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When deciding on a new TMS, Alhokair Group sought a single solution that could support its cash, liquidity, financing, investment and risk management needs across domestic and international businesses, and integrate closely with their internal ERP and external partners such as banks. The team reviewed several platforms, many of which provided very strong capabilities. However, given the changes that are taking place both within the business and the markets in which they operate, and the step change being made in treasury to move from manual processes to an automated, best-in-class operation, we were particularly attracted to the flexibility that TreasuryXpress offered. >>>Read more
Treasury Systems for SMEs - Ancestry's treasury team sought a system to prepare for future complexity.
One big trend in treasury technology next year is likely to involve vendors moving to address the needs of small and midsize enterprises (SMEs), according to Enrico Camerinelli, a senior analyst at Aite Group, a technology consulting company. “The treasury players will be addressing mostly those companies that have been using Excel quite extensively, and they might have some basic accounting systems,” Camerinelli said. “These companies are aware of the fact that using spreadsheets is not the best situation, but they don’t have the necessary budget to go for the big [treasury management systems]. They need to have something smaller.” Samuel Peay, senior treasury analyst at the Utah-based Ancestry, which provides genealogical science and technology solutions, exemplifies the kind of midsize company that Camerinelli was discussing. >>>Read more
It’s been a decade since the financial crisis – and resulting global economic downturn that forced treasurers to take a closer look their financial operations and better plan for future contingencies. Over this time, Treasury Management System providers have been promising the power of automation to help treasurers globally to quickly gain control, optimize resources, and plan for scale. But how far have we really come? Fast-forward to today. Many treasury professionals are still searching for practical solutions to address legacy challenges such as bank connectivity, cash visibility, reporting, and payment security. With basic challenges not being addressed, it seems impossible to have enough bandwidth to focus on proactive, strategic initiatives. Perhaps we should learn some lessons from the personal technology experience which has been radically transformed. Consumers expect on-demand accessibility, intuitive interfaces, rapid transactional processing, scalability, and seamless integration with other systems/technology. Those expectations are increasingly converging with enterprise aspirations and treasurers are beginning to expect the same from their Treasury Management System. >>>Read more
Why innovations such as AI, the blockchain, and APIs may replace credit as the glue holding corporates in their banking relationships. Fintechs are working with banks to help clients optimize their cash management and other capabilities. TreasuryXpress, for example, uses APIs to provide treasury management solutions. “The benefit we see in APIs is in the speed of connectivity and therefore the speed of the messaging,” said Thomas Leitch, vice president of business development at TreasuryXpress. “Having these types of technologies allows customers to be much more nimble with payments and to know what to do to optimize the cash they have.” From the point of view of banks and technology providers, APIs can minimize issues of having to tweak systems for each separate corporate client. >>>Read more
Cloud-based FinTech removes barriers to automation, allowing treasurers to streamline processes and improve operational efficiencies, without breaking the bank. FinTech APIs are designed to address common treasury pain points such as slow software implementation times, challenging integrations, and repetitive manual tasks. So why has it taken so long for APIs to come to treasury? Perhaps there are still many unknowns to both practitioners and TMS providers, but what you don’t know could actually be preventing you from taking full advantage of the cost-savings inherent in cloud technology. At TreasuryXpress, a common challenge for clients is trying to reduce the amount of time spent on administrative tasks. Due to the complexity of the data and disparate systems, there are points where manual processes are involved. But it often can be difficult to automate these processes using legacy tools, requiring extensive development and IT integration work. >>>Read more
Treasury has evolved substantially in recent years from effectively being a cash management function that operated in a largely siloed way from the rest of the organisation, to being a strategic and connected business enabler, whether across cash, liquidity, risk or financing. However, to achieve this transition, treasury needs the right tools to provide automation and control of treasury processes, visibility over cash and risk, and analytical tools to navigate the uncertain environment in which we operate.
Based on the input of our local finance teams, and our vision of a new, world-class treasury function, we developed a request for proposal for potential vendors, and conducted a rigorous evaluation process. Based on this process, particularly from the excellent feedback from the Group Treasurer of one of our biggest customers, we made the decision to select TreasuryXpress.
After that, the implementation process was very rapid, and we quickly achieved visibility over 80% of our bank accounts in less than 10 weeks. We were very pleased with the quality of the relationship with TreasuryXpress and the responsiveness, attitude and abilities of the team. As a result, we are already now expanding the use of the solution, initially to South America. >>>Read more