Building Resilience in Treasury Teams: Creating a Culture Ready for Change
In treasury, we’re no strangers to pressure. Whether it’s dealing with sudden market volatility, tackling liquidity crunches, or adapting to new regulations, the only constant in our world is change. And let’s face it, some of these changes hit us harder than we’d like. But here’s the thing: resilience isn’t just about surviving tough times; it’s about thriving in them. It’s about building a treasury team that doesn’t just react to change but leans into it, ready and willing to adapt. How do we do that? By cultivating a change-ready culture, one where flexibility, learning, and teamwork become second nature. Here’s what I’ve learned about making that happen. 1. Accept that change is here to stay Let’s be honest how often do we roll our eyes at yet another “organizational shift” or “new system rollout”? Change can feel overwhelming, but the sooner we accept it as a part of our daily lives, the less daunting it becomes. In my experience, the first step is talking openly about change. Instead of avoiding difficult conversations about potential risks or disruptions, bring your team into the loop early. I remember leading a treasury team through a tough liquidity squeeze during the pandemic. The turning point for us wasn’t just the strategy we implemented; it was the transparent conversations we had as a team. Everyone knew the stakes, and that sense of ownership made all the difference. 2. Keep learning always Treasury isn’t the same as it was even 5 years ago. Automation, artificial intelligence, and digital tools have transformed how we work. Keeping up can feel like drinking from a firehose, but it’s essential. The most resilient treasury teams I’ve worked with are the ones that never stop learning. Whether it’s attending conferences, getting certified, or even just watching webinars, staying curious is non-negotiable. For example, when my team adopted a new cash forecasting tool, we were skeptical at first (who isn’t a little wary of new tech?). But after a few training sessions and some hands-on practice, we realized how much easier it made our jobs. That shift from resistance to excitement, came because we committed to learning and gave ourselves the time to adapt. 3. Break down silos Treasury isn’t an island. We’re connected to nearly every department in the business, from procurement to sales to accounting. Yet, it’s so easy for us to fall into our own little bubble. Breaking down those silos is key to building resilience. I’ve seen this firsthand. In one role, we faced a serious cash flow issue that couldn’t be solved by treasury alone. It took sitting down with procurement to renegotiate payment terms and collaborating with sales to speed up collections. That teamwork didn’t just solve the problem, it strengthened relationships that made future challenges easier to tackle. The takeaway? Building bridges now makes us more resilient later. 4. Take care of your people Let’s talk about something we don’t often address in treasury: stress. This field isn’t easy, and the mental load can weigh heavily on even the most experienced professionals. One thing I’ve learned as a leader is that resilience isn’t just about processes, it’s about people. Supporting your team emotionally is just as important as equipping them technically. A small gesture that worked wonders for my team during a particularly hectic quarter was creating a “stress board” in our office. People would anonymously share their challenges or coping strategies, and it became this safe, supportive space. It reminded us we weren’t alone and that we had each other’s backs. We also engaged in quarterly bonding sessions to build relationships outside the office environment. 5. Stay agile Treasury teams thrive when they can pivot quickly, whether it’s adjusting to currency fluctuations or reacting to unexpected market shocks. Agility isn’t just about moving fast, it’s about moving smart. For me, agility starts with the basics: having scalable systems, clear contingency plans, and empowering team members to make decisions without getting bogged down in bureaucracy. I’ve seen firsthand how being proactive rather than reactive can save the day. I’ll never forget a time when an unexpected regulatory change turned our hedging strategy upside down. Instead of panicking, we pulled out our contingency plan, adapted it, and were able to minimize the impact. That ability to pivot didn’t happen overnight, it came from years of practicing flexibility as a team. 6. Lead with purpose At the end of the day, resilience comes from knowing why we do what we do. Treasury isn’t just about managing cash, it’s about enabling the business to grow, protecting it during downturns, and creating opportunities for the future. When I make the connection between our day-to-day work and the company’s broader mission, I see a spark in my team. Suddenly, reconciling accounts or analyzing cash flow isn’t just another task, it’s a way to drive real impact. And when tough times hit, that sense of purpose keeps us going. In conclusion Building a resilient treasury team isn’t about waiting for the next crisis to test your strength. It’s about creating a culture where change isn’t feared but embraced, a culture where your team is equipped, emotionally and technically, to handle whatever comes their way. I’ll leave you with a quote that’s guided me throughout my career:“Resilience is not about avoiding the storm. It’s about learning to dance in the rain.” In treasury, we’re not just rain dancers; we’re storm navigators. And when we build teams that are ready to adapt, innovate, and collaborate, there’s no challenge we can’t face. Other Articles in this Series Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below. Notice: JavaScript is required for this content.
