TMS vs TMS Let Battle Commence - n Aspen Pharmacare's Innovative Cash Pool n How to Run a Virtual Treasury - Treasury Management ...
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TMS vs TMS
Let Battle
Issue 278
Commence
n A
spen Pharmacare’s
Innovative Cash Pool
n How to Run a Virtual Treasury
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CONTENTS
COVER STORY SPECIAL REPORT
TMS vs TMS: Let Battle Smart Treasury – Top Tips In a recent TMI podcast, Victor Penna and Olle
8 72 Malmgren of Standard Chartered described how
Commence for Future-Proofing Your
treasurers can make the most of smart treasury
Eleanor Hill, Editor Department programmes and avoid potential pitfalls.
Covid-19 has put a severe strain on
treasury teams and on their technology,
treasury management systems in
particular. Here the Editor and senior INSIGHT
professionals discuss the questions that
treasurers are pondering – what is the
best tech for the job in a remote working Cash Management and Future-Proofing Treasury
26 52
environment where instant access to Investment in a Shifting World Management
‘decision-ready’ data is critical? Yera Hagopian and Daniela Eder, Barclays Simeone Sperotto, Tecnica and
Massimiliano Cirelli, UniCredit
Rebuilding for the Digital Age
30 Anders la Cour, Banking Circle 56
Running a Virtual Treasury:
Get Yourself Connected
REGULARS Michael Juen and Michael Bach, BELLIN
Innovation as Usual:
34 A New Era in Payments Born Digital
Leader Atul Bhuchar, DBS 59 Eduardo Vergara and Chad Wallace,
2
Real-time Multi-Bank Reporting Goldman Sachs
Through Open Banking Speed and Agility: A New
David Gomez, J.P. Morgan 38 Forecasting Regime in Days The Resilient Treasury: Optimising
Britta Baier, Joyson Safety Systems
62 Strategy in the Face of Covid-19
My Life in Treasury Ole Matthiessen, Deutsche Bank
4 Richard Cordero, European Association Finding a Cure for Cash
of Corporate Treasurers (EACT) 40 Michael Shuttleworth and Crispen Lowering the Barrier for Effective
65 Cash Forecasting
Katsukunya, Aspen with Thomas Harden
and Bhairav Mehta, BNP Paribas Nicolas Christiaen, Cashforce
People in Focus
7 Stephen Randall, Citi
Accounts Receivable:
43
Cash Pooling: Well Worth 68 A Journey to the Future
Executive Interview the Cost of Compliance Bill Weiss, HighRadius
77 Dynamic Customer Finance: Bas Rebel
Supply Chain Support for the As Easy As KYC: SWIFT and
Covid-19 Age Trade and Supply Chain Finance: 74 Seamless Corporate Banking
Interview with Jan-Martin Nufer, 48 Rising Above Uncertainty Jimmy Zhang, Pepper Financial
Borealis and Colin Sharp, C2FO Aoife Wallace and Daniela Eder, Barclays Services Group
TMI278
Editor CEO & Publisher Treasury Management International Ltd,
TMS vs TMS Eleanor Hill Robin Page Waney Edge Barn, Foxhill Lane, Playhatch,
Let Battle Reading RG4 9QF, UK Tel: +44 (0)118 947 8057
Issue 278
Commence Deputy Editor Associate Publisher e-mail: tmi@treasury-management.com
Tom Alford Sam Clarke Internet: www.treasury-management.com
Commissioning Editor Design & Production EU Office: Treasury Management International Kft.
& Operations Manager Glen Orford 2161 Csomád, Verebeshegy u. 11., Hungary
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Innovative Cash Pool
Ben Poole Will Hollands Postmaster: Send address changes to TMI-TREASURY MANAGEMENT
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TMI | ISSUE 278 1
LEADER Real-time Multi-Bank Reporting Through Open Banking By David Gomez, Executive Director, Wholesale Payments, J.P. Morgan 2 TMI | ISSUE 278
LEADER
O pen banking is not just a retail banking phenomenon. This global trend also has
the potential to significantly improve the working lives of corporate treasurers –
by enabling aggregated, real-time, multi-bank reporting at the click of a button.
One of the most
Open banking is taking hold across of banks to expose data and services. pressing needs of
the globe. It forms the foundation of Therefore, with the client’s consent, open corporate treasury
an ecosystem of new and improved banking puts in place the necessary
banking services. To date, innovation framework to present treasurers with an teams is having
has largely been led by neobanks and aggregated real-time view of their global accurate oversight
fintechs implementing new services financial data. In other words, an API-
and experiences in the retail banking enabled multi-bank reporting solution of their globally
sphere. However, open banking could could facilitate connectivity to third- scattered balances
also bring great benefits to the corporate party financial institutions and enable a
banking sector. In fact, treasurers could treasurer to gather and aggregate precise in real time.
potentially benefit the most. real time ‘as-is’ balances and transactions
One of the pressing needs of corporate at the click of a button. This data can be
treasury teams is having accurate oversight integrated by the corporate with its own
of their globally scattered balances in systems to fulfil reporting, forecasting and
real time. What’s more they require this liquidity requirements.
information to be aggregated into a single Once treasurers have this aggregated
interface to enable more efficient cash/ data in a common repository, data
liquidity management. analytics and data visualisation tools –
Open banking could potentially ranging from Microsoft Excel to corporate
deliver the solution, thanks to the ease of enterprise resource planning (ERP) or
integration it enables and the high levels of treasury management system (TMS)
security and trust involved. As a reminder, platforms can leverage the data insights
open banking empowers banks to open up to reduce operational overheads. This can
their application programming interfaces be achieved through daily reconciliations,
(APIs) and enables permissioned third improved exception management with
parties to access financial information, in instant notification of any issues, and
order to create new financial offerings. managing cash balances based on real-
Corporate back-end systems time data.
are designed and built with an
interconnectivity mindset, also leveraging Real-time accurate data at scale
APIs. The days of monolithic architectures,
when a single application was developed Of course, if a corporate chooses to
by adding more and more capabilities, establish such a multi-bank reporting
have evolved to modest components and solution, the set-up must change when
open architecture. These components use new banking relationships are formed and
APIs to interconnect and share processes when the corporation expands globally.
