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Online News Archive

Editor: Leslee Mason email Leslee

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November-December 2010

Dovetail joins International Payments Framework Association

December 30, 2010--Dovetail, a UK- and U.S.-based provider of payment services hubs, has joined the International Payments Framework Association. The IPFA provides rules, standards, operating procedures and guidelines to improve cross-border payments and the inter-connection of international clearing systems.

Desjardins Financial Group announces all cash offer to acquire Western Financial Group

December 28, 2010 --Desjardins Financial Group entered into a support agreement with Western Financial Group, the largest insurance and financial services retailer in Western Canada. Desjardins will acquire all of the issued and outstanding common shares of Western Financial at a price of $4.15 per common share in cash for a total transaction value of $443 million.

Canadian companies poised for acquisition spree?

By Robin Arnfield, Editor

December 28, 2010--Due to their record cash positions, Canadian companies are poised to increase their M&A activity both domestically and internationally, says the 2010 Canadian Investment Banking Study from U.S.-based consultancy Greenwich Associates.

Canadian corporations’ strong financial position is the result of a booming bond market and the eagerness of banks to provide credit at favourable rates, says Greenwich. Its study is based on interviews with chief financial officers, corporate development officers, and treasurers at large Canadian companies between April and June 2010. In all, 107 executives in debt capital markets and 105 in M&A and equity capital markets were interviewed for the study.

Davis + Henderson to purchase ASSET Inc for $76 million in cash

December 23, 2010--Davis + Henderson, Limited Partnership, a wholly-owned business of Davis + Henderson Income Fund is going to acquire substantially all the assets of ASSET Inc.for $76 million payable in cash. The acquisition is expected to close on or about January 18, 2011, subject to satisfaction of customary closing conditions. ASSET is Canada's largest provider of technology based asset recovery and insolvency management solutions to the Canadian financial services industry.

BMO launches integrated online business banking and cash management platform

By Robin Arnfield, Editor

December 21, 2010--Canada’s BMO Financial Group has launched a treasury management platform that helps corporate customers to manage their day-to-day banking needs online from a single point of contact.

The new BMO Online Banking for Business service provides business customers with a single screen or “personal dashboard” to manage all of their global cash management and foreign exchange services online.

Fifth Third seeks to expand in Canadian treasury management market

December 20, 2010-- Cincinnati, Ohio-based Fifth Third Bancorp has had a commercial branch in Toronto for five years, serving U.S. corporations which do business in Canada as well as Canadian firms wanting to expand in the U.S. In 2011, the bank plans to expand the customer-serving staff at its Toronto office.

“Our focus with our Canadian branch is very targeted,” Jeff Ficke (right), Fifth Third’s director of Treasury Management, tells Canadian Treasurer. “We serve corporations which are doing business on both sides of the U.S.-Canadian border. The aim is to act as a single financial institution bringing both their U.S. and Canadian operations together. Our Canadian cash management service offerings complement what we offer in the U.S., but obviously differ slightly due to the fact that Canada is a different banking environment to the U.S.”

European Commission promotes e-invoicing

December 20, 2010--The European Commission (EC), the governing body for the European Union (EU), has announced a set of initiatives to encourage the growth of e-invoicing across Europe. By 2020, the EC hopes that e-invoicing will be the main method by which European businesses issue invoices. It estimates that that moving from paper invoices to e-invoices will generate savings of around (EUR) €240 billion (C$318 billion) over a six-year period.

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20 reasons why this was a banner year for Canada's capital markets

December 10, 2010 --PwC's December Capital Markets Flash report highlights 20 reasons why Canada is the place to be from a markets perspective. Despite a backdrop of global macro weakness, Canada's public debt capital has been plentiful and investor demand for equities has been very healthy.

Canada's CFO of the Year™ reveals 2011 Selection Committee

December 10, 2010 --Canada's CFO of the Year™ program welcomes Richard Bird, John Clappison, Cynthia Devine and The Hon. Brian Tobin to the distinguished panel of business leaders from across the country which will review nominations and select Canada's 2011 CFO of the Year Award. This independent selection committee includes the following notable names from the Canadian finance community.

Corporate treasurers willing to switch banks for better facilities


December 8, 2010--A survey has found that two-thirds (68 percent) of corporate treasurers would be willing to change banks in return for better service in the areas of on-boarding, account maintenance and query handling. In July-August 2010, online financial information site and U.S.-based financial IT firm Pegasystems surveyed corporate treasuries and banks worldwide, receiving 61 survey responses from 38 banks, and 37 from corporates, making a total of 98 respondents.

