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					The Importance Of Understanding
Supply Chain Management to build
the SWIFTNet Trade Services Utility

Monaco, 11th May 2007



                                 Slide 1
Agenda

 1)   About SWIFT
 2)   Setting the scene in supply chain
 3)   What do we mean by supply chain management?
 4)   How successful have corporates been?
 5)   Where are the gaps?
 6)   How can banks help?
 7)   What will happen if……?
 8)   Could corporates finance trade without bank support?
 9)   Summary


                                                        Slide 2
About SWIFT




              Slide 3
About SWIFT
What is SWIFT?



       A co-operative organisation serving the
                 financial industry


         A provider of highly secure financial
                 messaging services

         The financial standardisation body



                                                 Slide 4
About SWIFT
Connecting the financial community
                         Banks
                    (Founding - 1973)
                                        Payment
     SCORE (2007)                       systems (1987)
  MA-CUG (2001)                              Clearing &
                                             Settlement
  Insurance IMI's                            systems (1987)
      (2001)                                  Broker-dealers
                                              (1987)
  Government
   institutions                              Stock Exchanges
        (2001)                               (1987)
 Securities MI's
          (2000)
                                            Depositories (1987)
            Treasury
    Counterparties
              (1998)                Trustees
                 Payments MI's IMI's (1990)
                       (1998) (1992)
                                                               Slide 5
About SWIFT
Business dimensions (Mar 2007)

 8,125 users
 208 countries
 2,299,074,199 messages in 2004
 2,518,285,042 messages in 2005
 2,864,537,431 messages in 2006
 Average daily messages 12,769,184        (ytd Mar. 2007)

 Peak day 14,729,184 messages (1st Mar. 2007)
 Message growth (average daily) 17.46% (ytd Mar. 2007)


                                                            Slide 6
About SWIFT
2010 Strategic framework
 Vision                             Achieve
                                     More,
                                    Together
                                   Increase share
                                 Enhance messaging
                                 Collaborative space


 Strategic              Client    Euro    Emerging Securities
                       Reach integration markets     and
 thrusts                                            derivatives
                   ● Corp.    ● SEPA       ● BRIC+     ● Pre-
                   ● TSU      ● TARGET2 ● MIES           settlem.
                              ● Giovannini ● WRs       ● AI/Deriv.
                              ● MiFID
                                  Reference data
 Ongoing
                            Momentum and runway:
                SWIFTSolutions      Adjacencies        Reach



 Foundation             Community
                                            • Interoperable
                        Standards           • Efficient & effective
                                            • Highest resilience
                        Platform


                                                                      Slide 7
About SWIFT
Increasing market share in the collaborative space
                                                                                                      Overall
                                                                                                     Market:
                                                                                                    ~1-2 BEUR




                                             BRIC+


                                                     Corp.
   Worker
   Remit.




             TARGET2
               MIES




                                                                                              TSU
                                                             Giov.
                                                                                                       SWIFT
                                                                                                        share
                       SEPA


                              Pre-Settl.
                              FIX/ Sec.




                                                                                                       20-35%




                                                                                  AI
  Cross     RTGS Dom. Pre-                  X-b     X-b   Domestic Exch. Trade OTC         Doc.
  Border         LVP Settl.                Settl. Custody securities derivatives Deriv. FX    Open
                                                                                                Acc.

   Payments                                Securities                Treasury/Derivatives Trade


                                                                                                         Slide 8
About SWIFT
Migration of trade to open account
      International trade continues to grow as emerging economies around the globe strengthen




                                                                                    Source:
                                                                                    SWIFT Traffic Watch




      SWIFT messaging shows an increase in Cat 1 / 2 payment volumes whilst Cat 4 / 7 trade
      volumes are stagnating. This is a visible confirmation of the global shift to open account
      Estimates suggest that today more than 81% of global trade is on open account

                                                                                                 Slide 9
Setting The Scene
       In
  Supply Chain




                    Slide 10
“If you don’t know
where you’re going,
you’ll wind up
somewhere else”.




