Corporates cut FX hedging in Q3 as policy uncertainty grows

Corporates in the US and UK scaled back their foreign-exchange hedging activity in the third quarter, according to MillTech’s latest Corporate Hedging Monitor, even as most expect to rebuild protection if interest rates rise in 2026. The survey of 250 senior finance leaders shows hedge ratios and hedge lengths falling to their lowest levels since MillTech began tracking them.

The firm reports that the average hedge ratio dropped to 46% in Q3, down sharply from 57% in Q2. Average hedge length also declined, slipping from 6.5 months to 5.8 months. MillTech says this marks the shortest tenor recorded since the monitor launched in early 2024. The shift suggests corporates have taken a more cautious stance as monetary policy expectations diverge and fiscal concerns continue to weigh on currency markets.

The backdrop in Q3 was mixed. The dollar index fell back toward 97.8 by late August amid ongoing debate over US fiscal strength, weaker economic data and speculation about future Fed cuts. Sterling also faced pressure, weakening against the euro as UK growth concerns persisted. Meanwhile, global FX turnover surpassed US$9.6 trillion per day, according to the Bank for International Settlements’ Triennial FX Survey, highlighting elevated volatility across markets.

Eric Huttman, CEO of MillTech, says conditions encouraged firms to pause after heavy hedging earlier in the year. “After a sharp uptick in activity through the first half, corporates eased off in Q3,” he notes, adding that the reduction reflects a “wait-and-see approach amid shifting rate expectations and a fluid policy environment.”

The survey shows central bank policy (20%) and credit availability (19%) remain the two most influential external factors shaping hedging strategy, unchanged from Q2. Regional variations were evident: UK corporates placed greater weight on credit availability (24%), while US respondents showed a more even split across central bank policy (22%), geopolitics (20%) and inflation (18%).

Expectations for 2026 are set to shift behaviour again. Some 79% of UK respondents believe the Bank of England will raise rates next year, and 93% say they plan to increase hedge ratios if that happens. In the US, 64% expect the Fed to raise rates in 2026, and a far greater share (96%) plan to increase hedge ratios in response.

Trade policy is also re-shaping risk management. Across both markets, 92% of corporates say they expect to increase both hedge lengths and hedge ratios heading into 2026 because of tariff-related developments. MillTech notes that US corporates (96%) appear more inclined to raise hedge ratios than their UK peers (87%), a gap that may reflect differing concerns over inflation, fiscal pressures and supply-chain exposure.

Huttman says the picture that emerges is one of deliberate restraint rather than retreat. “Corporates didn’t abandon hedging,” he explains. “They shortened durations and reduced cover while waiting for clearer policy signals.” As year-end approaches, MillTech expects central bank guidance and global trade dynamics to remain the dominant forces shaping treasury behaviour across both the US and UK.

 

UK, Singapore and Thailand explore synchronised cross-border FX settlement

The Bank of England, the Monetary Authority of Singapore and the Bank of Thailand have begun a joint initiative to test how foreign-exchange transactions could be settled using synchronised mechanisms across borders. The project will examine both the technical and policy implications of linking different wholesale payment systems to enable atomic, real-time FX settlement.

The collaboration builds on work from Project Meridian FX and aims to test interoperability across a mix of Real Time Gross Settlement (RTGS) systems and Distributed Ledger Technology (DLT) settlement environments. The experiments will use simulated versions of each central bank’s system to explore how synchronisation can support Payment versus Payment (PvP) settlement even when jurisdictions rely on different infrastructures, operate in different time zones or follow different regulatory frameworks.

The participating authorities say the testing will include both bilateral and more complex multilateral use cases involving several types of settlement infrastructure. One focus will be how synchronised settlement could provide a secure alternative channel for FX transactions, reducing settlement risk and increasing operational certainty.

Tom Mutton, director of fintech at the Bank of England, says the initiative marks an opportunity to explore the technology in more realistic conditions. “This project explores, in more realistic conditions, how synchronisation solutions might support an open and effective global financial system by providing a new, innovative FX settlement channel,” he says. He adds that the work aligns with the Bank’s broader roadmap to support innovation in money and payments.

The three central banks say the collaboration reflects a shared goal of developing financial infrastructure that can improve the interoperability of tokenised transactions across borders. The work will examine how synchronisation mechanisms might be used not only for PvP FX settlement but also for Delivery versus Payment use cases that involve tokenised assets.

