e-Forex-Nov-23

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SPECIAL REPORT Corporate treasury automation: How technology is solving pressing needs By Vivek Shankar Image by Shutterstock 58 NOVEMBER 20<strong>23</strong> e-FOREX
SPECIAL REPORT Treasury automation has consistently been a hot topic since the COVID-19 pandemic hit. Institutions embraced a wave of electronification in several areas, and treasury processes were no exception. However, corporate treasurers soon ran into a ceiling. While automating internal processes was straightforward, overall cash management efficiency depended on other departments in their organisations embracing automation. For instance, while firms can automate cash projection, the process depends on collection efficiency, a largely manual task. With volatility increasing worldwide, treasurers need automation more than ever, something Bob Stark, Global Head of Strategy at Kyriba, notes. “Corporate treasurers are focused on reducing the impact of currency volatility on their balance sheets, income statements, and cash flow,” he says. “With FX volatility remaining stubbornly high, treasury teams must maximise the impact of natural hedging while reducing the cost of derivative hedging programs to meet increased resilience to currency markets and improve the effectiveness of their FX program.” These factors have pushed the automation wave further, with service providers rising to fill corporate treasury needs. HOW AUTOMATION HELPS Matti Honkanen, Head of Next Gen FX at Nordea, says that time is a constant stumbling block for treasurers. “According to our survey of corporate treasurers, there is a big mismatch between where the treasurers use time and where they would like to. As a rule, treasurers would like to play a more strategic role.” “That is not possible if they don’t free up time from the time-consuming stuff that they are primarily responsible for and that is possible to automate with the e-FX technology,” he continues. “Another driver (of automation) is the need to do liquidity and risk management more frequently and accurately, which is very tough with a manual process. There are plenty of technological solutions that can help with this.” When asked what drives electronification in treasury processes right now, Niels van Daatselaar, Cofounder and CEO of TreasurUp, points to the banks. “The reality is that banks are the primary investors in the technology required to increase the levels of digitization or automation available to corporations to deploy within their operating environment,” he says. “Where there is the scale to justify it, Corporate Treasurers are more inclined to invest in straight-through processing of workflows between their TMS or ERP platforms and the transaction solutions delivered by the banks.” Like Honkanen, he explains that treasurers have plenty of options to choose from. There is no doubt that automation delivers benefits. But, in which areas does it specifically help treasurers? Stark says, “Streamlining extraction and structuring of exposure data from the ERP, integrating online trade portals with the treasury management system, and automating the designation, valuation and accounting for hedges. Automation not only improves productivity but also delivers accuracy in an area where compliance is paramount.” van Daatselaar dives deeper into the data-driven advantages. “Storing more contextual data around the cash NOVEMBER 20<strong>23</strong> e-FOREX 59
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