This best-practice guide provides a concise overview of the fundamentals of working capital management.

+ EACT Regulatory Webinar: Focus on the latest developments in EU regulation + Making CBAM costs predictable + Episode 53 – Treasury Talk! De-risking in the supply chain + Sustainability reporting: European Commission adopts revised ESRS + Our regional meetings: Discussions continue to gain momentum + New members in our treasury community +

+ Treasury Talk! on the road to success: Over 50 episodes and exciting topics ahead of the summer break + Materials from the VDT symposium “NextGen Trade Finance” now available + European Business Wallet: Digital corporate identity is coming closer for treasurers + Treasury is becoming more diverse + Austrian banks join Wero + EBICS 4.0 in the pipeline +

The VDT would like to thank all participants for a successful event.

Presentation materials for the joint meeting of the Southern Regional Group and the Crypto Working Group on 10 June 2026 at the Bavarian State Parliament

+ VDT publishes guide to comprehensive financial risk management + Recording and materials from the online event “Hedging rather than waiting” now available + Change of leadership in the VDT delegation to the EACT + Treasury Bulletin #4: Supporting members can now submit topic proposals + Lively discussions at our regional meetings + Get involved now: VDT World Cup Prediction 2026! +

The "Guideline on Financial Risk Management" complements "The Guiding Principles of Corporate Treasury".

The “Guide to Comprehensive Financial Risk Management” serves as a department-specific guide that complements the “Minimum Requirements for Corporate Treasury”.

Presentation materials for the VDT online event ‘Protect rather than wait and see: Insurance strategies in modern credit risk management’

+ VDT Symposium 2026: Asset Management Section + Review of the 2026 Finance Symposium + Episode 50 – Treasury Talk!‌ ‌+ EU Benchmarks Regulation: four Asian spot FX benchmarks exempted + Recording and materials from the ‘Deep Dive Financial Covenants’ online event now available online + Take part now: VDT World Cup Prediction 2026! +

+ Treasury Bulletin – Practical expertise from supporting members + Episode 49 – Treasury Talk! VDT Treasury® Mentoring – The mentoring programme for young professionals + Strong VDT presence at the EACT Summit 2026 + Ukraine loan and 20. Sanctions Package + Face-to-face meeting of the Cryptocurrencies and Blockchain Working Group + EU tightens rules for third-country banks from 2027 + Recording and materials from the online event ‘Digital Credit Management as a Foundation’ now available + Take part now: VDT World Cup Prediction 2026! + Talking together – impressions from our regional meetings +

Presentation materials for the VDT online event ‘Deep Dive: Financial Covenants – Standards, Adjustment Mechanisms and Pitfalls’

Presentation materials for the VDT online event ‘Digital Credit Management as a Foundation’

+ Changes to EU regulations on ESG reporting incorporated into the ‘Treasury and ESG’ guide + Episode 48 – Treasury Talk! + Interested parties can take part in the consultation on changes to the VOP scheme + Hand in hand towards success: Financing and risk management take centre stage at the VDT symposium + Eurosystem outlines future plan for payments in Europe + Best Practice 2026: These topics are driving the Equity & Debt division +

The ‘Treasury and ESG’ guide has been updated once again and now reflects the changes to EU regulations on ESG reporting.

+ The “Treasury Bulletin” has been published + Recording and materials from the VDT online event “Focus on Credit Analysis” are now available online +

The third issue of the ‘Treasury Bulletin’ is out.

Presentation materials for the VDT online event ‘Focus on Creditworthiness Analysis: Strategies for Modern Credit Risk Management’

Presentation materials for the VDT symposium ‘Hand in Hand’ on 19 March 2026

+ VDT Symposium | NextGen Trade Finance – A look ahead to the morning session + Recording and materials are available online | Online event: “Virtual Accounts – Three Companies, Three Successful Projects” + What’s on the agenda for the Risk Conference 2026 + VDT online event: “Verification of Payee – Current Status & Outlook – Part 2” + Episode 47 – Treasury Talk! Private equity and private debt as alternative financing options + What’s on treasurers’ minds right now? + Follow-up report on VDT regional groups +

Presentation materials for the VDT online event ‘Verification of Payee – Current Status & Outlook – Part 2’

Presentation materials for the VDT online event ‘Virtual Accounts – Three Companies, Three Successful Projects’

+ VDT symposium “Hand in Hand: How Financing and Risk Management Intertwine” | just a few places left + Amendment to the CSRD published in the Official Journal of the EU + New thresholds for the EMIR reporting requirement agreed + VDT online event: “Verification of Payee – Current Status & Outlook – Part 2” +

Presentation materials for the VDT online event ‘From Workflow to Impact: Process Optimisation in Credit Risk Management’

+ VDT Conference organised by the Cash & Liquidity Division: NextGen Trade Finance + New at the VDT: Online – FX experience-sharing session – a space for your day-to-day questions + Online event ‘Financing Major Projects’: recording and materials are now available online + Impressions from our first regional meetings in 2026 + Call to our members: Get involved at a regional level! + EACT Summit 2026 +

Presentation materials for the VDT online event ‘Financing major projects: making targeted use of funding and consortia’

+ VDT Online Event: Virtual Accounts – three companies, three successful projects + Take part now: Study on the Digital Switch + *LAST CALL* Verification of Payee: Survey still open + Digital Euro: VDT is involved in an ECB working group and the ‘Risk Matters’ workstream + Outtakes +

+ VDT Symposium: “NextGen Trade Finance – International Trade between Regulation, AI and Working Capital” + VDT continues to actively monitor developments regarding the digital euro + Episode 44 – Treasury Talk! How much of treasury can AI handle? A dialogue with ChatGPT + Verification of Payee: Survey still open – Take part now! + VDT Treasury® Summer School 2026 – Your involvement in 2026 – Sponsorship package +

+ Verification of Payee Survey + Episode 42 – Treasury Talk! Five moments. One year. One community. + Do you have an innovative treasury idea? Get in touch! + Your opinion matters – take part in the EACT Treasury Survey 2026 now! + VDT Summerschool Treasury® 2026 – we’re now accepting registrations + New members in our treasury community +

