CASH MANAGEMENT

Multi company, multi currency, multilingual and multidivisional management.

Management of current accounts, diminishing balance statements of account, recap of interest rates and automatic production of estimated transactions.

Simulations, analyses and enhanced value reports on all currencies.

Application and control of bank conditions comparing agreements and applications with automatic production of letters of dispute.

Multi currency settlement statements available in detail and per credit line with drill-down functions to act on detailed transactions and representation of the settlements to ascertain their accuracy.

Credit lines management with calculation of the different levels of availability and residual overdraft.

Analyses of cost and average return on funds and cash investment by company, bank and credit line with calculation of average assets and debts, correlated charges and returns.

Functionalities for reports creation according to the different needs with the possibility to personalise content and layout at user level.

Management of accruals and payables with automatic calculation and recording of the allocation items in the balance for all financial entries.

Management of interactive dashboards, customisable by the user and dynamic generation of financial graphs with data multidimensional analysis.

Control of the operational activity by analytic reporting of statistics of bank activity on several levels of detail.

Functionalities of Office Automation for the automatic generation and storage of bank issues and intercompany correspondence (texts in Word).

Functionalities of calculation and automatic adjustment of foreign exchange accounts with different means of revaluation at periodic settlement, at mean rate, LIFO, etc.

Generation of Net Financial Position per company and Group.

On-line facility to request recurrent reports to memorise performance of their parameters.

Direct integration with Excel with targeted exportation of reporting data produced beforehand and ready for use in different formats (xls, pdf, doc, html, etc.) and link to the different company messaging systems.

Simulation of bank transfers by the optimisation of credit/debit balances, bank transfers proposition, generation and dispatch of bank orders and ex-ante and ex-post evaluation of the financial impact (what-if analysis).

Complete management of security system problems at a registry level and of macro/micro functions, with an option to determine user groups, user profiles and password levels.

HOME BANKING

Integration with primary Remote Systems and national and international Web-banking for automatic processing of bank information.

Parametric loading of bank transactions with procedures of dynamic interpretation of processed data to allow a detailed analysis of the descriptive banking strings in order to prearrange the automatic entry of first notes with relevant accounting tool kit.

Automatic reconciliation of transactions by amount, value date, date of transaction, reason and cheque number for single transaction or daily balance with various aggregate and total values.

Opportunity for personalised parametric data coupling criteria and definition of the range of tolerance by amount and value date with on-line corrections and automatic production of rectifying transactions.

Automatic certification of provisional and expected items through reconciliation of bank statements, with proof of disagreements, administration of possible rectifications and production of rebuttal letters.

Security procedures for the correct processing of bank data with specific controls to avoid duplicating purchases, verification of missing transfers, filing of stored and transmitted data.

Functionalities of daily acquisition of quotations of exchange rate and rates of interest with relative reference indices.

Automatic reconciliation of bank and intercompany statements, with financial and legal effectiveness.

Production and storage of reconciliation records with contextual proof of valid reconciliation and evidence of reconciled items.

Electronic inclusion of any explanatory remarks relating to the reconciliation.

Integration to the platform Swift Alliance Lite for international banking communication and to the most widespread national and international banking platforms and to the related communication standards (SWIFT, ETEBAC, BAI, PAYMUL, ISABEL, etc.).

CREDIT LINES

Management of active and payable long term loans with development of the amortization schedule and rate control.

Management of the different phases:

  • Agreement with counterparts,
  • Payment (total or partial),
  • Index-linking,
  • Renegotiation,
  • Payment by instalments.

Creation of the amortization schedule (at a fixed and/orvariable rate, nominal and effective) and management ofpre-amortization period.

Management of the instalments payment for single/all instalments with storage of programmed settlement/liquidation plans.

Management of the different types of amortization:

  • French,
  • Constant capital rate/share,
  • Bullet loan,
  • Unencumbered,
  • Grants-in-aid.

Automatic generation of financial forecasts according to the amortization schedules, with breaking up of the contextual settlement of rates.

Deriving from amendment to the principal characteristic of the contract (frequency of rate payment, amortization, rate, spread, etc.).

Renegotiation of the amortization schedule in the event of increase or decrease of the remaining period of the contract.

Dedicated analytical reporting with recap of capital share data, interest rates, overdue and instalment interest, indicated on the basis of expiry, payment and residue, with various levels of analyses.

Management of leasing contracts with production of amortization schedules for the different types of settlement, management of correlated specifics (initial maxi payment, surrender value, expenses, VAT, premiums, etc.).

Parametric accounting data separated from capital share, interests, periodic shares and administration of possible overdue interest and rounding off.

