2019 tms/trms analyst report - icd · maximizing roi: service options 17 ... ahead by adopting...

TREASURY & RISKManagement Systems

The Definitive Guide to Treasury & Risk Management Technology SolutionsThis Report is Part of Strategic Treasurer’s Annual FinTech Analyst Coverage Program.

Eliminate Redundant & Manual Workflows

Centralize & Streamline Treasury Functions

Increase Visibility & Control Over Cash Flows

Consultants in Treasury

2019 ANALYST REPORT

This special edition provides an exclusive look at the solution set offered by ICD.

https://strategictreasurer.com

https://icdportal.com/

Welcome to the 2019 Treasury & Risk Management System (TMS/TRMS) Analyst Report, your definitive guide to smart financial stewardship in the Digital Age.

Our team created this publication with one overarching goal in mind—to equip readers with critical information as they seek answers to complex treasury management technology questions. Should my organization purchase a new TMS? If so, which system offers the functionality my firm requires? Will a major implementation be too difficult and disruptive? How do I streamline the process to achieve optimal results?

After months of market research and comprehensive data analysis, we have compiled this report to help treasury practitioners make more contextually informed decisions regarding technology solutions. We hope the coverage within, which revolves around current and projected challenges across the industry, will help readers overcome obstacles, enhance treasury operations and improve workflow. Let’s get started!

STRATEGIC TREASURER, LLC525 Westpark Drive, Suite 130Peachtree City, GA 30269

For inquiries regarding inclusion in this and other issues of our Analyst Report Series, please contact us at: [email protected] +1 678.466.2222

CRAIG JEFFERY | Founder & Managing [email protected] | +1 678.466.2222

BRIAN COCHRUM | Director of [email protected] | +1 678.466.2227

ADVISE ASSIST INFORM

Copyright © 2019 by Strategic Treasurer. All Rights Reserved. Reproduction by any means in whole or part without permission is strictly prohibited. The information contained in this report has been prepared by Strategic Treasurer unless otherwise noted. We make no representations, express or implied as to its accuracy or completeness. Opinions expressed herein are subject to change without notice. This is a report meant for informational purposes. It should not be construed as offering legal, financial, or other advice.

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04 Why This Report, & Why Now?

05 The State of Treasury Amid Major Change

06 Understanding the Democratization of Technology ▪ It’s All About the Data ▪ So How Did We Get Here?

09 A Central Source Makes Sense ▪ Centralization Is Key ▪ TMS Integration: Easier Said Than Done ▪ Common Obstacles

11 Take Heed Before Implementation ▪ Navigating Systemic Change: The ABCs of Implementing Your TMS ▪ Departmental Alignment ▪ Standard Process Workflows ▪ Managing Investments in Technology ▪ Set Realistic Goals & Timelines ▪ Warning: Headaches Ahead! ▪ Avoid Inadequate Functionality ▪ Maximizing ROI: Service Options

17 Current Trends & Developments Across the Treasury Technology Landscape

18 Final Thoughts & Action Items

20 ICD: Analyst Coverage

23 Works Cited

Table of Contents

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www.icdportal.com

Headquartered: San Francisco (US)

London (EMEA)

Founded: 2003

CEO: Tory Hazard

Ownership: Privately HeldPrivate Equity Backed

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STRATEGIC TREASURER | Market Overview

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Copyright © 2019 All Rights Reserved

H elping to inform the global treasury industry at large is a key part of Strategic Treasurer’s mission. Accordingly, the provision of insightful, timely, accurate information that clarifies wide-ranging

practitioner concerns is of paramount importance. In our research, we’ve discovered that one linchpin issue consistently threads its way throughout the treasury landscape: technology.

Whether it’s selecting an effective treasury and risk management system or protecting against sophisticated cybercrime, a heightened corporate interest—or even anxiety—regarding digitalization underscores how seriously today’s cash managers are approaching the topic and how important they feel it is to get it right.

Why This Report, & Why Now?

Figure 1: In a recent survey of global treasurers, 30% of respondents indicated their firm would likely undergo a significant financial technology upgrade in the next two years.

None of the above

Other

Being acquired by or merging with another company

Leading a major funding round or stock issuance to raise capital

Opening new office locations/expanding internationally

Opening new office locations/expanding in North America

Increasingly leveraging disruptive/emerging technology (AI, blockchain, etc.)

Hiring more staff in the treasury/finance arena

Launching a major new product/service line or expanding into new market verticals

Undertaking a significant financial technology upgrade or overhaul (TMS, ERP, etc.)

Undertaking a major acquisition or acquisitions of other companies 32%

30%

25%

20%

13%

25%

17%

9%

17%

12%

9%

Understanding and implementing a TMS that addresses specific needs is critical to many domestic and international organizations of all sizes, for whom meeting functionality requirements is essential and securing a streamlined approach is critical. Although vendors increasingly offer better, more comprehensive products at a variety of pricing tiers, treasury teams often experience setbacks and frustration. From training staff to integrating a new TMS with a legacy system, understand file formats, much technology-related confusion persists.

As robust digital innovation continues to advance at lightning speed—with no end in sight—treasury’s dependence on the solutions that technology provides will only intensify and further entangle on an expanding scale. Failure to understand how these tech and cash management spheres overlap and what benefits are possible puts treasury professionals at a significant disadvantage; declining to prepare for inevitable challenges puts their organizations in jeopardy.

With this report, our analysis of the TMS landscape will help clean up areas of unease and prevent problems before they take root. For treasury professionals feeling overwhelmed by data and mounting responsibilities, but also wary of unknown technology and an array of seemingly limitless solutions, this guide should help cut through the noise.

By creating a thorough overview of available TMS options, we aim to clarify and enhance the modern practitioner’s comprehension of the treasury space and, therefore, his or her capabilities within it.

strategictreasurer.com

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The State of Treasury Amid Major Change

W hile the penetration of software as a service (SaaS) continues to revolutionize the industry, a growing number of organizations have also adopted, or at least considered adopting, newer

innovations like mobile banking, application programming interface (API), robotic process automation (RPA), artificial intelligence (AI) and blockchain. With some technologies, a change is well underway; for others, it remains a slowly unfolding story.

