#2

TREASURY
TECH GUIDE
2024
 2 3

INTRODUCTION

The role of treasury functions continues to evolve

towards that a strategic business partner helping their
organization create sustainable value. But leading treas-
ury centers have evolved from adding value exclusively
within treasury to also driving excellence outside of their
function. To achieve such a goal, treasurers must rely on
technology and new emerging solutions to gain in effi-
ciency. Treasury must optimize cash efficiency, strength-
ening balance-sheet, generating business insights to
drive more accurate cash-flow forecasting, providing
decision support for CFOs and affiliates, become more
resilient to face next crises, be closer to operations and In praise of automation Technology within the enough standardized and their complex mainte-
nance for smaller corporations; (3) Recruitment
remain compliant to all new financial regulations, while Finance leaders are prioritizing efficiency in the cur- treasury trends and difficulties and search for future talents ; (4)
continuing to safeguard group assets. That is treasur- rent complex economic environment. Businesses
ers’ daily challenge today. And their work becomes even have had to navigate a tumultuous period with budget priorities Importance of fast-evolving treasury technology;
cuts, hiring freezes, and tough operational decisions. For couple of years now, we have noticed couple (5) Cash flow forecasting accuracy and faster
more challenging given the economic context. They of trends in treasury management. These trends production; (6) Next stage automation and how
must navigate today’s complex environment filled with As the business landscape evolves, so do CFO’s and…
logically treasurers, who are finding new ways to com- reveal that topics such as digitalization, payment to reach it; (7) Security, which become day after
high inflation, fast-rising interest rates, volatile markets, efficiency, security, cash forecasting, and treasury day more crucial and vital; (8) Payment hubs to be
bat uncertainty by increasing control. The responsi-
and counterparty risks. However, additionally treasurers bilities are shifting. There is an increased focus on & IT alignment are still important topics to treas- set up and more efficient; (9) The changing and
should optimize cash generation, cost of funding and team efficiency. But finance teams are inundated with urers worldwide. Although priorities could have evolving (more strategic) role & responsibilities of
hedging, mitigate exposure to preserve stretched oper- extra work to manage the reduction in hiring and real- shifted due to political instability, black swans, treasurers; (10) The new changing financial regu-
ating margins, reinforce, and enhance internal controls location of resources. Expectations for the CFO are technological advancements, new ways of work- lations.
to reduce risks of fraud and optimize capital structure higher than ever, and finance leaders are requested ing partly from home, new financial regulations It’s against this backdrop that we’re going to have
to one of the main drivers of strategy, cost savings, and global economic insecurity in international to continue to develop our organizations and find
to generate (more) value. To achieve such objectives,
and growth while maintaining the retention of their markets, these areas will remain important for the most appropriate technologies to achieve our
treasurers must rely on excellent and up-to-date tech-
team. It is not an easy task. As MNC’s work through each treasurer. More than any individual risk, it is goals. Because it’s clear that centralization and
nologies, more robust capabilities, and operation mod- the complex combination, the concomitance of automation are the two best answers to our needs
els to enable visibility and real-time control on financial these new challenges, the root cause of operational
inefficiency is coming to the forefront. The desire to these risks and the conjunction or juxtaposition and challenges. In this document, we will attempt
transactions and all-in liquidity situation. The treasurer of all these challenges that make the treasurer’s to provide answers to the technological questions
automate treasury processes has never been greater,
is far from being able to rest on his laurels in the months but CFO’s sometimes find it difficult to know where profession increasingly complicated. In this hectic that every treasurer asks.
ahead, as the challenges facing him are immense and to start. And once businesses start the automation and increasingly complex environment, the treas-
numerous. For the treasurer, technology is the key to journey, theirs is no going back. Even while the mac- urer must rely more than ever on the best possible
success and the best answer to any crisis, through auto- roeconomic conditions push MNC’s to pull back on technology.
mation to the max. This guide is designed to help mod- spending (e.g., consultants, travelling, marketing...) We can mention (without claiming being exhaus-
they are holding or increasing investment in automa- tive) that these main risks and challenges are as
ern treasurers in their quest for absolute efficiency. The
tion technologies. follows: (1) Increasing market risks & growing eco-
digital enablement is a key priority identified in recent
nomic volatility ; (2) The number of APIs, often not
surveys.
 4 5

FOCUS
PRIORITY #3 OF
65%
of corporates have faced fraud IS TECHNOLOGY
A PRIORITY FOR
CORPORATE TREASURERS: attacks on payments in 2022
(source AFP – USA).
Treasury Technology Infrastructure
Review / Replacement of existing IT Tools Research suggests nine out of

CORPORATE
Treasury Digitization #7 ten spreadsheets contain a
mistake (source FT).

TREASURERS?
MAIN SOURCES OF ATTEMPTED /
ACTUAL PAYMENTS FRAUD ATTEMPTS IN 2022
(Percent of Organizations).

54%
Outside individual
53%
Business Email Compromise
37%
Vendor Imposter
Treasury top priorities
(as identified by EACT annual survey)
The 2023 EACT survey, as it has become a tradi-
tion, attempts to detect what the treasury trends
and priorities for multinational companies will be
of IT tools (2), cash-flow forecasting (3), fol-
lowed by a few priorities at rather equal levels,
such as Political uncertainty (4), Working Capital
management optimization (5); Capital structure
(6), Fraud & Cyber-Risk (7), and Risk Management
(e.g., check forged, stolen card, fraudster). (BEC Fraud). in the next 12 to 24 months. This year, surpris- (8).
ingly, Long Term Funding (capital markets &

20% 15%
banks) (1) is in the lead, followed by the Treasury
Technology infrastructure and replacement

Account takeover Invoice fraud Treasurers major priorities over the next 12 to 24 months
(e.g., hacking a system, adding malicious code). Cash flow forecasting
Working capital management optimization
Treasury technology infrastructure review/replacement of existing IT tools...
Treasury organization & structure (e.g. centralisation, new required skills)

80%
Risk Management (e.g. FX, interest rate or/and commodity risks)
LT Funding (capital markets & banks)
Digitization of treasury (e.g use of robotic process automation; artificial...
Bank relationships
ESG (e.g. green financing, ESG compliant asset management, diversity,...)
Nearly 80% of organizations are most likely to Fraud (internal/external) and cyber-risks
seek assistance from their banking partners Capital structure
for guidance regarding the steps to take to Political uncertainty (trade wars, pandemic, war, etc.)
Partnering (with other department at HQ level, subsidiaries, operations...
minimize the impact of payments fraud.
New financial regulations and reviewed regulations
(Source AFP 2023 treasury survey).
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
 6 7

Technological innovations The greatest interests to The fully Monty: IT solutions fragmentation
In terms of technological innovations, it appears your treasury over next 12 “real-time treasury” The fragmentation of IT systems in treasury and
that in the next 12 months, the priority will the complexity of IT architectures in many of
be placed on data analytics, API’s, the use of to 24 months: On the question of which technology will be of
MNC’s treasury departments explains the impor-
We see, surprisingly, that Centralization and most interest in the next 12 to 24 months, access
robotics (RPA), and finally Robotics Process to real-time information emerges, followed by tance of the risk of fraud, which has increased in
Automation (RPA) and move to Cloud solution Standardization are the focus for treasurers in recent years, and of cyber-risk. It increases these
the next 12 to 24 months (1), followed closely by real-time payments and collections, explained by
(SaaS) & Treasury as a Service. AI is only ranked the current crisis, and need for immediate collec- risks by a lack of fluidity, homogeneity, and some-
priority number 6th. Here again, no real significant Real-time reporting and dashboarding (2), and times consistency of the financial data to be pro-
then Real-time liquidity (3), followed by Real- tion to limit funding needs, or, sometime, to simply
changes in the top 3 technologies. However the survive (we can see that immediacy and the time cessed. In the same vein, it is detrimental to the
ranking is slightly changing and we feel more and time payments & collections (4), FX automation quality of future cash flow forecasts. It is true that
(5) and finally the use of API’s (i.e., Application factor have become crucial, at least for certain
more appetite for the other “new technologies” in industries and B2C businesses). The real-time the more IT solutions are used, the more difficult
treasury. The low ranking of AI comes from a gen- Programming Interfaces) (6). This demonstrates, it becomes to consolidate data and to allow sys-
once again, that the priorities may be more basic liquidity and finally immediate (automated) man-
eral absence of true data lakes and standardized agement of foreign exchange risk are also impor- tems to interact with each other, or to exchange
pieces of information. It looks like treasurers have and simpler than imagined, as many treasurers data. The more complex the IT construction of the
still need to improve their day-to-day manage- tant for an efficient treasury management. The
many other technical priorities before consider- fact that there still are lots of highly manual pro- treasury is, the more complicated the change will
ing these new technologies or being in position ment before jumping into the use of newer tech- be/appear to be. One would like to change the
nologies. The objective is clearly real-time and cesses around FX and commodity management is
to make use of them. They may want to first fix pushing for further automation for efficiency and IT organization but sometimes does not dare to
current systems around TMS’s or review current IT immediacy for all types of information. Currency tackle the cliff that this represents.
Management Automation for FX management is internal controls reasons, mainly. We can also be
architecture before using other new technologies. surprised by the 7th position of the Fintech’s with
We all understand that the C-level wants treasury also in 5th position, as here again we seem to be
far from complete and perfect automation. multiple innovative solutions. These Fintech’s are
to make use of huge financial data they sit on and giving a lot of hopes to treasurers to really change
develop more reporting and dashboards. API’s their ways of working. Things are gradually but
have shown the use banks and corporates can slowly changing.
make out of them, to enrich reporting. Robotics
and RPA’s are an intermediary steps to automa-
tion, which explains its high ranking. Contrary to
the recent excitement for Bitcoins and announce-
ments around CBDC, crypto currencies do not
seem to be a priority for treasurers. This is not sur-
prising given their nature and the fact that they
are a new asset class rather than a new currency.
The answers show a certain lucidity on the part of
treasurers who seem realistic in their use of new
technologies.
 8 9