For Singapore, the project is also a step toward building open networks for tokenised finance. Kenneth Gay, chief fintech officer at the Monetary Authority of Singapore, says international cooperation is critical to unlocking the benefits of tokenisation. He notes that synchronised settlement could play a role in improving interoperability across different jurisdictions and infrastructures.

The Bank of Thailand sees similar potential benefits. The experiments are expected to inform its approach to wholesale settlement infrastructure by providing insights into different operating models and technologies, as well as the regulatory considerations involved. The central banks plan to publish findings once the testing phase is complete.

 

EIB Group expands tool to boost access to green finance

The European Investment Bank (EIB) Group has expanded its Green Checker platform to countries outside the European Union, widening global access to a digital tool designed to help organisations assess whether their projects qualify for green financing. The rollout marks the first time the tool has been made available internationally, following its initial use within the EU.

The upgraded version is tailored for regional markets and includes simplified data requirements to reflect local conditions. It is now accessible in several countries across North Africa, the Middle East, the Western Balkans, the Caucasus and the Eastern Neighbourhood. The launch took place at COP30 in Belém, Brazil, as part of the EIB Group’s contribution to the EU’s Global Gateway Investment Agenda.

The Green Checker provides a step-by-step assessment process that helps users determine whether a project aligns with the EIB’s climate and environmental eligibility criteria. It produces customised reports estimating potential environmental benefits, including expected emissions reductions and energy savings, and checks the project’s consistency with the EU Taxonomy and EIB climate standards.

Although developed primarily for financial intermediaries such as commercial banks, leasing companies and national promotional institutions, the tool is publicly available at no cost. This makes it accessible to small and medium-sized enterprises, smaller public bodies and individual project promoters seeking to understand whether their proposals meet green financing requirements.

The expansion forms part of a wider set of advisory and digital resources the EIB is developing to support the transition to sustainable finance. These include additional web-based tools, such as the Decarbonisation Guide created through advisory programmes in North Macedonia and Morocco, and broader technical assistance delivered through initiatives like the Greening Financial Systems Technical Assistance Programme.

The Global Gateway strategy aims to mobilise up to €300bn in public and private investment between 2021 and 2027 to support digital, energy and transport infrastructure, as well as health, education and research. The EIB Group contributes to this effort as the EU’s long-term lending institution and has set green investment and climate adaptation as core priorities under the second phase of its Climate Bank Roadmap.

 

Geopolitics reshapes global trade routes as fragmentation accelerates

Global trade is undergoing a structural realignment as geopolitical tensions, protectionism and climate-related disruptions push commerce toward politically aligned partners and alternative transport corridors. Allianz Trade’s latest report outlines how these forces are reshaping established routes, driving up logistics risk and accelerating investment in emerging trade hubs.

The analysis finds that a 10% increase in geopolitical distance reduces bilateral trade flows by 2%, a shift reflected in recent patterns. US imports have moved away from China, the EU has sharply reduced trade with Russia, and China’s commerce is now increasingly concentrated in developing markets across Asia, Latin America and Africa.

Protectionism has intensified alongside this fragmentation. Trade restrictions have tripled in the past year, affecting an estimated US$2.7 trillion of merchandise, or nearly one fifth of global imports. Allianz Trade estimates that more than half of global trade growth forecast for 2025 is driven by rerouting of US imports from China, pre-emptive frontloading ahead of tariff increases and broader diversification. By contrast, growth in global trade of goods and services is expected to slow to 0.6% in 2026 and 1.8% in 2027.

The report highlights increasing vulnerability along major trade arteries. Key chokepoints such as the Suez Canal, Panama Canal and the Strait of Hormuz face high exposure to political tensions, climate stress or congestion. Asian hubs lead on capacity and reliability but face rising geopolitical risk. European ports benefit from strong infrastructure and redundancy yet are more exposed to climate pressures, particularly in southern regions. Freight rates have become significantly more sensitive to supply shocks, with a 20% gap in container volumes now capable of doubling prices year-on-year. Volatility in global container rates has tripled since the pandemic.

