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Foreign Exchange

Technology review 2010: Treasury Management - Efficiency and compliance

In 2009 corporate treasury departments continued in their attempts to improve the overall efficiency of company cash management. Steve Whalley, managing director of Citi Financials, explains, "Our corporate treasury clients are now taking a much more holistic view of their cash management and now include and manage many more of the real world elements of their businesses, such as energy costs and commodity forecasts relating to physical production."

The need to ensure that the corporate treasury department’s operations are not only fully compliant with operational regulations, such as Sarbanes-Oxley, but are also fully auditable, is forcing cash and treasury management systems suppliers to develop innovative new solutions. IT2 Treasury Solutions’ IT2 system prompts users with a flow chart of the necessary steps in any given process, indicating at each step precisely where they are in the process. It has proved so successful that many of the corporate treasury departments using IT2 no longer keep operational manuals. As the cash and treasury management processes the system provides are all recorded on and automatically updated within the system, auditing simply requires the corporate treasury department’s work flows to be checked. Kevin Grant, chief executive officer of IT2 Treasury Solutions, says, "2009 saw strong demand for enterprise-wide IT2 solutions across a broad spectrum of treasury sizes, complexities and geographies.

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