Technology moves in one direction: forward. These days, the advances in treasury technology include providing companies with strategic insights, embracing big data and the cloud, and making it easier for companies to handle everything from payments to bank account management.
Joe Siu, director of financial risk management for Chatham Financial in Kennett Square, Pa., says the goals of treasury technology have changed. “The innovations now are more about how functionality is delivered instead of what is delivered,” Siu says.
One can see the next generation of treasury technology in shared service centers that pay on behalf of any number of legal entities and soon will be receiving payments as well, says Arthur Brieske, head of product management for the Americas in global transaction banking at Deutsche Bank.
“The days of thick client software are fading,” notes Paul Bramwell, senior vice president for treasury solutions at technology vendor SunGard, pictured at right. “More functionality is migrating to thin-client applications. Treasury staffs like the cloud because it frees them from depending on IT for help, but data security concerns make them happier with a private cloud than the public cloud.”
The debate continues over which is better—a single comprehensive, integrated system or a bunch of best-in-class niche applications wired together. For workstation provider Kyriba, success comes from adding modules and functionality but also from the ability to integrate easily with other financial systems.