FROM ANALOG TO INTUITIVE: TREASURY 2.0A 21st-century transformation of the treasury landscape and a simultaneous explosion of technology have become inextricably linked in a financial ecosystem forever altered by the Information Age. The parallel story lines of these two industries—one traditionally conservative and risk-averse, the other governed by a “leap before you look” mentality—may seem unrelated, at first. Upon further inspection, the similarities (and connection points) become clear.

The unfolding narrative of the TMS space is, after all, not just a treasury story; it’s also a technology story. Just as technology was once analog and traditional, so too was treasury management. Whereas the first cell phones were brick-sized and all mail involved ink and stamps, the financial tools of yesteryear were mostly paper-based or relied upon teletype machines and protocols. In the 1980s, however, several changes occurred in both technology and treasury that changed daily life forever for many in the financial sector. The most significant breakthroughs for cash management

were Lotus 1-2-3, followed by Excel. Due to low cost, flexibility and comprehensive functionality, the latter solution quickly became the go-to tool for treasury, and its popularity continues today.

Beyond Excel, advancements in the late 1990s/early 2000s—like the internet and cloud computing, or software as a service (SaaS)—also drove growth in the technology field, as well as in the TMS arena. This digital evolution led not only to the rapid and near-total modernization of information and communications in traditional fields, but also to a landslide of social and commercial change on a new and global scale. While the penetration of SaaS continues to impact treasury, more organizations than ever are jumping even further ahead by adopting innovations like mobile banking, APIs, AI, machine learning (ML), the internet of things (IoT), blockchain and bots (robots/chatbots).

Indeed, the buzz over this technology seems nearly ubiquitous. And what topic typically underpins the chatter? Data. Metadata. Hybrid data analytics. Data governance. Data science. And, yes, of course, big data.

The unfolding narrative of

the TMS space is, after all,

not just a treasury story; it’s

also a technology story.

Compliance System(KYC, BAM, OFAC)

PaymentHub

Bank Portal Reconciliation System

ERP

Excel Spreadsheets

TMS(SaaS/Installed)79%

50%

41%

9%

7%

9%77%

Figure 2: What system(s) do you currently use to manage your treasury operations?



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I ncreased vendor competition and solution advancement continue to push a trajectory in which a growing number of firms can afford to purchase functionality matching their unique requirements

and budget.

IT’S ALL ABOUT THE DATA

In this uncharted era of unprecedented change, one thing has become clear: data increasingly reigns supreme, with software governance at its side. How treasury will leverage this knowledge boom, however, remains to be fully observed. Within our digitally transformed environment, modern treasurers stand to benefit substantially from the sheer volume of information out there—if they harness it correctly, that is. Excitement over data—deemed “the new oil” by many in the industry—began its meteoric rise after technology innovations significantly expanded potential sources and deeply enriched application possibilities. Beginning with IT records and operational networks, and further enhanced by social media, virtual communities and online profiles, the information race has continued to accelerate with the introduction of innovations like bots and IoT.

The amount of data we generate in real time almost defies comprehension: researchers predict every human will produce almost 2 MB of information every second. The dilemma companies face is determining how to derive real business value from this tsunami of data and how to use it to make better organizational decisions. For treasury, as with other industries, effective data leverage requires the appropriate tools, including, the correct treasury management system. Luckily, there are plenty of vendors offering a multitude of solutions; finding the TMS that fits your needs most effectively now and in the near future is the challenge.

Understanding the Democratization of Technology

The dilemma companies

face is determining how

to derive real business

value from this tsunami

of data and how to

use it to make better

organizational decisions.


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For instance, fintech Kyriba delivers a 100% SaaS enterprise platform and bank connectivity. They streamline key processes, protect against fraud-related losses and give decision support. Alternatively, international firm BELLIN serves the corporate sector by providing FX, cash and risk management products that foster relationships between corporates and banks.

GTreasury, a company leveraging new technology for digital TMS solutions, focuses on using an array of integrated functionalities for seamless data flow

and smarter ways of working. On the other hand, ION offers trading and operations automation software across a family of products to aid financial institutions, governments and corporates. (For more information on these and other vendors, please see the back half of this report.)

On top of the TMS products currently available, an ocean of emerging technologies also stands poised to disrupt the treasury function. In other words, today’s technology solutions are not developing in a linear fashion, but rather in disparate bursts.

While many corporate treasuries struggle with traditional challenges like visibility, cash flow forecasting and manual payments, it is becoming increasingly important for practitioners to extend their focus outward by building a basic understanding of new solutions and the opportunities they can provide. Some innovations, like robotic process automation (RPA), are, in fact, already at the implementation phase. A delay in analyzing the benefits of such advancements could be detrimental to your organization’s growth.

Treasury Management System (TMS)

Internal Systems

Treasury Aggregator (TA)

Supply Chain Finance (SCF)

P.O. & Invoice Processing Vendor Management Payment Processing Document Management Exception ManagementSpend Management

Business Intelligence (BI) Solutions

Data Storage Information RepositoryBusiness Silos

FX Mgmt. & Rates Risk AnalysisBank Account Management

Payment ManagementCash Forecasting Cash Visibility & Positioning

AccountingReconciliations

Financial ReportingAP/AR Workflows

Enterprise Resource Planning (ERP)

Dedicated Reconciliation Misc.Employee PaymentsPensions

Reconciliations Payroll Admin

BANKS/NETWORKS

CUSTODIANS & TRUSTEES

OTHER PARTNERS

FinancialMessaging

Statements & Reports

Payments & Funds Transfer

FX ACTIVITY(FXall, 360T, etc.)

MARKET DATA(Reuters, Bloomberg)

Payment Management Bank ConnectivityInformation ReportingCash Visibility Compliance MonitoringSecurity & Fraud Prevention

FUND MANAGERS (e.g. Blackrock)

INVESTMENT PORTALS (e.g. ICD)

External Connections

Third-Party Business Partners

The Current State of Treasury Technology



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SO HOW DID WE GET HERE?

