The Treasury Update Podcast

Join Craig Jeffery and Blake Evans, Global Head of Customer Advisory at SAP Taulia, and Tarangini Desawar, Senior Product Marketing Manager at SAP Taulia, as they discuss balancing working capital goals with supply chain health. Learn how leading companies extend payment terms across their entire supplier base using technology alongside supply chain finance, dynamic discounting, and virtual cards, helping build lasting supplier loyalty. They also explore how converting receivables into capital can deliver debt-free liquidity, helping you achieve free cash flow goals and a healthier balance sheet.

Register for the upcoming Treasury's Q4 Playbook: Liquidity, Performance, and...

In this episode, Craig Jeffery and Wes Bryant of SouthState Bank explore the overlapping changes reshaping payments, from instant payment rails and richer ISO 20022 data to evolving fraud threats and Nacha requirements. They discuss the shift from trust-based to verified payments and practical ways treasury teams can strengthen controls, improve visibility, and stay ahead of change.

Webinar: Payment Essentials: Keeping Up with Payments

Episode 418: ACH Rule Changes for 2026: What Treasury Needs to Know

SouthState Bank

Timestamps:
00:00 Introduction
01:07 Why payments are undergoing seismic shifts
02:21 Faster payments and richer data<...

In this episode, Craig Jeffery and Paul Galloway explain what Swift's ISO 20022 deadline changes mean for corporate treasury. They distinguish the delayed structured-address requirement from other messaging changes and discuss why teams should use the extra time to clean payment data, inventory workflows, coordinate with banks, and complete testing.

 Swift: ISO 20022 Structured Address Deadline Update

Webinar: ISO 20022 Readiness: What You Need to Know (Even If You Don't Think It Applies)

Episode 421: ISO 20022 Payment Readiness

Timestamps:
00:00 Introduction
00:36 ISO 20022 deadline changes
01:17 What SWIFT delayed
02:21 Structured and hybrid addresses
04:16 W...

In this episode, Craig Jeffery and Sue Hill of Federated Hermes discuss what is changing under Fed Chair Kevin Warsh following the September rate hike. They examine Warsh's reduced-forward-guidance approach, the Fed's new policy task forces, inflation and employment priorities, and what investors should watch as markets adjust to a less communicative Fed.

Webinar: Fed's New Chapter: Communication, Task Forces, Policy Stance

Episode 385: Life After Powell: What's Next for the Fed and the FOMC? (Federated Hermes)

Federated Hermes

Timestamps:
00:00 Introduction
00:39 September Fed decision
03:29 Warsh's approach to Fed communication<...

In this episode, Craig Jeffery and Stephan Ireland of Open Fees examine why bank fee management is easy to avoid but costly to ignore. They discuss what account analysis statements can reveal about unnecessary services, internal behavior, and control gaps, and how automation can turn a tedious monthly review into actionable insight for managing banking relationships.

Webinar: Managing Banking Relationships: A More Intentional Approach (Open Fees)

Episode 402: The Hidden Risks in Your Bank Fee Analysis and How to Fix Them

Open Fees

Timestamps:
00:00 Introduction
00:42 Why bank fee management gets...

In this episode, Craig Jeffery and Anders Meinert Jørgensen of Avallone discuss why KYC remains one of treasury's biggest operational pain points and how technology can reduce the burden. They explore AI-assisted responses, data security, human oversight, and how KYC may evolve as digital identity and shared utility models mature.

Why KYC Is No Longer Just a Compliance Issue for Treasury (Avallone) (2026)

Avallone

Timestamps:
00:00 Introduction
00:33 Why KYC is a treasury pain point
02:14 KYC nightmare examples
04:20 Operational challenges
09:00 About Avallone and Anders
11:01 Using AI to reduce KYC w...

In this episode, Craig Jeffery and Ryan Castle of Conduit Security examine how sophisticated wire fraud schemes exploit legitimate payment processes. Drawing on real-world cases and Ryan's former FBI experience, they discuss compromised email accounts, altered payment instructions, deepfakes, money mules, and the pressure criminals use to bypass otherwise sound controls. They also explore treasury's role as the superintendent of payments and the incident-response playbook organizations should prepare before a loss occurs. For more from Conduit Security, watch their participation in Strategic Treasurer's Fintech Hotseat Head-2-Head: Compliance.

