Round Table: Payments, visbility and control
A select group of senior corporate treasurers gathered at The Savoy Hotel for a private round table lunch hosted by Treasury Dragons and sponsored by Bottomline. Representing a broad range of sectors, the participants shared a common set of challenges—managing complexity, embracing innovation, and striving for greater visibility and control in an evolving financial environment. The open and informal setting encouraged candid discussion, allowing insights to flow freely across the table.
APIs and the Future of SWIFT
The conversation began with a provocative question: Could emerging technologies such as APIs render the SWIFT network less relevant for corporate payments?
While APIs have been widely promoted as the enabler of real-time, seamless connectivity between corporates and banks, treasurers around the table were unconvinced that they currently deliver on that promise—especially when it comes to cross-border payments. "APIs look good on paper," said one treasurer, "but they’re only as transparent and standardised as the banks that deploy them."
There was consensus that, for now, SWIFT remains the backbone of international payments. Although the network has its limitations, it is trusted, mature, and well understood by both corporates and financial institutions. Cross-border APIs, on the other hand, are still evolving and lack the universality that SWIFT offers.
In short, while APIs are being adopted for specific use cases—particularly in domestic or intra-bank contexts—few treasurers believed they could yet replace SWIFT as a foundation for global treasury operations.
Crypto and Stablecoins: Still at the Edges
Cryptocurrencies and stablecoins formed a distinct thread of discussion alongside the API/SWIFT debate. Despite significant hype and some pilot activity, treasurers remained largely cautious, with many viewing these technologies as unproven in a corporate setting.
Stablecoins were seen as having potential, particularly if backed by credible institutions or central bank initiatives. However, adoption remains minimal. As one attendee put it, “We’re watching the space—but we’re nowhere near putting crypto into our treasury strategy.”
There was acknowledgment that a few banks have made efforts to accommodate crypto-based transactions, but many financial institutions still treat the entire category with scepticism. Regulatory ambiguity and volatility were cited as primary barriers to progress. Several participants described crypto’s current corporate use as being stuck at the ‘proof of concept’ stage.
The group agreed that while crypto technologies could one day play a meaningful role in cross-border payments or liquidity management, that future still feels distant. For now, traditional banking rails—and the infrastructure around them—continue to dominate.
The Cash Forecasting Conundrum
Unsurprisingly, cash forecasting emerged as a persistent pain point. Every participant agreed that producing accurate, reliable forecasts remains a major challenge—primarily due to the fragmented nature of the data needed to support them.
Many organisations still depend on Excel spreadsheets, with all the associated risks and manual effort. Some treasurers reported progress through the development of in-house tools or partnerships with forecasting software providers. These systems, while promising, often required significant time and internal alignment to deliver results.
One treasurer summarised the situation: “It’s not just about the tools. It’s about the data—and getting it in time, in the right format, from across the business.”
Lack of data integration, especially in decentralised structures, was a recurring theme. Achieving buy-in from regional teams, securing timely inputs, and validating assumptions all added to the complexity of creating forecasts that could support strategic decision-making.
Legacy Systems and Integration Pain
For those working in organisations that had grown through acquisition, managing treasury across multiple legacy systems was a constant uphill battle. Several attendees described the difficulty of obtaining a consolidated view of cash across dozens—or even hundreds—of entities using different ERPs, TMS platforms, and banking systems.
While the idea of a single, centralised TMS was appealing, many treasurers said that building a business case was difficult. “We know it would be a huge step forward,” one participant said, “but the benefits are hard to quantify in the short term—and that’s what stakeholders want.”
Others noted that without executive-level sponsorship and a clear return on investment, funding major system overhauls was nearly impossible. As a result, many had resorted to creative workarounds—manually consolidating data, building internal dashboards, or using middleware platforms to fill the gaps.
Shared Problems, Shared Insights
As the lunch drew to a close, the mood in the room was one of reflection—and appreciation. While technology challenges dominated the discussion, the greatest value of the session lay in the open exchange of experiences.
“There’s a comfort in knowing that others are tackling the same problems,” one treasurer noted. “You leave with ideas—and with reassurance.”
The round table reinforced the importance of peer engagement in a rapidly shifting treasury landscape. Whether dealing with disruptive technologies or entrenched operational issues, collaboration and dialogue remain among the most effective tools in the treasurer’s toolkit.
