Treasurers sharpen focus on efficiency and digital transformation

Corporate treasury departments are under growing pressure to deliver more value with fewer resources as global uncertainty and rising business complexity reshape their role. HSBC’s latest Treasury Pulse survey, based on responses from 539 group treasurers worldwide, shows how leading teams are adapting through automation, centralisation, and closer integration with business strategy.

More than half of respondents (53%) rank operational cost reduction as their top priority, followed by lower financing costs (50%) and firm-wide technology adoption (48%). These themes are consistent across regions and company sizes, reflecting a shared focus on efficiency and strategic alignment.

Treasury departments remain small, with more than half reporting fewer than ten full-time employees, but their workloads continue to expand. On average, firms still perform 32% of treasury tasks manually, including 54% of cash flow forecasting and 45% of reporting and analytics. Only 48% of functions are automated, meaning teams spend nearly two-thirds of their time on manual processes rather than on strategic activities such as risk management or working capital optimisation.

Around 63% of treasuries plan to adopt or upgrade their ERP or TMS platforms within two years, signalling a clear shift towards digital transformation. HSBC’s data suggests those achieving high automation and centralisation can unlock more than 140 hours of additional capacity each month.

Many firms are also streamlining their banking networks. A typical treasury uses more than ten banks and manages over 250 accounts, creating fragmentation and inefficiency. One in four companies has already completed a bank rationalisation exercise, while another third is in progress. Nearly 60% have centralised their treasury operations as far as regulation allows, with a further 30% planning to do so.

Reducing financing costs remains a key goal. Around a third of treasuries now operate in-house banks, often to support cash pooling, group funding and foreign exchange management, while another fifth plan to introduce one. Companies using in-house banks and global cash pooling benefit from stronger liquidity control and lower borrowing costs. Firms pooling most of their balances are 22 times more likely to have subsidiaries invest through the treasury entity and three times more likely to fund them internally rather than through external lenders.

Payments innovation is also accelerating. More than 60% of treasuries have adopted or plan to adopt tools such as payment status reporting and payee validation to reduce errors and fraud. Adoption of tokenisation, embedded payments and pay-into-wallet solutions is expected to increase fivefold over the next two years, while the use of payment factories and netting is set to rise sharply.

“Corporate treasuries face a volatile landscape, demanding agility and insight alongside operational efficiency,” said Manish Kohli, HSBC’s Head of Global Payments Solutions. “HSBC’s Treasury Pulse survey reveals opportunities to reimagine operations and redefine roles, with technology and AI paving the way for smarter, impactful treasury processes.

The research paints a picture of a profession evolving from transactional operations to strategic influence. Treasurers that prioritise automation, centralisation and optimised banking structures are better positioned to enhance liquidity, strengthen risk management and support growth. HSBC concludes that, while the journey differs by region and industry, the direction of travel is clear: treasury excellence depends on technology, insight and closer alignment with business strategy.

 

Lender confidence rebounds in Q2 as asset-based finance stabilises

The Secured Finance Network’s latest quarterly survey points to rising optimism among lenders, signalling a rebound in asset-based lending activity after a turbulent start to the year. According to SFNet’s Q2 2025 Asset-Based Lending Index and Lender Confidence Index, confidence improved notably among both bank and non-bank lenders between late July and mid-August. Bank sentiment rose 7.4 points to 56.5, suggesting expectations for broadly stable conditions next quarter. Non-bank confidence climbed further, up 10.8 points to 63.3, indicating a cautiously positive outlook for near-term growth.

The report attributes part of this shift to resilient lending performance despite persistent economic headwinds. While headline US GDP growth reached 3.3% in Q2, underlying demand remained weaker, reflecting softer private consumption once trade and inventory effects were stripped out. Even so, lenders reported stronger activity levels and improving deal pipelines across asset-based finance.

Total commitments increased 1.1% for banks and 5.2% for non-banks during the quarter. New outstandings, funds newly drawn by borrowers, rose sharply, up 6.5% for banks and 47.4% for non-banks. SFNet said this points to a healthy pipeline of refinancing activity and renewed demand for working capital financing, particularly from mid-market borrowers.

Portfolio quality showed a mixed picture. Among banks, non-accruals and write-offs rose modestly but remained within historical ranges, while criticised loans (exposures carrying elevated risk) fell by nine basis points, suggesting that earlier stress in the portfolio is easing. Non-banks, meanwhile, reported a slight uptick in criticised and non-accrual loans, though write-off rates held broadly steady as a share of outstandings.

The findings indicate that both segments are maintaining disciplined underwriting standards despite competitive pressures and higher refinancing volumes. Overall, SFNet said the data reflect an asset-based lending sector that remains stable, liquid, and well positioned to support borrowers through ongoing market volatility and rising credit demand in the second half of 2025.

