
Exploring the Future of Central Bank Digital Currencies (CBDCs) and Their Impact on Corporate Treasury
From Treasury Masterminds In a significant move towards modernizing its financial landscape, the Reserve Bank of India (RBI) has been actively advancing its digital rupee project. This initiative marks a pivotal moment in global finance as India joins the growing list of countries exploring the adoption of Central Bank Digital Currencies (CBDCs). The Digital Rupee: Features and Innovation The RBI’s digital rupee aims to harness blockchain technology to transform India’s currency into a programmable asset. Key features include: The Broader Landscape of CBDCs The concept of CBDCs extends beyond India’s digital rupee, with numerous central banks worldwide exploring or piloting their own digital currencies. Each CBDC initiative reflects unique national priorities and technological advancements: Assessing the Need for CBDCs While the benefits of CBDCs are compelling, the adoption and integration of digital currencies into corporate treasury strategies require careful consideration: Conclusion As CBDC initiatives gain momentum globally, including India’s pioneering efforts with the digital rupee and Europe’s exploration of a digital euro, corporate treasurers face both opportunities and challenges. The path forward involves navigating regulatory landscapes, assessing technological readiness, and strategically integrating CBDCs into treasury operations to capitalize on the benefits of digital innovation while safeguarding financial stability and security. The evolution of CBDCs represents a transformative shift in global finance, with profound implications for corporate treasurers navigating the complexities of a digital-first economy. 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.

How to Create Effective and Powerful Processes in 2025
This article is written by Palm Treasury operations can be a source of frustration for businesses. Board decisions depend on accurate cash flow data and reliable forecasts to make decisions, and treasury professionals are constantly under pressure to balance priorities and produce results. Some obstacles arise from complex, structural data issues with no obvious fixes. But more often, outdated systems and suboptimal resource allocation are to blame. Addressing these inefficiencies starts with identifying the root problems and taking actionable steps to overcome them. In this blog, we investigate what organisations need most from their treasury teams and how efficient treasury processes can empower companies to make more informed decisions. We’ll also look at strategies for streamlining cash flow management, improving forecasting, and optimising bank account structures. The Traditional Treasury The core function of treasury has traditionally been to manage cash and ensure liquidity. This includes maintaining enough cash on hand to meet obligations, managing bank accounts, and ensuring that payments and receipts flow smoothly. For many businesses, the treasury team’s role is behind-the-scenes operation that is largely unseen. If cash flow is steady, bank reconciliations are seamless, and forecasts align with expectations, then treasury is considered to be doing its job. However, this traditional view is no longer sufficient. Today, treasury operations are expected to drive strategic insights. Modern treasury teams are tasked with delivering real-time data, actionable forecasts, and risk management strategies that support growth and financial stability. What Are Treasury Operations? Treasury operations encompass more than just managing cash and accounts. Modern treasury teams are hybrid operators who leverage technology to implement systems and processes that ensure the business has strong financial hygene. They combine technical skills with strategic oversight to make cash flow management, forecasting, and liquidity optimisation as efficient as possible. For example, a treasury professional might: Advancements in technology have made it easier than ever to automate repetitive tasks, such as reconciling bank transactions or updating cash flow models. This shift allows treasury professionals to focus on value-added activities like scenario planning and liquidity risk management. Barriers to Effective Treasury Processes If your business struggles with slow cash flow reporting or inaccurate forecasts, two key issues are likely at play: outdated systems and a mismatch of skills within the treasury function. Outdated Systems and Processes Legacy Treasury Management Systems often lack the integrations and automation capabilities required for modern treasury operations, not embracing the latest technology like AI and current machine learning models. Manual processes, such as downloading bank statements and updating spreadsheets, are time-consuming and prone to error. Organisations stuck in these cycles will find it difficult to keep the forecast up to date in a timely manner. Skills Gaps Treasury operations require a combination of technical expertise and strategic thinking. Data analysis capabilities are becoming increasingly demanded of treasurers as they grapple with growing data sources and formats. Having access to strong IT resources is helpful, however it is the combination of the treasury expertise with the technical skills which is where the magic happens. Steps to Improve Treasury Operations Improving treasury operations begins with identifying bottlenecks and inefficiencies. Here’s how to get started: 1. Diagnose the Problem The first step is to assess your current processes. Where are the pain points? Are manual reconciliations taking up too much time? Is your cash flow forecast inaccurate or outdated? Map out your treasury workflows and identify tasks that consume the most resources. 2. Leverage Technology Look for opportunities to automate repetitive tasks. Cash management platforms such as Palm can help to automate cash positioning, forecast updates, and reporting. Ensure that your systems are integrated to allow real-time data flow between your ERP, bank portals, and other platforms. For example, implementing a Cash Management Solution that integrates with your bank accounts can reduce the time spent on payment processing and cash reporting by providing a single, real-time view of all transactions. 3. Optimise Bank Account Structures Many corporations suffer from overly complex banking structures with too many accounts spread across multiple institutions. Consolidating accounts and implementing sweeping arrangements can reduce fees and simplify liquidity management. 4. Focus on Forecasting Accurate forecasting is essential for proactive decision-making. Invest in tools and processes that allow you to model various scenarios, such as changes in revenue or unexpected expenses. This will help ensure you maintain adequate liquidity while minimising idle cash. The Role of Integrated Treasury Tools One hallmark of efficient treasury operations is seamless data integration. Treasury tools should work together to provide a unified view of cash flow, liquidity, and risk. For example: Free Up Time & Unlock Value Improving treasury operations is not just about cutting costs or automating processes. It’s about empowering your company with the tools, data, and insights needed to make informed financial decisions. By rethinking your approach to cash flow management, forecasting, and bank account structures, you can transform treasury into a strategic asset that drives growth. If inefficiencies are holding you back, now is the time to act. Start by diagnosing your processes, invest in the right technology, and ensure your team has the skills needed to manage a modern treasury function. With these steps, you’ll be well on your way to building a treasury operation that supports success. 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.