GLOBAL TECH MAP

THE TREASURY TECHNOLOGY LANDSCAPE IS COMPLEX AND CROWDED.

 10 11

MULTI PLAYERS TECH MAP

THE TREASURY TECHNOLOGY LANDSCAPE IS COMPLEX AND CROWDED.

 12 13

DEFINITION
TREASURY 7
CATEGORY OF TECHNOLOGY SHORT DEFINITION
Financial Supply Chain (FSC) The financial supply chain solutions recover all trade finance tools or platforms to
reduce the chain and automate processes. It also includes solutions to optimize

TECHNOLOGY
working capital needs.

8 Electronic Bank Account

Management (eBAM)
Electronic Bank Account Management (abbreviated as eBAM) represents the
automation, through software, of the following activities between banks and their
corporate customers: opening bank accounts, maintaining bank accounts such as

CATEGORIES
changing account signatories or spending limit, closing bank accounts, generating
reports as required by law or regulation. The technology that is commonly used to
implement eBAM automation is defined by SWIFT and the ISO 20022 Standard for
Financial Services Messaging.

9 Treasury Reporting (TR) Solutions providing with specific reports that TRMS and other Treasury tools are to
able to deliver. Often it is specific reports provided by specialized solutions, which
complement existing TRMS, rather than compete with them.

CATEGORY OF TECHNOLOGY SHORT DEFINITION 10 Cash-Flow Forecasting (CFF) The Cash-Flow Forecasting solutions are dedicated to short-to long-term
consolidated forecasts, including sensitivity analysis and stress-testing. It consists
of extracting data from ERP’s and potentially other tools, to consolidate all data into

1 Entreprise Resource System

(ERP)
Enterprise Resource Planning is a process used by companies to manage and
integrate the important parts of their businesses. Many ERP software applications
one solution to assess the flows of cash (i.e. in & out) and to automatically update the
forecasts.

11
are important to companies because they help them implementing resource
Payment Service Provider A payment service provider (PSP) is a third-party company that allows businesses to
planning by integrating all of the processes needed to run their companies with a
(PSP) accept electronic payments, such as credit cards and debit cards payments. PSPs
single system. ERP’s are perceived as powerful accounting systems. An ERP software
act as intermediaries between those who make payments, i.e. consumers, and those
system can also integrate planning, purchasing inventory, sales, marketing, finance,
who accept them, i.e. retailers. They will often provide merchant services and act as
human resources, and more.
a payment gateway or payment processor for e-commerce and brick and mortar

2 Treasury & Risk Management A treasury Risk Management System (TRMS) is a software application which
System (TRMS) automates the process of managing a company’s financial operations. It helps
companies to manage their financial activities, such as cash flow, assets and
investments, risk management, automatically. A TMS is commonly used to maintain
businesses. They may also offer risk management services for card and bank based
payments, transaction payment matching, digital wallets, reporting, fund remittance,
currency exchange (hedging), exotic corss-border transfers and fraud protection.
The PSP provide software to integrate with e-commerce web sites or point of sale
financial security and minimize reputational risk. systems or access to platforms to execute payments or to collect them.

3 Bank Single Gateway (BSG) Bank Single Gateway is a solution to align all of the payments and cash flow functions
in the organization on single technology platform – this results in gaps between
departments as well as system and data silos. These gaps put your organization
at risk of fraud, cash flow lags, on compliance and less than optimal performance.
12 Extract Transform Load
Solutions (ETL)
They will often provide merchant services and act as a payment gateway or payment
processor for e-commerce and brick and mortar businesses. They may also offer risk
management services for card and bank based payments, transaction payment
matching, digital wallets, reporting, fund remittance, currency exchange and fraud
Payment platforms create a layer across the organization that aligns and protection. The PSP will typically provide software to integrate with e-commerce web
synchronizes payment processes, systems and data. sites or point of sale systems.[2]

4 Financial Instruments Dealing Dealing Platforms are global provider of web-based trading technology, enabling
Platforms (FIDP) clients to trade OTC financial instruments, as well as FX and interest rate derivatives.
It gives treasurers a way to place all their banks in live competition to get the best
execution.
13 Other Treasury Solutions
(OTS)
In this category «other solutions», there are solutions on specific issues: e.g. KYC
automation, Signature Power digitization, multi-lateral netting, RFP digitization, bank
fee analyzers, etc.. It means any other solution dedicated to automating treasury
processes (not included in the other named categories).

5 Financial Data Feeding (FDF) Platforms fit for feeding TRMS or/and ERP or any other systems in FX rates and yield
curves, or with anything requested for accounting and revaluation purposes. These
tools can also offer monitor to view all financial data on financial markets, as well as 14 Integrators Integrators are independent consultants assigned to implement one or many
treasury solutions and give support on treasury IT projects. More and more IT
vendors propose to use exteral advisors to integrate their solutions at customer level.

15
sometimes dealing some OTC derivatives and financial instruments.
Outsourcing Outsourcing treasury operations means that part or all the front-office transactions

6 Currency Management
Automation (CMA)
Currency Management Automation is a technology that streamlines the
entire foreign currency workflow. By automating the different phases of the FX
management process, businesses can remove costs and risks —including currency
risk— and unlock opportunities for growth.
and processes are sub-contracted to a third party, using treasury experts and
dedicated IT treasury solutions. They act on behalf of their customers, according to
predefined SLA’s.
 14 15

A FULL OFF-THE-SHELF
SUITE OF TMS

FUTURE OF
TMSS & 6 MAJOR
TRENDS
Treasury technology
app stores 01
Most TMSs, even the most sophisticated and
despite heavy investment in development, cannot
and will not completely satisfy treasurers. If we
confidently on major cloud providers’ infrastruc-
ture fully managed by the IT vendor. Developers
have what they need to quickly connect, extend,
and enrich mission-critical business processes.
Business users can automate tasks, create fast,
flexible workflows and personalized interfaces -
accept this established fact, then we understand all using low-code principles and solutions. From
that salvation can only come from a kind of “app within finance to sales, collaborating on planning,
store” of technical treasury solutions, available integrating the TMS and third-party applications,
on request from the customer and already inte- and sharing insights across the business become
grated or integrable with the main tool. We know easier with instant access to business-con-
that SAP set the tone and launched the concept text-rich information from your TMS and third-
with its “BTP” (i.e., Business Technology Platform), party systems.
a sort of platform for specialized applications.
Giving access to what cannot be produced,
developed, or purchased requires a global access
platform, with an à la carte choice at the discre-
tion and according to the needs of the treasurer
customer. In our opinion, this is the solution of the
future, and a trend that will emerge in treasury
in the years to come. The idea behind the con-
cept is to give access to an innovation platform
for optimizing (here the SAP applications) and
tomorrow other providers’ applications, in the
cloud. It brings together application development
and automation, data and analytics, integration,
and AI capabilities in one unified environment.
Create personalized experiences across business
processes, build applications, analytics, and inte-
grations faster, and run mission-critical innovation
 16 17

