Insights: When money moves 24/7, can treasury keep up? With J.P. Morgan

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Benjamin Ensor (1:14)

Welcome to Fintech Insider Insights. I'm Benjamin Ensor, Director of Research and Strategy at 11FS. On this week's episode of Fintech Insider, in partnership with JP. Morgan, we're asking what happens when money moves 24 by 7, but Treasury doesn't.

Because money doesn't really respect business hours anymore, or banking hours. Payments increasingly move in real time. Businesses operate across borders around the clock. And financial institutions are expected to respond to market conditions almost instantly.

But managing the liquidity behind all of that can be a very different story. Cash can sit across multiple accounts, multiple entities, multiple currencies. Information can arrive at different times. And decisions can still depend on processes designed for a financial system with traditional 9-5 operating hours.

So what would a real time approach to liquidity look like? And how close are we to getting there? To help unpack these questions, I'm joined by a fabulous panel of three guests. First of all, I'm delighted to welcome Amy Eckhoff, Global Head Liquidity Product Solution Specialists and Global Head Liquidity and Accounts Commercialization at JPMorgan. Amy, welcome to the show. Please could you tell our listeners a little bit about you and a little bit about your role at JPMorgan?

Amy Eckhoff (2:28)

Sure, Ben.

Thank you very much. It's really great to be here. So as you know, my name is Amy Eckhoff and I need co-head together with Ross who's on here today, Global Liquidity Product Solution Specialist team and also Global Liquidity and Accounts Commercialization Teams at JPMorgan. We work very closely with our clients, both corporate and non-bank financial institution clients, to really understand their liquidity challenges and design the right solutions for them and bring new capabilities to market. So I really sit very much at the intersection of clients, product and technology, including innovation, which really makes today's conversation particularly relevant and interesting for me.

Benjamin Ensor (3:09)

Fabulous. Welcome.

I'm also delighted to welcome, as Amy has just mentioned, Ross Webster, Amy's colleague, who is Global Co-Head, Liquidity and Accounts Product Solutions Specialist, Payments at JPMorgan. So welcome to you too, Ross. Could you also tell us a little bit about your role, what you do at JPMorgan and how your work relates to what Amy does?

Ross Webster (3:30)

Thanks, Ben. So again, thank you for having me. It's really great to be here. I co-head the function you mentioned with Amy globally.

It's a bit of a mouthful, which is probably why my wife and my friends still don't know what I do. So if I was to put that into simple terms, I help the world's biggest companies figure out how to move their cash and how to make it work harder. I think of it as a bit of a financial tetris, but it costs dozens of countries, currencies and time zones with pieces that never stop moving. So I've been JPMorgan since 2017 based in London, and before that I held similar positions with a number of other large financial institutions. So I've basically spent my entire career obsessing over liquidity, which I promise is a little bit more interesting than it sounds at dinner parties. So I'm really looking forward to having this conversation today.

Benjamin Ensor (4:21)

Fabulous. You're in the right place.

And I'm also delighted to welcome Heather O'Gorman, Director of Treasury, Cash Management and Safeguarding at Nium. It's really great to have you here, Heather. Please can you remind our listeners about Nium and tell us a little bit about your role there, please?

Heather O'Gorman (4:37)

Yeah, absolutely, happy to.

Ross, I think to your point, this must be an industry renowned for having many words in your title that no one quite comprehends, because I feel the pain. So yeah, Nium is a e-money fintech. We have a global footprint and our business model is moving money quickly. We are a cross-borders business supporting other payment firms and other financial institutions to move their money across borders. We work with the likes of JPMorgan, etc. and the banking providers to support us in being able to do that. So liquidity management for us isn't only paramount to ourselves as a business, but also to our clients. So we feel this almost as a double-hitter, as it were, when it comes to ensuring we have the right liquidity frameworks, because it doesn't just affect us, it ultimately directly affects our customers too.