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Treasury Enabel - EN
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Fin. products
Fraud
Treasury @Enabel
About
An introduction to treasury management
Treasury objectives
Ensure timely funding of portfolios, interventions and representations in order to assure continuity of activities;
Ensure quality and completeness of treasury and banking services at HQ and in partner countries through advice, assistance and support as well as proactive bank relationship management (a.o. public procurement);
Implement, maintain and execute smooth, effective and efficient treasury and (mobile/e-banking) payment processes while reducing transaction and payment processing costs to the extent feasible and practical;
Enhance control and improve information over central and de-central cash management practices to ensure optimal management of cash and sharing of best practices;
Maintain the central notional cash pool at Deutsche Bank in order to optimise the use of funds and guarantee compliance with legal quarterly consolidation requirements;
Continuously improve the cash management and bank account structure, procedures, guidelines and tools taking into account Enabel’s flexibility requirements while verifying their sustainability in the long run
Cash flow
Ensure funding &
smooth payment process
Cash call process
Cash Call
Management of quarterly funding for representations, portfolios and interventions
Procedure and CC templates available on GOFAST
(https://documents.enabel.be/node/260353?&path=/Sites/_Groups/_WORKGROUPS/_Treasury/Cash-Call#ogdocuments)
cashcall@enabel.be
CC payment timeline
Timing CC payment
Cash call requests are paid once every week.
However, only requests which are complete/correct and received by cashcall@enabel.be before Tuesday 12pm (noon) are paid during that same week: usually on Thursday or else on Friday (depending on the availability of HQ signatories)
Bank account structure
Paycall process
Co-signature of high-value payments in Deutsche Bank Cash Manager by HQ, for payments/transfers above the field signatory limits:
Paycall
paycall@enabel.be
DB online banking
Deutsche Bank e- banking
Deutsche Bank e-platform accessible through https://autobahn.db.com/ (username and digipass needed both for system access & authorisation of payments!)
Online banking tool = 'Cash Manager'
Cash Manager training available:
- French: video on Enabel sharepoint (contact the Treasurer to receive the link)
- English: Guides in Autobahn
(app 'GTB Support FAQ & Guides')
Cash Manager
Deutsche Bank Cash Manager application
Payment instructions
Create (single/batch) payments via either:
- SEPA payment menu (obligatory for payments within SEPA zone => valid IBAN required), or
- International payment menu (for all other payments, please use "All Charges to My A/C")
Authorise (single/batch) payments via either:
- the 'Dashboard' by selecting the appropriate category (pending 1st/2nd authorisation), or
- In the 'Review & Authorise' menu on the left side of the screen
Make sure to verify any transaction listed as 'Rejected' as this implies a payment instruction could not be carried out and will have to be entered again
The menu 'Sent to Bank' contains all payment instructions sent to Deutsche Bank in the previous 2 months
Account information
Account statements can be retrieved up to 1 year back in the 'Account Information' menu by selecting the account concerned, the period and then clicking on the Excel or PDF icon on the date of the needed statement (see red arrows above).
A transaction detail report can by obtained by clicking on the Excel or PDF icon next to the transaction
The search for a particular transaction can be facilitated by:
- selecting the account and period (as explained above, see red arrows),
- using the different filters in the column 'Transaction Details', and/or
- choosing the amount range in the column 'Transaction Amount'
(remember to put negative figures when looking for a payment which has been debited from the account!)
Reports (download/e-mail)
It is possible to schedule various reports, in a number of different formats, being generated automatically on a chosen time interval (daily, monthly, etc).
Subsequently these can be downloaded in the dashboard (most recent reports) or in the 'Completed Reports' menu.
It is also possible to receive them directly by e-mail once the set-up below is done:
Open the Preferences menu in the top right corner of Cash Manager and select the 'Events & Alerts Parameters' tab
- Configure your 'PDF PIN', which is the password you will need to open the encrypted PDF-files that are sent by e-mail
- Enter your 'Preferred Email ID', which is your Enabel email address
Save your updated settings
Reports (download/e-mail) (2)
Fill out the 'Data Parameters' and 'Report Schedule' according to your need and click 'Save'.
The report will be generated on the indicated date and time
Error messages
The duration of a DB profile is set according to the info in GO4HR. However, there is no automatic link between both systems. If an employment contract was extended without informing the Treasurer, this message appears, because then the user profile has expired
The standard settings prevent users from authorising transactions which they have entered themselves, otherwise 'error code 45 - Authorisation failed' is displayed.
