TreasuryCast

In today's world, liquidity management is a key area of focus for corporate treasurers and institutional investors alike. Julien Fouré (Carrefour), Stéphanie Akhal, and Daniele Curci (Amundi) explore how various liquidity solutions can help corporates manage cash efficiently within a robust, risk-controlled framework. This candid discussion covers current market trends, short-term investment strategies, and practical ways to optimise cash while maintaining a focus on safety and performance.

Didier Vandenhaute (PwC) and Jan Dirk van Beusekom (BNP Paribas) reflect on the 10th anniversary of the Journeys to Treasury (JTT) report, exploring its evolution and the key moments that have shaped its status as a cornerstone of the European treasury community. The conversation also covers this year's report highlights, including emerging topics capturing treasurers' attention. Didier and Jan Dirk share insights on how JTT continues to provide foresight to assist treasurers in navigating change, and hints at the initiative's next steps in supporting European finance professionals.

For many mid-size companies, a TMS is neither necessary nor affordable — and that's often where the discussion ends. However, the value of equipping the treasury team to the same high standard as the rest of the organisation should not be underestimated, says Matthias Varenkamp (Cobase). Doing so, he believes, provides a clear path to future success. In this podcast, Matthias explains how achieving this level of capability is now both technically and financially more attainable for a much broader range of businesses.

In this episode, Danielle Johnson (Westpac) joins Vibhor Narang and Danielle Sharpe (Standard Chartered) to discuss the impact of the ISO 20022 transition on corporate and bank clients. They explore how multinational corporations and financial institutions are utilising ISO 20022 to revolutionise their operations, highlighting both the opportunities and challenges involved.

My Life in Treasury. Matt Grundy, Head of UK Treasury at Capital One Europe talks to TMI about the pressures, prospects, and possibilities he encounters within the UK subsidiary of this US financial giant.

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world's largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 4th December 2025.

Real-time means different things to different treasurers, yet it consistently remains high on the agenda. Tom Alford (TMI) sits down with Steven Lenaerts (BNP Paribas) to explore why treasurers should view real-time as a catalyst for greater speed, insight and control. Steven identifies key real-time payment options, highlighting where they deliver meaningful value. He also examines how security, tokenisation and AI are shaping the next phase of payments innovation, and offers practical guidance for treasurers who recognise real-time's potential but need a clear path forward towards implementation.

Tom Alford (TMI) is joined by Jim Fuell and Mark Shemie (J.P. Morgan Asset Management), who explore what's currently top of mind for the investor community and how these priorities are being addressed across the industry. In this candid discussion, they examine the growing momentum behind corporate "step out" strategies, the market forces driving them, and the role technology now plays in execution, visibility and reporting. They also consider how digital innovations, including early-stage fund tokenisation, are beginning to shape investor behaviour and influence the future of short-term liquidity management.

Tom Alford (TMI) sits down with Veikko Koski (FinanceKey) to explore how the FinanceKey platform is helping treasurers build next-generation treasury infrastructure, automating workflows and improving control to make legacy systems shine. Veikko shares the story from the company's founding and the founders' skillsets to the research and evolution behind the platform, highlighting how FinanceKey is shaping treasury operations and expanding its product suite to deliver greater value to users.  

Tom Alford (TMI) sits down with Jukka Sallinen (Nomentia) to confront the reality of real-time treasury, where fragmented systems and legacy processes make achieving true cash visibility a persistent challenge. In this candid conversation, Jukka explains why complexity is here to stay as new tools and processes enter the treasury marketplace, and highlights how upgraded controls, together with the right technology partner, can help treasurers manage integration, reduce risk, and build truly connected, resilient cash management.

In September 2025, John Gilsenan retired from his full-time role as Head of Compliance at investment firm Quilter Cheviot Europe, having forged a great depth of experience in the international financial services industry over his long career. A qualified Chartered Certified Accountant, Chartered Tax Accountant, and Licentiate of the Compliance Officers of Ireland, he spoke with TMI about what shaped his approach to an industry that has captivated him for decades.

Robin Page (TMI) sits down with Adam Taplinger (PwC) to explore why cash efficiency has become a strategic imperative for treasurers and CFOs in today's volatile markets. In this episode Adam unpacks what cash efficiency truly means and why it is now a value-enabling imperative. He considers how leading treasury organisations are driving positive change through AI-driven forecasting and centralised payment models to unlock trapped cash, optimise liquidity, and build enterprise-wide resilience.

