LEVERAGING TECHNOLOGY TO TRANSFORM THE PAYMENTS ECOSYSTEM: This is the twenty-seventh in a series of informative monthly articles for North Carolina businesses from PNC in collaboration with BUSINESS NORTH CAROLINA magazine.

Throughout Doug McKinley's career in financial services, he has been motivated by the premise of making banking--and treasury management, specifically--more streamlined and efficient for businesses. A steady pace of technology advancements and PNC's significant investments in digital innovation are helping Charlotte-based McKinley, head of innovation for PNC Treasury Management, deliver on that vision.

"The overarching goal for our treasury management business is to provide clients with faster, more secure payments capabilities that are seamlessly integrated with their core systems and optimized for automation," says McKinley.

During the past year alone, PNC Treasury Management's innovation team, which McKinley leads, has been integral to the rollout of new products and services, including two innovative payment solutions: PNC Earnedlt, which helps companies provide employees with access to earned pay prior to payday, and PNC Claim Predictor, which helps healthcare providers identify inaccurate or insufficiently populated insurance claims prior to submission to mitigate losses associated with denied claims.

The introduction of these technology-enabled solutions is timely as CFOs work to identify strategies to succeed in today's challenging economy, says McKinley. A 2022 survey report commissioned by GTreasury and PNC Bank found that automating treasury functions is one of three areas of pronounced focus for CFOs looking to reduce costs and fuel growth. To that end, organizations are increasingly looking to harness automation and digital tools to help their treasury and finance departments be more strategic.

The report, Pressure Points, Payments & Plans for Automation: The Road Ahead for CFOs and Treasurers, found that treasury technology will not only help CFOs navigate an uncertain market against the backdrop of ever-increasing complexity, but that the added business value of treasury functions may help further maximize key financial opportunities.

"This survey confirmed what we know to be true--that treasury and finance professionals recognize the enormous potential that automation represents in ongoing efforts to reduce business costs," says McKinley. "It also motivates us to continue to uncover opportunities to innovate for our clients and help them run their businesses better."

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