Outdated finance systems and processes may be costing your organization more than you think.

Antiquated methods of managing payments and treasury functions not only slow down operations but also create vulnerabilities that can be exploited by malicious actors. According to a recent article by the Wall Street Journal, the cost of these outdated finance systems could be as high as $1.52 trillion.

This is where Treasury Curve’s cloud-based treasury management platform, powered by Microsoft Azure, comes into play, providing robust security, autonomous processes, and compliance features to safeguard your organization.

This article shows you how Treasury Curve can help mitigate your risk.

The Risks of Antiquated Finance Systems

Clunky old software can create significant fraud and compliance risks for treasury departments.

1. Vulnerable Payment Processes:

Consider a common scenario: a payment process initiated via email, where one person emails another to make a payment. This person logs onto a bank portal, initiates the payment, and then emails the approver. The approver logs in, approves the payment, and notifies the requestor. An auditor later reviews the controls, relying on email records and bank statements. This manual, fragmented approach is not only inefficient but also ripe for fraud. Each step involves multiple touchpoints where information can be intercepted, altered, or misused, leading to potential fraud.

2. Outdated Payment Technologies:

Many organizations rely on old payment technology, antiquated treasury management systems, or homegrown software. These systems, often built on outdated code, are highly susceptible to hacking. Updates bolted onto these systems over time create additional vulnerabilities, making them prime targets for cyber-attacks by criminals using AI and other advanced tech. Such outdated technology lacks the necessary security measures to protect against sophisticated threats prevalent today.

3. Lack of Cloud Hosting and Compliance

Older technology is often not cloud-hosted or SOC compliant, lacking proper insurance (e.g., Cyber, E&O), and struggling to comply with regulations like General Data Protection Regulation (GDPR). They often lack geographic failovers or multi-factor authentication (MFA), leaving organizations exposed to data breaches, non-compliance fines, and operational disruptions. Without adequate safeguards, these systems are ill-equipped to handle today’s regulatory and security demands.

How Treasury Curve Mitigates These Risks

Treasury Curve’s cloud-based treasury management platform offers a modern solution that addresses these vulnerabilities head-on. Here’s how:

1. Autonomous and Secure Processes
Treasury Curve automates most treasury tasks, eliminating the need for manual interventions and reducing the risk of human error. By using secure, automated workflows, the platform ensures that every transaction is tracked, approved, and executed within a controlled environment. This drastically reduces the opportunity for fraud and enhances overall security.

2. Powered by Microsoft Azure
Treasury Curve leverages the power of Microsoft Azure’s global infrastructure, comprising over 300 physical datacenters arranged into regions and linked by one of the largest interconnected networks on the planet. This ensures that a treasury department’s data is hosted in a secure, reliable, and scalable environment. Azure’s advanced security features, including geographic failovers and MFA, provide an additional layer of protection against cyber threats and operational disruptions.

3. Compliance and Reliability
Azure’s SOC compliance and robust security protocols help ensure that Treasury Curve’s platform meets stringent regulatory requirements. The platform supports GDPR compliance and is backed by Microsoft’s extensive insurance and security measures. By utilizing Treasury Curve, organizations can confidently meet compliance standards and protect sensitive financial data from breaches.

Real-World Impact: A Case Study

By integrating with Microsoft Azure, Treasury Curve provides its clients with a secure, cloud-hosted treasury management solution that mitigates the risks associated with outdated finance systems.

Read the full case study here to see how this partnership is helping treasury departments.

Act Today

Don’t let antiquated finance systems leave your organization vulnerable to fraud and compliance risks. Leverage the benefits of a modern, secure, and compliant treasury management platform with Treasury Curve. Arrange a consultation with our experts today to discuss your needs. Or visit our website at www.treasurycurve.com to learn more.