and data with the rest of the applications Treasurers will rightly expect data from any
in the corporate ecosystem. APIs and open new banking partner(s) to be integrated
architecture provide ease of access for with the existing channel, rather than
applications to aggregate all the corporate setting up a new integration point.
data in a single place. Also, corporates As well as integration, open banking
are adopting software-as-a-service (SaaS) is also about speed and time to market.
solutions where external vendor cloud- In the new economy, the expectation
based platforms are integrated with the is for services to be delivered on
corporate ecosystem. demand, in real-time. Until high levels
And corporates’ willingness to share of automation and standardisation
information with external parties is are reached among the ecosystem of
increasing thanks to secured internet financial services providers, connectivity
and encrypted communications with partners play a critical role in delivering DAVID GOMEZ
trust certificates. Indeed, the same security this instant information. And banks and
and trust framework that banks build to corporates that are ‘open’ to embracing Executive Director, Wholesale
connect clients to their banking services open banking and working collaboratively Payments, J.P. Morgan
via APIs can be leveraged by a network will surely reap the rewards. n
TMI | ISSUE 278 3
MY LIFE
My Life in
Treasury
Richard Cordero,
Chief Operating
Officer, European
Association of
Corporate Treasurers
(EACT)
4 TMI | ISSUE 278
MY LIFE
F rom a planned career in accountancy to committed treasury professional, via wine tasting and art appreciation, Richard
Cordero’s life has been full of rich experiences. As he steps into retirement, will he stand still? Absolutely not, there’s far too
much to see and do.
Eleanor Hill, Editor, TMI (EH): How did and text related to financial regulation Summit now enables around 150 leading
you come into treasury and how did your of banks in France. It was an excellent treasurers from many different countries
career progress? networking opportunity, exposing me to to network, discuss issues and share ideas.
corporate treasurers, banks and regulators. Sadly, of course, this year’s event had to be
RC: A life of accountancy beckoned for In 2010, whilst with AFTE, I was elected postponed, but all being well it will be back
me after graduating in 1976 from École de Chairman of the International Group of next year to continue shaping the future
Hautes Études Commerciales du Nord. Treasury Associations (IGTA). Then in of treasury.
Having earned a Master’s degree, in 1978 January 2014, I took up the position of Chief
I moved into the accounting function of Operating Officer at EACT. EH: You’ve witnessed a great deal of
Usinor-Sacilor Group (part of ArcelorMittal progress in the profession over the years.
Group since 2006). I was on track for a EH: Why is the EACT so important today, Do you see a particular line of evolution
long-haul career in accounting, but just and in what ways do you feel it might it for treasury and treasurers?
over two years in I had the offer of a role evolve over the coming years?
in treasury and, seizing the opportunity, I RC: I see four key areas, or in French,
never looked back. RC: Professional advocacy is one of our ‘savoirs’, developing. First is ‘savoir’ or
I clocked up more than 18 years as key roles at the EACT. Political bodies treasury knowledge. That knowledge has
treasurer at Usinor-Sacilor, both in and EU representatives, for example, may then to be implemented; that’s ‘savoir
subsidiaries and at the parent company. not be fully aware, when setting out to faire’. You also have to know how to
When I left to join AFTE, the French implement financial regulation for banks, manage people – that is ‘savoir être’ – in the
Association of Corporate Treasurers, in of the potential impact on corporates. It behavioural sense. From this comes the
1996, it was with the mission to help French is our essential responsibility to inform fourth pillar, ‘faire savoir’ where all of this
companies prepare for the introduction of the relevant bodies of the possible must be communicated to others.
the euro on 1 January 1999. consequences of their actions on Today’s treasurer must have a mix of the
As the new Millennium began, I corporates and their treasury functions, and four ‘savoirs’. The balance will be different
further leveraged my industry knowledge to keep our members up to speed on what according to the nature and seniority of
and experience, taking up a position the changes mean. their role. However, I can see that treasury
with financial newspaper, L’AGEFI. During my time with EACT I have can no longer function in isolation;
As a corporate finance journalist, witnessed its evolution from a professional the fourth element of communication,
I played a big part in launching its advocacy service for members into especially education of internal
treasury-focused website. Then, in mid- one that also encompasses diverse stakeholders – is only going to become more
2002 I rejoined AFTE as an Executive thought leadership. Jean-Marc Servat, important.
Officer. In fact, I first encountered the who has been EACT Chair since 2015, has
EACT in this role, back in 2006, when I was been instrumental in creating our Journeys EH: You’ve had a wealth of experiences to
representing AFTE in an observational to Treasury report series alongside our call upon. Could you pick a couple of your
capacity. partners BNP Paribas, PwC and SAP, proudest career moments for us?
From around 2006 to 2013, I was also for example. And whereas most national
involved with the Comité consultatif treasury organisation conferences and RC: Two in particular come to mind.
de la législation et de la réglementation events tend naturally towards a domestic The first was with Usinor-Sacilor, many
financières [CCLRF]. This is the body that focus, Jean-Marc’s work in steering years ago, when we negotiated a $200m
is charged with monitoring documentation the development of the annual EACT medium-term note with Merrill Lynch.
We spent one week in New York with our
legal partners negotiating the agreement.
It was my first agreement of this kind and I
remember it being a very exciting moment;
a great memory of my work as treasurer.
During my time with EACT I have witnessed its I’m also extremely proud of the first
evolution from a professional advocacy service EACT Summit. We didn’t want to simply
replicate existing events, such as the UK or
for members into one that also encompasses French annual conferences, so we spent
diverse thought leadership. a long time fine-tuning our event, finding
the right location, speakers and guests.
It was a success, and so I would say this was
another fine memory!
TMI | ISSUE 278 5
MY LIFE
EH: What interests you outside of treasury? method, whereby you taste the same I loved going to Kyoto to see the Zen
wine from different years. There is also gardens and the Miyajima Torii in the
RC: I’m a big fan of Hitchcock films. ‘horizontal’ tasting, which is wine from water and its roaming deer population.
