Bank of America's Matthew Miller says data fragmentation is the hidden cost of ERP upgrades, and AI depends on fixing it. Treasury teams must redesign workflows to capture the benefits.
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The biggest misconception in corporate treasury modernization may be that software implementation is the finish line.
For many finance organizations, replacing an enterprise resource planning system or treasury management system has become table stakes. The harder challenge begins afterward: translating new infrastructure into measurable improvements in liquidity, payments, forecasting and capital management.
That challenge is becoming more urgent as corporate payments move beyond traditional banking hours. Real-time payment networks and digitally enabled business models are pushing treasury toward continuous operations, where transactions can arrive and settle at any hour.
“We’ve seen a shift in moving away from the batch mindset,” Matthew Miller, managing director and treasury product executive at Bank of America, told PYMNTS. “It’s no longer nine to five. It’s now happening nights and weekends. The digitization of our environments is driving more to that single flow.”
For treasury leaders, the transition is not simply about moving money faster. It requires rethinking how liquidity is monitored and how finance teams operate when payment activity no longer pauses at the end of the business day.
“Understanding and having a plan as far as what the business is looking for will help firms make better decisions around those upgrade cycles,” Miller said. “Where’s the value going to be? How do I build a foundation for that future? And how do I partner with my financial institution to do that?”
Future proofing, he added, begins with understanding two fundamental transitions. The first is the move from batch to individual transaction flows. The second is the shift toward 24/7 business operations.
Simply migrating to modern infrastructure does not automatically improve treasury performance. Organizations frequently continue using legacy payment channels, reporting structures and treasury processes despite investing in new systems capable of supporting more sophisticated capabilities.
“New tools aren’t the full story,” Miller said. “What really happens when you do those upgrades and investments is it opens the door to a lot of the products and services that have been coming online for the past five, 10 years within the payments industries and treasury service products that may not have been available to you on your legacy system.”
Technology enables transformation, operational redesign delivers it. A modern ERP or TMS can provide the technical foundation for real-time reporting and API connectivity. Companies capture that value only when they also redesign the workflows surrounding the technology. Miller stressed that treasury leaders should standardize master data, modernize bank connectivity, automate manual reconciliation processes and redesign treasury workflows for continuous operations.
Years of digital transformation have left many enterprises with cloud-based ERPs, newer treasury platforms and broader automation capabilities. Yet organizations frequently struggle to realize the operational value they expected because the information moving through those systems remains fragmented.
“The importance of data just continues to enhance and grow,” Miller said. “One of the biggest issues we see post-implementation challenges … results in some sort of fragmentation of what we call master data.”
Organizations can emerge from complex ERP implementations with bank account information and payment instructions scattered across regions and business units. The technology may be modern, yet conflicting definitions and disconnected repositories continue limiting visibility and automation. For global organizations, those inconsistencies multiply as operations scale.
Moving toward common data standards and centralized data structures, Miller said, reduces operational friction today while preparing organizations for something even more significant: artificial intelligence.
“There’s a lot more analytics going into big data, then there’s also the opportunity with AI,” he said. “All of that depends on strong foundational core data.”
Treasury teams that fail to establish reliable data foundations may find themselves unable to capitalize on predictive analytics and autonomous workflows regardless of how advanced their software becomes.
Treasurers have long pursued a single source of truth. Spurred by expectations across consumer technology, treasury visibility is itself evolving beyond static dashboards.
Miller described three increasingly sophisticated layers of treasury visibility. The first answers a straightforward question: Where is every dollar right now? The second projects where cash positions are expected to be based on planned payments, forecasts and liquidity positions. The third highlights meaningful exceptions requiring immediate action.
“When processing doesn’t go as planned, bringing that to the forefront of that interface is also very critical for the clients,” Miller said. “We definitely start seeing our consumer lives merging into our corporate lives as far as expectations, and visibility is a big part of that.”
Perhaps the most profound transition Miller described is one already reshaping payment infrastructure across financial services. Corporate treasury has historically operated around batch processing. Payments accumulated during the day before moving through scheduled windows. Reporting followed predictable cycles. Continuous transaction processing ultimately changes liquidity management and workforce expectations as treasury organizations adapt to an economy operating around the clock.
The future Miller describes is not one dominated by a single payment rail or technology platform. Traditional distinctions are beginning to blur.
“Wires are becoming more and more like a real-time payment,” he said. “And real-time payments are becoming a lot more like a wire.”
As those capabilities converge, treasury leaders face a different strategic question than they did just a few years ago. Rather than deciding which infrastructure to adopt, they must determine which operating model best aligns with their business.
That may ultimately redefine treasury modernization itself. As payment networks become faster, AI becomes more accessible and infrastructure grows increasingly interoperable, competitive advantage will depend less on acquiring new technology than on building organizations capable of continuously adapting alongside it.
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