                      Slide 11
Setting the scene
Sustained growth in value of world trade


                16000
                14000
     US$        12000
    billions    10000
                 8000
 CAGR            6000
 E.Europe 25%    4000
 Asia 15%        2000
 US 5%              0
 EU 3%                  1970   1980   1990   2000   2005     2006


                                                                          Slide
                                                           Source: CITIBANK       12
Setting the scene
International Trade Flows
                                                 EMEA     EMEA ($6,070Bn)
                                                 EMEA     Asia ($910Bn)
                        NA   Asia ($438Bn)       EMEA     NA ($792Bn)
                        NA   EMEA ($442Bn)
                                                                        Asia    Asia ($1898Bn)
                                                                        Asia    EMEA ($798Bn)
                                                                        Asia    LATAM ($78Bn)
                                                                        Asia    NA ($856Bn)
  NA   NA ($808Bn)
  NA   LATAM ($306Bn)


                                                 Africa   EMEA ($212Bn)


                        LATAM   NA ($436Bn)
                        LATAM   LATAM ($118Bn)
                        LATAM   Asia ($78Bn)




              Global Trade 2006: estimated $14 trillion +
                                                                            Source: Citibank   Slide 13
Setting the scene
Forecast relative trade growth: 2006 – 08, % change


                                                                        38
                                                                             %


                                            24%
                                             17%                 17                          27%
                                                                    %            28%
                                                               12                            27%
                                                                  %

                           18
                        14    %
                           %
                                                                                       35%




    Source: The Economist, June 17 – 23 2006, Global Insight
    North America includes Canada, US and Mexico
    Asia excludes Indian subcontinent                                                              Slide 14
Setting the scene
Forecast absolute trade growth: 2006-08, USD BN


                                                                           $2
                                                                                 42

                                                                           427        311
                                       $250         $311
                                           375       439        $7                                  $628   $799
                                                                  5                   588
                                                               57          $8                        263   336
                                                                             8
                                                                      64
                         $5                                                                 $1395
                           5
                       10
                         5       $6
                                   4
                               12
                                 0
                                                                                            1888




    Source: The Economist, June 17 – 23 2006, Global Insight
    North America includes Canada, US and Mexico
    Asia excludes Indian subcontinent                                                                        Slide 15
Setting the scene
Migration to open account
                            Traditional trade finance

 Importer                                                                 Exporter
                Increased risk for                   Increased risk for
                the exporter                              the importer


                 Open         Collections     L/C          Payment in
                Account                                     advance

   Business
  opportunity
   for Banks
                                                    Open Account
                                                    L/Cs
                                                    Collections
                                     81 % +         Other



                                                                              Slide 16
Setting the scene
Drivers of open account
       LESS BARRIERS TO TRADE                        BETTER UNDERSTANDING OF MARKETS

           Harmonisation                                     Globalisation




                                        Open
                                       Account




               Internet                                      Cost Pressure
     BUYER / SELLER COLLABORATION                     SHAREHOLDER VALUE REQUIREMENTS


                            DEMAND FOR SUPPLY CHAIN EFFICIENCY                     Slide 17
  What Do We Mean By
Supply Chain Management?




                           Slide 18
“You can observe a
lot just by watching”.