 

SNB and ECB to test cross-border instant payments link

The Swiss National Bank (SNB) and the European Central Bank (ECB) are launching an exploration phase to assess whether their instant payment systems can be connected to enable cross-currency payments between Switzerland and the euro area.

The project will evaluate the feasibility and economic viability of linking the Swiss Interbank Clearing (SIC) system’s instant payment service with the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service. The exploration phase will run throughout 2026.

Instant payment systems allow individuals and companies to transfer funds between accounts in seconds, operating continuously every day of the year. They offer faster settlement, reduced counterparty risk, and immediate fund availability for both consumers and businesses.

By interlinking SIC and TIPS, the two central banks aim to make it possible for payments in one currency area to be credited to accounts in the other within seconds. The initiative aligns with wider efforts by central banks and international bodies to improve the speed, transparency, and accessibility of cross-border payments, addressing one of the most persistent inefficiencies in global finance.

 

Merck partners with Broadridge for real-time treasury visibility

Merck has chosen Broadridge Financial Solutions to overhaul its global treasury operations using Swift’s new Instant Cash Reporting service, providing real-time balance and transaction data across more than 400 accounts worldwide. The solution, implemented through Broadridge’s Swift Service Bureau (SSB) and SCORE+ platform, enables Merck to access on-demand cash information from multiple banks through a single, standardised connection. This replaces the need for complex, bank-specific APIs and supports faster, more efficient liquidity management.

Instant Cash Reporting, part of Swift’s Corporate Evolution initiative, represents a shift from next-day reporting to live account visibility. Broadridge played a central role in developing the service through Swift’s Corporate Working Group and has a long history of supporting corporate connectivity to Swift, including early adoption of ISO 20022 standards.

Merck expects to make thousands of API calls annually, generating around 900,000 intraday reports. By consolidating access via SCORE+, it can now retrieve data from up to 1,000 accounts in a single request, reducing operational friction and enhancing cash forecasting accuracy.

The partnership builds on the recent roll-out of Swift’s payment tracking for corporates, extending real-time data capabilities to treasury operations. Broadridge says it is developing further enhancements such as Stop & Recall functionality and Payment Preparation tools to create a complete, API-enabled payments ecosystem.

For global corporates managing extensive banking networks, the collaboration demonstrates how standardised Swift connectivity can streamline treasury operations, improve transparency, and strengthen control over liquidity in real time.

 

Deutsche Bank to enable 24/7/365 USD cross-border book transfers 

Deutsche Bank is to launch “EverOn”, a service allowing clients to process US dollar cross-border book transfers every day of the year, including weekends and public holidays. The bank says the offer will be available from the end of October, with a second phase planned to add euro payments processing.

The service is designed to remove practical frictions that still affect many cross-border flows, such as banking-hours cut-offs and holiday closures. By keeping transfers available continuously, Deutsche Bank aims to improve liquidity and working-capital management for institutions operating across time zones, supporting settlement readiness when counterparties need it. EverOn will also support ISO 20022 messaging to aid automation, transparency and interoperability.

Ciarán Byrne, Global Head of Product Management and Client Solutions, Institutional Cash Management, Deutsche Bank, said the initiative is intended to meet rising expectations for always-on payments and to set a path toward broader 24x7x365 cross-border processing as market infrastructures evolve. “Our clients increasingly expect the same immediacy in cross-border payments as they do in domestic real-time systems. EverOn not only meets this demand but also helps financial institutions, corporates and investors unlock new opportunities by making payments truly always on.”

Positioned as an extension of the bank’s clearing and correspondent banking capabilities, the move reflects wider industry efforts tied to the G20 cross-border roadmap to make international payments faster, cheaper, more transparent and more accessible. For institutions, the near-term impact will hinge on how quickly counterparties and market infrastructures can support round-the-clock processing, and on internal readiness to align liquidity, operations and controls to an always-on model.

Deutsche Bank says phase two will extend EverOn to euro flows, signalling a broader shift toward continuous processing across major currencies as standards and infrastructure mature.

 

HSBC Asset Management launches trade and working capital strategy

HSBC Asset Management (HSBC AM) has launched a Trade and Working Capital Solutions (TWCS) strategy in collaboration with HSBC’s Global Trade Solutions (GTS) business. The initiative focuses on short-term trade finance and working capital assets, reflecting increased demand as companies reshape supply chains and liquidity strategies.

The strategy will invest in a diversified portfolio of receivables finance, payables finance, trade loans, documentary trade and other instruments. With a global mandate, it will participate in facilities that provide funding to corporates and financial institutions involved in domestic and international trade.

