impact on cash landing management ?

Nicolas MURAT

L’arrivée de l’instantanéité pour le trésorier d’entreprise

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Faster Payment et Cash Pooling, pas forcément un bon ménage

Date de l’évènement: Avril 2018 Victime : Filiale E-commerce Carte d’identité de la victime: Filiale participant au cash pooling ZBA groupe avec HSBC Utilisation par la filiale des Faster Payment pour ses remboursements clients

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Une solution toute trouvée? Pas vraiment…

DIAGNOSTIC Le « Faster Payment » impose que les fonds soient disponibles sur le compte à l’instant même où la transaction est effectuée. Si les compte ne dispose pas des fonds suffisant, le Faster Payment est rejeté PRECISION: Les lignes intraday mise en place dans le cadre d’un cash pooling ne sont pas compatibles avec ce type de paiement, elles couvrent uniquement BACS or CHAPS

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Une solution toute trouvée? Pas vraiment…

INVESTIGATION HSBC a cherché une solution afin de pouvoir maintenir le nivellement à zéro et l’utilisation du service Faster Payment, mais aucune solution n’a été trouvée avec la technologie actuelle en place SOLUTION PROPOSEE Option 1: Ouvrir un compte courant non connecté au cash pooling et l’alimenter avant d’effectuer un Faster Payment Option 2: Modifier les options du ZBA afin de maintenir un pied de compte suffisant

Hervé LABBE

NowCP

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• Legal documentation can be drafted in

English and other languages

• Legal and regulatory framework favors

international expansion: in the event of default, the law of the issuing company applies

• NEU CP enables financial and corporate

companies to issue at negative rates on all the short end part of the curve (less than 12 months)

There is a consensus among market players that most volumes will be traded on electronic platforms in the medium-term. Orange has brought together major market players to create the first commercial paper marketplace Thanks to its experience on the market, Orange launches the NowCP project in 2017

• Banque de France brings transparency

and trust to the market

• With outstandings of 270 billion Euros,

NEU CP is the 3rd Commercial Paper market worldwide

• 50 corporate issuers have joined the

market since 2014. The corporate

• utstandings remain high (~60 billion

Euros) in spite of the Quantitative Easing

❝

NEU CP, THE MOST ATTRACTIVE SHORT TERM MARKET IN CONTINENTAL EUROPE…

• NEU CP is traded over the phone or by

chat

• Multiple term sheets are sent for a single

transaction: higher transaction costs and complex back office processes

• Difficulties in identifying the final

investor

• Post-trade (delivery versus settlement)

infrastructures are reliable but there is room for improvement in terms of efficiency: spot value date remains the market standard

• Standard trading hours could be

extended

• The ISIN code is rarely available rapidly

… BUT NEGOCIATION PROCESSES AND POST- TRADE INFRASTRUCTURES CAN BE IMPROVED

DUAL DUPLICATED WORKFLOW NATIVE EFFICIENT WORKFLOW

Issuer Dealer Investor IPA Custodian Custodian

T2S T2S

Thanks to our streamlined processes, you can lower your operational risk drastically: say goodbye to uncertainty, welcome to the age of instant funding

Issuer Investor

T2S

IPA Custodian

Dealer

Central Bank

INTRODUCING SOMETHING NEW: Native Efficient Workflow

Central Bank

CSD Euroclear CSD Euroclear

Central Bank

DUAL DUPLICATED WORKFLOW NATIVE EFFICIENT WORKFLOW

Issuer Dealer Investor IPA Custodian Custodian

Central Bank

T2S T2S

Instantaneity in the financial markets requires a global rethink of all front-to-back processes. To ensure that these two worlds, which live separately, communicate more and better

Issuer Investor

T2S

IPA Custodian

CSD Euroclear CSD Euroclear

Dealer

Central Bank

Central Bank

INTRODUCING SOMETHING NEW: Native Efficient Workflow

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OBS

Customers Services & operations Security Services Management (Reselled by OCD) Orange Cyber Defense Risks analysis Security testing NowCP Platform as a service (development – phase 1)

Direction des Services de Production Mutualisés

Support Level 1 & 2 ID2S & NowCP

Orange Global Solution for Business

Private network

OAB OCD CS&O OGSB OCB

Neoclès

Settlement physical platforms hosting Servers and Switch Management (ID2S)

DSPM DPS

Digital Process Solutions

ID2S integration NowCP developement Support Level 3 ID2S & NowCP

Orange Cloud for Business Orange Applications for Business

KEY EXPERTISES FROM THE ORANGE GROUP HAS BEEN MOBILISED BUT TECHNOLOGY IS AT THE SERVICE OF USERS

Motorisation OLS

Flexible Platform

TEEPI Market Place

Presentation to

January 28th 2020

TEEPI was created in late 2016 to meet new regulatory data exchange needs. CACEIS saw an immediate

• pportunity to simplify and give fresh impetus to

relations between financial institutions and asset management companies. Built on a social network model, TEEPI allows the various players to communicate their regulatory data (Solvency 2, PRIIPS, MIFID) through an efficient and user friendly interface. In 2020, after two years of steady growth, TEEPI is preparing to make an other step ...

