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Collections, payments, and the visibility a treasury has over both. Those decide whether working capital is actually working.
In a group with several subsidiaries, currencies, and banking relationships, cash is rarely where it is needed on the day it is needed. Balances sit fragmented across accounts and entities. Reporting lags the real position, sometimes by more than a day at month end. Working capital that could be funding the business earns very little in a local account instead. Transaction banking exists to close that gap.
Our work here is on the mechanics underneath daily operations: how receivables are collected and applied, how payments are issued, approved, and reconciled, and how balances across the group are pooled or swept so that liquidity can be seen in one place and used where it matters. Notional pooling, physical concentration, and in-house bank structures each suit a different group shape, and the choice usually turns on tax, local regulation, and how much control subsidiaries need to keep.
Payment infrastructure deserves the same attention. Rails, file formats, and approval controls are unglamorous, and they are also where things go wrong. As volumes grow and the counterparty list lengthens, small inefficiencies compound and fraud controls get tested. Resilience ends up mattering as much as speed.
One view of balances and positions across accounts, entities, and currencies, early enough in the day to act on.
Pooling, sweeping, and concentration arrangements that bring dispersed balances back into use.
Rails, formats, and controls that hold up as volumes rise and the counterparty list grows.