B2B Payments

Treasury Execs Sound Off On The Cloud

The EuroFinance 2015 conference, an event that gathers corporate treasury and money management leaders to discuss emerging technologies and trends in their space, was in full swing last week in Copenhagen.

And while there were dozens of aspects about corporate treasury debated on and discussed, IBS Intelligence reported Friday (Sept. 25) that one of the top conversations was on the cloud and how the technology will “change the life of treasury.”

Several speakers at EuroFinance Copenhagen spoke on the power of automation that the cloud brings to treasury, reports said. Dassault Systèmes Senior Director of Treasury and Financing John Colleemallay told attendees that the ability of cloud-based treasury systems to scale to the needs of individual businesses, as well as its budget management capabilities, are also key to the appeal of cloud treasury management systems.

Colleemallay told IBS Journal that his company’s storage and backup systems are held in every geographical region of the globe, making cloud-based treasury tools secure for businesses, too.

According to Cindy Murray, Bank of America Merrill Lynch head of global treasury product platforms and digital channels, the cloud will do for treasury what the computer and Internet did. “Microsoft, Google and Amazon have become the backbone of the Internet,” she said, adding that as computer applications “changed the life of treasury,” the cloud is slated to do the same.

[bctt tweet=”As computer applications “changed the life of treasury,” the cloud is slated to do the same.”]

For SAP Director of Solution Management and Treasury Christian Mnich, corporate adoption of the cloud for finance and treasury management comes down to cost. According to IBS Journal, businesses simply aren’t willing to take on the costs of on-premise data storage systems.

The discussion surrounding corporate adoption of cloud technology has been an ongoing one for several years now, but recent research by Cowen & Company hints at just how mainstream the once-uncommon tool was.

Analysis found that 77 percent of corporate respondents had already implemented meaningful cloud technology, and they said that the cloud can be integrated into their businesses even more. That figure is a significant increase from the 58 percent Cowen & Company found to have said the same just one year prior.

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New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.