by Margarita Carrillo, Treasury Practioner, Global Business Solutions, Bank of America Merrill Lynch
The region’s treasury departments have grown and matured in the last decade - now it is time to fully automate day-to-day functions. Over the past ten years, the treasury function in Latin America has come of age. What were once small treasury departments have, in many cases, grown into international operations. Too often, however, this growth in scale and professionalism has not been matched by investment in the technology that can automate day-to-day tasks and free up the treasurer to take on a more strategic role.
So why does Latin America lag behind other regions in its willingness to embrace sophisticated treasury management systems?
The old ways aren’t always the best
Latin American treasurers are no different from those in many other regions, where often complex treasury activities can be found using standard office software because that’s the way it’s always been done. Another barrier to innovation has been a regional infrastructure that, some feared, was not yet robust or secure enough to support advanced technology.