+ VDT online event: ‘Financing major projects: making targeted use of grants and consortia’ + BaFin to focus on management reporting in its 2026 financial statement audits + Episode 41 – Treasury Talk! Payment transactions in transition: What the retail sector really needs – and what banks must deliver + Review of the 21st Structured FINANCE + Materials from the online event “Using grants smartly: From idea to implementation” now available + Follow-up report on the VDT regional meeting in Berlin on 1 December 2025 +

Presentation materials on ‘Making smart use of funding: from idea to implementation’

+ A warm welcome to the 21st edition of Structured FINANCE + Guide on ‘Treasury and ESG’ updated + 25 years of VDT – We’d like to say thank you! + Survey on the FX management process and FX risk management strategy + EU Parliament aims to simplify sustainability reporting requirements and due diligence obligations + Episode 40 – Treasury Talk! Can a treasury department develop its own app – without any IT expertise or external support? + VDT calls for submissions of innovative treasury ideas +

Approved presentation materials on ‘Financing in non-convertible currencies – Focus on India’

+ Survey: In which area of your FX management process + VDT breaks the 2,000 mark + Recording and materials from the ‘Basel IV’ online event now available + Bank Lending Survey: Banks tighten lending conditions + Episode 39 – Treasury Talk! Translating corporate objectives into investment strategies + Study@VDT Treasury Days at HAW Kiel +

Minutes of the 28th General Meeting

Presentation materials for the VDT online event ‘Basel IV: What the changes mean for treasury’

+ The end of the cheque is nigh + Omnibus Package: EU Parliament votes against proceeding directly to trilogue negotiations + EURIBOR fallbacks: Where do we stand at present? + EU Sanctions Package No. 19 against Russia + Dutch pension reform: Structural change with implications for interest rate markets and asset allocation + Japan launches its first regulated yen-pegged stablecoin +

+ VDT online event: ‘Making smart use of funding: from idea to implementation’ + Episode 38 – Treasury Talk! Germany as an AI hub: capital, expertise & regulation – how we can win the race + Treasury Bulletin No. 2 is here! + ‌ ‌ ‌

+ Second issue of the Treasury Bulletin + Treasury Talk! The podcast‌ + ‌ ‌ ‌

The second issue of the ‘Treasury Bulletin’ is out.

+ NEW at the VDT: Exclusive seminar on ‘Group Finance’ + Episode 35 – Treasury Talk! Format conversion to ISO 20022 – Part 3 + The benefits of the research allowance + Annual working meeting of the Professional Profil & Qualification department + VDT Eastern Regional Meeting – the first digital meeting +

+ Best Practice: Credit ratings for companies + Treasury Talk! – the podcast for treasurers + BaFin: Regulatory tolerance for VoP opt-out even for individual transfers in bulk files + Q&A 120a: EU Commission adopts treasurers’ request for automated VoP processing +

A concise overview of the key issues surrounding the topic of credit ratings.

A concise overview of the key issues relating to credit ratings

+ Latest developments regarding Verification of Payee (VoP) + Welcome to the VDT! + TreasuryConnect continues to evolve – discussion forum closes on 1 September +

+ VDT Career Portal | New service – greater reach for your job adverts + VDT supports the VoP and PSD3 + Focus on card fees: the European Commission responds to a letter from the treasurers’ associations +

+ TreasuryConnect is growing – and continuing to evolve + Banks are paying increasing attention to refinancing risks + European Commission simplifies taxonomy reporting + Sustainability reporting: EU Council publishes position on requirements + Recording of the EACT online event “European Regulatory Radar” now available +

+ New regional structure in North Rhine-Westphalia – check your profile now | Your address book – now in TreasuryConnect + Follow-up report on the VDT Cash & Liquidity 2025 symposium + Follow-up reports on the regional meetings in Stuttgart | Cologne-Bonn | Rhine-Main + Episode 33 – Treasury Talk! Inside VDT – Latest news from the association’s specialist committees +

Presentation materials for the VDT online event ‘Working Capital Financing through Securitisation’

Presentation materials for the VDT symposium ‘TreasurKI: Between Hype and Reality’ on 26 June 2025

+ Episode 32 – Treasury Talk! Trump 2.0 and the implications for Europe and Germany + VDT regional meeting in the Ruhr region discusses current treasury issues + Episode 31 – Treasury Talk! Inside VDT – expertise, current issues & volunteering + +

+ Successful meeting of the VDT’s Young Professionals + Recording and materials are available online | VDT online event: ‘Australia and Oceania: Challenges from a Treasury Perspective’ + Global Corporate Treasury Investment Survey 2025 +

This guideline is intended for treasurers and ERP departments preparing for the forthcoming changes resulting from the ISO 20022 migration.

+ Episode 30 – Treasury Talk! Data-driven Treasury – How data is transforming financial management + A look back at the 36th Finance Symposium + ‘Fraud & Cybercrime’ online event: the recording and supporting documents are now available online + Follow-up reports on the regional meetings in Northern Bavaria, the Ruhr region, the South and the Rhine-Main area +

This guide is aimed at treasurers and ERP departments preparing for the upcoming changes resulting from the ISO 20022 migration.

Documents relating to the VDT workshop held as part of the 36th Finance Symposium 2025 in Mannheim.

Presentation materials for the ‘Fraud & Cybercrime’ online event

+ BaFin President: SMEs should not be burdened with excessive reporting requirements on sustainability + On 29 April 2025, another well-attended online get-together of the VDT’s Young Professionals took place +

+ VDT Symposium: “TreasurKI: Between Hype and Reality” + Digitalisation of documentary foreign trade processing + Deadline for submissions to the 2nd issue of the Treasury Bulletin is 23 June +

Recommendations of the VDT Working Group (DokAHA).

Recommendations of the VDT’s DokAHA Working Group

+ EU Parliament approves postponement of the CSRD and CSDDD + How treasury departments are weathering the current storm + DerTreasurer | Issue 1 / 2025: – Mentoring and treasury – how does it work? + The Equity & Debt and Risk departments set their focus areas for 2025 + US customs policy: companies are already sensing nervousness among investors +

+ Episode 27 – Treasury Talk! Dos and don’ts for treasurers when financing M&A deals + Documents from the VDT symposium ‘Treasury in Turbulent Times’ now available online + First issue of the ‘Treasury Bulletin’ published +

Presentation materials for the VDT symposium ‘Treasury in the Storm’ on 27 March 2025

+ The first issue of our association’s own trade journal, “Treasury Bulletin”, has been published + A word from the editors + Episode 25 – Treasury Talk! Uncertain times – economic outlook in the wake of the general election + Episode 26 – Treasury Talk! Format changeover to ISO 20022 + Latest articles on TreasuryConnect – Take a look now! +

The first issue of the ‘Treasury Bulletin’ is out.

