Treasury and cash management is becoming an increasingly global business, and customers are looking for banks and treasury management software providers that can provide seamless, standardized service spanning multiple geographies. As the titans of the corporate world streamline their treasury and cash management operations by establishing shared service centers and payment factories, they are looking to rationalize the number of banking relationships they maintain. That places an onus on banks to prove their value in the financial supply chain, not only by getting the fundamentals-payments and collections, liquidity management and financing-right across multiple jurisdictions, but also by adding something extra that makes them stand out from competing providers. "Clients are looking not only for payments and receivables solutions delivered on global platforms, but also for an information overlay that allows for control and informed decision-making," observes Paul Galant, global head, cash management, Citigroup.
One of the most significant initiatives in the cash management industry is the introduction of the single euro payments area (SEPA), which is due to go live in 2008. "Banks will have to strategically position themselves as either a true transaction bank, offering the full range of transaction banking products and services, or establish themselves as a distribution bank in which non-core payment functions are carried out in the most cost efficient manner," says Werner Steinmueller, head, Global Transaction Banking, Deutsche Bank.
In the following pages Global Finance identifies the banks and treasury management software providers that have successfully combined geographical reach and market presence with product innovation, investment in technology and local market knowledge to meet the needs of their customers. Winners were selected using a range of subjective and objective criteria such as investment in new and innovative technologies, product depth and breadth, market share and geographical reach.
The provision of treasury and cash management services is not just about size. Award winners are those companies that have leveraged technology in innovative ways to meet customers' evolving needs as well as customizing solutions where needed to take account of local requirements. The Treasury Management Systems & Services awards include 11 categories in recognition of the growing role non-bank providers play in the provision of transparency, connectivity and inter-system communication to help companies better manage their business, reduce costs and increase efficiency.
BEST OVERALL BANK FOR CASH MANAGEMENT
GLOBAL WINNER
Citigroup
Being the leading global cash management provider is becoming an increasingly difficult position to defend as the competitive stakes are raised by banks such as HSBC. Nevertheless, ongoing investment in technology, product innovation and standardization across its core banking and cash management applications continues to pay off for Citigroup.Citigroup's Global Transaction Services business continued to perform strongly last year. Assets under custody increased by 14% year-on-year, and total revenue for the first three quarters was $4.4 billion, an increase of approximately 22% on the previous year. It continues to innovate, with notable advances including its award-winning TreasuryVision platform, used by major global companies such as PepsiCo to gain greater visibility and enhanced risk management across more than 1,000 bank accounts. It has also forged ahead in the burgeoning area of identity management using digital signatures and certificates for interoperability of ID management across banking providers.
REGIONAL WINNERS
NORTH AMERICA
JPMorgan Chase
The North American market is becoming increasingly competitive, with local providers and international banks vying for market share. The top end of the market, however, is saturated, and an increasing number of banks are focusing on bringing greater cash management efficiencies and benefits to mid-tier corporates and banks. JPMorgan Chase's acquisition of Bank One gave it a strong middle-market focus. It processes on average $3.2 trillion in US dollar wire payments daily and is the leading originator of US dollar ACH transactions. It has invested in remote check deposit capture to help companies eliminate the inefficiencies and risks associated with transporting paper checks. Its Receivables Edge solution is highly regarded by analysts, as is its Order-to-Pay solution, which leverages a partnership with Xign on the e-invoicing side to help companies streamline their accounts payable and better manage supplier terms.
WESTERN EUROPE
Deutsche Bank
Deutsche Bank's Global Transaction Banking business is highly regarded in terms of qualitative market indicators. The German bank is the top euro clearing bank globally, and with the banking landscape in Europe predicted to change dramatically as a result of the single euro payments area (SEPA), Deutsche Bank is well positioned to take advantage of the new operational paradigm that will emerge from January 1, 2008. It has invested heavily in its SEPA platform to better service its corporate and financial institution customers via a single offering. It has also streamlined its back-office infrastructure to provide a single global platform for multi-currency payments.