Payment Security Report

FBI Internet Crime Complaint...

In this episode, Craig Jeffery and Paul Galloway discuss the economic conditions treasury teams should be watching through the remainder of 2026. They cover Fed leadership, inflation, labor markets, liquidity, working capital, geopolitical risk, tariffs, sanctions, and the importance of using reliable data and banking relationships to stay informed.

Liquidity Stress Testing: Preparing Treasury for Shock Events (2026)

Supply Chain Finance and Cash Conversion Cycle Explained (2026)

Timestamps:
00:00 Introduction
00:48 New Fed leadership and monetary policy
04:53 Growth, inflation, and energy
08:47 Treasury's economic outlook
10:44 Geopolitical risk, tariffs, and sanctions
16:07 How treasury teams...

In this episode, Craig Jeffery and Paul Galloway discuss what separates high-performing treasury organizations from the rest. They explore the importance of strong fundamentals, continuous improvement, people development, cross-training, standardized processes, proactive risk management, and technology that supports better decision-making. The discussion also offers practical steps treasury teams can take to reduce manual work and build capabilities over time.

2026 Treasury Technology Analyst Report

Treasury Assessments: What to Review and How Often (2026)

Treasury Aggregators: Simplifying Complexity with Connectivity (2026)

TMS and TRMS: Choosing the Right Treasury System in 2026 (2026)

Timestamps:
00:00 Introduction<...

In this episode, Paul Galloway and Craig Jeffery discuss how treasury leaders can make better decisions when resources, time, and management attention are limited. They examine how to prioritize competing initiatives, balance short-term wins with long-term strategy, avoid reacting only to urgent issues, and evaluate investments in the broader context of the organization. The discussion also covers resource constraints, root-cause thinking, cross-functional input, and the importance of regularly reviewing people, processes, technology, data, and structure.

Behavioral Finance Meets Treasury: How Bias Shapes Financial Decisions (2025)

Architecting a Leading Treasury Group with Ron Chakravarti (2024)

Becoming...

In this episode, Paul Galloway and Craig Jeffery discuss treasury technology debt, the hidden burden created when legacy systems and infrastructure continue to work but increasingly limit flexibility, security, and future capabilities. They explain how treasury teams can assess technology and identify where outdated tools create the most drag, and how to prioritize upgrades without trying to replace everything at once. The discussion also covers ISO 20022, APIs, AI, cloud-native architecture, interoperability, and why treasury should regularly review its technology stack to maintain a practical runway for future change.

2026 Treasury Technology Analyst Report

The Hidden Costs...

In this episode, Craig Jeffery and Karthik Manimozhi of Eftsure discuss how AI is reshaping payment fraud and the controls treasury teams need to protect payment integrity without sacrificing efficiency. They examine the three core questions of how to ensure payments go to the right payee, at the right amount, and at the right time, along with the need for a control tower spanning AP, treasury, banks, and ERPs and payment rails. The conversation also explores agent oversight, AI-native workflows, continuous auditing, and opportunities to unlock working capital.

Payment Security Report: https://strategictreasurer.com/payment-security-report/ Scammer's Playbook...

In this episode, Craig Jeffery and Arjun Krishnan discuss five key limitations of enterprise AI in treasury: data quality, pattern-based reasoning without true understanding, difficulty handling novel situations, variable outputs, and limited explainability. They also explore the opportunities and solutions behind these constraints, including AI-assisted data cleanup, anomaly detection, stronger controls, human oversight, and safer agent-based system design.

Enterprise AI for Treasury: A Guide to Agentic Implementation: https://amzn.to/4vTH8Fv
AI: The Automation Spectrum and Examples in Treasury (Valorean Technologies) (2026): https://strategictreasurer.com/420-ai-automation-spectrum-and-examples-in-treasury/
Valorean Technologies: https://valorean.ai/

Timestamps:
00:00 I...

In this episode, Lee Patton and Craig Jeffery discuss what corporate treasury teams must do to prepare for the November 2026 ISO 20022 structured address requirements. They discuss why the rules can affect organizations even when they do not originate ISO 20022 files, how incomplete payment inventories and address data can cause rejections, and why treasury, AP, IT, banks, and service providers must coordinate to validate payment workflows and data readiness.