They’re all very different. North by the same ‘appellation’ (its geographical It’s fascinating. Of course, it’s difficult
Northwest is up there, but so too is Vertigo; origin, quality, year and style of a wine) right now, but I’ll try to go there at least
it’s a psychological thriller about how a but from different producers. My own once more in my lifetime.
man can lose the woman he loves – twice. preference, depending on the meal,
It’s possibly my favourite of all time. I would be Bordeaux for red, and for white EH: Retirement is on the horizon, what
also enjoy discovering new art galleries mainly Sancerre with Sauvignon grapes. plans do you have?
and museums in Paris; this is something But I have many favourites, not only
I like to do when I travel abroad too. French wines. RC: In addition to holding my IGTA
Under lockdown restrictions, I do miss role for one more year as COO, and
not being able to visit them. EH: You mentioned travel there. Do you keeping up my position on the editorial
I also fancy myself as a bit of a wine have a favourite destination? committee of the AFTE’s magazine, La
connoisseur! I like to try different wines Lettre du Trésorier, one of my immediate
from France and around the world. RC: Japan. I’ve been there four times and aims is to improve my Italian. My parents
In particular I enjoy the ‘vertical’ tasting it is so different from European countries. were both born in Italy and I was a fluent
speaker many years ago, but I have lost
the language. I’ve been taking lessons at
the Italian Cultural Institute in Paris and
plan to redouble my efforts there.
I’ll also focus on travel again, once
I’m also extremely proud of the first EACT it’s possible. I was supposed to be going
to Taiwan in May of this year; it was
Summit. We didn’t want to simply replicate to be my first visit – but that has been
existing events, such as the UK or French annual postponed to April 2021. As well as Japan,
I’d like to return to Vietnam too. It’s been
conferences, so we spent a long time fine-tuning. about 30 years since I was there so it will
have changed quite a bit. But I’m looking
forward to it all! n
EDITOR’S NOTE
The TMI team would like to thank Richard
for all his support over the years and we
wish him well in his future adventures.
6 TMI | ISSUE 278
PEOPLE
EACT REPRESENTATIVES
EACT Chair Jean-Marc Servat
EACT Chief Operating Officer Richard Cordero
EACT Head of Public Affairs & Policy Tarek Tranberg
Austria Jan-Martin Nufer
Austrian Corporate Treasury Association
Belgium Karen Van Den Driessche
Association des Trésoriers d’Entreprise en
Belgique (ATEB)
Croatia Mirjana Ostojic
The Croatian Association of Corporate Treasurers
(CACT)
People in Focus
Czech Republic Ivan Haco
Ceska Asociace Treasury (CAT)
Finland Ari-Pekka Latti
Finnish Association of Corporate Treasurers (FACT)
France Jean-Claude Climeau
Association Française des Trésoriers d’Entreprise (AFTE)
Germany Helmut Schnabel
Association of Chief Financial Officers Germany
STEPHEN RANDALL (GEFIU)
Germany Cornelia Hesse
TTS Global Head of Liquidity Verband Deutscher Treasurer (VDT)
Management Services, Citi Hungary Tamás Onody
Hungarian Treasury Club (HTC)
Ireland John Gilsenan
S
The Irish Association of Corporate Treasurers (IACT)
tephen Randall has recently Italy Massimo Battistella
been appointed Citi’s TTS Global Associazione Italiana Tesorieri d’ Impresa (AITI)
Head of Liquidity Management Luxembourg François Masquelier
Services, and a member of the Global Association des Trésoriers d Entreprise à Luxembourg
(ATEL)
Executive Committee. In this position
he is responsible for managing more Netherlands Erwin Bastianen
Dutch Association of Corporate Treasurers (DACT)
than 50% of Citi’s deposit base across all
regions and geographies, covering one Poland Aleksandra Filipowicz
Polish Corporate Treasurers Association (PCTA)
of the most extensive, multi-currency,
Romania Stefan Frangulea
market leading liquidity product The Association of Treasurers of Romania
capabilities. This includes physical
Russia Vladimir Kozinets
and notional pooling capabilities, Russian Association of Corporate Treasurers (RACT)
interest optimisation products and
Slovakia Andrej Revay
overdraft products in TTS. He is Slovak Association of Finance and Treasury (SAF)
also responsible for the successful Regional Treasury and was previously
Slovenia Ales Berk Skok
development and execution of the the Head of Global Liquidity Oversight Slovenian Corporate Treasury Association (SCTA)
strategy and plans for sustaining the and Analytics based in New York. He has
Spain Jose Carlos Cuevas de Miguel
growth of the product. As a senior also been leading the implementation Asociación Española de Financieros y Tesoreros de
lead and contact for Citi’s key clients, of the Cluster Treasurer organisation. Empresa (ASSET)
Stephen is responsible for taking a In addition, over the past few years Sweden Ulf Rapp
leadership role in the partnership with he has continued the development of Swedish Association for Corporate Treasurers (SACT)
Citi Treasury, both from a balance the Country and Regional ALCOs to Switzerland Guillermo de la Fuente
Swiss Treasury Association (ACTSR)
sheet direction, hedging strategy and drive balance sheet performance and
an integral part of the Balance Sheet capital repatriation. As Head of Regional UK Caroline Stockmann
The Association of Corporate Treasurers (ACT)
Costing groups, helping steer the Treasury he has been involved across
direction of the transfer pricing, capital the organisation in enhancing Citi’s
and liquidity management of the firm. capabilities in Interest Rate Risk and
Liquidity Management.
Stephen is a Citi veteran and has held Stephen is a qualified accountant with
several senior roles in his 24 years at a BA in Economics and Accountancy from
Citi. Most recently, he was the Head of the University of Southampton, UK. n
TMI | ISSUE 278 7
COVER STORY
TMS vs TMS
By Eleanor Hill,
Editor
Let Battle Commence
I n many ways, Covid-19 has been the ultimate test for
treasury teams and their technology. With the spotlight
firmly on treasury management systems (TMSs), treasurers
are asking whether they have the best tech for the job – in a
remote-working environment where instant access to ‘decision-
ready’ data is critical. Is there a better TMS out there? Is one
treasury system still really the optimal solution? Would multiple
best-of-breed providers offer more functionality at reduced cost?
And where do enterprise resource planning systems (ERPs) fit in
a modern treasury? We answer these questions and more.
8 TMI | ISSUE 278COVER STORY
EDITOR’S NOTE
When reading this article, please feel free to jump from section to section. We also have a functionality matrix on page 19 to help compare TMS
offerings, although there is much more to choosing a vendor than functionality.
