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The May 2008 edition of treasurytoday magazine will be with subscribers from 14th May.  Key articles include:

• Cash Management
  UK Faster Payments | The UK has one of the longest clearing cycles in Europe, but not for much longer. We talk to Martin Wilson, Chief Commercial Officer of VocaLink, about the new Faster Payments service being launched this month. 
  
  
• Treasury Management
  SSCs: the multi-function apppoach | Shared service centres have continued to evolve since their introduction some 20 years ago. We look at how their development is being shaped by restructuring, relocation and the multi-function approach.
  
  
• Risk Management
  A guide to FX transactions | Our series on FX risk management continues with a look at external hedging techniques. We identify the benefits and drawbacks of individual hedging instruments including forwards, futures, options and money market hedges.  
  
  
• Corporate Finance
  PIK notes | The popularity of payment in kind (PIK) instruments had been growing in recent years, but the credit crunch has had a major impact on the market. We take a look at the characteristics of PIK instruments, their uses, benefits and limitations.  

  
  Special features in this issue:

  Product Profile | Commerzbank's Trade Finance

  While open account has emerged as the method of payment predominantly used in international trade, traditional instruments such as letters of credit and documentary collections still bring trading partners an additional level of security. For this reason many companies still use them, despite the associated complexity. With this in mind, Commerzbank has developed sophisticated solutions to help corporates overcome the obstacles that they may encounter when using these methods.

  The Bank Interview | Naveed Sultan, Head of Global Transaction Services, Europe, Middle East and Africa. Citi

  Naveed Sultan from Citi talks about the current credit crisis and makes observations about various global trends. He also provides some insights on how organisations can respond to today’s challenges and opportunities.
  

  View back issues.