De l'Instant Payment à un monde sans cut-off - AFTE
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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 Xavier Aublet Agnès Sertillange
ALTEN Vinci Faurecia
Commission CMI Commission CMI Commission CMI
Pour nous accompagner (par ordre d’intervention)
Sylvie Calsacy
Nicolas Murat Dominique Beauchamp Philippe Gelis Patrick Siméon Worldline
ESSILOR BPCE Kantox Amundi
Responsable des affaires
Responsable Cash Directeur Général Adjoint Président Directeur Responsable de la gestion
publiques et
Management & Back- Natixis Payment Solutions Général et Co-fondateur monétaire
règlementaires
Office
3
Pour nous accompagner (suite)
Denis Mérendet
Raphael Marek Fayza Arsan-Le Saux Laurent Majchrzak
BARCLAYS Hervé Labbé
SWIFT DANONE CACEIS BANK
Head of Barclays Europe NowCP
Key Account Director Cash Management Group Head of Products and
Cash Management Co-fondateur
SWIFT France Director Solutions
Products
4
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
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ajouter la date
Proposition de gestion de la liquidité temps-réel côté banque
Dominique BEAUCHAMP
C2 - Internal Natixis
Notifications
Temps Réel 24/7
Temps réel 24/7
Monétique
IP Monétique
IP Request to Pay
B2B / C2B Fichiers EDI
IP Initiation
Encaissements
IP reception
Décaissements
B2B / B2C IP Initiation
IP Fichiers EDI
Open Banking/Acquisition IP API
Temps Réel 24/7
Monitoring
Temps réel 24/7
Placements Pooling
2
C2 - Internal Natixis
Un monde avec cut-off – la gestion du FX Nicolas Murat
La journée du trésorier, le marathon des cut-off
RAPPROCHEMENTS DES CASHFLOW DEVISES
CASH MANAGEMENT
ANNONCE DE TRESORERIE DES FILIALES
BACK OFFICE
BESOIN DE COUVERTURE FX DES FILIALES
FRONT OFFICE
POSITION DEVISE J, J+1, J+2 CASH MANAGEMENT
BACK OFFICE
SWAP DE TRESORERIE
FRONT OFFICE
VIREMENTS DE TRESORERIE
CASH MANAGEMENT
(règlements FX et équilibrage)
2
Cut-off? Le moins-disant a toujours raison
REGLEMENT
CUT OFF FRONT OFFICE
CUT OFF BACK OFFICE
CUT OFF
CASH MANAGEMENT
3Cut-off… des questions?
CUT-OFF CASH MANAGEMENT
CUT OFF METIER? CUT-OFF BACK OFFICE
CUT-OFF FRONT OFFICE
CUT-OFF CLIENT
CUT-OFF TECHNIQUE
CUT-OFF BANCAIRE?
CUT-OFF CANAL DE PAIEMENT
CUT-OFF TYPE DE PAIEMENT
OU SE TROUVE MA BANQUE ET MON COMPTE DE PAIEMENT?
4Instant Payment : Contexte & Cas d’usages Sylvie Calsacy, Head of Public and Regulatory Affairs in Worldline
Source BRI/BIS
Instant
Immediate
Real-time
faster
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 possibleUne gestion des risques plus fine….
Date de Inter-
LAB LAT operabilité
valeur
… pour une modernisation des systèmes de
règlements et des usages.
Source : https://www.bis.org/cpmi/publ/d154.pdf2015 - Amsterdam Colère contre les banques à cause du temps de processing
100 K€
1 Juil. 2020
36 pays
SCT
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ajouter la dateLe marché néerlandais de l’instant payment
Mise en place des options prévues par le scheme
Des cas d’usage variésRetour d’expérience sur l’utilisation du FP par le
trésorier d’entreprise en UK
Restricted - ExternalRetour 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.
2
Restricted - ExternalData obtained from UK Finance; UK Payment Statistic 2018 report & from Pay.UK Monthly Payment Statistic 1990 to Mar 2019
Data obtained from UK Finance; UK Payment Statistic 2018 report & from Pay.UK Monthly Payment Statistic 1990 to Mar 2019
3
Restricted - ExternalRetour 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
o Encaissement, paiement : un mixte de gestion intraday et de prévisions
o 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…)
4
Restricted - Externalla 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?