The open-ended structure focuses on short-term, real-economy transactions that tend to show low correlation with other credit asset classes and less sensitivity to market timing. HSBC AM’s Capital Solutions team, established in 2022, will manage the fund. The team offers investors access to bank-originated deal flow across multiple credit strategies.

The launch draws on HSBC’s global trade finance operations, which span more than 50 markets with access to 85 per cent of global trade flows and a network of over 5,000 working capital specialists. HSBC AM says the collaboration provides investors with exposure to trade-related private credit opportunities supported by the bank’s origination network.

The strategy is available to institutional investors across the UK, Europe, Asia, Canada, Australia and the Middle East. It forms part of HSBC AM’s growing alternative credit platform, which has raised more than US$7bn across 150 transactions since 2018.

Over the past three years, the platform has achieved compound annual growth of 33 per cent, supported by new strategies including NAV Lending, Global Transition Infrastructure Debt and European Senior Direct Lending. These complement existing offerings such as UK Direct Lending, Revolving Credit Facilities, Structured Credit and Infrastructure Debt.

 

Nomentia and Mitigram partner to connect treasury and trade finance

Nomentia and Mitigram have formed a new Nordic partnership aimed at closing the gap between treasury and trade finance for corporates across Europe. The collaboration combines Nomentia’s treasury management expertise with Mitigram’s digital trade finance network, offering finance teams improved visibility, control, and efficiency in managing liquidity and transactions.

Nomentia provides centralised tools for payments, cash visibility, liquidity, risk, and guarantee management, used by more than 1,400 clients. Its platform integrates with ERP systems, banks, and data providers, helping treasurers move from manual processes to automated, data-driven operations.

Mitigram operates a digital platform used by corporates, commodity traders, and financial institutions in over 120 markets. It enables real-time collaboration on trade finance deals through unified request-for-quote processes, automated document workflows, and access to market insights and counterparties.

By linking these two ecosystems, the partnership is designed to help companies align treasury and trade finance workflows, improve decision-making, and enhance operational efficiency.

Initially focused on the European market, the partnership may later expand globally. Both firms plan to collaborate on client engagement initiatives, offering corporates access to integrated solutions that support growth in a more connected trade environment.

 

Visa pilots stablecoin funding for cross-border payments

Visa has announced a pilot for stablecoin prefunding through its Visa Direct platform, designed to speed up and simplify cross-border business payments. The initiative, unveiled at SIBOS 2025, aims to give financial institutions and corporates faster access to liquidity while reducing reliance on traditional pre-funding methods.

Cross-border payments have long depended on legacy systems that require businesses to park large fiat balances in advance. Visa’s new model allows companies to pre-fund Visa Direct with stablecoins instead, with funds treated as available for payouts in real time. The approach is intended to make treasury operations more flexible and capital management more efficient.

Visa says the pilot could help modernise international payments by combining the predictability of blockchain-based settlement with the reach of its global network. Stablecoins act as a consistent settlement layer, potentially reducing exposure to currency volatility and enabling more dynamic liquidity management.

The pilot will initially target banks, remittance providers and financial institutions with high volumes of cross-border payments. Recipients will continue to receive funds in local currencies.

Visa plans to expand the pilot in 2026 following an initial testing phase with select partners. The programme forms part of the company’s broader effort to build faster, programmable payment infrastructure suited to the digital-first economy.

 

Corpay and Mastercard expand real-time payments to 22 new markets

Corpay and Mastercard have expanded their collaboration to enable near real-time cross-border payments in 22 additional markets across Asia, Europe, the Middle East, Africa and Latin America. The announcement, made at the Sibos 2025 conference in Frankfurt, builds on more than a decade of partnership between the two firms.

The initiative uses Mastercard Move’s global money movement infrastructure to deliver faster and more transparent international transactions for corporates, small businesses and financial institutions. With cross-border payment volumes projected to exceed US$250tn by 2027, the expansion aims to meet rising demand for faster settlement and greater visibility.

Corpay became Mastercard’s exclusive provider of large-ticket cross-border payment solutions and currency risk management services earlier this year. The partnership also gives Corpay’s small and mid-sized business clients access to Mastercard Move’s disbursement and remittance services.

By broadening their joint reach, the two firms aim to simplify international transfers while improving speed, reliability and compliance. Mastercard Move currently spans more than 200 countries and territories and supports over 150 currencies, connecting to 95% of the world’s banked population.

The expansion marks a further step in both companies’ efforts to modernise cross-border payments through improved transparency, fee visibility and end-to-end traceability across multiple channels, including bank accounts, cards, wallets and cash.