To understand the current treasury technology landscape and predict where it is headed, one must first reflect upon the journey that got us to this point. In the not too distant past, industry solutions underwent a process of technology democratization. This trend, defined by rapid technology access for increased numbers of companies, created an environment in which organizations of all sizes could purchase sophisticated products and participate meaningfully in their development. For treasury, the TMS pie widened substantially as the cost of ownership dropped, while

functionality and computing power simultaneously increased. Fewer impediments to technology adoption and a reduction in operations friction meant less maintenance and confusion, and ultimately, led to explosive growth and potential. Subsequent innovation and demand led to more affordable, user-friendly creations. Mass production and a dramatic rise in digitization elevated cutting-edge technology to the new normal. With globalization, expanding access to specialized knowledge and tools, and changing views on availability rights, the playing field leveled even further. Most believe the democratization of technology has strengthened the world marketplace

through connectivity, broadening and diversification. Consumer feedback is available at a very low cost (or no cost at all), communication and transparency have increased, and an influx of devices in businesses has enhanced innovation and reduced overall operational costs.

Conversely, the use of devices on private networks outside of an organization’s IT departmental control has also led to serious security concerns, and many businesses lack the resources or know-how to address these issues at the breakneck speed technology development dictates.

TMS Friction Reduction Over Time: Democratization of Treasury Technology

Installed ASP SaaS Open API Treasury

ARCHITECTUREPROCESSES

TIMELINE

Pain

Functionality

Setup & Configuration

Hardware/On Server

Database Management

IT Support

Server/Equipment

Connectivity

Design

Reporting

Onboarding

Friction Over Time

DecreasingValue Over Time

Increasing

1986 1999 2000 2016


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28%

38%

49%

51%

54% Payments Management

Cash Forecasting

Cash Positioning & Reporting

Reconciliations &Accounting

Debt & Investment Activity

A Central Source Makes Sense

D isparate workflows and siloed data will increasingly impede treasury development as technology becomes faster and practitioners are relied upon more heavily to perform a growing number of

tasks. How can cash managers centralize and streamline operations to ensure information is delivered and stored in a manner that maximizes efficiency?

CENTRALIZATION IS KEY

There is no single responsibility or task a treasury practitioner is relied upon to perform. There are many. And, they are often interconnected.

From cash positioning and funds transfers to strategic hedging and risk management, the range of functions overseen by treasury is expansive and diverse. Given that many departments consist of no more than three to five overwhelmed employees, a golden opportunity to use technology for task optimization and automation should be seized upon without delay. Enabling treasury to see these efficiency gains is an area in which modern TMS solutions shine. When using a modern system to centralize financial data, uploaded information can be accessed and shared across specific modules. Therefore, by offering practitioners a way to manage the entirety of their operations through one platform, technology developers have provided an invaluable, effective, time-saving service: a single piece of data that can be used to update multiple operations at once.

For example, incoming bank reports on global cash balances may be used to generate cash positions, update forecasts, alter FX/hedging strategies and allow practitioners to make comprehensive decisions regarding the use of working capital. This level of automation—as opposed to a treasury workflow that requires cash balance examination, pulling reports from multiple bank portals and individually updating

Figure 3: Top Five Functions that Require the Most Commitment/Time:



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a more common theme with the introduction, but not necessarily integration, of each new technology solution.

For firms operating with enterprise resource planning (ERP) or a TMS—along with a business intelligence (BI) program and other systems for reconciliation, supply chain finance and compliance—things can get complicated rather quickly. Keeping track of information storage locations and dissemination processes can become confusing and costly.

While the impact new technology has on an organization’s efficiency relies heavily upon treasury’s ability to properly integrate it with other solutions, the benefits exceed the problems. A successful implementation can prove incredibly advantageous not only for treasury, but also for the company overall. As each business unit leans on others for information, much like a row of dominoes, the ability to quickly relay reports and data from a TMS to another system and vice-versa, preferably in real time, can make or break a firm’s success. After all, easy access to information + speed = effective operations and analytical capabilities + self-service capabilities.

Also of note, fintech vendors developed the ability to leverage standard API sets and other connectivity protocols to blend their solutions with one another, banks and third-party providers. This efficiency further streamlined processes and led to easier cash management. This helps treasury to cheat their way to straight-through processing with reduced defects.

COMMON OBSTACLES

When implementing a TMS, many organizations face similar challenges. Read on for a deeper dive into two such areas known for frequently setbacks.

Lack of Training & Ineffective Assistance:

\ WHY DOES THIS OCCUR? Some companies skip system training due to time constraints. When attempting to manage a full implementation on top of existing responsibilities and daily operations, treasury teams may elect to forego extensive instruction to save time.

\ HOW DOES IT IMPACT MY COMPANY? Improper training impacts ROI. Data and numerous Strategic Treasurer projects have shown the value of person-to-person instruction. Unfamiliarity ultimately results in neglect. Groups that don’t understand the functionality they purchase are more likely to disregard certain modules, make mistakes or revert to old processes and workflows outside of the system.

\ WHAT SHOULD MY TEAM EXPECT FOR A SMOOTH TRANSITION? ▪ System demos. During the request for proposal

(RFP) process, and as a team is deciding which modules or functions to implement, detailed demos for your organization are vital.

▪ Product factsheets and manuals. For executives who don’t have time to view extensive demos, written guides and product overviews can help.

▪ In-person training. Before a treasury group goes live with a new solution, the training of core users is a pivotal step. It allows personnel to leverage experts and familiarize themselves with various workflows, interfaces and functionalities.

▪ Customer service. Once a system is live, any questions a team member has will have to be funneled through customer service. The vendor must have appropriate staffing to provide this support.

Excel spreadsheets or siloed information hubs—results in tremendous costs of time and accuracy.

In today’s complex treasury ecosystem, where 1/3rd of practitioners say they lack the time to adequately perform daily tasks, this enhanced form of efficiency could be the catalyst that drives quicker cycle times for regular operational activities and, therefore, injects more freedom for the pursuit of strategic goals and an enhanced focus on deeper analysis.

TMS INTEGRATION: EASIER SAID THAN DONEWhile the benefits of implementing a modern system are numerous, developing a technology stack that allows for the quick and easy flow of data is no picnic.From the outset, a company’s use of multiple Excel spreadsheets or other traditional methods of tracking financial information can create disparate processes. As the organization grows, siloed hubs become

Figure 4: Global Treasury Organization Size

3 or fewer

4 to 6

7 to 10

11 to 25

>25

49%

21%

10%

9%

10%


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Take Heed Before Implementation

A lthough the treasury technology space continues to introduce greater efficiency and automation for practitioners, embracing a new solution does not come without its fair share of challenges.

What obstacles should be considered prior to adoption, and how can these concerns be eliminated or minimized?