                         Slide 19
What do we mean by supply chain management?
Integration of the physical and financial supply chains
 Supply Chain of the Seller

                                                    Physical Supply Chain (PSC)
                                        Receive              Manage             Produce             Distribute
                                         Order              Inventory            Goods              Goods


                                                                     Finance
                        Evaluate        Issue       Forecast                       Resolve          Settle
                                                                     Working                                       Reconcile
                         Credit        Invoice       Cash                          Disputes         & Pay
                                                                     Capital
                                                    Financial Supply Chain (FSC)

                             ….means integration of the business
                             processes between buyer and seller

 Supply Chain of the Buyer
                            Select                                             Receive
                                        Negotiate                  Send                                Reconcile
            Source          Supplier                 Credit                    Goods      Send
                                        Sales                      Purchase                            and
            Suppliers       and                      Application               and        Payment
                                        Terms                      Order                               Account
                            Goods                                              Invoice




                                                                                                                        Slide 20
What do we mean by supply chain management?
The common denominator is information

              Physical supply chain = movement of goods



        Data elements


                 Trigger points for the
                 provision of financial
            Information Supply Chain = movement of data
                         services
                             Data elements



            Financial Supply Chain = movement of money


                                                          Slide 21
What do we mean by supply chain management?
Two dimensional view of the transaction lifecycle
    The supply chain can be viewed in two dimensions:
        – Horizontal: the desire for end to end processing efficiency
        – Vertical: the desire for cost containment and liquidity management



                                          PROCESSING EFFICIENCY


                                            Inventory Finance


        Order        Make       Ship        Invoice       Receive   Pay          Sell      Collect


         Pre-shipment finance    Post-shipment finance               Receivables Finance




                                          LIQUIDITY MANAGEMENT



       The opportunity for banks is to provide not only new forms of risk mitigation and financing but to
       combine these with value-added supply chain services, including support for cash forecasting and
       the potential in-sourcing of business processes e.g. document preparation or account reconciliation


                                                                                                     Slide 22
What do we mean by supply chain management?
The opportunity for banks to deliver holistic solutions

                                                       5
                                                 In-
                                                 In-sourcing
                          4                  Payables/Receivables
                       Currency
                       hedging                                               6
                                                                      Risk management


         3
        Cash
     forecasting           Process                          Liquidity             7
                          efficiency                       management        Import/Export
                                                                               financing

                   2
           Document
           preparation                                                  8
                                                                    Guaranteed
                                                                     payment
                                            1
                                       Data checking



                                                                                             Slide 23
What do we mean by supply chain management?
Event tracking helps banks leverage trigger points
     Events = Trigger points
                                                                     POST-ACCEPTANCE

                                                      POST-SHIPMENT FINANCE

                               PRE-SHIPMENT FINANCE

                 END-TO-END SUPPLY CHAIN FINANCE LEVERAGING TRIGGER POINTS




    Commercial       PO Issuance            Shipment             Acceptance      Payment
    Agreement



                                      Syndication of risk
  Buyer’s bank                                                                Seller’s bank
                               Shared authenticated information


                                 Correspondent reward policy

                                  PARTNERSHIP BANKING                                      Slide 24
What do we mean by supply chain management?
Partnership banking
 “Partnership is becoming the new buzz word in outsourcing”

   New trading blocs are increasing the importance of global franchise
   / partnership as the parties involved look for new financial vehicles,
   risk mitigation solutions and new services better suited to customer
   need
   In response to market demand, global cash management / trade
   banks are driving the trend towards supply chain service offerings
   But not even global banks have universal access to the whole local
   customer base in every market
   At the same time, investment in back & front office systems
   infrastructure poses a dilemma for some smaller banks
   The bigger players are offering strategic partnerships to medium
   sized and smaller banks
   Welcome to partnership (correspondent) banking !
                                                                                     Slide 25
                                                      Source: Global Trade Review Sept/Oct 2006
  How successful have corporates
been in automating the supply chain?




