The Treasury Architect (Or: How to Build a Treasury Function Before the Clock Runs Out)
Case Study
The Situation
When the Treasury Architect joined the assignment, the company was preparing to separate from its parent company and become a standalone business.
“As you can imagine, there was quite a bit of pressure and a lot of moving parts. No two days looked the same.”
From a treasury perspective, there was no independent treasury function yet. Treasury activities were still largely managed through the parent company, while the business itself operated in a decentralized way across multiple regions.
The objective was clear: build a treasury function capable of supporting an independent company from Day 1.
“Treasury suddenly became critical because the business needed to survive and operate independently.”
The Challenge
Instead of fixing a problem, the challenge was to create something that didn’t exist yet, while the business itself was still being reshaped.
The team needed to establish financing structures, improve cash visibility, implement forecasting capabilities, manage FX exposure, and centralize activities that had previously been handled locally.
One of the biggest complications was helping the wider business understand the role treasury would play.
“Treasury can sometimes be seen as just banking and payments. During a carve-out, people quickly discover how essential it really is.”
Liquidity management also became a daily priority.
“We didn’t exactly have the luxury of sitting on huge cash buffers, so liquidity had to be managed very carefully across the business.”
Adding to the complexity was the fact that most treasury processes still needed to be designed.
“It was very much a blank canvas situation.”
The Approach
Rather than chasing perfection, the first priority was Day 1 readiness.
“We worked on banking structures, liquidity planning, financing arrangements and cash visibility. At the same time, we were already thinking ahead and designing the longer-term treasury setup.”
Rather than starting with technology, the focus was first on understanding the business.
“There’s no point implementing perfect treasury solutions if they don’t fit the reality of the business.”
As the carve-out progressed, attention shifted toward building a sustainable treasury organization.
Key initiatives included:
• Creating a group-wide cash flow forecasting framework
• Introducing treasury reporting for liquidity and FX exposure
• Centralizing treasury processes
• Supporting treasury governance improvements
• Leading the TMS selection and implementation journey
Over time, the Treasury Architect’s role has evolved significantly.
“At the beginning, my focus was on the carve-out itself: cash repatriation, cash pools, opening bank accounts, and intercompany lending.”
“Later, the focus shifted toward building a mature standalone treasury function, including governance, reporting, TMS implementation, and onboarding the permanent treasury team.”
Throughout the project, close collaboration between interim treasury professionals and internal stakeholders proved to be critical.
“We had a good balance. The interim team brought treasury expertise and transformation experience, while the Head of Treasury had deep business knowledge and internal connections.”
The Impact
Over the course of two years, the treasury function evolved from a decentralized setup into a mature standalone organization.
Results included:
• Improved cash visibility
• Stronger banking relationships
• Centralized treasury processes
• Structured liquidity and FX management
• Treasury reporting capabilities
• Successful TMS implementation
• A permanent treasury team ready to take ownership
The achievement the Treasury Architect is most proud of is not one specific project deliverable.
“The biggest result is that the treasury function is now operating comfortably as a standalone organization.”
The engagement also developed into a long-term partnership built on trust, flexibility and teamwork.
“Even during difficult moments, there was a lot of trust, teamwork and honestly also quite a bit of humor along the way. That combination makes a huge difference in long-term projects.”
Client Feedback
The success of the project wasn’t only measured by what was delivered, but also by the impact it had on the organization and the people involved.
“We simply worked very well together.”
When asked which feedback meant the most to her, the answer was immediate:
“Hearing that I played an important role in building the treasury function into what it is today meant a lot.”
And perhaps the ultimate compliment for any interim treasury professional:
“You’re always welcome back.”
Personal Perspective
“It’s the fact that we managed to build so much from scratch in a relatively short period of time.”
The role itself evolved significantly throughout the transformation.
Looking back, one of the most rewarding aspects of the assignment was seeing the treasury function mature from an idea on paper into an organization capable of operating independently. Being involved throughout that entire journey provided a unique perspective on how much can be achieved when treasury, technology, and the business work closely together.
For her, one of the biggest lessons was learning to stay adaptable.
“In carve-out projects, things change constantly. Timelines shift, priorities evolve, and new challenges appear out of nowhere.”
“Being able to adapt quickly was probably one of the biggest success factors.”
Final Takeaway
Moral of the story: Carve-outs rarely go exactly as planned.
Timelines shift, priorities change, and new challenges appear along the way. This project showed that treasury is not something you build later; it’s one of the foundations that allows a business to operate independently from Day 1.
At Pecunia, we help organizations navigate treasury transformations, carve-outs, TMS implementations, and interim treasury challenges with experienced professionals who combine expertise with a pragmatic approach.
Because treasury is not a department, it’s an infrastructure. If built properly, it scales with the business.