Digital RFPs
02
RFPs remain long and tedious processes for all treas-
urers, but also for all IT suppliers. They only serve the
needs of consulting firms. Automating RFPs could

04
change everyone’s life, by standardizing responses
and making the work less tedious, by using a single
source, a single compilation tool, with tracking, trac-
ing, audit trails and history. We believe that this type
of solution, such as Treasury Delta, will soon revo-
lutionize the choice and implementation of IT tools SaaS” or “In-The-Cloud Only”
in the treasury department. All that’s needed is for will become widespread
treasurers to impose them on their suppliers, but also It will be impossible for any new or existing cus-
on consultants who would like to dilute the work to tomer to claim to have a solution installed “on prem-
bill more hours. ise”. Everything will be offered only in “in-the-cloud”
mode, whether public or private. It’s a revolution that
Digitalization must support the unique ways in make it easier for treasury customers to choose, Consolidation of the market began a few years ago, and a wave of funds that can’t
be stopped. It will facilitate access to new versions
which a company operates while growing effi- by offering them solutions they may not even be with horizontal acquisitions and testing of versions previously installed on your
ciency and productivity across business pro- aware of. Such platform, like BTP, allow treasurers
cesses. New innovations must extend and enrich to innovate in the cloud without interfering with The market should continue to consolidate, as illus- own IT servers. The world has changed and is com-
existing applications to smoothly deliver end-to- their core applications, helping you standardize trated by takeovers such as COUPA by THOMAS pleting its cloud revolution.
end intelligent processes tailored to the specific their main TMS software landscape. They can get BRAVO. At the same time, we’ll be seeing purchases
needs of your business and users. Whether treas- the right environment to move existing customiza- of ancillary solutions that can help their buyers diver-
urers need new enterprise ready apps, integrate tions to the cloud and develop new ones, simpli- sify or broaden their solution ranges, to avoid devel-
processes, automate tasks, augment applications fying maintenance and improving the reliability of
oping them themselves. These purchases, such as
with chatbots, or analyze financial information their applications – all within a well governed and
and human impact across their enterprise, it can secure environment. By doing so, they will be able Cash Force by TIS, will drive to another trend: that of
achieve results faster by empowering more people to deploy new analytics workloads, applications, the “best of suite” (even if the number one trend we’re
to innovate within a governed environment. With and extensions in a mission-critical and secure talking about argues in favor of limits to purchases -
companies increasingly relying on cloud technol- cloud environment. what wouldn’t make sense to buy, or develop oneself,

03
ogy for every aspect of their business, reliability can be integrated on a platform). The race for size,
and security are essential characteristics of busi-
market share and diversification will continue una-
ness-driven innovation. And while the expectation
for faster results is growing, innovation agility can- bated.
not compromise or slow down ongoing business
operations. And eventually, such platforms will
 18 19 19

Oversizing of IT solutions06 More APIs adoption for

integration & real-time
07
05
by smaller corporations information
Another common trend is the need for SME’s or Cash management continues to evolve and become
smaller entities choosing a treasury and banking con- more sophisticated as treasurers look beyond simple
nectivity tool, which will be over-dimensioned by lack visibility of cash positions and basic forecasting to
Cash solutions democratized of knowledge and experience. The other tendency more comprehensive solutions providing multi-cur-
Finally, more and more affordable treasury solutions in these smaller companies is to think that “treas- rency/market projections and fully digital workflows,
are becoming available, and even the biggest ven- ury is for multinationals and not for smaller entities”. streamlining their payable and receivable processes.

08
dors have understood this. Each offers a lighter or They play up the size complex and the absence of a Nevertheless, the fundamentals of cash management
more accessible version. What’s more, Fintechs are dedicated treasurer. Yet, like everyone else, they are remain the same. In fact, the demands on the “tradi-
offering “native SaaS” solutions that can provide a (sometimes unknowingly) involved in treasury & cash tional” focus areas have also intensified. Now more
treasury tool for an acceptable rent, with virtually no management. They can benefit from solutions that than ever, companies need to improve their cash vis-
implementation costs. “Treasury for all” is our latest are better adapted to their needs and very simple ibility across their expanding market footprint. This
trend and the future, like Formula One’s technology to implement, with low implementation and mainte- is especially true in the age of e-commerce. In turn,
Embrace e-commerce and
finding its way into the general public’s car. You won’t nance costs. These companies would be well advised this creates a growing need for system integrations to fully automated payments/
need to be a seasoned driver to drive this type of to seek the advice of experts who can advise them on improve the speed of information flows into the treas- collections channels.
treasury IT solution. Treasury will become accessible the appropriate tool. Choosing a tool that is too large ury function. Application programming interfaces Few, if any, treasurers could have failed to notice
to all, undoubtedly, and be also part of our future. for your needs can only lead to frustration. The choice (APIs) are now a tried-and-tested way to achieve this. the rise of e-commerce in recent years – after all,
is therefore crucial, and depends on the needs to be They can help systems ‘talk’ to each other in real- increased interest in shopping online has been seen
determined, the size of the company and its objec- time, and a handful of treasury teams have achieved across all geographies, driven by the closure of
tives. direct bank connectivity in a short time thanks to the bricks-and-mortar stores during the pandemic. Even
relative ease of implementing APIs, compared to more ‘traditional’ clients are demanding e-commerce solu-
traditional options. tions as they move to capture business-to-consumer
But crucially, and perhaps most importantly of all [B2C] sales. Indeed, in this world of e-commerce,
EVOLVING TREASURY FUNCTION where strategic treasury is concerned, APIs, in combi- where consumer behaviors and expectations are the
REQUIRES APPROPRIATE I.T. TOOLS nation with tools such as robotic process automation key drivers of progress, treasurers need to keep up
(RPA) also provide the ability to execute transac- with fast-growing trends. For example, in addition to
To face the challenges of today’s fast-changing world,
tions at speed and with minimal manual intervention. improving the speed of collections, there is a need for
treasury is increasingly asked to support execution of the
Moreover, APIs eliminate the need for files, which can businesses to provide multiple options and make it
broader business strategy.
be tampered with, and instead facilitate the synchro- easier for end consumers to pay – so that they have
1. Automating treasury nous two-way exchange of data between the client a good experience, spread the word, and remain loyal
2. Executing corporate transactions system and the bank, which is fundamentally more customers. Treasurers have an urgent need to keep
3. Managing accounting and controls secure. This minimizes the treasury workload, and the up with evolving ways to pay, in line with the evolving
4. Leveraging treasury analytics opportunity for manual error and/or fraud. In other expectations of end consumers. It is all about con-
5. Transforming treasury operations (digitization) words, in an extremely fast-paced operating environ- venience, transparency, and the checkout experience
6. Evaluating speciality treasury activities ment, APIs are an essential component in any smart – including the ability to choose whichever payment
treasury toolkit. method best suits the consumer.
 20 21

INTERVIEWS

09
VALÉRIE LAFAURY, MYDIAPASON
How can Artificial Intelligence enhance
the accuracy of cash flow predictions for
treasurers?
Elevating cash forecasting to a top priority for
treasurers, the precision of liquidity and foreign
From “Best of breed” towards exchange forecasts holds utmost significance in
a “Best of suite” approach enabling effective financing and risk hedging strategies.
Artificial Intelligence (AI) extends a valuable
Are we moving from a “Best-of-breed” approach opportunity to treasurers, leveraging historical data
towards a “Best-of-suite” approach? That is an inter- be the way forward and the best of suite strategy and patterns to bolster cash flow forecasts, while VICTORIA DÖRINGER, FINOLOGEE
earlier described. accelerating the pace and looking concurrently furnishing decision-support tools that Why a status of Luxembourg PSF may help treasurers in the SWIFT
esting question to be addressed. For many treasur-
remain elusive in traditional methodologies. compliance (i.e. CSP)? What are the benefits of paying on behalf of
ers, the aim is to reduce the number of solutions they to either address the legacy treasury system archi- when the supplier is a PSF?
To make the most of this innovative combination of AI
use, and therefore to take on not just one solution tecture or improve automation and access to data. and treasury, it is important to have reliable data. The Luxembourg PSF status offers significant advantages for treasurers,
or module, but several in which they excel. Recent Building a resilient treasury organization (including Prioritize Data Quality particularly when working with fellow PSF providers and addressing SWIFT
cross-functional acquisitions explain this trend and team), a real issue. To attract talent, these days, you Vigilance in maintaining impeccable data quality compliance requirements.
the ability to offer more than just one very good solu- need IT tools. Some young talents refuse jobs if there is imperative. AI’s capabilities are limited if the data Our “PSF de Support” license, obtained in 2019, marked a milestone for Finologee
is erroneous, incomplete, or biased. Therefore, it is as the first new-generation FinTech company to receive such recognition
is no TMS in place and they do not rely on promises