NAVIGATING SYSTEMIC CHANGE: THE ABCS OF IMPLEMENTING YOUR TMSDoes the mere thought of launching treasury technology create a sense of dread?

An operational overhaul on the scale of a TMS implementation is a huge endeavor. It requires forward thinking, consistent persuasion, tough questions, hard work, patience, stress endurance, strategic planning, massive coordination, and thoughtful communication.

Treasury groups have these qualities. They may lack time. But, they can use their leadership and organizational skills to be able to handle a new technology adoption less painfully if they are focused.

Let’s look a little deeper into the various elements of a system overhaul that treasury must consider before, during and after the process.

False AssumptionsNot all solutions are the same, true of companies, too.

Blind to BiasesOne throat to choke. Caveat emptor.

Overly AggressivePanic driven. Scaling down for incomplete “success”.

Short-SightednessNo plans for tomorrow. Rush to action.

Dodging AssistanceBootstrap vs. outsource. Majoring on majors.

Outdated MindsetLeaning on usual suspects. Relying on old information.

EquivocationDeep connectivity. Reconciliation.

Handoff vs. ProcessEliminate or automate. Optimize the entire process.

Failure to PlanArchitecture: structure, plumbing, the wiring.

Treasury technology landmines that can sabotage your efforts:



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DEPARTMENTAL ALIGNMENT

Obstacles can appear before day one of your project, as it can be incredibly difficult to secure funding and top-level support for technology implementations. With limited organizational budgets, treasury often finds they must compete with many departments for a diminishing slice of the firm’s overall fiscal pie. As such, practitioners must deliver a strong, effective business case to win over executives and stakeholders.

In this oppositional environment, treasury’s technology requirements may take a back seat to other projects, especially when executives deem the implementation of a dedicated TMS an unnecessary expense. What should be emphasized, however, is that an updated system provides benefits to treasury, yes, but also to accounting, IT, financial staff and more. When it comes to treasury technology, the needs of specific business units will vary. For every department to obtain the information they need, however, each group’s back-office workflows must interconnect. Accounting, for instance, must have access to transaction records and data regarding the organization’s various cash flows so they can update ledgers and prepare financial reports.

Given treasury’s position over payments activity, much of this information will come from their systems. Data does not magically appear to treasury. Establish the data collection process and payment connectivity from bank portals and other external sources must be handled manually if no dedicated solution for management and automation exists.

As treasury is heavily relied upon to provide financial data to additional internal stakeholders, accounting departments and others will obtain the

information they need more easily if the methods by which practitioners receive cash positions and market data are enhanced. If a TMS is the best way to accomplish this task quickly and reliably, then its implementation will ultimately benefit anyone who relies on treasury for anything. To emphasize this point internally, treasury must prepare to communicate extensively with accounting, IT and executives regarding their needs and how they might be addressed through enriched technology.

Get Other Stakeholders on BoardTo help ensure backing for your project, proactively engage with members of other departments within your company and identify the ways in which a new solution could meet everyone’s needs, not just those related to treasury operations.

Show Cooperative SpiritDocument the challenges other departments routinely face and identify the many ways updated technology will help them with time and accuracy.

Demonstrate Clear ValueDetailing the various problems you have compiled and the various TMS solutions that will address those concerns (e.g., providing enriched data for financial reports, streamlining workflows for accounting and reconciliation, etc.).

Underpromise/OverdeliverYou may be tempted to offer stakeholders a best-case scenario to drum up support, but this can backfire. If the project experiences setbacks or runs over-budget, your reputation takes a hit. Alternatively, if you deliver ahead of schedule at a lower cost than expected, you build credibility for the next phase and future projects.

Earning Grass Roots Support for Treasury Tech

In this oppositional

environment, treasury’s

technology requirements

may take a back seat

to other projects,

especially when executives

deem the implementation of a

dedicated TMS an unnecessary

expense. What should be

emphasized, however, is that

an updated system provides

benefits to treasury, yes,

but also to accounting, IT,

financial staff and more.


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STANDARD PROCESS WORKFLOWSThe many challenges that can plague a firm during its technology implementation give treasurers good reason to take great care during the planning and developmental stages to ensure that any unexpected setbacks, should they arise, are handled smoothly and properly.

One helpful tactic is to provide banded timeframes for completing certain steps. Avoiding hard deadlines, however, is strongly recommended. If a certain step takes longer than anticipated, the original roadmap should be a pliable, living document that can still propel things forward, as outlined, while also absorbing the blow.

Additionally, treasury should work to identify any tasks or processes that will require considerable time to complete. If some items take longer than others to finish, stagger them intentionally at intervals along the project timeline. This cadence will help prevent the team from becoming overwhelmed and keep progress from bogging down.

MANAGING INVESTMENTS IN TECHNOLOGYHow can treasurers overcome internal barriers to secure funding for their initiatives? They must be strategic. Continuing our discussion on departmental alignment, practitioners must be aware of others’ perceptions regarding their role

in the overall organization structure. As treasury is viewed as a cost center and is rarely at the top of executive priorities for additional spend/budget, treasury must learn to link their needs and requirements with those of other stakeholders.

Learning how your projects can aid other departments—and clearly communicating the value that aid will bring—goes a long way in winning over other groups and getting projects approved.

A standard technology implementation typically occurs in distinct phases grouped by procedures and tasks. Strategic Treasurer approaches this process using a five-step methodology, with each step further subdivided into more practices and checklist items.

USER TRAINING WORKFLOW TESTING BANK CONNECTIVITY SYSTEM TRANSITIONING VENDOR COMMUNICATION

Still Occuring 1-6 Months 6-12 Months 1-2 Years 2+ Years

Only a small portion of implementations last longer than two years. As such, it is only projects that involve massive tech overhauls or that have been poorly managed that take this long to complete. In these situations, the roadmap and project scope will almost certainly have been significantly altered to reflect changing circumstances, budget, or resources.

While only 9% of respondents expected their implementation to last between 1-2 years, the reality was that 3x as many implementations took this long. While it is not unusual for complex projects to take longer than one year, those lasting longer than 18 months are usually the result of poor planning or numerous unforeseen delays.

Again, significantly more respondents expected their implementation to be completed within 6 months to one year compared to those whose implementations were actually completed in this timeframe. In Strategic Treasurer's experience, most standard implementations, when managed properly, fall within this timeframe.

