Corporate TreasuryAutomation allowing treasurers to piece together balances and cash reports

Automation allowing treasurers to piece together balances and cash reports

Automation and strategic partnerships are transforming TMS during the pandemic

Advances in technologies that allow for automation of processes have “completely revolutionised the forecasting process” for treasurers, according to Brett Turner, CEO of Trovata.

Having a multi-bank application programming interface (API) data platform is “paramount if you are seeking digital transformation.” He points out that many cash-centric workflows in treasury are binary and that if a treasurer doesn’t have all of their banks reporting, “it’s really hard to take action with a high degree of confidence.”

In August, Trovata and ICD launched an integrated corporate treasury solution.

It comes in the midst of a number of high profile announcements involving treasury and transaction services automation, as banks and corporates look to stem problems created by the pandemic: in August, Finastra announced it would be helping CIH Bank automate a number of its trade and supply chain finance services.

“The world is speeding up and data-driven automation is paramount to staying on top. The pandemic caught many organisations flat-footed,” says Turner. “Those with traditional systems, workflows and analytical modelling weren’t able to respond quick enough.”

The need to automate in order to find new levels of efficiency will drive the next wave of treasury software, according to an ICD spokesperson.

“The phase of digitisation we are in now is one in which we are finding opportunities to get more out of the full tech stack through the integration of those vertical applications. Treasury organisations and their providers are co-innovating on various touch points to gain new efficiencies, saving more time and consolidating reporting. Innovation around an integrated workflow has a multiplying effect on treasury and delivers even more efficiency.”

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