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Yet, a new report from the Association for Financial Professionals (AFP) warned of only minuscule adoption of these tools so far, a trend that analysts described as “troubling.” That’s despite the majority of treasury and finance professionals who said they are prepared to implement these tools.
Kicking off the first day of AFP, the conference for finance and treasury professionals held in Nashville, Tennessee this year, Mike Watercott, CTP, working capital consultant, US Bank, led a discussion on striking the balance in payments with Andy Sullivan, vice president of channel sales, Bottomline and Cynthia MacGeagh, treasury manager, Clayton (..)
While more businesses are not only shifting away from paper, but operating with an embrace of digitization, the AFP and JPMorgan warned that checks remain popular and are far from being gone for good in the corporate payments ecosystem.
. “The Tax Cuts and Jobs Act implementation could cause businesses to have extra capital to deploy, but it is even more encouraging that organizations expect to have cash on hand through the normal course of business in the coming year,” said TD Bank’s manager of treasury management sales, Tom Gregory, in a statement at the time.
While corporates are adopting stronger internal controls to combat the threat of payments fraud, new data from the Association for Financial Professionals (AFP) reveals the number of incidents has continued to climb to new heights. ”
New research from the Association for Financial Professionals (AFP) released Monday (May 22) found 80 percent of corporate treasurers agree the role has become more strategic in the last three years. The same amount of survey respondents also said the role of the treasury department will continue to devolve and become even more strategic.
A new report from the Association for Financial Professionals (AFP) found that only about a tenth of surveyed corporate treasurers are prepared for emerging technologies like blockchain and machine learning to disrupt the enterprise. That means RPA can handle simple, repetitive tasks as well as more complex tasks, the AFP explained.
For the 2016 AFP Electronic Payments Survey, released on Tuesday (Sept. “Treasury and finance professionals are indicating their support for Same Day ACH because they see the value that it brings to last-minute payments,” said AFP President and Chief Executive Jim Kaitz in a statement.
Businesses have responded to the pandemic by tapping into their cash reserves, as around 32 percent of businesses plan to diminish their cash holdings in the next quarter, the Association for Financial Professionals (AFP) announced in a press release.
The 2020 Association for Financial Professionals (AFP) Payments Fraud and Control Survey underwritten by JPMorgan found that business email compromise (BEC) was the most noted origin of tried or actual fraud incidents in 2019, according to an announcement.
corporates ramped up their cash accumulation during the fourth quarter of 2019, a sign of a cautious approach to the economy, new research from the Association for Financial Professionals (AFP) said on Monday (Jan. 27), per a report from Yahoo! The Index jumped 22 points to +31 in Q4 compared to Q3 and increased 13 points year over year.
A new report from treasury management technology firm Kyriba and CFO Research Services offered CFOs a chance to lay out their wish lists for their treasurer peers, with chief financial officers pushing the treasury function to embrace a more prominent role.
Between omnichannel procurement, multi-rail payment tools and cross-border trade, treasury management systems (TMS) seem like an obvious necessity for modern conglomerates. Nearly half of the companies surveyed by the Association for Financial Professionals (AFP) and Bloomberg aren’t using a treasury management system.
corporates accelerated their cash collection in the third quarter compared to the previous quarter, the AFP said in an announcement on Monday (Oct. The report, underwritten by BMO, surveyed corporate financial and treasury professionals to assess trends in how they are reserving corporate cash. In another statement, BMO Head of U.S.
Corporate treasurers are building up cash reserves as concerns about the economy grow, according to a new survey conducted by the Association for Financial Professionals (AFP). The AFP’s latest Corporate Cash Indicators index , released Monday (Oct. In response, treasurers are stockpiling company cash.
In their Strategic Role of Treasury Survey , the AFP and Marsh & McLennan identified the forces pressing companies to shift the treasury department into a more strategic position. Capital allocation, financial risk management, and treasury and payment technologies are also key areas of focus, researchers found.
The statistic, released by East & Partners in its Treasury FinTech Index , reveals that the U.S. A +7 point increase in the AFP’s Corporate Cash Indicators report means U.S. 26% of U.S. corporate treasurers plan to spend more on FinTech next year , but it may not be anything to celebrate.
