RPA is shifting as a potential member in treasury management by facilitating enhanced productivity and precision.
FREMONT, CA: Developing the business case for deploying innovative technologies can be a high order for treasuries. Much treasury regulations have been driving the same treasury management system for a very high time. Fortunately, there is a fiery discussion happening over the effect that Robotic Process Automation (RPA) can build on treasury operations. Even though RPA in treasury management is yet in its infancy, decision-makers are eyeing for new ways to apply RPA. Know more here.
Relying on where and how RPA is employed, there is ample possibility for treasury teams to enhance existing processes significantly, even when methods now have a high degree of automation. Investments in RPA tech have led to the evolution of payment fraud detection service, which is now in the active pilot. This high-level automation assesses all transactions that flow via the treasury system against client-specific performance profiles. It then triggers real-time notifications for transactions that do not agree to regular patterns and behaviors. It also continuously updates the client-specific profile to identify future inaccurate payments better. These improvements are significant for consumers, given the strong growth in payment volumes. The real-time alerts encourage treasurers to target payment outliers that differ from their past features.
Treasurers also see a definite impact from RPA when it comes to handling multi-currency flows. Conventionally, multi-currency flows present various challenges. Integrated with the automation of transactional progress, treasurers see an increasing trend for rationalized account compositions. This mitigates the use of dedicated foreign currency accounts for minimal currencies, integrating that flow via existing core currency accounts. Treasurers can see notable gains from RPA across many dimensions, such as cost, effectiveness, scalability, and support for treasury management.