ISO 20022 Readiness Webinar: https://strategictreasurer.com/webinar-iso-20022-readiness/
Swift ISO 20022 Address Requirements: https://www.swift.com/standards/iso-20022/iso-20022-faqs/iso-20022-removal-unstructured-address
Fedwire ISO 20022 Implementation Center: https...

In this episode, Craig Jeffery speaks with Arjun Krishnan of Valorean Technologies about the automation spectrum in treasury, moving from rules-based processing and analytics to AI assistance and autonomous agentic systems. They discuss practical AI use cases including cash forecasting, hedge management, fraud detection, payment processing, document processing, reconciliation, and natural language interfaces, while emphasizing clean data, strong controls, explainability, and human oversight as treasury teams evaluate how to apply enterprise AI responsibly.

Book Mentioned:
Enterprise AI for Treasury: A Guide to Agentic Implementation: https://amzn.to/4vTH8Fv

Company Websites:
S...

In this episode, Craig Jeffery speaks with Ryan Frederick of Transform Labs about the personal side of AI transition and what professionals should understand as AI reshapes work. They discuss why companies must treat AI as a core operating capability, not just a faster tool, and how staff can move from task-oriented work toward higher-value contributions involving judgment, relationships, problem-solving, and systems thinking. The conversation emphasizes that professionals should actively learn how to work with AI systems, direct agents, improve workflows, and become agents of change inside their organizations.

Company Websites:
Strategic Treasurer: Corporate Treasury Consultants » S...

In this episode, Lee Patton speaks with Craig Jeffery of Strategic Treasurer about the 2026 ACH rule changes and what they mean for corporate treasury teams. They discuss the new company ID requirements, expanded risk-based fraud monitoring requirements, and which organizations must comply. Craig explains the importance of ACH fraud risk assessments, written policies and procedures, annual reviews, exception handling, and maintaining documentation that demonstrates compliance.

The discussion also explores the concept of risk-proportionate controls, practical steps for organizations that have not yet completed compliance efforts, and why treasury should act as the coordinator for ACH payment governance a...

In this episode, Craig Jeffery speaks with Ryan Frederick of Transform Labs about how artificial intelligence is reshaping corporate strategy, operating models, and the broader economy. They discuss AI investment, automation, AI operating systems, and why organizations should view AI as a business transformation initiative rather than simply another software tool. The conversation explores how companies can measure AI success through business outcomes, improve customer value, and rethink competitive advantage in an AI-driven economy.

Ryan also examines AI's impact on jobs, organizational design, and leadership, arguing that companies should focus on redesigning workflows around AI agents instead...

In this episode, Craig Jeffery speaks with Nathan Dixon of Deluxe about how treasury and accounts receivable teams can transform fragmented payment data into actionable intelligence. They contrast traditional process-focused approaches with data-centric approaches, exploring how AI and advanced analytics can improve cash application, reduce exceptions, identify payer risk, accelerate forecasting, and uncover trends that would otherwise remain hidden.

The discussion examines the role of APIs, AI agents, data normalization, natural language interfaces, and machine learning in modern receivables operations. Nathan explains how organizations can move from reactive exception management to proactive decision-making by leveraging clean, centralized data a...

In this episode, Paul Galloway of Strategic Treasurer discusses liquidity stress testing and how treasury teams can prepare for market shocks and operational disruptions. The conversation explores sensitivity testing, scenario analysis, supply chain vulnerabilities, funding risks, counterparty exposure, and contingency planning. They also examine the differences between corporate liquidity stress testing and regulatory bank stress testing, while emphasizing the importance of escalation paths, liquidity buffers, contingent capital facilities, and embedding stress testing into ongoing treasury planning processes.

Company Website:
Strategic Treasurer: https://strategictreasurer.com

In this episode, Paul Galloway speaks with Craig Jeffery of Strategic Treasurer about operational complexity in treasury and the hidden costs it creates over time. They discuss how growth, acquisitions, new payment rails, evolving regulations, and fragmented systems contribute to increasing complexity across treasury operations. The conversation explores the impact of manual processes, defects, inefficient workflows, data fragmentation, and poor process design, while emphasizing the importance of end-to-end visibility, standardization, automation, and scalable controls to improve efficiency and reduce operational risk.

