The State of Treasury in 2022: Research Summary

28-07-2022 | treasuryXL | TIS | LinkedIn |

This blog gives you insights into the state of the treasury function in 2022 and a short list of recommended action items for better management of modern-day treasury operations

Source



About TIS’ Global Research

The insights highlighted in this article are based on a comprehensive set of studies conducted by TIS and our affiliates between Q1 2017 – Q2 2022. During this period, TIS held one-on-one interviews with hundreds of treasury experts and also released a suite of digital surveys that gathered feedback from thousands of financial practitioners regarding technology, staffing, and general operations.

Over the course of our research, TIS partnered closely with a niche team of industry experts, thought leaders, and consultants to interpret the findings. Historical treasury data was also obtained from the Association of Financial Professionals (AFP) and the consulting firm Strategic Treasurer to provide context regarding the evolution of treasury technologies and practices over time. Together, the expertise of our consortium and the extensive feedback collected from industry practitioners has provided us with unparalleled insights into the state of the treasury function in 2022.

While this article serves to highlight the summary findings and recommended action items from our studies, readers that would like more data and information are encouraged to download our full whitepaper for extended coverage.

 

 

Research We Relied Upon

The below surveys, polls, and interviews represent the full suite of research that TIS relied upon to complete our study. Links to the associated research conducted by our affiliates are provided as applicable.

  1. 2017 Strategic Treasurer Technology Use Survey. View Full Results Here
  2. 2020 AFP Strategic Role of Treasury Survey. View Full Results Here
  3. 2020 TIS Rapid Research: Remote Work Capabilities Poll
  4. 2022 TIS Rapid Research: Treasury & Payment Systems Usage Poll
  5. 2022 TIS & Treasury Priorities & Opportunities Survey. View Full Results Here
  6. 100+ One-on-One Interviews with Active Treasury Practitioners Between 2017-2022

 

Key Findings & Highlights

This section provides a brief overview of the key points obtained through our research. For more information on any point of interest, please refer to the full whitepaper.

1. Treasury’s Responsibility List is Constantly Growing: The treasury function has never been more critical to the success of an organization, and this is being recognized internally by key stakeholders. However, treasury practitioners are now being handed additional responsibilities as executives and other departments realize the value they can provide, and nearly 80% of U.S. treasury teams saw their “net” list of responsibilities increase in 2022 vs 2021.

 

 

2. Stakeholders View Treasury as Equally Strategic & Operational: Over 50% of financial practitioners believe the treasury function holds key strategic value, which represents a significant shift from the traditional viewpoint of treasury being mostly an operational function. This shifting perspective is shared widely amongst internal stakeholders like accounting and AP. Today, treasury’s strategic influence is impacting areas like technology adoption, working capital management, bank connectivity, payment processing, and financial reporting.

3. A Saturated Technology Market is Confusing for Treasury: The growing importance of the treasury function and widespread digitalization of global financial operations has resulted in an abundance of Fintech and bank-led software products entering the market. While this has helped foster innovation, data also shows that many treasurers have become confused by the breadth of categories and service offerings in the market, which has led to greater indecision and headache during RFPs and implementations.

 

 

4. The Line Between “Treasury Expert” and “Tech Expert” is Blurring: As the treasury function continues shifting away from paper-based and manual workflows to digitally automated processes and software tools, treasury personnel are finding that their technological proficiency has a significant impact on their ability to perform their core financial responsibilities. This is leading many practitioners to seek out technology-based learning courses in tandem with their more traditional financial education.

5. Fraud & Security Concerns Remain a Critical Issue: In today’s remote and digitally-operated business landscape, tech-savvy criminals are presented with even more opportunities for infiltrating a company’s systems and processes. This is leading to a noted increase in fraudulent attempts across a variety of areas, and treasury teams are continuing to invest heavily in both technology and training to protect themselves.

6. Successful Treasury Teams Collaborate with Other Stakeholders: Research found that many of the most successful treasury teams are proactively working cross-collaboratively with other internal stakeholders and departments like accounting, AP, and IT to accomplish their objectives. These teams are also frequently partnering with external consultants, solution vendors, and bank personnel to ensure alignment and cohesion across all their various systems and operational workflows.

 

Recommended Action Items for Treasury

Based on the findings from our research and interviews, TIS experts have compiled a short list of recommended action items that treasury teams should consider as they seek to better manage their operations in 2022 and beyond. They are as follows:

1. Embrace the Opportunity to Provide Greater Strategic Input: As CFOs and other departments increasingly rely on treasury for reliable data and insights, practitioners should embrace the opportunity to expand their strategic influence internally. In the long run, this ability to provide value in new ways across the organization will benefit treasury when it comes to securing new budget and staffing approvals. However, in order to provide the most visibility and control over their operations without overloading their small teams, treasury must become highly adept at leveraging technology to eliminate manual workflows and repetitive tasks.

2. Becoming Proficient with Technology Should be Non-Negotiable: As technology continues to play a massive role in treasury, it’s crucial for practitioners to familiarize themselves with the core tenets of the modern technology landscape. This does not mean simply researching new buzzwords, but instead seeking to understand the unique differentiators that separate various bank and fintech product offerings in the market. Treasury should also not hesitate to seek out the help of specialized consultants or technology experts for help. Ultimately, treasury’s ability to effectively identify the solutions and capabilities that best fit their company’s needs will save significant time, money, and headache during implementations and migrations.

3. Managing Security for Remote Workforces Requires Extra Care: Given the continued prominence of fraud attacks within the treasury and finance environment, there is no room for error when it comes to protecting a company’s systems, workflows, and personnel. To secure their funds and assets, treasurers must implement multifaceted security controls and protocols that extend beyond the “frontlines” and include executives, administrators, and other “back-office” staff. Combining education and awareness with multiple layers of technology is the only way to gain the upper hand against a new era of tech-savvy criminal.

4. Building Strong Relationships with Other Stakeholders is Crucial: Today, most of the financial systems and workflows that exist within a business are closely intertwined. This means that treasury operations have a significant impact on other departments, and vice versa. Given the extent to which treasury workflows are integrated with those of other stakeholders, it’s vital for treasury to communicate and collaborate effectively with these groups. To ensure total alignment and cohesion, treasurers must be proactive in establishing solid relationships with internal IT, accounting, and AP departments as well as external banking and solution vendors.

5. Ongoing Education is Vital for Staying Ahead of the Curve: Treasury and finance teams have made it clear they are intent on furthering their education and professional skillsets. This professional development is not limited to any one area but encompasses a broad array of topics across both technology and finance. In a digital world, many practitioners are relying on remote seminars and webinars, but in-person events and training are still on the list for many teams as well. Moving forward, it’s highly recommended that practitioners who are serious about their careers undergo regular education and training so that they can stay abreast of new industry developments and innovations.

How Can TIS Help?