The opportunities and potential for tokenisation to support global liquidity management alongside traditional payments are there for the taking. Lewis Sun, Global Head of Domestic and Emerging Payments, Global Payments Solutions, HSBC, talks to TMI about the options for treasurers.

The existence of a treasury policy is not a given in every organisation, and neither is a regular update where one is in place. David Mathewson, Regional Director & Treasury Advisor, VUCA Treasury, makes the case for designing and optimising treasury policy in today's challenging environment.

By pooling cash across 12 Western European countries, Gedeon Richter has centralised half its liquidity. This has sharpened governance, lowered costs, and created a platform for regional and digital ambitions.

Through deep integration, automation, and a culture of collaboration, global hygiene and health company Essity has achieved 99% STP and reshaped how it manages risk, payments, and intercompany flows. The outcome is a treasury model 'that reaches for the stars' and one that others can learn from.

TMI's Tom Alford sits down live with Gavin Maclean (HSBC) to discuss how recent changes in instant payments regulation are likely to affect corporate treasurers. Gavin explores the practical impact of Instant Payments Regulation (IPR) on treasurers, from transaction limits and fraud prevention to handling 24/7 payment volumes. He also discusses key findings from HSBC's 2025 Treasury Pulse Survey, including automation, AI, account rationalisation, cash pooling, and strategic bank management, highlighting how technology and digitisation are driving efficiency and insight.

As the Journeys to Treasury (JTT) collaboration marks its 10th anniversary, the project stands not only as a record of evolving treasury priorities but as a reflection of the profession's ability to learn and adapt – under pressure and often without fanfare. Here, we examine how the JTT report (and now event and podcast series) has become one of the most trusted spaces for shared thinking and for forecasting the future of treasury.

Jason Murphy is Co-Founder and Executive Director  of Corporate Finance Advisory Group, Centrus. He is also currently the President of the IACT. A Fellow of the Association of Chartered Certified Accountants (ACCA) and a past Chair of ACCA Ireland, with more than 25 years' investment banking and financial advisory experience. Murphy also lectures on Treasury Management and Derivatives for the Masters in Finance and Masters in Financial Risk Management at Trinity College, Dublin.

Eleanor Hill (TMI) is joined by Dr. Ruth Wandhöfer (Blackwired) to explore how treasurers can strengthen their defences as banks shift from a detect-and-respond mindset to a predict-prevent-and-defeat approach to cyber risk. Our guest explores how rising regulatory pressure, future threats like quantum-enabled ransomware, and how cybersecurity is becoming a genuine differentiator among banks. Dr. Wandhöfer also outlines what treasurers should ask of their providers to ensure resilience, reliability and safer cross-border operations.

Treasury management is rapidly transforming, and neural treasury (AI, Robotics, Machine Learning) is catapulting this evolution. Ben Poole (TMI) speaks to Andrew Comas (Microsoft), Steve Wiley (FIS), and Ari Morris (EY) to explore how neural treasury is revolutionising corporate treasury, empowering teams with automation, AI-driven insights, and optimised decision-making.

As the financial industry shifts toward ISO 20022, the transformation isn't just technical, it's human. John Emerson, Caroline Ngigi, and Mohammed Rahim (Standard Chartered) examine how financial institutions are equipping their people to thrive in a new messaging paradigm. We explore how organisations are upskilling staff, rethinking cross-functional collaboration, and building the human foundation required to unlock the full potential of structured data and enriched payment flows. Tune in to meet the professionals turning ISO strategy into real-world impact.

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world's largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 6th November 2025.

The strength of Journeys to Treasury (JTT) has always extended beyond the report itself. Its unparalleled value lies in harnessing the collective expertise of four leading institutions—BNP Paribas, PwC, SAP, and EACT—and their global networks of specialists. For a decade, a group of senior leaders have served as its stewards, opening their organisations, shaping its strategic direction, and ensuring its insights resonate with the treasury community worldwide.

Twelve years after spinning out from Pfizer, Zoetis has built a lean, centralised treasury that is digitally enabled and strategically engaged. Assistant Treasurer Michel Verholen reflects on the tools and tactics behind the transformation and how visibility, automation, and AI are setting the stage for what is ahead.

