- Dick Oskam
- Global Head Transaction Services Sales, ING
Trends and buzzwords come and go, but the real changes in treasury have come as a result of steady evolution. Drawing on years of dialogue with clients across the globe, Dick Oskam, ING’s Global Head of Transaction Services Sales, reflects on treasury’s transformation – from fragmented systems to real-time cash management – driven by technology, regulation, and resilience.
Having worked closely with corporate treasurers across the globe, I have witnessed clients navigate financial crises, embrace advanced technologies, and adapt to shifting geopolitical dynamics. Amid this constant change, one enduring truth remains: the treasurer serves as the steady hand at the helm ensuring seamless payments and liquidity, managing risk, and safeguarding the organisation’s financial health. These responsibilities are not merely operational, they are foundational to long-term corporate resilience and strategic continuity.
Looking forward by looking back
For a glimpse of the future, we must first look back on what brought us here. Treasury’s transformation has been gradual – shaped by real-world challenges and practical needs, not sudden revolutions.
Organisations began by tackling fragmented internal systems – multiple ledgers, disparate ERPs – with the first step being inward: harmonising systems to gain control and insight across entities and regions. Corporate treasury has undergone a similar transformation, becoming less siloed and moving from standalone systems to deeply integrated ERP and TMSs. Treasuries are now more embedded in the data flow between finance, accounting, and treasury. These more sophisticated TMS, shaped by technological innovation, are enabling faster processing and better insights.
From bank dependency to internal strength
As a result, today’s systems enable corporate treasuries to act with more autonomy and precision in their banking relationships.
Treasurers now have better insight, integration, and control across regions, something for which they previously had to rely on banks. Before integrated systems, regional control sometimes sacrificed local capabilities. But now, the possibility of regional set-ups facilitates greater local depth.
Modern infrastructure is not the single driver of regional set-ups. As Tibor Bartels, ING’s Head of Transaction Services, America, alluded to in his column Smart routes around today’s treasury snags seen from both sides of the pond, after a strong push towards global centralisation, we are now seeing a clear shift back to regional structures –and one that will likely accelerate in an increasingly uncertain geopolitical climate.
But it is not just systems and global developments that shape treasury’s next phase. With the adoption and rise of instant payments – and with value caps being lifted – treasurers can now move cash in real time, shifting liquidity precisely when and where it’s needed, whether to boost interest returns or meet urgent funding needs.
For example, APIs and AI can help treasurers move from scheduled reporting to real-time visibility, strengthening control and agility. However, this much-discussed shift to real-time treasury depends on systems, processes, and people being ready for the change. Collaboration with banking partners, such as ING, will be key to overcoming challenges and seizing opportunities, making sure treasurers are ready when 24/7 operations become a reality.
Will GenAI reshape treasury?
Another pressing question today is whether generative AI (GenAI) will disrupt or advance treasury services. Within corporate treasury, AI could be the missing link to achieving true real-time operations. I haven’t yet seen any large-scale adoption, but clear use cases are emerging. Automating routine processes is the most obvious first step, but it remains to be seen if AI will play a role in strategic decision-making. Some corporates may be at the forefront of this breakthrough, experimenting in non-critical areas before extending AI into decisions that directly shape liquidity and risk management.
As more of these external megatrends trigger new internal transformations, it’s important to prepare your infrastructure and processes for this shift now, so that when these technologies become more mainstream, treasury is ready to roll them out and use them effectively.
Trade finance: a domain in transition
In trade finance, centralisation continues to gain momentum as corporates seek greater control and efficiency across global operations. In today’s high-volatility environment, working capital has evolved from a traditional finance metric into a strategic lever for financial agility and operational continuity. Leading organisations are adopting a holistic, cross-functional approach that dismantles silos between procurement, sales, and finance – unlocking new value across the enterprise.
With the help of technology and digitisation, end-to-end visibility across receivables and payables is now within reach. With richer data and sharper insights, treasurers are better able to match financing strategies with broader business objectives.
At the same time, pricing pressures in the market stand in contrast to the impact of Basel IV regulations, which are increasing capital requirements in various domains and, consequently, raise the cost of these banking services. This apparent contradiction underscores the transitional phase in trade finance, creating both complexity and opportunity.
This apparent contradiction signals a transitional phase. Regulatory shifts and market dynamics aren’t yet aligned, creating both challenges and opportunities. Receivables finance is gaining traction as a cost-effective, flexible alternative, particularly valuable when liquidity management and interest optimisation are priorities. This trend reflects a broader rethinking of working capital strategies in response to macroeconomic change.
Steady heartbeat in a changing world
Continuous developments and opportunities, that’s what makes working in transaction services and corporate treasury fascinating for me. I could go on to list many more changes, developments and opportunities. These rapid changes in treasury will be another chapter in its steady evolution.
With treasury at the heart of any operation, ensuring business continuity, any radical change would be too risky. Technology will continue to reshape the landscape, and external pressures will keep pushing change. But evolution isn’t about speed, it’s about direction.
Treasurers must stay the course and adapt with purpose in a volatile world, like a heart, one beat at a time.