Since they were introduced in the cash forecasting skills and systems. This has
1990s, TMSs have come a very long way. impacted their ability to get quick visibility
Modern TMSs are no longer reserved for the into cash flows now, when they need it
very largest corporates. Vendors have also most,” he says. Indeed, a survey conducted
been quick to adopt technologies such as by Serrala in March and April 2020
The first and most
cloud computing, application programming confirms this view, as 42% of respondents obvious need for
interfaces (APIs), and artificial intelligence said that their current cash management
(AI) in a bid to keep pace with treasurers’ tools and processes didn’t meet their
many treasuries
evolving needs – and their increasingly needs. “Now that many teams are working was the ability
strategic role within the organisation. remotely, treasurers must make technology
But with Covid-19, treasury’s technology improvements quickly and wisely if they
to access systems
requirements have been ramped up want to maintain consistent cash flow,” from home, due to
in an extremely short period of time. advises Riediger.
And TMSs, along with Excel and ERPs, have Meanwhile, Ashley Pater, Chief Product global lockdown.
come under close scrutiny, with certain Officer, GTreasury, has seen the pandemic
functionalities becoming – quite literally – increase treasurers’ focus around a
make or break for organisations. few key functional areas – and one of
the most critical has been forecasting.
Rapid response “While forecasting is central to myriad
treasury processes, for many it’s often a
The first and most obvious need for many particularly time-consuming task that
treasuries was the ability to access systems can require multiple tools. Forecasting
from home, due to global lockdown. As frequency is typically quarterly or monthly.
Simon Shorthose, Managing Director, However, with the impact of Covid-19 we’re
Kyriba Northern Europe, explains: “We have seeing treasurers performing weekly – and
seen a growing demand for easy access to in some cases even daily – forecasting.
systems 24x7. Treasurers have come under These treasurers need the right strategy, the
more pressure to deliver information, right tools, and streamlined data access to
often daily to their CFO and board on cash keep up with these duties,” she notes.
visibility and liquidity. Forecasting, fraud, Another trend Pater is seeing is a higher
risk management, as well as ‘real-time dependency on reporting. Again, this
treasury’, are most in demand. This all aligns is something that’s always been core to
to having greater automation of processes, treasury processes. However, the ability
deep integration across the treasury to build specific reports and dashboards
and financial processes and a greater accurately reflecting key areas of Covid-19
focus on liquidity and future forecasting. impact monitoring within a business is
Platforms that are agile to deploy and more essential than ever during times
change, have the breadth of capability and of uncertainty. “Not just leadership, but
process automation and data insight are also the corporate boards of directors are
leading the way in terms of delivering value.” putting tremendous pressure on treasury
Hans-Gerd Riediger, Director Solution teams to produce complex reports on a
Success - Treasury & Cash Visibility, Serrala, much more frequent basis than prior to
agrees that cash visibility has certainly Covid-19. Now more than ever, treasurers
moved up the treasurer’s agenda again. require flexible and easy-to-use reporting
CHRISTIAN MNICH
“With demand, sales and production options that enable them to pull from
going down in many industries, it has comprehensive data sets,” she adds.
become paramount for companies to Like Shorthose, Pater notes that Vice President, Head of Solution
know their exact current and expected treasurers have also become more Management, Treasury and Working
future cash situation. Before the crisis, dependent on SaaS solutions. Capital Management, LOB Finance,
cash was readily available, so companies “This has been a trend for some time, SAP SE
deprioritised cash management, as well as but the pandemic and remote work
TMI | ISSUE 278 9COVER STORY
have solidified the importance of SaaS. in the cloud. They are looking to be a part
Another impact is that treasurers now of a larger community to learn from best
require electronic signature capabilities. practices applied in similar industries
Today, Historically, many treasuries have relied and leverage market insights to make
on hard signatures, especially in industries informed decisions.”
treasurers are such as finance. With Covid-19 and remote The new environment is also calling
asked to provide work, most people don’t have printers for more insightful data, says Drew.
or scanners in their homes, so support “Today, treasurers are asked to provide
more detailed for electronic signatures has become a more detailed information on cash and risk
information must-have.” positions for executive decision-making.”
Alongside the changing modus operandi And the way these decisions are made is
on cash and of the treasurer, their role is also evolving also shifting as a result of Covid-19. Tracy
risk positions more swiftly as a result of Covid-19, says Kantrowitz, Chief Marketing Officer,
Jacqui Drew, Head of Sales and Account TreasuryXpress, comments: “Pre-Covid,
for executive Management, ION Treasury, EMEA. a treasurer could sit with their team and
decision-making. “Throughout the pandemic, treasury review spreadsheets and data together to
teams have become even leaner. At the come to an understanding of their positions.
same time, they have a more strategic Now, much of this interaction has
role within the company. That’s why disappeared and treasurers must be able to
treasurers have an increasing desire for independently and more easily access data
more automation and integration. They that is more ‘decision-ready’. Dynamic data,
see their TMS not only as a tool to fulfil via dashboards and automated reports, are
their core requirements in cash and risk now vital requirements for treasury teams.”
management, but as a central hub for all Whether a standalone TMS can always
financial data and strategic insight hosted provide the right information here seems to
BOX 1: THE ULTIMATE TMS: A WISH LIST
To provide more insight into future developments, we asked our experts experience in the areas of onboarding, integration, bank connectivity
to offer their views on what the ultimate TMS might look like from a and access to functional enhancements. “This type of technology
treasurer’s perspective. experience is what will make it possible for treasury teams to leverage
Martin Bellin, CEO, BELLIN, has a clear vision: “The ideal system would the TMS for more treasury responsibilities such as cash positioning,
be one that understands the treasurer’s needs, has learned which goals forecasting, reconciliation, payments, loan and debt management, risk
they have set and makes, or at least proposes, the respective steps to management, trade execution, investment decisioning/management,
get there. Many more tasks in cash management would be automated, and so forth. At the same time, the ultimate TMS also provides
including bank transfers around the world, as well as the ability to the ability to easily integrate and access specialised, best-of-breed
connect or disconnect banks and bank accounts, just as treasurers would technology in other non-traditional areas.” The possibilities and
integrate another email account into Outlook,” he says. “The ultimate opportunities for treasury teams with an open and frictionless TMS
TMS would also come with strong payment capabilities, including not such as this are endless, she believes. (We will touch more on best-of-
just the ability to transmit payment orders but also the option to send breed later in this article).