*The Guiding Principles of Corporate Treasury* is the English translation of the guide *Minimum Requirements for Corporate Treasury*.

+ Guide to corporate finance published + Is ‘Verification of Payee’ on your agenda? + Follow-up report on the VDT in-person meeting of the Crypto Working Group in February + Cash & Liquidity department meeting in Frankfurt am Main + Follow-up report on the VDT regional meeting in Cologne-Bonn +

The “Guideline on Corporate Financing” complements the “Minimum Requirements for Corporate Treasury” as a department-specific guideline.

The ‘Guide to Corporate Finance’ serves as a department-specific guide that complements the ‘Minimum Requirements for Corporate Treasury’.

+ Sustainability reporting for crypto-assets: VDT working group discusses MiCAR implementation + Episode 24 – Treasury Talk! Risk-bearing capacity – the order of the day? + ESMA publishes survey results on the LEI + Federal Court of Justice ruling: implications for corporate treasury and banks + ESMA aims to significantly simplify securitisation +

+ Understanding artificial intelligence and applying it effectively in day-to-day treasury operations + Recording and materials from the online event ‘Rating vs. no rating’ now available online + Potential implications of the current narrowing of the Bund-swap spread for corporate finance +

+ (Format) Changes to payment transactions + How Treasury is integrated into sustainability reporting + Exploring new markets with government support + TreasuryConnect, our digital networking platform, is now available! + EACT ANNUAL SURVEY 2025 +

The documents focus on the relevance and implications of external ratings for common financing instruments.

+ ESG data catalogue for large enterprises now also available in English and French + Early adopter or fast follower? Insights from 30 years in treasury + Real-time transfers now mandatory from today + Strict requirements for issuers of European green bonds +

+ EMIR 3.0 published in the Official Journal of the European Union + Start using the updated VDT app now – always up to date, always at your fingertips! + Treasury Talk! Treasury in SMEs + Materials for the VDT online event “Digital Transformation in Foreign Trade Settlement – Potential and Opportunities for Treasurers” are now online + Delivery Hero launches new technology-enabled investment strategy+

The DokAHA working group provides information on the potential of digitalisation. Companies also share practical insights from their own experiences.

+ Pension De-Risking – Reference to a VDT publication by the Asset Management section in the dpn e-magazine + Cash & Liquidity section meeting in Frankfurt am Main + Treasury Talk – Treasury recruitment in transition: Strategies to tackle the skills shortage and secrets to success + BaFin will not scrutinise sustainability reporting in great detail straight away + Recording and materials from the ‘Covenants’ online event now available online +

Minutes of the 27th General Meeting

Special Edition: Pension Management, dpn E-Magazine 07/2024, Background: Pension De-Risking

Presentation materials for the VDT online event ‘Covenants in Loan Agreements – An Introduction’

+ + VDT updates its guide on ‘Minimum Requirements for Corporate Treasury’ + This is what treasurers must expect following the US elections and the collapse of the coalition + Materials for the VDT online event ‘Wero – The Future of Payments in Europe?’ are now available online + Episode 20 – Treasury Talk! The traditional commercial bill of exchange +

The presentation materials for the VDT Treasury Day 2024 are available online.

The fourth edition of the guide sets out the requirements for establishing and developing the treasury function.

+ Practical expertise from supporting members + Materials for the VDT online event ‘Treasury Contingency Plan’ are now available online + World Payments Report 2025 + Episode 19 – Treasury Talk! What’s up with Supply Chain Finance +

Following an overview of this future payment system, representatives from EPI, acquirers and retailers will discuss the benefits and challenges of this future form of payment.

Find out how you can prepare for the growing threat of cyber attacks.

+ Documents relating to the VDT conference ‘Treasury 2024’ are now available online + The Bundesbank has updated its Basel III calculations + The economic situation and sustainable transformation pose challenges for treasury departments + News from our website: Discover the new features of MyVDT +

The conference materials for the VDT symposium ‘Treasury 2024’ are available online.

+ The German Banking Association calls for reform of the securitisation market + The quality of sustainability reports still varies considerably + The Risk Division turns its attention to the CSRD and GenAI + Departmental meeting of the Professional Profil & Qualification department +

+ VDT podcasts “Treasury Talk!” now also available on Spotify, Amazon Music and Apple Podcasts +‌ ‌BaFin streamlines procedures for share prospectuses + Episode 17 – Treasury Talk! Eastern Europe: Challenges from a treasury perspective – Part 2 + Mandatory e-invoicing in the B2B sector from 2025 +

The Treasurer magazine, published by the Association of Corporate Treasurers, Issue 3 l 24

+ Ways to reduce counterparty risk in short-term investments + News about the VDT careers portal +

The comparison paper provides an initial overview of some of the products available on the market.

+ Ways to reduce counterparty risk in short-term investments + News about the VDT careers portal +

+ Best Practice Paper: ‘AI in Liquidity Planning – How Do I Get Started?’ Published + START VDT Treasury® Summer School 2024 + European Commission provides guidance on the implementation of the Instant Payments Regulation + EU Benchmark Regulation comes under scrutiny from regulators + Face-to-face meeting of the VDT working group “AI in Liquidity Planning” +

Discover the new best practice paper, ‘AI in Liquidity Planning – How Do I Get Started?’, now

+ VDT calls for submissions of innovative treasury ideas + New VDT working group focuses on the digitalisation of trade finance + Demand for corporate loans is rising again + Treasury caught between emerging market euphoria and election uncertainty +

This collection contains all nine parts of the series of articles on interest rate risk management.

This anthology contains all nine parts of the series of articles on interest rate risk management.