DeciZens offers CFOs for hire

By Robin Arnfield, Editor

December 1, 2010--DeciZens, a Toronto, Ontario-based financial management outsourcing company, is launching CFO-for-hire services for Canadian small to medium-sized businesses (SMEs). “What we offer is the ability to help convert the fixed cost of the finance function into a variable cost,” DeciZens’ founder Azam Foda CMA, MBA, tells Canadian Treasurer.

Among the outsourcing services provided by DeciZens are treasury management, risk management, including advice on insurance coverage, transaction processing, and working capital management. “We already have some clients using our services,” Mr Foda says.

GDS Link automates aggregation of credit data

November 28, 2010--ScoreSharp, a South African credit scoring consultancy, is helping its customers create automated scorecards with the help of technology from Dallas, Texas-based GDS Link. GDS Link’s flagship product, DataView360, creates customized credit scorecards based on information collected from a variety of data providers. These sources range from credit rating agencies to government data sources, public records and in-house information.

Ontario economy will slow to 2.4 per cent growth next year, Central 1 predicts

November 24, 2010--Ontario’s economy will grow more slowly in 2011 than this year, dragged down by the continuing slump in the U.S., according to a new economic forecast released today by Central 1 Credit Union. The province’s Gross Domestic Product will rise 2.4 per cent in 2011, compared to 3.7 per cent this year, with a slight uptick in 2012 to 2.5 per cent. Looking at the next three years, Central 1 says the auto manufacturing sector will lead Ontario’s growth as it rebounds from deep recession lows.

Companies to offer industry leading solutions for Canadian financial services industry through new partnership

November 22, 2010 --Davis + Henderson Income Fund and Wipro Technologies, the Global Consulting, System Integration and Outsourcing business of Wipro Limited, have formed a strategic alliance for the purpose of enabling value for financial services clients in Canada. Davis + Henderson - a leading provider of technology and technology based services to Canadian financial institutions, and Wipro - an outsourcing industry leader with extensive experience in the banking and insurance industries, will combine forces to offer program management solutions for the Canadian financial services industry via their combined capabilities.

Working capital a priority, survey finds

November 22, 2010--With short-term credit expensive and difficult to come by, managing cash and improving working capital has assumed top priority for European finance executives, says a report from CFO Research Services and the Royal Bank of Scotland. The report entitled Working Capital Management in a Post-Recession Environment: The View from Europe, is based on the response of 207 senior finance executives to an online survey.

First Data, Laru offer ACH risk management

November 22, 2010--U.S.-based transaction processor First Data is stepping up ACH (automated clearing house) security protection for online business banking users via a link up with ACH risk management firm Laru. First Data currently protects ACH transactions via measures such as multi-factor security and transaction limits, says Cindi Lieblich, Vice President of First Data’s FundsXpress online banking platform. “With rapidly increasing ACH volumes and growing regulation, financial institutions are asking for higher security, and that is why we are working with Laru,” she says.

Fundtech launches corporate mobile banking platform

By Robin Arnfield, Editor

November 22, 2010--Fundtech Ltd, a NASDAQ-listed developer of transactional banking software, has launched Mobile ACCESSplus, a mobile platform designed specifically for corporate electronic banking. George Ravich, Fundtech’s Executive Vice President and Chief Marketing Officer, tells Canadian Treasurer that the platform currently works with Blackberrry and Apple wireless devices as well as devices running the Android and Microsoft mobile operating systems.

Dovetail launches Liqudity Dashboard Dec 22, 2010

IASB proposes hedge accounting changes
Dec 22, 2010

Amex Global Business Travel president shares thoughts on 'The New Normal'
Dec 21, 2010

Deutsche Bank attracts “significant number” of clients for FX4Cash Dec 21, 2010

Moody's downgrades Royal Bank of Canada Dec 14, 2010

J.P. Morgan enhances corporate foreign exchange service Dec 13, 2010

Canadian credit card performance stable in Q3
Dec 8, 2010

Rémy Cointreau implements IT2 Dec 7, 2010

Extensive survey reveals best of Canada’s banking web sites Dec 2, 2010

US firm introduces Global Financial Stress Index
Nov 30, 2010

Low integration of risk management at European banks, report says
Nov 22, 2010



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