ASIA
HSBC
Asia is becoming increasingly competitive for treasury and cash management services, with both indigenous and global banks competing for market share.Yet when it comes to knowledge of and commitment to the region, HSBC still has the edge. HSBC Global Payments & Cash Management services more than 440,000 customers, including SMEs, mid-tier and large corporations as well as financial institutions. It places considerable emphasis on product innovation and development, rolling out more than 1,800 product enhancements in Asia-Pacific last year in key markets such as India, Korea and Malaysia. It also won a number of regional cash management mandates spanning payments, collections, receivables and liquidity management.
LATIN AMERICA
Citigroup
Citigroup is on the ground in 23 countries and serves more than 6,000 corporate customers. Last year it also expanded into Central America with the pending acquisition of Grupo Financiero Uno and subsidiaries of Grupo Cuscatlan, which has more than 45,000 corporate customers. Citigroup's focus in the region is on providing regional treasury solutions for companies wanting to realize the cost savings and efficiencies of centralized treasury and cash management. Its regional cash management transaction volume increased 85% year-over-year from 2005 to 2006, with regional mandates increasing by 76%.
NORDICS
SEB
When it comes to qualitative indicators, SEB has the edge over its Nordic competitors. It counts 85% of the top-100 companies in the Nordic/Baltic region as its clients and has demonstrated product innovation in the much maligned and difficult area of cash forecasting with its WebForecast module. It is also behind one of the largest e-procurement marketplaces in Europe, Integrated Business Exchange (IBX), which aims to integrate companies' physical and financial supply chains. And when it conies to managing authorizations for banking systems, SEB's Corporate Authorization System provides companies with an electronic authorization and rights administration scheme.
CENTRAL & EASTERN EUROPE
RZB/Raiffeisen International
What matters most to corporate customers and banks doing business in the region is partnering with a bank that has an extensive on-the-ground presence and local market knowledge. RZB/Raifteisen International has this in spades with a dense banking network spanning 16 countries and 15 network banks. Eight of its 15 subsidiary banks rank in the topthree largest banks in the CEE based on assets. In Q3 2006, its corporate customer earnings increased by 51% to euro350 million. This segment contributes 47% of total profit.
AFRICA
Standard Bank
With more than 140 years' experience in the African market and an on-the-ground presence across South Africa and sub-Saharan Africa, the Johannesburg-headquartered Standard Bank is a truly local bank whose operations encompass approximately 18 local markets. In recent years it has been extremely active in the Nigerian market, acquiring a stake in Oceanic Bank, the fifth-largest bank in the country. It is expanding into West Africa and in July last year opened an office in Angola. Standard Bank has a strong transaction banking and FX franchise in the region, referring to itself as the "transactional gateway" to Africa.
MIDDLE EAST
HSBC
This is the second year running that HSBC has claimed Best Treasury & Cash Management provider in the Middle East. It has an enviable footprint in the region, with a presence in 10 countries, serving more than 17,000 customers. It has a 40% shareholding in Saudi British Bank (SAAB), and HSBC Bank Middle East is the single largest shareholder in British Arab Commercial Bank. It has increased staff presence and capabilities in key centers such as Qatar, Oman, Bahrain, Egypt and Kuwait and implemented its host-to-host electronic banking platform HSBC Connect across the region.
PAYMENT & COLLECTIONS
NORTH AMERICA
JPMorgan Chase
As the largest US-dollar ACH clearer, JPMorgan continues to invest in its ACH capabilities, enabling customers to more quickly and efficiently send payments to 13 countries. Its web-based Receivables Edge solution provides companies with a consolidated view of payments and remittance information pertaining to checks, lockbox items (it is integrated with 16 of JPMorgan's North American lockbox sites), ACH, wire transfer and Check 21 remote deposit. Its functionality was expanded to include invoice matching and online repair of exceptions, which facilitates speedier resolution of exception items. The bank continues to innovate in the area of image-based lockbox processing, and it has also opened International Image Deposit Centers in 11 countries.
