Treasury 2.0
Built For a New Era
J.P. Morgan Payments - Global Advisory | 2026
Treasury 2.0
For decades, corporate treasury has earned its reputation by protecting value, safeguarding cash, managing exposures, and ensuring compliance, that mandate hasn't changed.
But the world around treasury is reconfiguring itself. Payments now move in seconds, markets shift in minutes, boards expect answers in hours, and artificial intelligence is no longer a future promise — it is a present-day reality. This is fundamentally redefining how decisions are made, risk is managed, and businesses operate. Treasury must evolve accordingly. Next-generation treasury isn't just about doing the same things faster; it's about seeing sooner, deciding smarter, and acting in real time.
This report is our effort to map the journey from where most companies are today to where they must be tomorrow — with clear trends, practical frameworks, and real-world blueprints to help companies navigate complexity, embrace transformation, and build the next-generation corporate treasury.
Four Key Pillars
Infrastructure
The modern foundation treasury needs to power scalable, connected, AI-enabled operations
Intelligence
Always-on insight to navigate compounding volatility, regulation, and faster-evolving fraud
Talent
The people and skills transformation required to thrive in a human‑plus‑AI treasury environment
Strategy
How treasury becomes strategic value engine —unlocking capital and influencing critical decisions
Infrastructure
Trend 1: AI Adoption Paradox
Treasury adoption of AI has stalled at dashboards, RPA, and narrow machine‑learning use cases.
Trend 2: Agent-Native Infrastructure
Agent native infrastructure becomes table stakes; Legacy systems are unable to support treasury AI ambition.
Trend 3: The Multi-Rail Reality
300+ payment methods globally; Multi rail strategy becomes compelling and inevitable.
Trend 4: Tokenization Past the Hype
Stablecoins and Deposit tokens emerge stronger in 2026; Treasury and commercial use catching up.
Intelligence
Trend 5: Permanent Polycrisis
~$62T market cap erased in disruptions since 2001; Treasury resiliency & agility becomes business critical.
Trend 6: Regulatory Density Ramp
Shift from reactive compliance to proactive Intelligence; NACHA, Basel IV, ISO 20022, Genius Act etc.
Trend 7: Fraud Outpacing Defense
$40B in AI amplified risk losses by 2027; Time to exploit has gone down from 63 days (in 2018) to -7 days.
Talent
Trend 8: Human in the Loop
Low to zero-error standard in treasury makes the case for AI pairing with human judgment.
Trend 9: Hollowing of the Middle
72% treasuries face hiring difficulty; Cutting entry-levels kills pipeline; Average teams run with ~12FTEs.
Trend 10: The New Skill Stack
AI literacy, data fluency, domain expertise, and strategic value articulation commanding premium.
Strategy
Trend 11: In-House Bank Imperative
Complex account structure and decentralized liquidity management eating operational bandwidth.
Trend 12: Working Capital Gap
$761B of free cash flow trapped in working capital becomes the big treasury opportunity.
Trend 13: Seat at the Deal Table
Global M&A volume surges 26%; Large cross border deals demands early treasury engagement.
Our Global Advisory team, within J.P. Morgan Payments, partners with treasury and finance leaders helping them optimize treasury, payments, liquidity, and working capital by delivering strategic guidance, market intelligence, and data-driven insights. Comprised of former practitioners, strategy consultants, and bankers with deep domain and industry expertise; we offer global coverage with regional execution.
Varoon Mandhana
Global Advisory
J.P. Morgan Payments
Nirav Kakariya
Global Advisory
J.P. Morgan Payments
Sharon Fernandes
Advisory Research & Analytics
J.P. Morgan Payments
Siddhant Khattar
Advisory Research & Analytics
J.P. Morgan Payments
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