Estee Lauder’s European Treasury Center is responsible for managing cash and liquidity management for the group and its subsidiaries over multiple continents by providing intercompany loans and liquidity facilities to local entities.
Bart Taeymans, Vice President Global Treasury Operations
In an effort to continuously improve and automate its internal processes, the American multinational cosmetics company wanted to leverage technology and further enhance the Transfer Pricing compliance of financial transactions. As a result, it engaged Zanders to use its cloud-based Transfer Pricing Suite.
Estee Lauder has been Zanders’ client for quite some years. “We have been working with Zanders before in some projects and that always worked very well. In this instance too”, says Bart Taeymans, Vice President Global Treasury Operations. “They helped to draft and execute the bank selection RfP and restructure our European banking structure, and supported with the implementation of SAP Inhouse Cash and Bank Communication Management. And recently, they supported us with their Zanders Inside Transfer Pricing Suite.”
New OECD Transfer Pricing guidelines
With the release of Chapter X by the OECD, the company wanted to implement a new process in order to comply with its Transfer Pricing obligations in-house, without depending on external parties, Taeymans explains. “In view of the changed regulatory environment, we wanted to increase control of the entire process. Zanders Transfer Pricing Suite looked as a sustainable tool to automatize the process, while maintaining a robust technical methodology compliant with the OECD TP Guidelines’’.
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Marc Vandewaeter, Treasury Director
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Timely implementation
Taeymans: “I think it’s been a great integrated implementation. The team was very supportive, providing clarifications where needed and support when required – all to ensure timely implementation of the new procedure, focused on the start of our new fiscal year.”
Vandewaeter: “The challenge of importing the financial data was that it needed to be implemented in the Zanders Inside tool format, which is required to determine a rating. Luckily all financial data from all our affiliates is already standardized. That makes it easier to reproduce and implement this data. That saves quite a lot of time.”
“The benefit we have is that we are on one SAP instance globally”, adds Taeymans. “That helps us to great extent in retrieving the financial information in a structured manner. So once we had the templates to convert to the information required by Zanders, everything went very well.”
The entire process in one user-friendly platform
Vandewaeter has been intimately involved in working with the tool. “We wanted to make sure that Zanders’ tool would provide a consistent approach for all transactions, in line with what we had done before, and that potential differences in the results could be explained. Having all the information in one tool helps us understanding the approach followed and financial information considered for each case. This is important for us as we need to make sure that we fully understand the details.”
Taeymans: “To have that entire process – from the financial information, credit rating analyses, benchmark rates, to the final reports – featured in one tool is obviously what we’ve been looking for. It’s very important to have it all in one system generating a full report on an entity basis. Of course, you need to know what to enter and what to select. But as a web-based tool it is very user-friendly, easy to navigate and well designed. It is quite easy to extract the pricing for a certain loan. And from an operational point of view, it is also useful to do a simulation and it doesn’t take much time to do that. You need to upload all the financial statements, but it is more dynamic and the pricing update is based on current data. In addition, the support received from Zanders team is very good.”
Zanders Transfer Pricing Suite is a cloud-based solution for companies seeking to automate the calculation and documentation of intercompany financial transactions. Our platform has been active for over 5 years and is currently used by more than 70 multinational corporations. These corporations rely on our technology and technical expertise to comply with their Transfer Pricing obligations.
