Treasury Sciences wants to make it easier for corporate treasuries to switch from spreadsheets to software, so it designed its treasury management product to make it faster to install and it allows potential buyers to use the product on an evaluation basis. Its Enterprise Treasury Management Solution is a cloud computing product whose modules include cash and liquidity management, secure payment processing, long-term forecasting and fraud detection. (For more on Treasury Sciences, see Cloud Computing Rolls In.)
The time that it takes to get a treasury system up and running is the reason so many companies still use Excel, argues Ravi Pande, a managing director at Houston-based Treasury Sciences, which has been in business just over two years. "The return on investment isn't there if you have to spend six months to a year to bring the system up," he says.
Treasury Sciences expedites customers' adoption of its software by providing prepackaged integrations that let the company avoid time-consuming custom coding, Pande says. He cites the company's work with the University of California, which implemented Treasury Sciences' system for its $18 billion enterprise.
"They have 10 campuses on 10 separate [general ledger] systems and we didn't want to have to write custom code into 10 separate GL systems," Pande says. Instead, Treasury Sciences produces an XML file that provides data that meets the specifications of whichever general ledger, or systems, a customer uses. The system also uses XML files for payments, and Pande says that the fact that it doesn't rely on banks' proprietary interfaces makes it easy for customers to switch banks.
He says that companies that choose a workstation based on a request-for-proposal process or customer demo face the risk that once implemented, the system doesn't do what they want it to. Treasury Sciences helps companies avoid that risk by letting them evaluate the product. "The trial is actually a full-fledged product that they can do all their treasury processes with, other than sending payments to the bank," Pande says. "We try to reduce the barriers of entry to adopting the treasury management system."