19 Feb 2026: the year the treasury ceased to be merely operational
We begin 2026 with a clear reality: corporate treasury is at a true turning point. Technology is advancing rapidly, macroeconomic volatility and regulatory pressure have changed the rules of the game, but above all, the most significant change is taking place within organizations themselves: treasury is positioning itself as a strategic function, not just a purely transactional one. In this new context, talking about strategic treasury is no longer an aspiration, but a competitive necessity.
After a 2025 focused on analyzing new trends, the consensus is clear: we are immersed in the era of digital treasury—one that is better prepared, more connected, and geared toward delivering real value to the business. Full banking integration, AI applied to forecasting, and visibility into future cash flows have become the goal of every organization.
The next step is clear: to consolidate a strategic treasury model capable of anticipating scenarios and supporting decision-making at the highest level.
Digitalization: fewer promises, stronger foundations
Digitalization, to compete in complex environments, is no longer a goal but a minimum standard. The implementation of Treasury Management Systems (TMS), the adoption of cloud environments, and the growing use of advanced analytics have significantly improved visibility into future cash flow and operational efficiency in companies. But let’s be honest: in many of these companies, the main obstacle is not technology, but the lack of standardized processes and robust data governance. Without a solid operational foundation, it is impossible to evolve toward true strategic treasury.
For example, the challenge will not be “having AI,” but applying it meaningfully. It offers enormous potential for improving cash flow forecasting and risk management, but reliable data and well-defined processes are required. Before adding sophistication, we must first standardize the basics. Three-way interoperability between TMS, ERPs, and banking will remain a critical factor in an increasingly complex, open, and regulated environment.
Volatility as the norm, not the exception
Recent experience has confirmed what many suspected: volatility is no longer a temporary phenomenon. Interest rates, currencies, and liquidity are moving against a backdrop of persistent geopolitical tensions, structural inflation, and rapid shifts in monetary policy.
In this scenario, risk management can no longer be reactive. Ad hoc hedging is no longer enough. Treasury must evolve toward models based on scenarios, simulations, and continuous monitoring, capable of anticipating impacts and translating them into decisions that management can understand. This is where strategic treasury excels, transforming financial data into business decisions. The challenge is twofold: equipping oneself with tools, but also with the judgment to interpret information and act quickly.
ESG: From Regulatory Requirement to Value Driver
Sustainability has moved beyond mere rhetoric to become an operational reality. The integration of ESG criteria into treasury is driven by European regulation, but also by increasingly demanding investors and customers.
Here, treasury plays a key role: sustainable financing, transparency, traceability of cash flows, and efficient use of resources—to gain access to cheaper financing or provide clearer information to investors. However, we should not idealize the starting point. In many organizations, treasury does not yet lead this agenda and lacks clear resources to do so. 2026 will be decisive for moving from compliance to competition: integrating ESG intelligently can generate value, but doing it poorly can add complexity and administrative burden with no return.
Talent: the real bottleneck
Technology is advancing rapidly; organizations, not so much. The new treasurer profile demands digital skills, analytical ability, and strategic vision, but also communication skills and cross-functional leadership. The role of the treasurer—as the profile that translates the impact of strategic decisions into cash flow—requires hybrid financial and business profiles, with communication and negotiation skills. The consolidation of strategic treasury will depend, to a large extent, on organizations’ ability to attract and develop this talent.
Continuous training is no longer optional. The greatest risk is not the learning curve of young talent, but the difficulty in retraining experienced professionals and aligning incentives with the new strategic role. Many companies claim to want a high-value-added treasury function, but they continue to measure it using purely operational KPIs. Without a real cultural shift, the transformation will remain incomplete. In this context, the professional community, the exchange of experiences, and support networks are more important than ever.
Spain: Complexity Without Complexes
Spanish treasury has demonstrated a remarkable capacity for adaptation in recent years. Internationalization and the adoption of best practices have led to complex treasury functions in mid-sized companies.
This requires rethinking access to technology and qualified professionals across a much broader segment of the business landscape. It is not a technological issue, but one of prioritization: finding the financial and human resources to tackle these projects. The challenge now is to accelerate the transition toward strategic treasury models in this mid-market segment as well.
A critical function for business resilience
2026 is the year to commit to the strategic treasury model that combines well-applied technology, skilled talent, and a commitment to generating value through informed decisions adapted to the changing environment. Every organization, starting from its own unique position and with its own limitations (budgetary, cultural, technological…) must chart its own course—a path now recognized as essential.
The question is no longer whether treasury can be strategic, but whether an organization can afford a treasury that is not.
Esther Nieto, Partner at All CMS.
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