+ The Association of German Treasurers publishes a video defining treasury + Successful strategy meeting in Frankfurt am Main + Sanctions package against Russia published in the Official Journal of the EU + Second in-person meeting of the Cash & Liquidity working group + Episode 15 – Treasury Talk! Treasury and Insurance +

The VDT has supported the associations representing private and public banks and the insurance industry in developing an ESG data catalogue for large companies.

+ New offer for VDT supporting members + VDT article “Digital Reporting in Asset Management” + Hedge accounting under IFRS 9 + Episode 14 – Treasury Talk! + Summary of the VDT Cash & Liquidity Symposium: “The future is here – what now?” + Germans are open to the digital euro +

Liebherr is transforming asset management with automated reporting

Presentations for the VDT conference on 13 June 2024, focusing on artificial intelligence and digitalisation

+ BaFin updates MaRisk for banks + Episode 13 – Treasury Talk! + Through the looking glass: An insight into the Loan Market Association +

The Treasurer magazine, published by the Association of Corporate Treasurers, Issue 2 l 24

+ The Best Practice Paper – Cryptocurrencies in Treasury has been published + SEPA regulations + Follow-up report on the VDT experience-sharing session organised by the Crypto Working Group + Episode 12 – Treasury Talk! +

The presentation materials on the topic of ‘Optimising working capital through inventory financing’ are available online.

This publication examines the challenges involved in implementing cryptocurrencies for treasury and finance departments and answers the most frequently asked questions.

Slides from the VDT experience-sharing session organised by the Crypto Working Group: Practical use cases for digital currencies

+ Part 9 of the ‘Interest Rate Risk Management’ article series has been published + Episode 9 – Treasury Talk! Virtual accounts + Take part in our members’ survey – your opinion matters! + WeAreTreasury & Finance – Career – fully focused on your vacancy +

In the final instalment of its series of articles on interest rate risk management, the Risk section focuses on holistic interest rate risk management.

Providers of instant payment services will be required to check that the beneficiary’s IBAN and name match.

35th Finance Symposium | The second workshop on 18 April 2024 on the topic of “Treasury 4.0: the digital transformation in cash management and payments”

+ VDT publishes guidance on ‘Treasury and ESG’ + Anthology of articles on ‘Insurance in Treasury’ + ESMA consultation on the ‘assessment’ of its proposed amendments to the ‘Credit Rating Agencies Regulation framework’ + SCF programmes remain in high demand +

Summary of Parts 1–6 | The article series “Insurance in Treasury” concludes with the final section, “Communication and Conclusion”.

Summary: Parts 1–6 l With the final part, ‘Communication and Conclusion’, the series of articles on ‘Insurance in Treasury’ comes to an end

+ Seven new workstreams launched within the ECB’s Digital Euro Scheme Rulebook Development Group – application deadline 5 April 2024 + European Commission workshop on the implementation of the Instant Payments Regulation + Timetable for the implementation of instant payments finalised +

The Treasurer magazine, published by the Association of Corporate Treasurers, Issue 1 l 24

Eastern Europe: Challenges from a Treasury Perspective – March 2024

+ Draft EU regulation on combating late payment + Face-to-face meeting of the Equity & Debt division + A journey through time at the Risk division meeting +

Presentation slides from the VDT experience-sharing session ‘by treasurers, for treasurers’ organised by the Crypto Working Group on the ‘Regulated Liability Network’ (RLN).

+ COUNCIL OF THE EUROPEAN UNION ADOPTS REGULATION ON INSTANT PAYMENTS + Provisional political agreement on EMIR 3.0 + VDT Crypto Working Group meets in person + Episode 7 - Treasury Talk! VDT e.V.’s Crypto Working Group+

+ EACT – Survey: Trends and priorities in treasury + Meeting of regional group leaders + LMA publishes revised promissory note loan agreements + Young Professional in Treasury podcast +

++ Deutsche Bundesbank publishes study on the future of cash ++ LkSG relevant to treasury on a case-by-case basis ++ Concise & animated – third information video – digitalisation of the risk management process ++

An overview of the two most important frameworks at present (Use of Proceeds and Sustainability-linked)

The guide builds on the 2021 publication “De-Risking Journey of Pension Risks in Germany”.

++ VDT online event: ‘External ratings – a curse or a blessing?’ ++ EMIR Refit reporting: Submit applications for exemption by the end of January ++ Podcast episode 4 – ‘Exclusive insights into the details of the wholesale CBDC’ ++

Presentations from the Crypto Working Group’s VDT experience-sharing session: Case studies on wallet opening

The Treasurer magazine, published by the Association of Corporate Treasurers, Issue 4 l 23

++ Council reaches agreement on improving EU clearing services ++ BaFin to focus on management reports in its 2024 financial statement audits ++ Podcast Episode 3 – “Brigitta Kocherhans’s life’s work in treasury” ++ Presentation materials are available online ++

Members of the Fraud Prevention Working Group share their experiences of a cyber attack and provide an overview of immediate measures.

An illustrative example of a common, straightforward planning template in Excel

The VDT symposium offered an engaging programme focusing on strategic corporate management.

+++ *NEW* Position paper: Definition of Treasury +++ EACT Summit 2024 +++ In-person meeting of the Cash & Liquidity division in Frankfurt am Main +++ Your job advert in our newsletter +++ New LinkedIn group for young professionals

The Association of German Treasurers (VDT e.V.) has drawn up this position paper to define the concept and function of corporate treasury (hereinafter referred to as ‘treasury’).

In this online event, we will be providing information on banking APIs as an additional option for digital communication between customers and banks.

+++ Part 5 of the VDT article series “Treasury and Insurance” has been published +++ Follow-up report – VDT Treasury Day 2023 +++ AI-based liquidity planning software: What matters? +++ The official app – exclusively for VDT members +++ Are digital currencies the future? +++

The ‘AI in Liquidity Planning’ working group has drawn up selection criteria to assist in choosing software for AI-supported direct liquidity planning. A utility analysis serves as a decision-making aid in this process.

The fifth instalment of the VDT article series ‘Treasury and Insurance’ has been published. The ‘Insurance’ working group within the Risk Management department has compiled a glossary covering this topic – from A for acquisition costs to V for pre-contractual duty of disclosure.