At the same time, new routes are scaling up. The Middle Corridor connecting China and Europe has seen freight volumes rise by 86% year-on-year, while Kazakh rail traffic increased by 63% in 2024. Detours around the Cape of Good Hope have re-emerged as alternatives to Red Sea transits, and North American nearshoring corridors continue to expand. China’s Belt and Road Initiative has entered what Allianz Trade describes as a more commercially focused second phase, illustrated by investments such as Peru’s Chancay Port.

Looking ahead, the report identifies a widening infrastructure gap of more than US$10 trillion by 2035, most of it in emerging markets. Financing models are shifting toward blended, climate-aligned structures, with nearly 90% of new infrastructure funds launched since 2024 carrying an ESG mandate. Multilateral lenders remain central to mobilising capital, while Gulf sovereign funds and regional platforms are becoming increasingly active.

Allianz Trade concludes that the next decade will be defined by efforts to harden established corridors, scale new ones and avoid stranded assets as global trade becomes more regional and multipolar.

 

TreasurySpring, Eurex and Clearstream to open cleared repo access to corporates

TreasurySpring has launched a collaboration with Eurex and Clearstream that will give corporate treasurers and other institutional investors direct access to centrally cleared repo markets for the first time via TreasurySpring’s investment platform. The arrangement links TreasurySpring’s Fixed-Term Fund (FTF) structure with GC Pooling, the standardised secured funding market jointly developed by Eurex and Clearstream. GC Pooling integrates electronic trading, central clearing and tri-party collateral management into a single framework and handles more than €200bn in daily volumes with participation from over 160 institutions.

Repo transactions have traditionally been limited to wholesale banks and large financial institutions because of the operational infrastructure required and the need to manage collateral, clearing and settlement processes. By connecting directly into Eurex’s Select Invest framework and Clearstream’s post-trade systems, TreasurySpring removes those barriers, allowing corporate treasurers to invest in secured, collateralised instruments without needing to build repo capabilities in-house.

As part of the collaboration, TreasurySpring has introduced next-day euro-denominated FTFs through its new One+ product. These instruments are backed by centrally cleared overnight repo with one-day maturity and collateralised using European Central Bank-eligible high-quality liquid assets. For treasurers, this adds a new category of short-term liquidity investment that combines immediate availability of funds with the risk-mitigation benefits of central clearing.

The move is positioned as an expansion of liquidity options across the European funding landscape. By enabling the mobilisation of unlevered, uncorrelated pools of institutional cash into the cleared repo ecosystem, the initiative broadens the investor base for secured funding markets while increasing diversification opportunities for treasurers managing surplus liquidity. It may also support greater resilience in money markets by shifting activity toward collateralised structures rather than unsecured or maturity-transformed instruments.

GC Pooling has been a reference point for secured funding since 2005, offering standardised access to cash and collateral management across a wide range of market participants. The collaboration now extends its reach to corporate treasury teams that have historically been unable to access cleared repo directly.

For treasurers, the development creates an additional, operationally simple channel for placing short-term liquidity with enhanced transparency and reduced counterparty exposure. The combination of standardised clearing, high-quality collateral and daily liquidity could help firms strengthen cash-investment policies while diversifying beyond traditional bank deposits and money-market instruments.

 

Blockchain experiment links Brazil and Hong Kong in cross-border settlement test

Banco Inter and Chainlink have worked with the Central Bank of Brazil and the Hong Kong Monetary Authority to complete a cross-border trade finance experiment that links two wholesale central bank digital currency environments for the first time. The pilot, carried out under Phase 2 of Brazil’s Drex programme, tested a programmable Delivery-versus-Payment trade and a cross-border Payment-versus-Payment transaction, settling activity across Brazil’s Drex network and Hong Kong’s Ensemble platform.

The trial aimed to show how automated, conditional settlement could reduce operational friction in cross-border trade. It connected the two CBDC networks via Chainlink’s interoperability tools and integrated a digital trade finance platform and an electronic bill of lading provider in a single workflow. The test also mirrored real-world conditions by introducing a token backed by commodities, allowing liquidity to move in parallel with the transfer of title for the underlying goods.

For corporate treasurers, the work points to how future cross-border settlements could evolve. Automated DvP and PvP processes have the potential to cut settlement risk, improve the timing of liquidity flows and support more precise working capital forecasting. Smart-contract-based settlement could also enable milestone or instalment payments tied directly to supply-chain events, reducing delays linked to manual document checks. The use of tokenised collateral, if scaled, may widen access to credit or support faster release of funds in export-import transactions.

