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Treasurers, Familiarize Yourselves with Fintech

  • By Andrew Deichler
  • Published: 7/25/2017

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Fintech has become more than just a buzzword. Major banks and multinational corporations have top executives focused on it, looking at ways the growing throng of solutions out there may be able to help their business. AFP has taken note of the growing fintech revolution, launching AFP Mindshift at AFP 2017—a host of sessions and events that explore how new technology relates to treasury and finance.

In the latest Treasury in Practice guide, Fintech: Breaking Down the Barriers, underwritten by Kyriba, AFP takes a deep dive into these emerging technologies and how they relate specifically to corporate treasury practitioners. The purpose of this guide is to filter out all the noise, providing you with insights into how these innovations can and will impact your profession in the years ahead.

As Magnus Carlsson, AFP’s manager of treasury and payments, pointed out in a recent blog post, fintech development should be aimed at making real issues better for the end-user. Change doesn’t come easily for treasury professionals, so if they are going to adopt any fintech solution, it needs to solve a specific problem.

Indeed, earlier this year, during a meeting of the AFP Annual Conference Planning Task Force, multiple practitioners discussed how, to them, “fintech” means practical solutions. “Fintech, for me, just means making stuff work that frankly should have been working five to 10 years ago,” said a treasurer for a major hotel chain. “It’s getting a treasury management system that talks to the banks, or getting SWIFT connectivity to work. I don’t know why we’re still suffering through that, and I imagine others are too. But day-to-day, that’s what the fintech challenge is for us.”

But fintech is forcing banks to think differently about how they do things. And eventually, corporate treasurers will gradually follow suit. That’s why now is the perfect time for practitioners to familiarize themselves with innovations like blockchain and distributed ledger technology (DLT), application programming interfaces (APIs) and artificial intelligence (AI). AFP’s new Treasury in Practice guide allows them to do just that, presenting examples of how these technologies will impact the treasury departments of tomorrow.

Download Fintech: Breaking Down the Barriers here.

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