Time to Dream Big on TMSs
Cloud-based treasury systems can offer a flexible, scalable, and affordable option for treasurers to drive digitalisation of the function irrespective of businesses size. To take advantage of this innovation, being able to differentiate the various offerings is crucial.
Perhaps the biggest democratisation of treasury technology has been driven by cloud services. Treasurers no longer have to work for one of the biggest multinationals in order to gain access to a TMS, as cloud-based options have risen up to dethrone their monolithic on-premise machine predecessors.
Cloud solutions essentially take the operational complexity of running a TMS away from the treasury team, putting that aspect in the hands of the provider instead. Mark Tirschwell, Group Chief Information Officer, ION Group, comments: “There’s a reason that we have thousands of customers using our cloud-based solutions across the globe. Treasurers can make their payments and manage their cash via the system, alongside other essential tasks, and leave the running of the system itself to us. This enables treasurers to focus on what they need to do to drive their business forward.”
Of course, the argument in favour of a cloud TMS is a little more nuanced. A natural concern around cloud computing, for those new to the concept, is the security angle. The thought of private financial data being stored physically outside of the organisation can be a troublesome notion for some companies, which is why it is a critical focus for most vendors.
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