TreasuryCast

My Life in Treasury. Matt Grundy, Head of UK Treasury at Capital One Europe talks to TMI about the pressures, prospects, and possibilities he encounters within the UK subsidiary of this US financial giant.

Real-time means different things to different treasurers, yet it consistently remains high on the agenda. Tom Alford (TMI) sits down with Steven Lenaerts (BNP Paribas) to explore why treasurers should view real-time as a catalyst for greater speed, insight and control. Steven identifies key real-time payment options, highlighting where they deliver meaningful value. He also examines how security, tokenisation and AI are shaping the next phase of payments innovation, and offers practical guidance for treasurers who recognise real-time's potential but need a clear path forward towards implementation.

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world's largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 4th December 2025.

Tom Alford (TMI) is joined by Jim Fuell and Mark Shemie (J.P. Morgan Asset Management), who explore what's currently top of mind for the investor community and how these priorities are being addressed across the industry. In this candid discussion, they examine the growing momentum behind corporate "step out" strategies, the market forces driving them, and the role technology now plays in execution, visibility and reporting. They also consider how digital innovations, including early-stage fund tokenisation, are beginning to shape investor behaviour and influence the future of short-term liquidity management.

Tom Alford (TMI) sits down with Veikko Koski (FinanceKey) to explore how the FinanceKey platform is helping treasurers build next-generation treasury infrastructure, automating workflows and improving control to make legacy systems shine. Veikko shares the story from the company's founding and the founders' skillsets to the research and evolution behind the platform, highlighting how FinanceKey is shaping treasury operations and expanding its product suite to deliver greater value to users.

Tom Alford (TMI) sits down with Jukka Sallinen (Nomentia) to confront the reality of real-time treasury, where fragmented systems and legacy processes make achieving true cash visibility a persistent challenge. In this candid conversation, Jukka explains why complexity is here to stay as new tools and processes enter the treasury marketplace, and highlights how upgraded controls, together with the right technology partner, can help treasurers manage integration, reduce risk, and build truly connected, resilient cash management.

In September 2025, John Gilsenan retired from his full-time role as Head of Compliance at investment firm Quilter Cheviot Europe, having forged a great depth of experience in the international financial services industry over his long career. A qualified Chartered Certified Accountant, Chartered Tax Accountant, and Licentiate of the Compliance Officers of Ireland, he spoke with TMI about what shaped his approach to an industry that has captivated him for decades.

Robin Page (TMI) sits down with Adam Taplinger (PwC) to explore why cash efficiency has become a strategic imperative for treasurers and CFOs in today's volatile markets. In this episode Adam unpacks what cash efficiency truly means and why it is now a value-enabling imperative. He considers how leading treasury organisations are driving positive change through AI-driven forecasting and centralised payment models to unlock trapped cash, optimise liquidity, and build enterprise-wide resilience.

The opportunities and potential for tokenisation to support global liquidity management alongside traditional payments are there for the taking. Lewis Sun, Global Head of Domestic and Emerging Payments, Global Payments Solutions, HSBC, talks to TMI about the options for treasurers.

The existence of a treasury policy is not a given in every organisation, and neither is a regular update where one is in place. David Mathewson, Regional Director & Treasury Advisor, VUCA Treasury, makes the case for designing and optimising treasury policy in today's challenging environment.

By pooling cash across 12 Western European countries, Gedeon Richter has centralised half its liquidity. This has sharpened governance, lowered costs, and created a platform for regional and digital ambitions.

Through deep integration, automation, and a culture of collaboration, global hygiene and health company Essity has achieved 99% STP and reshaped how it manages risk, payments, and intercompany flows. The outcome is a treasury model 'that reaches for the stars' and one that others can learn from.

TMI's Tom Alford sits down live with Gavin Maclean (HSBC) to discuss how recent changes in instant payments regulation are likely to affect corporate treasurers. Gavin explores the practical impact of Instant Payments Regulation (IPR) on treasurers, from transaction limits and fraud prevention to handling 24/7 payment volumes. He also discusses key findings from HSBC's 2025 Treasury Pulse Survey, including automation, AI, account rationalisation, cash pooling, and strategic bank management, highlighting how technology and digitisation are driving efficiency and insight.

As the Journeys to Treasury (JTT) collaboration marks its 10th anniversary, the project stands not only as a record of evolving treasury priorities but as a reflection of the profession's ability to learn and adapt – under pressure and often without fanfare. Here, we examine how the JTT report (and now event and podcast series) has become one of the most trusted spaces for shared thinking and for forecasting the future of treasury.

Jason Murphy is Co-Founder and Executive Director of Corporate Finance Advisory Group, Centrus. He is also currently the President of the IACT. A Fellow of the Association of Chartered Certified Accountants (ACCA) and a past Chair of ACCA Ireland, with more than 25 years' investment banking and financial advisory experience. Murphy also lectures on Treasury Management and Derivatives for the Masters in Finance and Masters in Financial Risk Management at Trinity College, Dublin.

Eleanor Hill (TMI) is joined by Dr. Ruth Wandhöfer (Blackwired) to explore how treasurers can strengthen their defences as banks shift from a detect-and-respond mindset to a predict-prevent-and-defeat approach to cyber risk. Our guest explores how rising regulatory pressure, future threats like quantum-enabled ransomware, and how cybersecurity is becoming a genuine differentiator among banks. Dr. Wandhöfer also outlines what treasurers should ask of their providers to ensure resilience, reliability and safer cross-border operations.

Treasury management is rapidly transforming, and neural treasury (AI, Robotics, Machine Learning) is catapulting this evolution. Ben Poole (TMI) speaks to Andrew Comas (Microsoft), Steve Wiley (FIS), and Ari Morris (EY) to explore how neural treasury is revolutionising corporate treasury, empowering teams with automation, AI-driven insights, and optimised decision-making.

As the financial industry shifts toward ISO 20022, the transformation isn't just technical, it's human. John Emerson, Caroline Ngigi, and Mohammed Rahim (Standard Chartered) examine how financial institutions are equipping their people to thrive in a new messaging paradigm. We explore how organisations are upskilling staff, rethinking cross-functional collaboration, and building the human foundation required to unlock the full potential of structured data and enriched payment flows. Tune in to meet the professionals turning ISO strategy into real-world impact.

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world's largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 6th November 2025.

Following last year's banking turmoil, counterparty risk management has been high on the treasury agenda. At the same time, evolving regulations are increasing banks' scrutiny of their corporate clients. By embracing transparency and proactive risk management, treasurers can put their organisations in the best position to mitigate against this peril.