Treasury AI ambitions stall as data gaps slow rollout

Corporate treasury teams are struggling to turn AI investment into meaningful productivity gains, according to new findings from the Coalition Greenwich 2025 Corporate Treasurer Study, led by Crisil Coalition Greenwich. The research suggests that while expectations remain high, implementation is lagging. Around half of large corporates globally have committed resources to deploying AI within treasury, yet progress has been limited. Most organisations that have begun using AI remain in the exploration phase, testing potential use cases and running pilots. Fewer than 10% have embedded AI into daily workflows in areas such as forecasting and fraud detection, and none in the US or Europe report having reached the stage where AI is strategically embedded into treasury decision-making.

The backdrop is a treasury function that has grown in influence. Nearly two-thirds of corporate treasurers surveyed say they are almost always included in C-suite discussions on risk management and hedging, and a similar share participate in capital structure and funding decisions. As treasury’s strategic role expands, the pressure to deliver faster analysis and sharper insight has intensified. However, the study finds that the productivity boost expected from AI has yet to materialise at scale.

“Half of large companies around the world haven’t yet deployed AI at all in their treasury departments, and those that have started implementing have made only limited progress,” writes Dr Tobias Miarka, who leads corporate banking research globally at Crisil Coalition Greenwich.

Where AI has been adopted, it is most commonly used for automation. Three-quarters of treasurers cite automation and cost savings as the primary benefit they are receiving or expect to receive from AI investments. Typical applications include bank account reconciliation, cash positioning and trade processing, where automation can reduce manual workload and errors.

Yet two structural barriers are slowing broader adoption: limited in-house expertise and integration challenges. The research identifies integration hurdles as the more significant constraint. “AI applications run on data, ideally clean data in fact, and most companies aren’t capable of delivering it, or at least not in the quantity and at the quality required,” Miarka says.

Many large corporates continue to operate on legacy platforms with siloed systems and fragmented data sources. Treasury staff still spend nearly a third of their time working in spreadsheets, a symptom of inconsistent and incompatible data formats. According to the study, there is a near-perfect correlation between strong data governance and the ability to scale AI.

“The central mistake companies are making with their AI investments in treasury and management systems and other departments is allocating resources to AI solutions without first building the data infrastructure needed to effectively operate those solutions,” Miarka says.

The report sets out five priorities for organisations seeking to unlock value from AI in treasury. First, establish clear data quality standards and assurance processes. Second, document data lineage to ensure transparency and auditability. Third, acquire and integrate high-quality training data at scale. Fourth, develop a cross-functional governance model to oversee risk standards and compliance. Fifth, invest in data literacy across the organisation to ensure staff understand both governance requirements and AI capabilities.

About 60% of large global corporates expect to increase AI investment. The study cautions that without addressing foundational data management challenges, further spending may fail to deliver expected returns.

“It is impossible to implement sophisticated AI solutions like predictive analytics and decision-making without a comprehensive source of reliable and timely data,” Miarka says.

For treasury teams already under pressure to do more with less, the findings suggest that the path to AI-enabled efficiency runs first through less visible work on systems integration and governance.

 

UK businesses upbeat on home market despite rising costs

A majority of UK businesses continue to view the domestic market as the best place to start and scale, even as trading costs rise and smaller firms take a more cautious approach to borrowing, according to Barclays’ latest Business Prosperity Index. The study, which combines anonymised data from around one million Barclays UK business clients with a survey of 1,000 business leaders, highlights a two-speed pattern emerging at the end of 2025. While 58% of respondents say the UK is the most attractive place to start, scale and grow a business, and 57% believe it is becoming a more attractive place to list, behaviour differs sharply by company size.

Cash inflows across Barclays’ client base fell 3.4% year-on-year in the fourth quarter, reflecting subdued spending. Larger firms increased longer-term borrowing by 8.7% compared with a year earlier, signalling continued investment despite uncertainty. Smaller firms, by contrast, reduced longer-term borrowing and increased overdraft usage by 2.5%, suggesting tighter margins and a focus on short-term liquidity.

Confidence in the broader economy also varies. Two-thirds of large businesses (66%) and 53% of medium-sized firms believe current conditions support long-term growth, compared with just 12% of micro businesses. Even so, 86% of all businesses say they feel upbeat about their own prospects, although that falls to 68% among micro firms.