FYI, these settings can be adjusted by the Treasurer if the specific circumstances of the intervention require so (e.g. few staff)
Each user's profile is configured in accordance with the mandate he/she received. When a user attempts to authorise a transaction exceeding his mandate limit or when the second signature is put by a user who may not sign jointly with the first authoriser, 'error code 31 - Authorisation failed' is displayed.
Figures in DB Cash Manager need to be written without 1000 separator and using a dot (".") as decimal separator (542542.54 EUR)
Guides
Deutsche Bank 'GTB Support FAQ & Guides' application
Various videos and user guides are available in the GTB Support FAQ & Guides application which can be accessed by first logging in into Autobahn and then opening the app in the overview
Support services
Support
- The Treasurer assists with the resolution of issues with payments done through Deutsche Bank (e.g. he has access to the Cash Inquiry app, allowing to search SWIFT messages)
- The Treasurer is the only person who can contact DB in view of cancelling or amending approved payment instructions
- The Treasurer provides guidance and advice with treasury-related issues or questions on local bank relationships
Cash position
Ensure optimal fund management
Cash
pooling
Notional Pool @ Deutsche Bank,
Optimisation of liquidity management
Notional Cash Pooling allows Enabel HQ to pool the credit balances of all its HQ, REP and intervention accounts virtually, and to offset it against one HQ debit account. This approach assists with optimising cash flow utilisation without having to transfer funds physically, while it also facilitates the obligatory quarterly consolidation of Enabel's cash holdings with the Belgian state assets.
While this pooling system is not visible for ordinary DB users, it is useful te be aware about it because of the impact of the cash pooling system on the availability of cash: e.g. it implies that the Treasurer needs to be informed in advance if an intervention needs to make a payment or transfer for a high amount (>200.000 EUR), so that he can ensure sufficient cash is available in the pool.
Consolidation
Quarterly consolidation of cash holdings
Due to legal obligations at HQ level following a Law of 2013 on financial consolidation of state assets, Enabel has to transfer its cash holdings to a specific bank account at the end of each quarter.
This means that the Enabel Treasurer is required to transfer the consolidated balance of all Deutsche Bank accounts to this consolidation account.
Attention, this has no impact on the balance of RR / intervention accounts held at Deutsche Bank and does not require any action from other staff apart from refraining from transferring funds or making payments in DB Cash Manager at the last day of the quarter.
Investments
Investment of available funds
According to Art. 16. § 1 of the Law of 23 November 2017 - amending the name of the Belgian Technical Cooperation and establishing the tasks and operation of Enabel, Belgian Development Agency - Enabel decides freely, within the limits of its corporate purpose, on the investment of the available funds, taking into account the measures regarding financial consolidation of state assets as referred to in the law of 21 December 2013 on various fiscal and financial provisions.
Specific financial products
The Treasurer is available to provide guidance on and assistance with the design and contracting of specific financial products in order to satisfy particular requests or mitigate certain risks.
Examples of such types of financial products:
- bank guarantees
- documentary credits (letters of credit, L/C)
- Hedging and foreign exchange related products
Banks
Bank relationships
Bank relation mgmt
Bank relationship management
Bank services are provided through a contractual relationship which implies contract awarding through Public Procurement (Belgian law - Negotiated Procedure without Prior Publication)
A standardised tender document is available with the Treasurer at HQ. However, it needs to be tailored to the country-specific circumstances (e.g. exchange rate provisions, limits on foreign currency use,...)
The standard template caters for an annual contract, extendable up to seven times after a satisfactory annual performance review
Included in the template is a detailed questionnaire which aims to document in detail all proposed bank services and charges, which are to be verified during the negotiation phase.
