Understanding Treasury Management System Implementation

What Internal Resource Can Realistically Deliver

Most corporate treasury teams possess the domain knowledge to define what they need from a treasury management system. They understand their cash management processes, FX exposure, payment flows, and reporting requirements. This knowledge is essential and irreplaceable. A TMS implementation configured without it will not serve the business effectively.

However, internal treasury teams typically lack the system-specific implementation experience necessary to translate that knowledge into correct TMS configuration. They may struggle with managing the technical integration work, designing and executing user acceptance testing (UAT), and handling the bank connectivity process. These are specialist skills developed through experience on multiple programmes. They cannot be acquired on a single implementation without significant risk to the programme.

Signs That External Resource is Needed

The need for external implementation resources becomes clear in four situations:

1. Lack of Experience: If no one on the internal team has implemented this specific system before, the learning curve can be steep. The complexity of a treasury management platform means that the learning process can take months, not weeks. Running this learning curve on a live programme is costly.

   
   

2. Capacity Constraints: If the internal team's capacity is constrained by business-as-usual (BAU) responsibilities, they may not have the bandwidth to drive a complex implementation. Treasury teams managing day-to-day operations, month-end close, and live treasury requirements cannot effectively focus on a TMS implementation.

   
   

3. Specific Technical Requirements: If the programme has specific technical needs—such as ERP integration, bank connectivity, or SWIFT configuration—that exceed the treasury team's expertise, external help is essential. Errors in these areas can be expensive and lead to long-term issues.

   
   

4. Programme Troubles: If the programme is already in trouble, and the internal team lacks the diagnostic experience to identify root causes and drive recovery, external expertise is crucial.

   
   

What to Look for in External Resource

When evaluating external treasury implementation resources, the most important question is not which firm they represent. Instead, it is about how many implementations of this specific system they have personally delivered. Treasury implementation is a skills discipline, not merely a credentials one. A consultant who has successfully delivered three or four full TMS implementations will outperform a more junior consultant from a larger firm who has participated in programmes without holding primary delivery responsibility.

Relevant experience means they have done the configuration, managed UAT, resolved bank connectivity issues, and been present at go-live on programmes of comparable complexity. It is not enough for them to have been part of a team where someone else handled these tasks.

Speed of availability is also crucial. TMS programmes often identify resource gaps mid-programme. The immediate need is for someone who can start within days, not someone who requires onboarding in six weeks. External resources that necessitate a lengthy procurement process or a long notice period do not effectively address the problem.

Engagement Models

External treasury implementation resources are typically engaged in one of three ways:

1. Direct Interim Placement: A consultant embedded in the programme team for the duration of a defined phase or the entire programme.

   
   

2. Specialist Advisory Resource: Brought in for specific technical challenges, such as bank connectivity or ERP integration, rather than for end-to-end delivery.

   
   

3. Project Rescue Resource: Senior implementation experience deployed at short notice to diagnose and resolve a programme in difficulty.

   
   

The appropriate model depends on where the gap lies. For programmes that have not yet started, full-programme resource from the beginning is the most efficient approach. For programmes already underway with specific identified gaps, targeted specialist resources are usually more appropriate than bringing in an entire additional team.

Day Rates and What to Expect

Senior treasury implementation consultants are priced at £850–£1,100 per day in the current UK market. This pricing reflects the scarcity of the skills and the seniority required to deliver complex programmes. It is materially below the equivalent resource through a Big 4 or large consulting firm, where the day rate often includes firm overhead as much as the consultant's experience.

RG Treasury provides senior interim treasury implementation consultants for every stage of a TMS programme. Our consultants are available within one to two weeks of engagement confirmation. If you are looking to modernize your treasury and liquidity infrastructures, feel free to contact us to discuss your requirements.

Conclusion

In conclusion, the decision to seek external help for treasury management system implementation should not be taken lightly. It requires careful consideration of the internal team's capabilities and the specific needs of the programme. By understanding when to engage external resources and what to look for, organisations can ensure a smoother implementation process.

The right external partner can make a significant difference in navigating complex financial landscapes and adopting cutting-edge solutions like stablecoins and advanced payment systems. By prioritising the right resources from the outset, CFOs and Group Treasurers can set their organisations up for success.