Nearly 2x more respondents expected their implementation to take less than 6 months compared to those whose implementations were actually completed in that time. While simple implementations can normally be completed in a few months, more sophisticated tech overhauls will almost always last longer.

14% of respondents were actively undergoing a TMS implementation at the time the survey was conducted. These implementations could be at any stage and may already have lasted for several months or years.

0% 10% 20% 30% 40% 50% 0% 10% 20% 30% 40% 50%

14% 45%

27%

0% 10% 20% 30% 40% 50%

40%

27%

0% 10% 20% 30% 40% 50%

7%

5%

0% 10% 20% 30% 40% 50%

9%

27%

Significantly Misestimated Timeframe

Expectation Reality

Figure 5: Top Usage & Adoption Challenges



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This process begins with comprehensive project planning and includes a post-implementation assessment and monitoring period with ongoing checks and technology inspections to ensure all components continue to function at optimal levels.

The graphic below provides a more detailed overview of these steps, along with the individual procedural sets that comprise them.

SET REALISTIC GOALS & TIMELINESWe all understand the pressure a looming deadline brings. While treasury may feel the need to aim for a speedy, cost-effective TMS implementation that wows stakeholders, they must be careful not to overpromise and underdeliver.

Practitioners often set ambitious objectives for themselves, doing everything in their power to

expedite the official “go live” time. The reality, though, is that many implementations take far longer than anticipated. This may not automatically doom a project to failure, but such delays can impede treasury’s ability to multitask, may drive up implementation costs, and will negatively impact relationships with other departments and executives.

For this reason, practitioners should always strive to be realistic with the deadlines they set. Best-case

Design Plan & Requirements

Communicate Internally

Organize Resources

Project Approvals

Final Adjustments

Product Validation

Warranty Period

System Switch-Over

Project Kick-Off with Selected Vendor

System Development & Configuration

Documentation & Test Planning

Verify Bank Connectivity & System Integration

User Acceptance Testing (UAT)

User Training

Adjustments

Optimization

Follow-Up

Finalize Budget & Resources

Identify Required Functionalities & Workflows

Conduct RFP & Vendor Selection

IMPLEMENTATIONPRE-IMPLEMENTATION POST-IMPLEMENTATION

Draft Roadmap & Specs Finalize Plan Confirm Roadmap & Blueprint Begin Installation/Crossover Monitor & Refine System Use

ASSESS SELECT ARCHITECT IMPLEMENT OPTIMIZE

Research & Analysis Internal Discussion System Mapping Future Planning System Upkeep/Optimization

01 02 03 04 05

Switch-Over

GO-LIVE

Developing a Realistic & Comprehensive Roadmap


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or highly ambitious scenarios rarely reflect the outcome of a project, so avoid promoting an internal timetable that sets the implementation up to fail. The truth is, overly aggressive schedules are common and add to the time a project takes.

WARNING: HEADACHES AHEAD!

A full TMS implementation is an endeavor that will often highlight various pain points (and hair-pulling).

From training employees and onboarding banks to testing solutions and adding additional modules, there are numerous areas from which delays can suddenly spring up. To stay on track without adding additional cost, treasury and the organization at large must plan meticulously and practice rigorous oversight throughout the process.

Issues can arise quickly from multiple places, and as such, treasury must be prepared and adaptable to handle a variety of obstacles. Figure 6 provides an overview of data gleaned from these experiences.

AVOID INADEQUATE FUNCTIONALITYLike gym memberships, paid TMS services that sit idle are a waste of money and resources. It is not a deal if you don't use it.

In many circumstances, firms purchase a TMS module they plan to use one day or implement a solution they can grow into eventually. Other times, users may not have adequate system training, and due to the complexity, they give up and decide not to use it.

While these practitioners may indeed go on to use 100% of their programming one day, the fact remains: a company paying for modules and services they don’t use are losing money and wasting resources. Given that many vendors allow users to purchase specific TMS modules and add functionality as needed, there is no reason for a company to have such high levels of unused functionality. To avoid this problem, be intentional and strategic with your purchase and what it can do. If there is a module or service you feel is unnecessary, don’t buy it. You can always add it to your repertoire later.

To avoid purchasing inefficient functionality, treasury should perform deep analysis of the TMS solution offered by their chosen vendor early in the process. Then during these initial steps in the implementation journey, practitioners should run their TMS against several scenarios to ensure each module is performing in the intended manner. Any deviation from the norm should be immediately repaired or reported to the vendor. Treasury will press to have the issue resolved before going live.

To avoid purchasing

inefficient functionality,

treasury should perform

deep analysis of the

TMS solution offered

by their chosen vendor

early in the process.

Taking longer than the alloted time

Expectation Reality

0% 5% 10% 15% 20% 25%

13%

14%

Transitioning from the old to the new solution

16%

14%

0% 5% 10% 15% 20% 25%

Learning how to use the technology

14%

11%

0% 5% 10% 15% 20% 25%

Bank onboarding

13%

9%

0% 5% 10% 15% 20% 25%

Sticking to the implementation roadmap

20%

11%

0% 5% 10% 15% 20% 25%

Effective communication with the vendor

13%

23%

0% 5% 10% 15% 20% 25%

Figure 6: Top Implementation Challenges



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MAXIMIZING ROI: SERVICE OPTIONSAs treasury prepares to take on a full TMS implementation, one of the first decisions to address involves selecting key staff to manage the project. For organizations with available IT/treasury personnel—experienced professionals with technology installation experience and the time to dedicate to a new project—managing most of the work in-house can be the most effective strategy.

Not every organization has the bandwidth to manage this, though; many treasury and IT departments are not staffed for this and struggle to manage their day-to-day list of responsibilities, much less a brand-new project of this magnitude. In these circumstances, it may make more sense to rely on either the technology vendor’s project support staff or the services of a consulting group.

When evaluating the project management services of a TMS vendor, there are several things to consider. Some vendors, for instance, maintain a large group of in-house technology consultants and support staff to assist clients with implementations, while other vendors may have more limited resources and supplement this with third-party implementation staff. Furthermore, some vendors could be undergoing dozens of implementations at once, and your support team may have to juggle your project with numerous others. This can affect the level and frequency of communication between treasury and the vendor, a situation that can cause delays when trying to resolve any unforeseen complications.