We are committed to continuously improving complex processes for our clients through innovative solutions. If you want to know learn more about our services, please contact your account manager or the Zanders Inside team:
Pim Stohr (p.stohr@zanders.eu)
Inigo Arechabaleta (I.Arechabaleta@zanders.eu)
In this report, biodiversity loss ranks as the fourth most pressing concern after climate change adaptation, mitigation failure, and natural disasters. For financial institutions (FIs), it
Find out more
Carbon offset processes are currently dominated by private actors providing legitimacy for the market. The two largest of these, Verra and Gold Standard, provide auditing services, carbon
Find out more
Early October, the Basel Committee on Banking Supervision (BCBS) published a report[1] on the 2023 banking turmoil that involved the failure of several US banks as well as Credit Suisse. The
Find out more
The SAP Business Technology Platform (BTP) is not just a standalone product or a conventional module within SAP's suite of ERP systems; rather, it serves as a strategic platform from SAP,
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Yet, the ongoing dilemma lies in achieving optimal returns on these investments. In this intricate financial landscape, the importance of delivering robust financial performance not only at
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Treasurers dealing with multiple jurisdictions, scattered banking landscape, and local requirements face many challenges in this regard. Japan is one of the markets where bank connectivity
Find out more
Seventy banks have been considered, which is an increase of twenty banks compared to the previous exercise. The portfolios of the participating banks contain around three quarters of all EU
Find out more
The CSP helps reinforce the controls protecting participants from cyberattack and ensures their effectivity and that they adhere to the current Swift security requirements. *Swift does not
Find out more
As a result of the growing importance of this transformative technology and its applications, various regulatory initiatives and frameworks have emerged, such as Markets in Crypto-Assets
Find out more
Over the past decades, banks significantly increased their efforts to implement adequate frameworks for managing interest rate risk in the banking book (IRRBB). These efforts typically focus
Find out more
In the stress test methodology, participating banks are required to evaluate the impact of a cyber attack. They must communicate their response and recovery efforts by completing a
Find out more
Today, we engage in a conversation with Brecht van den Driessche, a new addition to the Zanders team, to explore his motivations for joining Zanders and his vision for the future of risk
Find out more
SWIFT now supports the exchange of ISO 20022 XML or MX message via the so-called FINplus network. In parallel, the legacy MT format messages remain to be exchanged over the ‘regular’ FIN
Find out more
As the first conference in the US since its 4-year hiatus, there was good attendance among corporates and partners. The SAP Treasury conference is an excellent opportunity for customers to see
Find out more
Of the many attending corporates and partners were offered the opportunity to hear the latest ins and outs of treasury transformation with S/4HANA. Next to the enhancements in
Find out more
Zanders Transfer Pricing Suite Zanders Transfer Pricing Suite is a cloud-based solution for companies seeking to automate the calculation and documentation of intercompany
Find out more
Zanders Transfer Pricing Suite Would you like to hear more about the bank selection process or other treasury-related challenges? Then please contact Michal Zelazko.
Find out more
Next steps From its new stable treasury basis, Sony's treasury is now ready for further steps for the future. In 2021, the system will be rolled out to Sony Group
Find out more
Adam Smith Award This year, during the annual Adam Smith Award contest (organized by Treasury Today), Kongsberg Automotive Group AG won an award for the Best FinTech
Find out more
Zanders and Sulzer Zanders and Sulzer started their cooperation in 2008 with a full treasury scan, a cash management blueprint and a full review of the treasury
Find out more
Contact Us If you have any inquiries or would like more information about the global implementation of a new treasury system, please don't hesitate to contact Olga
Find out more
Contact Would like to know more about our treasury system support in Asia? Then please contact Michiel Putman Cramer via +81 3 6892 3047.
Find out more
Estee Lauder’s European Treasury Center is responsible for managing cash and liquidity management for the group and its subsidiaries over multiple continents by providing intercompany loans and liquidity facilities to local entities.
Bart Taeymans, Vice President Global Treasury Operations
In an effort to continuously improve and automate its internal processes, the American multinational cosmetics company wanted to leverage technology and further enhance the Transfer Pricing compliance of financial transactions. As a result, it engaged Zanders to use its cloud-based Transfer Pricing Suite.
Estee Lauder has been Zanders’ client for quite some years. “We have been working with Zanders before in some projects and that always worked very well. In this instance too”, says Bart Taeymans, Vice President Global Treasury Operations. “They helped to draft and execute the bank selection RfP and restructure our European banking structure, and supported with the implementation of SAP Inhouse Cash and Bank Communication Management. And recently, they supported us with their Zanders Inside Transfer Pricing Suite.”
New OECD Transfer Pricing guidelines
With the release of Chapter X by the OECD, the company wanted to implement a new process in order to comply with its Transfer Pricing obligations in-house, without depending on external parties, Taeymans explains. “In view of the changed regulatory environment, we wanted to increase control of the entire process. Zanders Transfer Pricing Suite looked as a sustainable tool to automatize the process, while maintaining a robust technical methodology compliant with the OECD TP Guidelines’’.
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Marc Vandewaeter, Treasury Director
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Timely implementation
Taeymans: “I think it’s been a great integrated implementation. The team was very supportive, providing clarifications where needed and support when required – all to ensure timely implementation of the new procedure, focused on the start of our new fiscal year.”
Vandewaeter: “The challenge of importing the financial data was that it needed to be implemented in the Zanders Inside tool format, which is required to determine a rating. Luckily all financial data from all our affiliates is already standardized. That makes it easier to reproduce and implement this data. That saves quite a lot of time.”
“The benefit we have is that we are on one SAP instance globally”, adds Taeymans. “That helps us to great extent in retrieving the financial information in a structured manner. So once we had the templates to convert to the information required by Zanders, everything went very well.”
The entire process in one user-friendly platform
Vandewaeter has been intimately involved in working with the tool. “We wanted to make sure that Zanders’ tool would provide a consistent approach for all transactions, in line with what we had done before, and that potential differences in the results could be explained. Having all the information in one tool helps us understanding the approach followed and financial information considered for each case. This is important for us as we need to make sure that we fully understand the details.”
