This semester module is one of the three semester modules of the postgraduate program Treasury Management & Corporate Finance.
Cash and Liquidity Management: An Integrated Approach
The field of cash and liquidity management encompasses treasury technology (such as treasury management systems), the organizational structure of the (global) treasury function, and the fiscal implications of treasury operations. These elements are closely interconnected and addressed in an integrated way throughout the program.
Module: Cash and Treasury Operations - At a glance:
- Duration: 5 months, starting on 4 September 2025
- Format: 19 in-person sessions on Thursdays, from 15:30 – 17:30 and 18:00 – 20:00 (including dinner)
- Location: VU Amsterdam
- Language: English
- Study Load: Approx. 225 hours per module, including lectures, case work, and self-study (around 8 hours per week)
- Certification: A certificate will be awarded upon successful completion of the module
Investment:
- €9,500 for the first module (starting Sep 2025)
- €9,000 for the second module
- €8,500 for the third module
- Books: approx. €250 per module
- Special rate for DACT members: €8,000 for the Cash and Treasury Operations module
Registration form: TREASURY MANAGEMENT & CORPORATE FINANCE
Learning Outcomes
After completing this semester module, you will be able to:
- Optimize internal financing through the application of cash pooling techniques, with a clear understanding of the legal, tax, and accounting implications;
- Comprehend the principles, applications, and limitations of working capital financing and trade finance;
- Gain a solid understanding of payment innovations and the fundamentals of blockchain technology;
- Understand the functionalities and role of treasury management systems, including key aspects of cybersecurity and system integrity.
Topics Coverd:
Cash and Payment Systems
- Cash flow forecasting
- Cash management, payments and clearing mechanisms
- Emerging technologies: blockchain and cryptocurrencies
- Treasury and cash management systems (technology and security)
Short-Term Cash & Liquidity Management
- Liquidity management
- Working capital management
- Short-term funding and trade finance instruments
Organization of the treasury function in a corporate
- Organization of the treasury function in a corporate
- Treasury information systems
- Compliance and governance
Fiscal Law
- Fiscal aspects of (international) treasury organization (transfer pricing, intercompany financing etc.)
Short (not comprehensive) description of the module
The semester module starts with the principles of international payments, international banking infrastructure, payment systems and the role of correspondent banking. Examples are check clearing, SWIFT, CHIPS, SEPA, EURO1 and TARGET. Next, traditional aspects of cash management are discussed (like multilateral netting, netting cycle, leading and legging, notional pooling, cash concentration) as well as the latest developments ( like blockchain technology and crypto currencies).
Working capital management, liquidity management and ST financing disciplines are integral and essential to the daily practice of cash management. As theory building in this field is rather limited, a large number of practical cases/solutions are mentioned, for example factoring, asset based financing and securitization.
Apart from the cash management process itself the semester module treats the technology support and the organization of the treasury function in a (global) corporate. The role of the treasurer and the treasury department varies across corporates. Central versus decentralized, adviser or agent, cost center versus profit center are considerations in the organizational design of the treasury function. Currently the role of the treasurer shifts towards a critically investigative, advisory and supervisory role. The treasurer gets a more active role in the management of the company. This semester module provides professionals with the knowledge and skills to fulfil this role.
Once choices for the organizational model are made, the internal control of the treasury function comes into play. Important internal control concepts are outlined (COSO model, segregation of duties, necessity compliance with Sarbanes-Oxley legislation) and are illustrated with practical examples. Next to administrative-organizational aspects, information technology to prevent fraud is discussed.
Attention is paid to the fiscal aspects of international cash management (including withholding tax). Fiscal profit determination of groups, transfer pricing and withholding taxes on (international) money flows are extensively discussed. Considerable attention is given to specific tax aspects of group financing and a large number of financing instruments, including derivatives.
