Commentary
Technology is changing the way many businesses work: with online commerce, many traditionally B2B businesses are moving to B2C. Logistics and supply chains are being transformed. Ride hailing and food delivery services operate real time payment systems. Assets we used to buy are increasingly available as a service, often linked to the internet of things.
Where are our banks in this turmoil? And how are treasurers adapting? We wanted to get a first view. Judging by the response we received, we are clearly not alone in being very interested.
This report is long – even the summary takes several pages, and it does not capture all the nuances. It is well worth reading the detail – it clearly lays out the challenges treasurers are facing.
Business transformation
For the time being, treasurers are adopting a wait-and-see approach to business changes. When the business moves to B2C, or becomes a full asset as a service enterprise, treasury will adapt accordingly. In the meantime, treasurers see no need to get ahead of the business, or even necessarily be a change agent.
On the other hand, CXC members who are in the new, online enabled industries are, of necessity, proving to be early adopters of the new technologies.
Communicating with banks
Over the years, centralised global and regional treasury management has been enabled by online banking tools with balance reporting, remote account management and payment initiation.
This has brought enormous benefits to treasury management. But it is not perfect:
- Mostly, the data is not real time. It is often yesterday’s balance and transactions
- There are many different tools: host to host, e-banking systems, SWIFT reporting, APIs
- Security protocols remain a conce
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