AI is no longer a distant promise. Step by step, treasury teams are using it to rethink how they work by combining data, technology, and human judgment. From virtual assistants to predictive models, real-world use cases are beginning to deliver results.

Faced with a product recall and €1bn in excess inventory in quick succession, Accell Group's treasury team found themselves facing a steep uphill climb. Their response: a full pivot from traditional cash pooling to an integrated in-house bank, all of which was designed, constructed, and implemented in record time.

Treasurers are intensifying their efforts to achieve instant cash visibility and control. Virtual accounts, APIs, and real-time data offer the potential for faster decision-making and more streamlined operations, as long as integration, regulation, and cultural change are managed carefully.

As the EU prepares to mandate Verification of Payee across the SEPA region, its implications are already under scrutiny. For corporates, the road may be bumpy, but with stronger identifiers, clearer implementation rules, and deeper collaboration, the destination is still within reach.

Corporates are preparing for the EU's instant payments regulation, but the path to adopting Verification of Payee is proving complex. Treasury teams are exploring practical ways forward while calling for closer collaboration between banks, regulators and technology providers.

At Comcast, what began as an ambitious clean-up of legacy accounts has evolved into a multi-year transformation that continues to reshape how treasury operates and how it's perceived. The treasury team hasn't just streamlined systems. It has rebuilt trust, unlocked cash, and earned a seat at the strategic table. .

Incoming and outgoing payments are central to a corporate treasurer's responsibilities because they directly impact liquidity, risk management, and operational efficiency. Today, treasurers face a wave of changes, from instant payments and ISO 20022 to digital currencies and e-invoicing, each of which has implications beyond simple regulatory tick-box exercises.

When Solvay announced it was splitting off its specialty chemicals business into the new firm Syensqo, its treasury hatched an ambitious plan to duplicate the function and have two independent treasury frameworks operating at full steam under one roof well before the go-live date.

To support a successful business carve-out, the treasury team at Daimler Truck had to understand which functions were essential from the outset and what could be refined once the new business had shifted into top gear.

In the M&A world, corporate spin-offs are a well-used tactic at board level. For corporate treasurers, this can mean creating a fresh treasury framework for the new entity in a relatively short period of time. But by becoming involved in such a project from the outset, and being open to collaborating with internal and external stakeholders, they can steer their department – and business at large – towards a successful implementation.

The annual European Association of Corporate Treasurers survey always reveals a plethora of engrossing insights into the mindsets of the Continent's treasurers. This year's results point to a thirst for long-term funding, a new appreciation of talent management, and a surprising passiveness towards ESG.

Journeys to Treasury guides treasury professionals through today's ever-changing and challenging business terrain and signposts the hotspots to look out for. It is a roadmap for all stakeholders, including treasurers, bankers, consultants and technologists, each of whom bring their own specific viewpoints and approaches to navigating their ways around the issues facing them daily.

Tom Alford (TMI) speaks with Tory Hinton (Northern Trust Asset Management) to discuss findings of the 2025 Global Treasury Investments Survey, which collated insights from over 300 treasurers. They examine why liquidity remains a dominant concern, along with the rise of MMF adoption, evolving investment policies, and the growing necessity of technology and tokenisation. Tory outlines the report's key takeaways, from the demand for instant access to cash to the widening divide between digitally advanced treasuries and those slower to innovate. The conversation also highlights emerging trends and offers practical guidance on turning insights into meaningful action.

Eleanor Hill (TMI) speaks with Sam Jacob (BNY) about why liquidity management remains front-of-mind as corporate treasury transitions further towards a digital ecosystem. This candid conversation explores innovations such as tokenised MMFs, AI, and automation, and highlights how these tools enhance forecasting, optimise liquidity mobilisation, improve efficiency, and support strategic decision-making, while protecting treasury teams against regulatory, operational, and technological risks.

Eleanor Hill (TMI) sits down with Arnault Gitzinger (Datalog TMS) to explore how treasurers can ensure that digitalisation serves their strategic goals rather than driving them. They discuss the extent of treasury's digital evolution and where automation should, and shouldn't, take hold. This candid conversation covers integration challenges, regulatory standards and data security, alongside the growing role of AI, e-invoicing, and tokenisation. Our guest highlights how interoperability and collaboration between systems can unlock efficiency and visibility while keeping control, compliance, and risk management firmly in treasurers' hands.