                                       Slide 26
How successful have corporates been……?
84% of companies want to improve global trade process

                                 on average, 20 different documents per shipment

                                 total of 10,000 billion sheets of paper every year

                                 traditional Purchase Order costs approximately
                                 US$50 (Paper); US$2.5 (EDI); US$1 (Internet)…

                                 costs due to paper-based processing = 10% of the
                                 value of goods sold around the world

                                 the error rate in re-keying information has been
                                 shown to be as high as 50% for some documents



    Estimates suggest that a USD 1 billion company can free between USD 10
   million and USD 40 million in cash by better controlling basic trade processes
                                                  Sources: Aberdeen Group Benchmark Report on Global Trade,
                                                  Sept 2005, Capgemini; SITPRO; WTO/UN; McKinsey and other
                                                                                                    Slide 27
How successful have corporates been….?
Research findings
    The supply chain directly impacts, on average, 75% of a business’
    operating results

    Capital markets reward companies that manage their working capital
    effectively by increasing shareholder value

    Corporations identified as having best-in-class supply chain management
    practices have achieved market cap growth 26% above industry average

    Managing working capital means monitoring accounts payable, accounts
    receivable and inventory management as well as cash. Spreadsheets are
    still the most commonly used means of data gathering

    33% said their companies suffer from “unclear lines of authority” for
    supply chain management



                                 Sources: various including Aite Group, Aberdeen Group, KPMG, Hackett REL
                                                                                                Slide 28
Where Are The Gaps?




                      Slide 29
Where are the gaps?
Cross border trade automation remains low


Cross-border trade comprises a number of key processes that are complex and inter-related:

• Physical movement of goods            - production, shipment, delivery
• Compliance                            - origin certification, regulatory, customs
• Managing information flows            - documentation, disputes, discrepancies
• Financial reporting                   - settlement, foreign exchange, reconciliation


                                                            The degree to which these processes
                                    Some cross-functional
                                    automation 19%          are automated today is low. On average,
                                    Highly automated 6%     even large companies report that their
                                                            global supply chains are only 50% as
                                    Mostly manual 26%
                                                            automated as their domestic supply
                                    Fragmented approach     chains. 79% say lack of supply chain
                                    29%                     process visibility is their top concern.
                                    Departmental
                                    automation 20%
                                                            Source: Aberdeen Group, June 2006




                                                                                                Slide 30
Where are the gaps?
Lack of Automation means Lack of Integration


   Physical Supply Chain Management             Financial Supply Chain Management



 • Extend supply chain visibility              • Convert paper documents to electronic

 • Scale business-to-business collaboration    • Automate financial transactions

 • Corporate-wide trade compliance platform    • Automate liability management

 • Standardise risk assessment / contingency   • Implement working capital management




                                SHARED INFORMATION
                                                                                     Slide 31
How can banks help?




                      Slide 32
“The future ain’t
what it used to be”.




                       Slide 33
How can banks help?
Traditional bank support for international trade
                  Payment and         Foreign
                                                    Trade Services     Trade Finance
                   Settlement        Exchange

                                                    Processing and
                                                     settlement of       Provision of
                                     Hedging of
                 Processing and                      documentary          short term
                                       foreign
   Description    settlement of                      business and          financing
                                   exchange risks
                  cross border                       managing of       instruments to
                                     (interest &
                    payments                         related risks      exporter and
                                        rates)
                                                       (country,            importer
                                                     counterparty)


                                   Forward Rate         Bills of
    Products                                                           Credit Lines,
                  Electronic and   Agreements,        exchange,
                                                                        Forfaiting,
                   paper-based       SWAPs,         Doc. Collections
                                                                       Factoring etc
                                    Options,…          L/Cs,….

  SWIFTNet FIN
   messages         Cat 1 & 2          Cat 3           Cat 4 & 7         Cat 4 & 7


                 Plus complementary cash management and information services

                                                                                 Slide 34
How can banks help?
Corporate need meets banking opportunity
                            Traditional trade finance

 Importer                                                                 Exporter
                Increased risk for                   Increased risk for
                the exporter                              the importer


                 Open         Collections     L/C          Payment in
                Account                                     advance

    Bank
  opportunity

                                                    Open Account
                                                    L/Cs
    Corporate
                                                    Collections
      need         TSU               81 % +         Other



                                                                              Slide 35
How can banks help?
The TSU complements existing SWIFT offerings

                          Guarantees (MT 76x)