and receive information connected to the payment. Such an ideal TMS GTreasury’s Pater agrees that treasurers seek a TMS that has an open
would act as an intermediary between the financial industry and the architecture and offers a broad ecosystem of tools – as well as one that’s
corporate treasury.” ready to expand and serve key functional areas that might initially
Wiley also foresees more integrated, user-friendly, capabilities be missing. Additionally, treasurers value ease of use in a TMS, she says.
being key. “The TMS of the past was judged strictly on depth of “The easier it is to use, the easier it is to adopt, implement, and scale”.
functionality, which has led to considerations such as deployment As for Riediger, he says the ultimate TMS should go beyond just the
and ease of use being left behind. The TMS of the future will be able basics of treasury management and provide the treasurer with a truly
to do more than simply improve and automate treasury operations global perspective of the cash situation. “It should provide transparency
- it will accelerate and improve decision-making capabilities at the into cash across the entire company, while at the same time enable
CFO and Treasurer level. It will also be much easier to implement and treasurers to dig into the details of a particular transaction,” he says.
maintain. Technology providers that can provide integrated solutions “Imagine an eagle. An eagle’s eye perspective is very broad, it captures a
across receivables, treasury, and payables ecosystems will be especially wide panorama and looks far ahead. But an eagle can also quickly pick
sought after.” out prey from thousands of feet away. It is the eagle’s ability to have a
Treasury Xpress’ Kantrowitz, meanwhile, believes the ultimate broad and sweeping view of information or zoom into the tiniest detail
TMS of today and tomorrow should deliver an open and frictionless that treasurers need from the ultimate TMS.”
10 TMI | ISSUE 278COVER STORY
be up for debate, however. Christian Mnich, integrations through APIs, leveraging AI A new dawn
Vice President, Head of Solution or machine learning to handle version
Management, Treasury and Working updates. Of course, where human It appears, then, that Covid-19 is already
Capital Management, LOB Finance, SAP intervention cannot be eliminated, such driving positive changes in the TMS world.
SE, comments: “Almost all treasurers have as the project management aspect of the But will this be enough for treasurers to be
identified the fact that they need more implementation process, digital project satisfied with their tech, or is there a storm
operational data from the business to management tools must be invested in.” brewing in the future of TMSs?
identify a liquidity gap. This includes data Imad Ben Mariem, President, DataLog Answering this question, François
from accounts payable [AP] and accounts Finance, agrees on the increasing need Masquelier, CEO, SimplyTREASURY,
receivable [AR], sales, procurement, for immediate online support. He has also describes TMSs as “the vital tools we love
expense management etc. Many of our seen “mobile workflows and payments to hate”. He believes that, although TMSs
clients see the value of an ERP system, not capabilities being used more frequently have now been around for a long time,
an isolated TMS in these times.” in the working-from-home environment”. many treasurers are not entirely happy with
Having a TMS that can easily integrate And it is likely that more vendors will be what they have. “Often there is a frustrating
with other systems will therefore upgrading their mobile offerings in the chasm between what is expected from a
be more important going forward. months ahead. ION Treasury’s Drew solution and what it actually offers.”
Further influencing TMS requirements, confirms this: “Treasurers need access Moreover, Masquelier feels that a
says Kantrowitz, is the need to minimise to key financial information anytime, certain technological level in treasury
‘human’ or physical services and leverage anywhere, on any device. As they often systems has been reached. “We are in an
more digital services provided by the TMS need to act fast, they need to be able to see innovation lull – probably because today’s
provider to support implementation, cash positions, approve payments, and systems are almost all cloud-based in
upgrades and enhancements, and also run reports on the go. At ION, we offer and the form of SaaS solutions. Today’s TMS
solution consulting services. continuously invest in our cloud TMS and providers seem to have chosen to produce
“In-person consulting and project mobile applications.” a standardised system with a limited
management has seen a significant
decline as treasury teams require more
support remotely. If they have not done so
already, TMS providers will need to invest
in upgrading their platforms to be more
‘digitally native’,” she says. To be a digitally
native software, it needs to be inherently
In-person consulting and project
built to remove human intervention from management has seen a significant decline as
the client onboarding and implementation
processes. “In-software or in-app
treasury teams require more support remotely.
examples of this would be more options
for automated bank connectivity and ERP
FRANÇOIS MASQUELIER MARTIN BELLIN ASHLEY PATER
CEO, SimplyTREASURY CEO, BELLIN Chief Product Officer, GTreasury
TMI | ISSUE 278 11COVER STORY
range of functionalities, since too many be done to bring TMSs up to speed. “Most
functionalities cannibalise other products, TMS vendors are consolidating cash/
and are expensive in terms of development treasury data without owning the business
The cash forecast and maintenance,” he notes. (See the matrix transactions behind the cash flows. This set-
on page 19 to compare TMS offerings up leads to limitations. Integrated systems
is an area ripe by functionality – although, as stated, can provide advantages around that. This is
for greater functionality is not the be-all and end-all). not limited to systems, it includes processes
Bellin could not agree more. “Many like Record to Report, Invoice to Cash and
standardisation systems are stuck in the past, built on Procure to Pay.”
in best practice outdated technology or still following Also on the same page as Mnich
outdated concepts. The biggest regarding the need for more functional
through improved technological challenge is keeping up with TMSs, Serrala’s Riediger outlines three key
technology. the speed of change we experience around areas for improvement to current offerings:
us,” he says. “We have moved away from
Preventative on-site and fat-client technology to cloud- 1. User experience. “Thankfully, TMSs
and detective based systems. Community knowledge and are modernising, but there is still room
experience are powerful data pools and for improvement,” he says. To improve
security will also can influence decisions. They should be user experience, they need a central
be strengthened made available within a TMS. The general
philosophy behind technology needs
view of information and dashboards that
are easy to read and that display all key
through AI. to change. Instead of simply providing a performance indicators [KPIs] and status
system, vendors have to focus on results and updates graphically, he believes. Guided
providing answers through a combination process flows, either graphical or voice
of the required technology, knowledge and assisted, help support faster decision-
service level. The customer pays for the making, and the ability to drill down into
value created, not for the software installed.” deepest transactional details ensures
SAP’s Mnich agrees that there is more to decisions are based on accurate data.