WESTERN EUROPE
Deutsche Bank
The bank's centralized payments and collections solution, dbworldPAS, is used by companies to streamline their accounts-payable processing, and its web-based platform, db-direct internet, acts as a "virtual shared service center." It has helped major multinationals such as GE consolidate bulk payments using SWIFTNet FileAct. By integrating its host-to-channel db-direct connect with a chemical manufacturer's back-office treasury system, it helped the company to streamline and manage payment flows across 10 European countries.
ASIA-PACIFIC
HSBC
HSBC's integrated payments and receivables management solutions have been well received. It provides in-country, regional and global solutions tailored to customers' individual needs. Examples include streamlining payments from regional shared service centers, check outsourcing, consolidating account information from third-party bank accounts via its receivables management solution, domestic and cross-border payments initiation via its Internet platform, HSBCnet, and automated online real-time bulk payment capabilities.
LATIN AMERICA
Citigroup
Citigroup's payables and receivables solutions are used by more than 3,000 corporate customers. Integrated Payments is a single solution for country-specific and regional payments, which provides shared service center capabilities for local, regional and global payments. Customers can gain greater control and visibility over their payment flows using Citi's Payment Flow Management Services, which provides real-time, intra-day information as payments move through Citi's systems.
NORDICS
SEB
SEB's Online Cash Management module allows customers to keep track of their Nordic SEB account information in real time as well as balances pertaining to other bank accounts. Companies wanting to make payments throughout Europe can leverage its strategic alliance with ING Bank, which gives it coverage across 27 markets, to initiate payments using "one interface and one system." Incoming payments are automatically reconciled with companies' accounts-receivable ledger, and payment instructions for multiple countries can be imported directly from companies' back-office systems.
CENTRAL & EASTERN EUROPE
RZB/Raiffeisen International
RZB/Raiffeisen International caters to customers' domestic and cross-border payment needs via its Unicash offering, which provides a single point of access for managing account information. Based on an alliance between 13 European banks, Unicash enables regional providers to compete with the best-in-class global providers by offering multi-bank transaction initiation on a single platform, consolidated accounts-payable and accounts-receivable information, as well as up-to-date information pertaining to receivables.
AFRICA
Standard Bank
As the "transactional gateway to Africa," Standard Bank caters to the domestic and international cash management needs of its banking and corporate clients. It boasts strong local market knowledge backed up by an on-the-ground presence consisting of 740 branches in South Africa and more than 240 branches in other parts of Africa. Its web-based platform Business Online provides both domestic and cross-border payments capabilities pertaining to FX dealing, funds transfer, account information and investments. Host-to-host connections can be established between the bank's systems and companies' ERP systems for more cost-effective and efficient payments processing.
MIDDLE EAST
HSBC
HSBC Middle East places a strong emphasis on automating payments and collections and integrated receivables management. Companies can leverage a single platform, HSBCnet, for managing local and cross-border payments. The bank has also implemented a Global Payments System, facilitating integrated payments processing across the HSBC Group. HSBC has a wealth of experience in integrating its back-office systems with corporates' ERP systems to allow for higher rates of straight-through processing and automated reconciliation. Its Receivables Management System gathers receivables information from various sources and reconciles it with information held by the customer.
LIQUIDITY MANAGEMENT (INCLUDES CROSS-BORDER POOLING & NETTING)
NORTH AMERICA
Bank of America
In addition to conventional liquidity management solutions such as sweeping and cash concentration, last year Bank of America implemented its Global Treasury Director, which consolidates information pertaining to a company's payments and receipts in a single database so companies can better manage and forecast their cash and liquidity needs. Global Treasury Director also provides analysis and forecasting tools.