                          Collections (MT 4xx)

                      Documentary Credits (MT 7xx)

     Buyer’s                                               Seller’s
      bank                                                  bank
               TSU                                    es
                     mes
                                                 essag
                        sag                    Um
                           es                TS
                                  TSU

                         Lodge / Push Through
                                                             MT-based
                                                             MX-based
                                                                      Slide 36
How can banks help?
The SWIFTNet Trade Services Utility (TSU)

 At the highest level, the TSU will            Bank 1             TSU     Bank 2

 Establish an initial baseline                 Initial Baseline         Push Through
 by comparing purchase data                        Submission           Baseline
 submitted by the buyer’s                                               Twin-baseline
 and seller’s bank                    1                                 Submission

                                                  Established           Established
                                                     baseline           Baseline

 Compare purchase data
                                          Commercial data set
 with commercial or transport
 datasets and notify the bank (s)
 concerned                            2     Transport data set

                                                 Match report           Match report



 Deliver reports                              Request report            Request report
                                      3
                                              Deliver report            Deliver report


                                                                                      Slide 37
How can banks help? Letters of Credit
Visibility enables banks to mitigate risk and offer finance
                                                   Buyer’s Bank
            Pre Shipment
            Post Shipment
               Finance                                                                                                              Credit Finance
                                                                                                                                  PayablesLine

                                                                                                              8.
                                                                                                                   Do
            Seller                                                                                                    c   um
                                                                                                         2.                 en              Buyer
                                                                                                              L/C                ts
                                                                                                                    Ap
                                                                     1. Trade Contract                                p li
                                                                                                                          ca




                                                                           9. MT Cat 7 & 2
                                                            7. Documents
                                                                                                                               ti o
                                                                                                                                   n
                                        6.




                                                                                             3. MT 700
                     4.                      D
                          Ad                  oc
                             vi                 um
                                s   e             en
                                                       ts

                  Port of                                                                                                   Port of
                 Loading                      5. Goods                                                                    discharge




                                                       Seller’s Bank
                                                                                                                                                 Slide 38
How can banks help? Open Account
Loss of visibility limits bank involvement
                                Buyer’s Bank

                                                                 3.
                                                                      Pa
                                                                         ym
                                                                            en
                                                                               t   Or
         Seller                                                                       d   er   Buyer
                         2a Documents Trade Contract
                                    1.




                           2b Goods       4. MT Cat 1 & / or 2
               Port of                                                    Port of
              Loading                                                   discharge




                                 Seller’s Bank
                                                                                                       Slide 39
How can banks help? Open Account + TSU
Visibility enables banks to offer supply chain financing
 Buyer’s Bank                                                                                    10. Payment (MT Cat
                                                                                                      1 & / or 2)


                                                                          3. Transaction                                 3. Transaction
                                                                          Established               SWIFTNet             Established
                                                                                                                                                                  Seller’s Bank
                                                                       7. Data Set Matching                            7. Data Set Matching
                                                                                                        TSU




                                                                                                                                                                                                                      8. Post Shipment Financing
                                                                                                                                                                  4. Pre Shipment Financing
                        8. Account Payables




                                                                                                                                                                                              6. Submit Commercial
                                                                                                                                              2. Submit PO data
    2. Submit PO data




                                              9. Payment Instruction




                                                                                                                                                                                               /Transport Data Sets
                                                                                              4. V
                             Financing




                                                                                                  end
                                                                                                     or F
                                                                                              8. V        ina
                                                                                                  end        nc i
                                                                                                     or F        ng
                                                                                                         ina
                                                                                                            nci
                                                                                                                ng




   Buyer
                                                                                                 1. Trade Contract                                                                            Seller
                                                                                                5. Goods Shipment




