July 1, 2016

Best Practices for Treasury Management Implementations: Product Teams

July 1, 2016

Best Practices for Treasury Management Implementations: Product Teams

When a bank opts for a new treasury management system, managing and executing its implementation is no mean feat. It is a career defining activity for a treasury professional. The right treasury management system has to be selected. The system has to be customized to be in tune with a bank’s processes and existing technology applications. The system needs to be validated within the bank to ensure that it functions correctly. All of this while staying within time and budget limits and keeping up with day-to-day treasury activities! It is not surprising that an average implementation cycle can range from 18 to 24 months based on the complexity.

Go-Live Faster has been part of multiple implementations over the past years and has had the first-hand experience of some of the key challenges faced and risk mitigation strategies. Here are some best practices that Go-Live Faster believes should be practiced by product teams during an implementation:

The success of a treasury management system depends entirely on the success of its implementation. Proper implementation is just as important as selecting the right treasury system. Majority of the times, it is only when a crisis comes up and treasury departments have to produce quick and accurate reporting on the organization’s liquidity, that the actual quality of the supporting treasury technology is actively tested. To prepare for such events, treasury professionals need confidence in the quality and dependability of their treasury technology. While the above is not a laundry list, we believe that anybody doing a treasury implementation would find it useful.

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