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RPA is becoming the powerplayer in treasury management by enabling increased efficiency and accuracy.
FREMONT, CA: Building the business case for deploying new technologies can be a tall order for treasuries. Much treasury operations have been running the same treasury management system for a very long time. Fortunately, there is a heated discussion happening over the impact that Robotic Process Automation (RPA) can create on treasury operations. Even though RPA in treasury management is still in its infancy, decision-makers are looking for innovative ways to apply RPA. Know more here.
Depending on where and how RPA is applied, there is ample opportunity for treasury teams to improve existing processes significantly, even when processes already have a high degree of automation. Investments in RPA technology have led to the development of payment fraud detection service, which is now in the active pilot. This advanced automation assesses all transactions that flow through the treasury system against client-specific behavior profiles. It then triggers real-time alerts for transactions that do not conform to habitual patterns and behaviors. It also continually updates the client-specific profile to detect future erroneous payments better. These developments are significant for customers, given the substantial growth in payment volumes. The real-time alerts help treasurers to target payment outliers that deviate from their past characteristics.
Treasurers also see a positive impact from RPA when it comes to managing multi-currency flows. Traditionally, multi-currency flows present several challenges. Coupled with the automation of transactional flows, treasurers see a rising trend for rationalized account structures. This reduces the use of dedicated foreign currency accounts for marginal currencies, integrating that flow through existing core currency accounts. Treasurers can see significant gains from RPA across many dimensions, such as cost, efficiency, scalability, and support for treasury management.
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