TOMATO CATCH-UP - Newsletter Issue 205 – November 2017
Your monthly resource on working capital, process optimization and issues relating to the world of corporate treasurers, IT professionals and bankers!
This newsletter is bilingual, English or German according to the source.
Introduction:
Various regulations are about to go in effect. Find out which ones apply to your work. Also, what has a bigger future - PSD2 or Blockchain? Guess and learn about a banking professor’s assessment! Furthermore, a survey discovered the three Hot Issues at the top of treasury agendas. They are…
Enjoy the variety in today’s newsletter.
And remember, you can call on us if you need someone who can look at your situation from an outsider perspective, someone who has experience from various similar situations. We can help you in the decision-making process. Feel free to contact Martin Schneider or call 044 814 2001.
Regula Spottl and the Tomato Team
Topics
- Finanzsymposium Alpbach/Tirol, 04.-06.10.2017
- Blockchain Payment Solution by R3 and 22 Banks Rivals Swift
- Three Hot Issues at the Top of Treasury Agendas
- PSD2 Versus Blockchain: Prof. Geiger nimmt Stellung
- A Reader’s Comment on Cyber Security
- FUW-Security-Event 2017: Aus den Referaten
- Swiss GAAP FER-Vorschriften zur Konzernrechnung
- SEPA Instant Payments in Effect in November 2017
- Country-by-Country Reporting Effective December 1, 2017
- MiFID Goes into Effect on January 3, 2018: Key Changes
Finanzsymposium Alpbach/Tirol, 04.-06.10.2017
Martin Schneider besuchte im Oktober das 31. Alpbacher Finanzsymposium in Tirol. Das Symposium ist eines der grössten Corporate Finance Events in Österreich.
Das Thema 2017: Wie stärkt die Digitalisierung die Kompetenzen des Finanzbereichs. Fotos...
Vorträge und Workshops fanden unter dem Aspekt der Digitalisierung und den folgenden Themen statt:
- Zahlungsverkehrs-Sicherheit und Vermeidung von Missbrauch
- Financing
- Investing
- Risk & Performance Management
- Payment Systems
Martin Schneider vermittelt Ihnen gerne weitere Details und Slides. Email oder Tel: 044 814 2001
Blockchain Payment Solution by R3 and 22 Banks Rivals Swift
Fintech Start-up R3 and 22 banks from around the world have developed a block-chain-based cross-border payment solution that enables the immediate transfer of money and central bank currencies directly to the R3 Corda platform. R3 claims in a statement that it is the “first to develop a shared infrastructure to facilitate the full payments workflow”.
The new R3 solution could make cross-border trade much more efficient by facilitating immediate payments. According to R3, it offers a "direct alternative to common systems." If successful R3 wouldn’t just be an evolution, it would be a revolution in cross-border payments and it could take market share away from Swift. Details in Global Trade Review…
Ziehen Sie deutsch vor?
Fintech Start-up R3 und 22 Banken entwickeln im grenzüberschreitenden Zahlungsverkehr den Prototypen auf Blockchain-Basis. Sabine Paulus und Desirée Backhaus berichten über diese Revolution. Künftige Volumen könnten zu Lasten von Swift gehen. Details im DerTreasurer…
Three Hot Issues at the Top of Treasury Agendas
The report Journeys to Treasury 2017 with BNP Paribas – EACT – PwC – SAP “is a thought initiative which aims to help finance professionals resolve some of the intricate puzzles that constitute the world of treasury, today and tomorrow,” specifies PWC.
This year’s Journey to Treasury report offers insights from a survey of 100 treasurers during the first 2017 EACT Summit, expert panel discussions and one-on-one interviews.
Three main topics emerged from the discussion: Data analytics, Compliance and regulation, and Cybersecurity. Details inkl Link zu Download des Reports or order it from martin.schneider@tomato.ch
In the report, after various aspects of each issue follow “Key Points to Remember”. You can find them on our blog: 3 Hot Issues Top Treasury Agendas
PSD2 Versus Blockchain: Prof. Geiger nimmt Stellung
Hans Geiger, Professor im Department Banking and Finance der Universität Zürich, bewertet PSD2 als eher "unwichtig" und deren Auswirkung als eher "gering". "Die wirklich grosse Bedrohung für Banken ist in Blockchain, nicht der Payment-Direktive" erklärt er. Artikel und Link zum Interview auf iso-20022.ch (4:49 Min).
A Reader’s Comment on Cyber Security:
One of our readers from the U.S. commented on Lessons on Cybersecurity from Equifax Breach in our last newsletter. He wrote: “What cloud companies and many major corporations are currently doing for cyber security is to store historical data encrypted on tapes. Tapes have been perfected where they can store terabytes of data with a shelf life of 30 years and cannot be hacked.”
I ran the comment by Martin Schneider. Here is his response: “What E. writes is correct. Tapes still seem the best solutions as they can’t be hacked. But this applies for archives only. What about data that is needed online for a company?