Tariffs & the Shifting Role of the U.S. Dollar
This article is written by HedgeFlows For decades, the U.S. dollar has reigned supreme as the world’s reserve currency, underpinning global trade, investment, and economic stability. This dominant position, often referred to as the “exorbitant privilege,” has enabled the U.S. to maintain cheaper borrowing costs, predictable exchange rates, and larger deficits without significant economic fallout. But the ground is shifting. Global tariffs unleashed by Trump and geopolitical tensions, particularly between the U.S. and China, and an increased focus on supply chain security have triggered unprecedented shifts in global trade dynamics led by President Trump’s administration. To those at the helm of mid-market enterprises, these seismic changes may have felt slow-moving and distant until recently. Still, the events of the last two weeks and their potential impact on financial strategy, procurement, and everyday operations cannot be overstated. What’s changing, and why does it matter now? For decades, nations like Japan and China have willingly accepted U.S. dollars as payment for goods and services sold to U.S. companies and consumers, using them as a safe reserve currency. However, as global economic dynamics shift, the long-term dominance of the greenback as the world’s primary reserve currency is increasingly being called into question. Europe is navigating its evolving relationships with the United States, while China has grown powerful enough to engage in a full-scale trade war with the world’s leading superpower. These developments are reshaping the financial landscape, challenging the greenback’s once-unquestioned supremacy. Consider this striking fact: foreign governments and institutions currently hold over $7 trillion in U.S. Treasury securities – more than the total government debt the US has to refinance over the next 24 months. These holdings not only reflect confidence in the U.S. dollar but have also formed a crucial support system for America’s economic structure. They fund unprecedented deficits that the US has enjoyed for decades. A shift away from such reliance could have wide-ranging consequences for businesses globally. What’s Driving the Shift? 1. Onshoring Push in the U.S. Amid Trump’s government tariffs rollout and renewed calls for supply chain security, the U.S. is focused on producing more goods domestically. Geopolitical tensions with China and vulnerabilities exposed by the pandemic have accelerated this transformation. Goods once predominantly imported, such as semiconductors and essential technologies, are increasingly being manufactured on home soil. While this shift is good for domestic industries, it reduces the global demand for the U.S. dollar in trade transactions, an effect mid-market businesses must prepare for. 2. China’s De-Dollarisation Efforts China, long dependent on the U.S. dollar for trade, has launched de-dollarisation campaigns aimed at reducing that reliance. Recent agreements to settle oil trades with Brazil in yuan exemplify this strategy. Additionally, the rise of digital currencies, including central bank digital currencies (CBDCs), is further disrupting dollar-dominated trade norms. China has been increasingly pushing for the use of the renminbi (RMB) in its global trade engagements. One significant milestone in this effort is the trading of oil futures in Shanghai, priced in RMB rather than U.S. dollars, which has gained traction among Middle Eastern oil producers. This move not only strengthens the renminbi’s position as a viable currency for international trade but also challenges the hegemony of the U.S. dollar in global energy markets. By encouraging its trade partners to adopt the RMB, China aims to enhance its economic influence and reduce exposure to dollar-based fluctuations, marking a decisive shift in global financial dynamics. A significant concern among investors is how China’s dollar strategy might unfold. If market participants begin to anticipate large-scale selling of U.S. Treasuries by China, this could trigger capital flight, eroding the dollar’s strength. Something that came to the fore the week after Trump’s recent tariff announcement on the 2nd of April 2025. 3. Rise of Digital Currencies and Non-USD Trade Technological advancements, combined with geopolitical motives, are fuelling the adoption of alternative currencies in global settlements. Whether it’s Russia-India trade conducted in rubles or yuan trading agreements with African nations, the share of non-USD payments is rising. The result? A Diminished USD Demand These trends collectively lower the global need for USD reserves. Businesses could face increased volatility in cross-border transactions as the cushion provided by widespread dollar usage starts to thin. What Is the Exorbitant Privilege and Why It Matters The U.S. dollar has historically benefitted from being the world’s reserve currency, giving it a unique edge. Here’s why that’s significant: For private businesses, access to cheap capital and stability in currency has been an indirect boon, streamlining operations and growth. However, mid-market CFOs need to recognise that these advantages may weaken in the years ahead. What Could Change and What CFOs Should Watch Over the next 5–10 years, several risks could arise for businesses heavily reliant on the dollar-dominated global economy. Potential Risks CFOs Need to Monitor Strategic Takeaways for Mid-Market Finance Leaders For CFOs of mid-market businesses, navigating the shifting role of the U.S. dollar requires strategic foresight and agility. Here are key steps to consider: 1. Build Resilience Against Volatility Invest in systems such as HedgeFlows that enable faster, real-time decision-making for treasury and risk management. Budgeting and forecasting tools that incorporate dynamic scenarios are invaluable when economic conditions are unpredictable. 