Functionalities of long term loans direct linking to the correlated guarantees, updating and generation of financial position also on transit accounts.

RETAIL & E-COMMERCE

Management of bank transactions for Points of Sale in terms of accounting and forecasting in order to reconcile and control daily takings for single Point of Sale.

Management of bank deposit with definition of the timing provided for by the contracts of money collection (money transporters).

Automatic loading by management systems and/or Point of Sale.

Integration with primary national and international Remote Banking and Web Banking for the automatic processing of banking information.

Parametric loading of bank transactions, data dynamic evaluation, analysis by Point of Sale, entry and automatic matching.

Searching functionalities and automated transactions matching by amount, value date, transaction date, banking operation code and Point of Sale.

Parametric criteria of data matching, management of the tolerance on value date and automatic entry of incompatible amounts (such as counterfeit money).

Automation of debit and credit card payments, even in different currencies, via connections to transaction systems (Setefi – Ambroveneto, etc.)

Application and control of bank conditions with automatic creation of letters of notification in the event of inconsistency.

Financial planning for single Point of Sale with possibility to manage fixed amounts or percentages on a weekly/daily basis.

CUSTOMER RECONCILIATION

Optimisation of clearing accounting process of Customers positions/invoices and accurate registration of Customers Bank transfers in Treasury, maintaining job organisation and improving performances of Customer Services Department.

Process phases.

Automatic loading of:

  • Open Customers positions, by Accounts Receivable;
  • Bank transfers dispatched, by banking system.

Automatic and parametric reconciliation of Customers positions with the bank transfers transmitted by the bank through different matching criteria:

  • Company name,
  • VAT number,
  • ABI code,
  • Document number.

Manual reconciliation of Customers positions with specific functions for analysis and data search into items and bank transfers, applying order and customizable reconciliation criteria.

Collection management in domestic or foreign currency, management of marks and matching by foreign currency amount or by countervalue in Euro.

Dedicated database for matching of company names defined in master data with company names used by the Customer and bank in order to promptly identify the bank transfer identifier and increase the percentages of automatic matching.

Memorization of matched couples in order to increase the percentages of reconciliations and items automatic matching.

Dispatch of the matched items to Customers ledger with automatic clearing of Customers positions.

BILLS PORTFOLIO

Management of bills portfolio, (RIBA, SDD, MAV, bills of exchange, foreign bills, etc.).

SEPA compliance.

Parametric presentation of bills with creation of receipts and file for the banks.

Receipt and processing of the outcomes of the bills (outstanding, paid, etc.) with automatic updating of Customers items and treasury accounts.

Simulation of bills costs and performance using best allocation criteria with evaluation of charges and automatic calculation of the channelled rates.

Management of unpaid flows (RIBA, SDD, MAV, bills of exchange, foreign bills, etc.).

Analytic and parametric reporting, credit-ceilings, analysis by client, expiry date, supporting bank, risk degree, state of bill (unsettled, paid, recalled, presented, expired, etc.).

Management of presentation eligibility times, evidence of minimum days, management of hot bills, massive variation of maturity of bills.

Management of effecting presentations with evidence of maximum statement/specification, expiry date, supporting bank, bill amount, etc.

Percentage share allocation of estimated outstanding bills during presentation and automatic break down of forecasts of results.

Management of presentation circuits with automatic disclosure of channelled rates and calculation of correlated expenses.

Portfolio presentation of companies managed on behalf of, with automatic adjustment of intercompany reports.

SUPPLIERS PAYMENT

Managing of accounting and financial payment processes by items loading from supplier accounts, simulation of scenarios of best allocation, determination of payment costs and automatic update of supplier account.

Compatibility with the specifications concerning Single Euro Payments Area (management of payment standard CBI2) and Payment Service Directive; management of bank transfer date.

Management of payment processes through the payment of bills coming from supplier accounts, receipt of payment notices by the bank, automatic reconciliation by company name and VAT, clearing of supplier position and payment orders dispatch to the bank.

Creation of the receipts and related order files in different national and international formats (CBI, SWIFT, local domestic standards) to be dispatched to the banks.

Automatic generation of the notices for the suppliers either electronically with automatic dispatch by email.

Automatic calculation of bank charges and fees and check on debit currencies according to the agreed conditions and the currencies of the beneficiaries.

Integration with ERP system (update of supplier records, block of the transferred items, returning paperwork for payments to accounts department, etc.).

Management of the different kinds of payment (advance payments to suppliers, partial payments, compensations, suppliers with advance withholding tax, suppliers using factoring).

Integration to PITECO solution of Payment Factory in order to centralise and automate all group payment processes (suppliers, salaries, F24, fund transfer, netting intercompany, etc.) and related workflows.

