US finance professionals appear to be happy with the treasury management systems (TMSs) they have in place, with three quarters (77%) of those polled in a recent survey reporting they have had the same system for at least three years. More than a third (35%) of those polled say they’ve held onto their systems for three to five years while 27% claim to have had the same TMS for at least eight years.
The survey by the Association for Financial Professionals (AFP), underwritten by Bloomberg, suggests that squeezed treasury departments are “using their ingenuity” to get more out of their existing systems. While treasury departments are holding onto their TMS, however, more than half say they make sure they’re using the most up-to-date system. A third say they are using systems one or two iterations behind the latest version.
Other key takeaways are that of those surveyed, 51% say their organisations use a TMS and 53% say their organisations are using installed systems. Cash visibility and transaction capturing is what those responding to the survey identify as the most effective part of their TMS. Some 42% of organisations say they are interfacing their TMS with SWIFT.
“Bloomberg is committed to ensuring all treasury groups, regardless of size, have access to the benefits and efficiencies of a TMS platform,” says Bruce Manson, head of Bloomberg treasury and risk management. “We are pleased to see the continued growth of treasury management systems and that their value is being recognized as stated in this survey.”
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
A global survey of 200 corporate treasurers by Temenos and Ovum shows that many expect at least some banking services to relocate away from London.
The US Department of Justice wants Deutsche to pay the penalty to settle an investigation into mortgage-backed securities, but the German bank has a much lower figure in mind.