According to a recent WEX Worldwide survey commented on by Treasury Today – 52 percent of organizations admit to being victims of payments fraud. Many times treasury is directly affected, because their payments were compromised, while other times, the treasurer is pulled into the conversation to fix whatever vulnerability was exploited for someone else’s payment.
Daniel Shaffer's blog
Daniel Shaffer, Senior Global Public Relations Manager
Daniel is a marketing and public relations strategist for global corporates in technology, healthcare, SaaS, and telecommunications with 15 years of experience driving successful communications campaigns. As a champion of brand journalism, Daniel enjoys crafting thought leadership, and continues to experiment with the perfect pitch for media, brand influencers and bloggers. Daniel has enjoyed the thrill of problem solving for startups, growth hacking, and working cross functionally in mature corporate environments.
Making payments is generally an expensive process for large organizations, in terms of both time and money. The process tends to be particularly expensive when an organization has its own in-house bank connectivity for connecting its payment systems to its bank – connectivity that is maintained either by its own internal IT function or by an external consultancy.
Treasury professionals and finance leaders in the Middle East certainly face their share of challenges, from concerns about payment fraud and counterparty risk to the time-consuming management of trade finance instruments such as letters of credit and bank guarantees. Meanwhile, many corporates in the region work with as many as 100-150 banks, leading to significant obstacles where cash visibility and connectivity is concerned.
Kyriba Live! 2018 Paris set a new standard for elegance, networking and education among senior finance professionals, treasurers, industry thought leaders and consultants, who attended the last of three global conferences. Previously this year, Kyriba hosted its user and partner conference in London and Arizona.
Employing financial technology solutions has become a comfortable and productive way of life for many corporate finance leaders, who increasingly rely on these cloud applications to optimize and enhance a core piece of their jobs, from treasury to accounting and beyond.
Editor’s Note: For this installment of our multi-part blog series, profiling CFOs who are leveraging treasury to drive strategic change for their organizations, we focus on Sachio Matsumoto, executive vice president and chief financial officer of the LIXIL Group Corporation. Matsumoto discusses the changing role of treasury and why treasury should contribute to day-to-day business processes.