2. Diversify Funding Sources Explore non-dollar-denominated funding options or global capital markets to hedge against dollar-specific risks. 3. Monitor Risks Proactively Regularly assess creditor, supplier, and even banking risks. Be prepared to act swiftly in response to economic or geopolitical changes. 4. Manage Currency Exposure Strategically Adopt robust FX risk management strategies. Consider currency hedging where needed to reduce exposure in global transactions. 5. Stress-Test Your Financial Models Run scenarios assuming sharper interest rate hikes or heightened FX volatility to ensure preparedness for potential shocks. 6. Stay Educated and Proactive Keep a close watch on insights from trusted organisations like the Federal Reserve, IMF, and financial publications. Diversify the information sources to avoid falling prey to echo chambers. Closing Thoughts: What Comes After the Dollar? “There are decades where nothing happens; and there are weeks where decades…

Visa × Yellow Card: Transforming Corporate Treasury in Emerging Markets
From Treasury Masterminds June 2025 — Visa and Yellow Card have announced a strategic partnership to accelerate stablecoin adoption across Africa and the broader CEMEA region. Yellow Card, a licensed stablecoin orchestrator active in over 20 countries with more than $6 billion transacted since 2019 will leverage Visa’s network—including Visa Direct—to enable faster, cheaper blockchain-based USD (stablecoin) transfers Why stablecoins matter for corporate treasurers How the stablecoin on-/off‑ramp works Here’s a simplified flow: Stage Corporate Treasury Action Stablecoin Flow On‑ramp Treasury transfers local currency into Yellow Card wallet via bank transfer or mobile money. Yellow Card issues USD‑pegged stablecoins. Local fiat → stablecoins Cross‑border Treasury transfers stablecoins via Visa‑linked on‑chain rails directly to another Yellow Card account or partner in another country. Blockchain transfer (USDC/USDT) Off‑ramp Recipient converts stablecoins back into local fiat via Yellow Card and receives funds via bank or mobile wallet. Or optionally, stablecoins enter Visa Direct to credit bank/card accounts. Stablecoins → local fiat Visa Direct integration means businesses can also pay employees or suppliers directly to bank/card-linked accounts using stablecoin settlement rails—blending blockchain efficiency with traditional payout infrastructure. How this benefits corporate treasury teams Emerging market context & future outlook Stablecoins now represent 43‑50 % of crypto transaction volume in Sub‑Saharan Africa, driven largely by limited USD availability With Visa processing $225 million+ in stablecoin settlements since 2023 and plans to expand into more CEMEA markets through 2026 this collaboration signals a major shift in treasury infrastructure. Nevertheless, regulatory clarity remains important—e.g., Ghana’s central bank recently issued warnings over unlicensed stablecoin providers, underscoring the need for treasury teams to partner with compliant, regulated entities Bottom line For corporate treasurers operating in emerging markets: This marks a pivotal moment: treasury teams can now harness digital USD rails, combining cryptocurrency resilience with traditional finance compliance—ushering in a new era for global liquidity and FX risk management. In summary The Visa × Yellow Card partnership delivers a corporate treasury-ready stablecoin infrastructure: opening trapped liquidity, mitigating FX volatility, and enabling speed and transparency—all while integrating with established systems like Visa Direct. Tanya Kohen, Treasury Masterminds Board Member, comments: One of the most transformative features of stablecoins for corporate Treasury is their programmability. Unlike traditional bank money, programmable digital cash can be embedded directly into algorithmic workflows allowing Treasury teams to automate how and where cash moves based on predefined rules and real-time data. This unlocks new levels of efficiency and control: from optimizing working capital in trade transactions, to automating cash management across jurisdictions, to dynamically reallocating liquidity between banks and investment vehicles in line with a company’s investment policy. Crucially, this can all happen without being bound to the limitations of traditional bank products or cut-off times. In this light, stablecoins aren’t just a workaround for emerging market constraints, but a foundational technology for building smarter, more autonomous treasury infrastructure on a global scale. What’s equally compelling is how this shift impacts treasury governance. With programmable money, policy enforcement becomes embedded in code. Investment guidelines, counterparty limits, even ESG criteria can be enforced automatically reducing manual oversight and the risk of policy drift. This could ultimately shift treasury’s role from transaction execution to ruleset design and oversight, pushing finance teams to think more like system architects than process managers. Royston Da Costa, Treasury Masterminds Board Member, comments: Although I am a big fan of stable coin and digital currencies (not crypto currencies due to their volatility), I also feel it is my duty to flag some issues that Treasurers may not be aware of: 1. Trapped Funds There are regulatory grey zones and potential legal risks that treasurers face as most emerging markets have explicit capital controls, and moving money abroad—even via stablecoins—may violate local currency and AML laws. Regulators are catching on, and treasurers using this workaround could be exposed to penalties, license risk, or retroactive enforcement. The benefit of using stable coin to extract cash from restricted markets is still a powerful one, and one can only hope that local regulators try to work with stable coin rather than drive it ‘underground’. 