For some, it implies a multi-year programme involving new systems, centralised structures and global policy redesign. For others, it is far more modest: removing manual processes, rationalising bank accounts or simply achieving better cash visibility. What unites these approaches is a shared objective – enabling treasury to support the wider business more effectively, efficiently and securely.
Insights from a recent conversation with Andy Chaplin, Director of Cash Management at Barclays, highlight just how different treasury transformation journeys can be, and why clarity of purpose matters more than the size and scope of a project.
Without a holistic view, transformation efforts risk solving the wrong problem or, worse, creating new challenges
A common misconception is that treasury transformation begins with systems. In practice, it begins with questions. Where is the organisation today? How decentralised or centralised is treasury? How many banks, accounts, processes and manual interventions exist? And, critically, what is the business trying to achieve?
Chaplin emphasises the importance of “getting everything on the table” at the outset. This often takes the form of a whiteboard exercise mapping legal entities, bank accounts, payment flows, liquidity structures, systems and policies. For acquisitive organisations in particular, complexity often builds incrementally, without anyone stepping back to ask whether the structure is still fit for purpose.
Without this holistic view, transformation efforts risk solving the wrong problem or, worse, creating new challenges.
One of the more revealing insights is that many treasurers do not start with a clear vision of the end state. They know what is painful – manual processes, lack of visibility, too many banks – but not necessarily where they want to land.
That is not a weakness. In fact, Chaplin notes that for many organisations, an “interim” model becomes the long-term operating model. A regional shared service centre, for example, may deliver sufficient visibility and control without the complexity of a fully centralised global in-house bank.
The key is to be deliberate. Transformation should not be an automatic march towards the most sophisticated model available.
Across geographies, jurisdictions and corporate sizes, similar challenges emerge repeatedly. These include:
These challenges are not confined to large multinationals. Mid-caps and even smaller organisations often face them in concentrated form, especially where treasury has grown organically without dedicated investment.
Rather than a single “big bang”, Chaplin advocates a staged approach built around priorities and quick wins. A typical journey might include:
When approaching a project, it’s important to engage not just with the group treasurer or CFO, but also the operational teams who live with the day-to-day realities of treasury processes
Technology enables change, but people determine whether it succeeds. Fear is a recurring theme: fear of losing control, fear of new risks, fear of obsolescence. Manual processes, however inefficient, can feel safer simply because they are familiar.
Addressing this requires transparency. Treasurers need to explain not just what is changing, but why and how new controls, workflows and systems can actually reduce personal and organisational risk. In many cases, straight-through processing and system-based authorisation provide a stronger audit trail than fragmented manual checks.
When approaching a project, Chaplin adds, it’s important to engage not just with the group treasurer or CFO, but also the operational teams who live with the day-to-day realities of treasury processes. These individuals often hold the nuggets of insight that can unlock significant efficiencies or reveal hidden risks.
... benchmarking and narrative matter; improvements in control, fraud mitigation, liquidity usage and decision-making resilience can support the CFO’s wider objective
The scale of transformation varies significantly by corporate size:
All are valid. Transformation is relative to the starting point, not an absolute.
Increasingly, treasury change sits within broader finance transformation programmes. This can be both an opportunity and a risk. Treasury is often a small part of the finance cost base, making its benefits harder to articulate in purely quantitative terms.
Here, benchmarking and narrative matter; improvements in control, fraud mitigation, liquidity usage and decision-making resilience can support the CFO’s wider objectives. Treasury leaders who can articulate that story are more likely to secure investment.
Perhaps the most pragmatic insight is that transformation is not a one-off event. Organisations often pause, embed and evaluate change, then return for the next phase. Trust, experience and institutional knowledge matter, whether provided by banks, advisers or internal teams.
Barclays Bank PLC is registered in England (Company No. 1026167) with its registered office at 1 Churchill Place, London E14 5HP. Barclays Bank PLC is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority (Financial Services Register No.122702) and the Prudential Regulation Authority. Barclays is a trading name and trade mark of Barclays PLC and its subsidiaries. Find out about the Financial Services Register.