10
tion. essential to diligently gather, cleanse, and structure the in Luxembourg. This license empowers us to operate as a IT systems and
to implement a solution. Therefore, to attract talents, pertinent data for cash flow forecasting, accounting for communication networks operators of the financial sector, meeting industry-
you need existing technologies and to retain you external variables. specific needs while also adhering to a professional secrecy obligation. We are
Treasury factory concept need (IT) projects. But to run treasury departments, AI as a Decision Support Tool legally bound to maintain the confidentiality of all client data and information,
The Treasury Factory, a new concept to be devel- men need appropriate skills to run the department AI is not a mystical black box that supplants the governed by the same legal framework as banks (Article 41 of the 15 April 1993
oped. The treasurers have several mandates and top treasurer’s expertise, but rather a resource that aids Luxembourg Law on the Financial Sector).
and tools. Today’s skillset has evolved a lot. Building and enhances it. AI assists treasurers in discerning For our clients and partners, this license is more than a legal requirement; it
down, they need to focus on enhancing liquidity risk a resilient treasury team passes by a stronger digital trends, anomalies, and opportunities for optimizing represents a symbol of trust, security, and reliability. It has provided us with a
management, acting as a steward of risk manage- architecture for risk management. cash usage. Nonetheless, it is crucial to recognize robust foundation and a clear regulatory framework, enhancing our ability to

11
ment of the group, be value-add partner to the CFO that the treasurer’s acumen remains essential—both support clients effectively and expand our innovative services with confidence.
and even operations, create a scalable treasury to in scrutinizing data before AI implementation and in Operating as a supervised entity of the financial industry, our Luxembourg
adequately support the organization, enhance gov- overseeing or potentially adjusting the results obtained, PSF status ensures full compliance with financial regulations. This regulatory
ernance and internal controls and ensure a low-cost Another new trend noticed: particularly in response to changes in scope or
unexpected events.
framework provides treasurers with the assurance that their transactions will
seamlessly meet SWIFT compliance standards. Leveraging the deep financial
treasury management system that boost productivity TMS as a Service AI is not intended to replace human decision-makers expertise nurtured in Luxembourg’s thriving financial hub, we offer treasurers
(among other duties and tasks). Digital transformation The final trend identified is that of outsourcing to but rather to facilitate them in making more informed a comprehensive understanding of compliance intricacies and financial
is high Another new trend noticed: TMS as a Service and swifter decisions. It serves as a complementary tool requirements. Additionally, Finologee is amongst the first companies in
treasury professionals armed with the right tools. This
in the treasurer’s toolkit. Luxembourg to obtain a ISO/IEC 27001 certification with an upgrade to the 2022
Some IT vendors are or will consider offering a treas- is useful for spin-offs, companies with no cash at all, Diapason, a specialist in cash flow management, version of this key IT security norm, guaranteeing our clients one of the most
ury management system platform to become a sort or those too small to justify a full MNC treasury organ- cordially invites you to explore the potential of AI robust security setups in the market.
of Treasury Apps Store. What they cannot supply can ization. This concept is developing for larger or even in refining your cash flow projections. Backed by Operational excellence is a core strength of our PSF status. When managing
be offered by technical partners through an open smaller companies, thanks to more adapted and flex- extensively validated models derived from months payments on behalf of suppliers, especially those with Luxembourg PSF status,
platform already integrated. It means no interfacing of rigorous testing, Diapason proudly introduces our we streamline payment processes, simplifying procedures and reducing
ible technology. latest AI module dedicated to treasury forecasts. This administrative burdens for treasurers. Furthermore, our specialised knowledge of
anymore to be set up and maintained. When you talk
innovation enriches and fortifies the capabilities of our the SWIFT Customer Security Programme (CSP) enhances transaction security
to treasurers, they all dream about a big global finan- liquidity planning solution, promising to elevate your and compliance, positioning us as the ideal partner for treasurers navigating the
cial data lake uniformed and standardized. It could cash flow management to new heights. intricacies of financial operations.
 22 23

