We believe that the shift to real-time treasury — where payments, liquidity management, and security management are effectively instantaneous — will gather pace with the emergence of an always-on economy. Real-time payments are becoming commonplace in more markets, bringing new risks and a need for better management of visibility, compliance, and liquidity to support these flows. Companies are being impacted at different paces, largely defined by their industry ecosystem. For example, digital native companies, often services-based and with short cash cycles, and companies selling direct to consumers are becoming early adopters. Ultimately, this is a secular change and most companies are, at best, only moderately prepared.2 However, all companies must prepare to have the ability to move, manage, and invest money on a global, 24/7/365 basis in support of the operating business. Hence, all treasurers should have a strategy and plan for deployment in the coming years.