Upgrade Treasury Management Solution (TMS) In 2024: A Deep Dive
Are you still relying on outdated methods to manage your treasury? In 2024, upgrading to a sophisticated treasury management solution (TMS) isn't just an optionit's an imperative for survival and growth.
The financial landscape is evolving at an unprecedented pace, and clinging to traditional treasury management software solutions that merely track transactions is no longer sufficient. Today's challenges demand a more proactive, intelligent, and integrated approach. The future of finance hinges on leveraging modern services, particularly those augmented by artificial intelligence (AI), to enhance efficiency, security, and compliance.
Treasury management is the strategic nerve center for any organization's financial health. It encompasses the management of cash, investments, and funding to optimize financial performance, mitigate risks, and ensure ample liquidity to meet obligations. Software automation plays a pivotal role in achieving these objectives.
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A treasury management system (TMS) is a specialized software platform designed to streamline and automate these critical functions. It facilitates efficient cash, liquidity, and risk management by providing functionalities such as financial reporting, investment management, payment processing, and cash flow forecasting. Centralizing and automating these financial processes grants organizations better control and visibility over their finances.
The market offers a diverse range of TMS providers, each with its own strengths and focus areas. Some specialize in cash management for small and medium-sized businesses (SMBs), while others concentrate on liquidity management for large corporations. Regardless of the specific focus, a crucial requirement for any TMS is its ability to integrate seamlessly with existing accounting software and enterprise resource planning (ERP) systems. This integration ensures that the TMS has access to the financial information necessary for effective liquidity management.
According to Global Finance, the stakes are high. Their 24th annual worlds best treasury & cash management systems and services awards for 2024 highlight the importance of selecting the right TMS. The full report on this survey will be published in the July/August 2024 print and digital editions and online at gfmag.com.
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At the June Citi 2024 Services Investor Day, Shahmir Khaliq, Head of Services, emphasized the transformative impact of modern treasury solutions. Highradius, for example, specializes in developing autonomous software solutions primarily targeted towards the office of the CFO, promising increased efficiency and accuracy.
Among the top contenders in the TMS arena, Banktrack stands out as a versatile solution suitable for all types of enterprises. Ion Treasury Wallstreet Suite was awarded best treasury management software. This recognition is the result of an ambitious five-year program involving over 100 people dedicated to reengineering the Wallstreet Suite.
Leading TMS providers prioritize seamless integration with a companys existing ERP system, banking network, and other business software. This ensures that the TMS can effectively access and utilize data from across the organization, providing a comprehensive view of financial operations.
Trinity Treasury Management promises enhanced transparency, efficiency through automation, improved data quality, and greater auditing acceptability. Their treasury insights capture a wide range of solutions sought by treasury and cash management professionals.
Recognizing the growing importance of mobile access, many TMS providers offer innovative apps and services that enhance the value of their systems. These apps provide users with real-time access to critical financial information and enable them to manage treasury operations from anywhere.
Apps are transforming the business landscape, as evidenced by the "Apps Run the World, June 2024" report. This trend underscores the importance of TMS solutions that embrace mobile technology and offer user-friendly apps.
Treasury and risk management applications encompass standalone and integrated products that automate business processes to support corporate treasury operations, including those of financial services enterprises. These applications optimize related cash management and deal processes.
Global Finance has also released the rankings for its 24th annual best treasury & cash management banks awards for 2024, further highlighting the importance of effective treasury management in the banking sector. A full report on this exclusive survey will be published in the July/August 2024 print and digital editions as well as online at gfmag.com.
The evolution of treasury management systems can be divided into two main phases. The modern phase emphasizes integration, automation, and real-time visibility.
BNY Mellon (BNY) secured three awards at the Global Finance Treasury & Cash Management Awards 2024, marking the second consecutive year BNY has been recognized as the best bank for payments in the North America category.
To ensure that a TMS meets an organizations specific needs, it is essential to define clear objectives. This involves agreeing across departments and with the TMS vendor on the core functionalities to be handled, such as improving visibility of cash positions.
According to recent data, over 952 companies are currently utilizing treasury management tools. Kyriba leads the market with a 74.47% market share (709 customers), followed by Serrala with 11.34% market share (108 customers) and GTreasury with 9.35% market share (89 customers).
Looking ahead, the top 5 treasury management technologies in 2025 are expected to include AI-powered forecasting, robotic process automation (RPA), blockchain for secure transactions, cloud-based TMS, and real-time data analytics.
The treasury management trends for 2024 indicate that businesses are investing in treasury solutions to prepare for any economic environment. This proactive approach reflects the understanding that effective treasury management is crucial for navigating uncertainty and maintaining financial stability.
To fully harness the potential of technology in treasury management, treasurers should focus on three key areas: data integration, automation of routine tasks, and advanced analytics for decision-making.
Global Finance will publish its selections for the 25th annual worlds best treasury & cash management providers in the July/August 2025 issue. This annual recognition highlights the ongoing innovation and excellence in the treasury management industry.
Ion Treasury, a global provider of treasury and risk management solutions for corporations, financial institutions, and central banks, recently announced that its Wallstreet Suite solution was awarded best treasury management software by Global Finance as part of its worlds best treasury & cash management systems awards.
Top treasury priorities for 2024 include effectively using technology, which is becoming the cornerstone and a prerequisite for successful treasury management. By embracing these priorities, organizations can optimize their treasury operations and achieve their financial goals.
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