The TIS team hopes that the findings highlighted in our research are helpful for teams currently evaluating their own treasury structure, technologies, and workflows. For businesses that view these insights and find themselves in need for enhanced payments, cash management, and banking functionality, we would strongly urge you to consider the solution and services provided by TIS.

Today, TIS is streamlining treasury automation through a cloud-based platform that is uniquely designed to help global organizations optimize global payments and liquidity. In essence, the TIS solution is a multi-channel and multi-bank connectivity ecosystem that streamlines the processing of a company’s payments across all their global entities and systems.

Sitting above an enterprise’s technology stack and connecting with all its back-office, banking, and 3rd party solutions, TIS effectively breaks down department and geographic silos to allow 360-degree payments visibility and control. To date, the more than 200 organizations that have integrated TIS with their global ERPs, TMSs, and banking landscape have achieved near-real-time transparency into their payments and liquidity. This has benefited a broad variety of internal stakeholders and has also enabled them to access information through their platform of choice. Data is available either through dashboards or direct downloads but can also be delivered back to the originating systems.

As part of our client-centric service model, we fully commit our own resources to your implementation and manage the configuration of all required system functionalities, back-office integrations, and bank connections on your behalf. Beginning with project kick-off and lasting through testing and go-live, TIS’ all-inclusive approach to customer support means you never have to rely on internal resources to maintain our solution or integrate it with your existing technology stack.

This systematically controlled payments workflow is managed by TIS for both inbound balance information and outbound payments, and data can be delivered from any back-office system via APIs, direct plug-ins, or agents for transmission to banks and 3rd parties. No matter where you operate from, TIS provides global connectivity and provides the real-time data, control, and workflows needed for treasury to automate and control their end-to-end payments and liquidity processes.

For more information, visit our website or request a demo with one of our experts.

 


Build vs Buy: How Should Treasury Teams Upgrade Their Bank Connectivity & Payments Stack?

15-06-2022 | treasuryXL | TIS | LinkedIn |

This blog highlights the primary considerations that treasury and IT teams must make when determining whether to build custom in-house bank connectivity and payments solutions or contract the services and software of a specialized 3rd party vendor. After evaluating the main benefits and drawbacks of each option, we provide a list of helpful questions for practitioners to consider as they decide whether building or purchasing a solution best suits their needs.

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How Does the “Build vs Buy” Debate Typically Surface Within Organizations?

In today’s remote and digitally operated business environment, it’s no secret that organizations have grown deeply reliant on technology to manage and automate their core treasury and finance functions.

Realistically, a “modern” company operating in 2022 will be doing business through a myriad of banks, accounts, currencies, and entities. They will also likely have hundreds or thousands of vendors, partners, and customers within their network. As a result, digital payments and cashflows are moving in and out of the business constantly, and every movement must be monitored and controlled by treasury teams that often consist of just a few employees.

Because of treasury’s limited personnel bandwidth, any issues with adopting the right bank connectivity and payments stack to automate their core operations almost always lead to excess complexity and manual strain. It can also result in significant security and compliance gaps, along with general inefficiency across crucial processes like transaction processing, liquidity management, balance reporting, and cash forecasting.

But while most treasury and IT groups today can agree that developing a robust connectivity and payments stack is critically important, each internal stakeholder will likely have their own idea regarding what the “best-fit” version of this technology stack actually looks like.

Why is this?

As companies grow over time, the systems they use to manage payments and connect with their banks must evolve accordingly. Because managing a few bank accounts and transactions in a single country and currency is a fundamentally different task compared to managing dozens of banks, hundreds of accounts, and thousands of payments across numerous countries and currencies, companies cannot rely on the same solutions and structure they’ve always used to sustain them as they scale.

Instead, in order to maintain compatibility with new payment formats and channels like ISO 20022 and SWIFT GPI, connect with regional payment networks like NACHA and EBICS, or accommodate custom bank connectivity protocols (Host-2-Host / SFTPAPIs, etc.), growing enterprises will inevitably reach a point where their existing payments and banking architecture must undergo a significant overhaul.

Complexity grows as you scale. Scaling from just a few bank accounts, back office systems, and funds transfers being executed in a single country to managing dozens of international banks and systems, hundreds of accounts, and thousands of payments globally requires a drastically different tech stack for treasury.

However, as this evolution occurs and internal stakeholders recognize the need to upgrade their connectivity architecture, disagreements often arise over which vendor or “type” of solution is the best fit. Given that there are hundreds of available 3rd party solutions that could potentially address treasury’s requirements, as well as a variety of internally developed applications that could be created and deployed by IT teams, it is common for different stakeholders to have contrasting views over which option is the smartest choice.

This is where the “Build vs Buy” technology argument most frequently comes into play.

 

Understanding Both Sides of the Build vs Buy Argument

As organizations recognize the need to upgrade their payments and connectivity capabilities, there are two main approaches they could leverage to address the issue. The first is to use internal IT resources and expertise to build a customized solution for treasury, and the second is to purchase a specialized solution from a 3rd party provider.

But which option is the best choice?

Let’s quickly review the key benefits and drawbacks of each option.

The Pros and Cons of Building vs Buying a Treasury Solution

Building an Internal Connectivity Solution

Organizations that prefer to create their own custom connectivity solutions internally using IT resources and expertise will likely have a greater ability to customize the offering in a manner that best addresses all their needs. To date, several prominent ERPs offer modules or plugins that give  IT staff the ability to build custom formats and configure their own connectivity protocols. However, this option requires a significant amount of bandwidth and maintenance from treasury and IT teams, as well as a high degree of expertise and technical prowess to support the solution over time. The below pros and cons list highlights this reality in more detail.

PROS

  • IT and Treasury teams know firsthand what the main requirements and preferences are.
  • Support and maintenance for the solution can be handled internally.
  • The solution can be customized to fit the exact needs of the enterprise.
  • Complexity and redundancy regarding unnecessary features are kept to a minimum.

CONS

  • IT and treasury teams may not have the bandwidth to build their own internal solution.
  • Fixing bugs and patches requires internal support, which is not always readily available.
  • Not all internal teams have the expertise required to build complex connectivity solutions.
  • Supporting the need for new formats and connectivity protocols requires more custom work.
  • Scaling over time requires constant upkeep and maintenance from internal resources.

Adopting a 3rd Party Connectivity Solution

Compared to building an internal solution, adopting a 3rd party connectivity and payments solution usually requires less of treasury and IT’s time, and there is less effort required to develop, implement, and maintain the solution. However, there is also the chance that this solution will require the purchase of redundant or unnecessary features. At the same time, improper or incomplete implementation of a 3rd party solution can cause severe integration, security, and compliance issues over time. More about these pros and cons are highlighted below.

PROS

  • IT and Treasury teams have a minimized role in the solution’s implementation and upkeep.
  • Dedicated customer support staff can help resolve issues and requests.
  • Updates and patches are normally handled externally by the vendor.
  • Specialist functionality is pre-packaged to address best practices in connectivity and payments.
  • Liability on the company to maintain, host, and secure the solution is largely outsourced.

