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How to Ace Treasury Technology Selection and Implementation

Treasury technology has come on leaps and bounds in recent years with flexible and affordable options putting greater levels of automation, efficiency, and control into the hands of treasurers. To take full advantage of these developments, treasurers should create a robust project plan for choosing and implementing a system.

Today’s treasury technology landscape is brimming with innovation – especially in the payments space. Improvements in payment hubs, API connectivity, payments centralisation, and real-time payments all offer ways to drive cash management efficiencies. In addition, the ISO 20022 standard continues to gain traction, enabling huge volumes of condensed data to be managed. As for treasury systems themselves, the days when treasurers had only the option of a monolithic system that would have to run from their premises are a distant memory, as cloud TMS options have simultaneously reduced cost while offering best-in-class technology.

Despite this effervescent marketplace, some of these developments are taking a while to seep through to treasury departments. Deloitte’s recent biennial Global Corporate Treasury Survey^[1] captures a picture of a treasury industry that is starting to take advantage of technological advances but has plenty of scope for broader adoption. For example, while the survey found that 78% of corporates are using technology to assist with treasury accounting, this drops to 64% for cash management and 50% for cash flow forecasting. Those using technology for bank relationship management (47%) and commodity price risk management (43%) are in the minority.

Looking ahead, however, the survey finds treasurers keenly identifying areas where they expect to see more automation of their treasury processes, most notably in cash flow forecasting (78%) and cash management (74%).

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