2. Stablecoin FX Exposure Isn’t Risk-Free either If you’re a treasurer trying to manage FX risk, trading local currency volatility for stablecoin counterparty and depeg risk may just shift the problem, not solve it. Having said that, the risk is still limited and manageable. 3. The Myth of “80% Cheaper” Cross-Border Transfers Claiming 80% fee reduction assumes: In reality, on-/off-ramping stablecoins often incurs hidden costs, and recipients may need to pay a premium to convert into usable local currency, especially in markets with shallow liquidity. I believe this will reduce in time as it scales up. 4. Operational Simplicity? Or Complexity in Disguise? Introducing blockchain-based rails means treasury teams now must: What’s pitched as “simpler” is actually a new layer of operational and compliance burden. Unless a company is crypto-native, this is a significant cultural and technical leap. Again, this could be a normal part of the Treasury function in the future and no different to perhaps how some Companies are set up to run an intercompany netting system or in-house bank today. 5. Visa’s Involvement Doesn’t Eliminate Risk Visa’s presence adds an aura of legitimacy, but let’s be clear: There are still positives to be taken from Visa being involved i.e. the size and scale that Visa has to offer, making stable coin a more widely accepted alternative form of payment. 6. Regulatory Risk Is Rising, Not Falling This area has to be tightly regulated as it evolves, and not surprisingly, the examples below confirm this. Today’s “opportunity” may become tomorrow’s legal liability. Contrarian Bottom Line The Visa–Yellow Card partnership is not a “pivotal moment” for treasury innovation—it’s an experimental bet wrapped in enterprise clothing. For corporate treasurers under fiduciary and legal duty, stablecoin-based strategies: Rather than embracing this as a saviour for emerging market treasury, a prudent treasurer might ask: Are we replacing the devil we know with one we don’t understand? To be clear, I still believe that Digital Currencies like Stable coin are the future, however, I also…

What It Really Takes to Run a Billion-Pound VC Firm: Notion Capital’s Ian Milbourn Tells All
This article is a contribution from one of our content partners, Bound A man who wears many different hats, Ian Milbourn is not only a founding partner at Notion Capital, but also the firm’s CFO and COO. Throughout his career, it’s fair to say he’s pretty much seen it all as far as VC challenges go. In this exclusive interview, Ian shares his hard-won insights on managing a multi-strategy VC firm, navigating European expansion, and why doing the basics brilliantly matters more than ever in 2025. The journey from Big Four accountant to venture capital CFO isn’t your typical career path. But, then again, Notion Capital isn’t your typical VC firm. And Ian isn’t your typical General Partner, either. “I was an accountant to start with, working for Ernst & Young,” he recalls. “But I pretty much knew straight away I didn’t want to be an auditor all my life!” That early realisation took Ian down a path that would eventually see him help build one of Europe’s most successful enterprise software investors. His route to Notion Capital was far from direct, though, winding through what he describes as his “deal junkie” phase in corporate finance, before he connected with MessageLabs in 2002. “I said to my recruiter, find me an exciting fast-growth tech company in the West of England that needs some corporate finance expertise. She outright laughed and I thought that was the end of that,” he recalls. “To be fair to her, she didn’t give up, and lo and behold, I got the interview with MessageLabs. And the rest, as they say, is history.” That connection, on a chilly winter’s day in Gloucester, would prove transformative for Ian. As well as securing an exciting new job, he went on to be part of one of Europe’s largest SaaS exits at the time (when MessageLabs was sold to Symantec in 2008 for $695m). And, though he didn’t know it in that moment, he’d also just met his future Notion Capital founding partners: Jos White, Stephen Chandler and Chris Tottman. Growing Notion from the ground up Back in 2009, Ian and his co-founders recognised the enormous potential in cloud computing – a sector that was not yet the ‘megatrend’ it is today. At the time, software was predominantly sold through on-premise installations, and the shift to cloud-based delivery was still seen as a risky bet by some investors. But the Notion founders saw things differently – they believed that cloud transformation was inevitable and wanted to back the entrepreneurs leading that charge. Sixteen years later, that bet has paid off many times over. Notion has grown from an initial £20m fund to managing over £1bn in AUM across multiple funds, investing in some of Europe’s most innovative enterprise software companies. Alongside Bound, the firm’s portfolio includes notable names such as GoCardless, Mews, Paddle, and YuLife – companies that have gone on to become industry leaders in fintech, hospitality management, payments, and insurtech. As Notion expanded, it developed three distinct investment strategies, each catering to different stages of company growth. Its pioneers strategy focuses on earlier stage investments, providing the capital and support that fledgling businesses need to gain traction. Then, the core strategy represents the more traditional VC approach, centred around early-stage and Series A investments, helping startups scale