CONS

  • Specific customization of the product for treasury teams cannot always be assured.
  • Reliance on 3rd party vendors for support and upkeep may result in delayed responses and feedback.
  • Tech complexity can quickly escalate if companies start adopting numerous 3rd party solutions to manage various functions, especially if they do not integrate well with one another.
  • Using external solutions for data and payments can create additional security risks and compliance issues.

 

As showcased by the above bullets, a company’s decision to build or buy its payments and connectivity solutions should always depend on its unique circumstances. For instance, a company with sufficient IT personnel and internal expertise might have the bandwidth to create and maintain a solution on its own. However, if treasury and IT teams are already exasperated with their current list of responsibilities and don’t have the time or expertise necessary to create and maintain their own solution, it probably makes more sense to begin evaluating the services of a 3rd party provider.

For treasury teams who are presently evaluating their options and need help deciding on the best course of action, the following considerations will help provide more clarity during the decision-making process.

Elements to consider when evaluating build vs buy

 

A Checklist to Walk Through When Deciding to Build or Buy Your Next Connectivity Solution

1. Validate the Need for New Technology

Many organizations have their eye on new technology before identifying any legitimate business need. Sometimes this “cart before the horse” approach is due to rigid business processes, lack of technical knowledge, or pure product hype. Decision-makers are very often awed by product suite success stories, dynamite product demonstrations, and industry analysts’ evaluation of technology—even when they haven’t formally identified a need for the technology.

To avoid these pitfalls, treasury and IT teams need to first validate the need for upgraded connectivity and payment protocols, prior to even beginning to evaluate which solution makes the most sense.

Last, but not least, tech leaders need to provide an estimated return on investment (ROI) for any new solution, along with a description of how ROI will be measured. It is surprising how many programs are initiated without considering ROI or added business value upfront. Many of these projects consume a lot of budget and time before leaders realize that either the solution will not add value or there is not a legitimate business need.

 

2. Identify Core Connectivity & Payment Requirements

In large organizations, pinpointing core connectivity requirements is often easier said than done. Still, it is a critically important step to take before deciding to implement a new solution. A core business requirement is one that must be supported by the solution to continue functioning as intended. For multinational organizations, core connectivity requirements may involve compatibility with numerous format types (EDI, BAI, SWIFT MT, ISO 20022, etc.) as well as numerous bank channels (SWIFT, H2H, EBICS, etc.) and back-office integrations (APIs and plugins for ERPs or TMSs).

Although determining treasury’s exact connectivity requirements may be difficult, it is extremely important to identify these core functional requirements first—not technology or design requirements. This is the only way to ensure unnecessary or redundant functionality is not purchased erroneously, and also ensures that critical requirements are never accidentally overlooked and unaddressed through whatever solution is ultimately chosen.

 

3. Consider Your Technology Architecture Requirements

Going a step further than the above point, it’s safe to assume that organizations are already using technology to enable other business processes. To reduce the cost and liability of this technology, your organization has also likely adopted standards related to how internal solutions are implemented and maintained.

As such, it is extremely important to identify any architectural requirements or standards that a solution must adhere to before determining if a 3rd party solution or an internal solution is the best choice. Some factors that may restrict the solution choice are as follows:

  • Information security strategy, compliance policies, and privacy standards (SOC 1 & 2, GDPR, etc.)
  • The state of current / planned systems with which the solution will be interfacing
  • What the preferred hosting structure is for the new solution (on-premise, SaaS, etc.)
  • Type and complexity of integrations that must be supported by the solution
  • Operating systems in use by the organization and their partners/banks/customers/entities

 

4. Examine & Evaluate Existing Solutions FIRST

At this point, a business need has been pinpointed, ROI has been estimated, and both core business and architectural restrictions have been identified. Leaders should now take a good look at existing systems.

It is not uncommon that different departments or entities of a large, global organization are not aware of what systems exist in other areas of the company. As a result, businesses will often implement multiple versions or forms of the same technology, only to discover that another system within the organization could have supported treasury’s new requirements with little to no modification. Thus, before deciding on the “best-fit” solutions approach, you should determine if any existing system(s) within the organization can be easily scaled or extended to meet your business need.

 

5. Compare In-House Expertise & Bandwidth Relative to Current AND Future Capabilities Required

One major factor that can significantly reduce the ROI of a custom-built solution (and in many cases, ultimately causes the project to fail) is the lack of available personnel with proper skill sets. In reality, the process of designing and deploying custom connectivity solutions that are both scalable and extensible is a massive undertaking for both treasury and IT. Unless one of your business areas is product development or you have an abundance of available IT support, there is an extremely high probability that your operations and maintenance technology resources will not be able to build, sustain, and support an internal solution, especially as new needs and requirements arise over time.

It is never profitable to let personnel gain these skills and experience by developing business-essential systems. Yet, more often than not, decision-makers see the short-term cost differences between an internally-built vs 3rd party solution and decide to try and build their own in order to save money. However, unless you’re supremely confident in the skillsets and bandwidth of both your treasury and IT teams, this option is not recommended.

 

Why TIS is the Ideal Provider for Global Payments, Liquidity Management, & Bank Connectivity

Ultimately, any organization evaluating whether to build or buy its next solution will have to closely analyze its own operations in order to make the best decision.

In cases where organizations require support for a complex array of payments and bank connectivity protocols and are open to considering a 3rd party vendor, they should closely evaluate the capabilities provided by TIS.

The cloud-based, fully-supported platform provided by TIS offers a global, multi-channel, and multi-bank connectivity ecosystem that streamlines and automates the processing of a company’s payments across all their global entities and systems. By sitting above an enterprise’s technology stack and connecting with all their back-office, banking, and 3rd party solutions, TIS effectively breaks down department and geographic silos to allow 360-degree visibility and control. To date, the ~200 organizations that have integrated TIS with their global ERPs, TMSs, and banking landscape have achieved near-100% real-time transparency into their payments and liquidity. This has benefitted a broad variety of internal stakeholders and has also enabled them to access information through their platform of choice since the data that passes through TIS is always delivered back to the originating systems.

 

TIS Simplifies Global Payments & Liquidity

Because of the deep connections that TIS maintains with internal systems such as ERPs or TMSs, external banks, and 3rd party vendors, the process of managing payments is simplified for every internal stakeholder. C-suite executives, treasury, accounting, AP, legal, HR, and other key personnel can access whatever financial data they need, exactly when they need it. And by automating this flow of information for both inbound and outbound payments, TIS provides the control and flexibility that enterprises need to function at their highest level.

