THANK YOU FOR SUBSCRIBING
The Quintessential Technology Source for Corporate Financial Professionals
CFO Tech Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CFO Tech Outlook
Warren Davey, EVPSince effective treasury management can only be attained through complete cash visibility, GTreasury's cash positioning and reporting solution enables clients to have easy access to all financial data. The company has created application program interfaces (APIs) and web services to facilitate connectivity with third-party sources, and data related to cash activity is automatically retrieved from bank websites and uploaded onto a user's system. This eliminates the need for users to manually log on to a bank’s website for financial data and the treasury department is always up to date with an organization’s current cash position. “Integrating data from financial institutions in real time allows treasury departments to make timely and proactive cash decisions,” says Warren Davey, EVP, GTreasury. In addition, powerful treasury worksheets enable treasury professionals to predict future cash flows and make necessary adjustments with regard to changing economic positions.
Since the treasury department is expected to track and execute various kinds of financial transactions, the platform's Financial Instruments module centralizes all transactions.
Integrating data from financial institutions in real time allows treasury departments to make timely and proactive cash decisions
Davey cites an instance where a Fortune 500 insurance company was using an archaic financial management system and did not have access to bank fee notes, or the document detailing the money that has been deducted from an account. With GTreasury stepping in, the client could securely connect to the bank and all cash allocations were identified and classified in an automated manner. Within a month, the insurance company realized that they had been overcharged $300,000 just on bank fees. With GTreasury’s timely reports, the client could adjust the additional fee and take necessary action.
Following a customer-centric approach, Davey says that every client is perceived as a partner and it is ensured that they receive maximum value out of the company’s treasury system. Considering themselves as an agile development shop, GTreasury constantly updates their platform according to client needs.
As organizations become more and more aware of the advantages of cash management and liquidity, GTreasury will continue to stay on the top of their game by bettering their integrated TMS. In addition, given the current threat on treasury systems from cyberattacks, GTreasury is committed to investing more in cybersecurity to thwart potential perpetrators. “This is an exciting time for fintech as disruption is around the corner and GTreasury will be a gamechanger in illuminating global liquidity,” ends Davey.
This partnership will enable the large corporate and enterprise clients using GTreasury’s treasury management system software to integrate with Convera’s B2B cross-border payments platform, the companies said in a Wednesday (Aug. 2) press release.
“The speed and ease of global payments processes are business-critical for enterprises, and combining Convera and GTreasury technology is a major win for our joint customers,” GTreasury Vice President of Product Management German Karaivanov said in the release.
The partnership will initially focus on Australia, New Zealand, Singapore and Hong Kong, enabling GTreasury clients in those locations to fund payments from any Convera or third-party bank accounts, according to the release.
By integrating with Convera’s payments platform, these clients will be able to access global banking networks and make global business payments efficiently, transparently, cost-effectively and securely, the release said.
“Working with GTreasury, we will immediately expand cross-border solutions in the APAC region,” Convera CEO Patrick Gauthier said in the release.
Making decisions about how and when to move money is more challenging than ever because of currency volatility and other challenges, Gauthier told PYMNTS’ Karen Webster in an interview posted in January.
Convera’s platform and solutions offer both B2B payments services and hedging, a model that “provides CFOs and treasurers a ‘line of sight’ into the cash flows of those transactions” while simplifying exchange rates and compliance, Gauthier said at the time.
The partnership of Convera and GTreasury comes about two months after GTreasury launched a collaboration with working capital platform C2FO that gives treasurers a cash management/early payment tool to boost liquidity forecasting while optimizing cash flow.
“In addition to solving everyday liquidity needs, corporations are navigating economic shifts and tightening lending standards that will reduce access to capital,” the companies said when announcing their partnership June 8. “Flexible liquidity management solutions that support end-to-end cash visibility are vital for continued enterprise growth and planning.”