Cost pressures remain widespread. Almost all businesses (93%) report higher trading costs over the past year, driven by energy (85%), labour (80%) and supply chain expenses (78%). Four in five (80%) have passed on some of these increases to customers, typically around 30% of higher costs. A further 65% expect to raise prices again this year, while only 17% anticipate price reductions.

Energy remains a particular concern, cited by 85% of firms and 90% of medium-sized businesses. More than a third (34%) say they are reducing energy usage to manage costs. Reducing operating expenses is viewed as the most effective lever to support investment by 37% of respondents, rising to 44% among large firms.

Despite these headwinds, revenue expectations are strong. Eighty-three per cent of businesses expect revenues to rise in the first quarter of 2026, with 27% forecasting increases of more than 50%.

Abdul Qureshi, managing director of Barclays Business Banking, says: “Our research shows a third of businesses believe the UK offers higher levels of innovation than other major markets, but over a quarter think it lags behind. These signals matter, and there is clearly more to be done. A priority now is helping smaller firms turn underlying confidence in their business into investment and tangible progress.”

The findings suggest that while optimism about the UK’s long-term prospects remains intact, rising costs and uneven access to capital continue to shape how different segments of the business community approach growth in 2026.

 

Secured finance market passes $12 trillion as middle-market demand rises

Secured finance has grown into a central pillar of US corporate funding, with outstanding volumes reaching an estimated $12.2 trillion by the end of 2024, according to a new market sizing study from the Secured Finance Network (SFNet). Based on surveys and third-party data covering multiple segments of the collateral-backed lending market, the research also finds annual transaction volumes of around $6.5 trillion. Outstanding volumes have risen 35% since 2022, reflecting stronger demand for asset-based and structured financing as middle-market firms contend with tighter bank lending standards, supply-chain shifts and ongoing economic uncertainty.

SFNet estimates that secured finance activity now underpins, directly or indirectly, more than one-fifth of the $29 trillion US gross domestic product recorded in 2024. The study argues that collateral-backed lending has become a core source of liquidity for companies seeking to manage working capital, support investment and navigate volatile funding conditions.

“Secured finance is no longer a niche segment of the financial system, it is a foundational pillar,” says Richard Gumbrecht, chief executive of SFNet. He adds that the findings highlight the scale and resilience of the sector as policymakers and market participants reassess how capital flows through the economy.

The study covers seven major categories of secured financing: asset-based lending, factoring, supply chain finance, equipment finance and leasing, leveraged lending, cash-flow lending and asset-backed securitisation. Together, these products form a broad funding ecosystem used across industries and credit cycles.

Among the largest segments, equipment finance and leasing accounts for $4.7 trillion in outstanding balances and $1.39 trillion in financed investment. Leveraged lending totals $4.37 trillion outstanding with $915bn in annual issuance, while cash flow lending stands at $1.76 trillion outstanding and $1.22 trillion in issuance.

Supply chain finance remains a significant contributor, with $2.56 trillion in annual transaction volume and $640bn outstanding. Asset-based lending represents $210bn in outstanding balances and $537bn in commitments. Factoring volumes total $148bn annually with $20bn outstanding, while asset-backed securitisation issuance reached $99bn with $173bn outstanding.

The study builds on earlier market sizing work conducted in 2019 and 2023 and draws on input from lenders, finance companies and service providers. SFNet worked with Keybridge Research and a steering committee of industry participants to compile the data.

“This research reinforces what market participants see every day, that secured finance has become essential infrastructure for the modern economy,” says Ian Fredericks, chair of SFNet’s data, technology and AI committee.

The findings suggest that as traditional lending conditions tighten and companies continue to seek flexible funding options, secured finance is likely to remain a critical source of liquidity for the US middle market and a key component of the broader credit system.

 

Fragmented data hampers payments operations despite AI push

Operational disruption linked to fragmented data is affecting four in five payments organisations, even as the sector accelerates investment in AI and real-time settlement capabilities, according to new research from AutoRek. The firm’s 2026 Payments Survey, based on interviews with 250 senior finance-sector managers across the UK and US, finds that 80% of payments organisations experience moderate to significant disruption due to fragmented data. While front-end innovation continues apace, many back-office processes remain manual, creating what the report describes as a gap between strategic ambition and operational readiness.

Nearly all respondents (96%) say they are adopting AI, while 67% report that instant payment networks are increasing the need for real-time controls. However, 69% cite manual processes and limited automation as their biggest constraint on scalability. The survey highlights the tension between rapid innovation in payments products and infrastructure and the slower pace of change in core operational systems.