Finally, with the global payments data we have amassed and the decades of experience our team has in orchestrating enterprise payments, we are uniquely equipped to help enterprises accurately benchmark their payments performance and provide tailored advice on how to optimize, grow, and mature. Ultimately, this rich data and deep experience are what enable us to continually provide industry-leading payment solutions and support to our enterprise customers.

In the digital world of enterprise payments, TIS is here to help you reimagine and simplify.

For more information about how TIS can help you, visit our website or browse our latest resources!


Fraud Check Up

17-05-2022 | treasuryXL | TIS | LinkedIn |

Fraud as a threat: Evaluate your risk!

Source



Record high of fraud threat level: 87% of professional treasurers from companies and banks worldwide have perceived an increase in fraud threat in comparison to the year before. * Attacks on companies have intensified significantly, threatening all processes of financial transactions and payment relevant courses.

Additionally, due to the rapid change to remote work since the start of the pandemic, security strategies have undergone the greatest stress test. New and secure means are available and necessary to protect your company against rapidly evolving fraud schemes.

 

Is your company at risk? Find out now by answering a couple of questions.

* Strategic Treasurer – 2021 Treasury Fraud & Controls Survey Report


TIS Global Payments Peak

12-04-2022 | treasuryXL | TIS | LinkedIn |

TIS invites you to this virtual event. Get to know the product roadmap for 2022, the TIS Enterprise Payment Optimization story and much more.




TIS invites you to join us for our annual event, Global Payments Peak, on April 28th at 2:30 PM CET.

 

Enjoy an afternoon full of information and networking on our event app as we reflect on our vision and product roadmap for 2022. Get the opportunity to hear from our customers how they use our solution to build defences against payment fraud.

  • Register today and find out about our vision and product roadmap for 2022.
  • Hear news from TIS, engage in sessions with existing TIS customers as well as industry experts.
  • Learn what Enterprise Payment Optimization is and how TIS can help your company to optimize its payment processes.

We will reveal an agenda in due course. Stay tuned for more information



SAP Integration with the SAP Add-on

24-03-2022 | treasuryXL | TIS | LinkedIn |

Outsource the technical challenge of bank connectivity to a payments expert.



Benefits of integrating TIS with our certified SAP Add-on

For many SAP clients, bank connectivity is a technical challenge. Find out, how integrating SAP with TIS can help you:

  • Replace fragmented data streams with a unified interface for all payments
  • Significantly improve your bank communication
  • Ease the technical integration of an in-house bank with TIS and SAP Advanced Payment Management (APM)

 

The SAP Add-on is available for all systems (SAP ByDesign, ECC6.0, S/4HANA on-premise, public cloud and private cloud).


Download the free Fact Sheet


 

WEBINAR ALERT | Connectivity – The Key to the Future and Digital Transformation

24-02-2022 | treasuryXL | TIS | LinkedIn |

Date: Tuesday, March 8, 2022

Time: 4:00 PM – 5:00 PM CET

Time: 10:00 AM – 11:00 AM ET



Taking a look at a dictionary, connectivity in computing is described as “the ability of systems, platforms and applications to be connected to each other”.

But what does this mean for payments in particular and how can you benefit from it?


Register today for this webinar and hear Erol Bozak, CPO, Jacques Yana Mbena, Head of PreSales Europe, and Jonathan Paquette, VP Solutions US, talk about:

  • What are the differences between integration and connectivity?
  • What types of connectivity are there and why is there such complexity?
  • How to simplify connectivity in order to achieve growth and change
  • Real-life examples of how TIS connects clients to providers and banks
  • How TIS can help your company to achieve growth and change in the Digital Age

 

We are very much looking forward to meeting you online: Register here.


Why APs Stake in Enterprise Payments is Important, but Often Overlooked

27-01-2022 | treasuryXL | TIS | LinkedIn |

This article reviews the reasons why an Accounts Payable (AP) team’s stake in managing enterprise payment and reconciliation activity is critical for large companies before examining why AP departments do not always receive the internal prioritization or attention they deserve as enterprises make payments and financial technology investments. Finally, this article concludes by evaluating how the TIS platform equips AP — along with treasury, finance, accounting, and other internal groups, to manage and control each of their respective functions regarding enterprise payments within the solution of their choice, thereby largely eliminating the need to pick and choose which departments receive budget or funding.


Context: What role do AP departments play in managing global payments?  

For those who may be unfamiliar or need a quick refresh, the general role of an Accounts Payable (AP) department is as follows: 

When a company purchases goods and services from a supplier or vendor on credit, the accounting entry is referred to as an Account Payable (AP). On a balance sheet, it appears under current liabilities. As such, an enterprise’s AP department is responsible for ensuring these payments owed by the company arrive to suppliers and other creditors in a timely fashion. 

Depending on the company’s size and scope, the AP department may consist of just one or two individuals, or up to several dozen. Most of the time, AP staff operate as a subset of the finance department and work within an ERP or similar technology solution to manage the company’s global payables (i.e. supplier or vendor invoices) and ensure that outbound payments are generated and executed according to the outstanding payments that are due to these parties. 

As AP groups go about managing their roles, the main benefit to their organization is that outstanding payment requests are effectively fulfilled without violating deadlines or contracts. There is often a vendor relationship aspect attached to this benefit as well, provided that invoices are paid on time. Additionally, an optimized AP group can help take advantage of early-pay discounts or other types of incentives to earn additional revenue, and can also help identify fraudulent invoice requests and other security threats. For enterprises making hundreds or thousands of payments every week, these benefits are essential. 

Five Quick Facts About Accounts Payable

However, despite the important role that AP groups play and the critical nature of their work, the reality is that their needs are rarely prioritized over other financial stakeholders and departments internally.

Let’s explore further.

 

Why don’t AP departments receive more budget & attention internally?  

As an enterprise’s financial priorities and initiatives get championed by internal executives and leaders, who is most commonly advocating for AP?

In other words, which of an enterprise’s chief financial stakeholders are actively prioritizing the needs of the AP department relative to other internal departments and groups?

Although some AP managers or directors might get a say in largescale technology projects and Controllers or Treasurers may work closely with AP to ensure process cohesion, the reality for many enterprises is that AP departments rarely have a high-ranking executive or financial stakeholder that resides directly within their team.

For example, while the Treasurer often can communicate directly with the CFO and accounting groups have directors that are given a direct line for influencing important decisions, the AP group does not.

Of course, this is not to say that the AP department is always getting completely overlooked, and to be fair, other financial departments like Procurement might suffer from a similar conundrum, depending on the structure of the enterprise. However, in cases where the AP group is clearly outranked by other stakeholders, the impetus is on leaders in treasury and accounting, as well as the CFO directly, to ensure that their needs and priorities are addressed.

As noted above, the benefits of helping AP optimize its function include increased revenue and cost savings through early payment opportunities like dynamic discounting. With the right technology and workflows, AP can also play a critical role in detecting fraudulent invoices and payment requests and maintaining the organization’s good standing regarding vendor and supplier contracts and relationships.