DOMINIQUE COSTE, EXALOG STIJN BOON, NOMENTIA

Why is Swift gpi a game-changer for international payment How do you view the transition of file-based bank
tracking? connectivity towards API-based connectivity
As a treasurer, have you ever been hindered by prolonged payment delays, APIs are the future and are opening the door for many new
making accurate forecasting a challenge? Allmybanks has always recognized interesting options for our clients, like sanctions checks, real-
the need for swift, transparent, and traceable payments, that’s why we were time balance checks or many other services they would like
at the forefront of the Swift gpi project. We believe this revolutionary service to get from banks.
has transformed the way treasurers handle cross-border transactions. Here’s Despite the positive changes APIs can facilitate, we do
why: currently still see a few common hurdles in the projects we do
1/ Swift gpi ensures faster payments, with 50% credited within 30 minutes, with our clients and banks.
and almost 100% within 24 hours. This speed stands out when compared to The pricing of API-enabled services that banks provide is still
ALEXIS BAROTH, KYRIBA RANA KHATLAN, STONEX
the 3-5 days required by a standard international payment. very unclear. For example, there are a few banks that allow
How can IA and Assist a Liquidity Manager in Paying in some more exotic countries (and currencies) can remain a
2/ Swift gpi’s Pay & Trace feature allows companies to monitor their SMEs to use the PSD2 APIs (as opposed to the premium
optimizing Treasury Management? challenging exercise for treasurers. It is difficult to hedge and to pay
transactions from start to finish. The UETR tracker embedded in every APIs for Corporates), which are meant for consumers and are
Why Use ML and AI in Treasury Management AI/ML in local currencies in some regions. What are the solutions to reduce
transaction provides real-time tracking of the payment’s journey, from the free of charge. Though this is a great initiative from banks, it
provides treasury and finance with insights into trends costs while enabling hedging and securing these types of payments?
initiating party to the end beneficiary. This traceability is vital today, making also creates high dependency on a service that banks can
and activities that were previously challenging to set (Is it possible to deal via FX classic platform too?)
the difference between securing or losing deals. suddenly stop offering to companies or start charging for at
up and see. In particular, AI capabilities can help shape Corporate treasurers face significant challenges when making cross-border
3/ With Swift gpi’s Inbound Payments Tracking feature, corporates can any point in time.
cash reporting. For example: payments to emerging and developing countries. Delays are common and
monitor their inbound transactions. They receive real-time notifications On top of that, the services banks offer via their Premium
- Foreign currency balances in the APAC region hidden fees charged by intermediaries and local banks can result in unexpected
detailing the transaction (issuer, amount, fees, routing time…) and any status APIs differ per bank. For instance, one bank can offer various
continued to increase in Q1. What can we expect reductions in amounts received by beneficiaries after conversion.
updates. This enhanced visibility optimizes cash forecasting and improves services to its clients through only one API while another
for Q2? Many corporations may still choose to send and hold large amounts of hard
delivery timelines. bank might require as many as three APIs to offer the same
- Cash receipts volume for one month jumped currency locally for extended periods of time, with transactions usually being
4/ With Swift gpi, treasurers have full visibility on intermediary bank charges, services. As an example, a real-time balance check is part of a
dramatically for a specific customer group. How remitted through their traditional house banks. This however, can potentially lead
exchange rate fees, and processing times. This end-to-end transparency reporting API at some banks and a separate API at others.
does that compare to the prior six months? to complications including misappropriation of funds, regulatory and credit risk,
means no hidden costs and better financial management. The transition to API-based bank connectivity holds immense
- Surplus cash always drops during the months of as well as a lack of accounting transparency. Furthermore, it means that treasurers
5/ Adopted by 4,000 financial institutions, Swift gpi covers 80% of cross- promise for companies, offering services like sanctions
July and August for specific accounts or regions/ are not always able to participate in the conversion process and ensure that their
border Swift transactions, which highlights its success within the financial checks, real-time balance checks, account opening, signature
countries. Why these months and these accounts? payments are executed at competitive, transparent rates with all costs being
community. updates and much more. However, a unified way of working
- The company has a cash surplus. What is the risk known upfront. Often when converting hard currency funds locally, the rates
Swift gpi is not just another payment service; it redefines cross-border with APIs is missing and requires development in order to
of overdraft if that surplus is used for a dynamic received can be disadvantageous and opaque, leaving the corporate treasurer
transactions with its speed and security, making it a top choice for serve both banks and companies best. Since many banks
discounting program? with little or no control at head office.
businesses, especially with the gpi for Corporates (g4c) service now have been working in isolation, treasury solution providers
Organizations can increase the accuracy of their short- A potential and viable option is to work with an FX payment provider with
available for free for those connected to the SWIFT network. Recognizing like Nomentia are developing APIs for optimal connectivity
term forecasts with AI-based tools that learn from the the appropriate infrastructure in place and direct access to the local market.
Swift gpi’s value, Allmybanks integrates this service, providing treasurers with management to best serve companies, just like they have
history of cash flows and continuously improve inflow Transparency upfront, the net amount of local currency guaranteed for
a platform for real-time payment tracking, detailed transaction insights, and done during the times of file-based bank connectivity.
projections over time. With deeper analysis of this data, beneficiaries, and the possibility to hedge are the key features to look for in a
efficient funds management.
organizations can better predict cash flows by season payment provider. Coverage in a large number of international markets may be
or region, which in turn reduces efforts for key functions favorable to treasurers given that a singular platform can enable most of their
like accounts payable by, anticipating free cash flow cross-border payments. Such a singular solution should ideally include high- LISELOTTE AUDENAERT, TIS
closing, and adjusting the payment campaign budget. touch specialized foreign exchange and treasury services where desired, as well TIS is known to have set several benchmarks in global payments, bank, and system connectivity. Last year, you broadened
AI/ML users also can select what companies, currencies as electronic payment capabilities through proprietary, fixing enabled and foreign your product portfolio by adding Cash Forecasting and Working Capital Insights. Why did you make this decision and how do
and cash flow types to include, as well as adjust the exchange execution platforms. StoneX Payments’ market coverage, for instance, you see technology evolving to enhance the accuracy and reliability of this crucial financial tools in the future?
forecasting period to align on short-term payment/ includes 140+ currencies across 180+ countries. They are also a main provider to With a keen eye on market trends and a team comprising former Treasury and Finance practitioners, TIS possesses a deep understanding of
funding/investment decisions. With interest rates the major international banks. Treasurers’ needs. We develop solutions that ultimately benefit the entire Office of the CFO. Cash Forecasting has been a top priority in the last
increasing, treasury teams can optimize liquidity by More importantly, a solid payment provider, like StoneX Payments, should years. Therefore, the integration of a strong Cash Forecasting tool into our product offering was a logical step. We chose to acquire instead of
reducing their maximum idle cash while also minimizing offer competitive and transparent pricing, along with guaranteed and secure building it ourselves for better time to value and to integrate a great pool of talents.
the risk and cost of overdraft. Treasury will be able delivery. Their network should ideally be vast so as to allow them to engage in In today’s financial landscape, where the cost of capital is no longer as favorable, economic volatility, supply chain disruptions, and shifting
to determine how much of its budget it can allocate price discovery in local markets, bringing pricing transparency for local currency business dynamics have added complexity to liquidity forecasting. Many organizations are now reevaluating their cash forecasting processes.
towards certain expenditures over a period of time, or payments to their clients. Lastly, the ideal partner should have a solid track record, Spreadsheets are not well-suited for the challenges of tomorrow. Timely reporting and insights have become a business imperative, reliance on
whether it will need to borrow funds to make certain historical local presence, strong correspondent networks, excellent credentials, real-time data-driven decision-making is increasing, making technology an indispensable ally in meeting these demands.
payments. access to FX platforms (e.g. 360T, FXall) and to the SWIFT network. Looking ahead, we anticipate even greater levels of automation, facilitating seamless collaboration across solutions and departments, and
predictive modeling that adapts to market dynamics. Our existing offerings already cover forecasting across variances, scenarios, and historical
time frames, complete with comprehensive drill-down capabilities. Additional views and algorithms will continuously enhance accuracy, enabling
decision-makers to unlock liquidity and monetize data.
 24 25

ÉLÉONORE BERNE, CASHLAB

We have noticed that Cash-Flow Forecasting
remains the top priority of European
treasurers. Why is it still a key priority for EMMANUEL DE RESSÉGUIER, FENNECH
CFO’s? What makes forecasting so difficult We talk today about “hyper-automation”. How can treasurers
LÉONORE BRIN, TRUSTPAIR and still so manual? achieve this ultimate stage of efficiency? By using ETL solutions
How does automated international The Cash-flow forecasting (CFF) topic has not to extract financial data where they lurk? What makes it so
account validation provide security been cracked despite the fact it has always been complicate to make use of data treasurers are sitting on?
and performance for Corporate a vital solution for any corporate: how to make the Achieving hyper automation, the ultimate stage of efficiency, is indeed a goal
Treasurers? right decision without it? How to anticipate in a treasurers should strive for, not only to optimize their operations but also
In this increasingly tense economic fast moving environment with increasing risks and gain strategic insight into their treasury and finance operations. While using
environment, payment fraud is a critical parameters? Liquidity investments, calibrating Extract, Transform, Load (ETL) solutions can be a step in the right direction,
concern for companies worldwide. In fact, it working capital financing, translating operational it is not the solution for achieving hyper automation but rather an element of
has caused more than $40 billion in financial budgets into cash-flow projections, anticipating the the process as hyper-automation and its power go way beyond the sourcing,
losses in the last few years. With globalization, possibility of debt repayment based on a targeted manipulation, and integration of data. Instead, a multi-faceted approach
companies work with more suppliers, in more EBITDA — these are just a few of the many use should be adopted.
countries. This makes vendor control harder cases for CFOs, Treasurers, and Controllers. It is not Indeed, leveraging ETL solutions can play a vital role in automating the
and risks unpredictable. PHILIPPE FÖRSTER, PWC | PARTNER and/or under-equipped entities around only about providing information, it is forcing us to extraction, transformation, and loading of data from various sources into
Corporate Treasurers are fighting back with ANNE MASSARDIER, PWC | SENIOR the table. drill down into data and processes. a centralized treasury management system or smart platform. This helps
prevention measures like employee training MANAGER Confirmed by our PWC Global treasury This is why building and maintaining a CFF process streamline processes, reduce manual efforts, and enhance data accuracy.
or segregation of duties. The problem is that What are the major trends in Survey (2023), amid all the disruption of can be challenging. Within any organization, key ETL solutions enable treasurers to integrate data from diverse systems,
fraudsters now use increasingly complex treasury IT solutions you have seen the last few years, the trend of digitization stakeholders must be involved to provide accurate such as ERPs, banks, and trading platforms, ensuring a holistic view of their
and sophisticated techniques, thanks to new over the last months? What do you of treasury functions has continued to information from all parts of the business (Sales, financial landscape.
technology. consider as key focus for treasurers accelerate, as respondents indicated their Purchases, HR, Supply Chain, etc.). When we refer However, hyper automation goes beyond the scope of ETL solutions, and
Treasurers need to take a step further to in coming years? focus on data analytics and visualization, to cash-flow forecasting, we often describe it as a this is a key point to make here. It involves using advanced technologies like
secure their Procure-to-Pay process. The Current volatile macroeconomic machine learning and application company-wide project that unites all the teams to robotic process automation (RPA), artificial intelligence (AI), and machine
automation step. The key to efficient fraud environment reinforces the importance programming interfaces (APIs) as the achieve a common set of KPIs such as EBITDA, FCF, learning (ML). RPA can automate repetitive and rule-based tasks, freeing
prevention is the use of specialized solutions of a strong cash & liquidity management most relevant technologies for the next and Valuation. up time for treasurers to focus on more strategic activities. AI and ML can
that can automate controls to save time, function. Scalability, agility, reactivity, and two to three years. A good example may Despite its significance and proven value-added, analyse vast amounts of data, identify patterns, and generate valuable
give peace of mind to decision-makers, and predictability are key points of focus in be the increased capacities in Financial CFF remains challenging and is often performed insights, empowering treasurers to make informed decisions swiftly and
streamline decision-making. today’s discussion but not only. Instruments’ forecasting, enabling manually using spreadsheets. The flexibility efficiently. The insight provided by advanced intelligent hyper-automation
Solutions like Trustpair, the leading In the last years and even months, the personalised FX hedging strategies based of Excel and the possibility it offers to easily solutions gives treasurers a place at the leadership table and a voice in
payment fraud prevention platform for large pace of evolution in treasury tech has on historical patterns, technical analysis, onboard someone in its utilization end up creating strategic decisions.
companies worldwide, help treasurers and accelerated. Whichever piece of the 3 key and sophisticated trends predictions. a limitation when considering the transition to As treasurers grapple with significant challenges in harnessing their data
finance teams secure their entire Procure- roles of the treasurer (Vision, Control and If technology and markets conditions technology. This latest has evolved significantly effectively (data scattered across different systems, meaningful consolidation
to-Pay process with automation. The Growth) you need to equip, traditional are both supporting the development over the past years. Because spreadsheets are issues, data quality and integrity problems) and often lack tools and skills for
platform offers intuitive risk management and TMS or niche Fintech keep on deploying of treasury roles, a challenge remains: prone to errors and lack real-time updates, CFOs efficient data analysis, investing in a smart hyper-automation system, whether
integrates directly with existing P2P tools like enhanced and powerful features. For experienced staff, with the right skills, have now the possibility to invest in digital solutions a traditional TMS or an alternative platform, becomes crucial.
Kyriba, SAP, or Diapason, for more efficiency some players, the flexibility offered by are still difficult to find. Automation and to enhance accuracy and efficiency: automation, These systems should offer robust data integration, including built-in
and safety. specialized vendors has the benefit to digitalization are more than ever key to machine learning, AI-driven tools etc. These validation and cleansing features, along with intelligent analytics tools to
With Trustpair, Treasurers are sure to pay the adapt easier to market evolutions, such mitigate the staff shortage. An exit door innovations improve data quality, optimizing the unleash the full potential of the data at hand.
right supplier and the right bank account. as the diversification and tokenisation of to this issue may be the use of Managed process of cash-flow forecasting and enhancing In conclusion, achieving hyper automation requires a holistic approach
They avoid payment fraud at every stage of assets, in a risk-mitigation concern. For Services, plug-and-play solutions easing its value in effective cash management. They offer encompassing not only ETL solutions but also advanced technologies like
the P2P process. Faced with fraud and the some others, having a full TMS remains the the access to treasury technical solutions various ROIs such as working capital optimization RPA, AI, and ML. Treasurers should address the complexities of utilising their
complexity of international vendor account best choice. In parallel, the development in a smoother and cheaper approach. and investment returns. It also enables the creation data by investing in smart solutions, ensuring data quality, and leveraging
validation, using an automated solution is the of lighter IT architectures, blockchain and of the needed “company project” to make it a analytics expertise. With these strategies, treasurers can unlock the power of
ultimate answer. Crypto instruments is attracting unusual success. hyper automation and elevate their efficiency to the ultimate stage.
 26 27