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TEEPI DataHub

The funds network

A data exchange network

TEEPI DATA HUB

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Asset Managers Asset Managers Asset Managers Asset Managers Asset Managers Asset Managers Institutional Institutional Institutional Institutional Institutional Institutional Asset Managers Asset Managers Asset Managers Asset Managers Institutional Institutional Institutional Institutional Institutional Institutional Distributors Distributors

A mature platform covering all regulatory needs

TEEPI DATA HUB

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Designed around the needs of investors for simplified and efficient data collection

• Comprehensive and adaptable: Solvency II, PRIIPs, MIFID and IFI
• Designed for operational efficiency:

accounts, etc.)

• A single model at CACEIS and on the market:

A platform built on success

TEEPI DATA HUB

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A successful model adopted by many financial players…

Marketplace is the latest add-on to TEEPI, a data exchange platform chosen by numerous companies around the world.

+400

COMPANIES

+1 300 000

REPORTS

+45 000

ISINS

A few examples of companies on TEEPI :

TEEPI Market Place

The funds network

A new dimension

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A fully digital a/c opening and transactional solution

TEEPI MARKET PLACE

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Asset Managers Asset Managers Asset Managers Asset Managers Asset Managers Asset Managers Institutional Institutional Institutional Institutional Institutional Institutional Asset Managers Asset Managers Asset Managers Asset Managers Institutional Institutional Institutional Institutional Institutional Institutional Distributors Distributors

TA1 TA1 TA2 TA2 TA1 TA1 TA2 TA2 Asset Managers Asset Managers

A new dimension

TEEPI MARKET PLACE

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Objectives: An innovative digital platform facilitating fund distribution in Europe:

• Fund selector
• Library of dynamic fund fact sheets
• Fund legal documentation (prospectus, annual reports, KIDs,...)
• Transmission of subscription/redemption orders
• Investors digital KYC (upcoming)
• Transfer agent access (upcoming)
• Fund units aggregator (upcoming)

Offering innovative solutions to new investors by leveraging on new technologies Launching a new platform aiming at boosting Fund Distribution across Europe Creating a unique multi services platform based on a simple and user friendly design

A 100% Digital Investor experience

TEEPI MARKET PLACE

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Fund selector

Investors can make a quick selection of funds or search directly for a precise share class.

• User friendly multi criteria selection of Funds allowing to browse

through an array of similar Funds

• Criteria can be modified at any time to refine selection
• Quick search by ISIN code or by fund name for direct access to Fund

Fact Sheets

Ideas to go further

Favourite selection : saving a selection to watch an array

• f funds and be notified when new funds enter the

matched criteria

A 100% Digital Investor experience

TEEPI MARKET PLACE

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Fund Fact Sheets Dynamic Library

A simple and comprehensive layout to understand a fund at a glimpse Fund Fact Sheets Dynamic Library

• User friendly display of key characteristics and performance data
• Access to all Fund’s Documentation

Ideas to go further

Fund wish list : saving a share class for a future investment

A 100% Digital Investor experience

TEEPI MARKET PLACE

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Transmission of subscription/redemption orders

Investors can make a quick selection of funds or search directly for a precise share class. Transmission of subscription/redemption

• rders
• Simple subscription/redemption journey with direct routing of orders

and investor information to the Fund’s Transfer Agent

• Daily updates of order statuses based on information received from

Transfer Agents

Ideas to go further

Trade documentation: for each trade or mass download

• f application form and contract notes

Upcoming Features in 2020

TEEPI MARKET PLACE

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A fully fledged investor platform

Investors Digital KYC

• 100% digital customer journey to collect the KYC information and

document

• Quick

and easy application form generation to facilitate subscription/redemption in new Funds

Access to 3rd party Transfer Agents And external Funds

• Opening TEEPI to all Transfer Agents
• 100% digital account opening requests management

Fund units aggregator

• Import of existing fund positions held with the various Transfer Agents
• Daily updates of positions held based on information received from

Transfer Agents

TEEPI Market Place is going live in 2020

TEEPI MARKET PLACE

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CACEIS is currently onboarding its first investors

• n TEEPI Market Place

The full Digital KYC and the access to 3rd party TAs will be available later in 2020, but TEEPI Market Place can already welcome Credit Agricole Group clients. Two main targets have been defined and some of the following clients are being approached or onboarded :

• Amundi and CA-CIB Corporate Investors
• CACEIS TA and webinvestor clients

A Partnership with AMUNDI in order to set-up the first European Monetary Funds Distribution platform. To be extended soon to

• ther

major Money Market Asset Manager..

Onboarding roadmap

Why is it important for corporate treasurers ?

TEEPI MARKET PLACE

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Instant order Counterparty risk Lower cost Integration

This erases the counterparty risk represented by any forms of intermediation

Each TEEPI user becomes the direct

• wner of the

underlying fund units

This lowers the costs of executing and holding Money Market

• r other UCITS funds

New business model proposed to the market : free of charge for European corporate and institutional investors

This increases the ability to integrate these new solutions into companies' own IS (Portfolio Management Systems).

Thanks to new technologies,

treasurers have the choice to connect to TEEPI or to use APIs in order to import DATA and services in their

• wn system

100% digital process which transmits

• rders without

technical cut-off to each registrar

This provides immediate effect of the investment process* into Money Market funds

* Still one NAV per day