FUTURE OF TREASURY

May 2025

Foreward

THE NEXT WAVE..

TREASURY TRANSFORMATION JOURNEY

In recent years, the treasury management landscape has experienced significant innovation and disruption. The initial wave of automation tools has driven digital transformation and enhanced strategic capabilities. However, the upcoming wave of intelligent technologies, along with changes in the risk landscape and market infrastructure, holds the potential for exponential transformation. These developments, both organic and evolutionary, are poised to fundamentally reshape the operation and management of treasuries in the future. This report explores the most significant shifts in treasury management, with a focus on technology, risk intelligence, payment modernization, and in-house banking. Furthermore, it provides a strategic planning framework for CFOs and treasurers, enabling them to remain pragmatic and forward-looking, positioning treasury as a key driver of innovation and growth in the years to come.

Maturity stages: Manual → Digital → Strategic → Intelligence?

Growth trajectory: Linear → Exponential

Synopsis

The future of treasury is poised to be driven by digital transformation, leveraging advanced technologies like AI, data-lakes, and real-time data analytics to enhance efficiency, risk management and decision-making

Technology Transformation

1. Autonomous treasury, may become fiction to reality, with 33% of enterprise applications expected to include Agentic AI by 2028
2. With 73% of enterprise data remaining untapped for analytics, data lake adoption is set to accelerate, with increased involvement from treasury teams
3. ERP cloud migrations with potential to return $3.86 per dollar spent, primary area of focus and planning for finance teams
4. Only 2% of treasury teams ready for AI; urgent upskilling needed to harness future technologies

Risk Intelligence

1. ~$35T lost due to disruptions since 2001 underscores urgent need for proactive risk management
2. Geopolitical tensions, supply chain disruptions, and cybersecurity threats are the top three factors contributing to uncertainty for treasuries
3. With 60% disruptions allowing under a week to respond; Operational agility and robust BCP plan becomes crucial to global treasury strategy
4. Real time risk intelligence, visibility and controls, at the core of building treasury of the Future

Payment Modernization

1. Complex payment ecosystem with ~300+ methods to pay across multiple regions require payment strategy adaptation
2. Digital payments* with higher RTP adoption & wallets may account for $8.6T (~79% of online spend by 2030)
3. Open finance, regulations, and industry initiatives will boost interoperability and financial innovation.
4. Growth of D2C strategies, ecommerce and marketplace platforms, fueling the demand for seamless omnichannel experience

In-House Banking

1. Companies increasingly moving to In-House Bank (IHB) structures to achieve global liquidity consolidation and treasury modernization
2. Modern treasuries focusing on Payment centralization, with ~18% companies moving to On-behalf of payment structures
3. In-house bank technology infrastructure to take center stage in driving TMS selection and treasury operating model
4. Native integration of banking solutions into TMS and ERPs will further drive treasury efficiencies

*Digital payments include account-to-account (A2A), buy now pay later (BNPL), cryptocurrencies and digital wallets

Future of Treasury

For illustration purposes only

The Future of Treasury is poised for transformation and fundamental changes with companies moving up the value chain across four key areas:

• Technology transformation strategy focuses on strengthening platform layer, higher investments in data lakes and re-imagining of core treasury functions with data tools, low code applications and AI agents at work
• Risk Intelligence framework that proactively identifies threats, weak controls and suggests the next plan of action leveraging data and embedded solutions
• Modernizing Payment infrastructure that supports treasury & business payment needs, prioritizing not only speed and cost optimization but also an enhanced user experience
• In-house Banking solutions delivering higher degree of automation, visibility and control over global liquidity and payments

TODAY → TOMORROW → FUTURE: TREASURY OF THE FUTURE

Technology Transformation

Today: TMS, Public Cloud, ERP (S4HANA), Dashboard/KPIs, H2H/SWIFT Tomorrow: Low Code Applications, Data Lake, Analytics & Reporting, APIs, ISO XML, AI Powered Reconciliation, Identity Validation, Embedded Controls, Digital Workflows Future: Agentic AI, Blockchain, DeFi, Dynamic Risk Mgt, Anomaly Detection, Tokenization, Wallets, Virtual Cards

Risk Intelligence

Today: ACH Transaction Blocking, Positive Pay, User Administration, Signatory Management, Cyber Security, Payments Control Tomorrow: Fraud screening, Omnichannel, Embedded finance, Payments tracking, Payment File Standardization Future: Real Time, Biometric, Subscriptions, FX Automation, Cash Concentration, Account Management, Active Investments, Manual FX Execution