Jessica
Russia’s Central Bank Halts Foreign Currency Purchases Amid Ruble Depreciation
On November 27, the Central Bank of Russia announced it would suspend foreign currency purchases until the end of the year. This decision comes as the Ruble has experienced significant depreciation, losing approximately 24% of its value since August and reaching its lowest point against the US Dollar in over two years. Key Economic Factors: Market Implications: The ruble’s volatility has potential implications for global energy and commodity markets, given Russia’s significant role as an energy exporter. Multinational corporations and financial institutions are likely monitoring the situation closely to assess potential risks and adjust their strategies accordingly. Challenges Ahead: Analysts suggest that while monetary interventions can provide short-term relief, addressing the underlying structural economic challenges remains crucial for long-term currency stability. Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below. Notice: JavaScript is required for this content.
Franklin
Payment Hub Implementation Checklist
This article is written by Nomentia In today’s digitalized financial landscape, optimizing payment operations is essential for businesses to stay competitive. Here is a comprehensive checklist for finance professionals looking to implement a payment hub. Payment Hub Implementation Start by assessing your payment operations, technology, and challenges. – Manual data entry leading to errors.’ – Fragmented payment processes across multiple systems. – Lack of visibility and control over payments. – High operational costs associated with payment processing. – Difficulty in compliance with regulatory requirements. – Inefficient routing of payments. – Define the scope of the payment hub project by outlining the specific areas of payment processing it will address, like accounts payable, payroll, or customer payments. – Identify the objectives of the payment hub project, including goals such as improving efficiency, reducing costs, enhancing security, and increasing visibility into payment processes. – Consider and map out what systems like ERPs and banks you need to connect to reach your goals. – Establish measurable metrics to track the success of the payment factory project, like reduced processing time, decreased error rates, or cost savings. – Align the scope and objectives of the payment factory project with the broader strategic goals of the organization and ensure that it supports and contributes to overall business objectives. Understanding digital transformation of payment operations Understanding the benefits of digital transformation for payment operations ensure buy-in from internal stakeholders. Here are some things to consider when making a business case for your future payment hub: Choosing the right payment hub In selecting the right payment hub, organizations face crucial decisions that can significantly impact efficiency, compliance, and strategic alignment. From technological capabilities to scalability and regulatory compliance the choice of a payment hub should be tailored to meet the diverse needs of modern businesses. – Evaluate how well the payment hub integrates with your current systems, such as ERP, CRM, or accounting software. – Consider whether the payment hub offers APIs, connectors, or plugins for seamless integration. – Assess compatibility with various technologies used in your organization. – Assess whether the payment hub can accommodate growing transaction volumes as your business expands. – Evaluate scalability options, such as cloud-based solutions or scalable infrastructure. – Ensure the payment hub supports additional features and functionalities without significant disruptions. – Check if the payment hub adheres to industry standards for secure payment processing. – Evaluate encryption methods used to protect sensitive payment data. – Assess security measures for fraud detection and prevention. – Determine if the payment hub can be customized to fit your unique business requirements. – Evaluate the flexibility to configure workflows, rules, payment methods and payment file formats. – Assess the user interface for ease of navigation. – Determine if the payment hub provides dashboards or reports for monitoring payment activities. – Evaluate user management features for controlling access and permissions. – Compare pricing plans and licensing options offered by different payment hub providers. – Consider implementation costs, including setup fees and training expenses. – Evaluate the potential return on investment based on efficiency gains, cost savings, and improved processes. Stages of payment hub implementation Implementing a payment hub is a pivotal undertaking requiring meticulous. The essential steps and considerations from initial assessment to deployment strategies ensure a smooth and successful integration of a payment hub within organizational frameworks. Continuous improvement in payment operations Soliciting feedback from stakeholders on the performance of the payment hub: Master your payment hub implementation Implementing a payment hub is a crucial step for organizations aiming to streamline their payment processes, enhance efficiency, and ensure compliance with regulatory standards. By following this comprehensive checklist, organizations can navigate the complexities of payment hub implementation with confidence. More Posts from Nomentia Join our Treasury Community Treasury Mastermind is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below to get more information. Notice: JavaScript is required for this content.