Minutes of the 26th General Meeting

+++ SEPA format migration will not take place until 17 March 2024 +++ The ECB’s digital euro project continues +++ Recording and presentation materials are available online | VDT online event: ‘ISO 20022 is coming – DTAZV and MT940 are being phased out’+++

The Treasurer magazine, published by the Association of Corporate Treasurers, Issue 3 l 23

In this online event on ISO 20022, we will be discussing the new opportunities, as well as the challenges involved in the transition, particularly the phasing out of the DTAZV and MT940 bank statement formats.

+++ Latest news on the VDT careers portal +++ VDT Young Professionals get-together +++ Recording and presentation materials are now online | Online event: ‘ESG derivatives in conjunction with ESG financing’ +++

Documents relating to the VDT roundtable at the 19th Structured FINANCE 2023

This publication deals with the digitalisation of the KYC process.

Sustainability-linked interest rate derivatives are still relatively rarely used. Deutsche Glasfaser is one of the companies that has, however, already gained experience with them. The telecommunications company has hedged the interest rates on its ESG-linked loan, which was finalised in 2022, using an ESG-linked hedge. During the online event, Christian Fangmann, Head of Treasury & Capital Market Communication at Deutsche Glasfaser Group GmbH, will explain why such an interest rate derivative is the ‘icing on the cake’ of sustainable financing and what needs to be taken into account when entering into such an arrangement.

The publication examines the digitalisation of the KYC process.

+++ Recording and presentation materials are available online | Online event: ‘Sustainable Finance: Supplier Financing with ESG Criteria’ +++ Meeting of the Professional Profil & Qualification working group +++ Member survey on the topic “Regulatory Focus: New challenges loom from EMIR” +++ Reporting requirements for companies importing energy-intensive goods into the EU +++

As part of the online event, Rainer Gerstung from Knorr-Bremse will provide an overview of the establishment of an ESG link with two rating agencies within a global supply chain finance programme, and the associated challenges in terms of technical implementation.

Slides from the VDT experience-sharing session ‘by treasurers, for treasurers’ organised by the Cryptocurrency Working Group

+++ Regulatory Focus: New challenges loom from EMIR +++ VDT Treasury Day 2023 (including General Meeting) Conference | 8 November 2023 | Frankfurt +++ Risk section goes digital +++ VDT seeks innovative treasury projects +++ A 360-degree view of the supply chain finance programme

The presentation slides for our online event “Centralisation in Payment Transactions – Part IV: ‘Virtual Accounts’”, held on 7 September 2023, are now available.

+++ Part 4 of the VDT article series “Treasury and Insurance” has been published +++ VDT gives its assessment of the European Commission’s proposed legislation on the digital euro +++ News from the world of crypto: Developments at PayPal, SAP and Visa +++ Concise & animated – an informative video on digitalisation in liquidity risk management

The fourth instalment of the VDT article series ‘Treasury and Insurance’ has been published and examines the topic of ‘Total Cost of Risk (TCOR)’.

+++ ‘Compliance’ Code of Conduct +++ VDT is looking for innovative treasury projects | Deadline for entries: 18 September 2023 +++ VDT Trade Finance Seminar – Early-bird discount available until 24 August 2023 +++

+++ VDT is seeking innovative treasury projects | Deadline for entries: 18 September 2023 +++ BaFin publishes sustainable finance strategy +++ Banks factor climate risks into lending +++ CESOP Directive: No reporting requirement for intra-group payments +++ What the Asset Management section is focusing on in the second half of 2023

Following on from the ‘Road to Capital Market’ symposium, we are providing a comparison of the various financing instruments available on the debt and equity markets.

+++ Basel IV: A ‘credit crunch’ is unlikely – but not out of the question +++ Syn Loan digital: Vetter secures its first syndicated loan via the platform +++ Corporate treasurers call for a cross-bank API standard +++ Follow-up report on the VDT symposium organised by the Asset Management and Cash & Liquidity divisions +++ Second in-person meeting of the Cash & Liquidity division

To complement the recently published article on the latest developments in the field of reference interest rates, we are pleased to be able to highlight relevant considerations for issuers during a VDT online event, using the specific example of a US dollar promissory note loan issued by Brenntag SE. To this end, Moritz Heußler from Brenntag SE will be discussing the choice of a suitable reference interest rate for US dollar promissory notes and corporate financing with experts from Helaba, supplemented by an outlook on future market developments and advice on how companies can position themselves.

+++ EU Commission presents draft legislation on the digital euro and the PSD2 Payment Services Directive +++ De-risking pension risks in Germany: Hedge and Pay – an article by the De-risking Working Group of the Asset Management section +++ Career Portal 2023: High usage in the first six months – popular listings and growing reach +++ New seminars on ‘Accounting for Financial Instruments’ now available to book for 2024

The article by the De-Risking Working Group offers a preview of the second part of the VDT publication ‘De-Risking Journey of Pension Risks in Germany’, which was published in 2021.

+++ Part 3 of the VDT article series “Treasury and Insurance” has been published +++ Join the VDT ePayments working group within the Cash & Liquidity division +++ Recording and presentation materials are available online | Online event “HOCHTIEF’s Path to the Capital Market” +++ Follow-up report on the VDT Young Professionals get-together +++ New VDT Basisqualifizierung Treasury® course available to book in autumn 2024

As part of the online event, Rudolf Bräunig, Head of Group Finance at HOCHTIEF AG, and Stefan Zander, Senior Manager of Corporate Finance at the construction group, will discuss the company’s experiences over the past two decades as it has made its way onto the capital market.

The third instalment of the VDT article series “Treasury and Insurance” has been published. The “Insurance” working group from the Risk Management department examines the topic of “selecting a broker”. When a company wishes to work with a broker on insurance matters, it faces the challenge of finding the right partner. In this article, we set out from a practical perspective what needs to be taken into account during the selection process. Part 4, on the topic of “Total Cost of Risk (TCOR)”, will be published in around two months’ time. We hope you enjoy reading the individual articles.