Taeymans: “To have that entire process – from the financial information, credit rating analyses, benchmark rates, to the final reports – featured in one tool is obviously what we’ve been looking for. It’s very important to have it all in one system generating a full report on an entity basis. Of course, you need to know what to enter and what to select. But as a web-based tool it is very user-friendly, easy to navigate and well designed. It is quite easy to extract the pricing for a certain loan. And from an operational point of view, it is also useful to do a simulation and it doesn’t take much time to do that. You need to upload all the financial statements, but it is more dynamic and the pricing update is based on current data. In addition, the support received from Zanders team is very good.”
Would you like to hear more about the bank selection process or other treasury-related challenges? Then please contact Michal Zelazko.
In this report, biodiversity loss ranks as the fourth most pressing concern after climate change adaptation, mitigation failure, and natural disasters. For financial institutions (FIs), it
Find out more
Carbon offset processes are currently dominated by private actors providing legitimacy for the market. The two largest of these, Verra and Gold Standard, provide auditing services, carbon
Find out more
Early October, the Basel Committee on Banking Supervision (BCBS) published a report[1] on the 2023 banking turmoil that involved the failure of several US banks as well as Credit Suisse. The
Find out more
The SAP Business Technology Platform (BTP) is not just a standalone product or a conventional module within SAP's suite of ERP systems; rather, it serves as a strategic platform from SAP,
Find out more
Yet, the ongoing dilemma lies in achieving optimal returns on these investments. In this intricate financial landscape, the importance of delivering robust financial performance not only at
Find out more
Treasurers dealing with multiple jurisdictions, scattered banking landscape, and local requirements face many challenges in this regard. Japan is one of the markets where bank connectivity
Find out more
Seventy banks have been considered, which is an increase of twenty banks compared to the previous exercise. The portfolios of the participating banks contain around three quarters of all EU
Find out more
The CSP helps reinforce the controls protecting participants from cyberattack and ensures their effectivity and that they adhere to the current Swift security requirements. *Swift does not
Find out more
As a result of the growing importance of this transformative technology and its applications, various regulatory initiatives and frameworks have emerged, such as Markets in Crypto-Assets
Find out more
Over the past decades, banks significantly increased their efforts to implement adequate frameworks for managing interest rate risk in the banking book (IRRBB). These efforts typically focus
Find out more
In the stress test methodology, participating banks are required to evaluate the impact of a cyber attack. They must communicate their response and recovery efforts by completing a
Find out more
Today, we engage in a conversation with Brecht van den Driessche, a new addition to the Zanders team, to explore his motivations for joining Zanders and his vision for the future of risk
Find out more
SWIFT now supports the exchange of ISO 20022 XML or MX message via the so-called FINplus network. In parallel, the legacy MT format messages remain to be exchanged over the ‘regular’ FIN
Find out more
As the first conference in the US since its 4-year hiatus, there was good attendance among corporates and partners. The SAP Treasury conference is an excellent opportunity for customers to see
Find out more
Of the many attending corporates and partners were offered the opportunity to hear the latest ins and outs of treasury transformation with S/4HANA. Next to the enhancements in
Find out more
Zanders Transfer Pricing Suite Zanders Transfer Pricing Suite is a cloud-based solution for companies seeking to automate the calculation and documentation of intercompany
Find out more
Zanders Transfer Pricing Suite Would you like to hear more about the bank selection process or other treasury-related challenges? Then please contact Michal Zelazko.
Find out more
Next steps From its new stable treasury basis, Sony's treasury is now ready for further steps for the future. In 2021, the system will be rolled out to Sony Group
Find out more
Adam Smith Award This year, during the annual Adam Smith Award contest (organized by Treasury Today), Kongsberg Automotive Group AG won an award for the Best FinTech
Find out more
Zanders and Sulzer Zanders and Sulzer started their cooperation in 2008 with a full treasury scan, a cash management blueprint and a full review of the treasury
Find out more
Contact Us If you have any inquiries or would like more information about the global implementation of a new treasury system, please don't hesitate to contact Olga
Find out more
Contact Would like to know more about our treasury system support in Asia? Then please contact Michiel Putman Cramer via +81 3 6892 3047.
Find out more
Estee Lauder’s European Treasury Center is responsible for managing cash and liquidity management for the group and its subsidiaries over multiple continents by providing intercompany loans and liquidity facilities to local entities.
Bart Taeymans, Vice President Global Treasury Operations
In an effort to continuously improve and automate its internal processes, the American multinational cosmetics company wanted to leverage technology and further enhance the Transfer Pricing compliance of financial transactions. As a result, it engaged Zanders to use its cloud-based Transfer Pricing Suite.