5
Restricted - ExternalL’arrivée de l’instantanéité pour le trésorier d’entreprise Fayza ARSAN-LE SAUX
34 countries in SEPA zone
365 days reporting consequence
All SEPA transactions (debit/credit)
No cut-off
Between 2 accounts in same bank in NL
Files sent via e-banking or H2H
De l’instant payment à un monde sans cut-off. 28/01/2020 2Questions raised for current cashpooling model ?
What daily forecast How to fund on WE What impact on What impact on cash
for cashpool & target days ? bank O/D ? landing management
participants? ZBA hours ? ?
De l’instant payment à un monde sans cut-off. 28/01/2020 3L’arrivée de l’instantanéité pour le trésorier d’entreprise Nicolas MURAT
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
2Une 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
3Une 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
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ajouter la dateNowCP Hervé LABBE
NEU CP, THE MOST ATTRACTIVE SHORT … BUT NEGOCIATION PROCESSES AND POST-
TERM MARKET IN CONTINENTAL EUROPE… TRADE INFRASTRUCTURES CAN BE IMPROVED
Legal documentation can be drafted in Banque de France brings transparency NEU CP is traded over the phone or by Post-trade (delivery versus settlement)
English and other languages and trust to the market chat infrastructures are reliable but there is
room for improvement in terms of
Legal and regulatory framework favors With outstandings of 270 billion Euros, Multiple term sheets are sent for a single efficiency: spot value date remains the
international expansion: in the event of NEU CP is the 3rd Commercial Paper transaction: higher transaction costs and market standard
default, the law of the issuing company market worldwide complex back office processes
applies Standard trading hours could be
50 corporate issuers have joined the Difficulties in identifying the final extended
NEU CP enables financial and corporate market since 2014. The corporate investor
companies to issue at negative rates on outstandings remain high (~60 billion The ISIN code is rarely available rapidly
all the short end part of the curve (less Euros) in spite of the Quantitative Easing
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
2INTRODUCING SOMETHING NEW: Native Efficient Workflow
DUAL DUPLICATED WORKFLOW NATIVE EFFICIENT WORKFLOW
Dealer
Issuer Dealer Investor
Issuer Investor
ISIN ISIN
ISIN
IPA Custodian Custodian
ISIN
IPA Custodian
CSD CSD
Euroclear Euroclear
T2S
T2S T2S
Central Central Central
Bank Bank Bank
Instruction Native Efficient Workflow
Voice trading Electronic Trading (GUI / API)
Thanks to our streamlined processes, you can lower your operational risk
drastically: say goodbye to uncertainty, welcome to the age of instant fundingINTRODUCING SOMETHING NEW: Native Efficient Workflow
DUAL DUPLICATED WORKFLOW NATIVE EFFICIENT WORKFLOW
Dealer
Issuer Horizontal reconciliation
Issuer Dealer Investor
Issuer Investor
ISIN ISIN
ISIN
IPA Custodian Custodian
ISIN
IPA Custodian
CSD CSD
Vertical reconciliation
Euroclear Euroclear
T2S
T2S T2S
Central Central Central
Investor
Bank Bank Bank
Instruction Native Efficient Workflow
Voice trading Electronic Trading (GUI / API)
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 betterKEY EXPERTISES FROM THE ORANGE GROUP HAS BEEN MOBILISED BUT TECHNOLOGY IS AT THE SERVICE OF USERS
Orange Global Solution for Business Customers Services & operations
Private network Security Services Management
(Reselled by OCD)
Digital Process Solutions
ID2S integration OGSB CS&O
NowCP developement
Support Level 3 ID2S & NowCP
Orange Cyber Defense
Orange Applications for Business Risks analysis
DPS
OBS OCD
Security testing
Direction des Services de Production
Mutualisés OAB
Orange Cloud for Business
Support Level 1 & 2 ID2S &
NowCP
DSPM
OCB
NowCP Flexible Settlement physical platforms
Neoclès
Platform as a service Platform Flexible hosting
Engine
(development – phase 1) Servers and Switch Management
(ID2S)
Motorisation OLS
5TEEPI Market Place Presentation to January 28th 2020
2 TEEPI DataHub The funds network TEEPI was created in late 2016 to meet new regulatory data exchange needs. CACEIS saw an immediate opportunity 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 ...