Benjamin David, head of intelligence at The Payments Association, says the findings highlight both progress and underlying challenges across the sector. “UK firms continue to demonstrate ambition in adopting real-time payments, AI, and emerging settlement rails,” he notes, adding that maintaining competitiveness will depend on ensuring “operational capabilities, data infrastructure, and governance frameworks evolve in step with front-end innovation.”

Data fragmentation is emerging as a key barrier to efficiency and scaling new technologies. Two-thirds of firms report disruption to reconciliation and monitoring processes linked to inconsistent or incomplete data. At the same time, more than half of respondents (54%) say they are only partially implemented on ISO 20022, suggesting that the transition to richer data standards is still under way and, in some cases, adding complexity rather than reducing it.

These issues are also affecting confidence in scaling AI initiatives. While adoption levels are high, firms cite data security and regulatory compliance as their top concerns (61%), followed by implementation costs (50%) and legacy system integration (46%). Without consistent, reliable data, organisations may struggle to realise the expected benefits of AI-driven automation and analytics.

Operational readiness is also shaping regulatory preparedness. With safeguarding deadlines approaching in several markets, only one-third of firms say they are fully prepared for upcoming compliance requirements. A further 84% expect their controls to require updates within the next 12 months, reflecting the pace of regulatory change and the need for stronger real-time monitoring and reporting.

Looking ahead, firms expect a growing share of payment volumes to move across new infrastructure. Respondents estimate that 24% of payments could flow through blockchain-based rails by 2030. The survey suggests that institutions with more automated, integrated data environments will be better positioned to adapt to this shift, while those relying on manual processes may face higher operational and compliance risks.

For payments providers, the findings point to a continued focus on modernising back-office systems alongside front-end innovation, as real-time payments and AI adoption reshape operational requirements across the sector.

 

Ireland confirms first wave of mandatory e-invoicing for large corporates

Ireland’s tax authority, Revenue, has confirmed the companies that will fall within the first phase of its VAT modernisation programme, marking the start of a multi-year shift towards mandatory electronic invoicing for domestic business-to-business transactions.

Revenue says VAT-registered large corporates whose tax affairs are handled by its Large Corporates Division and which are established or have a fixed presence in Ireland will be required to issue structured e-invoices from 1 November 2028. From the same date, all businesses operating in Ireland must be able to receive structured e-invoices, regardless of size.

The move forms part of Ireland’s preparations for the European Union’s VAT in the Digital Age (ViDA) reforms, which will introduce wider digital reporting and e-invoicing requirements for cross-border trade from July 2030. Phase One is intended to give large corporates and their trading partners time to adapt systems and processes ahead of the broader EU rollout.

Under the Irish framework, companies in scope will need to issue invoices in a structured electronic format compliant with European standard EN16931. Formats such as PDFs or scanned paper documents will not meet the requirement. Businesses will also be required to report a subset of transaction data to Revenue for domestic B2B activity.

For corporates with operations in Ireland, the announcement provides greater clarity on timelines and technical expectations. Firms in scope are being encouraged to begin preparations by assessing current invoicing and enterprise resource planning systems, confirming compatibility with structured e-invoice standards and engaging with technology providers on integration and data-reporting requirements.

The requirement for all businesses to be able to receive structured e-invoices from 2028 means that even companies outside Phase One will need to ensure their systems can process incoming invoices in compliant formats. This could affect multinational groups with Irish entities, as well as suppliers trading with large corporates operating in the country.

Revenue says it will contact affected companies directly in the coming weeks to confirm their inclusion in the initial phase and will continue to engage with businesses, software providers and industry groups as the programme progresses. The authority has indicated that the modernisation effort is designed both to support digitalisation and automation of corporate reporting processes and to strengthen VAT compliance and fraud detection.

For treasury and finance teams, the shift will require coordination across tax, IT and accounts payable and receivable functions. The introduction of structured e-invoicing and real-time data reporting is likely to reshape invoice processing, reconciliation and compliance workflows over the next several years as Ireland moves towards full alignment with EU-wide digital VAT rules.

 

BNP Paribas tests public blockchain for MMF tokenisation

BNP Paribas Asset Management has issued a tokenised share class of a French-domiciled money market fund (MMF) on the public Ethereum blockchain, in what it describes as a further step in its exploration of fund tokenisation. The initiative involved creating a tokenised share class of an existing MMF using the group’s AssetFoundry platform to connect to the public Ethereum network. The tokens were issued under a permissioned access model, meaning only eligible and authorised participants are able to hold and transfer them, in line with regulatory requirements.

