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Per Westin Treasury 360 Stockholm

”We have to be on top of these technologies”

A rapidly ongoing shift to real-time financial services is making it necessary for treasuries to change its ways. This was the central background element as moderator Per Westin, co-founder of fintech firm Open Payments Europe, kicked off Treasury 360 Stockholm Wednesday morning.

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“Already in 2021, Q1, were going to have a new cross-border, cross-currencies, platfom in the Nordics, and its going to be instant,” said Per Westin in his short welcoming note, lining out how it would spread to other countries after launching in Sweden. (Background here.)

“After-the-fact” is not enough

“On top of all that we are getting AI, RPA and machine learning – so we are going to have real time financial services within a year. We’re going to have to adapt to that so my guess is that we will have to be on top of these technologies,” said Per Westin.

“We need to be not an after-the-fact function but a true business partner.”

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For the remainder of the day, he promised perspectives not only including technology outlooks and user cases, but also career advice and room for cultural reflection – on how others look at Swedes.

AI in practice

On stage at Stockholm’s Epicenter venue, Per was followed by keynote speaker Ben Stokes, of British consultancy firm Actual Intelligence, who gave a more detailed overview of the change landscape. One of his contribution was to demonstrate practical examples of artificial intelligence implementations, including reading invoices and feeding their data into digital processing.

“Everybody talks about digital transformation, and that is all well and fine. But you can only do it if you have access to good clean data,” said Ben Stokes, pointing to tools aiming to automate extraction of high quality but heterogenously structured data and maximase its value, applying machine learning.

The agenda for Treasury 360 Stockholm, at Epicenter on 27 November can be found here, and our editorial coverage will be gathered here.

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