2007.02.Financial I.Roundtable.Swift.Access.Lowres

CorporateSWIFT Access

RoundtableSponsored by Dresdner Bank

in association with Financial-i

February 1st 2007

Frankfurt

2 Financial i · Q1 · 2007

Roundtable

List of participants:

Moderator: Anita Hawser, managing editor, financial-i

Manfred Fleckenstein, head, globalcash management, Dresdner Bank.

Dirk Braun, assistant vice president, global cash manage-ment, Dresdner Bank

Berit Walter, vice president, globalcash management, Dresdner Bank

Matteo Rizzi, senior business manager, corporate connectivity,Continental Europe, SWIFT

Jens Romaus, senior director, customer solution & operations,EMEA, SAP

Peter Schneider, sales team, EFiS,SWIFT service bureau, Frankfurt

Andreas Elberg, treasury & relationship management, cashmanagement, T-MobileInternational (Europe and USA),Bonn

Chris van Tieghem, group treasurer, Wienerberger, Vienna

Verena Siedl, product & projectmanager, payment, bwin.com,Vienna

Left to right:1 Manfred Fleckenstein, 2 Matteo Rizzi, 3 Jens Romaus4 Anita Hawser5 Chris van Tieghem6 Andreas Elberg7 Heiko Rode8 Peter Schneider9 Dirk BraunSeated:10 Verena Siedl11 Berit Walter

1 2 34

5 6 7 8 9

10 11

Anita Hawser: What is the strategicimportance of SWIFTNet corporateaccess for the banks?

Manfred Fleckenstein: My team and I

are convinced of two trend-setting

issues in terms of the re-structuring of

cash management. Many corporates

have already or intend to set up so-

called ‘payment factories’, which

means centralising the treasury and

cash management activities of their

respective subsidiaries and groups, and

this is also being inspired by SEPA.

Secondly, everyone in the corporate

sector is looking for secure, quick,

reliable and the most standardised

access to their bank. These facts and

the requirements of our customers lead

us to SWIFT corporate access.

Dirk Braun: Particularly in the context

of projects regarding cash and treasury

management functions, being able to

communicate with banks worldwide in

a standardised fashion is a challenge

for the corporate-to-bank-space.

Furthermore, because of regulations

like SEPA, products provided by banks

to their corporate customers have

become even more comparable,

particularly in the transaction banking

business. A payment is a payment is a

payment. There are possibilities of

differentiation like speed, control,

tracking, reporting, matching and so

on, which can be described as

‘additional services’.

In this context, connectivity between

corporates and banks is an additional

service. For us as a commercial bank,

corporate SWIFT access is an

opportunity to differentiate ourselves

from our competitors. As the market is

young and we are involved in

developing several projects, we can act

as a ‘trend-setter’. SWIFTNet enables its

participants to achieve real straight-

through processing of payments. It

acts as a single financial window for

corporates because it provides the

payments and the receivables. Also,

every other financial business can be

processed within this solution.

Hawser: How have corporatesestablished a business case forimplementing SWIFT connectivity?

Andreas Elberg: SWIFT and also SEPA

is an interesting topic for us. In

February we went live with our

payment factory, and SWIFT is really

important because we have companies

in different European countries, and

we have many different formats and

systems, and with the high volume of

payments – nearly 120 million

payments per year – which is only for

our mobile activities, we have 15

different bank connections to maintain.

It is also difficult to review all activities

from a Sarbanes-Oxley perspective.

That was one reason why we decided

Roundtable

On the 1 February 2007, Dresdner Bank in association with financial-iinvited corporates, ERP vendors and SWIFT to Dresdner’s boardrooms inFrankfurt to debate the merits of corporates accessing SWIFTNet.

CorporateSWIFT Access

2007 · Q1 · Financial i 3

Since the late 1990s, SWIFTprovided the treasury counterpartymodel, which allows corporates toexchange treasury dealconfirmations with any financialinstitution on SWIFT. This wasfollowed in 2001 by MemberAdministrated Closed User Groups(MA-CUGs), and more recently, theStandardised CorporateEnvironment (SCORE) model.Today, there are approximately

8,000 banks and 180 corporatesactive on SWIFTNet. In terms ofthe new SCORE model, around15,000 corporates are eligible toparticipate. When it comes toconnectivity with SWIFT,corporates can connect directlyusing their own infrastructure(hardware, software,communication) or indirectly via aMember/Concentrator bank orservice bureau.