Team
Rebecca Scheps
Coordinator Controlling
Meet the team
Johan Pans
Financial Officer - follow-up desk treasury
Sophie Steichen
Management Assistant Finance (local banks)
Pascale Geerts
Administrative Assistant Controlling (CC & DB)
Contact
Contact Info
treasury@enabel.be
GOFAST => Spaces => Groups => WORKGROUPS => Treasury (+ dedicated country sub-spaces)
Fraud - awareness raising
The increase in cybercriminality is also noticeable in the area of treasury. The following technique has recently been observed more frequently:
- Hackers, who have broken into the IT system of a supplier of Enabel, are able to monitor the email exchanges with Enabel staff
- When these hackers notice an exchange regarding an invoice to be paid, they intervene and literally "take over" the e-mail communication:
- with sophisticated techniques, they are able to divert all emails sent by Enabel or by the supplier to themselves, hence preventing that those messages reach their intended destination
- subsequently, they send falsified email messages which at first sight seem to be sent by the real supplier, usually instructing Enabel to pay on a different bank account
The probability of this occurence increases with the urgency of the payment file: the hackers observe in the email exchanges that the payment needs to be done quickly and take advantage of this opportunity as they (sometimes rightfully) suspect that payment checks will be less rigorous
Fraud - example (1)
A real-life case sent to Enabel HQ is displayed below:
In the response confirming the new payment details, following points of attention can be observed:
- At first sight, the message looks authentic, even the email signature is an exact copy of the original
- While this already was an urgent payment for Enabel, the hacker increases the pressure for quick payment
- The email address is different, though similar, to the supplier's genuine email: m.menegotto@almadius.com
Fraud - example (2)
Another real-life fraud attempt presented to Enabel is displayed at the side:
While at first sight this 'Letter of Authorization' seems to be printed on the supplier's stationary, detailed analysis revealed that the text has been pasted over an existing letter of the supplier.
It can be noted that a trace left by the printer on the original letter (the yellow line circled in red at the top and the bottom of the page) is interrupted where a text box with the amended payment details has been inserted.
Fraud - tips & tricks
The risk of falling prey to a succesful fraud case can be mitigated by applying a set of preventive measures:
- ALWAYS follow the standard operating procedures & guidelines with regards to payments management, especially for urgent cases (validation of invoice, verification of payment instructions, payment on account stipulated in bid, etc.)
- Stop and review before finalizing a payment. Double check to make sure nothing seems amiss before releasing a wire. Unusual methods, urgent or confidential email labels are often used to discourage verifying rigorously the legitimacy of a payment request.
- In case of a supplier's request to change the payment instructions, make sure to:
- verify the genuinity of the email address and/or any documents sent by mail
- double-check the authenticity of the request using an alternate method. If the request came in via email, make a phone call to a known number to authenticate its legitimacy
- request an official signed & stamped document on stationary of the beneficiary attesting the new payment instructions (hard copy)
- Be alert to unusual behaviour in the e-mail exchanges, e.g. use of another language compared to previous messages, difference in the tone of the e-mail or the vocabulary used, etc.
Fraud - reporting obligations
Enabel's "Policy regarding Fraud and Corruption Risk Management" describes the obligations and procedure regarding the reporting of suspected fraud cases, especially in its chapter 6 "Notification of suspected fraud or of a fraud incident".
This anti-fraud policy should be known by every staff member and forms part of the obligatory E-learning module Integrity which can be found on http://learning.enabel.be
Nevertheless, in addition to the reporting obligations stipulated in the anti-fraud policy, it is of utmost importance to also immediately inform the Treasurer and Coordinator Controlling on any suspected fraudulent payments so that the necessary actions can be taken in view of blocking such payments or recovering funds which already have been transferred to fraudulent accounts.
FAQ
BIC?
SWIFT?
What are BIC and SWIFT ?
SWIFT = Society for Worldwide Interbank Financial Telecommunication
= a network that enables financial institutions worldwide to send and receive information about
financial transactions in a secure, standardised and reliable environment
BIC = Bank Identifier Code
= 8 or 11-digit code used to identify a bank on the SWIFT network
MT103 = a SWIFT payment message type/format used for cash transfer
specifically for cross border/international wire transfer
In case a beneficiary claims non-receipt of a payment done through Deutsche Bank, the Treasurer can provide you with a copy of the SWIFT MT103 message to facilitate investigation by the bank of the beneficiary
IBAN?
What is an IBAN?
IBAN = International Bank Account Number
= an internationally agreed system of identifying bank accounts across national borders to facilitate the
communication and processing of cross border transactions with a reduced risk of transcription errors
For payments within SEPA (Single Euro Payments Area) the IBAN is sufficient to identify an account for home and foreign financial transactions, hence it is no longer required to supply the BIC for the beneficiary's bank.
=> The validity of SEPA IBAN can be checked on https://www.ibancalculator.com/, which also confirms the beneficiary bank (the bank information can be retrieved automatically from the IBAN)
For international payments, it may be helpful to use the IBAN (instead of the Basic Bank Account Number) in combination with the BIC.