WESTERN EUROPE
ABN AMRO
ABN AMRO has implemented a range of innovative cash concentration and pooling solutions for companies globally and in Europe. Increasingly companies that have implemented single currency solutions are seeking multi-currency liquidity management tools that can help them better manage their cash at a regional and global level. Leveraging its experience in implementing automated multi-currency liquidity management solutions-from cross-currency notional pooling through to its multi-bank and multi-currency cash concentration solution, which consolidates cash balances in multiple currencies across more than 330 bank accounts-ABN AMRO provides a powerful and comprehensive set of tools for corporates looking to better manage their regional and global liquidity.
ASIA
Citigroup
The ability to offer innovative liquidity structures in order to circumvent local regulations and tax and currency restrictions is a key requirement in Asia. Citigroup has taken this a step further with its TreasuryVision platform, which has been implemented by major multinationals, including an Asian company. It has also launched what it terms "against-the-sun" sweeps. The usual practice for companies in Asia is to sweep surplus funds "westward" so they can be used by their European or US subsidiaries. "Against-the-sun" automatically sweeps funds from the US to Europe or Asia or from Europe to Asia with same-day value. It also provides a range of sweeping solutions tailored to the specific requirements of the Chinese market.
LATIN AMERICA
Citigroup
Taxation and FX restrictions can make managing liquidity in some Latin American countries tricky. Through its Automated Investments capability, Citigroup provides treasurers with a range of solutions for ensuring surplus cash is managed and invested wisely. CitiDirect also provides single sign-on access to Citibank Online Investments, which allows companies to access a wide range of money market funds for investing surplus cash. Citibank Online Investments will be integrated with the bank's TreasuryVision solution, which aggregates information across multiple bank accounts, asset classes and currencies to provide companies with a coherent view of their global financial flows.
NORDICS
SEB
Enhanced visibility of a company's financial flows aids liquidity management, and SEB's WebForecast module automatically uploads cash forecasting information from all business units and relationship banks on a daily basis so companies can gain greater insight across multiple subsidiaries and more accurately predict demands on liquidity. Its participation in the "e-marketplace," Integrated Business Exchange (IBX), which integrates the physical and financial supply chains, helps companies release working capital "trapped" in the supply chain.
CENTRAL & EASTERN EUROPE
ABN AMRO
ABN AMRO has a strong presence in the CEE region, with branches in the Czech Republic, Poland, Romania, Russia, Turkey, Kazakhstan and Uzbekistan. This year it also plans to commence operations in Slovakia. Clients in the region can leverage its multi-bank multi-currency cash concentration solution, which consolidates account information across more than 330 bank accounts for more efficient liquidity management. It provides zero balancing in local currencies as well as global US dollar sweeping capabilities and cross-currency notional pooling.
AFRICA
Standard Chartered Bank
Standard Chartered provides a range of single and multi-currency domestic and regional liquidity management solutions, including physical sweeping of funds, notional pooling where permitted, interest re-allocation and investments that maximize returns on surplus balances. It has also launched an Automated Multi-bank Sweeping Service, which automatically sweeps excess funds held in other bank accounts to a concentration account(s) where it can be better utilized and managed for optimal returns.
MIDDLE EAST
Citigroup
Citigroup's TreasuryVision platform aggregates financial data (cash, debt, investment and risk) in "real time" and provides front-end analytical capabilities, giving treasurers unprecedented visibility and control over their financial flows. Its automated multi-currency notional pooling solution encompasses 18 currencies, and it provides interest optimization facilities for cash balances that cannot be notionally pooled due to regulatory restrictions.
RISK MANAGEMENT
NORTH AMERICA
JPMorgan Chase
JPMorgan Chase's document and check printing solution provides a searchable archive of invoices and checks, helping companies meet the document control and management requirements enshrined in regulations such as Sarbanes-Oxley. It also helps companies manage the investing of surplus funds more efficiently using rules-based investing.The performance of cash, investment and debt portfolios can also be more easily tracked and monitored using the bank's SymPro Treasury Management Software System. It also places considerable emphasis on helping companies reduce operational risk through more efficient management of exceptions.