What’s your experience? We’d love to hear from you!
FUW-Security-Event 2017: Aus den Referaten
Am 5. Oktober fand das Finanz und Wirtschaft Forum Digital Security 2017 statt. Referenten präsentierten Analysen und Erfahrungen zum Thema Cybercrime.
Themen:
- Faktor Mensch: Wie funktioniert die Psyche von Angreifern? Wie kann man damit umgehen?
- Bewusstes Risiko: Risiko erkennen und quantifizieren: Wie sicher ist sicher genug?
- Daten und Informationen: Korrelieren, Muster erkennen und die Absicht der Angreifer verstehen
- Case Studies: Wie gehen andere Unternehmen mit den Gefahren aus dem Netz um?
- Trade-off: User Experience vs. Sicherheit
- Nationen im Fokus: Wie tickt die Welt heute?
Im Artikel Warum der Staat das Problem Cybercrime nicht lösen soll präsentiert die Zeitwoche eine Zusammenfassung der Referate.
Swiss GAAP FER-Vorschriften zur Konzernrechnung
Die Bestimmungen von Swiss GAAP FER 30 beinhalten alle Anforderungen zur Konzernrechnung.
Swiss GAAP FER hat eine Arbeitsgruppe damit beauftragt, die Vorschriften auf Aktualität, Vollständigkeit und Relevanz inkl. die Regeln auf Verständlichkeit und deren Missbrauchspotential zu überprüfen. Entscheidungen werden bis Mitte 2018 erwartet. Projektbeschreibung, aktueller Projektstand, Gründe für die Überarbeitung…
KPMG’s Silvan Loser kommentiert...
SEPA Instant Payments in Effect in November 2017
The SEPA Instant Payments service, officially the SEPA Instant Credit Transfer Scheme, will be available anytime, any day and within a few seconds.
Sepaforcorporates.com offers 11 Things You Need to Know about SEPA Instant Payments based on information from the European Payments Council. Some details:
- SEPA Credit Transfer Instant Payments (SCT Inst) is an optional scheme.
- The SCT Inst scheme will be available across the 34 SEPA Countries
- The initial maximum SCT Inst value will be €15,000 (euro).
- The SEPA payment will be in the account of the recipient within 10 seconds.
Ziehen Sie deutsch vor?
DerTreasurer.de erklärt die Anforderungen für die Banken in der Eurozone und die möglichen Veränderungen im Treasury. Details...
Country-by-Country Reporting Effective December 1, 2017
The Swiss Bundesrat adopted the Ordinance on the International Exchange of Country-by-Country Reports (CbCR) of Multinationals. CbCR filing will be mandatory for the first time in the 2018 tax year and the exchange of CbCRs between Switzerland and its partner countries, which have also signed the MCAA, will be mandatory from 2020 onwards.
KPMG’s Markus Wyss blogged details and filing deadlines for Switzerland.
The Federal Tax Administration has published guidance on how and when to submit FY2016 CbCR.
Ziehen Sie deutsch vor?
Die Eidgenössische Steuerverwaltung “Country-by-Country-Reporting CbCR” erklärt:
- Inhalt
- Betroffene Konzerne über 900 Mio. Umsatz
- Partnerstaaten mit denen die Schweiz ein CbCR-Abkommen abgeschlossen haben
- Termine
- Pflicht zur Einreichung ab 1.1.2018
- Erster regulärer Austausch ab 2020
MiFID Goes into Effect on January 3, 2018: Key Changes
The Markets in Financial Instruments Directive (MiFID) will be effective in early 2018. The EU directive aims to better protect investors.
The GTNews article MiFID II: The 90 Day Countdown Begins explains the main changes and impacts of this far-reaching regulation on global financial institutions. Details…
Ziehen Sie deutsch vor?
Der NZZ Bericht Gesetzeswerk mit unerwünschten Nebenwirkungen erklärt die EU-Richtlinie MiFID II zum Schutz der Anleger und der unerwünschte Nebeneffekt einer möglichen Reduktion in der Markt-Liquidität.
Diese EU-Norm wird in der Schweiz mit dem Finanzdienstleistungsgesetz (Fidleg) umgesetzt.
From the Desk of Regula Spottl, Greensboro, NC, USA
In October, I visited Astana, the capital of Kazakhstan, and was surprised by its architecture and grandeur.
Astana has been the capital since 1997 replacing Almaty, a city near the southern border to China. It was at that time an empty patch of land. When Astana became the capital, the city completely changed its shape. The master plan was designed by Japanese architect Kisho Kurokawa and world renown architects from Japan, Europe and America created unexpected masterpieces.
The Guardian describes Astana as one of the strangest capital cities on Earth, “all shiny metal and glass, implausibly rising up from the Kazakh steppe like some post-modern lego set.”
I couldn’t have been more surprised by the city’s layout and architecture. See for yourself…