Five Benefits of a Fine-Tuned AP Group

For enterprises that are able to address AP’s needs in an effective fashion, the above benefits can be instrumental in boosting revenue, maintaining accurate financial records, and preventing fraud. However, without the proper attention, these benefits can quickly dissipate and result in a myriad of issues. This is especially the case if AP is not provided with the right technology solutions or integrations to perform their duties, as detailed further below.

 

Addressing the technology requirements of accounts payable 

Upon examining the typical financial responsibilities that AP teams manage, the reality is that their technology needs are not that different from other financial groups, especially those of accounting.

In most cases, enterprises will have at least one (if not multiple) ERP system deployed globally. These ERPs often provide the perfect backdrop for AP to function, as global financial data can flow directly into these platforms to make for easier oversight and control. In circumstances where enterprises have strategically developed their financial technology stack to optimize the data flowing into these ERPs, the AP department can subsequently benefit from access to the same information that accounting and other departments do. And as invoices, bank statements, and payment statuses flow from various entities, vendors, and banks into the ERP(s), tasks like payment generation and invoice matching become much easier for AP to automate and control.

However, without the proper bank connections, system integrations, or authentication and security settings, these ERPs and disparate technology stacks can quickly become the bane of AP’s existence and lead to more headache than efficiency.

Here’s why.

Five challenges caused by disparate AP tech

For global enterprises with dozens of entities and back-office systems, as well as thousands of suppliers, vendors, and bank accounts, gathering and disseminating global financial data in a timely fashion represents a massive undertaking. For many companies, issues start to occur when their ERP is not properly integrated with all their banks, vendors, or the corresponding systems at regional entities and units. Whether due to constant M&A activity, regular implementation of new solutions, or simply a lack of IT budget and bandwidth, maintaining all the right system connections requires constant upkeep.

To make matters worse, some AP groups today are still relying on Excel, email, or paper statements, which magnifies the challenges of meeting contractual deadlines, identifying false invoices, and successfully obtaining early-pay discounts and incentives.

Ultimately, scenarios where AP must manually pull invoices and bank statements to perform their duties or where they wait days or weeks to receive data from regional offices and banks can render the benefits of their department almost entirely obsolete. And in today’s fast-paced, highly-digital environment, the simple truth is that if your enterprise is struggling to locate and aggregate financial data, then you are likely significantly behind your peers in terms of AP process efficiency.

Given what we’ve seen with many AP departments lacking the internal status to advocate for better technologies and workflows on their own, and because many enterprises might not be willing to invest in an AP-specific solutions, the best option many companies have for meeting AP’s technology needs without exasperating their budget is to invest in payments and banking technologies that can streamline the collection, aggregation, and analysis of payments and finance data for ALL internal stakeholders.

Of course, departments like AP and accounting will likely end up doing the brunt of their work in an ERP. However, by adding a global payment and bank connectivity hub to their technology stack, enterprises can ensure that all the data these groups need to do their jobs can flow into the ERP in an optimized and timely fashion.

Today, these global payments optimization capabilities are exactly what TIS offers enterprises with our Enterprise Payment Optimization (EPO) platform. The manner in which our solution optimizes the AP function while also streamlining payments, liquidity, compliance, and banking functions for Treasury, Accounting, Legal, and more is highlighted below.

 

How TIS gives AP & all other financial stakeholders complete control over payments 

TIS’ Enterprise Payment Optimization platform is a global, multi-channel and multi-bank connectivity ecosystem that streamlines and automates the processing of a company’s payments and subsequent reporting across all their global entities, banks, and financial systems.

By sitting above an enterprise’s technology stack and connecting with all their back-office, banking, and 3rd party solutions, TIS effectively breaks down department and geographic silos to allow 360-degree payments and cash visibility and control. This includes visibility to executed vs outstanding transactions, as well as to cash positions and bank statements.

To date, the ~200 organizations that have integrated TIS with their global technology stacks have achieved near-100% real-time transparency into their payments and liquidity. This structure benefits a broad variety of internal stakeholders and also enables each group to access information through their platform of choice, since the data that passes through TIS is always delivered back to the originating systems.

This systematically controlled payments workflow is managed by TIS for both inbound balance and transaction information and outbound payment instructions. Data can be delivered from any back-office system via APIs, direct plug-ins, or agents for transmission through TIS to banks and 3rd party vendors. This means that for AP teams that use an ERP, payments and liquidity data is transmitted in near-real-time from TIS into their modules, where they can then perform automated reconciliation, payment generation, and other tasks as their role dictates.

Because of the deep connections that TIS maintains with internal systems such as ERPs or TMSs, external banks, and 3rd party vendors / service providers, the process of managing payments is simplified for every internal stakeholder. C-suite executives, treasury, accounting, AP, legal, HR, and other key personnel can access whatever financial data they need, exactly when they need it. And by automating this flow of information for both inbound and outbound payments, TIS provides the control and flexibility that enterprises need to function at their highest level.

For AP teams specifically, the extensive experience and unparalleled integration capabilities provided by TIS enable enterprises to streamline their methods for managing payments, invoicing, and reconciliation. Additional security controls, invoice inspection tools, and payment fraud alerts are implemented to ensure compliance and cohesion at every point in the process. And because the functionality provided by TIS helps all enterprise financial stakeholders, organizations that adopt TIS typically receive unanimous buy-in because each group recognizes the benefits they will obtain through TIS’ implementation.

In the digital world of enterprise payments, TIS is here to help you reimagine and simplify. For more information about how TIS can help you transform your global payments and information processes and optimize your AP function without breaking the bank, contact us to learn more.

benefits of TIS


 

Four Things Every CFO Should Know About Treasury

06-01-2022 | treasuryXL | TIS | LinkedIn |

This article is intended as a precursor to TIS’ latest whitepaper that highlights how CFOs can use their knowledge of the treasury function to spearhead initiatives that drive higher revenue, better financial decision making, and greater process automation and control. After reviewing how modern treasury groups typically operate, we will analyze the main benefits that a fully-optimized treasury team can provide to the CFO and an organization at large. To assess the full suite of data, insights, and commentary, download the whitepaper.


A CFO’s Summary of the Treasury Function

Although most CFOs will (or should) have a robust understanding of how the treasury function operates, let’s start with a quick synopsis for those who may be newer to the role.

At the highest level, treasury is a subset of the finance department that is responsible for safeguarding their organization’s most important asset (cash) as well as providing transparency and control over the day-to-day processes necessary for the company to meet its financial obligations (i.e. payments). This means that at its core, the treasury function most commonly performs:

  1. Cash and liquidity management
  2. Payments and bank account management
  3. Financial Risk, Fraud, & Compliance Management

Of course, certain treasury teams will have additional duties levied onto them depending on the size, complexity, and structure of their organization. For instance, cash flow forecasting, FX trading, debt and investment activity, and cash pooling or netting are all functions that commonly fall under treasury’s purview, but it ultimately depends on the specific makeup of their organization.

