Handing off IT chores may be the biggest selling point of a move to the cloud, but treasury
executives cite a number of other
advantages as well, ranging from cost
savings to the community of users.
At Rockefeller Group, a New York City-
based commercial real estate developer,
owner and investor, the adoption of a
software-as-a-service (SaaS) treasury
solution from Kyriba freed the treasury
team from the work involved in upgrading
and maintaining the system, which had
been a burden for the relatively small
group, according to Sam Pallotta, the
company’s treasurer and vice president.
Previously, when treasury used an
installed workstation, “whenever there
was an upgrade to the system, we would
have to do a lot of beta testing and work to
make sure the application was still working
correctly based on our specifications,”
Pallotta said. “We only have four people
[in treasury], so all of the sudden one of
my two cash management employees
was focused on this beta testing.
“The cloud allowed us to have all of
that done virtually, behind the scenes,
and let us not be involved on the day-to-day implementation of that,” he said.
The move to a SaaS treasury system
also means the treasury staffers
have access to the system in real
time from anywhere in the world.
“We’re a very lean staff,” Pallotta said.
“If any one of us is out of the office, it can
create challenges.” Now the team can
handle such tasks as payment processing,
cash management reporting, and accessing
information more easily and in real time.
“Even our business continuity processes,
some of those are on the cloud so we can
access them in case of an emergency,” he
said. And Pallotta noted that daily reports,
which used to go out at 9 a.m., now are
A Treasury Perspective
Advantages range from cost savings to the community of users, executives say.
10 TREASURY & RISK JUNE 2017 SPECIAL REPORT treasuryandrisk.com
forging connections between their treasury
software and other systems they use or get
“As a cloud provider, we connect our
systems directly to all the other systems where
the data needs to flow,” he said. “So clients
don’t have to spend their time worrying about
the data flow between the platforms.”
He cited the example of a Reval customer
that is shifting from an installed Oracle ERP
system to a cloud version of Oracle’s ERP.
“We can connect from our cloud to [Oracle’s]
cloud,” he said. “We’re a certified partner of
theirs that connects our systems together in
“As everyone moves toward the cloud, it
creates connectivities that are much more
efficient,” Pettinato added.
Kyriba’s Stark emphasized the fact that
treasurers can access cloud solutions on
“They don’t want to be having to look at
their laptop all the time,” he said. “They’re
in a meeting, they’re walking around the
office, and they just want to be able to approve
payments or look at reports.”
Easy access to software is especially
important for CFOs, Stark said, because
“they’re in the office way less than a
People have grown accustomed to being
able to use their smartphones wherever they
happen to be, and they’re starting to demand
the same thing in a business context, he said.
“The way people consume technology has
changed, and as a result the way you have to
deliver treasury technology has to change. The
cloud does enable that.”
Treasury as Collaborator
Stark said cloud treasury solutions can also
facilitate projects that involve treasury teams
collaborating with other parts of the company.
He cited the example of supply chain
finance, an effort that involves a company’s
procurement, accounts payable, and credit
management organizations as well as treasury.
While treasury is dealing with the banks
that might be involved in providing supply
CLOUD TAKES THE LEAD (cont’d from page 7)
[SaaS software] tends to be faster,
cheaper, it tends to give you the advantage
of future-proofing your treasury. If the vendor
develops it, they’re keeping the software
current and up to date. You’re being forced
to stay on a modern version.
—CRAIG JEFFERY, STRATEGIC TREASURER