The different forms of SWIFT corporate access


to use SWIFT – to have one channel

for T-Mobile’s whole payments

business in Europe and, hopefully in

the coming years, with the USA as

well. From a cost perspective, we will

save at the beginning of our project

approximately EUR 1 million and just

two banks will handle all of our

European business. Once the payment

factory is in place, it will give us the

possibility to save more money and

reduce technical interfaces.

Hawser: Have you built your ownproprietary SWIFT infrastructure in-house?

Elberg: Yes. We have a payment

factory in place for our in-house

activities. That means all our in-

house payments will be handled by

our central payment factory. We are

also looking at cash management so

that we can have a total view in our

cash bank over our financial

activities across Europe and the USA.

The last step is to centralise our

external payments and direct debit

activities. T-Mobile will be the first

company with direct SWIFT

connectivity and more than 120

million bulk payments over SWIFT.

Hawser: Chris van Tieghem ofWienerberger, could you tell ushow your company established abusiness case for SWIFTconnectivity?

Chris van Tieghem: Wienerberger had

a co-ordination centre in Belgium,

which performed cash management

for Western Europe, and we also had a

payment factory in those countries.

Due to the change in regime of the

co-ordination centre in Belgium, we

centralised everything in Vienna.

In Vienna, there was a long-term

financing operation for the companies,

but no cash management and so we

were confronted with the situation of

maintaining six different banking

software systems, and we wanted to

extend it to Eastern Europe, so we will

have approximately 17 different

countries that we have to implement

cash management and our payment

factory for. This is how we arrived at

SWIFT connectivity. In terms of our

payment factory, we don’t centralise

all payments and send them from one

point. We make the payments from

the different accounts from the

different companies, but via the

existing bank software.

We manage to have a view on the

liquidity on the payments that are

completed, and this information is

transferred to cash management and

used for funding purposes. All file

transfers including payments and

Roundtable

T-Mobile International, Bonn –The leading international mobilephone operator, which is astrategic business unit ofDeutsche Telekom, implementedan in-house payment factory,which has direct connectivitywith Dresdner Bank’s SWIFTNetMA-CUG. T-Mobile is in the goinglive phase to become the firstcompany with direct SWIFTconnectivity to send more than120 million bulk payments viaSWIFTNet.

Wienerberger, Vienna – Amanufacturer of bricks androofing systems, Wienerberger iscurrently in the design andconception phase regarding its useof SWIFTNet for all

communications concerningpayments and bank statementswith its banks in five countries. Ituses a service bureau, Atos, toconnect to SWIFTNet. It is alsoconsidering the new SCORE modelfor accessing SWIFT, which allowscorporates to leverage a singleMA-CUG for communicating withmultiple banks.

bwin.com, Vienna – One ofEurope‘s leading online gamingand entertainment companies,bwin.com is in the test phase ofleveraging its own internal SWIFTinfrastructure to connect to MA-CUGs so it can replace proprietarybanking solutions, fully automatethe payment process and reducebank transfer times and costs.

Corporates on SWIFT

"Everyone in the corporate sectoris looking for secure, quick,reliable and the moststandardised access to theirbank. These facts and therequirements of our customerslead us to SWIFT corporateaccess."

Manfred Fleckenstein,

head, global cash management,

Dresdner Bank.


Roundtable

direct debits are done via the bank

software, and all this will be taken

over in the new payment factory and

with SWIFT management.

Hawser: Verena Siedl of bwin, canyou tell us how you arrived atSWIFT corporate connectivity?

Verena Siedl: Bwin is an online

entertainment company. Focusing

on Continental Europe, we support

over 20 core markets, including

Canada and Mexico. The most

important thing is to enable

customers to be able to pay in and

pay out to their gaming accounts.

One of the most important payment

methods is bank transfer. We have a

self-developed payment service and

we are working with very different

files and exchanging files in

different ways. In our banking

services team, there are many

manual tasks necessary to upload

and download files from the

different banking online service

tools.

We use SWIFT connectivity to

automate the whole bank transfer

process. Another major issue for us

is to have single window access to

all of our banks. Having one

connection to all of them will be a

big advantage for us. Secondly, we

hope that with SWIFT and good

partner banks, we will be able to

collect different bank statements and

have an overview of our bank

accounts and cash details.

Hawser: Did you want to seeother corporates go live onSWIFTNet first before you tookthe plunge?