Estee Lauder has been Zanders’ client for quite some years. “We have been working with Zanders before in some projects and that always worked very well. In this instance too”, says Bart Taeymans, Vice President Global Treasury Operations. “They helped to draft and execute the bank selection RfP and restructure our European banking structure, and supported with the implementation of SAP Inhouse Cash and Bank Communication Management. And recently, they supported us with their Zanders Inside Transfer Pricing Suite.”
New OECD Transfer Pricing guidelines
With the release of Chapter X by the OECD, the company wanted to implement a new process in order to comply with its Transfer Pricing obligations in-house, without depending on external parties, Taeymans explains. “In view of the changed regulatory environment, we wanted to increase control of the entire process. Zanders Transfer Pricing Suite looked as a sustainable tool to automatize the process, while maintaining a robust technical methodology compliant with the OECD TP Guidelines’’.
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Marc Vandewaeter, Treasury Director
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Timely implementation
Taeymans: “I think it’s been a great integrated implementation. The team was very supportive, providing clarifications where needed and support when required – all to ensure timely implementation of the new procedure, focused on the start of our new fiscal year.”
Vandewaeter: “The challenge of importing the financial data was that it needed to be implemented in the Zanders Inside tool format, which is required to determine a rating. Luckily all financial data from all our affiliates is already standardized. That makes it easier to reproduce and implement this data. That saves quite a lot of time.”
“The benefit we have is that we are on one SAP instance globally”, adds Taeymans. “That helps us to great extent in retrieving the financial information in a structured manner. So once we had the templates to convert to the information required by Zanders, everything went very well.”
The entire process in one user-friendly platform
Vandewaeter has been intimately involved in working with the tool. “We wanted to make sure that Zanders’ tool would provide a consistent approach for all transactions, in line with what we had done before, and that potential differences in the results could be explained. Having all the information in one tool helps us understanding the approach followed and financial information considered for each case. This is important for us as we need to make sure that we fully understand the details.”
Taeymans: “To have that entire process – from the financial information, credit rating analyses, benchmark rates, to the final reports – featured in one tool is obviously what we’ve been looking for. It’s very important to have it all in one system generating a full report on an entity basis. Of course, you need to know what to enter and what to select. But as a web-based tool it is very user-friendly, easy to navigate and well designed. It is quite easy to extract the pricing for a certain loan. And from an operational point of view, it is also useful to do a simulation and it doesn’t take much time to do that. You need to upload all the financial statements, but it is more dynamic and the pricing update is based on current data. In addition, the support received from Zanders team is very good.”
Estee Lauder’s European Treasury Center is responsible for managing cash and liquidity management for the group and its subsidiaries over multiple continents by providing intercompany loans and liquidity facilities to local entities.
Bart Taeymans, Vice President Global Treasury Operations
In an effort to continuously improve and automate its internal processes, the American multinational cosmetics company wanted to leverage technology and further enhance the Transfer Pricing compliance of financial transactions. As a result, it engaged Zanders to use its cloud-based Transfer Pricing Suite.
Estee Lauder has been Zanders’ client for quite some years. “We have been working with Zanders before in some projects and that always worked very well. In this instance too”, says Bart Taeymans, Vice President Global Treasury Operations. “They helped to draft and execute the bank selection RfP and restructure our European banking structure, and supported with the implementation of SAP Inhouse Cash and Bank Communication Management. And recently, they supported us with their Zanders Inside Transfer Pricing Suite.”
New OECD Transfer Pricing guidelines
With the release of Chapter X by the OECD, the company wanted to implement a new process in order to comply with its Transfer Pricing obligations in-house, without depending on external parties, Taeymans explains. “In view of the changed regulatory environment, we wanted to increase control of the entire process. Zanders Transfer Pricing Suite looked as a sustainable tool to automatize the process, while maintaining a robust technical methodology compliant with the OECD TP Guidelines’’.
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Marc Vandewaeter, Treasury Director
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Timely implementation
Taeymans: “I think it’s been a great integrated implementation. The team was very supportive, providing clarifications where needed and support when required – all to ensure timely implementation of the new procedure, focused on the start of our new fiscal year.”
Vandewaeter: “The challenge of importing the financial data was that it needed to be implemented in the Zanders Inside tool format, which is required to determine a rating. Luckily all financial data from all our affiliates is already standardized. That makes it easier to reproduce and implement this data. That saves quite a lot of time.”
“The benefit we have is that we are on one SAP instance globally”, adds Taeymans. “That helps us to great extent in retrieving the financial information in a structured manner. So once we had the templates to convert to the information required by Zanders, everything went very well.”
