AT a time when information is key, treasury professionals more than ever are seeing the value of streamlining the finance function. Over the last several months of engaging with CFOs and treasurers in Asia, The Asset’s board of editors were pleased to see numerous companies had strived for improvements in their operations, and especially on payments and collections.
Automation continues to stay centerstage in the eighth set of winners in The Asset Triple A Treasury, Trade, SSC, and Risk Awards 2020 with some organizations looking to reduce the burden of manually approving transactions. Schindler in India, for instance, revamped its online payment checkout process to improve automation and enhance company control.
The increased speed of transactions being approved also highlights the need for real-time information. This was the idea around the efforts of Electricity Generating Authority of Thailand Saving and Credit Cooperative for its mobile app to help members gain access to real-time monitoring of funds in their account.
This year, efforts from several companies in growing their connectivity with third parties continues, including linking with domestic payment infrastructure or government agencies to facilitate digital payments. In Sri Lanka, Toyota Lanka’s solution allowed the company to make instant tax payments, and Bajaj Finance established a new digital collections gateway with connectivity to India’s United Payments Interface.
Digitization is happening across several markets as companies look to remove the possibility of errors by digitizing physical payment documents when possible. This was the case for Capgemini Group’s operation in India, which recently digitalized import payments.
Whether it be connectivity or automation, there has been consistent focus for treasury professionals over the past year to implement schemes that would lead to cost efficiency. While complete optimization may be not always be possible, at the very least treasury professionals are making their presence felt, giving companies the option to consider alternatives.
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To revisit some of our previous stories on the solution trends shaping treasury departments in Asia please read more below: