As digitisation accelerates and organisations rethink their technology requirements as a result of Covid-19, treasurers are questioning whether their treasury management systems (TMSs) are still fit for purpose. Anis Rahal, Founder and CEO, TreasuryXpress, explains how fintech-driven TMS solutions can provide the intelligent functionality treasurers need, at a price they can afford, with the added bonus of flexibility in the face of innovation.
Eleanor Hill, Editor, TMI (EH): We’ve been talking about digital transformation for a number of years now, but how has Covid-19 changed the rules of the game? And what does this mean for TMS vendors, such as TreasuryXpress?
Anis Rahal (AR): First, it’s important to recognise the human cost of the pandemic. The scale and impact of Covid-19 on the global population cannot be underestimated. Of course, there has been a negative effect on the global economy too – and many companies will be rebuilding for years to come.
One of the silver linings to emerge from the pandemic, however, is the rapid shift towards digital business models. With global lockdown, organisations have embraced remote-working and e-commerce has taken off. At the same time, the digital agenda has advanced significantly within treasury functions. The pitfalls of Excel-based workflows have become very clear when working from home, as have the limitations of on-premise technology solutions and physical tokens for accessing online banking portals
Now more than ever, treasurers are looking for cloud-based technology that enables them to view a complete picture of their cash and treasury operations in one go – at any time, from anywhere, and on any device. They are also keen to migrate as much of their physical operations as possible across to digital channels, while embracing automation and benefiting from top-grade cybersecurity, cutting-edge functionality, and a rapid implementation time.