The entire process in one user-friendly platform
Vandewaeter has been intimately involved in working with the tool. “We wanted to make sure that Zanders’ tool would provide a consistent approach for all transactions, in line with what we had done before, and that potential differences in the results could be explained. Having all the information in one tool helps us understanding the approach followed and financial information considered for each case. This is important for us as we need to make sure that we fully understand the details.”
Taeymans: “To have that entire process – from the financial information, credit rating analyses, benchmark rates, to the final reports – featured in one tool is obviously what we’ve been looking for. It’s very important to have it all in one system generating a full report on an entity basis. Of course, you need to know what to enter and what to select. But as a web-based tool it is very user-friendly, easy to navigate and well designed. It is quite easy to extract the pricing for a certain loan. And from an operational point of view, it is also useful to do a simulation and it doesn’t take much time to do that. You need to upload all the financial statements, but it is more dynamic and the pricing update is based on current data. In addition, the support received from Zanders team is very good.”
From its new stable treasury basis, Sony's treasury is now ready for further steps for the future. In 2021, the system will be rolled out to Sony Group Corporation in Tokyo.
Mr. Ishiguro lastly adds: “SAP S/4 HANA Treasury proved to be a very good TMS application for us. We would like to promote DX further, with close collaborations across our own Treasury members in each treasury center and our own SAP IT members, taking advantage of our experiences cultivated through METRO Project, in line with the mission of Sony Group Corporation, to ’lead and support the evolution of business through people and technology’."
Estee Lauder’s European Treasury Center is responsible for managing cash and liquidity management for the group and its subsidiaries over multiple continents by providing intercompany loans and liquidity facilities to local entities.
Bart Taeymans, Vice President Global Treasury Operations
In an effort to continuously improve and automate its internal processes, the American multinational cosmetics company wanted to leverage technology and further enhance the Transfer Pricing compliance of financial transactions. As a result, it engaged Zanders to use its cloud-based Transfer Pricing Suite.
Estee Lauder has been Zanders’ client for quite some years. “We have been working with Zanders before in some projects and that always worked very well. In this instance too”, says Bart Taeymans, Vice President Global Treasury Operations. “They helped to draft and execute the bank selection RfP and restructure our European banking structure, and supported with the implementation of SAP Inhouse Cash and Bank Communication Management. And recently, they supported us with their Zanders Inside Transfer Pricing Suite.”
New OECD Transfer Pricing guidelines
With the release of Chapter X by the OECD, the company wanted to implement a new process in order to comply with its Transfer Pricing obligations in-house, without depending on external parties, Taeymans explains. “In view of the changed regulatory environment, we wanted to increase control of the entire process. Zanders Transfer Pricing Suite looked as a sustainable tool to automatize the process, while maintaining a robust technical methodology compliant with the OECD TP Guidelines’’.
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Marc Vandewaeter, Treasury Director
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Timely implementation
Taeymans: “I think it’s been a great integrated implementation. The team was very supportive, providing clarifications where needed and support when required – all to ensure timely implementation of the new procedure, focused on the start of our new fiscal year.”
Vandewaeter: “The challenge of importing the financial data was that it needed to be implemented in the Zanders Inside tool format, which is required to determine a rating. Luckily all financial data from all our affiliates is already standardized. That makes it easier to reproduce and implement this data. That saves quite a lot of time.”
“The benefit we have is that we are on one SAP instance globally”, adds Taeymans. “That helps us to great extent in retrieving the financial information in a structured manner. So once we had the templates to convert to the information required by Zanders, everything went very well.”
The entire process in one user-friendly platform
Vandewaeter has been intimately involved in working with the tool. “We wanted to make sure that Zanders’ tool would provide a consistent approach for all transactions, in line with what we had done before, and that potential differences in the results could be explained. Having all the information in one tool helps us understanding the approach followed and financial information considered for each case. This is important for us as we need to make sure that we fully understand the details.”
Taeymans: “To have that entire process – from the financial information, credit rating analyses, benchmark rates, to the final reports – featured in one tool is obviously what we’ve been looking for. It’s very important to have it all in one system generating a full report on an entity basis. Of course, you need to know what to enter and what to select. But as a web-based tool it is very user-friendly, easy to navigate and well designed. It is quite easy to extract the pricing for a certain loan. And from an operational point of view, it is also useful to do a simulation and it doesn’t take much time to do that. You need to upload all the financial statements, but it is more dynamic and the pricing update is based on current data. In addition, the support received from Zanders team is very good.”