WESTERN EUROPE
ABN AMRO
The Dutch bank's automated multi-currency liquidity management solutions are helping major European companies with operations in multiple markets gain greater visibility and control over their liquidity. Using automated cash concentration, idle cash balances can be swept to a concentration account where they can be invested for optimal return. Using such structures, ABN AMRO has helped companies reduce interest rate risk and costs.
ASIA
Citigroup
Citigroup's end-to-end treasury solution aims to provide companies with a consolidated enterprise-wide view of their financial flows.This is best enshrined in Citi'sTreasuryVision platform, which consolidates information from multiple banks, in multiple currencies and across asset classes, including investments, so treasurers can gain greater visibility and control over their cash flows and manage surplus funds more wisely.
LATIN AMERICA
Citigroup
Citigroup provides companies in the region with a wide range of solutions for gaining greater visibility into their cash flows so they can minimize liquidity and interest rate risk. Multiple channels are available for investing surplus cash and for ensuring that optimal interest is earned on those balances.
NORDICS
SEB
By granting companies greater visibility and control over their cash using cash forecasting solutions and enabling companies to benchmark their administrative and financial capabilities against world-leading companies using its Cash Management Value Chain concept, SEB can help companies significantly reduce liquidity risk. Secure and authorized access to banking systems is also important to companies, and SEBs Corporate Authorization System provides companies with an electronic framework for handling all authorizations and powers of attorney.
CENTRAL & EASTERN EUROPE
UniCredit Group (BA-CA)
The acquisition of Bank Austria Creditanstalt's German parent, Bayerische Hypo- undVereinsbank,by Italy's UniCredit Group has strengthened BA-CA's risk management credentials and its CEE network offering. BA-CA is considered to be a market leader in the area of derivatives used by corporates for hedging interest rate, liquidity and currency risk. In the first nine months of 2006, business in this area grew significantly, contributing to an overall 22% increase in net commission income. The bank boasts a wide and innovative product portfolio for helping companies reduce the impact of currency volatility and interest rate risk on their surplus cash balances.
AFRICA
Standard Chartered
Combining its local knowledge based on its more than 130-year history in the region with its global expertise and sophisticated product offerings, Standard Chartered Bank can help customers understand the risk of doing business in a particular market. Whether it is leveraging the expertise in its dealing rooms across 11 African countries to help reduce FX and interest rate exposures, or if it is working closely with major corporate customers to open a bank branch for collecting payments to reduce the risks of staff handling cash, Standard Chartered provides customers with a wide range of risk management solutions that suit the unique needs of each company.
MIDDLE EAST
HSBC
HSBC offers a wide range of instruments from vanilla products to tailor-made structures to help companies in the Middle East better manage their foreign exchange and interest rate risk. It has advised on and executed a wide range of risk management solutions for companies, including interest rate swaps, FX derivatives, and interest rate and currency hedges. It is recognized as a leading bank in EMEA emerging currencies, with its FX turnover in the Middle East increasing by more than 50% from 2004 to 2005. In the same period turnover from sophisticated structured derivatives increased from $6.7 billion to $19.4 billion.
BEST PROVIDER OF MONEY MARKET FUNDS
NORTH AMERICA
JPMorgan Asset Management
The asset management division of JPMorgan provides a wide range of AAA-rated liquidity funds both in the US domestic market and abroad. It has approximately $1 trillion in assets under management and more than 600 institutional liquidity clients. Its funds are denominated in US dollars, euro and sterling.
WESTERN EUROPE
Barclays Global Investors
Barclays Global Investors is one of the world's largest fund managers, with more than
ASIA
JPMorgan Asset Management
The asset management division of JPMorgan is a leading global and regional provider of funds. Its money market funds are highly rated by the ratings agencies. While the Asian market has lagged its US and European competitors, in recent months activity in the money markets there has been boosted particularly with the launch of the first AAA-rated renminbi currency fund by JPMorgan.