For this reason, it is important for firms to evaluate the size and availability of their chosen vendor’s

support teams early in the process. And if treasury feels additional assistance may be required beyond vendor resources, it could be advantageous to use a third-party consulting team to support your project.

Although hiring a third-party group to assist with the process will add an additional project expense, most consulting groups specializing in treasury technology have already managed dozens or hundreds of implementations in the past and are acutely aware of the various challenges that may arise, as well as the most effective methods for dealing with them. They can help you avoid many of the pitfalls and potholes on your journey.

The leading consultants will also be familiar with a wide array of financial solutions and can assist with developing RFPs, managing project documentation, training staff, testing specific workflows and optimizing use of the solution over time. While organizations with already-tight budgets may find these services difficult to afford, somehow re-allocating funds to this facet of implementation can go a long way toward ensuring the project is completed smoothly and efficiently.

Pro: Cost-effective, minimizes fees associated with hiring outside advisors; allows treasury, IT staff to become familiar with solution early on in process

Con: Potential lack of experience/bandwidth to manage entire implementation

Pro: Project/tech assistance offered at little to no extra cost

Con: Adequate help not always available, personnel often juggle myriad tasks at once; effective communication considered top challenge by some firms with recent experience

Pro: Extremely knowledgeable advisors, dozens/hundreds of satisfied clients; dedicated level of attention

Con: Additional cost associated with hiring third party may be impossible for organization with tight budget

MANAGE INTERNALLY

OUTSOURCE TO CONSULTANTS

USE VENDOR SUPPORT STAFF

Technology Implementation Service Options

As treasury prepares

to take on a full TMS

implementation, one of the

first decisions to address

involves selecting key staff

to manage the project.

*Disclaimer: Please note that Strategic Treasurer provides treasury technology consulting services to organizations, and as such, is not a neutral party with regards to this specific topic.


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Although the treasury technology space continues to introduce greater efficiency and automation for practitioners, embracing a new solution does not come without its fair share of challenges. What obstacles should be considered prior to adoption, and how can these concerns be eliminated or minimized?

INDUSTRY USE RATES

Today, the use of treasury software throughout the corporate environment is moderately high. Although significant opportunities remain for small and mid-sized firms to find solutions that address their needs, the continued democratization of technology regarding price points and capabilities is influencing the adoption rates of these markets substantially.

In Strategic Treasurer’s 2019 Treasury Perspectives Survey, significantly 43% of respondents indicated they use SaaS-based technology, as opposed to 36% who use an installed version. These platforms tend to be more cost-effective and easier to implement than others, and undergoing software upgrades/patches is also smoother. Given the sophistication of today’s SaaS applications and the broad suite of capabilities they offer, treasury clearly feels the current impact of cloud computing is more significant than other so-called disruptive technology solutions.

Along with SaaS, mobile banking also had a respectable showing, with 31% of participants already on board and 37% planning to implement in the next two years. When it comes to APIs, 17% of respondents indicated they intend to invest significantly in this technology in the coming year (2019 B2B Payments Survey). While these numbers may not seem high at first glance, further analysis reveals 55% of banks and corporates seem to agree APIs will be a game-changer.

Current Trends & Developments Across the Treasury Technology Landscape

Blockchain/DLT

Robotic Process Automation (RPA)/Bots

Artificial Intelligence (AI)/Machine Learning

Mobile Banking Applications

Application Programming Interface (API)

55% 30% 3% 1%10%

28% 30% 23% 6%13%

9% 28% 22% 3%39%

7% 9% 17% 51%16%

1%3% 35% 39%22%

12345

APIs Expected to Significantly Impact PaymentsWhen ranking technologies impacting B2B payments over the next 2-3 years, banks and corporates overwhelmingly ranked APIs as having the most significance. APIs were ranked above mobile apps, artificial intelligence, robotic process automation (RPA) and blockchain/distributed ledger technology.

Figure 7: Banks: Please rank the following technologies or services in the order that you believe they will impact B2B payments over the next 2-3 years: 1 (Most impactful) - 5 (Least impactful)



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Final Thoughts & Action Items What are the key takeaways of this report for treasury practitioners? Here are some points to consider:

THE TECHNOLOGY LANDSCAPE IS VAST AND COMPLEX. There are dozens of categories and an equally diverse array of providers who service the space. Democratization of technology increases opportunities, but companies should not assume all offerings are the same.

INNOVATIVE SOLUTIONS ARE REVOLUTIONIZING THE INDUSTRY. Technology like ML and AI are causing major disruption in the technology sector. While many groups have yet to implement them, data shows steady adoption is expected over the next five years. Corporates should begin future-proofing by establishing a modern technical architecture.

TECHNOLOGY IMPLEMENTATIONS REQUIRE SERIOUS EFFORT. A major system update is rarely completed in a few months, or even a year. In order to properly complete the process, major time and effort is required to train users, test the new solution, onboard banks, ensure back-office integration, etc.

TAKING THE TIME TO DO IT RIGHT IS ALWAYS WORTH IT. Failing to plan for a technology project of this scale will almost certainly result in setbacks and, ultimately, limited ROI. Although treasury may face pressure to deliver quickly, team members should recognize the threat this poses to structural adequacy and development. Do the research, undergo training, ask questions and advance in stages.

DATA MUST BE CONSIDERED CAREFULLY. What do you need to get in order to know, properly analyze, and transact? This covers expansive management, visibility, and self-service analytics.

And remember, updating the practice of treasury—one of the oldest disciplines in modern civilization—is not an altogether new endeavor. While in ancient times treasurers managed gifts to the gods, today’s practitioners help keep economies afloat. The sacred nature of the industry may have changed—and the tools used therein—but modern treasurers still observe a similar and equally important specialty: overseeing and managing a company's most liquid asset . . . cash. So, considering all we have covered, what are the implications of treasury management systems and the related data for treasury in the coming year and beyond? It’s quite simple. For most companies, the improvements a TMS provides vastly outweigh the cost any pain experienced along the way, and finding solutions for potential problems is essential.

1

2

3

4

5

DO MORE WITH LESS. GO STRATEGIC.

DO MORE WITH LESS. GO STRATEGIC.

Advising Clients, Assisting Teams, Informing the Industry

BANK RELATIONSEnhance the quality of your services, pricing, structure, &

share-of-wallet.