Siedl: SWIFT was always in the

loop, so as soon as it was possible,

we said: ‘Yes, okay, now we will do

it.’

van Tieghem: It [SWIFT] is a brand

new world we are coming to. It was

not easy to sell the idea of SWIFT

connectivity into the group. I have

sold it more as a concept, as a new

communication platform. For the

moment, we are using SWIFT for

cash management and for the

payment factory, but it can be

extended and it is a kind of

investment in the future.

Elberg: We have, since 2001,

focused on centralising activities. So

we started with internal payments,

internal cash management and the

third part, SWIFT, was not difficult

for us. Our early idea was to have

only one channel, and we thought

SWIFT was a possibility for that.

From the beginning we said it was

only one more channel to transfer

payment activities, but all

participants quickly learned that it

was more than that. Now we have a

solution in place that will handle all

our business in Europe in a

convenient way.

Hawser: What are SWIFT’sambitions in terms of gettingmore companies on SWIFTNet?

“SAP generates all the formatsand it has tremendousflexibility. However, when youcome up with the file that issent to SWIFT, it has to beadapted. We need tohave that middleware.”

Chris van Tieghem,

group treasurer,

Wienerberger, Vienna

“Getting rid of [proprietarybanking solutions] entailed acost reduction on the one hand;on the other it made handlingthe business easier.”

Verena Siedl,

product & project manager, payment,

bwin.com, Vienna


Roundtable

Matteo Rizzi: At the end of 2006,

the number of corporates registered

to use SWIFTNet was 181. Among

them, approximately 120 are live

already. The reason for that is that

once corporates are registered on

the network, it takes some months

before they start exchanging the first

message. We also say that, ‘It takes

six months to connect the first bank

and six minutes to connect the

second one’. Once companies are

live on the network, they can reach

their banking landscape in a much

easier way.

Among the 180 corporates, 60% more

or less are in Continental Europe and

the rest are divided between 30% to

40% in the US and the rest of the

world. The reason for that is that

there is a European market maturity

for corporate treasury culture. We

have been able to start faster here

than in other parts of the world,

although several large American

corporates like General Electric,

contributed a great deal to what the

solution is like today.

Corporates are a high priority in our

strategy for 2010. Our ambition is to

connect around 100 corporates a

year over the next five years. That is

why the new model SCORE was

introduced on 9 January. Our aim is

to select the corporates that are able

to join this new model. That is why

we selected only listed corporates in

Financial Action Taskforce countries.

Our members, the banks, had to

define some criteria and scope for

eligibility of corporates.

Hawser: Why did SWIFT developSCORE?

Rizzi: The first advantage of SCORE

is that we are simplifying the

complexity of subscribing to several

MA-CUGs with probably several

different contracts, depending on

the financial institution, and also

within the MA-CUG concept we did

not really have a common approach.

The real advantage of SCORE will

come in the next months, first

because the take-up of the number

of financial institutions to SCORE

only commenced on 9 January.

Today there are many more banks

offering MA-CUG rather than

SCORE, but it is only a matter of

time before this changes.

SCORE does not add further

expense to a corporate that joins.

We kept the pricing in the same

place as before, but we intend to

standardise as much as possible

everything concerning the contract,

the kind of messages and the way

to exchange messages between

corporates and banks within SCORE.

For the first time in corporate-to-

bank connectivity, we now have

rule books.

Before, in the MA-CUG, the bank

was in charge of defining the

service to be offered to the

corporates. In SCORE it is entirely

different. SWIFT manages that

process. There are rule books for

the different SWIFT messaging

services to standardise the way we

offer it to corporates. This is a very

tangible advantage of using SCORE.

We are not cannibalising MA-CUG

or even the treasury counterparty

model. These three are

complementary.

Hawser: What about SWIFTconnectivity from a servicebureau’s perspective?

Peter Schneider: EFiS was the first

private German SWIFT service

bureau, founded in 1998. Our first

customer was a small Volksbank on

the border of Germany. We learned

with it and decided to be a major

SWIFT service bureau. In 2001, MA-

CUG arrived. Also that year I arrived

from Hoechst AG to EFiS. My first

order was: ‘Please bring us customers

from the industry.’ We needed more

than four years to achieve that as,

initially, it was prohibited for

industrial customers to use SWIFT.

“When they [corporates] haveimplemented two, three orfour MA-CUGs, it becomes easier tomanage. But if they are at thebeginning, it is more difficult.”