LATIN AMERICA
Banco Bradesco
Brazil's largest private bank provides a wide range of financial products tailored toward SMEs and major local and international corporations and financial institutions. Its asset management division, Bradesco Asset Management, has more than $33 billion in assets under management and has branch locations in New York, Grand Cayman and Nassau.
NORDICS
Nordea
Nordea provides a wide range of euro and Nordic currency money market funds, a number of which are highly rated. Its funds business is mainly conducted out of its four main Nordic markets, with Sweden being the biggest funds market.
CENTRAL & EASTERN EUROPE
RZB/Raiffeisen International
RZB/Raiffeisen International provides domestic and international companies with investment solutions encompassing money market, treasury and investment funds. Clients can benefit from its active trading across the region and strong research network.
AFRICA
CIB Bank Egypt
Egypt's most profitable bank is gaining a larger market share of securities and money market transactions in the North African market. At the end of November 2006, total volumes in terms of securities, money market and derivatives transactions stood at 95 billion Egyptian pounds ($17 billion). In September last year, the bank's treasury group increased its share of corporate deposits to 7.8%, and its share of foreign currency corporate deposits is more than 11%, which does not include the money market fund managed by the bank's asset management subsidiary, which has helped companies maximize returns in a difficult climate.
MIDDLE EAST
National Bank of Kuwait
One of the most highly rated banks in the Middle East from a credit standpoint, National Bank of Kuwait provides a Kuwaiti dinar money market fund, which invests in high-grade government treasury and corporate bonds as well as commercial paper. Its global asset management business also provides a foreign currency (dollar and euro) fund, which has achieved annualized and cumulative returns in excess of the industry benchmark.
BEST CLS-LINKED BANK OFFERING
NORTH AMERICA
Citigroup
Citigroup has a 37% market share of the CLS third-party settlement market in North America. Third-party CLS customers can access CLS settlement services via the bank's Internet banking platform, CitiDirect, which can be accessed globally. Last year the bank expanded its third-party client base, working closely with its custody team to provide FX settlement solutions for fund managers. In addition to banking, corporate and custody clients, last year a leading broker/dealer awarded Citigroup a mandate for redvicing settlement risk via CLS.
WESTERN EUROPE
ABN AMRO
The Dutch bank is one of only a handful of banks offering CLS third-party settlement services in all 15 eligible currencies and has a number of third-party customers, including a wide range of European banks. It is also looking to provide third-party settlement services for brokers and custodians as well as implementing new CLS initiatives such as non-deliverable forwards and FX option premiums.
ASIA
HSBC
HSBC has a long history of involvement in the CLS project and is a leading provider of CLS third-party settlement services to banks and corporates. In Asia it is one of only a handful of settlement member banks to provide third-party services in the Korean won and provides settlement services in all 15 CLS settlement currencies.
LATIN AMERICA
Citigroup
In Colombia Citigroup spearheaded efforts to develop a local Foreign Exchange Clearing House, which will help mitigate credit, liquidity, operational and systemic risks. In helping develop the solution, Colombia leveraged Citigroup's third-party CLS platform, PayPlus. The clearinghouse uses payment-versus-payment settlement and multilateral netting of flows to reduce settlement and liquidity risk. Spot FX trades are matched and settled same day between G-8 and non-G-8 currencies. More efficient liquidity management via multilateral netting is expected to increase market liquidity by 80%.
NORDICS
Nordea
Nordea has a number of CLS third-party customers, including both corporates and banks (some of its own regional subsidiaries are third-party customers). It is a leading clearer in Nordic and Baltic currencies and was a shareholder and settlement member of CLS Bank from the beginning. It is a liquidity provider to CLS in three Scandinavian currencies.