PAYMENT DESIGNOptimize efficiency, costs, & controls across varied sys-

tems, networks, & formats.

TECHNOLOGY USEDevelop & execute strategic roadmap through assessment, selection, & implementation.

SECURITY CONTROLSBuild comprehensive securityfor human & technological

threat protection.

Treasury & Risk TechnologyGlobal & Domestic TreasuryFinancial Risk Management

Working Capital OptimizationAdvanced Payments StrategyLeading Practice Benchmarks

Treasury Security Assessments

Bank Relationship ManagementBank & Vendor Fee Administration

Merchant & P-Card AnalysisOutsourced Compliance

Temporary Treasury StaffingConnectivity & OnboardingSecurity Training & Testing

Primary Market ResearchWebinars (CTP Credits)

FinTech Analyst CoverageTreasury Update Podcast

eBooks & WhitepapersReports & InfographicsTreasury Ambassadors

ASSIST INFORMADVISE

Who is Strategic Treasurer? What can we do for you?

Consulting leaders, each with decades of experience, providing professional services including treasury management, security, technology, & compliance.

We advise from a position of first-hand knowledge, research, insights & measurable results giving you confidence to achieve your treasury goals.

A leading treasury consulting firm, leveraging senior consultants with deep treasury expertise and unmatched industry knowledge to provide clients around the globe with advice and implementation assistance on leading practices, treasury operations, technology, and financial risk management.

We provide relevant and influential insights to the treasury profession, producing some of the foremost research and reports on trends within the industry. We inform from a position of experience, measurable results, and have resolved hundreds of issues similar to yours–yet, understand every company is unique.

ICD PORTAL | Technology Provider

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ICD: Analyst Coverage

KEY HIGHLIGHTS ICD CLIENTS

99% of ICD Client respondents rated ICD’s customer service as excellent or above average in 2018 and 2019 client survey

350+ Active Clients

99.6% client retention

$3T traded annually through ICD

28% YoY Asset Growth

Zero Cost to ClientsFounded: 2003

CEO: Tory Hazard

Ownership: Privately-Held, Private Equity Backed

Headquartered: San Francisco (US)

London (EMEA)

www.icdportal.com

+1 800.611.4423

[email protected]

All content was produced by ICD and edited by Strategic Treasurer.

COMPANY OVERVIEW

ICD is a leading independent trading portal provider forinstitutional short-term investments, empowering treasury organizations around the globe with solutions designed to efficiently manage all aspects of the corporate investment workflow. Since its inception in 2003, ICD’s cloud-based solution ICD Portal has shaped the corporate treasury landscape with industry leading tools, like its patented and award-winning Transparency Plus and Autopay that enable treasury organizations to improve efficiency and maximize returns, while mitigating market, operational and compliance risks, all at zero cost to its customers.

The firm was founded with a commitment to delivering superior products and extraordinary service to its

clients, and today is rewarded with a 99.6% client retention rate. Through its customer-centric focus, ICD services a global roster of more than 350 clients, with nearly 3,200 users around the world, providing unbiased access to over 300 investment products spanning 30 fund providers. While the customer is central to all elements of the organization, at its core ICD is a technology company with nearly 50% of its employees dedicated to the development of ICD Portal. To support the $3 trillion in annual trades processed over ICD Portal, ICD acts as an extension of its clients’ treasury operation, employing a global network of licensed and accredited trading professionals in San Francisco, London and Boston.


mailto:info%40icdportal.com?subject=


icdportal.com

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PRODUCT OVERVIEW

ICD Portal empowers treasury departments to protect capital, maintain liquidity and achieve a competitive yield via an expansive selection of investment products, seamless integration, proprietary trading technology, comprehensive reporting, and investment risk management at no cost.

ICD’s client service includes a full-service global trade desk comprised of experienced and licensed representatives who specialize in addressing the unique trading and business requirements of ICD customers. With trade desks in San Francisco, Boston and London, ICD provides over 17 hours of international coverage each business day from licensed professionals who service over $3 trillion in annual trades.

ICD Portal offers treasury practitioners a wide array of institutional investment products, including a global menu of over 300 money market funds representing all asset classes across eight currencies. Additionally, ICD offers Short Duration

Bond Funds in three currencies, Federally Insured Cash Account (FICA), Federally Insured Brokered CDs, Direct Commercial Paper, Separately Managed Accounts and Time Deposits, through a partnership with 360T.

ICD’s dedicated technology team is solely focused on advancing ICD Portal. Based on client feedback, ICD is continuously improving the Portal, adding new compliance rules, investment products and analytic tools. ICD Portal functionality is flexible, allowing each client to configure the offering to optimize their trading process and workflow. To help support their critical banking relationships, ICD offers clients multiple ways to execute and settle trades, giving them the ability to be disclosed or non-disclosed to the bank. The value of treasury technology exponentially increases based on its ability to connect with other systems, to this end ICD’s dedicated integration team is available for customers at no cost, enabling over 700 integrations to-date. The organization has grown its ecosystem of integrated solutions into a vast network of interconnected components that include Treasury Management Systems, ERPs, Electronic Trading Platforms, Fund Companies, Trading Counterparties, Transfer Agents, Banks, Data Sources and Reporting & Analytic solutions.

ICD’s Transparency Plus is the industry’s first exposure analytics application. This patented, award-winning risk management tool provides clients with on-demand access to detailed intelligence on portfolio exposure to counterparties, countries, sectors, security types and more. ICD delivers deep, multifaceted reporting including Dividend Accrual, Gain/Loss, Comprehensive, Fund, MMF Guideline, NAV Flow Liquidity, Repo and Portfolio Summary Reports.

ICD AutoPay is a patented, award-winning technological advancement that increases efficiency and improves security by automating wire settlement from approved trade orders. The automated settlement feature enables clients to enter purchases on the ICD Portal and simultaneously authorize a secure wire settlement disbursement from the client bank, saving hours in manual work each day.

ONBOARDING, IMPLEMENTATION, & CLIENT TRAINING ICD is a SaaS solution so all clients are on the most current version of the software. However,

US

International

44%

56%

Global Client Spread

I have found that ICD Portal has exceptional investment options, delivers outstanding operational efficiency and their service/support is second to none.

Matt Norris, Treasury Manager, Petrofac Ltd.