This year, during the annual Adam Smith Award contest (organized by Treasury Today), Kongsberg Automotive Group AG won an award for the Best FinTech Solution. As a response to the increased need for a reliable, consistent and efficient framework to determine arm’s length interest rates on intercompany transactions, the company implemented an advanced but easy-to-use web-based Transfer Pricing Solution. This solution is offered by Zanders Inside, a cloud-based platform that provides clients with unique tools, knowledge and education in the areas of treasury, risk and finance.
Estee Lauder’s European Treasury Center is responsible for managing cash and liquidity management for the group and its subsidiaries over multiple continents by providing intercompany loans and liquidity facilities to local entities.
Bart Taeymans, Vice President Global Treasury Operations
In an effort to continuously improve and automate its internal processes, the American multinational cosmetics company wanted to leverage technology and further enhance the Transfer Pricing compliance of financial transactions. As a result, it engaged Zanders to use its cloud-based Transfer Pricing Suite.
Estee Lauder has been Zanders’ client for quite some years. “We have been working with Zanders before in some projects and that always worked very well. In this instance too”, says Bart Taeymans, Vice President Global Treasury Operations. “They helped to draft and execute the bank selection RfP and restructure our European banking structure, and supported with the implementation of SAP Inhouse Cash and Bank Communication Management. And recently, they supported us with their Zanders Inside Transfer Pricing Suite.”
New OECD Transfer Pricing guidelines
With the release of Chapter X by the OECD, the company wanted to implement a new process in order to comply with its Transfer Pricing obligations in-house, without depending on external parties, Taeymans explains. “In view of the changed regulatory environment, we wanted to increase control of the entire process. Zanders Transfer Pricing Suite looked as a sustainable tool to automatize the process, while maintaining a robust technical methodology compliant with the OECD TP Guidelines’’.
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Marc Vandewaeter, Treasury Director
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Timely implementation
Taeymans: “I think it’s been a great integrated implementation. The team was very supportive, providing clarifications where needed and support when required – all to ensure timely implementation of the new procedure, focused on the start of our new fiscal year.”
Vandewaeter: “The challenge of importing the financial data was that it needed to be implemented in the Zanders Inside tool format, which is required to determine a rating. Luckily all financial data from all our affiliates is already standardized. That makes it easier to reproduce and implement this data. That saves quite a lot of time.”
“The benefit we have is that we are on one SAP instance globally”, adds Taeymans. “That helps us to great extent in retrieving the financial information in a structured manner. So once we had the templates to convert to the information required by Zanders, everything went very well.”
The entire process in one user-friendly platform
Vandewaeter has been intimately involved in working with the tool. “We wanted to make sure that Zanders’ tool would provide a consistent approach for all transactions, in line with what we had done before, and that potential differences in the results could be explained. Having all the information in one tool helps us understanding the approach followed and financial information considered for each case. This is important for us as we need to make sure that we fully understand the details.”
Taeymans: “To have that entire process – from the financial information, credit rating analyses, benchmark rates, to the final reports – featured in one tool is obviously what we’ve been looking for. It’s very important to have it all in one system generating a full report on an entity basis. Of course, you need to know what to enter and what to select. But as a web-based tool it is very user-friendly, easy to navigate and well designed. It is quite easy to extract the pricing for a certain loan. And from an operational point of view, it is also useful to do a simulation and it doesn’t take much time to do that. You need to upload all the financial statements, but it is more dynamic and the pricing update is based on current data. In addition, the support received from Zanders team is very good.”
Zanders and Sulzer started their cooperation in 2008 with a full treasury scan, a cash management blueprint and a full review of the treasury operations. Zanders consultant Bart Timmerman explains: “We then did a fit-gap analysis and later implemented a new TMS solution, which resulted in the selection of IT2, and the restructuring of Sulzer’s banking landscape. Also, we did some IT2 upgrade projects and extended the users of the solution to various regions. In 2017, we also did a treasury transformation project.”
Would you like to know more about the Zanders Market Data Platform or other cloud-based solutions? Then contact Bart Timmerman or Joanne Koopman via +31 35 692 89 89.
Estee Lauder’s European Treasury Center is responsible for managing cash and liquidity management for the group and its subsidiaries over multiple continents by providing intercompany loans and liquidity facilities to local entities.
Bart Taeymans, Vice President Global Treasury Operations
In an effort to continuously improve and automate its internal processes, the American multinational cosmetics company wanted to leverage technology and further enhance the Transfer Pricing compliance of financial transactions. As a result, it engaged Zanders to use its cloud-based Transfer Pricing Suite.
