Reducing manual, paper-based processes can also provide more transparency and security, which are vital in the global economy
Featuring Cindy Murray, eCommerce Portal Executive, Global Corporate Banking, Bank of America Merrill Lynch and Tom Durkin, eCommerce Product Executive, Global Corporate Banking, Bank of America Merrill Lynch
With the world moving faster each day, treasury management has become increasingly ruled by automation. Meetings and phone calls, while still important, have given way to e-mails, texts and instant messages that race around the globe. A corporation based in Sao Paulo is just as likely to have a relationship with a bank in New York and a vendor in Hong Kong as with companies down the street. Yet one crucial area of transaction banking has remained rooted in the past: bank account management.
With few exceptions, opening and managing accounts remains a manual process in which treasurers and their staffs are burdened with significant paper shuffling among multiple locations. Such reliance on paper is counterintuitive in a world where we otherwise can get approvals from someone on the other side of the planet in a matter of seconds.
“In today’s climate, it doesn’t make sense for such a key function of treasury management to trail other innovations, and it’s no surprise that treasurers and financial executives are demanding more standardised processes from their banks,” said Cindy Murray, eCommerce and Portal executive in Global Corporate Banking at Bank of America Merrill Lynch. “Between the faster pace of business, the larger number of banking relationships and the shrinking margin for error, companies can’t tolerate cumbersome, paper-intensive and time consuming processes.”