Recorded live at the recent Sibos conference in Frankfurt, TMI's Eleanor Hill speaks with Wim Grosemans (BNP Paribas) about how treasurers are adapting to the fast-changing payments landscape. Wim provides practical guidance for treasurers on implementing SEPA Instant, overcoming adoption hurdles, managing cross-border payments efficiently, leveraging ISO 20022 for interoperability, and ensuring real-time liquidity and settlement processes are fully optimised for corporate operations.

Eleanor Hill (TMI) sits down with Peter Reynolds (ThetaRay) live at the 2025 Sibos Conference to discuss how developments in AML are changing the day-to-day reality of transaction banking. Together they explore the impact of Europe's new single AML rulebook, the rise of AI-driven compliance, and how greater transparency, data governance, and harmonisation promise to transform friction into faster, more trusted treasury operations.

Over 3/4 respondents to PwC's 2025 Global Treasury Survey cited FX risk as their most critical economic exposure. In this episode, Robin Page (TMI) speaks with Michiel Mannaerts (PwC) about what's driving this focus, including geopolitical uncertainty, shifting supply chains, and currency volatility. Our guest explores operational challenges in FX management, the trade-offs between centralised and decentralised exposures, AI and predictive analytics, practical hedging strategies, and how treasurers can build robust FX frameworks to strengthen resilience and improve decision-making to better manage cost and strategic flexibility.

How can multiplying challenges be overcome to make trade less complicated? The answer, like trade itself, is constantly evolving. In this first of two articles, Bank of America's George Fong, APAC Head of Trade and SCF, and Olivier Anceau, APAC Head of Specialised Product Sales, reveal how innovative solutions can simplify operations, boost resilience, and empower treasurers to thrive in complex trade corridors.

Trends and buzzwords come and go, but the real changes in treasury have come as a result of steady evolution. Drawing on years of dialogue with clients across the globe, Dick Oskam, ING's Global Head of Transaction Services Sales, reflects on treasury's transformation – from fragmented systems to real-time cash management – driven by technology, regulation, and resilience. 

Live from Sibos, TMI's Eleanor Hill speaks with Alexandre Kech (GLEIF) about how verified organisational identity is reshaping corporate treasury. They discuss the growing importance of the Legal Entity Identifier (LEI) in enabling trust, transparency, and efficiency across global payments. Alexandre also explores how LEIs can help treasurers combat fraud in instant payments, streamline counterparty verification, and reduce friction in cross-border transactions through wider industry and regulatory adoption.

Live from Sibos, TMI's Eleanor Hill speaks with Kevin Flood (FIS) about the next wave of payments innovation and what it really means for corporate treasurers. Our guest discusses how banks and providers are enhancing the corporate payments experience and balancing innovation with treasurers' core priorities around speed, accuracy, and reconciliation. Kevin also explores the rise of Payments-as-a-Service and why modernising infrastructure will be key to meeting regulatory deadlines and enabling the next generation of instant payments.

Join us for an insightful episode exploring the global adoption and implementation of ISO 20022, the international standard for electronic data interchange among financial institutions. Our expert guests, Camilla Bullock and Joanne Fraser, share a comprehensive analysis of how various regions are embracing this transformative standard, offering valuable perspectives on its impact and future potential.

Recorded live at Sibos in Frankfurt, TMI's Eleanor Hill sat down with Carl Slabicki (BNY) to discuss the rapid rise in uptake of instant payments and what it means for corporate treasurers globally. Carl shares how instant payments adoption is shifting treasury towards a real-time, 24/7 model, BNY's cross-border strategy, and provides actionable corporate client examples that highlight how instant payments are transforming efficiency, liquidity, and decision-making.

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world's largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 6th October 2025.

Live from the floor of the 2025 Sibos in Frankfurt, TMI's Eleanor Hill speaks with Sanjay Wadhwa (360 ONE) about how treasurers can navigate asset-liability mismatches, balance leverage, and meet both CFO priorities and regulatory expectations. Sanjay shares insights around building strong CFO-treasurer collaboration, maintaining high governance standards, and addressing market-specific challenges, including opportunities and nuances in India, offering practical insights for treasury teams aiming to align strategy, risk management, and corporate objectives.