Estee Lauder has been Zanders’ client for quite some years. “We have been working with Zanders before in some projects and that always worked very well. In this instance too”, says Bart Taeymans, Vice President Global Treasury Operations. “They helped to draft and execute the bank selection RfP and restructure our European banking structure, and supported with the implementation of SAP Inhouse Cash and Bank Communication Management. And recently, they supported us with their Zanders Inside Transfer Pricing Suite.”
New OECD Transfer Pricing guidelines
With the release of Chapter X by the OECD, the company wanted to implement a new process in order to comply with its Transfer Pricing obligations in-house, without depending on external parties, Taeymans explains. “In view of the changed regulatory environment, we wanted to increase control of the entire process. Zanders Transfer Pricing Suite looked as a sustainable tool to automatize the process, while maintaining a robust technical methodology compliant with the OECD TP Guidelines’’.
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Marc Vandewaeter, Treasury Director
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Timely implementation
Taeymans: “I think it’s been a great integrated implementation. The team was very supportive, providing clarifications where needed and support when required – all to ensure timely implementation of the new procedure, focused on the start of our new fiscal year.”
Vandewaeter: “The challenge of importing the financial data was that it needed to be implemented in the Zanders Inside tool format, which is required to determine a rating. Luckily all financial data from all our affiliates is already standardized. That makes it easier to reproduce and implement this data. That saves quite a lot of time.”
“The benefit we have is that we are on one SAP instance globally”, adds Taeymans. “That helps us to great extent in retrieving the financial information in a structured manner. So once we had the templates to convert to the information required by Zanders, everything went very well.”
The entire process in one user-friendly platform
Vandewaeter has been intimately involved in working with the tool. “We wanted to make sure that Zanders’ tool would provide a consistent approach for all transactions, in line with what we had done before, and that potential differences in the results could be explained. Having all the information in one tool helps us understanding the approach followed and financial information considered for each case. This is important for us as we need to make sure that we fully understand the details.”
Taeymans: “To have that entire process – from the financial information, credit rating analyses, benchmark rates, to the final reports – featured in one tool is obviously what we’ve been looking for. It’s very important to have it all in one system generating a full report on an entity basis. Of course, you need to know what to enter and what to select. But as a web-based tool it is very user-friendly, easy to navigate and well designed. It is quite easy to extract the pricing for a certain loan. And from an operational point of view, it is also useful to do a simulation and it doesn’t take much time to do that. You need to upload all the financial statements, but it is more dynamic and the pricing update is based on current data. In addition, the support received from Zanders team is very good.”
If you have any inquiries or would like more information about the global implementation of a new treasury system, please don't hesitate to contact Olga Polozhenko at +44 20 7730 2510.
Additionally, if you're interested in learning more about treasury, payments and cash management in Japan, please reach out to our Japanese team via +81 3 6892 3047. We're here to assist and answer any questions you may have.
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Estee Lauder’s European Treasury Center is responsible for managing cash and liquidity management for the group and its subsidiaries over multiple continents by providing intercompany loans and liquidity facilities to local entities.
Bart Taeymans, Vice President Global Treasury Operations
In an effort to continuously improve and automate its internal processes, the American multinational cosmetics company wanted to leverage technology and further enhance the Transfer Pricing compliance of financial transactions. As a result, it engaged Zanders to use its cloud-based Transfer Pricing Suite.
Estee Lauder has been Zanders’ client for quite some years. “We have been working with Zanders before in some projects and that always worked very well. In this instance too”, says Bart Taeymans, Vice President Global Treasury Operations. “They helped to draft and execute the bank selection RfP and restructure our European banking structure, and supported with the implementation of SAP Inhouse Cash and Bank Communication Management. And recently, they supported us with their Zanders Inside Transfer Pricing Suite.”
New OECD Transfer Pricing guidelines
With the release of Chapter X by the OECD, the company wanted to implement a new process in order to comply with its Transfer Pricing obligations in-house, without depending on external parties, Taeymans explains. “In view of the changed regulatory environment, we wanted to increase control of the entire process. Zanders Transfer Pricing Suite looked as a sustainable tool to automatize the process, while maintaining a robust technical methodology compliant with the OECD TP Guidelines’’.
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Marc Vandewaeter, Treasury Director
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Timely implementation
Taeymans: “I think it’s been a great integrated implementation. The team was very supportive, providing clarifications where needed and support when required – all to ensure timely implementation of the new procedure, focused on the start of our new fiscal year.”
Vandewaeter: “The challenge of importing the financial data was that it needed to be implemented in the Zanders Inside tool format, which is required to determine a rating. Luckily all financial data from all our affiliates is already standardized. That makes it easier to reproduce and implement this data. That saves quite a lot of time.”
“The benefit we have is that we are on one SAP instance globally”, adds Taeymans. “That helps us to great extent in retrieving the financial information in a structured manner. So once we had the templates to convert to the information required by Zanders, everything went very well.”