Company Website:
Strategic Treasurer: https://strategictreasurer.com

In this episode, Craig Jeffery and Christin Cifaldi of Strategic Treasurer discuss the technology component of modern payment security and the ideas covered in Strategic Treasurer's recent Payment Security Report. They explore how fraud threats are evolving through AI-enabled attacks, deepfakes, increasingly sophisticated criminal organizations, and efforts to bypass security controls. The conversation examines common gaps in payment security programs, including insufficient training, incomplete payment flow visibility, and weak verification processes.

The discussion also covers faster payments, real-time settlement, layered security architectures, anomaly detection, multifactor authentication, passkeys, payee validation, banking security services, and the growing importance of...

In this episode, Paul Galloway speaks with Craig Jeffery of Strategic Treasurer about AI governance, operational risk, and the growing role of artificial intelligence in treasury. They discuss how organizations should approach AI adoption thoughtfully, balancing efficiency gains with oversight, accountability, and data quality. The conversation explores governance frameworks, human-in-the-loop controls, explainability, anomaly detection, vendor risk, and why treasury teams must understand both the opportunities and risks associated with AI-driven tools and automation.

Company Website:
Strategic Treasurer: https://strategictreasurer.com

In this episode, Craig Jeffery speaks with Paul Galloway of Strategic Treasurer about the shift toward real-time treasury and instant payments. They discuss RTP, FedNow, faster payment execution, improved visibility, and the operational changes treasury teams must consider as payment speed increases. The conversation also covers fraud risk, payment finality, approval workflows, transaction limits, alerts, and why stronger front-end controls are critical as organizations move toward more immediate payment environments.

In this episode, Craig Jeffery speaks with Niek Dekker of Eftsure about the global rise of cybercrime and what is driving modern scams. They discuss how macroeconomic instability, geopolitical unrest, and new technologies like AI are accelerating fraud activity while lowering the barrier to entry for cybercriminals. The conversation explores where scams originate, how criminal networks are evolving, and why treasury and finance teams are increasingly targeted.

They also break down practical prevention strategies, including the importance of executive ownership, layered defenses, and aligning cybersecurity with financial controls. The discussion emphasizes that organizations must move beyond passive awaren...

Treasury assessments play a critical role in evaluating and improving treasury operations. In this discussion, Paul Galloway of Strategic Treasurer outlines key assessment types, including broad treasury reviews, bank structure analysis, treasury technology evaluations, and payment security assessments, while also highlighting growing priorities such as cash forecasting, risk management, and bank fee analysis amid evolving fraud threats. This episode also provides practical guidance on expected outcomes, how to prioritize improvements, and why treasury assessments should be conducted on an ongoing, periodic basis rather than as one-time efforts.

In this episode, Paul Galloway speaks with Craig Jeffery of Strategic Treasurer about treasury ecosystem solutions as part of the 2026 Analyst Report series. They explain how ecosystem tools serve as specialized solutions that extend beyond core systems, covering areas such as payments, risk management, forecasting, KYC, or bank fee analysis. The discussion highlights why companies adopt these tools to address complexity, reduce manual processes, and improve scalability, while emphasizing the importance of selecting the right tools based on specific operational needs.

2026 Treasury Technology Analyst Report: https://strategictreasurer.com/analyst-report-2026

Strategic Treasurer: https://strategictreasurer.com

In this episode, Craig Jeffery speaks with Dave Boyce of Deluxe about modernizing collections and lockbox processes. They discuss the continued role of checks, why lockbox volumes are declining but not disappearing, and how modernization requires shifting from simple deposit services to data-driven accounts receivable automation. The conversation highlights the importance of data capture, exception handling, and integrating systems through APIs to enable real-time validation and posting. They also emphasize that organizations should rethink lockboxes as part of a broader receivables strategy rather than a standalone legacy process.

Company Website:
Deluxe: https://www.deluxe.com

In this episode, Paul Galloway of Strategic Treasurer explains the distinctions and connections between cash forecasting, budgeting, and corporate planning. He outlines how each function supports liquidity management, capital strategy, and long-term growth and discusses why treasurers must understand the interdependencies to provide better visibility and strategic support across the organization.

Company Website:
Strategic Treasurer: https://strategictreasurer.com

In this episode, Craig Jeffery speaks with David Pierce of FinSavvy about how treasury teams should understand and manage foreign exchange exposure. They explain different types of exposures, including balance sheet, forecast, and economic, and why each requires a different approach to hedging. The discussion emphasizes that hedging is risk management, not speculation, and explores how factors like interest rate differentials, margins, and time horizons impact decisions. They also highlight hidden risks such as intercompany exposures and the importance of aligning treasury and accounting to avoid unintended impacts on financial reporting.

