The German Association of Corporate Treasurers (GACT) hosted its Treasury Day on 8 November 2023, on the same day as its 26th Annual General Meeting (AGM), in Frankfurt. Almost 160 members took part in the occasion held on the premises of Deutsche Bank AG.
The event opened with welcoming words from Professor Dr Heinrich Degenhart,GACT, and Moritz Dörnemann, Deutsche Bank AG. Representatives from the GACT Digital Innovation Board presented digital trends such as process mining, blockchain, and artificial intelligence (AI) in the context of corporate treasury. Examples illustrated the applications, including the use of AI in a company-specific ChatGPT for advance guarantees and guarantees, as well as the realisation of cross-border payments via blockchain.
A survey among the participants revealed that robotic process automation (RPA) is considered the most important digital trend for treasurers in Germany. However, the technology is seen as a support for treasurers rather than a replacement. There is an ongoing need for information about innovations, and the GACT aims to familiarise its members with the benefits of these digitaladvancements..
Following the Treasury Day events, the 26th AGM was held. The GACT reported a new record of nearly 1,700 members. To accommodate this growth, Corporate Membership PLUS will be introduced in 2024. This will allow companies to register up to 10 individuals who have treasury and treasury-related functions. From 2025, the GACT plans to increase membership fees to expand services for its members.
Digitisation is not only crucial in treasury but also within the GACT itself. The association is active on social media with more than 4,000 followers. The GACT website was revamped in 2018, and this year saw the introduction of the GACT app. Additionally, there are new explanatory videos on YouTube and the podcast Treasury Talk! The Podcast for Treasurers.
Former German Federal Minister Sigmar Gabriel delivered a lecture entitled Europe in Uncomfortable Times, emphasising the importance of acknowledging the past in order to understand and deal with the challenges of the present day. He also underlined the urgent need to focus on the wider world and the necessity of building partnerships.
Two digital treasury projects were also highlighted during Treasury Day. The Döhler Group SE presented an automated FX derivatives process, while Siemens Healthineers AG showcased its TMS as part of a transformation project. The attending members chose the Döhler Group project as the winner, which is now nominated for the EACT Award 2024.
You can watch film of the event by clicking on this link: https://www.vdtev.de/mediacenter?filter=on&post_types_select=Video&id=1576
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