The Future of Treasury Technology
Technology has played a key role in shaping corporate treasury over the past few decades, but the best is yet to come. Bank of America’s Dhiraj Bajaj, Head of Financial Institutions and Non-Bank Financial Institutions Sales, Asia Pacific, Global Transaction Services, and Chandana Thanthrige, Head of Financial Institutions and Transactional FX Product, Asia Pacific, Global Transaction Services, discuss how today’s treasurers can move towards the digital future with confidence.
As anyone familiar with Moore’s Law will know, the pace of development and adoption of technology is fated to gather ever-greater momentum. Exploring the future possibilities of the digital domain is now an essential part of today’s treasury role and it’s clear that the best opportunities will be available to those who are engaging with progress now.
The adoption into treasury of appropriate technology has for some time been a matter of discussion, with Bajaj noting that the evolution of the function over the past decade or so has seen it gaining in complexity and strategic importance in all regions. “But in a region such as Asia, where businesses with a presence in multiple countries face a particularly fragmented regulatory environment, complexity has seen technology become an integral part of treasury operations.”
Across the region’s sectors, payments and collections processes continue to progress at different rates. With the shift from legacy to modern comes the challenge of aligning treasury activities with the growing demand for 24/7/365 operations led by other business functions, especially sales.