TEEPI DATA HUB 3
A data exchange network
Asset Managers Institutional
Asset Managers Institutional
Asset Managers Institutional
Institutional
Asset Managers
Institutional
Institutional
TEEPI
Asset Managers
DistributorsTEEPI DATA HUB 4
A mature platform covering all regulatory needs
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:
▶ Bulk processing of connections and transfers
▶ TEEPI LIVE for a monitoring of the workflows, TEEPI BOT for automation
▶ Adaptable to each organisation and its members (universe, roles, administration of
accounts, etc.)
A single model at CACEIS and on the market:
▶ Self CARE, independence of companies for managing their users and network
▶ Demand driven, innovative business model
▶ Inspired by social mediaTEEPI DATA HUB
5
A platform built on success
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.
+1 300 000
A few examples of companies on TEEPI :
+45 000
COMPANIES
+400
REPORTS
ISINS6 TEEPI Market Place The funds network A new dimension
TEEPI MARKET PLACE 7
A fully digital a/c opening and transactional solution
Asset Managers TA1 Institutional
Asset Managers Institutional
Asset Managers TA2 Institutional
Institutional
Asset Managers TA1
Institutional
Asset Managers
Institutional
TEEPI
Asset Managers TA2
DistributorsTEEPI MARKET PLACE 8
A new dimension
Objectives:
Launching a new Offering innovative Creating a unique
platform aiming at solutions to new multi services
boosting Fund investors by platform based on
Distribution across leveraging on new a simple and user
Europe technologies friendly design
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)TEEPI MARKET PLACE 9
A 100% Digital Investor experience
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
of funds and be notified when new funds enter the
matched criteriaTEEPI MARKET PLACE 10
A 100% Digital Investor experience
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
investmentTEEPI MARKET PLACE 11
A 100% Digital Investor experience
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
orders
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
of application form and contract notesTEEPI MARKET PLACE 12
Upcoming Features in 2020
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 AgentsTEEPI MARKET PLACE 13
TEEPI Market Place is going live in 2020
CACEIS is currently onboarding its first investors
on TEEPI Market Place A Partnership with
The full Digital KYC and the access to 3rd party TAs will be available AMUNDI in order to
later in 2020, but TEEPI Market Place can already welcome Credit set-up the first
Agricole Group clients. Two main targets have been defined and European Monetary
some of the following clients are being approached or onboarded : Funds Distribution
Amundi and CA-CIB Corporate Investors platform.
CACEIS TA and webinvestor clients
Onboarding roadmap
PILOT PHASE
JANUARY 2020 JUNE 2020 LATE 2020
AMUNDI AMUNDI OTHER ASSET MANAGERS USING 3rd
MONETARY FUNDS + 4 OTHER MAJOR MONEY MARKET ASSET PARTY TAs
MANAGERS ALL THEIR FUND RANGE
To be extended soon
ALL THEIR FUND RANGE
to other major
AMUNDI
Money Market Asset
+ 4 OTHER MAJOR MONEY MARKET ASSET
MANAGERS
OTHER ASSET MANAGERS
SERVICED BY CACEIS TAs
Manager..
MONETARY FUNDS ALL THEIR FUND RANGE
MARCH 2020 SEPTEMBER 2020TEEPI MARKET PLACE 14
Why is it important for corporate treasurers ?
Instant order Counterparty risk Lower cost Integration
This increases the ability
This provides immediate This erases the
This lowers the costs of to integrate these new
effect of the investment counterparty risk
executing and holding solutions into
process* into Money represented by any
Money Market companies' own IS
Market funds forms of intermediation
or other UCITS funds (Portfolio Management
Systems).
New business model Thanks to new
100% digital process Each TEEPI user
proposed to the technologies,
which transmits becomes the direct treasurers have the choice
market : free of
orders without owner of the to connect to TEEPI or to
charge for European
technical cut-off to underlying fund units use APIs in order to import
corporate and DATA and services in their
each registrar
institutional investors own system
* Still one NAV per dayVous pouvez aussi lire