The move follows an earlier tokenised MMF issuance in Luxembourg conducted on a private blockchain. By testing both private and public blockchain infrastructure, BNP Paribas is examining different technological and operational approaches to tokenisation within regulated fund structures.

In the latest project, BNP Paribas Asset Management acted as fund issuer, while the group’s Securities Services business served as transfer agent and fund dealing services provider. BNP Paribas CIB’s AssetFoundry platform handled tokenisation and connectivity to the blockchain. Securities Services also operated the wallet setup and held the private key as part of what the bank describes as a controlled intra-group pilot.

The issuance was conducted as a limited, one-off experiment designed to test end-to-end processes, from transfer agency to blockchain connectivity, within an internal and regulated framework. The use of a public blockchain combined with permissioned tokens allowed the bank to assess how open infrastructure can be integrated into existing fund governance and investor protection standards.

The pilot reflects a broader trend among asset managers and custodians testing how public blockchain networks might support the issuance and servicing of regulated investment vehicles. By conducting parallel experiments across private and public networks, BNP Paribas is assessing the operational, governance and connectivity implications of tokenising MMFs within existing regulatory frameworks.

 

Defrancq enables Wero invoice payments

A Belgian building materials supplier has become the first company in the country to accept invoice payments via Wero, marking an early commercial rollout of the European account-to-account payment scheme for business transactions. Defrancq is working with local payment service provider POM to enable customers to settle invoices using Wero, which is being positioned as a pan-European alternative to existing digital payment options. Until recently, Wero in Belgium had been limited to person-to-person transfers. The latest development allows payments to businesses for the first time, including higher-value transactions.

The rollout is initially available to customers of ING and KBC, with additional Belgian banks expected to join later this year. The introduction of invoice functionality reflects broader efforts to extend Wero beyond retail use cases and into commercial payments.

Higher payment limits are one of the main features cited by participants in the launch. This could make the service more suitable for business-to-business transactions than some existing mobile payment tools that were primarily designed for smaller consumer transfers.

The development comes as European payments providers and banks continue to explore ways to reduce reliance on international card schemes and build regional alternatives based on account-to-account infrastructure. Wero, backed by the European Payments Initiative (EPI), is one of several projects aimed at strengthening cross-border interoperability across the region.

Martina Weimert, chief executive of EPI, said: “Wero is designed to make European payments simpler, stronger and more independent. Its expansion beyond person-to-person payments into business and invoice transactions represents a key step in scaling a trusted European payment solution that delivers tangible value to merchants and consumers across Europe.”

For corporates operating in Belgium and neighbouring markets, the move signals a gradual expansion of European instant payment options into invoicing and collections. Wider bank participation and merchant adoption will be required before the model can scale across borders, but the initial rollout provides an early indication of how Wero could be used in business payment workflows.

 

Wellspring launches treasury platform for mid-market firms

Wellspring has introduced a treasury management platform aimed at small and mid-sized businesses, offering centralised cash visibility, integrated payments and access to yield on surplus balances within a single operating environment.

The platform, Wellspring Institutional, is designed to bring together liquidity management, domestic and cross-border payments and capital deployment tools for finance teams that may lack the infrastructure of larger corporates. It combines traditional banking connections with stablecoin settlement rails, allowing businesses to manage funds across fiat and digital channels.

According to the company, the system is built around three core functions: real-time visibility over cash positions, multi-currency payment capabilities and the option to allocate idle balances to yield-generating opportunities with defined risk parameters. Treasury workflows are consolidated into a single interface, with funding via standard bank transfers, optional conversion into stablecoins and redemption back into fiat when required.

Wellspring said the platform is intended to help smaller finance teams navigate an increasingly complex payments and liquidity landscape, where new rails and instruments are emerging alongside established banking infrastructure.

Andrey Chabanov, co-founder and chief executive of Wellspring, said: “Treasury management is becoming more complex as new payment rails emerge. Our objective is to provide businesses with a unified control layer that enhances visibility, strengthens governance, and improves capital efficiency without disrupting existing financial operations.”

The launch reflects growing interest among mid-market firms in tools that combine cash management and payment capabilities with access to digital asset-based infrastructure. Providers across the treasury technology space have increasingly sought to integrate traditional banking services with real-time settlement and programmable payment options, particularly for companies operating across multiple jurisdictions or currencies.

