De-Dollarisation: Why Treasurers Can’t Ignore the Shift (And How to Build a Hedging Strategy That Survives It)
From Treasury Masterminds Every few years, the financial world picks a new buzzword to obsess over. This time it isn’t AI, blockchain or some other magic toy. It’s de-dollarisation. And unlike most corporate folklore, this one actually matters for treasury teams. The US dollar still rules global trade, sure, but its grip isn’t quite what it used to be. Its share of global reserves has slipped 60%, new regional payment rails are emerging, and multinationals are finding themselves invoiced in currencies they didn’t even bother to hedge ten years ago. In other words, treasurers are waking up to a world where FX isn’t a two-currency conversation anymore. What This Means in Real Life This shift isn’t just theory for economists who enjoy writing 200-page papers no one reads. It shows up in the basics: how you price contracts, negotiate payment terms, structure hedges, and manage liquidity across multiple markets. You’re navigating: And through all of that, you’re still expected to keep earnings predictable. Lucky you. Why You Need a Better Hedging Playbook A multipolar currency system doesn’t kill the dollar. It just forces corporates to be smarter. You need a hedging framework that covers more than EUR-USD and a prayer. That means: Companies already transacting outside USD are learning fast. They’re refining execution strategies, diversifying currency pairs, and using digital tools to make cross-border flows faster, cheaper, and more transparent. Treasurers who cling to old assumptions about the dollar? They’re already behind. A Webinar Designed to Help You Catch Up To make sure you’re not one of those treasurers still stuck in 2015, Treasury Masterminds is teaming up with Ebury for a live 45-minute session built around one simple goal: helping you design a hedging strategy that actually works in a de-dollarising world. You’ll learn: You’ll also walk away with Ebury’s Looking Beyond the Dollar playbook, because sometimes even treasurers deserve free gifts. Who Should Join? If your job includes anything like “treasury,” “liquidity,” “hedging,” “FX,” “working capital,” or “trying to sleep despite currency volatility,” this session is for you. That includes: Meet the Speakers If you want your hedging strategy to survive the next stage of global realignment, join us on 11 December 2025 at 11:00 CET. Also Read 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.
Franklin
FinTech Interview with Theo Wasserberg, Head of UK&I at Embat
This article is a contribution from our partner, Embat Theo Wasserberg, Head of UK&I at Embat, shares how AI and real-time data are transforming treasury management and shaping the future of finance. Theo Wasserberg, Head of UK&I at Embat Theo Wasserberg is Head of UK and Ireland at Embat. He leads the market strategy, customer partnerships and growth in the UK and Ireland. He has a strong background in enterprise software and spent five years at SAP, where he worked closely with ERP customers on banking and reconciliation solutions. He also led strategy for a leading ERP partner, helping CFOs navigate digital transformation across Europe. He completed his MBA at INSEAD in 2024. Theo, what pivotal moments shaped your journey into fintech and treasury management, and what continues to inspire you in this space?Earlier in my career, I worked with SAP and major implementation partners, delivering finance systems for large enterprises. During that time, I did a piece of work looking at the cost and time required to implement traditional treasury systems. It often took about 15 months and substantial investment to build the required capabilities. Embat can deliver these in a fraction of that time and cost. I realised that mid-market firms were particularly underserved – too large for basic tools, but not large enough for the expensive, complex legacy systems. That gap in the market and the opportunity to genuinely revolutionise treasury management continue to inspire me. During my MBA, I was a founding member of an AI club, where students and businesses would come together to discuss AI’s practical applications across different industries. That experience shaped my conviction that AI is fundamentally a problem-solver, not just a technology trend. Treasury systems are particularly ripe for AI transformation. Today, leading an AI-native business at a time of critical industry transformation feels like the natural culmination of that journey. The first quarter of this century redefined what was possible – driven by the democratisation of access, the rise of automation, and the relentless removal of friction. The next quarter will be shaped by something deeper: data that learns, intelligence that anticipates, and systems that think alongside us. The question isn’t if you need to modernise, it’s how fast. How are current macroeconomic pressures—like rising interest rates and inflation—reshaping the treasury needs of medium and large businesses in the UK?The macroeconomic environment has elevated the role of the treasurer. Rising interest rates, currency fluctuations, and inflation mean that cash management has become critical. Modern treasurers and CFOs are at the centre of the strategy and decision-making process. Delayed data is a risk. Businesses can no longer rely on old systems that only give a snapshot of data once a week and spend hours, if not days, sifting through Excel documents. Embat is helping to revolutionise the move to real-time visibility, management and intelligence. The companies that thrive are those using dynamic data to make faster, more informed decisions about liquidity, hedging, and investment In what ways is Embat’s platform revolutionising how companies centralise cash, accounting, and payments? How do you see this evolving in the next 3-5 years?Traditionally, treasury teams have been drowning in spreadsheets and week-old data, downloading bank statements weekly and reconciling transactions by hand. For a junior team member, that could account for a large portion of their working week. Embat changes that by connecting data in real-time and using AI to automate repetitive work. Instead of looking backwards, finance teams can now see their positions instantly and make strategic decisions proactively. Over the next few years, this will evolve even further with deeper ERP integrations, near-instant reconciliations, and predictive forecasting that make finance operations almost fully automated. Tell us about TellMe, Embat’s AI-powered treasury analyst. How is AI transforming treasury operations and finance teams’ workflows?Traditional reconciliation systems break the moment things get complex. TellMe is transformative. It’s already in use with our customers. It sits at the core of Embat’s platform and layers AI onto real-time data. That combination moves teams from simply recording what’s happened to understanding what’s happening now, and predicting what comes next. For example, in bank reconciliation, traditional systems depend on rigid rules and break easily when faced with non-standard cases. TellMe’s AI recognises patterns, tolerates small variances, and automatically matches payments, even when they don’t fit a standard template. It also forecasts cash flows, identifying trends and seasonality, so teams can plan more effectively. How do emerging regulations like PSD3 and open banking maturity influence treasury operations, and why is real-time cash visibility more crucial than ever?As PSD3 reshapes data-sharing rules, open banking reaches maturity, and real-time payments and intelligence become the norm, the gaps exposed in that Thursday-afternoon scramble – delays, blind spots, and manual workarounds – will only widen. The shift from compliance to capability is accelerating. Instant payments are now table stakes; what differentiates leading finance teams is how clearly and automatically they understand their cash position in real time. PSD3 enhances API standards, improves fraud data-sharing, and strengthens liability frameworks, all of which drive a need for greater transparency and control. Finance teams must now connect directly to their banks and ERPs in real-time, removing the lag between transaction and insight. Finance teams don’t just need to move money fast; they need to understand and steer their cash position in real-time, directly from their ERP. That means no delays in reconciliation, no black boxes, and no legacy drag. With AI automating routine tasks, how do you envision the role of finance professionals changing in strategy and decision-making?AI removes the time-consuming operational burden – tasks like matching transactions or compiling reports – so teams can concentrate on future cash flows, funding models, and scenario planning. This shift also allows finance to respond in real-time to changes in the market. In short, automation liberates people from process, so they can become true strategic partners to the business. Scenario modelling, risk management, and horizon scanning are areas where the benefits will become more apparent with AI. I don’t have to spend hours or days doing…