The Coronavirus pandemic has really fast-tracked the digital revolution, implying that most of the time-consuming tasks that used to be done manually, like forecasting, are now computerised.

In a nutshell, technological advancements like Machine Learning and AI have become essential rather than an indulgence – and the field is waking up and acknowledging it. If you are looking for corporate treasury jobs then please see here.

In a recent review conducted by the Treasury Dragons, 45% of respondents stated that they will put more money into treasury technology in 2023 compared to this year.

Along with saving money and time, this latest technology is also allowing treasurers to minimise errors, lessen risk, scan big volumes of data quickly and aid to spot fraud.

In this read, I will be looking at the top 2022 technology trends that we see every day and will continue to see.

Using RPA to automate processes

Robotic Process Automation (RPA) is a programmed robot that imitates human behaviour.

As with AI, it is frequently utilised in treasury to computerise labour-intensive, manual activities.

In addition to increasing productivity and efficiency, RPA also assists in increasing cash visibility.

This implies that treasury teams can gain access to information quickly without having to spend numerous hours scouring through various portals and spreadsheets.

RPA also assists in increasing accuracy, conducting repetitive jobs and transferring information from system to system.

What’s more, it can also help with invoice data, credit collection and reconciliation processes, as well as collecting information on cash flow forecasts, FX exposure, and bank statements.

Artificial Intelligence (AI)

I couldn’t fail to mention how important Artificial Intelligence is to the long-term sustainability of treasury.

AI signifies machines that are set to pick up information from current behaviour and resolve hitches.

It’s already in use in several companies to computerise processes and hasten operations such as cash forecasting, cash flow planning and hedging.

This data is invaluable since correct cash forecasts assist CFOs in making informed decisions when it comes to risk management, acquisitions, investing and borrowing.

Along with managing risk easily, it can also expose inconsistencies in payment activities, making it easier to detect strange data and assist in inhibiting fraud.

SaaS solutions and Cloud-based TMS

Software-as-a-Service (SaaS) treasury solutions and cloud-based Treasury Management Systems (TMS) are beginning to receive massive traction.

A cloud-based TMS is completely stored and can be accessed in the cloud regardless of your location so long as there’s an internet connection. Additionally, there’s no cap on the volume of data you can upload.

It also gets rid of the manual operations of cash forecasting.

Treasury Management Systems (TMS) are increasingly receiving traction for their precise and centralised cash flow management in addition to other operations.

APIs

Some of the advantages of using Application Programming Interfaces, or APIs, include enhanced security, increased productivity, fewer errors, time-saving, quicker processes and informed decision-making.

These interfaces enable third-party sources to gain access to financial data and develop new services and apps.

This can assist the treasury department to oversee all their monetary transactions without needing to reach out to their bank or pay for banking costs.

Other benefits of using APIs include retrieving real-time information from financial accounts and reconciling transactions.

Making use of APIs to access internal and bank systems can increase the reliability of cash-flow forecasting data, particularly when used together with RPAs.

A recent Euromoney survey reported that 57% of treasurers think that they will likely use APIs to assist with cash management and cash forecasting moving forward.

Machine Learning (ML)

Machine Learning is yet another up-and-coming tech that simplifies and decreases the duration required for forecasts.

It assists treasurers to scan big volumes of information from multiple sources to computerise forecast generation and increase precision.

Machine learning also assists a company to maximise cash management by making out the amount of working capital it requires.

Predictive Analytics

Predictive Analytics is a facet I foresee will continually experience growth in 2022 and beyond.

Treasurers can utilise predictive analytics to conduct various operations such as cash forecasting, receipts, payments and fraud.

By making use of historical information to identify trends, it builds a template which can utilise existing data to anticipate what will occur next, which is integral if you are to stay ahead of the curve.

And that’s my list of key top corporate treasury technology trends for 2022!