“ICD Portal’s platform is user-friendly and makes trading remarkably easy. From the various reports provided by ICD, to the customization features and interface, ICD Portal and its expert trade desk professionals help me add value at American Honda.”

Kim Kelly-Lippert, Treasury Manager, American Honda


ICD PORTAL | Technology Provider

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each client’s user configuration is unique in order to optimize the system to the preferences of their treasury organization. Onboarding ICD is quick and easy, depending on their desired settlement option and organizational structure, clients can be up and running in as little as one day after completion of the associated paperwork. To expedite onboarding, ICD provides paperwork that is ready to execute in an effort to further streamline the process. Integrations and AutoPay can be done before trading on ICD or after at any point. ICD offers standard integrations with all major TMS and Reporting systems that could be available within one day. For custom integrations, the ICD Integration Team works with the client and the third-party vendor to create a solution tailored to the specific needs of the treasury organization.

ICD provides client training in person or online as often and for as many users as desired. As new

users join the client’s treasury team, ICD is available for one-on-one personalized training to get them proficient using the portal.

CUSTOMER SERVICE

ICD’s renowned client service includes a full-service global trade desk comprised of experienced and licensed representatives who specialize in addressing the unique trading and business requirements of ICD customers. ICD’s Global Trade Desk operates on a “follow-the-sun” approach to support, offering personalized phone and online support over 17 hours each business day, beginning with the London desk that opens at 8:00AM local time, continuing with our Boston desk and concluding around 5:00PM local time in San Francisco.

CASE STUDY

ABOUT THE CLIENT ŋ One of the leading technology companies,

listed in the top 5 Fortune Tech Companies ŋ Multinational Company with offices and

treasury operations virtually around the world

PROBLEM ŋ Inefficient cash positioning left uninvested

due to trading directly with funds via phone ŋ Ability to consolidate reporting was a

challenge with global teams and time zones

DESIRED SOLUTION CAPABILITIES ŋ Connectivity to various other technologies ŋ User-friendly platform that all time zones

could leverage

WHY CLIENT CHOSE ICD ŋ ICD’s Transparency Plus was a major deciding

factor as it allows the client to look at the fund’s underlying holdings when managing risk

ŋ ICD's independent selection of products allows clients to “share the wallet” without any potential pressure from a bank portal

FUNCTIONALITIES IMPLEMENTED ŋ ICD Portal places and approves trades across

time zones and does not limit modules, users or support, allowing all desired features

ŋ Compliance rules are preventative controls, allowing clients to govern usage based on MMF investment policy with user alerts

ŋ ICD allowed straight-through processing into SAP Treasury (TMS) via trade creation and approval online, saving 3+ hours per trade


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▪ Figure 1, Page 4: 2019 Strategic Treasurer & TD Bank Treasury Perspectives Survey.

▪ Figure 2, Page 5: 2019 Strategic Treasurer & TIS Compliance Survey.



▪ Figure 5, Page 13: 2017 Strategic Treasurer & TreasuryXpress Treasury Technology Survey.

▪ Figure 6, Page 15: 2017 Strategic Treasurer & TreasuryXpress Treasury Technology Survey.

▪ Figure 7, Page 17: 2019 Strategic Treasurer & Bottomline Technologies B2B Payments Survey.

Works Cited


TREASURY FRAUD & CONTROLSOffers comprehensive analysis of treasury's experiences with specific types of fraud and evaluates the security tools and methods used by organizations to protect their financial assets and information.

TREASURY PERSPECTIVESGauges practitioners’ viewpoints, strategies, and preferences on a range of topics including economic growth, compliance, security, payments, capital markets, risk, and technology use.

B2B PAYMENTSProvides valuable insights related to the overall payments complexity and challenges being experienced by practitioners. It focuses on unique solutions and tactics employed by organizations to optimize payment processes and maximize efficiency.

GLOBAL PAYMENTSStudies the various payment technologies, tools, and services used by organizations for faciliating global payments activity and analyzes the key areas of complexity currently impacting the payments landscape.

STRATEGIC TREASURER MARKET RESEARCH

As part of our ongoing market research initiatives, Strategic Treasurer conducts 10+ industry surveys every year on a variety of topics ranging from cash management and payments to fraud and compliance. These surveys are collectively completed by several thousand corporate,

banking, non-profit, government, and higher education respondents every year. Below is a list of our current industry research initiatives.

Treasury ComplianceKeeps track of treasury’s shifting strategies and responsibilities for managing bank account information and maintaining compliance across the full scope of their daily operations.

Liquidity Risk Analyzes organizations' short-term investment and risk management strategies to uncover trends related to how firms are optimizing their liquid assets and identifying and mitigating associated risks.

Supply Chain Finance Evaluates the use of SCF technology within the corporate environment, as well as the strategies and technologies put in place by firms to manage vendor relationships, streamline cash conversion cycles, and optimize working capital.

Cash Forecasting & VisibilityStudies the operational and technological components deployed by organizations for maintaining visibility to cash positions and forecasting cash flows.

Higher Education Focuses specifically on understanding the unique challenges and operations of financial personnel within the realm of higher education and how their experiences compare to those of their peers in the corporate environment.

Treasury Technology UseAnalyzes the use of technology within the treasury environment, with a focus on the utilization of Treasury Management Systems (TMS) and organizations’ unique experiences with implementing, using, and upgrading these solutions.

How Are Your Surveys Classified?

The surveys highlighted on the left-hand side of this page comprise Strategic Treasurer's Premier Survey program, which offers comprehensive analysis (100+ questions) across each area of focus. The surveys highlighted directly above are part of our Standard Survey program, which provides robust coverage (30-50 questions) of the selected topic. To learn more about our market research initiatives, visit our website at strategictreasurer.com/surveys.

http://strategictreasurer.com/surveys

Data you can act onSTRATEGIC TREASURER MARKET RESEARCH

525 Westpark Drive, Suite 130 ● Peachtree City, GA 30269 +1 678.466.2220 ● [email protected]

How Does This Help You? \ Receive key benchmarks to see

where you stand amongst your

peers and competitors.

\ Analysis of treasury's investment

plans and areas of focus.

\ Analysis of key industry practices

concerning tech use, payments,

working capital, risk, fraud,

compliance, and much more.

Interested? Contact Strategic Treasurer today:

[email protected]

+1 678.466.2220


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