Presentations for the VDT conference on 15 June 2023, focusing on: interest rates and inflation – AI in liquidity planning – digital currencies in treasury

+++ The move from IBORs to risk-free rates – where are we now? – an article by the Loan Market Association +++ Results of the 2023 EACT survey +++ Part 8 of the series on interest rate risk management has been published

+++ Part 8 of the series of articles on interest rate risk management has been published +++ US dollar LIBOR will be phased out definitively on 30 June 2023 +++ Follow-up report on the VDT experience-sharing event ‘by treasurers, for treasurers’ organised by the Cryptocurrency Working Group on 24 May 2023 +++ VDT@TH Nuremberg and HTW Berlin +++ Results of the 2023 EACT survey +++ EU regulations on payments: EACT and national associations represent corporate interests with the European Commission

Slides from the VDT experience-sharing session ‘by treasurers, for treasurers’ organised by the Cryptocurrency Working Group

Part 8, “ESG-linked interest rate derivatives”, from the series of articles on interest rate risk management, focusing on the current hot topic of ESG.

eBAM: Best-practice guide published - New workstreams have been launched within the ECB’s digital euro scheme Rulebook Development Group – application deadline 22 May 2023 - The ‘Regulation’ working group sends a letter on EMIR to national authorities - Results of the 2023 EACT survey - A look back at the 34th Finance Symposium: networking and inspiring workshops

Workshop handout for the presentation at the 34th Finance Symposium 2023

Workshop handout for the presentation at the 34th Finance Symposium 2023

Part 2 of the VDT article series “Treasury and Insurance” has been published – Follow-up report on the VDT symposium: The journey through the capital markets is anything but straightforward – EACT Summit 2023 – A diverse range of topics following the Equity & Debt sector meeting – EU draft on instant payments: VDT emphasises the need for IBAN name checks in retail payments

As part of the online event, Charbel Chamoun, Head of Investor Relations & Rating at the ZF Group, will explain how a company can use ESG financing to communicate with investors and stakeholders, and what the key success factors and risks involved are.

It makes sense to place insurance management within the treasury function as well. But is this a structure that is actually found in companies?

The presentation materials from our VDT symposium ‘Road to Capital Market’, held on 26 April 2023, are now available to our members in the library.

Dr Mario Reichel, a member of the VDT’s Cash & Liquidity division, explains the background and key topics of the PMPG survey from April 2023 on the use of structured address data elements in ISO 20022 messages, and discusses the challenges of the transition.

VDT committees appoint new EACT representatives – Latest article in DerTreasurer: “VDT plays a part in the digital euro”

As part of the online event, Melanie Asghar from the REWE Group will provide an overview of the various forms of ESG financing and highlight how this area has developed at the REWE Group in recent years.

Insurance in Treasury – ESG – EMIR – Sanctions package against Russia – Commodity risk

The VDT’s Risk Management department has compiled a glossary of terms used in connection with the subject area of commodities. This collection is intended to complement the series of articles published over the past two years. Our aim is to make it easier for you to get started with or explore this topic. The glossary can be downloaded free of charge using the download button on the right.

ECB Digital Euro Scheme Rulebook Development Group – Insurance in Treasury – Cooperation with Jobware

Today’s publication of the first part – the introduction – marks the start of our new series of articles on the topic of ‘Insurance in Treasury’.

Slides from the VDT experience-sharing session ‘by treasurers, for treasurers’ organised by the Cryptocurrency Working Group

The final instalment of the VDT online event series ‘Current Challenges in Asset Management’. The session will examine the ‘consequences of the changing market environment’.

In order to curb VAT fraud in cross-border trade, banks and payment service providers in the European Union will be required to report extensive data on cross-border payments from 2024 onwards.

Audio roundtable discussion: Asset Management – PSD2 – Instant Payments

REPORT DATE: 6 February 2023

EU Commission prepares to backtrack on EMIR

The article examines ‘strategic asset management in day-to-day business operations’. It focuses on approaches to investment outside the DAX-listed companies.

Sascha Schrader and Daniel Tolle from LPKF Laser & Electronics SE provide an insight into how a medium-sized, listed company is tackling the challenges surrounding ESG.

BdB/VDT Exchange – December 2022

Introduction to the Presidium | Executive Board | Service Office

When identifying interest rate risks, the following are generally taken into account: financing, interest-bearing securities, financial investments, loans and short-term cash positions

Part 7, ‘The Impact of Accounting on Hedging Strategy’, from the series of articles on interest rate risk management, examines the extent to which hedging strategy and accounting are aligned.

The Treasurer magazine, published by the Association of Corporate Treasurers, Issue 4 l 22

AGENDA: 1. Digital Assets – Overview & Solutions | 2. Digitalisation and Outsourcing – Keynote speech | 3. Panel discussion

In the first section, ‘In a nutshell’, the Equity & Debt section examines, amongst other things, how such a programme works, its prerequisites and the challenges it presents. In the second section, ‘Welcome to the jungle’, you’ll be given an overview of the large number of fintech companies offering their services in this sector as an alternative and/or complement to traditional banks.

1. Introductory presentation by Steffen Hönig, Director of Technology Consulting, Wealth & Asset Management, Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft 2. Keynote address by Patrick Karb, Managing Director, Hauck & Aufhäuser Innovative Capital Kapitalverwaltungsgesellschaft 3. Panel discussion with Steffen Hönig, Patrick Karb and Gregor Stephan (moderator)

Minutes of the 25th General Meeting

Prof. Volker Wieland, Ph.D., in his keynote address to mark the 25th anniversary of the German association of Corporate Treasurer (VDT) – From the Covid-19 crisis to high inflation – War, the energy crisis and recession – Monetary, exchange rate and fiscal policy under pressure

Documents for the 25th Annual General Meeting 2022

Interview and review of the VDT publication in the dpn e-magazine, June 2022

Onboarding Treasuries: Sharing experiences regarding crypto exchanges

Journeys to Treasury Report 2022–23

Slides from the VDT experience-sharing session ‘by treasurers, for treasurers’ organised by the Cryptocurrency Working Group

Given the large number of people, departments, systems and companies involved, guarantee management is a perfect use case for a system-supported process.

Trends in payments – Fraud – Opportunities for digitalisation in treasury

VDT Cash & Liquidity Division – Digitalisation of EBAM and guarantee processes – API interface – Threats from cybercrime and dealing with sanctions lists – e-commerce & treasury: ready for the future?

The War in Ukraine: What are the current challenges facing treasury departments?