Reports on Friday (June 17) by the Association for Financial Professionals (AFP) said the Fed recently provided an update on its progress to encourage ISO 20022 adoption. Banks could do all sorts of transactions for you, but they charge you for that and rightly so.”
The Asset reported news on Monday (March 5) that its initial review of chief financial officers (CFOs), part of its ongoing Treasury Review 2018 initiative, found service quality to be the number one recommendation for treasurers and CFOs when choosing a financial services provider with cash management services.
Second, for best results, it requires tight collaboration with related departments such as procurement, treasury and supply chain, among others. Expanding knowledge of Treasury With new potential to assist in cash flow management and oversee dynamic discounts, AP today is more closely aligned with treasury than ever before.
According to recent data from the Association for Financial Professionals (AFP), corporates still have a long way to go: Just 1 percent of corporate treasurers surveyed for the AFP MindShift survey , released last November, said they already have a blockchain tool implemented in their systems. Quaranta seemed to agree.
The Association for Financial Professionals (AFP) came out with some scary statistics this month: B2B payments fraud is not only on the rise, but at its highest levels ever since the AFP began recording this information. But there are other ways the AFP found businesses are exposed to payments fraud, most notably through the BEC scam.
The world of corporate treasury management has of late had to focus especially hard on the management portion of the job description. The reference work, says the company, helps inform treasury and risk professionals about technology and workflow, with an eye on trading, risk controls and compliance. two years ago to 3.2
According to new research from the Association for Financial Professionals (AFP), private companies are more reliant on banks than other types of businesses, and the bank-corporate relationship is essential for corporate treasurers when deciding where to place company cash.
(The Paypers) The 2017 AFP Payments Fraud Survey , underwritten by J.P. Morgan, has revealed that three quarters of corporate treasury and finance professionals said their companies were victims of payments fraud.
Close to one-quarter of AP pros surveyed also want to bring ePayables and virtual cards online for treasury operations. At the recent AFP 2019 conference, Bottomline Technologies shared its survey of FIs, with findings that integration fears are hindering adoption of real-time payments despite a raft of benefits.
The findings were detailed in the latest 2016 AFP Liquidity Survey , underwritten by State Street Global Advisors (SSGA). “Bank relationships continue to grow in level of strategic importance for organizations,” said AFP CEO and President Jim Kaitz in a statement. The report was published on Tuesday (July 12).
Corporate treasury is now more strategic for the enterprise, meaning chief financial officers and treasurers must be close-knit with their organizations’ boards of directors. ” Their concerns aren’t baseless, either.
“The IRS is ready to deal with direct deposit if you have a regular bank account, and they are ready to deal with paper checks, [but] they are not used to dealing with [more] payment methods on a widespread scale,” said Linda Jun , senior policy counsel for the AFP. “I Mastering Multichannel Commerce Playbook.
Citing the 2016 AFP Payments Fraud and Control Survey, SunTrust attributed that figure to the use of non-electronic payments processes. “Ignoring your payments strategy could have a big impact on your bottom line,” said SunTrust’s Michael Maza, head of treasury and payment solutions.
However, the AFP’s survey did not uncover specific opportunities corporate treasurers expect from adopting faster payment solutions — with researchers also warning that check use remains prominent and that while treasures may be interested in payments innovations like real-time payments, it doesn’t necessarily mean they’ll adopt them.
More recently, the Association for Financial Professionals’ (AFP) 2017 Risk Survey found nearly half of businesses say their exposure to uncertainty is higher than it was three years ago, and 51 percent say forecasting risks will be more difficult three years from now than it is today.
Superior Press , a treasury management solution provider for commercial banks, is acting on that need. Separate data from the Association for Financial Professionals (AFP) found use of the paper check increased in 2016.
. “While adoption for consumer accounts is enhanced through regulatory drivers, adoption for business accounts is based on market interest,” she stated in her presentation at the Association for Financial Professionals’ AFP 2019 event.
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