distributed at 6:30 a.m. because the cash
manager can do the reports from home.
“There are multiple examples where
the cloud allows us to process payments
and communicate information, and we
don’t have to be tied to the New York
headquarters,” Pallotta said. “I was on
vacation recently in Europe and received
a question about what our cash balances
[were] on this account.” He was able
to look into the matter and report back
with the information requested.
Another plus of being on a cloud solution
is the community of users, he said.
“We find the user meetings and the
community to be very valuable,” he said.
“We can more easily leverage the best
practices of other treasury organizations—
meet with them, hear how they’re using
the application. And because it’s the same
application, it’s easier
for us to apply those
best practices back
into our organization.”
Group’s treasury was
using an installed
get these lessons
learned and they
wouldn’t apply as
directly to your
application, or you’d
find out someone was doing something
and find out they were in a more
current application,” Pallotta said.
When Rockefeller Group’s treasury
began shopping for a new treasury system,
it looked at its options and decided a cloud
system would offer a significant advantage.
Pallotta said the treasury team combined
forces with the company’s IT and internal
audit groups and senior management to
assess the security of the cloud system.
“Our IT people talked to their IT
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treasuryandrisk.com JUNE 2017 SPECIAL REPORT TREASURY & RISK 11
chain finance and assessing the company’s
liquidity to see whether it is willing to
make early payments with its own funds,
A/P is identifying the candidates for early
payment and remitting the payments, and the
procurement and credit management groups
are involved in assessing which suppliers
qualify for early payment.
“If you have installed software or software
limited to only a part of the organization,
it makes it nearly impossible to support a
program like this,” Stark said.
Another example is a company that uses its
treasury software to operate a payment factory,
Stark said, since people outside treasury
would use the treasury software housing the
factory to initiate or approve payments or
Treasury teams gathering information from
all parts of the company to feed into their cash
forecasts might also give other staffers access
to the treasury system for that purpose, he
said. Treasury “needs those folks to provide
input, but also to see the results, so you have a
positive feedback loop.”
Stark pointed out that Kyriba has 1,600
customers and 45,000 users. “On average,
a lot more people than just treasury are
accessing the system,” he said. “It’s yet
another argument for cloud—you really
couldn’t administer those types of users in a
Single Tenant vs. Multi-tenant
EY’s Bramwell argued that the “true
meaning” of cloud is a multi-tenant SaaS
solution, “where you have one single instance
of an application in use by all clients.
“If you’re on true SaaS, you are only ever
on the latest version of the product,” he said.
“You never get the chance to become out-of-
date or obsolete.”
And from a software vendor’s perspective,
there’s just one version of the product to
develop and test, he said. “That translates into
a lower price point and better-quality software.
“As a software-as-a-service vendor, you are
significantly more focused on the quality of
the software,” Bramwell added.
But from the corporate client’s point of
view, the distinction between multi-tenant
and single-tenant may not matter. “Having
your system deployed on the cloud, whether
it’s multi-tenant or not, means you’re no
longer going to have to be beholden to your
IT department to get time for an upgrade,”
Bramwell said. “It frees you from internal
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The cloud providers, Azure or [Amazon Web
Services], have really, really good security
capabilities that you can avail yourself of, but
you have to make sure you use them properly.
—ED PAGE, PROTIVITI