This post references an article originally written and published by AFP, underwritten by Kyriba, in 2019.
Companies are under-utilizing robotics and big data, especially in the field of treasury and banking; as Kyriba has highlighted in AFP’s “The World of Tomorrow”, “Robotics are the Future of Treasury and Finance”. Kyriba’s Vice President of Strategy Bob Stark describes Robotic Process Automation like “an Excel macro; it is automation that mimics what the user tells it to mimic”. With Robotic Process Automation (RPA), “treasury and all of financial services have begun to see process efficiencies that are feeing up teammates’ time to shift their focus towards data-driven decisions”.
While AFP and Kyriba focus on discussing robotics within Treasury Management Systems, the same concept of robotics saving time and money can be applied to banking and Foreign Exchange transactions. With the use of big data and advances in technology, FX Markups will continue to compress. While the fintech’s have developed new FX platforms, data analytics and bank automation will ultimately result in cost competitive FX arrangements to drive down FX costs .As AFP ‘s Editorial Manager, Andrew Deichler, writes, “technology is still new and will still take some time before it becomes mainstream in treasury and finance” and, in our case, foreign exchange banking. Efficient companies will seek to understand how automation plays a role in their bank-produced FX costs and furthermore, seek out a solution to excessive costs that involves data analytics. FX Rate Integrity® provides companies better understanding of their FX Costs and allows them to negotiate better FX Arrangements. Additionally, robotics and automation are being built into the FX Rate Integrity® -Auto Audit Service which will further enhance the FX Rate Integrity® process with automation