NETTING

The Intercompany Netting procedure supplies a unique working platform dedicated to clearance of receivable/payable accounts between Group Companies.

The system guaranties:

  • On-line settlement of Intercompany accounts’ balances held between the Treasury company and its subsidiaries arising from the netting of invoices/credit notes, also in multi-currency, avoiding a misalignment of balances arising in the respective accounts;
  • Balance of proper Costumer and Vendor items Intercompany on the accounting system of different companies even in presence of different and separated accounting systems;
  • On-line communication between single debtor/creditor companies on information related to received or not received invoices;
  • Disputes management or simple information exchange between the companies through notes on a dedicated chat;
  • Storage of all the information relating to Intercompany issued and received invoices

System functions:

  • Intercompany receivables management:
    • Invoice status analysis;
    • Payment requested.
  • Intercompany payables management:
    • Invoice status analysis;
    • Manual matching between AR and AP invoice (payment approval);
    • Payment approval or rejection.
  • Intercompany settlement:
    • Multi-currency management;
    • Display of Intercompany Payable/Receivable balances.
  • Chat, notes on invoices:
    • Possibility to access the shared notes at any time. Subsidiary companies and the HQ, through the functions of proper competence, can access the shared notes.

IN HOUSE BANKING

Management of the different centralization structures (decision, informative, operational, Cash-pooling, on behalf of, Shared Service Centre, In-house banking, etc.) with management of diversified centralised settings.

Automatic and parametric generation of Group consolidated turnovers with functionalities of data aggregation according to parametric or hierarchical logics.

Automatic generation of intercompany accounts with freely definable accounting charts.

Automatic reconciliation and balancing of intercompany accounts and entries.

Generation of intercompany accountants, statements showing capital and new balances and group correspondence with customisable layouts.

Management of Group conditions (policy) for intercompany and bank accounts, centralization of the negotiated conditions with bank system for all Group subsidiaries.

Access and centralized utilization of a unique database for the consolidation of financial data of peripheral subsidiaries.

Intercompany takings and payments management with functionalities of automatic management of Netting processes.

Integration with Piteco solution of Payment Factory in order to centralize and automate all Group payment processes (suppliers, salaries, F24, bank giro transfer, Netting intercompany, etc.) and related authorization workflow.

LONG TERM LOANS & LEASING

Management of active and payable long term loans with development of the amortization schedule and rate control.

Management of the different phases:

  • Agreement with counterparts,
  • Payment (total or partial),
  • Index-linking,
  • Renegotiation,
  • Payment by instalments.

Creation of the amortization schedule (at a fixed and/or variable rate, nominal and effective) and management of pre-amortization period.

Management of the instalments payment for single/all instalments with storage of programmed settlement/liquidation plans.

Management of the different types of amortization:

  • French,
  • Constant capital rate/share,
  • Bullet loan,
  • Unencumbered,
  • Grants-in-aid.

Automatic generation of financial forecasts according to the amortization schedules, with breaking up of the contextual settlement of rates.

Renegotiation of the amortization schedule in the event of increase or decrease of the remaining period of the contract.

Dedicated analytical reporting with recap of capital share data, interest rates, overdue and instalment interest, indicated on the basis of expiry, payment and residue, with various levels of analyses.

Management of leasing contracts with production of amortization schedules for the different types of settlement, management of correlated specifics (initial maxi payment, surrender value, expenses, VAT, premiums, etc.).

Parametric accounting data separated from capital share, interests, periodic shares and administration of possible overdue interest and rounding off.

Functionalities of long term loans direct linking to the correlated guarantees, updating and generation of financial position also on transit accounts.

SHORT TERM LOAN & DEPOSITS

Management of the primary short term loans products for cash collection and investments (advance bills of sale and transfer factoring, Hot Money, Finimport, Finexport, Commercial Paper, Time Deposit, Factoring, PCT, etc.).

Management of advance against invoices with possibility to select the invoices to be advanced, creation of the receipt for the bank, reconciliation of the invoices to the single financing for takings traceability and advances/advanceable items reporting.

Management of intercompany short term loan/deposit and contextual updating of the position of the companies involved.

Management of the extensions with changes in due dates and applied rates, arbitrages, partial and total discounts, increases with and without capitalisation of interest and production of the relevant paperwork.

Calculation of interest rates according to the different ways of calculation (in advance and deferred, on expiry or delayed payment, etc.) of fees and estimate of the possible exchange differences with automatic revaluation of current entries.

Analyses of debt and cash holdings for each transaction or for definable kinds of costs and average considered returns for period, credit line and bank.