                                                                                                                                                                                                                                                   Slide 40
How can banks help?
The TSU Value Proposition
  Bank
    Lowers cost of investment in a shared infrastructure
    Increases automation of data checking
    Reduces risks with dual party transaction authentication
    Matching baselines results in fewer discrepancies
    Facilitates end to end transparency of previously isolated functions
    Enables trigger points by monitoring of transactions
    Allows banks to build product portfolio in stages, including in-sourcing
    Broadens product lines and revenue opportunities
    Creates reusable computer readable data elements

  Industry
    Helps move the industry towards standard approach to business
    Common (XML) standards facilitate STP and handling efficiencies
    Provides interoperability between banks
    Separates collaborative space and competitive space
    Bank neutral service provider; trusted delivery and resilience
    Respects existing corporate business practices

                                                                          Slide 41
How can banks help?
The TSU Value Proposition
                             PROCESS EFFICIENCY
   S                         Higher levels of security due to
   W   Application           automated data matching
                             More flexible financing
   I                         alternatives due to
                             collaborative process
   F   Messaging
                             Potential to outsource business
   T                         process to the bank
                             Increased efficiency and event
   N   Standards             management due to automated
                             processes
   E                         Improved liquidity management
   T   Rulebook
                             / working capital due to
                             monitoring and reporting
                             functionality
                             Increased transparency due to
   T                         enhanced access to
   S Integration
                             information

   U                 Bank                                  Corporate
                            LIQUIDITY MANAGEMENT
                                                                Slide 42
How can banks help?
The TSU Value Proposition

                                                       5
                                                 In-
                                                 In-sourcing
                          4                  Payables/Receivables
                       Currency
                       hedging                                               6
                                                                      Risk management


         3
        Cash
     forecasting           Process                          Liquidity             7
                          efficiency            TSU        management        Import/Export
                                                                               financing

                   2
           Document
           preparation                                                  8
                                                                    Guaranteed
                                                                     payment
                                            1
                                       Data checking



                                                                                             Slide 43
How can banks help?
What do these have in common?
                  1977 – Red Rum makes
                  racing history by winning
                  Grand National 3 times




 1513 – Ponce De                        1805 – Hans Christian
 Leon claimed Florida                   Andersen was born in
 for the Spanish crown                  Denmark
                                                          Slide 44
How can banks help?



        2 nd          April
                  2007
      TSU commercially launched



                                  Slide 45
How can banks help?
The TSU Banks – 33 banks, 17 countries




                                         Slide 46
How can banks help?
The TSU Working Parties                NEW !
                                         Corporates
                        TSAG
                                  14

  Standards                 CRG                Rules
           5                      10                   7

            Piloting                   BWG
                       67                    27
  At least 130 people from 30 institutions in all regions
                                                       Slide 47
How can banks help?
TSU - Approved business functionality for Phase 2
                   Develop support for an Inter-Bank Obligation*(IBOB)
                   –    Rules in the Service Description
                   –    Additional data fields
                   –    Insurance and certificate data
                   –    Payment initiation data e.g. MT 202 / 103
                   Allow additional banks in a TSU transaction
                   –    Outsourced model
                   –    Allow one bank to submit data for another bank
                   –    Allow two banks to take risk in a single transaction
                   Enhance Standards flexibility
                   –    More specific data e.g. tax at the line item, multiple shipments
                        per line item, earliest shipment date, contact e-mail
                   –    Create greater flexibility for data set submissions


* Lite LC implies a bank to corporate obligation. This is bank to bank obligation.    Slide 48
How can banks help?
SWIFTNet TSU planned evolution

                                                             Mo
 Functionality                                            inf re t          Commercial
                                                              orm ra

                   i pa de
                                                                  ati de       data
                       nts
                                                      Ins
               rtic tra




                                      s
                                                                     on




                                   nk
                                                          u
                                                      Ce ran
             pa her




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                                                         rtif ce
               Ot


                                                             ica an
                               n2


                                        nl y
                                                T r PO          tes d


                                      so
                             ha                    a
                                               Inv nspo
                            t