Berit Walter,

vice president,

global cash management,

Dresdner Bank


Roundtable

SWIFT was bank-owned, and we saw

that B2B was not business-to-

business, but bank-to-bank. That is

precisely our problem today, but in

the meantime, because of changing

currencies, Europe had only one

currency, the euro, and this meant

that corporates began questioning

how many banks they needed in the

different countries. The same idea

came about with SEPA, and you

know the definition of SEPA could

be ‘Single Euro Payment Access’.

That is exactly what SWIFT offers.

Hawser: Was there an initialperception among companies thatSWIFT was only for the big multi-nationals that were multi-banked?

Schneider: Yes, I think so. At first

it was for the big companies.

SCORE is very good, but in

Germany, it is not accessible for

companies like Bosch because they

are not listed on a stock exchange.

These companies have tended to

establish multiple MA-CUGs, which

is not the best idea in my opinion.

Hawser: To what extent isvolume of corporate users onSWIFT important?

Braun: If there are more corporates

on SWIFTNet, they will get a voice

within the SWIFT community.

Today, the SWIFT Board and

working groups comprise only

bankers. If more and more

corporates join SWIFT, however,

perhaps we will see some

corporates on the Board and

represented in these groups.

Schneider: In the SCORE model it

is not possible to buy shares of

SWIFT. If you don’t have a share,

you are not a member of a board.

Braun: Of course, but there will

definitely be a corporate voice

within the SWIFT community within

the next few years.

Rizzi: Corporates today already have

a voice within SWIFT. In France, for

instance, corporates are participating

in the SWIFT user group which was

not an easy step because the banks

were quite cautious. At Sibos last

year in Sydney, we had a plenary

session just for corporates on

corporate connectivity.

Hawser: What role can ERPvendors like SAP play in makingSWIFT connectivity not justsomething for big companies butfor mid-tier and perhaps lowerlevel companies as well?

Jens Romaus: Mid-market

companies have the same issues that

global companies have as business is

global. A small privately owned

company may not have 15

proprietary banking channels, but it

still faces the same problems. We are

working on this issue, together with

SWIFT, and we are working for both

the large and the small market.

Corporates are using several

communication channels into the

bank, or at least into the SWIFT

environment. We found that for each

channel, they need to budget

approximately USD 50,000 per year.

If they have eight, nine or 10

channels, this is a lot of money to

pay. Our customers asked us to

reduce this complex environment.

Elberg: For us, it is really important

to have a company like SAP on

board. All our companies in Europe

are using SAP, and that is a great

advantage for us because it was

very easy for us to get connectivity

between the different SAP systems

in Austria, the Netherlands and so

on. I am happy to hear that SAP is

also working on middleware,

because SAP already has a treasury

system module in place.

But for a global company like T-

Mobile it has not been convenient

enough during the last few years.

SAP hasn’t offered any middleware

“In the SCORE model it is notpossible to buy shares ofSWIFT. If you don’t have a share,you are not a member of aboard.”

Peter Schneider, sales team,

EFiS, SWIFT service bureau, Frankfurt


Roundtable

for SWIFT connectivity so far. The

problem is we have the information

in SAP and we are not able to send

it out of SAP directly to a bank or

directly over SWIFT to a bank. I

also see that problem with other

customers. It would be good if SAP

could give us a convenient solution

on the middleware side.

Romaus: We are developing this

integration package, reducing the

channels, and we are developing a

bank relationship management tool.

We have begun the pilot phase,

which is called ‘Ramp Up’ at SAP.

Every company has a unique

environment, and so it is not a case

of simply selling software, plug and

play and everything is good. We are

learning, and it is necessary to work

together with a handful of pilots.

Our goal is to make this bank

relationship management

enhancement software solution

available at the end of 2007 for all

companies, and it is based on mySAP

ERP 2005.

Hawser: How do other corporatesperceive SAP’s involvement?

van Tieghem: Without SAP we

would not have a SWIFT project.

SAP standardises a lot of procedures

and I agree that there is some

middleware missing, and so that is

why we bought it externally. SAP

generates all the formats and it has

tremendous flexibility. However,

when you come up with the file

that is sent to SWIFT, it has to be

adapted. We need to have that

middleware. Could I ask a question

of SWIFT? Matteo Rizzi said it takes

six months to join a new MA-CUG.

But then the problems happen,

problems in the way that a simple

Request for Transfer (SWIFT format

MT101 for credit transfers) can have

different variants if you want to

send it to different banks. We have

to test it every time. Will the

SCORE model bring us some relief

in that?