Top 5 Strategies to Control Costs in Cross-Border Finance Operations
This article is written by HedgeFlows Managing finances for a business involved in international trade introduces complexities and hidden costs that can affect profitability. To safeguard your financial outcomes, it’s crucial to identify and mitigate these expenses. Here are five key strategies to help finance teams optimize costs in cross-border operations. 1. Scrutinize Foreign Exchange (FX) Rates Challenge: International business dealings often involve currency conversion, a process fraught with hidden fees. Many financial service providers profit from the opaque nature of FX markets and clients’ lack of awareness about these FX charges. Example: A company with £10 million in foreign currency turnover faced hidden fees of £100,000 annually due to an average 1% conversion fee from their bank. Solution: 2. Adopt Local Payment Methods Challenge: International B2B payments often rely on SWIFT transfers, which can be costly. For example, a business transferring £10,000 via SWIFT with their bank can incur payment fees that add 0.25% to 1% of the transfer amount, which can quickly add up for a medium-sized business. Example: A logistics company saved 90% on payment fees by switching from SWIFT to local payment methods like ACH and SEPA. Solution: Utilize “local” payment schemes such as SEPA in Europe and ACH in the US to reduce costs and streamline transactions without compromising speed or accuracy. 3. Streamline Accounts Payable (AP) and Receivable (AR) Processes Challenge: Managing multiple currencies can result in resource-intensive, error-prone processes. Example: A travel business faced inefficiencies due to manual reconciliation across various banks, leading to costly errors and delays. Solution: Implement robust technology systems that integrate with your ERP to automate and simplify AP and AR processes, reducing manual effort by up to 80%. 4. Optimize Cash Management Challenge: Idle cash balances in foreign currencies can lead to FX risks and missed opportunities for earning interest. Example: An e-commerce firm missed out on potential interest income by leaving cash in multiple currency accounts to avoid high payout fees. Solution: Open a “hub account” to consolidate and manage cash flow flexibly across multiple currencies, optimizing interest earnings and reducing borrowing needs. 5. Proactively Manage Cash Flows and Currency Risks Challenge: Surprise currency fluctuations can erode profits through FX conversion costs and payment fees. Example: A UK wholesaler faced increased import costs due to abrupt currency depreciation during the government crisis in September – October 2022. Solution: Use FX hedging techniques to stabilize cash flow and manage risks effectively. Leverage technology platforms that integrate with your financial systems to automate and simplify risk management. By implementing these strategies, businesses can effectively manage international trade costs, leading to smarter financial management and enhanced profitability. Adopting these measures will not only save money but also streamline operations and mitigate financial risks associated with cross-border trade. Also Read Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below to get more information. Notice: JavaScript is required for this content.
Navigating Foreign Exchange and Interest Rates in Nigeria: My Experience at the Treasury 360 Conference
The Treasury 360 conference, organised by the Association of Corporate Treasurers of Nigeria, was an eye-opening event that brought together some of the brightest minds in finance to address the pressing challenges facing Nigeria’s economy. The event offered a rare glimpse into the critical challenges and strategies shaping Nigeria’s financial landscape. As a non-treasurer, I attended this event with the hope of broadening my understanding of the financial issues that affect businesses and economies on a macroeconomic scale. Key Insights from the Event The conference was abuzz with discussions on two pressing issues: the fluctuating exchange rate and the soaring interest rates, both of which dominate Nigeria’s financial landscape. Exchange Rate Volatility One of the most discussed topics at the conference was the fluctuating exchange rate of the Naira. Speakers highlighted the difficulties of navigating an unpredictable exchange rate, which complicates planning and budgeting for organisations relying on imports or foreign investment. For businesses operating in Nigeria, this volatility presents significant challenges, particularly for those engaged in international trade. The uncertainty surrounding the Naira’s value makes it difficult for companies to plan long-term, as they constantly face the risk of currency devaluation. Despite these challenges, there was optimism about leveraging technology and innovative financial tools to mitigate risks. Hedging strategies, forward contracts, and partnerships with financial institutions were suggested as ways to create a buffer against currency shocks. It was fascinating to see how treasury professionals think several steps ahead, constantly anticipating changes to shield their organisations. High-Interest Rates Another dominant topic was Nigeria’s historically high-interest rates, which currently stand among the highest in the world, with rates in some cases soaring to an astonishing 40%. Such figures are staggering, particularly for small and medium-sized enterprises (SMEs), which struggle to access affordable credit. Speakers painted a vivid picture of how these rates impact entrepreneurship and innovation. For many business owners, high borrowing costs mean shelving expansion plans, cutting operational budgets, or forgoing investment altogether. What struck me most was how treasurers view interest rates not just as numbers but as a reflection of broader economic policies. The discussions delved into the reasons behind the high rates, such as inflationary pressures, government borrowing needs, and central bank policies aimed at stabilising the Naira. Understanding these interconnected factors was a revelation for me as an outsider, highlighting just how complex and multifaceted these issues are. Implications Beyond Treasury For someone like me, with no formal background in treasury, the conference highlighted the interconnectedness of the financial world. Treasury management might seem like a niche field, but its influence extends far beyond the walls of corporate finance departments. Industries such as agriculture, manufacturing, and technology are all affected by exchange rates and borrowing costs. Even individuals who never engage with treasury directly feel its impact when inflation drives up the cost of living or when local businesses close due to financial pressure. This realisation has deepened my appreciation for the role of treasury in shaping not just corporate strategies but also broader economic outcomes. Conclusion Attending Treasury 360 as a non-treasurer offered me a unique perspective. Treasury professionals are, in many ways, the unsung heroes of corporate finance, balancing risks and opportunities to keep their organisations afloat in uncertain times. What resonated with me most was the collaborative spirit among attendees. Despite the challenging economic environment, there was a palpable sense of determination to innovate and adapt. Conversations during breaks revealed how treasurers are partnering with fintech firms, exploring digital currencies, and even considering blockchain solutions to enhance efficiency and transparency. Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below. Notice: JavaScript is required for this content.
