Platforms that combine bank expertise and fintech innovation are set to be the future for FX
With a changing global outlook following the Covid pandemic, and a growing number of companies finding new markets around the world, the need for corporate treasurers to have a good grip on their FX risk, transactions and related costs, is greater than ever.
Many treasurers are starting to question whether their traditional bank partners alone can meet all their FX needs, yet are increasingly unwilling to accept lengthy implementation processes to set up new systems.
This is according to speakers at a Treasury Dragons Debate on The Future of FX, supported by Hedgebook, who see a growing demand for automated end-to-end solutions to enable faster decision-making.
Setting up an in-house bank offers significant benefits for multinational companies, but is often perceived as complex and expensive to set up. Asking the right questions is a great start, says Nikolai Diekert
In the second Treasury Dragons virtual round table, sponsored by Bottomline TreasuryXPress, a group of senior treasury professionals met to discuss how to reduce reliance on spreadsheets as a treasury management tool.
This month’s group included treasurers from retail, media, manufacturing, healthcare and communications firms, all with differing challenges as their businesses emerged from the pandemic.
By Rebecca Spong
Tim Murphy, treasurer at the payments company Square, does not hold back when talking about traditional treasury management systems (TMS) he has worked with during his career.
“I have used and implemented many [treasury systems] and hated each one I’ve ever worked with,” he said during Treasury Dragons’ first livestreamed Fireside Chat.
For the last six years, Murphy has been part of Square’s growth from a provider of point-of-sale systems for SMEs to a giant with revenues of $47bn offering a wide range of payment processing solutions.
Given the level of innovation Square was demonstrating in its the customer-facing products, Murphy wanted to apply the same innovation to its internal treasury systems.
By Steve Whalley
Working with technology in enterprise treasury, either within the treasury team or as an external consultant can be frustrating. The technology available is comprehensive but there are elements of all the solutions available that are difficult to use without ‘expert’ guidance from the supplier.
It should not be this way.
The tools available should be able to be configured by any competent treasury professional without the need to understand the vagaries of the system’s original design, often lost in the mists of time.
The first Treasury Dragons Virtual Round Table, supported by Bottomline, brought 10 senior treasury leaders together to share experiences of combatting fraud and cybercrime in treasury
Cybersecurity is the biggest compliance concern of organisations, according to new research from ComplyAdvantage.
It was named as the main concern by 54% of 600 companies surveyed in November and December 2020. The same research indicates that more than 6 in 10 compliance departments plan to upgrade legacy technology in 2021.
Trovata has closed its Series A funding round after raising $20 million. Wells Fargo Strategic Capital led the investment round with participation from new investors, Capital One Ventures and Pivot Investment Partners, as well as existing early investors, J.P. Morgan and FINTOP Capital.
"We are keen on how technology is reinventing the treasury function into a modern, insight-driven operation that helps our clients deliver on their business strategy," said Basil Darwish, Managing Director of Wells Fargo Strategic Capital, who joins the Trovata board.
Trovata said the investment will be used to deliver new services, accelerate multi-bank APIs globally, and add more bank distribution partners.