                                       k
                         re


                                    an             oic rt
                      Mo


                                2b
                                                      e




                                                                       ce
                                                                   rm y
                                    1                           rfo lit
                                                                     an
                                                             Pe Qua




                                                                 on k
                                                          lig -ban
                                                                   s
                         2
                                                             ati
                                                             er




                                                         Li k f
                                                             e’
                 X
                                                 ed r o
                                                         Int


                                               Cr ette
                                                     ob



                                                    it ‘
   Time                                                                      Obligation

                                                 ??
                                                  L


                                                                                     Slide 49
What Will Happen If Banks
    Don’t Rise To The
Supply Chain Challenge?




                            Slide 50
“The other teams
could make trouble
for us if they win”.




                       Slide 51
What Will Happen If…..?
The Challenges Facing Banks

        The banks’ business is migrating from traditional
        letters of credit to open account
        = THREAT OF LOSING REVENUE

        Corporate customers are demanding greater
        innovation through e.g. PO integration and supply
        chain finance
        = THREAT OF LOSING RELATIONSHIPS

        New competitors are targeting supply chain business
        = THREAT OF LOSING RELEVANCE

     “The Challenge to the banks is how to stay relevant”
                             John Murphy, ANZ, October 2006

                                                              Slide 52
Could Corporates Finance Trade
    Without Bank Support?




                                 Slide 53
Could corporates finance trade without bank support?
New entrants targeting global supply chain
                                        Trade management
                                            companies
                                           e.g. Vastera

     Insurance groups
       e.g. Atradius
                                                Software vendors
                                                e.g. Orbian, Prime
                                    YES !       Revenue, Gresham

            Third party logistics
                e.g. Maersk


                                                   Factoring houses
                                                        e.g. CIT

                Others………


                                                                      Slide 54
Re-engineering The Supply Chain
Summary


            The changing face of trade

      World trade is growing fast and changing fast.
      Banks must likewise change fast
      Martin Allison, The Royal Bank of Scotland, October 2006




                                                                 Slide 55
Re-engineering The Supply Chain
Summary


    New solutions to meet market demand

      Corporates need complete solutions that not
      only support supply chain financing and risk
      mitigation but also feed into cash and treasury
      management and open up opportunities for
      the cost-effective outsourcing of labour-
      intensive business processes




                                                    Slide 56
Re-engineering The Supply Chain
Summary


          The challenge to the banks

      Banks that cannot respond to the supply chain
      challenge risk loss of revenue, relationship
      and relevance




                                                  Slide 57
Re-engineering The Supply Chain
Summary


              Partnership banking

      Whilst the bigger banks are experiencing
      direct demand for supply chain solutions, they
      often rely also on local partner banks to assist
      in the delivery and execution of these services




                                                     Slide 58
Re-engineering The Supply Chain
Summary


              The SWIFTNet TSU


      The SWIFTNet Trade Services Utility (TSU) is
      an industry solution that enables banks to
      collaborate where they need to collaborate
      and compete where they need to compete




                                                 Slide 59
SWIFTNet Trade Services Utility




      + newsletter
     coming soon !!!
                                  Slide 60
SWIFTNet Trade Services Utility
Sibos – Boston 2007
               User Group Chairmen session:
    Monday
               SWIFTNet TSU: Working the trading corridors

               Trade cocktail party: Location
               being identified

   Tuesday     SC conference session: The financial &
               physical supply chain: to what extent do
               corporates want banks involved?

  Wednesday    TSU conference session:
               SWIFTNet TSU: where's the money?

   Thursday    TSU Product auditorium session:
               Understanding the TSU
                                                       Slide 61
Thank You




            “I want to thank you
            for making this day
            necessary”.




                                   Slide 62
The Importance Of Understanding
Supply Chain Management to build
the SWIFTNet Trade Services Utility

Monaco, 11th May 2007



                                Slide 63

				
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