Payment Modernization / In-House Banking

Today: Checks/ACH/Wires Tomorrow: TMS/ERP Plug-ins, Swift/H2H/Portals Future: Pay On Behalf Of, Virtual Accounts, Sub-ledgering, Notional Pool, Intercompany Netting, Working Capital Solutions, Forecast Automation, M&A Integrations

Technology Transformation

Rise of Agents – An evolution to Hands free execution

• AI is evolving toward autonomy through five key stages, each enhancing efficiency and decision-making. By 2028, 33% of enterprise software application will include agentic AI (up from less than 1% in 2024).
• Each stage builds on the previous one, aiming to help minimize errors, assist in improving efficiency, and support enhanced decision-making
  • Business Process Management (BPM): Streamlines operations with workflows, requiring human oversight
  • Robotic Process Automation (RPA): Automates repetitive tasks, reducing manual intervention
  • Low-code: Speeds up solution deployment with minimal coding
  • Artificial Intelligence (AI): Provides insights through predictive modeling and pattern analysis
  • Agentic AI: Enables adaptive, autonomous decision-making
• AI Agents can be understood as RPAs with improved communication, OCR, learning, and reasoning capabilities
• With future platforms moving to agentic AI architecture, treasuries can expect to see higher automation levels to perform daily operations and transitioning to hands-free execution

Evolution Stages

Stage	Capability
BPM	Manual process structure
RPA	Automated data handling
Low Code applications	Customized Dashboard
AI	Predictive Modeling
Agentic AI	Adaptive and autonomous

Human out of the Loop....(Almost)

Purpose built Agents fine tuned on domain data presents the potential to break complex treasury functions into smaller tasks and execute them like humans with reasoning and precision

For illustration purposes only

Treasury Functions Across Automation Stages

Function	BPM	RPA	Low code automation	AI	Agentic AI
FX	Trade workflows	Automated Trade bidding and execution workflows	Custom dashboards	Optimization prompts - currency prediction and hedging strategies	Autonomous trade execution based on algorithms and real time market data
Investments	Governance and approval frameworks	Rule based investment engines	Investment and counterparty exposure tracking	AI driven portfolio optimization	Autonomous trades within defined risk framework
Cashflow forecasting	Forecasting workflows	Automated Forecast consolidation and variance analysis	Scenario analysis, modelling & visualization	ML based predictive cash flow modeling	Continuous using real time transaction data
Risk management	Rule based approval limits	Transaction Alerts	Dashboard for real time tracking of risk metrics	ML based anomaly detection	Autonomous risk identification and mitigation measures
Reconciliation	Three-way matching process	Rule based reconciliation engines	Custom rules for disputes and enquiries	ML & NLP based recon engines	Domain specific, self learning reconciliation agents
Payments	Payment approval workflows	Payment file generation	Payment adaptors and mapping tools	Fraud detection, payment repairs	Smart Contracts

Journey To Data Lake: Big Treasury Opportunity

DATA WAREHOUSE TO DATA LAKE

Data is central to driving decision-making in Treasury and Finance. Data lakes can significantly help modern treasuries to build single source of truth and generate reliable data insights to manage cash flows, liquidity, and risk.

Treasury participant on data lake projects, at data ingestion and consumption layers is crucial to capture business and financial data required for driving decision-making.

With only 2% of finance teams ready for advanced technologies like AI, reskilling and upskilling treasury professionals will be essential to unlock the full potential of data.

73% of data within enterprises go unused for analytics – business case for having data lakes

2% of treasury and finance teams are prepared to work with AI

• Skills need to be greatly enhanced: 60%
• Skills need some enhancement: 38%

DATA LAKE Architecture

• Consumption layer: Interactive queries, Business intelligence, Machine learning
• Processing layer: SQL based ELT, Big data processing, Near real-time ETL
• Catalog layer: Shared catalog (meta data)
• Storage layer: Data warehouse ↔ Data lake (Native integration)
• Ingestion layer: Structured (Batch/Streaming) | Unstructured, semi-structured, structured (Batch/Streaming)
• Data sources: SaaS applications, TMS, ERP, CRM, FX, Investment Portals, Web, Market Data

Treasury call to action

• Data Lakes – unlock insights from every data point
• Treasury teams to reskill and upskill
• Enhancing expertise in processing and consumption layers
• Emphasis on governance and regulation

