Treasurers Guide to Navigating 2023 & Beyond

Future Forward: Treasurers Guide to Navigating 2023 & Beyond

In today’s dynamic financial landscape, treasurers face unprecedented challenges. Economic uncertainty, market volatility, and the ever-accelerating pace of innovation require a fundamental shift in treasury practices. This whitepaper outlines crucial reasons why you should delve into this document:

Prepare for the Future

Economic unpredictability necessitates a reevaluation of treasury practices. Embracing modernization through cutting-edge treasury technology in the cloud equips treasurers to thrive in the present and prepare for the uncertain future.

Improve Liquidity Management and Cash Forecasting

Effective cash forecasting is essential for cost control, but it’s unattainable with fragmented data and manual processes. This whitepaper advocates for centralizing treasury operations, which enables treasurers to consolidate data from various sources and gain real-time insights. With centralized data, they can analyze and model scenarios to make informed decisions regarding liquidity and risk.

Mitigate Risk

Treasurers are increasingly tasked with comprehensive risk management, including cyber risk. However, disjointed technology and manual processes often hinder these efforts. The whitepaper emphasizes the need to transform risk management strategies by leveraging treasury management solutions with specialized risk management functionality.

Simplify Global Payments Processing

Global payments pose challenges related to high costs, lack of visibility, and fraud risk. Treasurers view centralization and standardization of payments as opportunities for improvement. Centralizing payment processes through payment hubs enhances control, visibility, cost reduction, and fraud prevention.

Streamline Bank Connectivity

Complex banking processes with multiple relationships, high costs, and inefficiencies can be streamlined. The whitepaper recommends evaluating banking relationships and adopting secure SaaS-based connectivity solutions to connect with global banking partners seamlessly.

Leverage APIs and Real-Time Payments

Open-API technology offers new possibilities for bank communication and real-time payments. Treasurers can use APIs to gain control over the data they receive and its frequency, revolutionizing bank connectivity.

Centralize Data for Improved Decision-Making

Fragmented systems hinder treasurers’ ability to reconcile and analyze cash flow data. Centralizing data into a repository or data lake enables comprehensive data analysis, enhancing cash forecasting and decision-making.

Develop an ESG Strategy

Environmental, social, and governance (ESG) considerations are becoming crucial for treasurers. The whitepaper advises creating an ESG framework and measurement system using digital technology to identify, measure, and manage risk exposure effectively.

Move Treasury to the Cloud

Outdated treasury systems expose organizations to financial risks and cybersecurity threats. Shifting treasury operations to the cloud can provide enhanced functionality, cost-effectiveness, and cybersecurity measures without the need for extensive infrastructure.

Select the Right Partner

Choosing the right treasury technology partner is paramount. The whitepaper offers essential questions to explore when selecting a partner, such as transparency, financial stability, experience, and cybersecurity measures. In summary, this whitepaper offers invaluable insights into modernizing treasury practices to meet the challenges of today’s financial landscape. By implementing the recommended digital approaches, organizations can adapt to economic uncertainties, enhance liquidity management, mitigate risks, and streamline their financial operations.