Bill-books management bye type, bank, credit line, foreign currency, opening and closing dates of transactions.Calculation, proof and automatic settlement of interests of short term loans and deposits items with calculation of the relative financial accruals and payables and assignmentof the shares.

Calulation of the effective cost, annualised at the opening and at expiry, calculation of the duration of the transaction and establishment of the exchange limit.

Generation what-if scenarios for the analysis of the impact on Cash flow.

GUARANTEES

Management of commitments and guarantees (purely financial, linked to short term/long term loan, linked to a covering contract, linked to a supply/purchase contract, bond, bid bond performance bond and letter of credit).

Management of the different phases of the life of a fiduciary contract:

  • Issuing,
  • Restitution,
  • Integration,
  • Enforcement/Prosecution,
  • Transfer,
  • Settlement of fees.

Management of active and passive guarantees (direct and indirect) and master data (contract, order, country, third guarantor or guaranteed, counterpart, requesting office, etc.).

Dedicated reporting with different contractual parameters for multiple and cross research and selection (credit bank, expiry, issue, commission, orders, types of guarantee, beneficiary, etc.)

Automatic and parametric accounting of fiduciary contracts on related order accounts.

Automatic periodic revaluation of fiduciary statements in foreign currency on the base of historical values and current quotations gathered from the reference lists freely selected by the user.

Integration to Credit Lines module for the monitoring in real time of the uses and availabilities on single line, different companies, different technical form of use or by homogeneous groups.

Generation of bill-books, calculation of commissions and expenses in accordance to the terms of the contract and the settlement terms established with the financial counterpart (monthly in advance, annually in advance, contextually in advance, deferred, etc.).

TRADE FINANCE

Management of operational process dedicated to Import / Export Letters of Credit by monitoring the work-flow and related financial aspects.

Parameter dedicated Registry with evidence of the key information required by the form of the International Chamber of Commerce.

Full management of the contract and of its operation steps through monitoring of the following events:

  • Opening
  • Amending (versioning of the changed fields for every single amendment)
  • Clean / Discrepant
  • Closure

Management of the Bank statement summaries by event details and by status. Corporate’s management is effected directly or in name and on behalf. Letters of credit reports can be interrogated by dynamic research criteria or by criteria freely selectable by users.

Operational workflow definition for every single event. User profiling by event, step and field of the Letter of Credit. Every status change is communicated to the involved “entities” through an e-mail including a direct access to the management of the LC and of all related supplementary notes. All events, states and steps are tracked and archived automatically.

Management of the impacts generated by the LC process on the corporate treasury:

  • Control and monitoring of credits (LC import) and bank exposures.
  • Commission calculation per event according to different ways of charging (time – tranches – forfeit – fixed, etc …).
  • Ability to manage additional expenses and detection of the impact on the total operation cost.
  • Connection with import financing unit.
  • Creation of collection and / or payment forecasts related to the certain event.

Integrated management of customer/supplier invoices

Import Letters of Credit:

  • Supplier invoice matching
  • Supplier invoice blocking
  • Creation/reversal memo
  • Supplier payments on account management

Export Letters of Credit:

  • Customer invoice matching (integration with Customer Reconciliation Module)
  • Structured communication towards bank institutions via PDF or MT700 swift message.
  • Practical management and archiving of documents related to the letter of credit.

FX & IR DERIVATIVES

Management of exchange and rate risk transactions:

  • Transactions SPOT, Outright and NDF,
  • Forex Swap,
  • Option PUT e CALL,
  • Forward Rate Agreement,
  • Interest Rate Swap (IRS, Amortized IRS, FIRS),
  • Basis Swap,
  • Cross Currencies Swap,
  • Interest Rate Option (Cap, Floor and Collar).

Management of Middle Office and Back Office.

Functionalities of adjustment and recalculation of contract value according to changes in market quotations.

Qualification on different levels of management according to the progress of the contract.

Parametric accounting schemes and managing modalities freely definable.

Direct integration with PITECO Front-Office applications for the management of evaluation scenarios, on-line contract negotiation, derivative products pricing definition, etc.

Impact simulation of derivative transactions stipulated or in progress of evaluation on the financial position with automatic production of forecast items.

Management of financial counterparts master data, hedging banks, period of validity, settlement date, expiry, expiry date, rates recurrence, etc.

Management of bank statement per single transaction and automatic generation of the letters of instruction to the financial institutes and counterparts.

Integration with Cash Management and standard PITECO inquiry balance reports and Cash flow reports.

Management of accounting entries for the evaluation of derivative products, financing according to the International Accounting Standard (IAS 39).