Moving beyond these core roles, however, it’s also important to note that treasury groups, even those at multibillion-dollar, multinational companies, often consist of five or fewer individuals. In fact, data from 2020 showcased that the average treasury size for U.S. organizations, regardless of company size or complexity, was just four personnel. Further data from 2020 shows that the majority of these teams are accustomed to working remotely, with team members often located across entirely different regions and time zones.

But while treasury staffing might be kept to a minimum, the best teams still manage to optimize their processes by relying heavily on technology automation instead.

In order to function at the highest level, modern-day treasury teams utilize a variety of digital technologies that range from bank portals and Excel spreadsheets to cloud-based ERPs and TMS platforms, payment hubs, business intelligence solutions, and many other specialty systems. In 2021, the majority of solutions that treasury teams use are SaaS-based and connect via APIs with other SaaS solutions in their company’s environment, including other back-office solutions as well as external partner, vendor, and 3rd party platforms.

Thus, for organizations that are smart about their hiring decisions and that leverage finance and treasury technology in a strategic and efficient manner, even the smallest of treasury teams can excel at their roles and boost financial productivity.

However, on the opposite end, organizations that either ignore or underutilize their treasury group can end up with significant gaps in their financial processes, particularly from a payments, liquidity, and risk management standpoint.

 

Four Things Every CFO Should Know About Treasury

Download our latest whitepaper to gain additional data, graphics, and commentary!

Access the whitepaper.

About TIS

TIS is reimagining the world of enterprise payments through a cloud-based platform uniquely designed to help global organizations optimize outbound payments. Corporations, banks and business vendors leverage TIS to transform how they connect global accounts, collaborate on payment processes, execute outbound payments, analyze cash flow and compliance data, and improve critical outbound payment functions. The TIS corporate payments technology platform helps businesses improve operational efficiency, lower risk, manage liquidity, gain strategic advantage – and ultimately achieve enterprise payment optimization.

Visit tis.biz to reimagine your approach to payments.

 

A Review of EBICS & One of Its Most Unique Payment Features for Corporates

08-11-2021| treasuryXL | TIS | LinkedIn

In the early 2000s, a team of German banks began collaborating on a project to simplify and harmonize corporate payment processes across Europe. After several years of development, the Electronic Banking Internet Communication Standard (EBICS) was released and has since become a critical component of Europe’s broader corporate payments infrastructure — particularly within Germany, France, Austria, and Switzerland. With regards to the EBICS protocol, one feature of particular interest to corporates is VEU – meaning “Verteilte Elektronische Unterschrift”. In English, the abbreviation EDS is used, which stands for Electronic Distributed Signature. In this blog, a technical summary and sample use case of EDS are provided in order to demonstrate the security and data quality-related benefits for corporates and banks. For more information on EDS, you can also download EBICS’ recent technical whitepaper, which is linked here (download the PDF marked “Final” and see page 148). 

A Recap of EBICS: 16+ Years of Bringing Structure to European B2B Payment Standards  

For those who may be unfamiliar, the Electronic Banking Internet Communication Standard (EBICS) is a German-based transmission protocol that helps regulate the standards and formats that many European banks (including those in France, Switzerland, Germany, Austria, and other regions of the Single Euro Payments Area (SEPA)) use for transmitting corporate financial and payments information between one another.    

When the EBICS standard was first launched in 2005, it aimed to create a more secure way for banks to manage corporate payments and data workflows across Europe. Although several other standards already existed at the time, EBICS has since proven to be a superior standard and has become the leading protocol for conducting corporate payments in Europe. Today, EBICS is also widely considered as the role model for progress towards standardized corporate SEPA payments.  

In the years following its formation, EBICS has continued releasing updates to their financial messaging and payment standards as the European business and banking landscape evolves. This is done in order to provide the highest level of data quality, security, and privacy for all the participants in a transaction, including the financial institutions, their corporate clients, and any associated vendors, suppliers, and partners.  

As part of these updates, EBICS introduced the Electronic Distributed Signature (EDS) – also known as Distributed Electronic Signature (DES) – to allow orders and transactions to be authorized by multiple users and participants, even if they are operating at different companies or in unique locations and time-zones.  

Using EDS, an order or transaction remains stored in an initiating bank’s processing system until either the necessary number of signatures with suitable authorization have been received, a time limit set by the bank’s computer system has been exceeded, or the order is cancelled by the responsible parties.  

This process was introduced by EBICS in order to strengthen the controls used by organizations and institutions for initiating and approving large or complex payments within Europe. Today, it enjoys broad usage throughout the SEPA region and is considered a standard practice when conducting B2B payments.   

Who Benefits from Using the EDS Capability?  

EDS is most helpful for organizations that have users and personnel working remotely, or from offices in diverse locations and regions. It is also advantageous for companies that routinely pay hundreds or thousands of suppliers and business partners and that are subsequently at a higher risk of payments fraud. In practice, EDS enables a broader degree of control and oversight on payments by allowing signers from any company, location, or branch to each independently verify and approve an order before it is processed by the bank. At the same time, using EBICS provides a greater level of underlying remittance data for each transaction compared to other payment standards, which aids the participating banks and corporates in confirming the exact nature and status of each order.  

Integrating EDS to a company’s banking and payment landscape is usually handled directly within the payment platform used for transmitting payment instructions to the bank. For instance, a corporate that uses a TMS for executing Euro payments could access the EDS standard directly in the TMS, but they would also be able to rely on the initiating bank for additional oversight. For each payment initiated through EDS, the rules of submission can also be customized, and the fulfillment can be tracked automatically by each party and signer. While processing the order, there are also designated pathways for viewing the order status and alerting inactive signers that the transaction requires their approval.  

Utilizing the EBICS EDS Capability Through TIS   

When combined with TIS’ other data, system, and payment security measures, using EDS adds an additional layer of control for our banks and enterprise customers, as well as their suppliers and partners. For organizations that maintain an active presence in Europe, utilizing the EDS capability is also recommended in order to remain compliant with EBICS’ latest standards for payment processing, data quality, and information security.  

More information about other security and data privacy tactics employed by TIS can be found here. 

For TIS customers, the EDS capability is available for EBICS payments as a standard service. This means that multiple users, even those from different organizations, can view and authorize one single order. It also enables the provision of the first and/or second signature for electronic payment transactions to take place from completely separate locations. The authorized signatory is thus able to check and authorize the payment transaction orders provided from other branches or systems directly within the TIS platform. Authorized users can find the Distributed ES (VEU) option under Administration > Bank Transaction Manager Settings > EBICS > Download Configurationthe orders will be visible in the BTM Monitor. 

The EDS-specific data available through TIS includes the number of outstanding signatures required before an order is processed, the list of approved and pending signatures, and also details regarding the timeframe for signatories to approve the payment before it is automatically halted by the bank. The underlying remittance information on each order is also provided to users through TIS as a standard service.  

However, this information will only be visible to authorized users that are responsible for overseeing and executing the relevant orders; these settings can be configured by admins in the TIS system.  

For our enterprise and multinational clients, EDS is particularly helpful in instances where the payment approvers are globally distributed (such as with remote finance and treasury teams), or when making supplier payments to a diverse range of beneficiaries. This is because signatories from all parties and locations can authenticate and verify each transaction before it is processed, thereby adding an additional layer of security to the standard payment approval process. These benefits have been particularly important for organization in the real estate industry, as the parties in a transaction are often distributed across multiple regions and there are commonly numerous stakeholders involved in each payment. An overview of how EDS has impacted real estate can be found in our recent whitepaper, attached here 

About TIS

TIS is reimagining the world of enterprise payments through a cloud-based platform uniquely designed to help global organizations optimize outbound payments. Corporations, banks and business vendors leverage TIS to transform how they connect global accounts, collaborate on payment processes, execute outbound payments, analyze cash flow and compliance data, and improve critical outbound payment functions. The TIS corporate payments technology platform helps businesses improve operational efficiency, lower risk, manage liquidity, gain strategic advantage – and ultimately achieve enterprise payment optimization.

Visit tis.biz to reimagine your approach to payments.

 

Why M&A-Intensive Enterprises Need a Robust Technology Integration Strategy

21-09-2021| treasuryXL | TIS |

This article evaluates how the success of long-term M&A activity on the part of large enterprises is dependent upon their ability to integrate and connect the pre-existing technology stacks of newly acquired subsidiaries with their broader infrastructure. Chiefly, we evaluate how enterprises that regularly establish new subsidiaries and entities across the globe can ensure that the various finance, treasury, and banking solutions leveraged by these companies before the acquisition can be integrated and connected in a cost-effective and optimized fashion.

M&A Activity Remains a Top Priority for Global Enterprises

Although merger and acquisition (M&A) activity is fairly common in today’s business environment, it is typically large, global enterprises that leverage the strategy most frequently.

For organizations with billions in revenue and a steady stream of new investment, taking advantage of new market opportunities is often best achieved by acquiring companies that have already proven themselves successful in the field. In the case of the world’s largest enterprises like Microsoft, Apple, and Facebook, M&A activity comprises a significant portion of overall growth. In fact, Microsoft alone has acquired more than 216 companies since their founding, and Apple acquires a new company at an average rate of once every four weeks. Across other industries like staffing and HR, Fortune 500 firm ManpowerGroup has acquired four new companies in the past five years and 15 total companies over the past few decades.

But while an M&A-intensive business strategy might be advantageous for eliminating competition, increasing revenue, and maintaining growth, there are a variety of challenges that must be confronted in order for the model to prove successful in the long-term.

Of course, any M&A project undertaken by a company will face obstacles, most of which revolve around how to best integrate the employees, products, systems, culture, and customers of the acquired company into the acquiring enterprise. These challenges are typically what executives and business leaders focus on most during M&A projects, and for good reason. If employees and customers are dissatisfied with how the acquisition is managed or if the acquired company’s product line stagnates, it can quickly turn the entire project on its head and substantially hinder future profits and revenue.

However, in today’s digitally-oriented business landscape, the above factors are not the only concern for M&A-intensive enterprises. Instead, one of the core challenges confronting modern acquisition projects lies along the technology front.

This is particularly true when it comes dealing with finance, treasury, and banking technology.

Why is Financial Technology Complexity so Common for M&A-Intensive Companies?

When evaluating the operations of enterprises that regularly undertake new acquisitions, it’s easy to see how technology complexity can manifest itself.

Let’s quickly walk through a sample scenario.

Looking specifically at finance and treasury technology, suppose that a U.S.-based manufacturing firm decides to acquire an emerging competitor in Asia. Also suppose that this Asian competitor has been operating independently for several decades and has its own spread of regional entities, as well as a pre-existing set of back-office platforms and IT solutions. As such, the company is already using an ERP, TMS, and AP system, as well as a globally distributed network of banks and bank accounts.

Going a step further, now consider the diverse range of currencies, payment formats, and financial networks that the Asian enterprise uses compared to the acquiring U.S. company. Also, because the compliance arena in Asia is managed through a diverse and multifaceted set of jurisdictions, conducting financial operations in the region will require a unique approach to managing regulatory and sanctions processes, as well as data and payment security.

For the acquiring U.S. company, connecting the various systems and networks used by the Asian subsidiary with their broader technology stack will be no easy feat. To start, some of the systems in place at the Asian subsidiary may be hosted locally or even running on older, unsupported versions. If modern cloud solutions have not been adopted, then integration via open APIs becomes highly unfeasible and it will likely require extensive IT support to establish the connections. The same is true for integrating the various bank channels and payment formats in use by the Asian subsidiary into the enterprise’s global financial architecture. Accommodating the various risk, regulatory, and compliance measures in place across Asia will require even more support, as well as collaboration with multiple legal and banking teams.

The end result being?

Although a single acquisition of this scale may be manageable for a global enterprise with significant resources, those that consistently undergo new acquisitions will likely experience much more difficulty. This is because internal IT teams rarely have enough bandwidth (or budget) to successfully establish all of the required connections for every system. Instead, what often happens is after a few months or years, IT is forced to divert their attention from one acquisition to another, thereby letting a portion of outstanding system connections fall to the wayside.

Ultimately, this creates an environment where much of the data and information captured at the local or “entity” level will sit idle and siloed from the rest of the enterprise. Instead of real-time data access across their individual units and subsidiaries, finance and treasury teams at HQ will have to rely on manual submissions from field personnel to ascertain data. In some cases, it may take weeks for this information to be received, by which time it is often outdated.

In the long run, the impact of these technology limitations has far-reaching consequences for the broader enterprise, especially if such issues are present across each new subsidiary or locality that they acquire.

What are the Main Problems That This Lack of System Integration & Connectivity Cause?