LUDOVIC PIVETAL, KANTOX

Currency management amazingly remains one of the most
manual processes within treasury scope of duties. Treasurers
often consider that having recourse to an FX platform PATRICK BERT, NEOFI
interfaced to their TMS means “full automation”. Are they right? It’s fair to say that the best-known treasury software on
Do they cover the whole cycle and what is missing? the market is fighting every day to enrich its functional
There are two problems with this definition: (a) it only involves the trade spectrum and add that little bit of specialized business
phase of the FX workflow; (b) it presupposes that TMS can accomplish expertise that will set it apart from the competition.
PADRAIG BROSNAN, FOUNDER AND CEO, FX workflow automation. First, let’s keep in mind that end-to-end- Of course, the most demanding of our treasurers and
TREASURY DELTA automation —we use this term rather than full automation— includes: consultants take a keen interest in these cutting-edge
RFPs are common practice for treasurers functionalities when choosing their champion, but it’s RICCARDO BALSAMO, DELEGA-BANK
when it comes to selecting a new cash (1) Integration. All the phases of the workflow are integrated with one important to keep things in perspective: what’s the In 2023, Signature Power management remains manual and
management provider or TMS solution. It is another: the pre-trade, the trade and the post-trade phase. point of being the best expert in your field if you forget combersome for all treasurers. Could we expect solutions to
a complicated, costly and time-consuming the most trivial reality, summed up in 2 questions: eventually enhance and automate this fastidious process and
(2) Automation. The decision process is front-loaded with business
process which involves several manual tasks. maintenance?
rules that remove the human element from making FX transactions • In 2023, is it normal for the treasurer to have
Is digitising RFP projects the way forward In the evolving landscape of banking technology, a pivotal trend is the
decisions. to adapt to the requirements of the TMS he
for treasurers, banks and TMS vendors? embrace of external solutions by financial institutions. Fintech companies and
covets?
Based on Treasury Delta’s primary market research Problem 1: focus on the trade phase. The proposed definition concerns innovative service providers are leading the charge, offering advanced tools
most transaction banking rfp projects have proven only the trade phase. Certainly, connectivity to trading platforms is an • Does this TMS know how to intelligently that operate outside traditional banking frameworks. Rather than investing
to be very complex and expensive for both the integral part of the automation process. But an excessive focus on that manage and exploit all the data sent to it, heavily in in-house development, banks are increasingly turning to these
buy-side and sell-side. This is why Treasury Delta part of the workflow can mask other shortcomings. regardless of format, protocol, file name, external services, especially for complex tasks like signatory management.
developed a niche platform in order to eliminate or the grain of sand that jams up well-oiled This shift signifies a departure from the traditional model of internal system
as much friction as possible in the process. By The benefits of saving a few pips can be dwarfed by losses from lacking an processes? development. Banks now consume services from specialized providers,
using digital technology, it streamlines and adequate integration between the pre-trade and the trade phase. This is gaining access to cutting-edge technologies without the burden of extensive
simplifies the customer journey for all stakeholders. ‘discrete’, as opposed to ‘end-to-end’ automation. So, if you decide to deploy one of these clay-footed development processes. These external solutions, often cloud-based or
Most corporate treasury rfp related transactions behemoths, you’re not only going to suffer during accessible through APIs, seamlessly integrate with existing banking systems.
normally involves multiple excel spreadsheets, word Problem 2: focus on Treasury Management Systems (TMS). The your project as soon as we talk about interfacing with This integration not only reduces the time required for implementation but
documents, pdfs so by having a single, transparent proposed definition puts too much weight on what TMS can accomplish. business applications, but also during the painful also ensures compatibility with the bank’s infrastructure.
platform where all parties interact and engage with Most TMS are ill-equipped to handle all FX-related tasks. Some of their organizational transformation imposed by the software’s One of the key advantages of this approach is the continuous improvement
each other it saves time and, as proven at Treasury shortcomings include: capabilities. cycle offered by external providers. Fintech companies are driven by
Delta, has led to a more efficient way to manage Furthermore, to alleviate your suffering, you’ll use a innovation and competition, meaning the solutions they offer are frequently
(a) Lack of a strong ‘FX rate feeder’. This provides commercial teams
such projects. The big win for the buy-side using subterfuge, a workaround, a little extra software, a updated and refined. Banks benefit from these ongoing enhancements
with the real-time currency rates they require, including spot and
a digital solution is the ability to easily filter and specific script that will enable you to hold this beautiful without the need for significant in-house resources, staying at the forefront of
forward rates with the desired markups per currency pair and client
source an optimal solution from the marketplace edifice together. How stressful it is to know that your technological advancements.
segment.
in the most cost-effective way. From a vendor’s keystone is nothing more than a cobbled-together Moreover, consuming external services allows banks to focus on their core
perspective the big win is operational efficiency (b) Insufficient exposure collection. Most TMS provide adequate element that you’ll have to re-test with each new competencies, such as customer service and relationship management. By
as all relevant corporate data points are presented exposure data for balance sheet hedging programs, but not for development and update! relying on specialized solution providers for tasks like signatory management,
in a more structured format so that decision forecasted exposures, nor for firm sales/purchase orders — and still At NEOFI, it is our software that adapts to your needs, banks can optimize their operational efficiency while offering secure, user-
making is more coordinated and informed which less for combinations of cash flow hedging programs to your organization, that fills in the gaps in your friendly services to their clients.
enables response times to be more dynamic. At business applications, that controls exchanges with In essence, the future of signatory management lies in this collaborative
Treasury Delta, we envisage further innovation and (c) Lack of swap automation. The process of adjusting the firm’s the various applications and alerts you as soon as model. Banks leveraging external expertise not only enhance their
digitisation of corporate treasury projects through hedging position to the settlement of the underlying exposure, an something goes wrong. technological capabilities but also foster a dynamic ecosystem where
industry collaboration so yes, digitising rfp projects important element of the post-trade phase, is beyond the scope of At NEOFI, the TMS is not an ivory tower, it is a control innovation thrives, ultimately leading to better services for consumers. This is
is the way forward. most Treasury Management Systems. tower, not just for your cash, but for all the events that the essence of what we are doing at Delega!
prevent you from doing your job with peace of mind.
 28 29