This was the first in a regular series of in-person events for Treasury Dragons subscribers. If you would like to be invited to future events, email [email protected]
APIs and the Future of SWIFT
The conversation began with a provocative question: Could emerging technologies such as APIs render the SWIFT network less relevant for corporate payments?
While APIs have been widely promoted as the enabler of real-time, seamless connectivity between corporates and banks, treasurers around the table were unconvinced that they currently deliver on that promise—especially when it comes to cross-border payments. "APIs look good on paper," said one treasurer, "but they’re only as transparent and standardised as the banks that deploy them."
There was consensus that, for now, SWIFT remains the backbone of international payments. Although the network has its limitations, it is trusted, mature, and well understood by both corporates and financial institutions. Cross-border APIs, on the other hand, are still evolving and lack the universality that SWIFT offers.
In short, while APIs are being adopted for specific use cases—particularly in domestic or intra-bank contexts—few treasurers believed they could yet replace SWIFT as a foundation for global treasury operations.
Crypto and Stablecoins: Still at the Edges
Cryptocurrencies and stablecoins formed a distinct thread of discussion alongside the API/SWIFT debate. Despite significant hype and some pilot activity, treasurers remained largely cautious, with many viewing these technologies as unproven in a corporate setting.
Stablecoins were seen as having potential, particularly if backed by credible institutions or central bank initiatives. However, adoption remains minimal. As one attendee put it, “We’re watching the space—but we’re nowhere near putting crypto into our treasury strategy.”
There was acknowledgment that a few banks have made efforts to accommodate crypto-based transactions, but many financial institutions still treat the entire category with scepticism. Regulatory ambiguity and volatility were cited as primary barriers to progress. Several participants described crypto’s current corporate use as being stuck at the ‘proof of concept’ stage.
The group agreed that while crypto technologies could one day play a meaningful role in cross-border payments or liquidity management, that future still feels distant. For now, traditional banking rails—and the infrastructure around them—continue to dominate.
The Cash Forecasting Conundrum
Unsurprisingly, cash forecasting emerged as a persistent pain point. Every participant agreed that producing accurate, reliable forecasts remains a major challenge—primarily due to the fragmented nature of the data needed to support them.
Many organisations still depend on Excel spreadsheets, with all the associated risks and manual effort. Some treasurers reported progress through the development of in-house tools or partnerships with forecasting software providers. These systems, while promising, often required significant time and internal alignment to deliver results.
One treasurer summarised the situation: “It’s not just about the tools. It’s about the data—and getting it in time, in the right format, from across the business.”
Lack of data integration, especially in decentralised structures, was a recurring theme. Achieving buy-in from regional teams, securing timely inputs, and validating assumptions all added to the complexity of creating forecasts that could support strategic decision-making.
Legacy Systems and Integration Pain
For those working in organisations that had grown through acquisition, managing treasury across multiple legacy systems was a constant uphill battle. Several attendees described the difficulty of obtaining a consolidated view of cash across dozens—or even hundreds—of entities using different ERPs, TMS platforms, and banking systems.
While the idea of a single, centralised TMS was appealing, many treasurers said that building a business case was difficult. “We know it would be a huge step forward,” one participant said, “but the benefits are hard to quantify in the short term—and that’s what stakeholders want.”
Others noted that without executive-level sponsorship and a clear return on investment, funding major system overhauls was nearly impossible. As a result, many had resorted to creative workarounds—manually consolidating data, building internal dashboards, or using middleware platforms to fill the gaps.
Shared Problems, Shared Insights
As the lunch drew to a close, the mood in the room was one of reflection—and appreciation. While technology challenges dominated the discussion, the greatest value of the session lay in the open exchange of experiences.
“There’s a comfort in knowing that others are tackling the same problems,” one treasurer noted. “You leave with ideas—and with reassurance.”
The round table reinforced the importance of peer engagement in a rapidly shifting treasury landscape. Whether dealing with disruptive technologies or entrenched operational issues, collaboration and dialogue remain among the most effective tools in the treasurer’s toolkit.
This was the first in a regular series of in-person events for Treasury Dragons subscribers. If you would like to be invited to future events, email [email protected]