When making payments in foreign currency through Deutsche Bank Cash Manager e-banking application, please consult the FX4Cash requirements for the currency of your payment, see next slide (e.g. special formatting for payments in XOF displayed)
FX4Cash Currency Guide
On the website http://www.cbs.db.com/new/fx4cash/currencyguide the specific FX4Cash requirements for each foreign currency can be retrieved. The website can be accessed with following credentials:
- User: FX4Cash
- Password: payments
Further details on each currency can be found in the menu "Detailed currency guide"
e-banking DB quick wins?
DB online payments efficiency gains
Clone previous payment instructions
Use of templates for recurrent payment instructions
When making a payment which is expected to become recurrent, please select 'Save as Template' and fill out an appropriate 'Template Code' (+ save) before clicking 'Ready for Authorisation'
In case you need to make a payment similar to one done recently, you can 'clone' that previous payment instruction. Only the amount needs to be filled out.
DB online payments efficiency gains (2)
Use of preregistered recurrent beneficiaries
Instead of using a template, it is also possible to save the coordinates of a beneficiary which is expected to become recurrent in the 'Address Book' and retrieving this info when making a payment
When making a payment to a new beneficiary, fill out all required info (including the beneficiary bank and, if known, the intermediary bank) and click 'Save to Address Book'
Notify authorisers on pending payments
After payments have been put into Cash Manager, the inputter can select them, click on the button 'Notify Authoriser' and enter the email addresses to which the notification should be sent
Inter-mediary bank
Intermediary bank
International payments usually pass through one or more intermediary banks before being credited on the account of the beneficiary.
The bank of the beneficiary typically has a preferred intermediary bank for each foreign currency (in fact, the bank of the beneficiary will maintain its foreign exchange cash holdings in a dedicated account with that specific intermediary bank).
In order to ensure a swift and smooth execution of an international payment, it is hence recommended to add the details of the intermediary bank used by the bank of the beneficiary in the relevant field in the Deutsche Bank Cash Manager application.
It is sufficient to add the intermediary bank's BIC code and click on the 'Look Up' button.
Bank charges?
Best practices to reduce bank charges
Payments within the SEPA zone are always free of charges
=> interventions having a DB-account should make their payments towards European suppliers from their DB-account (via menu 'create payment' => SEPA) instead of from their local bank account
International transfers from an intervention's DB-account to its local account should always be done with charges instruction 'All charges to my A/C': Enabel HQ has an agreement with Deutsche Bank for a fixed tariff (24€ + 21% VAT) for such transfers. In theory, this should ensure that the full amount of the transfer is credited on the local account, in accordance with the Market Practice Guidelines (MPG) for the settlement of international payment charges as set by the Payments Market Practice Group (PMPG)
However, The PMPG is not a regulatory body and cannot enforce any of the guidelines. Therefore, it is possible that local bank take additionnal charges anyway. Please contact the Treasurer for further assistance.
Best practices to reduce bank charges (2)
An intervention without Deutsche Bank account which needs to make a payment within the SEPA zone may request the Representation to do the payment from its DB-account and afterwards record it directly in the intervention's accounting in order to reduce bank charges.
=> in order to ensure the REP has enough cash on its account to execute this payment, the intervention should send its request for payment to the representation well in advance of the payment deadline.
Bank account mgmt?
Bank account management
Requests for bank account opening and/or adding/retrieving signatory rights are sent to :
- Deutsche Bank: the administrative assistant of Controlling (Pascal Geerts)
- Local banks: the management asssistant of Finance (Sophie Steichen)
The templates to be used are available on GOFAST - Treasury group:
- Deutsche Bank: requests to be found in folder 'Deutsche-Bank'
(https://documents.enabel.be/node/260353?&path=/Sites/_Groups/_WORKGROUPS/_Treasury/Deutsche-Bank)
- Local banks: letters to be found in folder Templates_Local-Banks
(https://documents.enabel.be/node/260353?&path=/Sites/_Groups/_WORKGROUPS/_Treasury/Templates_Local-Banks)
Please always make sure that a staff member's mandate agreement is signed before requesting to add his/her signatory rights on a bank account
In line with the 'Simplify Finance' initiative, it is requested to limit the number of bank accounts
Digipass DB PIN code?
Deutsche Bank Digipass (Vasco 270 XH)
Each Deutsche Bank user has received a Digipass which is switched on by entering the 5-digit PIN code which the user has chosen him- or herself upon initialisation.
The guidelines on the initialisation and use of the Digipass are provided upon activation by the Treasurer.
If a user has entered an erroneous PIN code three times in a row, the following procedure must be followed to unlock the Digipass:
If a user has forgotten his/her PIN code, he/she first needs to block his/her Digipass by entering a wrong PIN code three times and follow the same procedure.