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IS YOUR TREASURY EVOLVING FOR A REAL-TIME WORLD?


7 ways that instant access to data will revolutionize finance in the near future
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By John Hunter, Head of Global Treasury Management Payments and Transaction
Services Wells Fargo

The era of “real time” has arrived. Speed has changed our lives dramatically
compared to just a few years ago, impacting everything from sending and
receiving funds in an instant, to streaming live content, to checking the status
of your order with a simple click. “Now” is the new normal; waiting is no longer
an option. 

Yet in many finance departments it’s still business as usual. Payments,
reporting, and liquidity management all rely on the same day-old (or older)
data, the same batch processing and manual operations that were “leading edge”
more than a decade ago. 


SETTING A NEW STANDARD FOR CASH MANAGEMENT 

If your treasury seems trapped in the past, it’s definitely time to move
forward. Instant access to data can revolutionize your company’s financial
operations, as well as your customer, supplier, and employee experiences.
Considering your options now, as well as involving your bank in planning will
ensure you keep pace with the latest developments as they become available. 

Innovations in technology make real-time enhancements possible, leveling the
playing field for smaller organizations. In the past, only large and
sophisticated companies could invest in custom ERP upgrades and system-to-system
connectivity. Now, real-time tools like APIs and webhooks, greater adoption of
industry standards, and the leadership of key banks are all helping to simplify
and democratize real-time access. 

New solutions will be scalable for small and medium-sized businesses as well as
global enterprises. The result is a new standard for real-time cash management. 


7 WAYS TO ACCELERATE PROGRESS 

Consider opportunities like these for treasury management to put real-time
connectivity into practical application. 

 * Imagine making liquidity decisions and mobilizing your cash based on
   up-to-the-minute balances pulled from accounts at multiple banks.
 * Imagine simplifying your transactions, so each payment uses the method that’s
   fastest, safest, and most cost-effective. 
 * Imagine making customer service a great experience with automatic
   notifications and real-time transaction status, all from within your product
   or mobile app. 

There’s even more potential on the horizon as banks and fintechs continue
innovating. We’re excited about these seven scenarios:


1. ROUTE YOUR PAYMENTS EFFICIENTLY

The options for sending and receiving transactions continue to grow, adding
complexity and at times, cost. When you have a handful of critical payments,
it’s feasible to research the most efficient method (such as wires, Same Day
ACH, RTP, or the new FedNow network). But scaling those decisions for larger
payment volumes requires substantial information, processing power, and
automation. 

Enter intelligent routing. With a solution like this, you and your bank will
create business rules specific to your priorities, whether you need speed of
settlement, lowest processing cost, international reach, or other capabilities.
Then, your bank’s payment platform will deploy the best transaction method. The
delivery industry already employs this type of tool with great success, letting
smart technology recommend the best carrier and delivery timeframe for shipments
– so why not do the same with your payments. 


2. DETECT FRAUD ATTEMPTS INSTANTLY

What if instant access to data could better protect your funds? Your bank, your
fraud protection services, and the payment networks you use already collect and
monitor thousands of datapoints in real-time. Imagine accessing this
sophisticated intelligence to spot potential fraud and misuse before a payment
occurs.

Real-time connectivity can power this type of solution in the near future. For
example, if you’ve never before made a payment in Asia, or if your standard
transaction is $5,000 not $50,000, a real-time fraud protection service could
detect anomalies and notify your team before you issue the payment. With more
irrevocable transactions and real-time settlement, it will be an important
safeguard to put on your treasury “must have” list. 


3. REDUCE YOUR EXCEPTIONS

Who hasn’t been frustrated by the legwork and delays of payment exceptions?
Everything from transposed numbers to closed accounts to missing data can strand
a payment midstream. Instant connectivity has the potential to alleviate this
situation. 

In this scenario, instead of sending a batch file for next-day transmission (or
printing and mailing checks), imagine technology that can evaluate immediately
if payments are complete and accounts are valid—even repairing minor
discrepancies automatically. Real-time communications between payment
originators, your bank, and other payment endpoints bring this solution to life.


4. PAY NON-TRADITIONAL ENDPOINTS

Digital wallets bring speed and convenience to consumers, who are adopting them
in record numbers. Yet as more companies add branded wallets to their product or
service, they’re realizing the right back-office platforms are critical to
success. 

Rather than adding another vendor to manage, imagine working directly through
your bank to establish the real-time connectivity that powers a custom digital
wallet experience. One trusted resource could help you design an intuitive
workflow, accept new payment methods, and at the same time, enable the necessary
back-office functions such as real-time validation, notifications, and
reconciliation.


5. CONSOLIDATE YOUR REPORTING

When your operations span multiple divisions, countries, currencies, and banks,
activities like forecasting and daily cash positioning become arduous. What if,
instead of logging into various bank portals, downloading information, and
updating complicated spreadsheets, you could find the data you need in a single
location? 

Consolidated multi-bank real-time reporting is becoming a reality now available,
thanks to API connectivity between systems, a push for open banking standards,
and comprehensive dashboards. This innovation arms treasury management with
sophisticated and up-to-the-minute intelligence across your cash footprint.
Staff spend their valuable time evaluating options rather than searching for
details. 


6. USE YOUR MONEY WISELY

In rising rate environments, how you manage your liquidity takes on extra
significance. But, identifying excess working capital and making smart
investment decisions means fast access to data. It’s especially critical for
organizations that do business internationally, with cash spread out in accounts
worldwide. 

APIs and real-time tools can vastly improve your visibility and accelerate your
cash flow velocity. Working capital solutions like notional pooling, for
example, let you automate and mobilize your excess cash more easily than ever;
you can centralize cash management without actually comingling funds or making
intercompany loans. Instant access to balances and pending transactions can
create other advantages. With real-time solutions, you can make confident
decisions in where to spend, where to invest, and how to best use your funds to
achieve your business goals. 


7. EMPOWER CUSTOMER SERVICE

Who hasn’t wondered about the status of an order or when an important payment
will arrive? It’s not just a question that finance struggles to answer—employees
want to track expense reimbursements; customers and suppliers need accurate data
to manage their own balance sheets and update their stakeholders.

Real-time access to banking data will be able to supercharge your customer
service. Instead of lengthy phone calls or strings of emails, imagine completing
payment-related activities directly from your customer-facing mobile app,
website, or product. With embedded commerce, you can design the workflow; your
bank can supply the data to support your full order-to-cash lifecycle.


MAKE INSTANT DATA ACCESS A PRIORITY FOR TREASURY

Instant access to financial data can accelerate operations, improve
decision-making, and increase productivity. It brings benefits that extend far
beyond treasury management, to senior leadership, valued customers, and trading
partners. There’s no better time than now to talk with your bank about adding
real-time capabilities.

Wells Fargo Bank, N.A. Member FDIC.

TM-3290 0923-00031

LRC-0923


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