Thinking through the above M&A scenario, suppose that a similar conundrum impacts each (or most) of the M&A projects that an enterprise undertakes. Eventually, the lack of automated connectivity and control between the enterprise’s HQ and each of their subsidiaries will result in significant financial issues, particularly in the below areas:

  1. Liquidity Management: If financial data related to cash positions and balances across a subsidiary and its underlying banks and accounts cannot be effectively transmitted to an enterprise’s HQ, then everything from cash forecasting and cash repatriation to short-term investing and risk mitigation will be impacted. If the enterprise does not know the exact amount of funds available across each entity, then it cannot effectively plan ahead to take advantage of investment or tax savings opportunities. Over time, losing out on these opportunities due to gaps in data quality and reporting can cost an enterprise millions of dollars every year.
  2. Payments Management: For enterprises that cannot accommodate the range of payment systems and formats in use by their subsidiaries or that struggle to connect with their bank channels and networks, a variety of pain points will occur. Common issues include a reliance on outdated formats that limit data quality and security, delays in payment processing that impact the timeliness of transactions and also constrain employee bandwidth, and an increase in operational costs for continuing to support legacy processes and channels. Additional security and compliance issues may also manifest themselves, as highlighted below.
  3. Security & Fraud Prevention: Without ample visibility into the payment processes and cash positions at each of a company’s subsidiaries or any centralized window for viewing this activity in real-time (or at least same-day), it becomes monumentally more difficult to identify and prevent fraud from occurring. If payments are initiated in disparate platforms at the local level and no overarching control or transparency is provided at the HQ level, then the threat of both internal fraud and external fraud increases exponentially.
  4. Compliance & Regulation: Due to the diversity of data management protocols, financial regulations, and sanctions policies that exist across each world region, a lack of payments standardization within an enterprise can result in increased legal and regulatory risk and also jeopardize their reputation and standing. Examples of data and payments compliance protocols for which non-compliance can result in severe penalties include OFAC sanctions in the U.S., GDPR data policies in Europe, and the recently introduced Personal Information Protection Law (PIPL) in China.
  5. General Financial Execution: If financial data is not automatically flowing between an enterprise and its subsidiaries, then every department and stakeholder with a need for this data is impacted. Accounting will be unable to track ledgers or financial statements, legal will struggle to manage regulatory and compliance issues, treasury will be hindered in their liquidity and payment processes, and the C-suite will lack the high-level financial data they need to make strategic decisions.

Although the above financial technology challenges present serious hurdles for M&A-intensive enterprises, there are solutions that can be put in place to alleviate the strain. One such solution includes the adoption of a modern Enterprise Payment Optimization (EPO) platform.

How Can the Complexity Caused by Global M&A Activity be Simplified & Managed?  

Because of the diverse systems landscape and limited IT bandwidth that often exists across M&A-intensive enterprises, achieving global visibility and control over finance and treasury operations requires a unique approach to connectivity and integration. In recent years, one strategy that has grown increasingly popular involves the adoption of an enterprise payment optimization (EPO) platform.

Modern EPO platforms are typically cloud-based solutions that sit above the other systems in an enterprise’s financial technology stack and manage connectivity across all their various back-office, banking, and 3rd party systems, including those at their entities and subsidiaries. Rather than connect every platform used within the enterprise to every other system, each solution need only connect to the EPO platform instead. This drastically simplifies the process of integrating new solutions with an enterprise’s tech stack and also automates the process of transmitting payments and financial data between any system that is connected to the EPO platform, including those used by different entities and departments.

Although the adoption of an EPO platform requires some up-front legwork, using a vendor like TIS ensures that the complexity of connecting to banks and various internal systems is almost entirely outsourced. This means that formerly difficult and time-consuming tasks that were a drag on internal IT teams (such as configuring and maintaining the links between new entity systems and HQ ERPs, HR systems, and TMSs) are now managed by the EPO vendor. As payment formats evolve or new regulations require changes in integration, EPO vendors like TIS automatically handle the upgrades and also manage the addition of new countries, banks, and users to an enterprise’s network as growth and expansion dictate over time.

Ultimately, by connecting all of the various banks and systems that comprise your financial technology stack to an EPO platform, you effectively ensure that regardless of where an entity is located or what local systems are being used, the data and information stored on their platforms is never left isolated or unaccounted for. And as older or outdated enterprise payment solutions are eventually replaced by newer and more upgraded systems, connecting them to the EPO platform in a similar fashion will ensure ongoing cohesion and connectivity across your global networks, even as various technology overhauls and system migrations occur at specific entities within the enterprise.

Once this type of EPO platform has been adopted, the ensuing benefits can be felt immediately by all enterprise stakeholders. Company-wide visibility to global cash balances drastically improves, liquidity management protocols become more streamlined, payments compliance and security features are standardized across all departments and entities, and the enterprise’s overall payments execution workflows become more automated and controlled.

Today, these capabilities are exactly what TIS is offering enterprises through our EPO technology suite.

Why is TIS the Ideal Solution for Simplifying M&A-Induced Technology Complexity?

TIS’ Enterprise Payment Optimization platform is a global, multi-channel and multi-bank connectivity ecosystem that streamlines and automates the processing of a company’s payments and subsequent reporting across all their global entities, banks, and financial systems. By sitting above an enterprise’s technology stack and connecting with all their back-office, banking, and 3rd party solutions, TIS effectively breaks down department and geographic silos to allow 360-degree payments and cash visibility and control. To date, the ~200 organizations that have integrated TIS with their global technology stacks have achieved near-100% real-time transparency into their payments and liquidity. This has benefitted a broad variety of internal stakeholders and has also enabled them to access information through their platform of choice, since the data that passes through TIS is always delivered back to the originating systems.

This systematically controlled payments workflow is managed by TIS for both inbound balance and transaction information and outbound payment instructions. Data can be delivered from any back-office system via APIs, direct plug-ins, or agents for transmission through TIS to banks and 3rd party vendors. No matter where you operate, TIS provides global connectivity by creating and maintaining compatibility with your required formats, channels, and standards so that organizations can connect with virtually any bank in the world.

Because of the deep connections that TIS maintains with internal systems such as ERPs or TMSs, external banks, and 3rd party vendors / service providers, the process of managing payments is simplified for every internal stakeholder. C-suite executives, treasury, accounting, AP, legal, HR, and other key personnel can access whatever financial data they need, exactly when they need it. And by automating this flow of information for both inbound and outbound payments, TIS provides the control and flexibility that enterprises need to function at their highest level.

Ultimately, the extensive experience and unparalleled integration capabilities provided by TIS enable enterprises to streamline their methods for managing payments and data across each entity and subsidiary. This has proven vital for a variety of TIS’ globally diverse clients, including Fortune 500 firms like ManpowerGroup and international NGOs like IFAW. And as these organizations add new companies, localities or seek to replace the underlying systems in use across various regions, TIS is there to help them manage the new integrations and connections, thereby ensuring a seamless transition and constant control over global payments and information.

In the digital world of enterprise payments, TIS is here to help you reimagine and simplify. For more information about how TIS can help you transform your global payments and information processes, please refer to the below resources.

About TIS

TIS is reimagining the world of enterprise payments through a cloud-based platform uniquely designed to help global organizations optimize outbound payments. Corporations, banks and business vendors leverage TIS to transform how they connect global accounts, collaborate on payment processes, execute outbound payments, analyze cash flow and compliance data, and improve critical outbound payment functions. The TIS corporate payments technology platform helps businesses improve operational efficiency, lower risk, manage liquidity, gain strategic advantage – and ultimately achieve enterprise payment optimization.

Visit tis.biz to reimagine your approach to payments.