Start and Advance Your Career In Treasury

Written by: Samantha Salisbury, CTP, Co-chair Windy City Summit

What’s the best way to start your career in treasury? The simple answer is: Networking. Whether you’re a student looking to get into treasury or a seasoned professional, networking is key. Networking provides you the opportunity to meet people already working in the field, understand more about what a career in treasury may look like for you, gives you a chance to get looped in on potential job opportunities and develop and grow professional relationships.  The more your name is out there while networking, the greater chance that your name will come up when an organization or individual is looking to expand or hire.

3 Tips to Advance Your Treasury Career

Once you’re settled into your new treasury career, these three tips can help you to keep moving forward to advance your treasury career:

  1. Continue to develop your professional network.
    • Continuing to develop your professional network gives you the opportunity to meet other treasury professionals and develop relationships while engaging with your network also gives you the space to engage in knowledge shares and ideas exchange.  If you’re looking for ways to boost your network, consider joining a professional network such as the Treasury Management Association of Chicago (TMAC), Association of Corporate Treasurers (AFC), or the AFP. 
  1. Obtain your professional certification
    • Obtaining your Certified Treasury Professional certification (CTP) demonstrates your commitment to your career and showcases your robust treasury knowledge base. In addition, having a professional designation provides improved career opportunities and increased earnings potential.
  1. Continuing education
    • Continuing your education is an important step to advancing your treasury career. Not only does it keep you up to date on the latest treasury trends and what’s happening in the industry, but many companies and organizations also host free webinars that offer CTP continuing education credits

This year, the Windy City Summit Conference is going virtual, offering attendees access to live and on-demand educational sessions. Each session will provide you an opportunity to expand your treasury knowledge, and most sessions are eligible for CTP continuing education credits. If you’re not already CTP certified, CTP exam preparation courses are being offered as part of this year’s Virtual Windy City Summit. You’ll have access to attend live-streamed CTP preparation courses and, if you’re unable to attend the live, CTP prep course content will be available on-demand.

Stay tuned for more information on the Windy City Summit Conference Sessions. You can also REGISTER TODAY and save your spot.

Set New Records for Payables Speed and Efficiency

Submitted by: Wells Fargo

The cheetah. Track and field star Usain Bolt. The bullet train. All hold amazing records for speed.¹ With the U.S. launch of faster payments, your transactions can achieve new milestones in speed and efficiency, too. In November 2017, it took just three seconds for a Real-time Payment to move funds between two U.S. bank accounts.²

In an era when “now” has become the new normal, all types of faster payments — Same Day ACH, Zelle®, push to card, and Real-time Payments — can help you stay relevant with your customers, suppliers, and employees. However, with all the buzz in the market, moving beyond the hype to actual implementation can seem daunting.

Fortunately, it’s not difficult to accelerate your transactions, improve your efficiency, and strengthen your key relationships. Many “faster” methods are easier to deploy than you may expect, and require little technical integration.

Replace checks and boost satisfaction

Accounts payable disbursements make the perfect starting point. One quarter of these payments still occur by paper check, adding operational costs and hampering customer experience. Consumers, in particular, prefer electronic payments, ranking their satisfaction with receiving checks at an abysmal 4.4 out of 100.³
Numerous customer and supplier disbursement opportunities exist, across industries and audience segments:

  • Merchandise returns at retailers
  • Tax refunds by government entities
  • Claims payments from insurance companies
  • Loan proceeds from lenders
  • Settlements from law firms
  • Rebates and incentives from businesses
  • Supplier invoices for just-in-time inventory

Even employees can benefit. Faster payments can speed reimbursements for out-of-pocket expenditures, facilitate bonus compensation, or pay temporary workers at the end of a shift. In the gig economy, companies that hire contract workers find immediate payments differentiate their brands in the market.

Choose the right methods for your organization

A thoughtful planning process will ensure success. Follow these steps to move forward with confidence.

Build your use cases. Start by prioritizing specific audience segments: key suppliers, retail customers, or contract employees, for example. Then, clearly define which transactions will be eligible for faster payments. Creating guidelines upfront — for dollar amounts, approvals, and other parameters — will ensure organizational support and a smooth implementation.

Pinpoint your need for speed. Even within the category, different levels of “faster” exist. For example, Real-time Payments arrive in seconds, while Same Day ACH transactions settle within 24 hours. Review the options available, then match the right speed to your business needs.

Assess your requirements. Evaluate the information needed to execute the payment, the remittance data you want to transmit, and whether these choices require updates to your accounts payable or ERP system.

Zelle transactions, for example, move with only the recipient’s email address or cell phone number, while push to card routes funds with the payee’s debit card number. Same Day ACH requires a bank account and routing number, but uses the same process as traditional ACH transactions. Remittance formats also vary by payment method. Reach out to your bank for complete details and support with technical resources.

Take an agile approach. Whichever method you choose, consider launching with a pilot project. Starting small helps you get up-and-running fast, demonstrate value quickly, and build support for a full-scale rollout.

Lastly, remember that speed is just one part of the equation; audiences today expect both immediate and effortless. To truly transform your payment experience, you may need to adjust your finance processes as well as payment velocity.

For example, what’s required to onboard a new supplier? Does the process take several days and multiple forms? Does payment type default to checks? As you embrace faster payments, take a holistic look from your audience’s perspective. Even small changes will make a substantial impact.

For more information, contact your treasury management representative.

1. Guinness Book of World Records,
2., “Real-Time Payments Successfully Gets Through Its First Test Drive,” November 14, 2017
3., “Disbursements Satisfaction Index,” Q2 2017