In this episode, Craig Jeffery speaks with Paul Galloway of Strategic Treasurer about supply chain finance and the cash conversion cycle as part of the 2026 Analyst Report series. They define key concepts such as working capital, days sales outstanding, and inventory cycles, then explore solutions like procure-to-pay, order-to-collect, reverse factoring, and dynamic discounting. The discussion highlights how automation, APIs, and emerging technologies like AI and blockchain are improving efficiency, visibility, and working capital optimization, while also addressing risks such as compliance challenges and supply chain disruption.

2026 Treasury Technology Analyst Report: https://strategictreasurer.com/analyst-report-2026

In this episode, Craig Jeffery speaks with David Pierce of FinSavvy about how AI can help treasury teams uncover foreign exchange exposure that is often hidden across ERPs, CRMs, purchasing systems, and other disconnected data sources. They discuss bad data, forecast accuracy, intercompany netting, real-time visibility, and how AI can improve hedging decisions by making exposures easier to identify, organize, and monitor.

Links:
FinSavvy: https://www.finnsavvy.com
The Invisible Hedge: https://amzn.to/4srHEJo
Managing Foreign Exchange Risk: https://amzn.to/4dxfaZU

In this episode, Paul Galloway of Strategic Treasurer explains why weak bank fee analysis can lead to unnecessary costs and hidden risks. He discusses common blindspots such as manual spreadsheet processes, reliance on earnings credit rates, and infrequent bank RFPs. The episode also outlines practical steps treasury teams can take to strengthen oversight, benchmark fees, and improve visibility into banking costs.

Company Website:
Strategic Treasurer: https://strategictreasurer.com

In this episode, Craig Jeffery speaks with Hartman Nissle of SouthState Bank about how reserve currency trends impact foreign exchange risk management. They explore the history of reserve currencies, the strength of the US dollar, Fed policy shifts, tariffs, and global trade dynamics. The discussion then turns practical, outlining how treasurers should identify, quantify, and manage hidden FX exposures.

Company Website:
SouthState Bank: https://www.southstatebank.com

In this episode, Craig Jeffery speaks with Ramesh Menon of Eftsure about the industrialization of payment fraud. They discuss business email compromise, vendor impersonation, invoice substitution, and why bank detail changes should be treated as identity changes. The conversation also outlines layered defenses, independent verification, and practical steps treasury teams can take to reduce risk.

Company Website:
Eftsure: https://www.eftsure.com

In this episode, Craig Jeffery and Paul Galloway discuss treasury aggregators as part of the 2026 Analyst Report series. They cover what these platforms do, how they enable bank connectivity, payment processing, and visibility, and what makes them essential for organizations facing increased scale and complexity.

2026 Treasury Technology Analyst Report: https://strategictreasurer.com/analyst-report-2026

In this episode, Paul Galloway of Strategic Treasurer discusses why treasury projects stall internally. He explores common causes such as scope creep, system connectivity challenges, competing priorities, staffing changes, and M&A activity. The discussion also outlines how stalled initiatives should be framed with executives and what it takes to successfully restart a paused project.

Company Website:
Strategic Treasurer: https://strategictreasurer.com

In this episode, Paul Galloway interviews Craig Jeffery about treasury and risk management systems. They define core TMS functionality, explore when organizations should invest in one, and review emerging technologies shaping future platforms, like AI, APIs, and cloud-native architecture.

Download the 2026 Treasury Technology Analyst Report

Watch the TMS and TRMS webinar

In this episode, Craig Jeffery speaks with Craig Callé of Source Calle and Paul Galloway of Strategic Treasurer to explore what treasurers should prioritize in 2026. Topics include the GENIUS Act and stablecoin adoption, rising fraud risks, global economic uncertainty, AI governance, and third-party risk. They also offer key recommendations for scenario planning and operational resilience.

Company Websites:
Source Calle: https://www.sourcecalle.com
Strategic Treasurer: https://strategictreasurer.com

Other episodes in this series:
Fintech Guests: Part 1

In this episode, Craig Jeffery speaks with Tom Gregory of TD Bank, Kim Isaacs of J.P. Morgan,