A recent Treasury Today feature on switching banks sparked a conversation with Treasury Delta, an Irish fintech, that has built a solution in this niche area of corporate banking. Here their founder, Padraig Brosnan, tells us about Treasury Delta’s offering and his own journey within this space.
Having a background in banking and corporate treasury I was fascinated by how technology was advancing and changing people's working lives, making their day-to-day tasks easier and less need for face-to-face meetings. And now this has been completely accelerated because of COVID-19. Our core theme is all about digitising manual processes, especially when it comes to complex and lengthy corporate treasury transactions like a cash management/TMS RFP. When it comes to using digital technology, we’re all about simplicity and operational efficiency, how to make a process, particularly when it comes to arduous time-consuming projects, more efficient for all counterparties. Our platform will certainly evolve over the next few years so that we can achieve these objectives and satisfy our customer requirements, so exciting times ahead. In order to do this we need to raise more capital and invest into our technology so we’re currently looking for a strategic investor(s).
Our platform has been described by some as an ‘Airbnb type’ solution for corporate and business banking transactions. Like any marketplace, our platform facilitates a transaction in a more streamlined and efficient way. This is all fine for straightforward business banking transactions, however the opportunity we’ve identified in corporate treasury, which is very niche, is a lot more complex than that although the principle of a transaction executed between two counterparties is the same. We have the technology to cater for bespoke RFI/RFP treasury transactions.
Treasurers are becoming more digital savvy, have higher service level expectations and are looking for marketplace environments when it comes to selecting a product/service. This is where Treasury Delta comes in, as we make it easier for corporates and/or their advisors to filter out who the relevant vendors are for a particular treasury transaction. From a vendor’s point of view our solution acts as a lead generation tool along with real benefits around operational efficiency. Why should banks/TMS vendors waste weeks or even months going through a RFP process to be told down the line that their bank/TMS offering has come up short on key requirements? We believe it would be great for vendors to get this information as quickly as possible so that they can learn from it. This is one of the key objectives of our business model from a vendor’s perspective.
In this new world that we’re all operating in, people have embraced platforms like Zoom and Microsoft Teams and we view our solution as a digital enabler for treasury professionals. Collaboration is our core theme, particularly with advisory firms as we preclude ourselves from offering any treasury advice and it’s paramount that we remain completely impartial at all times, otherwise there’s a conflict of interest. A lot of corporates and advisory firms have yet to hear about our unique offering however, as part of our strategy we’re now expending more time and energy on spreading our message.
We are in a new working environment where people are going to be spending some time at home, some time in the main office and probably some time in a local office hub. The corporate treasurer and their team will need the latest cyber security online banking and treasury tools to help them achieve this. If corporates can also automate as many manual processes as possible, well that's going to save the company significant time and money on payroll costs and make workers lives a lot easier and less stressful. To achieve these results, corporates need to go-to-market and seek out a bespoke solution relevant for their specific requirements. It may be a comprehensive cash management solution they require or it may be a bespoke need like a cash forecasting tool.