Automated treasury assistance through digital workers
Today’s world is a collaboration between human and machine. As we have seen in almost every sector, digitalization is increasing rapidly in the financial sector as well, especially in corporate treasury.
We notice a broadening of the treasurer's scope of work, the reinvention of legacy roles and the need to keep digitalization in perspective. What goes along with digitalization is, without a doubt, the increase in demand for automating manual processes to make room for more meaningful tasks in the challenging daily life of a Treasurer. Together with "digital workers" based on Robotic Process Automation (RPA) and Artificial Intelligence (AI), an advanced treasury of the future can emerge. After all, digitization in treasury is not just about using a single technology platform, but an ecosystem of interconnected technologies that can be leveraged to add value and make better decisions - even in real time. The growing demand and use of digital tools that mimic human skills and capabilities will accelerate the digital transformation of treasury.
In collaboration with BeeckerCo, a leading company in RPA and BPM from Mexico, we have developed a treasury bot that automates foreign exchange transactions from inception to execution.
Who is Tracy and what is her goal?
New digital employee in the Treasury department
Tracy is a Digital Worker that mimics cognitive functions and supports work with existing software applications for standard and repeatable tasks. Tracy was developed based on the standard SAP process for foreign exchange transactions. All the necessary steps, starting from the identification of risks, through the creation of deals, to the generation of payments and the settlement of deals, are automated.
For foreign exchange transactions, the process starts with the receipt of exposure data from Cash Management. After retrieving the exposure information, the automation performs business validation against business rules that define what hedging actions or strategies can be taken for a particular case they retrieve from SAP. This enables Tracy to take into account the company's risk strategy. For automation, a currency pair must be defined in the route table, and then hedging of the currency pair must be allowed. The automation prepares the information to get the most appropriate trade offer for the transaction. The offer comes from an external trading platform connected via API. Tracy then retrieves the information offer in SAP before updating the trade in real-time in SAP
The main objective of "Tracy - The Automated Deal Manager" is to automate the management of foreign exchange deals to improve their efficiency and accuracy and mitigate risk. Tracy can run in the background of your SAP system and does not interfere with any running processes.
What are the benefits of Tracy?
Reducing the workload of treasurers and increasing efficiency
Tracy can implement Treasury FX hedging/trading from inception to execution, enabling the delivery of accurate recommended forecasts, trades and transactions based on historical data trends, key business drivers and market insights.
Not only can she relieve treasurers of some meaningful tasks, but she can also increase productivity and optimize working capital. By stepping in where humans normally perform manual tasks, Tracy can free up treasurers to spend more time on important tasks and decision-making processes. Tracy is fast and can perform multiple tasks simultaneously, making it a powerful treasury tool.