We hope you enjoy the September edition of the EACT Newsletter.
In this edition you will find articles about central bank digital currencies (CBDCs), communication in a digital world, and information regarding the new 2020 - 2021 Journeys to Treasury report.
As ever, please do follow the EACT LinkedIn page for the very latest member association news and treasury insight.
Jean-Marc Servat
Chair, EACT
In this issue
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12 months ago, Central Bank Digital Currencies (CBDCs) were the topic of think tanks and obscure magazines. These days, not a month goes by without a new headline in the more popular press.
With the launch of the 2020-2021 report, following on from the special COVID-19 series earlier in the year, the Journeys to Treasury partners are helping treasurers globally at every step through a tumultuous journey.
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Following an initial period of reflection and public consultation, EU policymakers are now set to launch many of the set pieces of financial regulation for the current legislative mandate. At the same time, the impact the COVID-19 pandemic has had on the economy has motivated policymakers to adjust a number of pieces of securities markets and prudential regulation to ease burdens on investment firms, banks, and companies.
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COVID-19 has certainly impacted the way we communicate from a technical and logistical perspective. It has also perhaps raised our awareness around the importance of communications, on a number of different levels.
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The health crisis linked to the coronavirus epidemic has plunged all countries worldwide into the unknown. Paralyzing a large portion of the population and of companies, the health crisis subsequently gives way to a major economic crisis. Against this backdrop, companies first focused on liquidity. Indeed, with a sudden drop in sales, the cash flow generation slows down or even stops as companies are unable to slow down their cash outflows.
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From March to May 2020 the VDT conducted a survey on Payment Factories. The trigger for the survey were the numerous regulatory changes that have had a strong impact on the processing and optimization opportunities in payment processes.
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Different reasons, including the pandemic, are forcing all of us to revisit the finance organization as a whole and to move a step further towards digitization. This is a fantastic opportunity arises for those who will be ready to on-board new technologies and prepared for these changes and… challenges.
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VDT Working group "Electronic Signatures / Digital workflow"
The digitization of corporate processes can no longer be delayed. As part of this and sooner rather than later, the physical signature will belong to the past. As a consequence of the pandemic, Work From Home (WFH) arrangements will become an increasing part of the new normal, rather than just an exception.
Anecdotes from life in treasury
A treasurer had this amusing story to tell: “In the retail sector, payment settlements automatically generated from our TMS that included the abbreviation SPO for spot plus reference number in the reference field led to massive problems with our banks.”
The European Association of Corporate Treasurers (EACT) has published its response to the European Commission’s (EC) consultation on the creation of an EU Green Bond Standard (EU GBS).
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Sustainable finance and environmental, social and governance (ESG) reporting are becoming increasingly important topics for treasurers. This briefing sheds light on why and how sustainable finance should matter to all treasurers and explain the latest regulatory developments and initiatives at EU level.
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With the launch of the 2020-2021 report, following on from the special COVID-19 series earlier in the year, the Journeys to Treasury partners are helping treasurers globally at every step through a tumultuous journey.
View MoreThe EACT is grateful for the opportunity to respond to the European Commission's consultation on a renewed sustainable finance strategy. Read our position here.
View MoreTarek is an experienced public affairs expert, specialising in EU financial regulation and has previously advised financial and non-financial companies across the entire financial services value chain on their EU policy advocacy strategies at FleishmanHillard. Tarek has a profound understanding of the regulatory issues impacting treasury and of the strategic objectives of the EACT.
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