Cloud ERP and TMS rollouts: Treasury call to Action

Overview

• 70% of enterprises will use industry cloud platforms by 2027 to accelerate their business initiatives
• 53% of organizations with ERP software use cloud-based solutions over on-premises ERP
• $3.86 Cloud migration returns for every dollar spent
• Data Migration and lack of relevant Specialist Departments are the biggest challenges
• 2030 – SAP will stop support for all their legacy ERP systems
• 2035 – Oracle on-premise ERP will receive support till latest

TREASURY IMPLICATIONS OF CLOUD MIGRATION

EXPLORE NEW FEATURES

Cloud platforms offering new features:

• App development: Low code/No-code, Digital Experience
• Automation: RPA, Workflow Management
• Integration: API, Open Connectors
• Data and Analytics: Analytics and planning, Data warehouse
• AI: Pre-built AI models, Chatbots

Evaluate functionalities related to IHB Infrastructure

IMPLEMENTATION EFFORT

Implementation approach:

• Greenfield – New implementation
• Bluefield – Selective migration
• Brownfield – System conversion

Key considerations:

• Change management
• User Training
• Keeping the core clean
• Retaining customizations
• Heavy investment of time and resources

TECHNICAL IMPACT

Moving to a public/private cloud-based solution offer significant benefits, it requires careful planning and consideration of the technical impacts to ensure a successful transition for treasury teams.

• Bank integration
• Recreating reports
• Data Integration

Treasury call to action

• Get involved early
• Opportunity to re-engineer
• Involve your banking partner
• Additional value-added functionalities

Risk Intelligence

Visibility, control and planning – Key to surviving disruption

Our research indicates...

• 63% of disruptive events have given companies less than a week to formulate a response
• 0 days: 21%, <1 week: 42%, <1 month: 11%, >1 month: 26%

VOLATILITY INDEX (VIX)

Major disruptions and recovery durations:

• Financial Crisis: 20 months
• Brexit: 18 months
• Trade war: 17 months
• Covid: 23 months

Embracing Agility & Planning

• Our research indicates, disruptive events often occur without warning, with approx. 60% events allowing companies, less than a week to respond
• The volatility index indicates that major market disruptions could take up to two years to normalize, underscoring the need for long-term liquidity & contingency planning
• Companies with a distributed operating model, real-time visibility and control over global cash demonstrated ability to recover faster during times of crisis
• Ongoing market disruptions warrant modernization of Risk intelligence infrastructure and proactive risk management approach

Treasury call to action

• Visibility and control
• Have a BCP in place
• Simple operating model
• Managing Counterparty risk
• Robust payment control framework
• Automated liquidity structure

A Blueprint for Treasury Resilience

Focus on Site, Staff, Systems, and Payments for Future-Proofing

Amidst escalating threat vectors such as geopolitical uncertainty, cybersecurity, and market risks, treasuries are likely to experience a paradigm shift in the sophistication and investment levels necessary to construct and sustain an effective risk management infrastructure. This entails prioritizing comprehensive resiliency planning, implementing cutting-edge risk monitoring systems, and defining a clear recovery and execution strategy.

Crisis Lifecycle

Threat vectors detected → Crisis manifests → Crisis escalates → Crisis resolves → Recovery & evaluation

Prevention | Control | Recovery | Prediction | Learning

Secure...Site

• Leverage Distributed Operating Model
  • Cross – training & testing
  • Common queue management
• Schedule of key upcoming events
  • Debt repayment
  • Payroll Funding
  • Critical business payment
• Test primary & contingency sites (including processes – test coordination, communication, recovery)

Support..Staff

• Identify & Insulate critical staff
  • Emergency stay arrangements
  • Procedure on redeployment of team
• Identify trained staff to build capacity
  • Bank Admin to Middle office
  • Middle Office to Back Office
• Assess adequacy of Maker / Checker
  • FX & Investment trades
  • Payments

Stabilize.. Systems

• Bank Connectivity
  • Key client service contacts
  • Fax / Email indemnities in place
  • Update signatory list
• Test back-up bank arrangements
  • SSI updates with counterparties
  • TMS / ERP
• Daily back-up of outstanding FX, Investment & Loan position reports
• Manual payment templates

Protect.. Payments

• Payment Monitoring
  • Real-time user administration
  • Real-time payment tracking
• Payment Controls
  • Sanction screening and control
  • Transaction blocking & Positive Pay
• Fraud & Risk Management
  • Account Validation tools
  • Entity Validation
  • Cybersecurity

Communications plan – emergency mgmt. with chain of command; documentation distributed and available; timely sharing of information & protocol