Traceability and storage of the different evaluations and related elements (Fair Value, hedge Effectiveness Test, hedge percentage, transaction costs, etc.)

SUPPLY CHAIN FINANCE

Factoring, Reverse Factoring e Dynamic Discount.

Factoring module allows companies to use an operational and controlling tool able to computerize and automate accounting, financial and management tasks of Factoring process. Factoring module uses features and procedures to facilitate the communication between the treasury system, accountancy and factoring area schemes.

Factoring manages all business activities related to transfer/advance of customer’s receivables to factoring company/companies. In addition, it identifies the anticipated items and simplifies management of the related funds reduction.

The customer receipts automatic registration functionality provides a detailed vision and synthesis of collected invoices or still to be collected, transfer/advance invoices and the client’s exposure items.

Factoring module manages:

  • Sale of receivable, Transfer of receivable with notified/ non-notified contracts, maturity and guarantees.
  • Factor funding management of transfer/collection receivable
  • Automatic accounting of transactions in Factor accounts
  • Automatic accounting of transferred receivables receipt by Factor Customer

Organized to receive collection outcomes from Factor Systems

Factoring module consents to select items to transfer and to anticipate, by automatic client item closure function, receivable transfer function / invoice in advance function.

Following dedicated functions have been designed:

  • Credits management and Customer exposure calculation
  • Factor financial exposure analysis by transfer/advance
  • Simulations of advance factoring with calculation and control of customer’s exposure:
  • Manage Collections with/without accreditations
  • Manage Collections with alternative Beneficiary
  • Manage withdrawal of transferred invoices
  • Manage SPOT and ROTATING modes
  • Manage transfers through a configurable ” Customer blacklist “

Dedicated reporting about analysis and monitoring of transferred items, anticipation possibilities, collected items, open items.

The following reports are also available:

  • Factor specification list
  • Receivable account report
  • Transferred and to be transferred receivable list
  • Anticipated and to be anticipated invoices list
  • List of anticipated collected and to be collected invoices

Customer’s reliability report

GLOBAL FINANCIAL REPORTING

The Global Financial Reporting is a set of functionalities integrated into PITECO, able to meet the needs of advanced reporting and analysis based on transactional data model of Treasury.

GFR allows a significant usability of information on different technologies (mobile, etc.) guaranteeing the absolute integrity of data without the use of spreadsheets.

The use of GFR allows to manage:

Control dashboard constructions

  • Graphs able to represent the main key indicators of corporate financial situation and that access the transactional data model
  • Container that includes multiple graphic objects

Multidimensional Analysis

  • Infocubes for analysis of financial flows, sales, inventory and debt
  • Data navigability
  • Multidimensional Views
  • Interactivity among all objects while browsing

Customized Reporting

  • Integration with Piteco aimed to hierarchies and classifications configuring
  • Ability to define Key Measures within graphic objects
  • Report layout, themes and colors defined by the user

Automation

  • Storage and recall of execution parameters for the most frequently used reports, customization of “displays” by user or by a single report.
  • Timing data refresh fueling dynamic dashboards
  • Asynchronous Processing for data updating

The General characteristics of GFR are:

  • Export to HTML, XML, PDF, EXCEL, text, email
  • Customization of Layouts with additional charts, tables and graphs.

FINANCIAL PLANNING

Management of financial budget by cash flow, company and group consolidated budget, currency, order, product, etc.

Automatic generation of financial budget by the automatic loading of economical budget items (even from Excel file) elaborated for the related incomes and payments timing and related realization percentages.

Management of the unfreezing rules of the economical items with definition of the percentages of increase ad calculation of VAT to be paid, percentages of financial incidence, unfreezing timing by account or economic item and of the assignment percentages by financial flow for period of time freely definable.

Management of financial budget (original budget), possible revised budget, generation of the actual (final data), generation of the forecast (actual data and estimated data).

Functionalities for variances analysis. Free definition of data/models/reports to compare.

Loading and processing of financial data not deriving from economical data (investments, tax planning, dividends, capital increase, etc.)

Final and estimated Cash Flow on free temporary basis, with dynamic and customisable cash flows structure.

Management of different budget scenarios by the modelling of different budget structures. Possibility to analyse and compare data by single scenario.

Automatic calculation of financial position on the base of the estimated flows and rules for calculation established by the system.

Automatic calculation of expenses and expected financial quota, on the base of estimated financial standing, yield curve and cost of money forecast and managed by the system.

Automatic loading of budgeting data relative to:

  • Customers and suppliers invoice bill-books.
  • Buying and selling orders.

Storage and archive of the generated budget.

Free definition of models of report and layout: functionalities of data reclassification into the desired models.