The pilot also highlights a broader shift towards interoperability across digital payment and trade systems. As central banks and financial institutions explore cross-chain settlement models, treasurers may face a future in which treasury, trade finance and logistics data sit on more tightly connected rails, potentially improving transparency and reducing operational risk.

Following this test, the participants plan to extend the model to additional use cases, including open-account trade, and explore further integration with financial institutions and other electronic bill of lading providers.

 

Record October outflows hit equity funds as investors shift to cash and bonds

Equity funds saw their largest monthly outflows on record in October, according to the latest Fund Flow Index from Calastone. UK investors withdrew a net £3.63bn, marking the fifth consecutive month of selling and the longest uninterrupted stretch of withdrawals since the aftermath of the Brexit referendum in 2016. Between June and October, net outflows reached £7.36bn, the biggest five-month total Calastone has reported.

All equity categories recorded net selling during the month. UK-focused funds saw the heaviest withdrawals, with £1.22bn leaving the sector. That brings the total outflow from UK equity funds to £10.42bn since the period leading up to the 2025 tax-raising budget. Global equity funds also extended their run of redemptions, with a record £911m withdrawn during an unprecedented fifth month of continuous selling.

North American equity funds shed £649m, the third-worst month on record for the category. Sector funds were similarly affected, with £220m pulled from thematic strategies, largely driven by selling in technology-focused mandates.

The shift away from equities coincided with strong inflows into low-risk assets. Money market funds attracted £955m, the highest monthly total on record, as investors sought cash-like instruments while remaining within tax-efficient investment wrappers. Fixed income strategies also saw positive momentum, drawing in £589m. Demand was centred on corporate bond and flexible bond funds, while sovereign bond funds continued to see muted interest.

The patterns point to a mix of market caution and tax-related positioning. Elevated global equity valuations, especially in the US, drove some investors to reduce exposure after a prolonged period of rising prices. Meanwhile, concerns about the upcoming UK budget prompted others to crystallise gains or adjust pension allocations in anticipation of possible tax changes. Calastone noted that a similar wave of pre-budget repositioning took place the previous year.

Overall, the October figures suggest that defensive positioning, capital preservation and tax planning played a central role in investor behaviour. With equity valuations still under scrutiny and fiscal policy uncertainty on the horizon, flows into cash and higher-quality fixed income are likely to remain a key feature of the market landscape in the months ahead.

 

Banks and insurers accelerate shift to AI agents for core customer processes

Banks and insurers are rapidly shifting key customer-facing operations to AI agents, according to Capgemini’s World Cloud Report in Financial Services 2026. The research shows that the industry is moving beyond pilots and beginning to operationalise cloud-native AI systems across high-volume processes such as customer service, fraud monitoring and application handling.

For banks, the top use cases selected for large-scale deployment include customer service (75%), fraud detection (64%), loan processing (61%) and onboarding (59%). Insurers report a similar direction of travel, with customer service (70%), underwriting (68%), claims processing (65%) and onboarding (59%) emerging as priority areas. Capgemini estimates that AI agents could deliver up to US$450bn in economic value by 2028, reflecting the scale of transformation underway.

A growing share of institutions are taking development in-house. One-third of banks say they are building their own AI agents, while nearly half of financial institutions have created new oversight roles to supervise and manage agent-driven workflows. Cloud architecture is now seen as a cornerstone of this shift. Some 61% of executives identify cloud-based orchestration as critical to scaling AI, signalling a move towards platforms that can deploy and govern autonomous systems at speed.

Despite strong momentum, adoption remains uneven. Only 10% of firms have deployed AI agents at scale, although 80% are now in the ideation or pilot phase. The report points to onboarding, KYC, loan processing, claims handling and underwriting as the most inefficient functions within financial services, where institutions see the strongest potential for efficiency gains. Expected benefits include real-time decision-making (96%), improved accuracy (91%) and faster turnaround times (89%).

Executives also view AI agents as an enabler of business growth. Large majorities expect them to support geographic expansion, unlock dynamic pricing capabilities and deliver multilingual services aligned with local rules. Investment strategies reflect this optimism: almost two-thirds of leaders say up to 40% of their current generative AI budget is already dedicated to agent technologies, and one-quarter expect spending on AI agents to rise by up to 60% by 2028.