OLIVIER LECHEVALLIER, DEFTHEDGE MICHAEL DIET, INTENSUM ANNABEL LY, TREASURYSPRING

Why it is important to complement a TMS with We have noticed an interesting new trend: What is Repo, why should it be used and how can it help
best- in-class financial risks tool? Shouldn’t it the concept of ”digital autonomy”. Could you Corporate Treasurers?
be a basic functionality of any TMS? explain how it works, why and how to build an Repo, short for repurchase agreement, is a financial transaction that
A treasurer needs tools to meet expectations set by autonomy of treasury systems within Multi- provides participants secured, short-term funding against various
the management and if possible, to overcome his/her National Companies (MNC’s)? forms of government, financial and corporate securities as collateral. In
objectives. All of them used to work with Excel some The idea of digital autonomy of treasury or divisions a repo transaction, the borrower sells a basket of securities to a lender
time in their career but since they have had the chance or part of assets, accompanied by relative functional with an agreement to repurchase at a different (usually higher) price
to implement or use TMS they all knew they won’t be autonomy could become a new trend to consider. at a specified future date. Typically, the initial purchase price is lower
able to work without it When you want to sell an asset, it’s important to make than the market value of the securities, offering “over-collateralisation”
for the coming years. In the past, implementing a TMS sure you present it in the best light. Private Equity to the lender. In the event of a default by the borrower during the life
was expensive, time consuming and dedicated to big Funds buy assets with the hope of selling them for of the repo, the lender retains ownership of the assets and can sell
corporates. Nowadays, it’s a structural project but more more money later and the classic exit is often the IPO. them to offset the loss.
feasible. Indeed, it gives better information in a shorter However, to create value and eventually “exit”, you need Historically, the complex financial and operational burdens involved
time to drive cash more efficiently. But what is exactly an adapted and efficient treasury organization. The in establishing tri-party relationships, executing the necessary legal
the scope of a TMS? Here is the Wikipedia definition: concept of digital autonomy of finance and treasury, documentation, negotiating collateral schedules, and managing the
“A treasury management system (TMS) is a software more specifically, will be the future trend for MNC’s operational and technological aspects of trading repo meant that it
application which automates the process of managing when preparing asset sales. was either unfeasible or impractical for most institutions to participate
a company’s financial operations”. Considering “cash Today, more and more multinational companies are in repo transactions. By investing in TreasurySpring’s Secured Fixed-
is king” and many solutions do exist now on the market MARINE REILLON, EMASPHÈRE rethinking their organization and strategies. This is why Term Funds, corporate treasurers can now lend on a secured basis,
most of the treasurers are focused on that priority: Why BGL BNP Paribas and EMAsphere (financial reporting they are selling entire divisions or assets, to acquire without the need for any financial infrastructure, connectivity or
CASH. Therefore, what could be considered as the solution) partnership is great news for CFOs and treasurers in a others to refocus their activities or to adapt to markets. resources typically required to do so.
queen? It seems the topic of financial risks as FX, rapidly changing market? The trend is strong, especially in sectors under pressure
commodities or interest rates is the queen looking at Making decisions without the right financial data is a gamble. CFOs from technological change Why it should be used?
the economical and geopolitical context. This complex and treasurers don’t want to risk their organizations’ money. However, There are several options to organize a full digital By participating in repo, treasurers can significantly lower their credit
and unstable environment impacts the day-to-day accessing the right data, at the right time, and in a way that makes sense autonomy, which all have pro’s and con’s. We can risk when compared to unsecured lending, with secured financing
business of any treasurer. Most of the time TMS does for all stakeholders, can be a significant challenge to decision-making. arrange a Treasury Service Agreement between the typically providing higher recovery rates and swifter capital recovery
not offer satisfaction on financial risk management and This challenge is exacerbated by the fact that 80% of companies’ data are HQ and its division, to clone the existing treasury core than unsecured debt. This does not necessarily mean sacrificing
require building internal tools to optimize or replace FX unstructured (source: Gartner) and scattered across multiple spreadsheets. model, to set-up a tailor-made solution that fits for returns; banks can generate substantial internal cost savings and meet
& commodities tool if it has been subscribed This is precisely why BGL BNP Paribas chose to collaborate with the financial purpose or opt for the implementation of a new TMS. regulatory capital requirements efficiently by financing their assets
or create homemade solution from scratch. Therefore, reporting solution EMAsphere to create My Dashboard by EMAsphere. The The last one is certainly the most complicate and in the repo market, which may translate into more attractive rates for
being able to use a dedicated tool is key. The solution already experienced great success in France and Belgium, where the longest to roll-out. The first one doesn’t allow enough clients.
calculations are stable and verified, data are secured partnership with BNP Paribas is already in place. autonomy when and if the division must be separated.
because it’s coming directly from ERP or accounting The platform seamlessly integrates over 45 KPIs that are automatically We therefore believe that the cloning of the existing Why is it important to treasurers?
software’s. The key point is to be interfaced with TMS updated, reliable and accessible exclusively to BGL BNP Paribas’ corporate treasury core model (even if potentially simplified Since the Global Financial Crisis, large banks no longer lend to one
already in place. Let’s imagine a company A using a customers. Companies can save time with automated reports and make and with some processes removed) is recommended. another on an unsecured basis. Recent events, like at SVB and Credit
TMS, facing FX risks in USD to handle and replace decisions based on reliable and up-to-date information. This option has the advantage to facilitate change Suisse have further demonstrated the need for treasurers to arm
his “home-made excel tool” by a dedicated financial Moreover, CFOs and treasurers can create and test different forecasting management, limit dissynergies and reduce operational themselves with the same capital preservation tools. Secured Fixed
risk software, like ours. The treasurer used to build scenarios and visualize their impact on cash flow, income statement and risk. Term Funds are a cost-effective solution to achieve this. The repo
his/her exposure in a dedicated sheet and monitor balance sheet over the short and long term. Recent events emphasize the market plays a pivotal role in maintaining stability across the broader
hedges portfolio in another tab. Then, he/she fills out necessity of platforms like EMAsphere. The confidence in knowing that financial landscape. It not only acts as a stable buffer for financial
manually the FX cash- flow forecast in the TMS to have financial professionals can swiftly and reliably access their data, conduct institutions to access the necessary funds to meet their short-term
a global view on cash in currencies. Therefore, with analysis and explore what-if scenarios is of extraordinary value. obligations, but also helps mitigate systematic risk and reduce the
ad hoc solutions, the exposure can be automatically With My Dashboard by EMAsphere, companies can easily share the right dependency on central bank liquidity in stress scenarios.
structured, the hedges portfolio (re) valued and easily information with their bank and streamline processes such as obtaining a
uploaded, and the FX cash-flow forecast directly sent loan. Finding this data is often challenging, but now it is all at the financial
to TMS cash forecast. professional’s fingertips.
 30 31

