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Treasury Technology
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Smart Treasury

6 Steps to Building a Cutting-Edge Treasury Today

As corporates implement innovative digitisation plans, what impact will these changes have on the role of the treasurer? In a recent podcast, Sunday Domingo, Head of Digital Product Management, Digital Channels & Data Analytics, Standard Chartered, and her colleague Byron Gardiner, Executive Director, Structured Solutions and Advisory, and a former regional treasurer, explained how smart treasury practices can position treasurers for success in the post-pandemic world.

With many corporates already on the path to digitising their processes, the smart treasury goal is within reach. But when treasury operations are digitised and automated, what impact will this have on the role of the treasurer?

1. Enabling flexibility for the remote treasurer

The Covid-19 pandemic and subsequent lockdowns thrust treasury flexibility into the spotlight, particularly in areas where manual processes still existed. The rise of cost-effective software-as-a-service models (SaaS) and best-of-breed solutions accessible through cloud models is proving game-changing. Gardiner believes this breakthrough is enabling treasuries of all sizes to “take massive leaps forward in their ability to automate and therefore become very agile, whether they are in an office space or accessing their toolkit of functions remotely.”

Corporates have also reached out to their banking partners for support during this transition to remote working. Domingo notes that there are two key areas where banks can help: “The first is timely access to information. Achieving transparency on your cash position across your multiple entities and different markets to effectively manage liquidity across the group is critical, particularly as markets become increasingly volatile. The other key area is dealing with exceptional events to manage risk. Treasurers not only requires timely information, they also need to be able to respond quickly and take action. Digital access to banking services for treasurers is vital therefore – and this goes beyond visibility tools into smart solutions such as data analytics.”