What is Supply Chain Finance?
This article is a contribution from our content partner, PrimeTrade Supply chain finance allows businesses to get their suppliers paid quickly without affecting their own accounting or cash flow. Sometimes it is called SCF, supplier finance, reverse factoring, or dynamic discounting. These different labels all describe a similar process: In dynamic discounting, the financier is the buyer itself. All of the discount agreed to by the supplier for early payment is earned by the buyer using its own cash. In this situation, the invoice is simply paid early, and the buyer generates additional income. A win-win SCF is a win-win for buyer, supplier, and financier: Supply chain finance enables cash to move more efficiently through the supply chain: Basic supply chain finance Basic supply chain finance is the simplest and most common form of SCF today. A software platform is used to coordinate the three parties involved (buyer, supplier, and financier). 3 things to know about basic SCF Is SCF/reverse factoring a good thing? Yes. Supplier finance, or SCF, provides all the included suppliers with the same access to liquidity regardless of location and size. There is a reported $2.5 trillion per annum funding gap for smaller suppliers in emerging markets that supply chain finance can address. But basic SCF needs an upgrade to work better. That’s because early payments are not very early, and SCF programs can be painful to run in practice. Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below. Notice: JavaScript is required for this content.
Communication is Key: How to Communicate Treasury Changes Across the Organization
Change is never easy, especially in a corporate treasury context where every adjustment ripples across departments and processes. But let’s face it: treasury is often seen as the “black box” of finance, and poorly communicated changes can reinforce that perception. If you want to drive impact—and get people on board—you need to do more than implement new tools or policies. You need to communicate. Having led treasury transformations myself, I’ve learned that successful communication isn’t just about sending out an email and hoping for the best. It’s about creating buy-in, minimizing confusion, and empowering stakeholders to succeed. Here’s my take on how to do it effectively. 1. Know the Impact Before You Communicate You can’t communicate what you don’t understand. Treasury changes—whether they involve implementing a new cash pool, updating FX policies, or rolling out a treasury management system—affect people differently. Start by mapping the impact: In my experience, this step is critical. You can’t just assume people will embrace change. They need to know why it matters to them. 2. Craft a Message That Hits Home Treasury professionals are great at details, but the rest of the organization? Not so much. You need to simplify your message without dumbing it down. Start with why: Be transparent about challenges, too. If there’s a short-term workload spike or a learning curve, own it. People appreciate honesty more than spin. 3. Choose the Right Channels (Hint: It’s Not Just Email) Think beyond a generic company-wide announcement. The people impacted most—like finance teams or procurement—need more targeted communication. Here’s what’s worked for me: The best communication doesn’t just flow from treasury—it also flows to treasury. Make it clear where people can go with questions, concerns, or feedback. 4. Engage the Right People Early Here’s a secret: If you want your project to fly, you need champions outside of treasury. Get influencers from other departments—like IT or finance—to act as advocates for the change. How do you do that? In short: make it a team effort, not a treasury project. 5. Invest in Training and Support No one likes being thrown into the deep end with new tools or policies. If you want adoption to stick, you need to make training practical and accessible. Tailor the approach: And don’t stop there. A change isn’t “finished” the day it goes live. Keep the communication flowing with follow-ups, support channels, and regular check-ins to address issues. 6. Feedback: Don’t Wait for It—Ask for It In my projects, I’ve learned that waiting for feedback is too passive. People are often hesitant to speak up unless you actively ask for input. Whether it’s through surveys, workshops, or one-on-one chats, make it easy for people to share their thoughts. Listen carefully, and adapt where you can. For example, if you hear that reporting templates aren’t user-friendly, don’t defend them—fix them. Small changes can make a big difference in how your project is perceived. 7. Celebrate Wins and Keep the Momentum Going Don’t let the conversation stop after the rollout. Keep showcasing how the change is delivering value. Did the new cash pool hit its utilization targets? Share that. Did treasury reduce FX exposure by 20%? Let the organization know. It’s not just about patting yourself on the back—it’s about reinforcing why treasury matters to the business. Final Thoughts Treasury changes are rarely simple, but they’re always an opportunity to build stronger connections across the organization. The key is communication—clear, honest, and ongoing. Don’t just implement the change; bring people along for the journey. When you get communication right, treasury stops being a “black box” and starts being a strategic partner everyone can rely on. Other Articles in this Series Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below. Notice: JavaScript is required for this content.