Rizzi: What the FIN rule book will

set up first is the classes of messages

that all the banks will have or have

the possibility to offer within SCORE.

In the rule book you will read that

MT101 is the method for payments

which is strongly recommended.

Concerning the way in which a bank

today is processing the payments, it

is true that especially for non-

mandatory fields there are some

banks which are shaping the

messages in different ways.

van Tieghem: Within SCORE,

will it come to a kind of

standardisation or will each bank

still have its mandatory fields?

Rizzi: In SCORE there are guidelines

for mandatory and non-mandatory

fields. It is up to banks and

corporates to decide how to use

them.

Berit Walter: Dresdner Bank has a

long history of working with standards

in handling formats and connectivity.

We always try to adapt to market

standards, and this is why we have

always used SWIFT formats. And when

we use single format fields in a

different way, this is just to make them

useful for local clearing requirements

abroad where we also work with these

formats. This underlines that there is

definitely a need for standardisation.

SEPA will act as a catalyst for

standardisation.

From a bank’s perspective it is always

a temptation to develop your own

systems, because it gives you a feeling

of binding your client closer to your

institution. On the other hand, it is a

risk because there is definitely a

requirement for standardisation in the

market.

Rizzi: One of the strongest value adds

of FIN is the semantical and

syntactical validation of the message,

which means that once the message

arrives at the SWIFT interface, there is

a commitment to deliver to the

destination. When corporates say the

“Corporates are using severalcommunication channels intothe bank, or at least into theSWIFT environment.We found that for each channel,they need to budgetapproximately USD 50,000 peryear.”

Jens Romaus,

senior director, customer solution &

operations, EMEA, SAP


Roundtable

MT101 is different from one bank to

another, it will still be validated, the

message will be processed, but some

information which is not mandatory

can be different.

Elberg: It is necessary that we attain a

higher standard in managing financing

activities. SEPA will be the next step

for us, and hopefully it will give us

the possibilities to not only have ‘one

cash format’, as the euro provided,

but also to have ‘one technical

format’. It would be good if we could

have only one channel, SWIFT, and

only one format in Europe. I do not

think it will happen in the next year,

but we are on the right path to

achieving it in the next three to five

years.

Hawser: To what extent is having toimplement multiple MA-CUGs anissue for corporates?

van Tieghem: Regarding MA-CUGs,

we already have a kind of

standardisation with the banks. We

are not confronted with totally

different cultures. We will end up

with the SCORE model, but as we

have quite strict implementation

dates, we will evolve to SCORE. We

were told that the contracts with

MA-CUGs would be a tremendous

thing to handle, but it turned out

to be reasonable.

Walter: It depends at what stage of

the project companies are in. When

they have implemented two, three

or four MA-CUGs, it becomes easier

to manage. But if they are at the

beginning, it is more difficult.

Hawser: What are the challengesfor a major company like T-Mobile in terms of having to setup multiple MA-CUGs?

Elberg: As we discussed with

SWIFT about MA-CUG, it said that in

the middle of 2006 it would have a

new solution. Unfortunately, we

were not able to use this new

solution called SCORE. I think

SCORE will have a lot of benefits

for us. It has the possibility to send

messages to different banks that

participate in SCORE, but there is

also the question of pricing. That

was the main reason why we

decided to use the old MA-CUG and

not the new SCORE model.

With SCORE we are not able to use

the pricing tier of our house bank.

We have more than 120 million

payments, and when we discussed it

with the bank, we were one of the

biggest SWIFT customers. I thought

okay, we could go to SWIFT and we

could say: ‘We have 120 million

postings, we can use Tier 1.’ And

then I wondered how many

postings we needed to get to Tier

2, and we were not able to reach

that. Maybe a company like T-

Mobile or other big players in

Europe are not able to reach Tier 2

or Tier 3 pricing. On the other hand,

I do not think it is right to give

companies the same pricing as a

bank, because it is very different.

Hawser: How should companiesmeasure the return oninvestment (ROI) of SWIFTcorporate access?

van Tieghem: It depends on how

creative you are. In our case, we

found out that there are a lot of

hidden costs. Running the software

of a bank, you have to keep it up

and running, you have different

security systems. You have to

maintain all these things, and these

costs are not obvious.

Siedl: We also had proprietary

banking solutions. Getting rid of

them entailed a cost reduction on

the one hand; on the other it made

handling the business easier.

