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Getting the right technologies onboard can lead treasuries towards understanding critical strategic insights and ensuring financial stability.
FREMONT, CA: Treasury department has significantly increased its spending on treasury technology in the last few years, and this trend continues to move in an upward direction. As treasury professionals face rising expectations and demands, they must continue to leverage lean resources to meet these expectations while maintaining their daily responsibilities. Here is a look at the top trends and developments in treasury technology.
• Risk Analytics and Risk Visualization
Because of today’s ever-shifting economic condition and financial volatility, the treasury is pursuing excellent risk capability from their technology providers. As a result, significantly more development funds are being deployed to support flexible service reporting and analysis in various treasury systems. Most of the developments have been spent beefing up analytical capabilities, improving dashboards, and providing better graphics and other visualization tools. This adds to the self-discovery and self-service capabilities of systems, which increases the appeal and efficacy.
• SaaS and Fully-Hosted Options
Examining the treasury management space more carefully, it will be apparent that SaaS providers have enormous growth. The most substantial investments have all occurred within companies deploying their solutions via SaaS or fully-hosted model. As more service providers become accustomed to the SaaS or fully-hosted models, treasuries will increasingly choose these delivery methods due to the virtual flexibility and ease of maintaining their essential systems.
The use of blockchain in treasury departments enables them to store more information without the need for a central clearinghouse. With distributed ledger technology, treasuries are experimenting with smart contracts, which can automate transactions between employees, departments, and organizations through pre-configured rules. Blockchain-powered software enables auto-reconciliation features and various other functions to support treasury professionals.
The above technology trends are in various stages of maturity. However, as these innovations gain momentum in treasury space must ensure that their teams are prepared for a more technology-focused future.