CHRISTIANE HOENINGER, SERRALA Lastly, adaptability is the final frontier. In this fast-evolving
“How can multinational enterprises effectively landscape, a commitment to continuous monitoring and
safeguard themselves against financial fraud and agility is imperative. As fraudsters refine their tactics, MILIA VAN MOL, FIS
ensure uninterrupted business operations?” multinationals remain on the cutting edge, ensuring that Why choose a best of breed Treasury System
In the dynamic intersection of finance and technology, their prevention strategies stay ahead of emerging threats. versus a treasury extension of your ERP?
multinational enterprises face a daunting challenge: Often, CFO’s & treasurer are faced with a dilemma
In conclusion, safeguarding against financial fraud between extending their ERPs with treasury modules
preserving their financial integrity while sustaining the
in the world of finance and technology necessitates or selecting a dedicated TMS (Treasury Management
seamless flow of global operations. Their response to this
a multifaceted strategy that seamlessly intertwines Solution) solution. While extended a system already
challenge is a sophisticated, multi-dimensional strategy.
technological innovation, the fortitude of internal controls, in place could sound more efficient, C-levels must
First and foremost, these companies embark on a vigilant and informed workforce, and unwavering consider 4 main topics before moving forward.
rigorous risk assessments. They meticulously scrutinize compliance with international standards. This proactive 1: Functionalities: It is vital for a TMS to stay ahead
vulnerabilities across a tapestry of geographical locations, approach guarantees the protection of financial assets and of the market and anticipate regulatory requirements
business units, and transaction types. This meticulous the uninterrupted flow of global business operations. and market changes. ERPs are less impacted because
evaluation not only identifies specific fraud risks but also they are designed to handle wider ranges of business
lays the foundation for the deployment of highly tailored functions. Treasury often represents less than 5% of
prevention measures. the ERP vendor activity. This leads to gaps in terms of
At the heart of their strategy lies advanced data analytics, functionality and longer development time for treasury
harnessing the prowess of artificial intelligence and modules.
machine learning. These technologies serve as vigilant 2: Configuration & cost: The FIS treasury & risk
sentinels, detecting aberrant patterns and potential fraud in manager solution’s plug & play approach will not need
real-time within the intricate web of international financial DARRYL CLARET, NEW BRIDGE any configuration pass implementation. You will get
transactions. What is the ongoing evolution of AI within financial a solution made for treasurers by treasurers. Whereas
management? Could you give us an overview? ERPs will require significant configuration to meet
In this arena, compliance with both international and local For some time, I have been discussing an effortless “Amazon Alexa” treasury needs, longer implementation timelines and
regulations is non-negotiable. It’s a dual-purpose endeavor: style of conversing with a company’s financial data. On stage at last therefore increased costs because it will need input
ensuring legal adherence while projecting an unwavering year’s ATEL Technology Day, I described a future where one could from the whole organization.
commitment to ethical business practices. receive a detailed interactive response from inquiring “Which Risks 3: Ecosystem connectivity: Thanks to our API catalog
Internally, stringent controls are entrenched within the and Cash Flows should I focus on today?” while commuting to work. you will get the best of both worlds with an integration
DNA of financial processes. Segregation of duties and the That future has arrived. Interacting with ChatGPT through voice level to your ERP as close as ERP treasury modules
rhythmic reconciliation of accounts serve a dual purpose commands is now a reality and it is quite proficient at providing itself. The FIS treasury solutions are designed with
- acting as both a deterrent and an early warning system insights from Data that has been provided. To address privacy their own middleware giving them a robust integration PIETER DE KIEWIT, TREASURER SEARCH.COM
for irregularities. The human factor is pivotal. Employee concerns, data can be anonymized to mitigate the risk of potential capability, making it easier to connect with external & Pieter, today with the increasing evolution and use of
awareness and training are cornerstones in cultivating a future disclosure from model training enhancement. Moreover, it internal counterparts. The DNA of our TMS is to act as technology in treasury, do you think corporates should hire
vigilant organizational culture. Recognizing and promptly is entirely feasible to examine your data internally without external a single source of truth fed from the entire ecosystem differently and look for other types of hard skills (i.e., IT, tech,
reporting suspicious activities is not just encouraged; it’s exposure by utilizing in-house versions of Large Language Models of solution existing in your organization, your ERP being data mining,….) ?
engrained in the corporate ethos. dedicated solely to prompt interpretation and response generation. one of them. Indeed we see an increased use of technology in treasury and, in my
It’s true that many firms are hesitant to invest in AI advancements due 4 Support and expertise: As a dedicated TMS opinion, in almost all other functions. Even in our recruitment company
On the digital frontier, cybersecurity reigns supreme. to the rapid pace of the field, where there is the genuine prospect solution provider we have expertise in treasury tech is more prominent. I see that society and universities in particular, are
Protecting digital financial transactions and fortifying of proprietary developments becoming freely available. Indeed, management. Our professional services implementing playing into this. Both by specific skill training but also by integrating tech
sensitive data against potential cyber threats, which have ChatGPT-aligned vendors have seen their market decimated recently the solution & our support team offering tailored solutions in regular education. The two-year old knows how to operate
the potential to unleash financial fraud, takes precedence. as the functionality of their complimentary products is included in assistance understand the unique challenges of an Ipad! Corporates should measure tech & data skills like they measure
Collaboration with third-party vendors is standard practice the standard Open AI offering. Please be aware that AI is not the silver treasury departments. language or analytical skills with all new staff members. And not decide
for multinationals. Here, due diligence is paramount. It bullet to all your problems. Indeed, it can create many more problems We have at FIS, a TMS capable of being natively to hire extra tech specialists and pretend the rest of the organisation can
ensures that these partners meet rigorous ethical and with the need for good data and the danger of hallucinations (where integrated with major ERPs to significantly improve remain like it used to be.
security standards while instituting robust fraud prevention it provides imagined rather than fact-based responses). However, the your financial strategy with more automation, better - Potential extra - The treasury function is in this not only in competition
clauses within contracts. beauty of the flexibility and applicability of AI is that workable solutions cash visibility & risk management. The combination with IT firms or other treasury teams but with most hiring managers
can be delivered very quickly and cheaply with immediate ROIs, and of an ERP & FIS TMS unlocks unmatched capacity to recruiting young graduates. Tech & data skills are required for most
When the alarm bells ring for suspected fraud, a the transformative effort applicable to be morphed into future AI meet one of today’s biggest challenges for CFO’s and positions in various shapes and forms.
meticulously crafted incident response plan swings into solutions. Treasurers: Enterprise Liquidity Management.
action. Its aim: swift, coordinated responses to minimize
any disruption to the intricate machinery of global business
operations.
 32 33

JEAN-MARC BEYLER, JP MORGAN 4. Reasearch and analysis: comprehensive charts,

Why is it important for treasurers to indicators and technical tools to analyse holding
consider modern and multi-suppliers asset reports, asset allocation or historical performance.
management platforms for dealing MMF’s? 5. Security and privacy: Authentication and
What are the benefits of such solutions? encryption : security measures to protect user
An open architecture platform is financial system accounts, single sign on, 4 eyes checks, trade limits
that allows investors to choose from a wide range and notifications.
of money market products offered by various 6. Dedicated support and service team.
providers and access services/tools such as rules
based investments functionality, auto settlements Overall, using an open architecture platform
and extensive analytics tools, rather than being empowers investors with greater choice, flexibility,
limited to a single promoter offering. When it comes and control over their investments often at no costs.
to treasurers trading money market funds, there are
several reasons why considering an open architecture
platform is important:

1. Diverse investment options: it provides access

to a broader range of MMF’s from different fund
managers. This diversity allows alignment with
their risk profile, investment goals and liquidity
requirements.
2. Flexibility, customization: seamless integration
to treasury management systems. Implement and
replicate investment policy.
3. Efficiency: account overview through dashboard
overview summarising account balances, positions
and transaction history. Trading and execution
through Swift, SFTP and API’s connectivity.
Performance reporting: generate reports detailing
portfolio performance, including returns and
transactions.
Smart cash
investing
made easy
TreasurySpring is a unique cash investment
platform designed to:

Minimise your risk Maximise your returns Optimise your time

• Access over 75 high-quality issuers • Our unique market access delivers • One, simple, digital onboarding
leading risk-adjusted returns
• Diversify across sovereigns, • Manage your cash strategy
on cash
government agencies, major with ease
global banks and corporates • We have the scale and expertise to • Easy to integrate with your other
seek out the best products so that
• Benefit from secured exposure treasury tools
you don’t have to
via the repo market at the click
of a button

Scan the code to visit our website,

book a demo of the platform, and see
a better way to invest excess cash.

treasuryspring.com

Some of those benefiting from our platform