Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016 - (Page 55)

CORPORATE FINANCE INVOICING CAN BE FUN....? It seems that the CGI workgroup is on the right track to design a framework for electronic Bank Services Billing that meets both the requirements from corporates and banks. The other problem is the communication channel that should guarantee authenticity and integrity. Taken together, these issues result in significant manual efforts for all parties involved where it comes to processing invoices. The consequence is more work and costs for corporates, banks and auditors. Invoices need to be exchanged using secured channels that ensure the sender's authenticity. The internationally proven EBICS standard is ideally suited to this, because it uses these criteria already today. Conclusion It seems that the CGI workgroup is on the right track to design a framework for electronic Bank Services Billing that meets both the requirements from corporates and banks. It would be great if banks would work together to define a standard for all parties involved. There is room for more innovative digital services. Today's E-banking and payment factory solutions support these standards. Banks should become active All parties involved in the market have been hoping for binding standards. The banking community should take the lead in defining message formats, contents and communication standards for Electronic Banking (EBICS and SEPA are good examples of initiatives). Unfortunately, the topic of Bank Services Billing has not been a priority. For this reason, corporates themselves are becoming active. In terms of formats, there is a focus on the ISO 20022 - XML structure for financial messages (this format can already be handled by most processing systems). This international standard has the potential to form the basis for a broad consensus across national boundaries. - JUL Corporates and banks are currently collaborating in a workgroup "the Common Global Implementation initiative" (CGI) to realize a harmonized version of formats. All parties involved could benefit from this new version. / AUG / SEP 2016 Bank Services Billing via EBICS N°94 Banking fees, in contrast, are processed in a different way. Accountants and tax auditors accept electronic invoices for bank services, but this only applies if the audit and tax requirements are met. This is often where initiatives strand: standards are not available for fee codes, VAT details and electronic formats. Key Account Manager Omikron Systemhaus, Cologne - In this digital era, paper invoices seem old fashioned. The real economy has created standardized guidelines for E-invoicing. Corporates which follow these standards and convince their suppliers to comply are able to process electronic invoices automatically. Gregor Opgen-Rhein LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE Corporates demand electronic Bank Services Billing. Banks should create a binding standard. Omikron Systemhaus 55

Table of Contents for the Digital Edition of Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016

Cover
Table of contents
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW Philippe Gelis - Kantox - Fintech and the future of banks
FOCUS
Lost in transformation
Everything has a price – a transfer price
Treasury Survey - an unprecedented picture of treasury activities in Luxembourg
FORUM
The impact of negative rates on Treasury and Risks Management Systems
Towards reporting harmonisation?
Understanding the Treasury impact of BEPS
Impacts of Single Resolution Mechanism and Bail-in for European Banks
Supply chain? Not concerned?
Collateral management and the Corporate Treasury function.
Efficiently Managing Cross-Border Payments in Turbulent Times
CORPORATE FINANCE
How Mid-Market Companies Can Efficiently Manage Enterprise-wide FX Risk as they Grow
Investing surplus cash in repos
A wind of technology changes in the treasury management world
Invoicing can be fun….?
Comment améliorer la performance des fonds de pension européens
15 MINUTES WITH O2Finance
THE FINANCIAL RISK OBSERVATORY
NEWS
LIFE BEYOND NUMBERS

Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016