 

Citi links blockchain token platform with 24/7 USD clearing

Citi has unveiled plans to integrate its blockchain-based Citi Token Services with its 24/7 USD Clearing network, creating a round-the-clock, multibank instant payments capability for institutional clients in the UK and US. The integration allows corporates and financial institutions to move funds and manage liquidity in real time across both Citi and non-Citi accounts. It combines Citi’s established clearing network, which processes transactions for more than 250 banks in over 40 markets, with the bank’s private blockchain platform, enabling tokenised internal liquidity transfers.

Initially available for clients holding accounts in the UK and US, Citi intends to expand the service to other regions. The system will allow clients to send and receive US dollar payments at any time, including weekends and holidays, removing the traditional constraints of banking hours and cut-off times.

By merging blockchain-based tokenisation with Citi’s clearing infrastructure, the bank aims to reduce friction, enhance transparency, and improve interoperability across institutions. The model is designed to support faster payments, smarter cash management, and greater liquidity control without the need to pre-fund accounts.

Citi Token Services, launched in 2024, is already live in the US, UK, Singapore, and Hong Kong, and has processed billions of dollars in transaction value. The new integration marks a further step in Citi’s goal to support continuous, real-time treasury operations worldwide.

 

CGI and Barclays integrate multi-bank trade finance platform

CGI has partnered with Barclays to integrate its global trade finance solution, CGI Trade360, with Konsole from Komgo, the multi-bank trade finance platform. The collaboration aims to deliver faster, more transparent, and fully digital trade finance capabilities for Barclays’ corporate clients.

By linking CGI’s processing technology with Komgo’s network, Barclays can automate trade transactions from end to end, reducing manual entry and operational risk. The integration is designed to simplify trade finance workflows, providing clients with real-time visibility and faster processing while supporting the bank’s wider digital transformation agenda.

Barclays’ customers using the Komgo platform will now have a direct digital channel to the bank, enabling transactions to flow automatically into CGI Trade360. The system’s enhanced connectivity is expected to improve speed, accuracy, and efficiency for corporates managing global trade documentation and financing.

The partnership also highlights the growing role of ecosystem collaboration in modern trade finance, as banks seek to connect internal systems with fintech-led networks. For Barclays, it represents another milestone in its digital trade journey, expanding access to multi-bank financing options through integrated technology.

By combining Komgo’s extensive platform coverage with CGI’s trade processing infrastructure, the firms aim to set a new benchmark for automation and interoperability in global trade finance.

 

Finastra unveils solution to streamline trade and SCF integration

Finastra has introduced Trade Innovation Nexus, a cloud-ready integration layer designed to simplify connectivity between banks’ systems and the wider fintech ecosystem. Unveiled at Sibos 2025, the solution supports greater automation in trade and supply chain finance while reducing integration complexity and time to market for new services.

The platform delivers a unified set of REST APIs, integration tools and services that connect seamlessly with Finastra’s Trade Innovation software, core banking systems and third-party solutions. It is intended to help banks manage data more effectively, automate workflows and gain clearer visibility across their trade finance operations.

Trade Innovation Nexus supports four main functions: maintaining reference data, automating transaction lifecycles, simplifying client onboarding, and connecting to external platforms through pre-defined adapters. Together, these features enable institutions to streamline operations and enhance scalability while accelerating migration away from legacy infrastructure.

Finastra says the integration layer will allow banks to innovate more quickly, manage partnerships with fintechs more efficiently, and reduce operational costs through improved interoperability. The company positions the launch as part of its broader strategy to modernise trade finance systems and support the industry’s shift toward digital, connected ecosystems.

 

Brex to launch stablecoin payments for corporate clients

Brex has announced plans to introduce native stablecoin payments, becoming the first global corporate card platform to support instant balance payments using stablecoins. The new feature will allow customers to send, receive, and settle payments in stablecoins, initially starting with USDC, with automatic conversion to US dollars within their Brex business accounts.

The development aims to give businesses faster access to liquidity and the ability to transact globally with greater flexibility and lower costs. Stablecoins are gaining traction in large-scale and cross-border corporate transactions, but remain unavailable through most banks and traditional payment providers. Brex’s unified platform will enable users to manage both fiat and stablecoin transactions in one place, eliminating the need for multiple systems.

In partnership with a stablecoin infrastructure provider, Brex will offer instant, fee-free payments with 24/7 settlement and customer support. Businesses will also be able to pay card balances directly using stablecoins, simplifying cash management across geographies and time zones.

The launch reflects Brex’s push to modernise financial infrastructure for global enterprises, extending its offering to both crypto-native firms and corporates adopting digital assets for the first time. Early participants include Figure, Solana, and Alchemy, which have already joined the waitlist ahead of the general rollout in the coming months.