Treasured: resources to empower treasurers

APIs can support digital transformations such as real-time payments and real-time visibility into cash positioning. These innovations can delight both partners and treasurers, but they require treasurers to have a foundational understanding of APIs, so they can advise on where they are more additive to business goals and communicate this to technology teams.

Virtual accounts allow treasurers to aggregate accounts, which offers benefits such as detailed reporting and seamless accounting. These features are foundational building blocks to support digital innovation across the business, and treasurers who understand what their peers want can better frame the need for virtual accounts within the context of how it helps different functions.

Treasurers who take a long-term approach to technological development, and work in lockstep with Tech and Innovation teams can make a huge impact on business efficiency. With a seat at the table, Treasurers can apply their financial expertise to advise on tech and cash flow in a way that creates operational efficiencies and saves costs.

Businesses now view a best-in-class customer experience as a competitive advantage, much like price or product quality. Payments can help to drive that experience: consumers now expect frictionless, often invisible payments, embedded within their buying journey, and want the ability to connect their experience across channels.

The explosion of the gig economy now means that many organizations employ on-call or temporary workers. These employees may make employment decisions around the ability to instantly receive their pay, making earned wage access a competitive differentiator for platform-based business models.

Businesses have seen in recent years how critical an efficient supply chain is to meeting business needs. Many Operational Executives have adopted practices such as nearshoring, diversification of suppliers and closer inventory management. Treasurers have a huge role to play here, by advocating for payment solutions that enhance these practices and analysing the impact on a firm’s cash flow.

Digital payment solutions can provide a myriad of benefits, such as increasing patient centricity, connecting healthcare ecosystems, increasing inclusion in the space and supporting innovation. All of these aid in increased operational efficiencies, driving progress within the industry.

Mobility is driving the future; drivers and riders can now benefit from seamless payments across their entire mobility journey, from financing (or even subscribing to) a car, intelligent insurance, to in-vehicle purchases. These solutions open the door to new cross-industry partnerships and new ecosystems surrounding the automotive journey.
Disclaimer: Future capabilities of mobility payment solutions are under development; features and timelines are subject to change at the Bank's sole discretion.

Payments can support new technology within marketplaces, super apps and social media commerce platforms, which are transforming the digital economy. Platform owners and large B2B companies have an opportunity to drive innovation that supports their small business partners.

An understanding of how new technology integrates into preexisting systems can help Treasury identify operational risks, cash flow risks and even potential impacts on credit risk.

Being able to communicate the workflow of new trust and safety tools, such as proactive controls which can help stop fraud before it happens, can be helpful in bringing the business up the learning curve throughout implementation. It’s equally important to communicate any bottlenecks or timeline updates.

For many procurement exercises, the number of potential providers can be overwhelming. Treasurers who are able to articulate the financial non-negotiables for new partners can positively influence business outcomes and streamline the selection process.