Liquidity Planning & Management Part 3_pdf

VDT Risk Department kicks off its anniversary year with an in-person event – Follow-up on the VDT Digital Innovation Board meeting of 10 March 2022 – VDT experience-sharing session ‘by treasurers, for treasurers’ on the war in Ukraine – Northern Regional Meeting, 15 March 2022, 4.30 pm, Hamburg – Article series ‘Interest Rate Risk Management’ – Interest Rate Risk and Planning, Part 6

The (R)evolution of FX Trading – Experience Workshops – Holistic Financial Risk Management

Part 6, ‘Interest Rate Risk and Planning’, of the series on interest rate risk management includes, amongst other things, the following question: What impact does interest rate risk have on planning?

Fraudsters are exploiting the current Russia–Ukraine conflict – Are you aware of our regional meetings? – “Young Professional Anniversary Campaign” – “Interest Rate Risk Management” article series – Interest rate risk and planning, part 6

Liquidity Planning & Management, Part 2:

Sanctions against Russia – implications for businesses in the EU

Liquidity Planning & Management: Part 1

Country Series – Mexico

Online event: ‘Request to Pay – a new application in payment transactions and its potential’

Asset Management Challenges in Corporate Treasury

Commodity Risk Management – Price Volatility and Risk Strategy within the Organisation – COVID-19 and its Impact on Treasury – 25 Years of German association of Corporate Treasurer – VDT Article Series ‘Interest Rate Risk Management’ – Part 5 – VIDEO CLIP: Digitalisation in Liquidity Risk Management

Drafting contracts for ESG financing: Well-intentioned is the opposite of good

Financial Reporting with a Focus on Sustainability and the Accounting Treatment of Sustainability Products_pdf

Results of the S/4HANA survey

VDT Treasury Day 2021 28 October 2021, Frankfurt am Main

Victims of a cybercrime incident – VDT Online Event – Results of the S/4HANA survey

Outlook: The consequences of the Covid-19 pandemic – The formation of an FX expert panel – Article series, Part 5: Interest rate risk management

The pay-per-use tractor: usage-based billing using blockchain technology in practice

Guidance on drawing up an intra-group cash pool agreement – Outlook

Stay up to date… Amidst all the dynamic developments around us, it is often a challenge for treasurers to distinguish the significant changes from the insignificant ones.

Centralisation in Payment Transactions, Part II

Stay up to date… With all the rapid developments taking place around us, it is often a challenge for treasurers to distinguish between significant and insignificant changes.

Trade credit insurance

IBAN discrimination – EBICS Version 3.0 – Format changes in 2021 – VDT and CGI-MP personnel details

Pension risks have a long-term impact on companies’ cash flows and balance sheets.

“The Banking Market and Strategy – How is the European banking market developing from the perspective of borrowers?”

E-BAM: Current Situation, Practical Examples and Outlook

The VDT Cryptocurrency Working Group has compiled a selection of terms and topics relating to cryptocurrency and digital currency in an alphabetically organised collection of definitions and topics, which is intended to serve as a foundation for your journey into the ‘world of crypto’.

There is an update to the successful VDT publication “Know Your Customer – Best Practices in KYC.”

‘Know Your Customer’ information pack for your personal use

There is an update to the successful VDT publication “Know Your Customer – Best Practices in KYC”.

Factors that contribute to the success of this dynamic risk management approach and the benefits it offers.

Centralisation in Payment Transactions: Part II – ‘IT and System Solutions’

eSignatures – the basics, a live demo and a Q&A session

Group Privilege – Payment Services Supervision Act

Risk-free Reference Rates – Update June 2021

Coronavirus and its impact on treasury

There are few processes in which the added value of a technical improvement is as immediately apparent as with electronic signatures.

EURIBOR fallbacks – ECB publishes recommendations

Fraud Prevention

Research report: ‘The future integration of bank-based corporate finance in Germany with the international capital markets’

Results of the trade credit insurance survey

It is still common practice today for information relating to bank accounts (IBAN, bank details, authorised signatories, etc.) to be stored in a wide variety of systems and/or in Excel.

Online discussion forum

Digital currencies: Changes in payment systems – a discussion among experts

Liquidity planning serves as the basis for managing liquidity, currency and interest rate risk, addressing the following questions: Which companies within the Group generate or consume liquidity?

FCA announcement

On 15 April 2021, the ECB will begin publishing average rates for short-term euro interest rates (€STR)

Middle East Country Series

EU Strategy on Retail Payments

Using a specific example, this section examines the time-dependent interest rate risk involved in issuing a bond from a treasurer’s perspective, from the planning of the refinancing through to the final pricing.

Changes to reference interest rates – from reform to treasurers’ practice

ESMA publication

This article presents the most common Key Performance Indicators (KPIs) and examines the advantages and disadvantages of individual metrics.

Coronavirus and its impact on treasury V – Interview on the working paper “Investigating the cross-currency basis in EUR/USD and EUR/GBP”

The promissory note market in the age of Covid-19

The Internet as a Crime Scene – Human Vulnerability and How Can I Protect Myself!

Consultations (EURIBOR)

Cryptocurrencies and Corporate Treasury – an initial overview

Sustainability in finance – an overview of the relevant EU regulatory initiatives for treasurers

A working group within the Risk Management division examined alternative approaches to the forward management of foreign exchange risk, particularly for emerging market (EM) currencies, and is pleased to present the results in the publication “FX Overlay Management”.

A working group within the Risk Management department has examined alternative approaches to the proactive management of currency risk, particularly for emerging market (EM) currencies, and is pleased to present the findings to you in the publication “FX Overlay Management”.

Reference rate reform – what has happened so far in 2020?

Anecdotes from the world of treasury I EU survey I EBA survey

Online payment methods

Coronavirus and its impact on Treasury IV

The Interest Rate Risk Management Working Group has produced the first part of the series of articles of the same name, which serves as an introduction to the topic.

Payment Factory – digital signature – e-commerce – eBam – DAC 6

Between 20 May 2020 and 23 June 2020, the German association of Corporate Treasurer (VDT) surveyed its corporate members on liquidity and financing management during the coronavirus pandemic.