However, widespread rollout is still constrained by familiar challenges. Skills shortages were cited by 92% of respondents, while 96% pointed to regulatory and compliance pressures as a significant barrier. High implementation costs are also shaping strategy, with a growing share of firms considering service-as-a-software models that link payment to outcomes such as fraud cases resolved or transactions processed.

 

FIS adds treasury and receivables tools to Microsoft Marketplace

FIS has made two of its treasury and receivables platforms available through the Microsoft Marketplace, expanding access to tools used for liquidity management, risk oversight and accounts-receivable workflows. The move brings Treasury and Risk Manager - Integrity Edition and GETPAID onto Microsoft’s cloud distribution platform, allowing firms to deploy the systems through a standardised procurement process. FIS says the listing is intended to widen availability and simplify integration for customers already operating in Microsoft Azure environments.

Treasury and Risk Manager - Integrity Edition provides functionality for liquidity monitoring, market-risk management and regulatory reporting. It also includes newer analytical and automation features such as AI-driven support tools. GETPAID, a cloud-native accounts receivable platform, is designed to manage credit, collections and dispute resolution within a single workflow, with a focus on reducing manual steps and improving visibility across receivables processes.

FIS said the Microsoft Marketplace route is expected to shorten implementation times and give users more flexibility around scaling capacity as their operational needs change. Marketplace deployment also aligns these systems with standard cloud governance frameworks used by many corporates, which may help treasury and finance teams integrate the tools into broader digital-transformation programmes.

JP James, head of Treasury and Risk Management at FIS, said: “Launching these solutions on the Microsoft Marketplace is a major step forward in our mission to unlock financial technology to the world. This collaboration with Microsoft enables us to deliver our cloud-native solutions globally on the trusted cloud platform, allowing businesses to leverage advanced capabilities with ease and providing them with a streamlined and simplified process.”

For treasurers, the availability of both systems via a central cloud marketplace may make it easier to adopt or expand digital infrastructure, particularly for organisations moving liquidity, risk and receivables functions into more integrated cloud environments.

 

Ant International open sources forecasting AI model

Ant International has released its Falcon TST time-series forecasting model as open source, making one of its core AI tools available to developers, researchers and industry users worldwide. The model, built on a Mixture of Experts architecture with multiple patch tokenisers and up to 2.5bn parameters, is designed to handle large-scale forecasting tasks and has delivered state-of-the-art performance on established long-term prediction benchmarks.

Falcon TST has been used internally by Ant International to manage cashflow and foreign exchange exposure at hourly, daily and weekly intervals. According to the firm, the model has achieved accuracy rates above 90% and helped reduce FX costs by as much as 60%. It has also been deployed with partners across a range of use cases, including tools aimed at mitigating currency volatility for businesses and improving pricing stability in the aviation sector. With global air travel projected to reach nearly 10bn passengers in 2025, the firm says AI-based forecasting could have broad implications for cost management across the industry.

Beyond financial and travel applications, the model is designed to support forecasting across multiple types of time-series data, from weather patterns and seasonal events to market movements and cross-border traffic trends. Ant International positions the open-source release as a way to expand experimentation and accelerate the development of advanced forecasting systems in both commercial and academic settings.

Falcon TST is now publicly available on GitHub and Hugging Face, enabling wider testing and adaptation of the model for sector-specific requirements.

 

BBVA adopts Surecomp’s RIVO as part of trade finance digital push

BBVA has expanded its digital trade finance capabilities by incorporating Surecomp’s RIVO platform into its offering, aiming to improve efficiency, connectivity and security for corporate clients engaged in cross-border transactions. The bank has integrated RIVO as part of its wider trade finance digitalisation strategy. The platform allows companies to submit applications for letters of credit and guarantees online and manage interactions with multiple banks through a single portal. The move is intended to streamline processing, enhance traceability and strengthen operational controls for firms handling international activities.

BBVA is positioning the initiative as part of a broader shift toward open, connected infrastructure in trade finance. The bank is pursuing projects that support interoperability, including work on API-based connectivity and participation in a potential guarantees management pilot through Swift’s Gateway, first announced at Sibos. Surecomp is also involved in that initiative.

By joining RIVO, BBVA aims to add a centralised, digital channel to its suite of international trade finance services, giving clients a clearer view of transactions and reducing manual touchpoints. The bank says the platform will support companies looking to modernise their trade operations and manage documentation more securely.