Payments Modernization

Payments landscape

Method of Payments

300+ Payment methods worldwide

Driven by several factors such as consumer preference, government push, innovation, and regulatory initiatives

Channel selection

Cost, speed, ubiquity and security continues to be key driver for payment channels selection and use cases

Growing need for payment experience

Customer payment experience increasingly influencing channel selection, with approximately 70% of customers abandoning their online shopping carts due to complexity or poor user experience

Infrastructure complexity

Multiple payment methods, integration points, middleware, and partnerships are amplifying infrastructure complexity for payments teams supporting global operations

Complex Payment Ecosystem

Illustrative ecosystem includes: Customer, Channels, Process/Acquire PSP, Settlement, Risk, Provisioning, Gateway, Acquiring, DCC provider, PED, POS Integration, Mgmt/Warranty, Webshop, Payouts, Reconciliation, Encryption, Tokenization, APIs, ERP Adapter, ERP, TMS, Banks, Suppliers, Payments & Reporting

Evolution beyond traditional payment rails

Traditional Rails

• Wire
• Card
• Cash
• Check
• ACH

Emerging Rails

• DLT
• Wallet
• Pay By Bank
• RTP
• Request to Pay
• QR Code Payments
• Stablecoins
• Programmable Payments
• Tap to Pay

Experience Layer

• Omnichannel
• Biometrics
• BNPL
• Embedded Payments
• Open Finance
• Social Payments
• Loyalty & Rewards
• Subscription Billing
• In-game purchases

Core payment rails continue to see gradual shift towards digital channels

• Cash accounted for 15% ($5.6T POS transaction) of global transaction in 2024 and its usage is predicted to decline to $5T 2030
• Card transactions are at an all-time high. Credit, debit and prepaid cards accounted for 65% ($29T) of global consumer spend in 2024
• Integration with emerging payment technologies will enable seamless adaptation and future-proofing

Emerging rails set to revolutionize payments, offering faster speeds and greater execution flexibility

• Real-time payments could replace US$18.9T in ACH and check-based B2B payments in the United States by 2028
• Digital wallets dominated e-commerce in 2024, accounting for nearly 53% of global payment and 32% of Point-of-Sale consumer spend
• DLT, Pay by bank and Request to pay are emerging as an alternative payment rail, facilitating faster, more secure and transparent transactions
• QR Code Payments pioneering a global shift to seamless, contactless, transactions

Customer experience and security emerging as a key driver of future payment innovations

• Biometric technologies enhancing security and authentication and ensuring superior customer experience
• Omnichannel strategies and reward programs gaining traction to strengthen customer retention and loyalty
• Embedded payments are expected to reach $7T in global transaction values by 2026
• BNPL accounted for $342B of global E-Com transactions in 2024

Eye on regulations

Aligning Treasury Strategy

With numerous financial regulations on the horizon, treasuries require proactive planning and impact assessment to be compliant and drive strategic financial resilience, thereby future-proofing their operations. The downstream implications of these regulatory changes may necessitate treasuries to carry out policy refinements, system updates, and process-level changes.

Policy:

• Engage early with trusted advisors and banks to stay ahead of regulatory implementation plans
• Update policies as needed to manage digital assets and currencies

Platform:

• Update treasury systems to handle instant payments and standardized file formats
• Evaluate current and planned AI systems for compliance with new regulatory requirements

Process:

• Implement changes to strengthen fraud control procedures and prevention strategies
• Adapt intraday liquidity management procedures to accommodate shorter (T+0) settlement timelines

Key Regulations Timeline (2024–2028+)

High Impact:

• ISO XML: Mar 2023 – Nov 2026
• Basel IV: Jul 2025 – Jul 2028
• EU Instant Payments: Jan 2025 (Eurozone), Jul 2027 (Non-Eurozone)
• PSD3: Late 2024 – 2026 (E)
• EU T+1 Settlement: Q3 2025 (Phase I) – Oct 2027
• Digital Euro & CBDCs: November 2025 Roll Out (2028/2029 Potential Launch)

Moderate Impact:

• DORA: Jan 2023 – Jan 2025
• G20 – Cross border payments: Nov 2020 – 2027
• EU AI Act: Aug 2024 – Aug 2027
• PCI DSS v4.0: Mar 2024 – Mar 2025
• PSR APP: Oct 2023 – Oct 2024
• NACHA – Fraud Monitoring: Oct 2024 – June 2026 (Expand to all RDFIs)

In-House Banking

Evolving Treasury Operating Models

Looking ahead, companies are increasingly moving towards setting up an In-House Bank (IHB) as a key step in modernizing their treasury operations. This shift allows them to simplify financial processes, better manage liquidity, and create strategic value by centralizing cash flow, optimizing internal funding, and enhancing financial risk management.

