2011 AFP Annual Conference: Optimizing Financial Data Integration for Treasury Transformation

As in years’ past, GXS exhibited at the 2011 AFP (Association for Financial Professionals) Annual Conference, held in Boston, Massachusetts.  A central theme of the Global Treasury and Treasury Operations educational session tracks was treasury transformation, driven by shared service centers, aging technology, increasing demands on Treasury “to do more with less”, and the availability of less costly and complex treasury management systems.

Treasurers are implementing next-generation treasury management technology for in-house banking, cash management, currency and interest rate hedging, debt and investment management, bank account reconciliation and customized reporting. However, optimizing the awesome power of treasury technology requires integration with numerous data sources and targets such as accounts payable, accounts receivable, electronic dealing systems, general ledger, and bank information reporting and payment systems.

The first step is choosing a treasury management system (TMS) or treasury workstation (TWS) that allows for maximum integration. There are many top-notch providers to choose from such as GTreasury, IT2 Treasury Solutions, Reval.com, and Wall Street Systems, but what next? Corporate practitioners at AFP conceded that implementing sophisticated treasury systems require significant IT resources. Often viewed as a cost center, treasury departments usually lack the dedicated IT staff required to successfully rationalize interfaces to multiple proprietary systems while automating data collection for the new TMS.

GXS encourages corporates embarking on treasury transformation projects to launch a concurrent project to optimize financial data feeds and interfaces. There are many integration and connectivity options to choose from—direct integration for primary relationship banks, SWIFTNet connectivity for global accounts, ERP integration for straight through processing, and file format/translation options (e.g. BAI2, XML) for aggregating bank data.

A bank-agnostic specialist such as GXS can simplify connectivity and integration for corporate treasury organizations by off-loading financial counterparty on-boarding, any-to-any file mapping, message transformation, data enrichment, systems management, and program support. Maximize your TMS investment by automating, integrating and optimizing financial data gathering for complete, timely and accurate treasury analysis and action.