We are very proud of this award as banks around the globe have selected us as winners. This award is a confirmation that many banks acknowledge the success of TreasurUp’s aim to make them more competitive again with online treasury solutions and services for their business clients.

Online platforms for foreign exchange hedging, liquidity management and cash flow forecasting have been either too basic or too complex for many Commercial Banking clients around the world. TreasurUp wants to make online treasury easy, seamless and efficient. Integrated journeys for risk, liquidity and working capital management that banks can white label and which can be integrated easily into their channels and connect to their systems. Next to that the underlying technology has to be profound: by using latest technology standards, banks and their clients benefit from high performance, stability and rapid innovation.

Each year Global Finance selects the best financial institutions around the world. This selection is done carefully by Chairmen, Presidents, CEOs, CFOs, Treasurers and other senior financial officers responsible for making investment and strategic business decisions at multinational companies and financial institutions.

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Five years ago, Niels van Daatselaar was heading a commercial banking team at Rabobank in the Netherlands, when he got wind of an in-house competition called Moonshot. The contest encouraged bank employees to trade in their suit and tie for “startup style jeans and trainers” and devise innovative ideas for transforming everyday banking and business processes.

Van Daatselaar’s Easytrade solution, which simplifies foreign exchange (forex) hedging for small and mid-cap companies by automatically converting invoices or forecasts into transactions, ended up being one of four moonshot ideas that the bank took up and developed.

“Any forex exposure that companies don’t hedge can cost them serious P&L,” says van Daatselaar. “For example, companies looking to make a new order to China will want to hedge their forex exposure. We’ve automated all of that process, where so many errors are made, replicating what companies do today in Excel. Companies just need to add all their invoices, which are automatically aligned with their hedging policy. We net their payables and receivables. We also calculate their exposure and swap positions.”

The solution, which has since changed its name to TreasurUp, is 2021 Best New Treasury Technology, a new category in Global Finance’s Treasury and Cash Management Awards. TreasurUp is used by approximately 5,000 corporates and supported by banks including OP Bank in Finland; KBC in Belgium; and Nordea, which offers the service in Norway, Denmark and Sweden.

Having refined van Daatselaar’s original concept, Rabobank now provides TreasurUp as a white-label service to banks, which in turn offer it as part of their online proposition. Small and medium-size corporates are still the target user group. Van Daatselaar is also turning his attention to treasury management systems (TMSs), which he says need a tech refresh.

“Traditional treasury management software vendors are so trading- or IT-oriented that they tend to forget about the treasurers located in small commercial areas next to the highway,” he argues. “Treasury management systems are also expensive to run and implement, but most companies end up using only about 20%. We also believe banks should start offering such light treasury management solutions, as they turn out to be a logical start and end point of the treasurer’s user journey.”

TreasurUp, which is slated to be spun out of Rabobank in the next few months, is one of a small but growing number of fintechs looking to address specific market segments or niches underserved by traditional treasury software providers. These fintechs are representative of a younger, more tech-savvy generation of treasury specialists who are challenging the notion that TMSs need to be monolithic IT stacks that fail miserably at providing treasurers all the functionality they need from day one.

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