into growth-stage companies. And, for those that have already scaled significantly, Notion’s opportunity fund provides late-stage funding. With such a broad investment remit, Ian’s dual role as CFO and COO becomes increasingly demanding. Managing the financial function of a VC firm is about far more than just number-crunching – it requires a deep understanding of how financial strategy aligns with overall business objectives. Fundraising and investor relations are critical, as without fresh capital, there is no firm. At the same time, deal management, portfolio oversight, and ensuring strong Distributed to Paid-In Capital (DPI) for investors must all be carefully balanced. The challenge, as Ian puts it, is in execution. A venture firm operates with multiple moving parts: sourcing deals, conducting due diligence, managing relationships with portfolio companies, and ultimately securing successful exits. Each function is interdependent, requiring seamless coordination to ensure that the firm remains competitive. “Our job is to find, fund, and fuel the best enterprise software businesses in Europe,” he says. “That requires a huge amount of coordination across investment, finance, operations, and portfolio management. Every moving part needs to function at the highest level.” And that challenge has only grown as the firm’s geographical coverage has expanded. Taking Notion international Founded in the UK, Notion’s ambitions quickly stretched beyond domestic borders. Over the years, it has systematically expanded its European presence, and today, around 60% of its deals originate from acrossEurope, a region where Ian sees immense potential. “There’s a lot of talent across Europe, and a really big work ethic,” he notes. Despite this international focus, Notion has chosen to keep its headquarters in the UK rather than opening multiple overseas offices. Instead, its investment team is structured geographically, with each member responsible for scouting and managing deals within specific European markets. This approach allows the firm to maintain a high level of local expertise while benefiting from the efficiency of a centralised investment strategy. But operating across multiple markets does bring challenges, particularly around currency management. For Notion, like many VCs, FX headaches are an unavoidable reality of doing business. “As a UK-based firm, we operate in GBP, but receive management fees in EUR over time, so we hedge that exposure. But we’ll also eventually exit companies – at an unknown time, for an unknown price, and more often than not, in USD. That exposure is massive, but it’s also difficult to hedge when none of the key variables are fixed.” To tackle this, Notion has integrated Bound, removing the manual, broker-heavy processes that have historically dominated the industry, in favour of simple, automated hedging strategies. “Before Bound, FX risk management meant constant phone calls with brokers, spreadsheets, and uncertainty. Now, we click a few buttons, and it just works,” Ian…

Setting up Treasury for PE company: The First 100 Days.
Written By: Mekki Weydert The first 100 days in a new treasury role are critical. They offer a rare window to assess, improve, and build a strong foundation for long-term value creation. In a private equity (PE) setting, that pressure is even greater: the clock is ticking, expectations are high, and learning curve is steep. This article is designed to help treasurers navigate that first run with confidence. Whether you are stepping into your first PE-backed environment or taking over a new treasury setup, these best practices will help you create impact from day one. 1. Built to Exit: The purpose of PE-owned firms PE firms focus on value creation within a limited timeframe, typically 3 to 7 years. They prioritize operational efficiency, financial discipline, and strategic transformation to prepare portfolio companies for a successful exit. In many cases, these acquisitions are leveraged buyouts (LBOs), which introduce financial complexity and heighten the need for proactive treasury oversight. The hiring of a Treasurer is often a pivotal step for PE firms and CFOs as they strive to ensure optimal cash management, mitigate financial risks, and align treasury operations with the company’s strategic objectives. As Treasurer, you will become responsible for implementing the best practices in treasury operations and developing strategies that support the company’s growth ambitions. Treasury’s role is not just operational, it’s strategic. By implementing best practices, the treasurer supports the company’s growth trajectory and exit strategy. 2. The Treasurer: A critical hire you to not delay The accelerated growth often creates a tipping point where the lack of a dedicated Group Treasurer becomes a noticeable gap. As companies scale, financial complexities increase, making specialized treasury management not just beneficial but essential. Around the $100 to $200 million revenue mark, the absence of a dedicated Treasury lead starts to show: cash visibility declines, inefficiencies creep in, and risk exposure increases. There are few key triggers that signal it’s time to bring in a Treasurer: Limited cash visibility: When management can’t confidently answer “how much cash do we have today?” it’s time for change. Scattered bank relationships: Decentralized banking can drive costs up and reduce control. Growing risk exposure: Currency, interest rate, and credit risks become more pronounced. Strategic events on the horizon: Refinancing, M&A, or debt restructuring demand financial expertise. The Treasurer’s role will evolve beyond basic cash management; they become a strategic partner, ensuring financial stability and aligning treasury functions with growth targets. As companies scale, hiring a Treasurer becomes not only beneficial but critical, enabling them to navigate complexities and optimize value for shareholders. 