Pinpointing where all your cash resides—and how much you have—depends on good technology.The COVID-19 crisis has highlighted the value of technology that allows treasury to know—in real time—how much cash is available and where it is. A recent virtual meeting of NeuGroup’s Tech20HG—for treasurers of high-growth tech companies—revealed that the technology that treasury teams use varies: The pre-meting survey of members showed that 45% of respondents do not have a treasury management system (TMS), compared to 55% that do.Those with a TMS…
What happens to your AI-based model when historical data and cash flow patterns are disrupted?Cutting-edge cash forecasting models that make use of artificial intelligence (AI) and machine learning will, inevitably, require manual adjustments by humans to account for seismic disruptions like the pandemic. The good news is that AI models will eventually catch up with the new normal, becoming more accurate with less intervention. That was among the insights offered by Tracey Ferguson Knight, director of solution engineering (treasury) for HighRadius,…
Supply chain finance and how the “we’re in this together” approach to the pandemic is playing out.The COVID-19 crisis has put the meaning of business community—emphasis on community—into sharp relief as some businesses have survived well or even thrived (tech, consumer staples), while others have suffered devastating losses (retail, travel and hospitality). At few points in recent memory has the mutual reliance on comrades in commerce been more important; and as in families, it’s often the stronger of the business…
One member’s winning use of single sign-on to access bank portals through Wallstreet Suite impresses peers. A NeuGroup member’s success at implementing single sign-on (SSO) to provide access to bank portals through the company’s treasury management system (TMS) made a splash at the spring virtual meeting of the Global Cash and Banking Group. Of equal interest was the member’s goal of taking away “as much bank portal access as possible” from employees, some of whom only need to see bank statements and…
July 17, 2020
NeuGroup for Retail Treasury Pilot Series Wrap-Up
By Joseph Neu As part of our ongoing experimentation with new virtual formats, the NeuGroup for Retail Treasury pilot “meeting” was made into a series of Zoom sessions over the course of about six weeks, concluding this week. This group was launched in partnership with Starbucks Treasury on the member side and sponsored by U.S. Bank. Here are my key takeaways as a wrap up to the series: Covid-19 divides into haves and have-nots. Retail and other consumer-facing businesses, such as…
Low adoption rates in the US and issues such as routing rights and interchange fees may present challenges for some retailers as contactless payment grows.It’s no big surprise that the pandemic has pushed more US shoppers to use contactless credit and debit cards as well as mobile wallets. Tapping or waving a card or phone is a cleaner, safer way to pay than swiping or inserting a card. But what stood out at a recent NeuGroup for Retail Treasury meeting was the…
July 14, 2020
Under the Hood of the Global Payments System: Complexity
How TIS helped The Adecco Group harmonize payment, reporting and bank account management processes.So, you need to make payments? Sounds simple, but once you look under the hood of the global payments apparatus—which has developed differently in different places for different currencies—you will discover separate layers of complexity. That’s according to Joerg Wiemer, co-founder and CEO of Treasury Intelligence Solutions, or TIS. Put simply, there are three different sources of complexity. The connection and integration of the ERP and the bank…
Treasurers in Latin America are coping with the pandemic, M&A activity and working capital needs. Many of the cash management challenges currently facing treasurers in Latin America are being complicated by a variety of factors, including the omnipresent COVID-19 crisis. But also in the mix is recent M&A activity in the region (think integration and its opposite, divestiture), along with difficult financing conditions affecting working capital management. COVID chaos. Latin America is no exception in regions contending with the difficulties brought on…
ION’s plans to tap machine learning, deep learning and neural networks to help treasurers. Making better use of technology to improve cash flow forecasting (and cash visibility) has taken on greater importance during the pandemic for many companies where it was already a high priority. That was among the key takeaways at the spring virtual meeting of the Global Cash and Banking Group, sponsored by ION Treasury. ION sells seven different treasury management systems (TMSs), including Reval and Wallstreet Suite.Among…
July 2, 2020
Cash and COVID-19: A Tale of Two Companies
One company asks, “Where is the cash?” while another reevaluates operational processes. The economic upheaval unleashed by the pandemic divided the universe of companies at a recent virtual meeting of the Global Cash and Banking Group into two camps: Those with ample liquidity that were able to manage cash and conduct business as usual; and those forced to play defense and go “back to basics,” as one member in the latter camp put it. Two member companies sharing very different perspectives…