“With these improvements, treasurers
will be able to complete their tasks
quickly and accelerate decision-making,”
BOX 2: WHAT DOES BEST-OF-BREED LOOK LIKE?
Riediger notes. This echoes the points
made earlier by Kantrowitz.
In the context of the evolving financial solutions ecosystem, Jörg Wiemer, Co-Founder and Chief 2. Easy integration with the ERP system.
Strategy Officer at TIS, believes that there are two important dimensions to ‘best-of-breed’. Riediger is pragmatic: “Treasurers do
First, the solution itself has to be the best at solving the problems of its target customers. not want to examine all of the details
Second, the solution must be capable of working well with other solutions in the ecosystem via available in an ERP system, but the
data interoperability. data from these types of systems is
But what defines ‘being the best’ in this context? According to Wiemer: extremely useful to them,” he explains.
“By connecting the TMS to accounting,
l The solution has a clearly defined scope. It is not meant to solve problems for every controlling, HR etc., treasurers can save a
stakeholder or be a ‘generalist’ or all-in-one solution. lot of time and hassle phoning different
l The vendor has a strong track record of customer experience excellence and is a leader in departments or entities to get the data
its domain. they need. Whether this data resides
l The solution is cloud-based with a multi-tenant architecture thus is scalable with strong in a cloud or an on-premise system,
community effect. it is possible to use a hybrid system
l The solution is offered as SaaS, enabling the whole customer journey, including onboarding, approach to overcome any silos and
to be fast and knowledge-rich. bring it together in a centralised view in
the TMS.” Integrating this information
As for what defines ‘working well with others’, Wiemer believes it is important that: will enable treasurers to simply click on
a button to obtain details from AR/AP as
l The vendor embraces a mindset of open innovation and technology collaboration and has a well as planning and budgeting data so
track record of partnerships with other system providers, beyond sales and marketing. it can be automatically included in their
l The vendor has a clearly defined API-based connectivity and data strategy, with a strong focus treasury views and reporting.
on building an infrastructure to support the strategy. 3. Intelligent automation. The tasks of
l The vendor offers flexibility in terms of contractual and service framework, either as the a treasurer are complex to automate
leading system or as a partner system provider. The main purpose is to serve the best interest and while many repetitive jobs,
of the customer, together with the relevant partners such as reconciliation, have been
automated, there are many that are
12 TMI | ISSUE 278COVER STORY
not. Increasing automation in treasury But what might this ‘next level’ that users more self-sufficient and confident
using machine learning and AI should Wiley mentions look like? What tangible when using technology,” she notes.
be a focal point for any TMS vendor, innovations do vendors have in the For TreasuryXpress, this has been a
says Riediger. pipeline for the next couple of years – and founding strategic focus and one that
how will treasurers benefit? they will continue to build upon over the
Elsewhere, DataLog Finance’s Ben coming months: “Even with our current
Mariem sees a need for vendors to TMSs in 2021 user-friendly approach, we are continuing
adapt their solution to the treasurer’s to advance our workflows and processes
organisation, rather than the other Over the next 12 to 24 months, to be more wizard-driven, simplified
way round. “Customisation without TreasuryXpress’ Kantrowitz believes there workflows that do not require a lot of
any further specific development is key will be a tremendous amount of innovation physical support. Our goal is to extend
to that,” he says. “With proper training, in incorporating more AI and machine personal technology experiences to the
the treasurer and their team can be learning into solutions. And of course, API business user.”
autonomous enough to implement at least development will continue to be a focus, Like Kantrowitz and Riediger, FIS’ Wiley
a significant part of this customisation she says. Riediger agrees, adding that also expects to see stronger offerings
themselves.” This is likely to be an machine learning and AI will enable TMSs in the area of AI. He also highlights
increasing trend over the months ahead. to understand historical data and propose developments in robotics and real-
Looking further into the future, Steve different simulations and new scenarios time treasury, strengthening the full
Wiley, Vice President, Treasury Solutions, that will power well-founded predictive spectrum of functional capabilities from
FIS, believes: “Next generation technology, analytics in the future. basic cash management to complex risk
such as artificial intelligence, API, and Kantrowitz also believes we will see a management. “The cash forecast is an area
robotic process automation, will enable complete transformation in actual user ripe for greater standardisation in best
treasury systems to move to the next level. experiences (UXs), which she informally practice through improved technology.
TMS vendors will continue simplifying calls ‘Covid-driven’ UX transformation. Preventative and detective security will
platform delivery and maintenance to help Here, she refers back to the point made also be strengthened through AI,” he
companies further reduce IT footprints earlier about treasury and finance says. In addition, Wiley believes the Open
and leverage hard dollar cost savings. We professionals working more independently Banking revolution will accelerate the
believe there will be huge opportunities from home – without the on-site support opportunity for real-time treasury through
for treasury departments as a result of of colleagues or consultants. Because of improved connectivity models such as API
recent innovation from providers like FIS. this, TMS providers will need to rethink and SWIFT gpi.
The vendor ecosystem – e.g. does a vendor their UX, and focus on more self-service Pater agrees with the importance of
‘just’ provide niche technology or can a workflows to make it easier for users to incorporating machine learning and AI
vendor partner with a corporate treasury on navigate and manage the solution. solutions, and notes that AI-driven cash
a larger scale – will play an even bigger role.” “By simplifying the UX, we can make forecasting was released in the GTreasury
TRACY KANTROWITZ JACQUI DREW SIMON SHORTHOSE
Chief Marketing Officer, Head of Sales and Account General Manager, Kyriba Northern
TreasuryXpress Management, ION Treasury, EMEA Europe
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TMS earlier this year. “We have a solid detection, and machine learning, TMS
roadmap in place to continue to innovate providers also need to be on top of
and expand our AI capabilities in our TMS regulatory change. “The transition away
to meet our customers’ requirements,” from the inter-bank offered rate [IBOR]
she says. As for SWIFT gpi, Pater notes to alternative risk-free rates impacts
that treasurers have a particularly keen corporates significantly and a lot more
demand for faster payments processes. than many companies think. At ION, we
That demand, she says, is accelerating build our solutions to cater to the complex
development of real-time payments and evolving IBOR requirements and guide
– an emerging but undoubtedly high- our customers through their transition
potential technology. “I believe we can journey,” she notes.
