Citi Perspectives 2024 Corporates Edition

| 33 Insights fromClient Advisory—The Real-time Treasury Evolution: A shift tomodernization the onboard computer guidance system does most of the flying. When the autopilot detects an obstacle ahead, it will pull up. Pulling up while traveling at high speed reduces the danger. This is akin to market circuit breakers that stop trading in equity markets when downward velocity is too high. Something similar to this will be needed for payments. Highly intelligent machines will increasingly manage our treasury. Extending the analogy that pilots are still required in jetliners, will Treasury still need people? All of this brings us back to the new financial engineering that we introduced earlier in the paper. If one thinks about the process of managing treasury, where payments and liquidity run 24x7x365, and at a high velocity, the question becomes, how do I manage cash positions where cutoff times and end-of-day no longer apply? What do I do after I go home at night? Deployment and movement of cash becomes easier with RTL, but overall management becomes more complex. And as we know all too well, humans are innately not good at handling complex routines and high velocity.