APIs
The availability of open-API technology is expanding globally, making real-time payment options more feasible. Treasurers can now control what data they receive from banks, how often they receive it, and what they do with it. This is a significant shift from the traditional way banks controlled the flow of information. Treasurers should evaluate API use cases within their organization, such as using APIs to pay out insurance claims in real-time. Organizations also need to invest in modern treasury and payments technology that supports real-time data. This will allow them to implement 24/7 instant payments and improve the efficiency, visibility, and risk management of their treasury operations.
Centralizing Data
Treasurers often use a combination of payment, billing, ledger, and ERP systems to reconcile and validate the efficiency and accuracy of cash flowing into and out of multiple bank accounts and cost centers. However, this approach can be fragmented and inefficient, making it difficult to analyze data and make real-time decisions.
A more effective approach is to centralize data into a data lake or data repository. This allows treasurers to leverage data from all sorts of data points to better analyze and strategize. Data lakes can also be integrated with treasury management systems to bring data into and out of the treasury management system for improved cash forecasting and decision-making.
Read the FIS guide now and explore more!
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