expect meaningful advances in real- Equally important, says Kyriba’s
time payments as soon as this year,” Shorthose, is adapting systems to the
Pater predicts. changing role of the treasurer – towards
Riediger also believes that payments is becoming the Chief Liquidity Officer.
one area where TMS offerings will evolve With the right tools, treasury can become a
in the near future. “Digitising payments more strategic function going well beyond
IMAD BEN MARIEM
processes not only makes them faster, but it the previous mandate of the treasurer, he
also makes it easier to improve them using says, into an area he calls ‘Active Liquidity
President, DataLog Finance new capabilities available to treasurers.” Management’. This, he says, can be thought
He explains that fraud detection of as a remit to actively identify and
and compliance tasks, for example, orchestrate all sources of liquidity in the
can be intelligently automated, so that business, while protecting the lifeblood of
payments are more secure and controlled. the organisation – cash – in good times and
Adding payment service providers (PSPs) in crises.
is also an option. “For customers, PSPs To assist in this endeavour, Shorthose
are fast, convenient payment options. believes treasurers will need tech tools,
For treasurers, PSPs ensure that payments automated processes and data insight
are received as quickly as possible, incur that offer “precise forecasting of inflows
lower transaction fees and are much and payments from inbound customers,
easier to apply to the correct customer,” identification and mitigation of risks,
he comments. improved controls and fraud prevention
It is easy to get caught up in the across the enterprise – as well as innovative
excitement of new TMS developments, but ways to preserve operating cash flow”.
it’s important to also remember the reality Performance should be optimised through
of the treasurer’s operating environment. connectivity, APIs and 24-hour availability,
Drew points out that in addition to he says, and managed globally, with a 360°
connectivity, mobile technology, fraud perspective on liquidity. But he cautions
that as well as innovative technology,
“treasury is moving to be part of the heart
BOX 3: PREPARING PEOPLE FOR NEW TECHNOLOGY of finance and will add increasing value to
the broader financial decision making.”
Such a fundamental shift will take time
The pressure on treasurers to deliver more, or better-packaged, information is growing. There is to achieve, given the mindset changes
also more pressure in terms of equipment cost, so strategies are having to change and solutions required by treasurers and their wider
may follow suit to fulfil requirements around reports and regulatory compliance. “In order organisation, but it is an interesting
to boost productivity and quality, it is vital to make use of IT developments, but that requires concept nonetheless – and certainly one
creativity and talent within treasuries,” says Masquelier. to watch. Meanwhile, Ben Mariem points
To make the most of any new system, or combination of systems, therefore, treasurers need to to a more near-term foundational shift
think about recruiting differently in the future, he advises. “Technology should be regarded as an in the TMS market. “A major trend we
opportunity to review the treasurer’s role and its likely future, but the difficulty lies in adequately are seeing is connecting TMS offerings
assessing the technology and maximising existing resources.” to external web services/APIs, whether
Masquelier also believes that to revolutionise the treasury function, it is vital to have a it be market data providers, execution
clear treasury IT strategy that must take account of cyber-attacks, fraud, tighter regulation, platforms, or fintech services. A TMS that is
reinforcement of internal controls, greater centralisation and a disrupted economic environment. connected with external solutions, as well
Treasurers are going to have to become ‘data consumers’ – which means data analytics skills will as with other internal software solutions,
be more and more sought after in treasury recruitment. will bring a more seamless and useful
experience to the treasurer,” he says.
14 TMI | ISSUE 278COVER STORY
On this note, Kantrowitz believes we will this new best-of-breed ecosystem looking to get powerful integrated systems
continue to see collaborative innovation depends on the respective offering, the throughout their entire value chain,” he
with fintech players that can complement architecture of the system and the mindset says. “They realise that, to benefit from
TMS functionality and enhance treasury’s of the company, says Bellin. “If there is new technologies like artificial intelligence
position within the organisation. “We are an advantage to using multiple systems or predictive analytics, they need data
seeing more and more treasury teams and if the value is higher than using just to be easily accessible, centralised and
reverting back to ‘best-of-breed’ solutions one single system, I would go for multiple harmonised. Using multiple systems makes
and developing digital treasury strategies systems,” he adds. it much harder for them to reach the level of
that enable them to create a user- and Not everyone agrees. According to automation and prediction they need to be
budget-friendly ecosystem to handle Ben Mariem, “All treasurers look for a effective in their decision-making.”
their unique requirements.” The TMS will unique embedded TMS. Treasurers Additionally, Riediger points out
become the centre of the ecosystem, she are really tired of different systems with that while multiple specialised systems
says, and systems will be integrated easily interfaces that never work. A unique can provide organisations with
and frictionlessly via APIs. system is really the solution for the future.” bespoke features, they can also add
This is an extremely important trend – Mnich also has reservations. “We talk to a lot of complexity. “They have to be
and one that could leave treasurers asking a lot of CFOs who are driving a holistic maintained and updated regularly by
whether an all-in-one TMS is actually transformation of their organisation or even the IT department; you have to manage
the best solution for their needs. So how are part of a larger company-wide digital the different system licensing and
does best-of-breed work and what might transformation. In these cases, they are support contracts and terms; you also
this new treasury technology ecosystem
look like?
