From the September 2017 Special Report issue of Treasury & Risk magazine

A New Treasury Management UX Is Here – Isn’t It About Time?

As Treasury Management System providers linger too long, treasurers continue to wait for the technology breakthroughs needed to transform the way they do business.

It’s been a decade since the financial crisis – and resulting global economic downturn that forced treasurers to take a closer look their financial operations and better plan for future contingencies.

Over this time, Treasury Management System providers have been promising the power of automation to help treasurers globally to quickly gain control, optimize resources, and plan for scale. But how far have we really come? 

 

Different Day, Same Expectations

Fast-forward to today. Many treasury professionals are still searching for practical solutions to address legacy challenges such as bank connectivity, cash visibility, reporting, and payment security. With basic challenges not being addressed, it seems impossible to have enough bandwidth to focus on proactive, strategic initiatives. 

Moreover, treasurers have the same low expectations about treasury management solutions as they did in 2007/2008:

  • Costs: Treasury Management Systems’ subscriptions and implementation are expensive
  • Time: Implementations will take months, or sometimes even years
  • Resources: A significant amount of staff time will need to be devoted to this project
  • Downtime: Both the implementation and subsequent user training will result in system downtime
  • Status Quo: For better or worse, legacy solutions often stays in place – the switching pain is too great
  • Future planning: It will be challenging to modify or to scale as business needs change

Why have expectations remained unchanged?

 

Modern Treasury Tech Removes Friction from the Experience and Delivers Business Agility

Perhaps we should learn some lessons from the personal technology experience which has been radically transformed. Consumers expect on-demand accessibility, intuitive interfaces, rapid transactional processing, scalability, and seamless integration with other systems/technology.  Those expectations are increasingly converging with enterprise aspirations and treasurers are beginning to expect the same from their Treasury Management System.

Leveraging enterprise web services and APIs, a frictionless Treasury Management System model makes it possible for treasurers to get what they need: solutions that are instantaneously available, easy to understand, highly affordable, and fast.

 

Is the Market Ready?

At TreasuryXpress, we’ve found that our clients such as science and tech giant Ancestry, Inchcape (ISS) Shipping, Clearsettle, and TCS Education to name a few, want solutions that are highly capable - but equally important they should be simple, fast, affordable, and scalable. Using a frictionless, agile Treasury Management System model, we are in a perpetual state of development and innovation, giving our clients the peace of mind that their chosen solution will grow and scale along with them. 

It seems that treasury is finally getting that breakthrough they’ve been waiting for – isn’t about time?

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