MIDDLE EAST
HSBC
Early last year a major Middle Eastern bank awarded HSBC its settlement bank for CLS third-party trades, bringing the total number of Middle Eastern banks using HSBC's CLS third-party settlement services to four.
AFRICA
Standard Bank
With the South African rand accepted as a settlement currency within CLS Bank, Standard Bank is one of the few banks operating in the country to become both a settlement member and shareholder bank of CLS. It will provide settlement services in the rand and has incorporated SWIFTNet Cash Reporting within its CLS offering.
TREASURY MANAGEMENT SYSTEMS & SERVICES
BEST ACCOUNTS-PAYABLE SERVICES
Bottomline Technologies
Bottomline counts 15 of the top 25 global banks among its more than 9,000 global customers. Its payment automation solutions help companies streamline the purchase-to-pay process as well as document management pertaining to payments. Last year was a significant year for the company with the global launch of its Sprinter solution, which streamlines the purchase-to-pay process by providing integrated invoice data capture services, invoice workflow and supplier collaboration. The solution is designed to help companies more easily convert paper invoices into electronic files for automated purchase order matching and invoice approval. Its invoice automation software also forms the basis of HSBC Bank's outsourced Accounts Payable Integration Invoice Management solution, which provides companies with a more cost-effective means of transforming paper invoices into electronic data, which can then be integrated with companies' ERP systems.
BEST ACCOUNTS-RECEIVABLE SERVICES
SunGard AvantGard GETPAID
Effective receivables and collections management requires a number of front-end and back-end skill sets around collections management, dispute resolution, remittance processing, credit facilitation, reporting and analysis, and e-invoicing and bill management. According to PayStream Advisors, SunGard AvantGard GetPaid has the "most comprehensive order-to-cash software product" in the receivables collection management space and the widest customer base, with more than 700 installations covering approximately 18,500 users. Although some of its competitors have more leading-edge pre-invoice transaction reconciliation capabilities, according to PayStream Advisors, SunGard AvantGard GetPaid's partnership with B2B payment clearinghouse Sequas provides invoice-accuracy support in terms of ensuring the customer is presented with an e-invoice that is acceptable for payment.
BEST ELECTRONIC INVOICE PRESENTMENT & PAYMENT SERVICES
Xign
Xign has a specific focus on linking automation of the invoice with the accounts-payable process. Its Payment Services Network (XPSN) automates accounts-payable processes such as delivery of purchase orders and invoice capture and delivers electronic payments with detailed remittance information to suppliers. Its supplier network and the number of invoices processed on its network continue to grow substantially, and it supports companies with in-house invoice imaging capabilities as well as those without an in-house solutions. Xign also boasts strong exception management capabilities, validating invoices before they are processed within companies' ERP systems. Its technology forms the basis of JPMorgan Chase's highly regarded Order-to-Pay solution, and it is highly rated by analysts for its strong R&D, system architecture, invoice capture and management and accounts-payable functionality.
BEST PAYROLL SERVICES
Oracle
With its spate of acquisitions, including PeopleSoft and JD Edwards, Oracle has a well-integrated suite of payroll and employee lifecycle management tools that can help companies streamline payroll processing and more easily keep track of changes in employee data to ensure payroll accuracy. Its payroll solutions also feature built-in compliance management with local government taxation and reporting requirements in countries such as the US, Canada, Australia and New Zealand.
BEST CORPORATE CARDS & EXPENSE SERVICES PROVIDER
MasterCard Worldwide
In an effort to help banks win the "war on cash" and respond to the challenges presented by new regulations such as the single euro payments area (SEPA), last year MasterCard Worldwide announced the launch of its low-value payment solution, which will be piloted by the Royal Bank of Scotland Group. The solution incorporates "contactless" technology and is designed to reduce transaction costs, a key requirement for low-value payments under SEPA. For users of its corporate purchasing cards, information pertaining to card transactions can be integrated with ERP systems, Internet expenses and e-business suites so companies can gain greater control and visibility over card spending and reduce processing costs.
