The move to the cloud has dramatically reduced the cost of ownership for treasury management systems, enabling corporations to access technology and business solutions that were previously out of reach. And more is to come: by offering seamless integration with third-party systems, tomorrow’s treasury management system will give treasurers a single point of access to the entire financial ecosystem.
Twenty years ago, the treasury management system (TMS) was aimed squarely at Forbes’ Global 2000 companies. Adopting a TMS was costly and cumbersome – and demanded a dedicated in-house team, complete with IT support, super-users, and software update testing.
But all that changed with the arrival of cloud computing. Treasurers can now take advantage of treasury solutions on a software-as-a-service (SaaS) basis, leading to lower cost of ownership, rapid deployment and improved ease of use.
As a result, the adoption of a TMS has accelerated into the mainstream, enabling companies to tap into best practices and automation that help scale growing businesses. Existing TMS users have also embraced the cloud model, upgrading or switching systems and reinvesting resources in more value-adding activities.