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Online Banking Tools: Your Untapped Treasury Resources

by Milton Santiago, Portal and Treasury eCommerce Executive, Bank of America Merrill Lynch

Companies today have access to increasingly sophisticated banking technology, but all too often some of the most time saving functionalities these systems offer are overlooked and underutilised. Treasurers may feel that they do not have time to sit down and thoroughly understand the capabilities of their banking platforms – but these untapped tools can increase efficiency and convenience and thereby reduce the man-hours needed to carry out day-to-day treasury tasks.

Too little time

It is widely acknowledged that transaction banking has become commoditised. In other words, the functionality and services that are offered by banks in this area are more or less the same across the industry. Any bank can provide its corporate clients with the ability to move funds, the ability to report on the movements of funds and the ability to provide investment opportunities.

Yet, with treasurers now having a more expanded role in the company, they find themselves with a range of responsibilities. As well as managing traditional treasury platforms (cash, receipts, payments, investments, and loans), treasurers may also be responsible for managing relationships with banks and investors, presenting data to the board of directors and providing advice when the company is considering a major acquisition. They may even be involved in conversations around potential new lines of business.