Patrick Kunz
APIs vs. Open Banking: What’s the Difference?
This article is written by Palm APIs and OpenBanking are two commonly used terms in today’s treasury world; however, a stark number of professionals do not fully understand what they are and how they can harness their firepower effectively. This blog post aims to clarify what these tools are, how they function, and the potential benefits and challenges they bring to the table. Understanding APIs and Open Banking What is an API? An Application Programming Interface, or API, is a set of rules and protocols that allow different software applications to communicate with each other. APIs act as intermediaries, enabling programs to “talk” to one another without exposing the underlying code. In the treasury world , APIs facilitate access to bank services, data retrieval, and integration with third-party applications. Systems like Palm which integrate with your banks, ERP and other TMS, utilise APIs to create quick and secure connections to surface your data in one dynamic dashboard. What is Open Banking? Open Banking, on the other hand, enables companies to access financial data with the consent of the customer. Common examples of its usage are during in-app purchases if you are directed to your own banking app to create a payment, or if you apply for a loan and chose to share your financial history with the lender. In short, Open Banking is a regulatory framework that mandates banks to open up their customer data to third-party providers, with customer consent. The goal is to foster innovation and competition in financial services, leading to enhanced products and services for consumers. Open Banking relies heavily on APIs to securely share financial data, allowing third-party developers to create new financial applications and services. The Intersection of APIs and Open Banking While APIs are the technological foundation that makes data sharing possible, Open Banking is the policy-driven approach that governs how this sharing occurs. Together, they create an ecosystem where financial data flows more freely, enabling better customer service and increased transparency. How Data is Shared via APIs and Open Banking Data Sharing through APIs APIs facilitate data sharing by creating a secure connection between different systems. When a user grants permission, an API call is made to retrieve specific information from a server. This process ensures that data is shared efficiently and securely, without compromising the integrity of the original systems. Open Banking’s Role in Data Accessibility Open Banking leverages APIs to provide a standardised way to access financial data. It ensures that this data exchange is secure, transparent, and under your control. Security and Transparency There is no need to worry about confidentiality and security risk, both APIs and Open Banking prioritise security and transparency. APIs use encryption and authentication to protect data during transmission, while Open Banking regulations require strict compliance with data protection standards. User Experience with APIs vs Open Banking APIs and User Experience APIs enhance user experience by enabling seamless integration between different services and platforms. Using Palm, bank statements and transactions are updated automatically and seamlessly. This allows you to perform complex cash management tasks with just a few clicks. APIs simplify processes, making them more intuitive and user-friendly by embedding functionality of other services in one easy to use system. Open Banking’s Impact on Consumers Open Banking transforms the user experience by providing you more control over financial data. It allows users to compare products, manage finances, and access tailored services, all from a single interface. This transparency and accessibility empower consumers to make informed financial decisions. How Palm Uses APIs to Connect to Bank Accounts Palm’s Strategic Use of APIs Palm leverages APIs to provide seamless connectivity between bank accounts and its treasury management system. This integration enables real-time data access, enhancing decision-making and operational efficiency for large corporations. Enhancing Financial Management By using APIs, Palm offers comprehensive financial insights and analytics. This capability allows businesses to monitor cash flow, manage transactions, and optimise financial strategies, all through a single interface. Continuous Improvement Palm continually refines its API capabilities to meet the evolving needs of treasurers. By staying at the forefront of API technology, Palm ensures that its platform remains robust, secure, and user-friendly, providing unmatched value to its users. Conclusion APIs and Open Banking are reshaping the treasury data world. To explore how you can utilise this technology to streamline your treasury, book a demo with today. Also Read Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below. Notice: JavaScript is required for this content.