Rizzi: In terms of ROI, I agree that

the most difficult part when you

handle a SWIFT project is to

calculate the quantitative return on

investment. I will give you an

example from one of SWIFT’s

“Today, the SWIFT Board andworking groups comprise onlybankers. If more and morecorporates join SWIFT, however,perhaps we will see somecorporates on the Board andrepresented in these groups.”

Dirk Braun,

assistant vice president, global cash

management, Dresdner Bank

customers which is already live.

Arcelor declared that once it was on

SWIFT, the average of the money it

borrowed decreased by USD 10

million per bank. Why? Because it

had a much better view of where its

cash was. Every corporate will have

the creativity to evaluate the ROI of

SWIFT according to its environment.

It depends on the number of

countries you run operations in and

how automated you are. Certain

corporates for instance can establish

the quantitative benefit of joining

SWIFT because they have an

enormous number of daily treasury,

currency and FX deals that need to

be confirmed.

Hawser: Looking ahead, willcorporates have more say within SWIFT?

Rizzi: Since 2001, when MA-CUGs

first came to the market, corporates

have been a priority for SWIFT. The

reason is simple. SWIFT is a co-

operative. That means the more the

network is used, the less it will cost.

For SWIFT it is more a matter of

reach, rather than of revenues.

We have governance structures at the

national level in order to ensure that

each user, including corporates, can

provide feedback and influence the

SWIFT strategy. Today we have a

limited number of corporates yet

SWIFT pays close attention to their

requirements.

Hawser: What about corporate-to-corporate connectivity on SWIFT?

Rizzi: Corporate-to-corporate traffic is

not allowed over the SWIFT network.

I think that rather than corporate-to-

corporate, what is going to be very

useful for SWIFT is to explore new

landscapes in corporate-to-bank, let’s

say financial flows like trade services,

for instance. This is where corporates

will really benefit from new solutions.

We do want to focus our resources

on the corporate-to-bank field where

a lot of value can be created for both

corporates and banks. //


Roundtable

“SAP hasn’t offered anymiddleware for SWIFTconnectivity so far. The problemis we have the information inSAP and we are not able to sendit out of SAP directly to a bank ordirectly over SWIFT to a bank.”

Andreas Elberg,

treasury & relationship management,

cash management, T-Mobile

International (Europe and USA), Bonn

“We intend to standardise asmuch as possible everythingconcerning the contract, the kindof messages and the way toexchange messages betweencorporates and banks withinSCORE.”

Matteo Rizzi,

senior business manager, corporate

connectivity, Continental Europe,

SWIFT

With around 960 branch offices and 29,000 full-time staff, the Dresdner Bank Group is active

in over 50 countries. In terms of assets and the number of customers, Dresdner Bank is one

of the leading banking groups in Europe. Since July 2001, Dresdner Bank has been part of

the Allianz Group as the centre of competence for banking.

The Corporate Banking division offers its customers an on-the-spot support organisation plus

the capital market expertise of Dresdner Kleinwort. The service portfolio ranges from

transaction banking and international business via conventional loans to treasury and

securities, corporate finance and insurance products.

Cash Management is key to ensuring your firm's liquidity. We help you to manage your cash

with tailor-made solutions relating to account management and payment transactions that

include an extensive range of international services. You can therefore rely on our expertise

in analysing and optimising internal and external processes in areas closely related to pay-

ment flows. We can also help you to ensure liquidity within the firm and provide you

with the tools for an individualised cash management.

Whether SWIFT Corporate Access, Virtual Accounts, Payment Factory, Direct Debit Service

or sophisticated pooling structures like Margin Compensation, whatever topic you address;

we have the solution for you!

Contacts

Manfred Fleckenstein

Head of Global Cash Management

Phone: + 49 69 263-69298

Fax: + 49 69 263-60009

E-mail: [email protected]

Dirk Braun

Assistant Vice President / Advisory Cash Management

Phone: + 49 69 263-63739

Fax: + 49 69 263-60009


Berit Walter

Vice President / Advisory Cash Management

Phone: + 49 69 263-60093

Fax: + 49 69 263-60009


Dresdner Bank AG

Corporate Banking

Cash Management

Jürgen-Ponto-Platz 1

D-60301 Frankfurt am Main

Germany

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2007.02.Financial I.Roundtable.Swift.Access.Lowres

Economy & Finance

Transcript of 2007.02.Financial I.Roundtable.Swift.Access.Lowres