The entire process in one user-friendly platform
Vandewaeter has been intimately involved in working with the tool. “We wanted to make sure that Zanders’ tool would provide a consistent approach for all transactions, in line with what we had done before, and that potential differences in the results could be explained. Having all the information in one tool helps us understanding the approach followed and financial information considered for each case. This is important for us as we need to make sure that we fully understand the details.”
Taeymans: “To have that entire process – from the financial information, credit rating analyses, benchmark rates, to the final reports – featured in one tool is obviously what we’ve been looking for. It’s very important to have it all in one system generating a full report on an entity basis. Of course, you need to know what to enter and what to select. But as a web-based tool it is very user-friendly, easy to navigate and well designed. It is quite easy to extract the pricing for a certain loan. And from an operational point of view, it is also useful to do a simulation and it doesn’t take much time to do that. You need to upload all the financial statements, but it is more dynamic and the pricing update is based on current data. In addition, the support received from Zanders team is very good.”
Would like to know more about our treasury system support in Asia? Then please contact Michiel Putman Cramer via +81 3 6892 3047.
Estee Lauder’s European Treasury Center is responsible for managing cash and liquidity management for the group and its subsidiaries over multiple continents by providing intercompany loans and liquidity facilities to local entities.
Bart Taeymans, Vice President Global Treasury Operations
In an effort to continuously improve and automate its internal processes, the American multinational cosmetics company wanted to leverage technology and further enhance the Transfer Pricing compliance of financial transactions. As a result, it engaged Zanders to use its cloud-based Transfer Pricing Suite.
Estee Lauder has been Zanders’ client for quite some years. “We have been working with Zanders before in some projects and that always worked very well. In this instance too”, says Bart Taeymans, Vice President Global Treasury Operations. “They helped to draft and execute the bank selection RfP and restructure our European banking structure, and supported with the implementation of SAP Inhouse Cash and Bank Communication Management. And recently, they supported us with their Zanders Inside Transfer Pricing Suite.”
New OECD Transfer Pricing guidelines
With the release of Chapter X by the OECD, the company wanted to implement a new process in order to comply with its Transfer Pricing obligations in-house, without depending on external parties, Taeymans explains. “In view of the changed regulatory environment, we wanted to increase control of the entire process. Zanders Transfer Pricing Suite looked as a sustainable tool to automatize the process, while maintaining a robust technical methodology compliant with the OECD TP Guidelines’’.
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Marc Vandewaeter, Treasury Director
Sophisticated tool
Treasury Director Marc Vandewaeter: “Zanders’ Transfer Pricing Suite is very sophisticated. In addition, during the onboarding process, Zanders added some additional currencies to the tool that were not there yet for us to cover additional regions. Another important thing for us is that we are able to instantly generate the Transfer Pricing reports – including the supporting documents providing details on the economic analyses.”
Due to the tool’s flexibility, Estee Lauder had a managed transition phase. “It’s challenging to change processes, but the tool supported the transition phase in a controlled manner.”
Timely implementation
Taeymans: “I think it’s been a great integrated implementation. The team was very supportive, providing clarifications where needed and support when required – all to ensure timely implementation of the new procedure, focused on the start of our new fiscal year.”
Vandewaeter: “The challenge of importing the financial data was that it needed to be implemented in the Zanders Inside tool format, which is required to determine a rating. Luckily all financial data from all our affiliates is already standardized. That makes it easier to reproduce and implement this data. That saves quite a lot of time.”
“The benefit we have is that we are on one SAP instance globally”, adds Taeymans. “That helps us to great extent in retrieving the financial information in a structured manner. So once we had the templates to convert to the information required by Zanders, everything went very well.”
The entire process in one user-friendly platform
Vandewaeter has been intimately involved in working with the tool. “We wanted to make sure that Zanders’ tool would provide a consistent approach for all transactions, in line with what we had done before, and that potential differences in the results could be explained. Having all the information in one tool helps us understanding the approach followed and financial information considered for each case. This is important for us as we need to make sure that we fully understand the details.”
Taeymans: “To have that entire process – from the financial information, credit rating analyses, benchmark rates, to the final reports – featured in one tool is obviously what we’ve been looking for. It’s very important to have it all in one system generating a full report on an entity basis. Of course, you need to know what to enter and what to select. But as a web-based tool it is very user-friendly, easy to navigate and well designed. It is quite easy to extract the pricing for a certain loan. And from an operational point of view, it is also useful to do a simulation and it doesn’t take much time to do that. You need to upload all the financial statements, but it is more dynamic and the pricing update is based on current data. In addition, the support received from Zanders team is very good.”
