BankingCash InvestmentsTechnology
June 19, 2024

How ServiceNow Boosted Efficiency, Raised Returns, Lowered Fees

An international treasury center/in-house bank improves cash investing, intercompany lending and FX hedging. A presentation by NeuGroup member company ServiceNow on the benefits of setting up an international treasury center (ITC) in Ireland that functions an in-house bank (IHB) took top honors in a pseudo-Shark Tank competition at a recent NeuGroup for Cash Investments meeting sponsored by ICD and MetLife Investment Management. The ITC has improved working capital management, provides better cash visibility and gives treasury enhanced control over cash. It also lowers idle…
Senior ExecutiveTechnology
June 19, 2024

Crafting a Compelling Business Case for Investing in Payments

How one NeuGroup member created the “ultimate road map” to get buy-in for building out a payments factory. Large-scale initiatives, such as the build-out of a payments factory, are major undertakings that require significant investments of both financial and human capital. At the first-half meeting of NeuGroup for Payments Strategy sponsored by HSBC, members explored the keys to building a successful, comprehensive business case to justify the allocation of resources and get buy-in from management. One member, who helped lead the session, walked…
BankingTechnology
June 12, 2024

Why Treasury Needs To Lead the Way in the ISO 20022 Transition

Banks face a deadline to use the new payment messaging standard, presenting challenges and benefits for corporates. The adoption of international financial standards and language for payment messaging under the framework known as ISO 20022 will require corporate treasury teams to step up and proactively lead a transition made difficult in part by differences in how—and how fast—banks are approaching changes involving data-rich payment communications. Banks must transition to ISO 20022 by November 2025. The new format should ultimately produce benefits but…
TechnologyTreasury Management
June 5, 2024

Transforming Treasury via Tech Stack Slimming at GE HealthCare

In one year, GE HealthCare achieved a treasury transformation, reducing the tech stack and onboarding a new team. When GE HealthCare was tasked with spinning off from GE, the treasury team saw an opportunity to create a new organization constructed with a “fit-for-purpose” approach that included rebuilding the technology stack with off-the-shelf solutions that accomplish specific tasks—rather than the far-reaching, customized tech tools used pre-spin-off. In 12 months, GE HealthCare implemented nine new technology systems—down from 36 legacy solutions—and won an Adam…
Cash & Working CapitalTechnology
May 2, 2024

Mastering a Manual Payment Risk Mindset: Automate and Control

Corporates have automated many manual payments; next is learning to manage the risk of those you can’t eliminate.Digital transformation and automation initiatives have helped many corporations significantly reduce manual payments, improving efficiency and reducing fraud risk. But implementing automated systems usually requires considerable time and effort—just one reason most companies have not eliminated all manual payments. The challenge for treasury teams then becomes ensuring proper controls and safeguards are in place. Those are among the takeaways gleaned from a recent…
BankingTechnology
April 24, 2024

From Banking Chaos to Order: Using TIS To Streamline Payments

How one global logistics company transformed its bank connectivity through the implementation of the TIS cloud platform. When the director of treasury solutions at a multinational corporate was tasked with leading a migration to a cloud-based ERP, he seized the opportunity to also implement TIS, which acts as a hub that centralizes bank connectivity and payment file generation. Previously, the company relied on a tangled web of bank accounts and users connecting to them mostly through bank portals and a few host-to-host…
FXTechnology
April 10, 2024

Optimizing FX Hedging: Leveraging Technology for Cost Reduction

Feeling pressure to cut costs, FX leaders are leveraging tools to determine which currency pairs to hedge and when. Reducing the cost of FX hedging requires a multifaceted approach that integrates technology, data analytics and collaboration across various business functions. With the right strategy and tools, companies can mitigate risks effectively while reducing expenses in an increasingly volatile global marketplace. At last month’s summit meeting of NeuGroup for Foreign Exchange sponsored by Chatham Financial, FX managers emphasized the need for hedge optimization tools…
Senior ExecutiveTechnology
April 3, 2024

Strategic Thinking: How Paths to CFO and CFO Roles Are Evolving

Promoting people in finance who want strategic roles can be challenging if they find some CFO duties unappealing.By Joseph Neu During the first peer group meetings of NeuGroup’s spring season, I have been listening intently for signals indicating how finance functions are changing course. One trend may be the strengthening of strategic finance roles under the CFO. This development arises in part because not everyone who is drawn to strategic, value-enhancing roles wants responsibility for everything in a CFO’s job…
TechnologyThe NeuGroup Insights Interview
March 28, 2024

Treasury 4’s Mission: Unlock the Power of Data for Finance Teams

Fintech founders Ed Barrie, Steve Helmbrecht and Nathan Brown explain what compelled them to reunite. The most sophisticated finance and treasury teams are ahead of the curve in turning heaps of data into actionable insights, often with the aid of visualization tools that tell a story better than just facts and figures. A fintech called Treasury4 wants to make data-driven decision-making more accessible than ever for corporates of any size. In the newest episode of NeuGroup’s Strategic Finance Lab podcast—available now on Apple and Spotify, and sponsored…
Risk ManagementTechnology
March 13, 2024

Planting Seeds: IT Auditors Aim to Harvest AI Insights From Data

The race for leveraging generative AI as a strategic advantage is on, but the ground must be tilled before the field yields results.Large language models (LLMs) like ChatGPT and Microsoft Copilot have swept through the corporate landscape as many companies have licensed or built their own internal instance of the technology. Early adopters in organizations are getting their hands dirty with this new tool, but those in the know realize that their house—the underlying data on which AI models are…