Surecomp describes RIVO as a multi-bank tool designed to bring corporate users into closer contact with the wider trade ecosystem. The platform focuses on real-time connectivity, standardised processes and improved transparency across trade finance workflows.

The partnership is designed to reinforce BBVA CIB’s commitment to accelerating the digital transformation of its trade finance operations and supporting companies expanding into global markets.

 

PNC adds virtual card tools through Extend integration

PNC Bank has partnered with Extend to offer commercial clients a wider set of digital controls for managing card payments. The collaboration allows businesses to enrol their existing PNC commercial cards into Extend’s web and mobile platform, giving them access to virtual card issuance and real-time spend management features.

Through the integration, PNC clients can generate virtual cards for a range of use cases, from one-off payments to team budgets. Cards can be issued to employees, contractors and vendors, with spending limits and expiry dates set in advance. The system also supports virtual cards for recurring payments, such as subscriptions or advertising, which can help organisations segment and monitor ongoing costs.

Businesses can track transactions as they occur and align spend with internal approval workflows. Extend’s tools enable users to allocate virtual cards for specific projects or client work, improving accuracy in cost recovery and billing. Cards can also be added to Apple Pay and Google Pay for contactless payments.

The virtual card structure aims to reduce exposure to fraud by allowing firms to create unique card numbers for individual suppliers or transactions. This approach can limit disruption when card details need to be replaced and can support more secure payments at the point of sale.

The rollout sits within PNC’s broader treasury management offering, which provides digital tools for cash, payments and working capital. The bank says it plans to continue investing in technology that supports faster and more secure transaction processing for its commercial clients.

 

TransferMate partners with SAP to support cross-border payments

TransferMate has joined SAP’s Multi-Bank Connectivity ecosystem as a non-bank payments provider, giving businesses using SAP Cloud ERP and SAP S/4HANA Cloud access to integrated cross-border payment capabilities. The partnership allows firms to initiate and manage international payments directly within their SAP environment rather than relying on external platforms. By connecting through SAP Multi-Bank Connectivity, users can link to a wider set of payment providers through a single channel and standardised workflow, helping to streamline execution across global accounts.

With the new integration, SAP customers can use TransferMate’s full set of services, including global payables, receivables and stored-funds functionality. The company operates a regulated network designed to support real-time visibility and reduce manual processes involved in moving funds across jurisdictions. For treasurers, the ability to access these services within existing SAP systems may help improve automation, centralise oversight and support wider digital transformation efforts.

TransferMate says the collaboration strengthens its position in embedded B2B payments infrastructure by offering a scalable option for firms seeking to modernise international payment operations. For SAP users, it adds another route to simplify cross-border flows, increase control and reduce the operational friction that often comes with multi-bank connectivity.

The agreement also highlights the continued expansion of SAP’s partner network as financial institutions and non-bank providers compete to offer more streamlined treasury and payment tools within core ERP systems.

 

Finmo positions platform as full treasury management system

Finmo has repositioned its platform as a treasury management system designed to give finance teams a unified view of cash, payments and liquidity across their organisations. The shift reflects the company’s move towards providing a single environment that connects bank accounts, ERPs, accounting tools and payment gateways.

The firm says the platform is intended to give treasurers real-time visibility over global cash positions, alongside tools for forecasting, automation and cross-border payments. Features include consolidated dashboards, automated reconciliation, liquidity oversight and support for managing FX exposures. Finmo is also promoting tighter integration with core finance systems, aiming to reduce manual processes and improve data consistency across treasury workflows.

A framework built around four pillars, connect, control, command and create, underpins the redefined structure. According to the company, this is meant to organise the platform’s functions around connectivity, risk and governance controls, operational execution and data-driven decision-making.

The update comes as finance teams accelerate efforts to centralise treasury operations and improve access to live financial data. Finmo says its approach is aimed at supporting firms with distributed banking relationships and cross-border operations by providing a single point of oversight.

The platform’s broader feature set includes tools for payments, liquidity optimisation and FX risk management, as well as integrations for global financial institutions. Finmo holds licences in several markets, including Singapore, Australia, New Zealand, Canada, the US and the UK. The company says it is targeting organisations seeking a consolidated treasury environment that links cash visibility, payments and operational controls within one system.