Cash and WCM – DAC6 – PEPPOL – Transparency Register – VDT Innovation Award

Instant Payments

The impact of the coronavirus crisis on market liquidity and commercial paper – an assessment by the ESR

Crisis – What now? The revival of working capital management – Navigating the crisis and beyond

European Commission consultation

COVID-19 and its impact on treasury III – Risk matrix – Benchmark regulation review – EACT

Home Office – Treasury Speedboat Project – Consultations: Retail Payments, Digital Finance

DAC 6 – Implementation of the requirements of Amending Directive 2018/822/EU (DAC 6)

Country series

Coronavirus: Impact on treasury – Fraudsters are exploiting the crisis

(Basel III implementation 30 March 2020) Following last Friday’s statement by the governors of the central banks that make up the Basel Committee on Banking Supervision (BCBS) to delay the full implementation of the latest Basel III standard by one year

Coronavirus and its impact on treasury II

COVID-19 Daily Update on European Political Responses 26 June 2020

Coronavirus and its impact on treasury

Group financing and transfer pricing – Debt – Self-assessment – Intercompany financing concept – Principles of transfer pricing – ALDI SÜD Group – Cash pooling

Transfer prices

Innovation Award – Tax Planning – ZAG

KYC – VDT Best Practice Paper – ISO – CoP

The document ‘VDT Best Practices Paper: Internal Allocation of Treasury Services’ is intended to provide an overview of the need for transfer pricing allocation and also addresses legal and tax aspects, which are intended to serve as guidance, whilst noting that a case-by-case review should be carried out within your own organisation.

Commercial paper – an interesting financing instrument

FX Optimal hedging without relying on gut instinct

The successor to EONIA – the €STR

Digital Treasury – Technologies and Speed Boats - Overview: The FinTech World - The potential of Artificial Intelligence - Start-up Pitches

What does EMIR REFIT mean for us treasurers?

Impact of the transition from EONIA to €STR

Secure online identity – ID cards instead of identity theft

New definition of benchmark interest rates – IASB letter – EONIA to €STR

Changes to the German ZV – SCT payment reference – KYC, FinCEN – PEPPOL

Raw materials – and consequently raw material prices – are a key factor in the production process for most companies, as well as a decisive factor in their profitability.

The field of financial crime compliance is defined in a complex and multifaceted way.

The VDT publication “TMS Checklist” from 2015 outlined the process for selecting a suitable system solution in the treasury sector.

“From Pen Pals to Online Dating”: Account Management in a Time of Change, 9 April 2019, Düsseldorf

From Pen Pals to Online Dating I Account Management in Transition II

Digital promissory note platforms – A snapshot of SSD platforms

BREXIT@Risk²

BREXIT@Risk

EMIR backloading is no cause for major concern

In view of the growing holdings of financial assets within member companies and the increasing extent to which pension liabilities are being funded, combined with the current period of low interest rates, companies may face loss and liquidity risks of a nature and, in particular, on a scale not seen before.

Bank loans: risks and side effects...

Changes to the German payments system – FBAR (Foreign Bank Account Reporting)

Robotics I Artificial Intelligence I Big Data Analytics I Blockchain I

BaFin confirms legal interpretation regarding the scope of the group privilege exemption

Legal opinion on the scope of the exemption from the VDT’s group privilege granted to BaFin – July 2018

The requirement for a licence under the ZAG

ECM and DCM Reviews – Equity & Debt Section – Dates for 2019

Innovations in cash management – FinTechs – Treasury Tech – Cash on Delivery – Instant payments – Digitalisation and PSD II

Key Facts – By Treasurers, for Treasurers – VDT Departments and Organisation – KYC – FRAUD – Group Privileges vs. Payment Factory

Leasing (and related issues) in Germany – Changes under IFRS 16 – Operating leases – Debt vs. EBITDA

Digitalisation@Risk – New Opportunities in Risk Management

Asset Management – Challenges & Management in Corporate Treasury

Corporate treasurers are involved in most business processes in various ways, ideally from start to finish.

Workshops – Dates

BAFIN and VDT discuss the ZAG guidance note

Equity & Debt – Green Bonds | SME Bonds | ECM | DCM

MiFID II Directive

Financial risk management is one of the core functions of corporate treasury. It involves identifying, managing and monitoring all financial risks.

Equity & Debt – Market Analysis | ECM | Corporate Bonds | Promissory Note Loans | Securitisation Framework | Alternative to a Syndicated Loan Agreement

M&A Process | Mergers & Acquisitions | Practical Example | Refinancing | Carve-out | Role of Treasury | Dos and Don’ts | Legal Considerations

Pension liabilities I Presentation in the balance sheet I Active management I Management of fixed assets I Organisation of pension management

BAFIN – KYC – Audit-proof account statements – Cash Management article series

Operational Risk Compliance | Fraud Prevention | Financial Crime | Anti-Financial Crime Organisation | Minimising Operational Risk

Changes to payment transactions – Instant Payment

Money laundering – KYC – IBAN discrimination – Instant payments – Fraud update

Tatort Treasury – Money Transfer Regulation – Transparency Register

Risk Management – Guide: “Minimum Requirements for Corporate Treasury I Turkey I Commodities I Myths about Hedging I Spotlight on Regulation I EMIR I FTT I FinfraG I IMF I ECB”

IBAN – ECB – EACT

Cash liquidity – Fraud – GP2 – KYC – Negative interest rates

Cash liquidity – Fraud – GP2 – KYC – Negative interest rates

Every project, including the implementation of a treasury management system (TMS), requires resources and is generally only worthwhile if it brings about an improvement for the company.

Finance

Finance

This booklet is intended to help you familiarise yourself with the complex changes in the markets for derivative hedging following the financial crisis.

Political response to the impact of the financial market crisis

This guide is intended to provide a comprehensive overview of the subject of bank management and to serve as a guide for treasurers.

This guide provides guidance on generally accepted minimum requirements and best practice in corporate treasury.

Our guide is intended to help small and medium-sized enterprises and entrepreneurs in particular to better understand credit ratings and the associated processes, and to provide answers to any questions they may have on this subject.

This guide is intended to serve as a guide and toolkit for drawing up a financial policy within the group.

The issue of ‘credit ratings’ is of great importance to companies.

ESG in lending – how do banks view this issue?

Centralisation in international payments – survey results