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Here’s what modern cash management systems typically offer: Real-Time Bank Account Integration - The ability to link various bank accounts into a single platform allows businesses to view all their financial data in one place, reducing manual work and improving accuracy.
While the job has always had a strong risk-management component, the basic task was simple: making sure the company has cash available, when and where it’s needed. Treasury must be able to react quickly to new scenarios while optimizing liquidity in both the short and long term to secure the company’s financial health. Not anymore.
Treasury departments need to modernize as they grapple with the pandemic — streamlining the way cash is handled, how strategic decisions about cashflow are crafted and how payments are made. The great digital shift has exposed some glaring inefficiencies in corporate back offices.
Every year, EACT launches a treasury survey to identify top priorities for Corporates. Treasury top priorities. The 2021 EACT survey, as it has become a tradition, attempts early this year to determine what the treasury trends and priorities for multinational companies will be in the next 12 to 24 months.
The digital transformation of corporate treasury is not a destination; it’s a journey. As a treasurer, maybe you would conquer the first few things, which are visibility and reconciliation, and then you would move into other niche areas that you want to automate further to add strategic value to the business.”.
“One thing is customer service, but the other is liquidity management or cashflowforecasting, and that's new to a lot of organizations.”. To facilitate this transition in handling 24/7 cashflow, Whisler said TCH offers services such as intraday reconciliation.
“This could, first of all, solve problems on the treasury side by reducing the number of disputes, to make cash application and reconciliation a lot more efficient, and to improve cashflowforecasting and cash conversion,” he explained. ”
SWIFT added that enhanced tracking capabilities support faster, automated and accurate reconciliation of payments and invoices, reduce FX risk exposure, and boost cashflowforecasting abilities.
Lisa Lansdowne-Higgins, vice president of business deposits and treasury solutions at the Royal Bank of Canada (RBC), recently told PYMNTS that these three disruptors have a significant opportunity to shake up accounts payable processes thanks to the impact they have on data. Open Banking. Bank-FinTech Collaboration.
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