3. A Treasurer who sees the big picture, and builds It The ideal candidate must combine hands-on financial expertise with strategic vision, seamlessly connecting day-to-day operations with the company’s broader long-term goals. Here are the key skills needed to succeed: Hands-on expertise: Actively manage liquidity, monitor covenants, optimize working capital, and drive FX and interest rate risk mitigation. Business acumen: Align treasury operations with strategic priorities, support acquisitions, and communicate clearly with senior leadership. Process mindset: Implement and enforce controls, ensure regulatory compliance, and build scalable processes. Leadership and communication: Explain complex topics in plain terms, adapt quickly, and collaborate across functions. In short, the Treasurer isn’t just “managing cash”, he is helping to shape the company’s financial architecture. 4. Hit the ground running: Collect, detect, correct The first days should be all about getting a solid grip on where the company stands in terms of treasury operations. This is your chance to dive deep into existing processes, figure out who’s doing what, and identify where improvements are needed. Your main objective during this time is to build a comprehensive view of how things currently work and start thinking about where you can add value. Below is a list of questions and information you can use to establish a first assessment. Start with ownership and maturity: Who is currently doing what? Are treasury responsibilities centralized or fragmented? Are there documented policies and controls? Evaluate tools and processes: Is there a Treasury Management System (TMS)? Or is Excel still the main tool? How accurate is the cash forecast, if any? What’s the current payment approval process? Gather the essentials: Full list of bank accounts and authorized signatories. Debt overview, including covenants and maturity profiles. Financial risks exposure analysis. Organizational chart of key stakeholders. Establish key relationships: Internally with finance, accounting, tax, FP&A and operations. Externally with banks, financial consultants in place, and financial service providers. This diagnostic work will provide the foundation for fast, targeted improvements. 5. The first weeks: Quick wins and setting foundations Now it’s time to act. Focus on visible, high-impact changes that demonstrate control and expertise. There are several key quick wins to target: Rationalize bank accounts: Fewer accounts mean fewer fees, less fraud risk, and better visibility. Review and renegotiate fees: Analyze past 6-12 months of statements. Many companies discover avoidable or even redundant charges. Clarify covenant monitoring: Ensure compliance and set up alerts for early warning. Framework for cash visibility and control: Define responsibilities and assign clear ownership for payments, forecasting, and banking. Fix red flags: Outdated approval matrices or lack of daily cash visibility? Tackle them early. You’re setting the tone. These first wins will help build credibility and momentum. 6. Days 30 to 60: Time to leverage your network By now, you’ll have a firm grip on internal operations. The next step is to bring in external expertise to accelerate progress. Here are some leads that will help with leverage knowledge. Engage consultants: Use them for benchmarking, complex system implementation, or project-based support. Partner with technology providers: Explore a TMS to automate payments, reporting and reconciliation. Tools like Power BI can enhance reporting and analytics. Reassess banking relationships: Stay in regular contact with banks to negotiate better terms, explore new solutions (e.g., revolving credit, cash pooling), and ensure alignment. Tap into peer networks: Industry forums, LinkedIn groups, and treasury roundtables offer practical advice and best practice comparisons. This phase is about scaling your reach and setting the stage for more…

Pricing and Hedging In the Age of Donald Trump and Elon Musk
This article is written by Kantox As U.S. President Donald Trump announces a 25% tariff on most Canadian and Mexican imports and raises the charge on China to 20%, Trade War 2.0 has started in earnest. How should FX risk managers react? In this article, we’ll look at how FX pricing strategies and hedging programs aren’t just important in this market landscape, they’re the difference between protecting profit margins and watching them vanish. We’ll also analyse how top companies link currency management programs to pricing and explore the solutions that help businesses stay ahead of the chaos. If Trade War 2.0 is rewriting the rules, it’s time to make sure your FX strategy isn’t playing by the old ones. Let’s dive in. Joined at the hip: pricing and hedging Companies as diverse as Hermès, Netflix and HBX Group have recently scored enormous successes in FX management, each in their own category. The French luxury firm’s highest ever annual operating profit margin of 42.1% was partly due —in Hermès’ own words— to “the favourable impact of currency hedging.” Meanwhile, the California-based streaming giant proudly mentions its layered FX hedging program in its latest earnings report. As for HBX Group, the Mallorca-based bed-bank operator announces an upcoming Initial Public Offering, with eyes firmly set on a €5bn valuation. Strikingly, these firms apply pricing criteria that differ widely from one another. We outlined these parameters —and how to protect profit margins from FX fluctuations in each case— in our blog Debunking 4 Currency Management Myths: Protecting Profit Margins