DECENTRALIZED

• Cash & Funding: Local Subsidiaries
• FX: Local execution
• Finance Operations: Local Subsidiaries
• Payments/Collections: Decentralized
• Technology: Excel, ERP

CENTRALIZED

• Cash & Funding: Regional Treasury Center
• FX: Centralized execution
• Finance Operations: Shared Service Center
• Payments/Collections: Centralized Payment Execution, Intercompany trade netting
• Technology:
  • TMS – Cash & Bank Account Management
  • TMS – Risk Management
  • Trading Platforms – FXAll, 360T, TC etc.
  • Netting Capabilities
  • Bank Connectivity

IN-HOUSE BANK

• Cash & Funding: In-House Bank
• FX: On-behalf booking and execution through IHB
• Finance Operations: (via IHB Global Master)
• Payments/Collections: On behalf Payments and Collections
• Technology:
  • TMS – Sub-ledgering capabilities/In-house Accounts
  • TMS – On Behalf Capabilities
  • Data Analytics and Machine Learning

In-House Bank Journey

Liquidity Centralization

Cash Pooling

Physical: Liquidity centralization is the starting point for most companies looking to streamline their financial operations, with cash pooling structures forming the foundation layer to establish visibility and control.

Clear understanding of tax implications & accounting treatment of such structures, including availability of intercompany loan tracking infrastructure are key for companies to achieve global cash consolidation.

Notional:

• 71% of clients are concentrating cash physically
• 25% of clients leverage notional pooling (Only 10% use VAM)

Payment Centralization

Intercompany Trade

Intercompany trade netting has led to significant cost savings, improved financial management, and operational efficiencies for large companies with complex intercompany transactions.

Bi-lateral or Multilateral Netting engine, sub-ledgering infrastructure and centralized FX handling are helping companies move toward cash less settlements, reduce operational risk & achieve faster financial close.

• 24% of clients engage in Intercompany netting

External OBO Payment

Mature treasuries with a high degree of centralization and robust technology infrastructure are well-placed to undertake on-behalf payment centralization projects as part of their In-house bank journey.

These structures are delivering additional savings for companies through account rationalization, payments optimization and process standardization, ultimately leading to more strategic financial management.

• 18% of clients have adopted OBO processing

Evolving Treasury Operating Models

Looking ahead, companies are increasingly moving towards setting up an In-House Bank (IHB) as a key step in modernizing their treasury operations. This shift allows them to simplify financial processes, better manage liquidity, and create strategic value by centralizing cash flow, optimizing internal funding, and enhancing financial risk management.

DECENTRALIZED

• Cash & Funding: Local Subsidiaries
• FX: Local execution
• Finance Operations: Local Subsidiaries
• Payments/Collections: Decentralized
• Technology: Excel, ERP

CENTRALIZED

• Cash & Funding: Regional Treasury Center
• FX: Centralized execution
• Finance Operations: Shared Service Center
• Payments/Collections: Centralized Payment Execution, Intercompany trade netting
• Technology:
  • TMS – Cash & Bank Account Management
  • TMS – Risk Management
  • Trading Platforms – FXAll, 360T, TC etc.
  • Netting Capabilities
  • Bank Connectivity

IN-HOUSE BANK

• Cash & Funding: In-House Bank
• FX: On-behalf booking and execution through IHB
• Payments/Collections: On behalf Payments and Collections
• Technology:
  • TMS – Sub-ledgering capabilities/In-house Accounts
  • TMS – On Behalf Capabilities
  • Data Analytics and Machine Learning