The new best-of-breed approach
Kantrowitz explains that the concept of
Technology should be regarded as an
‘all-in-one’ TMS is “appealing, but born opportunity to review the treasurer’s role and its
out of generational necessity”. In the early
2000s and 2010s, the trend in the market
likely future, but the difficulty lies in adequately
was for an ‘all-in-one’ TMS because assessing the technology and maximising existing
integration with best-of-breed solutions
was costly and technologically resource
resources.
consuming, she explains. TMS vendors
attempted to satisfy this need at the time
and invested heavily in all-in-one platforms
that were intended to cover the breadth
of the treasury function. However, while BOX 4: EIGHT TMS MARKET TRENDS TO WATCH
core treasury responsibilities remain
unchanged, the expanse and structure While it is difficult to clearly predict the future of TMSs, Masquelier foresees:
of the treasury function has evolved
exponentially. As a result, all-in-one’ TMSs (1) Consolidation of the market through acquisitions, although there will still be a wide spectrum
are simply not scalable and cannot react of niche solutions and fragmentation with fintech newcomers.
nimbly to changing needs, she believes. (2) The demise of the TMS in mini-ERP mode, with ‘horizontal acquisitions’, such as the BELLIN
“While aspirational, in today’s and Coupa tie-up, covering future additional tasks of the treasurer.
environment, it is just not necessary (3) A stabilisation phase with few new products but an opening up towards other solutions to
or economic to think that a single help the optimisation of offerings with greater digital adoption post-Covid.
financial system can do everything,” (4) An off-the-shelf range of products that are easy to use but less flexible in terms of their
she continues. “Technology overall is implementation. TMS solutions may become more generic and less open to specific
more open and economic, and it is no developments required by users.
longer cost-prohibitive to build a best-of- (5) Focus on AI and reporting/dashboarding, together with the use of robots becoming common
breed ecosystem. The treasury function, practice for all. Everything will also be in the cloud meaning SaaS for all and no more licensed
particularly in today’s environment, is software.
extremely dynamic and any ‘all-in-one’ (6) A search for maximum IT security, which is and will remain a major focus for corporate
TMS just becomes so complex and treasurers.
expensive to manage that enhancing these (7) New functionalities for predictive analysis, decision-making and dashboarding, primarily via
platforms is nearly impossible, resulting in add-ons that can be grafted onto the solution as complements.
a static and stagnant solution that cannot (8) Modern TMSs will cover other areas and functionalities such as bank connectivity for B2B
keep pace with treasury needs.” payments, procurement synergies and so on, enabling treasury scope enlargement.
Whether or not treasurers embrace
TMI | ISSUE 278 15COVER STORY
BOX 5: THE RIGHT TMS: SELECTION AND IMPLEMENTATION
For those treasurers still looking for an all-in-one TMS, or those wanting a TMS provider that has proven to be sustainable – and that pursues
a TMS to sit at the centre of a best-of-breed ecosystem, our experts offer “constant development and innovation to ensure that the solutions
sound advice around choosing and implementing the right TMS. will remain relevant and cutting edge in the years to come”. As for the
Pater believes it is critical to understand your current needs and solution itself, he recommends opting for a tool that “enables you to
your future needs. “You want a TMS you’ll grow into, not out of. play smarter, not harder”. He advises looking for easy integration with
Consider your company needs and the core drivers for selecting a your other systems to ensure smooth processes, high-quality data,
TMS to begin with. Outline your key objectives, which might include transparency and a single log-in. Flexibility and scalability to meet your
automation, real-time payments, optimising liquidity, improved changing requirements are also key, as are innovative features to help
funding access, etc. Be aware of the fact that your team might need you get ahead in terms of digitisation and automation.
to go through a treasury transformation process as part of your TMS Mnich keeps it brief, saying: “Look to your business operations
implementation project. Be sure to include those who will use the and the units you are servicing with your team. This will allow you to
system daily as part of the evaluation process – their buy-in is critical.” think about the best fitting system.” Ben Mariem is equally succinct:
And when it comes to selecting a TMS vendor, she advises making “Watch carefully for run and build: both are key to success in a TMS
sure it’s a stable company with a strong track record within the transformation project!” While Bellin adds: “If you feel that the
industry. Also, verify that their focus and strategies align with yours, provider understands your needs and has answers to your challenges,
and that they’re making the right service and product investments. you’re in the right place. But don’t lose sight of the overall picture. It is
“Look at the existing user community your business would fit into, technology, vision, service and know-how that need to come together
and confirm that the provider is responsive to those clients’ needs. to ensure that your decision is still the right one five years from now.”
Confirm that the technology stack is stable and scalable. Most Drew, meanwhile, recommends investing time in a workshop on
importantly, make sure the provider is equipped to help not only with your use cases instead of preparing pages and pages of request-for-
day-to-day operational and tactical needs but also with strategic proposal (RFP) questions. “Spending time with a provider helps you
alignment and growth,” she adds. understand their deployment and support model. It helps you gain
Wiley also highlights the need to consider vendor stability, certainty on project scope, implementation timeline, deployment
experience, and security profile. “We often see corporates hyper- teams, and costs,” she says. Giving consideration to the desired end
focused on minor product aspects or bells and whistles, while not state of your treasury organisation and finding out how the provider
considering the long-term viability and financial stability of the partner. can support you on your journey is also critical. “Think even further out
With the globally uncertain market conditions, corporates should weigh into the future. Look for a long-term partner that is able to keep you up
non-functional areas such as vendor stability and counterparty risk to date with new market and regulatory requirements and wants your
much higher.” business to succeed,” she says.
Shorthose takes this one step further: “Do not look for a system Look for multi-tenanted solutions, is the advice of Masquelier.
but for a partner who can support you to achieve your evolving goals “The single-tenant solution has allowed the specific configuration and
now and in the future, and deliver long term scalability, partnership development of the most suitable solution for each client, but this is
and time to value.” He also advises building a vision of where you want starting to disappear in favour of multi-tenant solutions preconfigured
to get to, rather than a point-solution, and ensuring you do not get in terms of functionalities and hosted and maintained on the vendor’s
caught in the customisation trap which reduces agility and ability to cloud, where each client uses the same version of the software.
meet the changes in your business. “In the short term, do invest in SaaS Prices and deployment time will be lower as a result, but treasurers will
systems and intelligent forecasts which are key for business survival. have to adapt to this instead of adapting the system according to their
In the medium term, pay attention to data management and business individual ways of working.”
intelligence so you can make more informed future decisions and The final word here goes to Kantrowitz, who counsels:
select a solution that will enable you to evolve towards a complete and “Whether you already have a system or are implementing one, it
dynamic view on your liquidities and deliver information to your C-suite is important that you take advantage of the innovations available
in times of crises and beyond,” he adds. to you. As such, remember to adapt your TMS once it is chosen and
Still focusing on the vendor, Riediger highlights the need to choose implemented – do not neglect it.”
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