in 2025: FX volatility in the age of Donald Trump and Elon Musk Now, let’s look at the importance of pricing in FX management. Ever since Donald Trump’s return to the White House, managers have had to contend with a new reality: a tweet or an impromptu statement from either the president or his advisor Elon Musk can lead to swift market adjustments—including daily moves in excess of 1% in key exchange rates. This is well captured by the implied 1-month volatility in EUR-USD (Bloomberg): The return of volatility in currency markets provides the ideal backdrop to tackle the question of pricing and fx-risk-management. We will concentrate on the following topics: Pricing as a hedging mechanism Pricing risk is the risk that —between the moment an FX-driven price is set and the moment it is updated— shifts in FX markets can impact either a firm’s competitive position or its profit margins. In 2025, a tweet by the U.S. president can wreak havoc in terms of profit margins at (unprepared) companies. The natural way to reduce it is to increase the frequency of price updates. After all, pricing is itself a hedging mechanism. But that is not an option for companies that wish to keep steady prices during a campaign/budget period or during a set of periods linked together. One solution is to set boundaries around an FX reference rate, such that prices are updated only if the market moves beyond the upper and lower bounds. The system then serves a new reference rate and dynamically adjusts the upper and lower bands around it. On the other hand, if FX markets remain relatively stable, the managers can keep prices unchanged, something that is attractive in many B2C setups. Pricing with the forward rate U.S. President Donald Trump recently called for lower interest rates on his Truth Social platform: “Interest Rates should be lowered, something which would go hand in hand with upcoming Tariffs!!! Let’s Rock and Roll, America!!!” he wrote. While it is unclear if Mr Trump referred to short- or long-term interest rates, the reality is that interest rate differentials between currencies are back in vogue. Short-term interbank interest rates in different currencies vary widely across the world: 13.25% in BRL, 7.50% in ZAR, 5.75% in PLN, 4.25% in USD, 2.90% in EUR and 0.50% in CHF. This has implications for currency managers, both in terms of pricing and hedging. European firms pricing in BRL —for example, French retailers Carrefour and Danone— can use the forward EUR-BRL to set prices, as BRL currently trades at a 9% one-year forward discount to EUR. Conversely, firms selling into low-interest rate currencies can take advantage of the implied forward premium by pricing with the forward rate. This helps them enhance sales-to-asset ratios. Failure to take advantage of such opportunities is a shortcoming at a time when —according to consultants McKinsey—pricing is a key strategic element. Setting markups when protecting the budget rate When selling in USD, many European firms use catalogue-based pricing models, i.e., they keep prices steady during an entire campaign/budget period. Prices are updated, if needed, at the onset of a new period. This situation presents a number of FX-related challenges, not least about how to set the budget rate used in pricing. What do best practices recommend? One useful approach is to set a markup at the time of budget creation, say 3%. If spot EUR-USD trades at 1.09 at the moment the budget is set, this would represent a 3% markup to the 1.1227 rate used in pricing. This rate, in turn, can be protected by setting three conditional stop-loss orders —each for ⅓ of the exposure under management— at 1.1336 (+4%), 1.1227 (3%) and 1.1118 (+2%). For a European-based exporter of manufactured goods, we backtested a combination of hedging programs especially well suited for such a setup. On top of the ‘static’ element, a micro-hedging program for incoming firm sales orders is added. When the dollar is weak and stop-losses are hit, hedging is executed at the budget rate, and profit margins are protected. When the dollar rallies, hedging is carried out on the back of firm sales orders at rates that ‘outperform’ the budget rate by an average of 13% (between 2021 and 2024). Note that, whatever the scenario for the EUR-USD rate, hedge execution is delayed, providing additional benefits in terms of: With such combinations of “Static + Micro-Hedging” programs, managers systematically protect the firm from unwanted currency market fluctuations,…

Maximizing Share of Wallet with Banking Partners: A Strategic Approach to Economic Efficiency
This article is written by our content partner, Nilus In today’s complex financial landscape, companies must do more than just maintain relationships with their banking partners—they need to strategically manage their Share of Wallet (SOW) to optimize economic outcomes. What is Share of Wallet in Banking? For companies, Share of Wallet refers to the portion of their total financial needs (loans, cash management, treasury services, etc.) that are fulfilled by a particular banking partner. Effectively managing this share can significantly impact a company’s financial health and growth potential. Why is SOW Management with Banks Crucial? How to Optimize SOW with Your Banking Partners? By strategically managing Share of Wallet with banking partners, companies can not only enhance their economic efficiency but also build stronger, more beneficial financial relationships that drive long-term success. Let’s not just manage our Treasury Operations—let’s optimize them by thoughtfully allocating our Share of Wallet. More from Nilus 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.

Treasury Contrarian View: Everyone Is Replaceable — But Some Are More Replaceable Than Others!