Wellspring said its platform is designed to support policy-based workflows and segregated account structures to maintain oversight and governance while enabling faster settlement and flexible capital deployment.

 

Modern Treasury adds integrated PSP for fiat and stablecoin payments

Modern Treasury has introduced an integrated payment service provider designed to support companies embedding both traditional and blockchain-based payment rails into their products. The offering allows businesses to open payment accounts and initiate transactions across multiple rails, including ACH, wire, real-time payments networks, push-to-card and selected stablecoins. The platform combines banking connectivity, ledger infrastructure and compliance tools within a single integration, with the aim of simplifying how companies manage money movement across different payment methods.

It is positioned as an alternative to building in-house payment capabilities or relying on multiple vendors for different rails. The service provides programmatic account creation, transaction processing and reconciliation across fiat and stablecoin payments, using a unified ledger to capture balances and activity. Modern Treasury says the system builds on its existing orchestration and reconciliation infrastructure, which it states has processed more than US$400bn in transaction volume.

The platform is designed for technology firms, marketplaces and financial services providers that embed payments into their software or customer-facing products. Companies can use the service to onboard users, run compliance checks, open payment accounts and manage pay-ins and payouts through a single application programming interface. Support for stablecoins includes several US dollar-pegged tokens, with additional integrations planned.

The launch reflects a broader trend among financial technology providers to combine traditional and digital payment rails within unified platforms. For corporates and fintech firms, the ability to manage fiat and stablecoin transactions through one interface could reduce the operational complexity associated with multiple integrations, reconciliation processes and compliance workflows.

Modern Treasury says the platform is structured to support firms at different stages of growth, allowing them to begin with a managed service model and later add direct banking relationships while retaining the same technical integration. Pricing is based on usage rather than fixed volume commitments, according to the company.

 

DBS and Granite Asia launch US$110m AI IPO fund

DBS and investment platform Granite Asia have formed a three-year partnership aimed at expanding financing and investment options for high-growth companies across Asia, beginning with the launch of a US$110m fund focused on artificial intelligence initial public offerings.

The fund, distributed to DBS wealth clients, targets IPOs of fast-growing AI-driven companies in Asia. Since 2015, more than 13,000 AI-focused firms have been founded across the region, many of which are now seeking capital to support expansion. The partners say the fund is designed to provide investors with earlier access to public-market opportunities while supporting companies moving from private funding stages toward listings.

Granite Asia has supported multiple companies through the IPO process, with five listings and a further 10 IPO filings among its portfolio companies over the past six months. The partnership is expected to build on that track record through a series of additional investment vehicles developed exclusively for DBS clients, including private capital strategies aimed at supporting technology-enabled transformation across Asian businesses.

Beyond investment products, DBS will provide financing and advisory support to portfolio companies across their growth cycle. Planned services include subscription financing, corporate lending, merger and acquisition advisory, bond issuance support and IPO preparation. The bank will also offer co-investment opportunities to its wealth clients as part of the collaboration.

 

Backbase and Plaid link platforms to tackle banking data silos

Backbase and Plaid have announced a partnership aimed at improving data connectivity and personalisation capabilities for banks, as financial institutions seek to modernise digital services and deploy AI more effectively. The collaboration integrates Plaid’s financial data network with Backbase’s banking platform, enabling institutions to aggregate customer account information in real time and streamline onboarding processes. The companies say the combined offering is designed to address persistent challenges around fragmented data, legacy integrations and limited cross-channel visibility.

Banks frequently operate with siloed systems, where customer information is stored across multiple databases and platforms. This can result in lengthy onboarding times, operational complexity and difficulty delivering tailored digital experiences. By embedding Plaid’s connectivity layer into Backbase’s platform, the partnership aims to provide a more unified view of customer financial data while reducing reliance on custom integrations.

Plaid’s network connects more than 12,000 financial institutions and 7,000 fintech companies globally. Backbase works with more than 100 banks worldwide. The integration is available to financial institutions globally and includes implementation and technical support.

The companies position the move within a broader industry shift towards open finance and AI-enabled banking models. Access to structured, permissioned customer data is increasingly viewed as a prerequisite for deploying AI tools in areas such as financial health insights, credit assessment and personalised product recommendations.

By combining data aggregation and enrichment capabilities with a digital banking interface, the partnership seeks to help banks accelerate service delivery without rebuilding core infrastructure from scratch. The firms have indicated they will continue to develop the integration to address evolving regulatory requirements and client needs.