20% of treasury groups have discovered previously-unknown active bank accounts in the past two years, according to new research from GTreasury and Strategic Treasurer. More than a third of respondents discovered five or more accounts that they hadn't been aware of.
The finding highlights the demand for bank account management solutions, as demonstrated in this year's Treasury Dragons Pitch Session on BAM which saw four rival providers pitch their solutions.
ION Treasury has launched TreasuraSpark, a SaaS cash management platform designed to bridge the gap between spreadsheets and the ION's fully-fledged TMS, Treasura.
TreasuraSpark brings automated cash management within reach of companies which might struggle to justify the time and expense of a full Treasura implementation. The new platform takes less than 24 hours to set up, compared to anything up to three months for its bigger sibling. It is also limited to up to three connected banks and up to four users, where Treasura can handle up to 10 banks and up to 20 users.
IOn expects clients to be able to sign up by themselves online, establishing connections to their banks for automated flow of cash balances and transactions. TreasuraSpark then collects, consolidates, and stores banking data with a full audit trail.
'As many in the industry continue to operate with legacy systems and look to improve automation, ION seeks to ensure that organisations can avoid manual processes and have the visibility to cash they need to manage working capital,' said ION Corporates CEO Richard Grossi.
Netherlands-based Trivium Packaging has gone live with the City Financials system from ION Treasury as its primary treasury management system (TMS).
The new system will support Trivium’s core treasury operations and the hedging of commodities, such as aluminium and other raw materials required to produce metal packaging for the food and personal care markets.
Steel giant ArcelorMittal has chosen Calypso as its main treasury management platform.
The system implementation is being led by consulting firm Synechron with support from the delivery team at Calypso Technology.
In a statement, Synchreon said the new system would, 'Enhance and automate ArcelorMittal's treasury and trading operations, including trade booking, pricing analytics, compliance and limits monitoring, and risk management.
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
Treasury Technology news from the experts at Treasury Dragons.