We’ve all heard it: “No one is indispensable.” In corporate finance, especially in treasury, the phrase gets tossed around as both a comfort and a warning. But as the function evolves — becoming more strategic, more tech-enabled, more integral — the truth gets murkier. Are treasurers truly replaceable? The answer is yes. And no. Let’s unpack it. The Case For Replaceability Systems Don’t Need Heroes In a well-run treasury, excellence doesn’t hinge on individual memory. It’s embedded in systems, processes, and shared knowledge. If the function collapses when one person leaves, that’s not loyalty — it’s a design flaw. Knowledge Hoarding Isn’t Power — It’s Risk We sometimes confuse being the only person who knows how things work with being valuable. But monopolising institutional knowledge increases operational risk and discourages team growth. A truly resilient function thrives on transparency, not dependency. The Market Has Moved On The rise of fractional CFOs, interim treasurers, and on-demand expertise has shifted the power dynamic. Treasurers are no longer the sole guardians of cash and risk. Expertise is mobile. Insight is portable. If someone leaves, someone else can step in — often faster than we’d like to admit. Boards Expect Replaceable Structures Good governance demands succession planning, bench strength, and process documentation. The question isn’t if a key person might leave — it’s when. Replaceability isn’t a threat; it’s a requirement for continuity. The Case Against Replaceability You Can Replace a Role — Not a Mindset While a new hire can fill the org chart slot, replicating a treasurer’s judgment, risk appetite, or strategic instincts is another matter entirely. Some decisions — when to hold your nerve in a funding negotiation, how to pivot a hedging strategy mid-crisis — come from hard-won, situational intuition. That doesn’t live in a playbook. Trust Is Earned, Not Transferred Bankers, auditors, execs — they trust individuals, not job titles. When a treasurer with deep institutional and external relationships exits, it doesn’t just leave a gap in process — it leaves a vacuum in influence. That’s not something interim cover can immediately fill. Culture Is Carried by People The best treasurers don’t just execute — they shape the ethos of their teams. They model curiosity, rigour, pragmatism, and calm under fire. That cultural imprint is hard to replicate. You can replace a function; it’s harder to replace a standard. Leadership Isn’t Modular You can outsource processes. You can document controls. But you can’t modularise leadership. The ability to lead through ambiguity, drive transformation, and push finance into new territory isn’t mass-produced. It’s grown over time — and it sticks with the person who grew it. The Paradox: Replaceability as a Sign of Strength Here’s the irony: the best treasurers actively make themselves operationally replaceable. They invest in automation, delegate meaningfully, and document the hell out of their workflows. But that’s precisely why they’re so valuable. They’ve built something bigger than themselves. Being “replaceable” in day-to-day execution isn’t a weakness — it’s a strength. But being irreplaceable in strategic influence, judgment, and trust? That’s leadership. And the two can — and should — coexist. So What Should Treasury Leaders Do? Being replaceable doesn’t mean being irrelevant. It means you’ve done the hard work of building a function that will outlast you — and earned the credibility that means people hope you’ll stay anyway. What Do You Think? Is treasury truly plug-and-play — or are we undervaluing the irreplaceable qualities great leaders bring? We’re featuring views from across the profession. If you’ve built a treasury team that balances system resilience with human leadership, we’d love to hear your story. COMMENTS Lee-Ann Perkins, Treasury Masterminds Board Member, comments: Every worker is replaceable – some just take longer and are more expensive to replace. In theory, any treasurer is replaceable; in practice, it’s an uncomfortable truth that those who translate strategy into fit-for-purpose structures and cultivate deep stakeholder trust are anything but interchangeable. For boards and CFOs, the lesson is clear: if you’re lucky enough to have a strategic treasurer, invest in retention, because replacing that caliber of leadership can be costly and time-consuming. Elite treasurers align every funding, risk, and capital-allocation decision with the company’s evolving strategy, often pivoting before the rest of the organization senses the need. They redesign bank panels, cash-pooling rules, KPIs, and talent pipelines so that treasury infrastructure keeps pace with acquisitions, technology changes, or any other strategic shift. Seasoned treasurers build crisis-tested rapport with banks, rating agencies, and boards, securing tighter spreads, faster approvals, and looser covenants. When they leave, that goodwill departs with them, raising the true cost of capital. Even with AI automating reconciliations and dashboards, only a treasurer who can select, integrate, and govern those tools ensures they reinforce, not derail, strategic goals. Patrick Kunz, Treasury Masterminds Founder/Board Member, comments: Can you imagine doing the same job for 40 years?I can’t. And if you can, you might be at risk of becoming obsolete. Not just because it sounds incredibly boring (in my humble opinion), but because there’s zero challenge in doing the same tasks over and over again—especially in treasury, where things evolve fast. My longest tenure? Four years. That was my first job. The second? One year. Then I became a freelancer and never looked back. One of the best things I can offer my clients isn’t just experience or knowledge—it’s that I aim to make myself obsolete.Why?Because if I’m no longer needed, it means we’ve really improved their treasury setup.It’s leaner. Smarter. Automated. Scalable. And let’s be clear: making yourself (or a permanent team member) “obsolete” doesn’t mean pushing someone out.It means creating space—space for new projects, new ideas, new roles.Most teams are so caught up in day-to-day operations, they never get time to step back and innovate. But innovation needs time and mental bandwidth. The best treasurers I know?They reinvent. They try new things.They don’t cling to the same job title or process for decades—they evolve. That’s where growth happens. In 2025, with tech evolving faster than ever, the “same…