Published: September 27, 2021
Corporate treasury functions are not the first place people think of looking when it comes to cutting edge technological advancement, but there is a bustling industry attempting to make treasury services as connected and frictionless as possible.
Treasury-as-a-service is a buzzword in fintech, with companies jostling to become market leaders in providing corporates and banks with cloud-based platforms that provide the full range of treasury options, whether a treasurer is physically in the office or not. The coronavirus pandemic and the subsequent shift to working from home has exacerbated this.
“Globally centralising processes has several key advantages,” said Annette Vivoni, head of global cash management sales, at BBVA. “It improves cash flow visibility; optimizes liquidity across the organization; increases efficiency and reduces duplication; reduces costs through economies of scale; and enables more effective risk management.”
To get to that stage, however, treasurers need to digitise their efforts, otherwise standardisation becomes far more difficult, and the system is open to human error.