Blockchain – Definition and context for a treasurer

Members unify with the need to address blockchain. Several of the presenters at our recent ACT Working Capital Conference referred to or were presenting software solutions which used blockchain. The ACT have written on blockchain in The Treasurer last year, and until recently our Wiki definition was drawn from a 2017 article. Member questions revealed a need to get back to basics on the subject: both to redefine blockchain (asked 11 times in one session) and to understand why treasurers may want to know how it works (10 times in the same session). Blockchain was presented as a means of enabling

ACT Annual Conference 2018 Day 2

A night out? In Liverpool? After the gala dinner? Well, that appeared to be an invitation too good to refuse for many delegates. It didn’t seem to affect enthusiasm though for another packed day of treasury discussion, insight and debate. More old acquaintances renewed, more new relationships nurtured and, of course, a delicious spread for breakfast, lunch and tea! In no particular order, benchmark reform, digital fx management, PSD2, liquidity risk management, green and sustainable finance, even blockchain and plenty more made an appearance. Crucially though delegates continued to demonstrate an appetite for understanding the new drivers of business success,

ACT Smart Cash Management Conference roundup

Everyone’s familiar with the saying ‘too much of a good thing’ but when it comes to looking after the lifeblood of an organisation, its cash, is it true? Well no, I don’t happen to think so. The ACT’s recent Smart Cash Management Conference 2018 rather made my point. Exciting start to #smartcash18 with opening remark from Chair Peter Matza @actupdate — Bandhu P. Das (@ibpdas) March 14, 2018 Can you have too many smart people working through a range of workshop problems on international cash management, sharing experiences and offering innovative ideas and solutions? Doubt it. Can there be

Payments systems developments

The press is full of payments buzzwords: blockchain; bitcoin; fintech; disruptors. A previous backwater of banking has become the great hope for many in the IT industry, and we at the ACT and our members are working hard to address a variety of issues and help deliver the dream. The two key issues we see are: Data: The need for sufficient data to either travel with or separately be available to understand the purpose of the payment. Too often businesses send bulk payments and personal payers omit the critical reference to enable auto allocation. The UK PSR has sought to

UK Payments – work in progress

We met in London to hear from Tim Yudin of Payments UK as the trade association for payments, and Nick Davies of the Payment Strategy Forum, the forum set up by the UK’s Payments Systems Regulator (PSR) and includes Katherine Horrell FCT, of Centrica. Shaun Kennedy AMCT, of Affinity Water sits on one its End User group. It is to the latter’s draft strategy that the ACT has responded (our response links to the Strategy document). The strategy follows a year of discussion and analysis to define the shortfalls, the “detriments”, their potential solutions and seeks to prioritise their development. Long

Responding to the UK’s payments strategy consultation

This is your opportunity to respond to the proposals and influence UK PSR strategy for the next five years. The UK Payment Systems Regulator’s (PSR) Payments Strategy Forum has issued a consultation paper on its draft strategy Being Responsive to User Needs. The strategy review comes at a time of rapid change: recently novel ideas such as Blockchain are becoming reality, digital IDs have become a reality in some Scandinavian countries, and the demands of the UK HMRC Real-Time Information are driving a more integrated approach to the movement of value within the UK. The strategy has been written following broad