Artificial Intelligence and Transaction Banking: Working Smarter

Digital transformation is reshaping industries, and the treasury function is no exception. Once considered a bastion of rigid number-crunching and traditional finance processes, treasuries are now experiencing a revolution. The force behind the change is Artificial Intelligence (AI). A recent article, originally published in Global Finance Magazine, highlighted the growing influence of AI in treasury. Bob Stark, VP of Strategic Marketing at Kyriba, contributed to the article and highlighted that AI is currently employed in treasuries for improved data accuracy, fraud detection and liquidity planning. He mentioned the emergence of large language models like ChatGPT as crucial for providing data insights, especially in areas with no historical data.

A Kyriba case study is provided by Bob on the U.S. envelope manufacturer Cenveo. The company achieved 93% forecast accuracy and 90% productivity improvements after implementing Kyriba’s Enterprise Liquidity Management platform, which employs AI-powered, data-driven decision-making, along with predictive analytics, while unifying real-time data and workflows. Within eight weeks, the company eliminated more than 600 cross-functional hours per month.

Overall, the integration of AI in treasury operations is seen as a boon that boosts efficiency, allowing professionals to focus on strategic decisions. Despite the progress, ensuring the security of treasury data remains a paramount concern.