Horizon Scanning: Emerging Tech Frontiers

CONCEPTS YET TO GO MAINSTREAM

Category	Description 1	Description 2
Brainwave/Neural Payment	Pay by Brainwave: Imagine ordering something online just by thinking (Wired Report)	Pay by Heart: Wristband that can authenticate user by rhythms (Bionym)
Digital Twins	Digital Twin to Modernize Payments: Enables organization to Virtually Stimulate scenarios and outcomes, before applying to real world (Payments Journal)	Digital Twin validation: Customer initiates a payment, the digital twin will validates the transaction within milliseconds and also update the balance (FinXtech)
Digital Currency	CBDC can drive Payments in Future: Digital Currency can reduce reliance on cash and enhance transaction efficiency (Forbes)	De-dollarization? Project mBridge is a CBDC platform that connect banks across China, HK, Thailand, U.A.E and Saudi Arabia (J.P. Morgan)
Quantum Economics	Quantum Technology Matters: Quantum technologies can solve problems traditional computers can't... (World Economic Forum)	Google's Willow: Solved a math problem in 5 minutes – a problem that would have taken a supercomputer longer than the age of the universe to solve (Google)
Data on DNA	Ultimate Data Storage Solution: DNA storage can squeeze entire world information into a size of a ping pong ball, with room to spare... (ScientificAmerican)	Nature's code for Data Storage: DNA can store billion times more information than silicon-based storage and last for centuries (ASU News)

Emerging Technology: In their infancy, yet mighty in their potential to transform treasury and finance!

The Way Ahead

Treasury Call to Action

1. Technology Transformation

• Prioritize data lake initiatives to create a single source of truth for treasury reporting, analytics and intelligence
• Invest in Agentic AI capabilities for higher automation levels, build intelligence and improved decision-making
• Early engagement on ERP cloud migration projects for better change management and harness new features and capabilities
• Upskilling treasury team crucial to harness AI and data assets for improved financial management
• Build flexibility & bandwidth for experimenting with emerging technologies

2. Risk Intelligence

• Modernize risk intelligence and monitoring infrastructure for managing cybersecurity and fraud risk
• Higher sophistication required to manage uncertain market events and dynamically adjust working capital and liquidity buffers
• Leverage distributed operations and advanced process automation to build agility in treasury
• Enhance resiliency frameworks to effectively capture scenario building, stress testing and recovery strategy

3. Payment Modernization

• Leverage emerging digital channels for faster and seamless payment execution
• Adopt new payment technologies to improve customer experience on marketplaces and e-commerce platforms
• Eye on regulations to ensure compliance, optimize payment infrastructure and refine strategy
• Rationalize providers to reduce complexity, integration challenges and improve governance

4. In-House Banking

• Establish IHB to modernize treasury operations, simplify processes, and optimize liquidity management
• Invest in technology supporting complex projects like sub-ledgering, fx netting, cashless settlements, and OBO structures etc.
• Implement sophisticated banking solutions to transform treasuries from operational functions to strategic objectives
• Collaborate with tax, accounting and technology teams to streamline complexities and successfully implement IHB initiatives.

Conclusion

The path forward is one of Innovation, Adaptability and Collaboration.

Future of Treasury is promising but challenging, one that will require continuous refinement, re-engineering and re-definition of strategy. With the rise of digital tools, automation and payment innovations, treasuries are poised to move beyond tradition roles, evolving into strategic hubs that drive organizational growth and resilience. The ability to navigate uncertainty, optimize liquidity and make data driven decisions will be paramount.

Collaborate with J.P. Morgan Payments Advisory Team

Redefine the future of your treasury operations

Service	Description
Industry Trends & Insights	Gain valuable insights into emerging industry trends, enabling proactive adaptation and strategic planning
Treasury Structuring Review	Identify opportunities for account rationalization, operating cash analysis and optimization of pooling structures
Working Capital Management	Improve cash conversion cycles, gain insights from peer benchmarking analysis and optimize cash flows
Global Treasury Operating Model	Quantify benefits from use of Regional Treasury Centers, In-House Banks, Payment Factories, Shared Service Centers, etc.
Corporate Actions	Pre- and/or post- merger, acquisition or spin-off planning to optimize treasury integration or divestiture
Treasury Technology	Leverage cutting edge treasury technology and intelligent automation to enhance decision-making and operational efficiency
Risk Management	Protect your business from financial uncertainties by addressing currency exposure, counterparty risks and fraud threats

Authors

Name	Title
Tristan Attenborough	Global Head of Advisory
Varoon Mandhana	Americas Head of Treasury Advisory
Nirav Kakariya	Executive Director, Treasury Advisory
Sharon Fernandes	Associate, Treasury Advisory

Check out some of the other Publications by J.P. Morgan Payments Advisory Team:

• JPM Working Capital Index
• JPM DI Treasury Whitepaper
• JPM Energy Trading article
• JPM Healthcare Treasury Whitepaper
• Steps to successful spin-off

To learn more about how we can support your business, please contact your J.P. Morgan representative.

Disclaimer

Disclaimer (continued)

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