BEST ELECTRONIC COMMERCE PROVIDER
First Data
First Data is an enabler of a wide range of electronic payments including credit, debit, private-label, smart and stored-value cards, wireless payments, RFID and ACH solutions. In 2005 it powered approximately 23 billion domestic merchant transactions in the US and enabled millions of merchants to accept electronic payments. It works with some of the largest payments processing banks, including the likes of JPMorgan Chase, and has made a number of acquisitions in recent months that will bolster its position in card and mobile-based payments in regions such as Central and Eastern Europe, Korea and Germany. Last year it successfully spun off consumer money transfer payments provider Western Union and organized its business along three major lines.
BEST LOSS-PREVENTION/BUSINESS CONTINUITY SERVICES
SunGard Availability Services
From server and storage replication to providing recovery centers where businesses can resume operations in the event of a disaster, SunGard provides a wide range of back-up and disaster-recovery solutions. It can also help companies devise tailor-made solutions for ensuring less disruption to business and IT processes in the event of a flu pandemic by leveraging its strategic planning expertise and incident management planning.
BEST PENSION PLAN ADMINISTRATION SERVICES
CPAS Systems
CPAS Systems has supplied pension administration software to a wide range of clients including single- or multi-employer and third-party administrators since 1985. It also provides solutions for government and public sector clients. Last year it expanded its footprint into the Chinese market with Taikang Life Insurance using its software to administer its group pension business. It provides both web-based and application hosting solutions, and its software supports multiple languages, currencies and jurisdictions.
BEST TECHNOLOGY SERVICES PROVIDER
EDS
EDS was an early proponent of information technology outsourcing, which it began more than 40 years ago. In recent years it has shored up its business process outsourcing capabilities particularly in ofishore markets like India, where its service offering was not as competitive, by acquiring a majority stake in Indian outsourcing firm Mphasis. Despite being dogged by publicity about UK government contracts gone wrong, it continues to win a number of major private and public sector contract signings. For the first nine months of 2006, contract signings increased by 28% to $18.9 billion. Its Best Shore strategy focuses on providing nearshore, offshore and onshore IT services and business processing outsourcing capabilities across its delivery centers in more than 25 countries.
BEST TREASURY WORKSTATION PROVIDER
SunGard AvantGard
Recent acquisitions by treasury and risk management specialist SunGard AvantGard have seen it forge deeper into the financial supply chain, first on the receivables and collections management side with GetPaid. It also bolstered its straight-through processing capabilities with last year's acquisition of Belgiumbased messaging and payment processing software providerTrax, which facilitates connectivity between banks and corporates and transformation capabilities when it comes to financial messaging. According to IDC, SunGard Financial Systems, which incorporates the AvantGard and GetPaid businesses, had a leading 18.45% market share of treasury and risk management applications in 2005. Its subscription-based Software as a Service model helps companies reduce the cost of software licensing, and it is helping companies streamline communications and gain greater visibility across their network of suppliers, buyers and banking partners with its Collaborative Financial Management (CFM) framework, which aggregates data enterprise-wide.
BEST TREASURY MANAGEMENT SOFTWARE
XRT
XRT, which has approximately 7,000 customers, was one of the first treasury software vendors to develop functionality to enable companies to interface with multiple banks. Its software is used across a wide range of industries. According to a 2006 benchmarking study by the Treasury Alliance Group, although companies use a wide range of treasury management solutions, there is "significant concentration" around XRT. According to IDC, XRT will "aggressively promote" its on-demand offerings, which charge users a monthly subscription. With its acquisition of collections management specialist Coveris in 2005, it is expanding its offering to encompass working capital management.
© 2007 Global Finance Media Inc. Provided by ProQuest LLC. All Rights Reserved.
Source: Global Finance
