By Penny L. Foust – CTP, Senior Vice President, Signature Bank for Milwaukee Business Journal

With 80% of businesses experiencing payments fraud in recent years, treasury management is more critical than ever. Yet, many companies overlook key questions when selecting a banking partner. Choosing the right banking partner isn’t just about the loan, rate and processing transactions — it’s about optimizing cash flow, reducing risk and ensuring your business remains financially agile.

These functions are all supported by the commercial banking treasury management team. The right banking partner acts as an extension of your team, providing insights, automation and security that safeguard your financial future.

Beyond the basics: What to ask your treasury management team

All banks offer treasury management services, but not all provide the same level of expertise and efficiency. To ensure a smooth partnership, ask potential banking partners these key questions:

  1. What is the onboarding and implementation timeline? Some transitions take days, others take months. Timing and the ease of transition can significantly impact your operations.
  2. Does the bank’s technology integrate seamlessly with your ERP or accounting software? Integration reduces manual processes, prevents errors and improves cash management.
  3. How does the bank handle treasury management discovery? A strong banking partner should not simply mirror your current setup but also reduce fees, identify new efficiencies, mitigate risk and improve cash flow.
  4. Can the bank tailor its services to meet the needs of mid-sized and privately held companies? The ability to deliver customized digital treasury management solutions with high touch customer service is key to long-term success. You need a local treasury management team with experience and knowledge that understands your business.

Look for a banker who will roll up their sleeves, conduct a thorough analysis and create solutions that fit your business — not just provide off-the-shelf services.

Automation and AI: The future of treasury management

The fewer manual steps in your treasury management processes, the lower the risk of fraud and error. Businesses should assess:

1. Automated payment processing. Can the bank streamline electronic payments for vendors and payroll, reducing reliance on checks?

  • Virtual card payments. These one-time-use digital cards provide greater security than traditional checks by generating unique card numbers for the amount specific to each vendor payment that cannot be altered or reused for future transactions
  • ERP integration capabilities. Many banks claim to offer automation, but without true ERP connectivity, businesses may still need to manually upload and reconcile payments. For example, Signature Bank’s customized, automated payables platform integrates with over 400 accounting softwares.

AI is also transforming treasury management, bringing both opportunities and risks. While AI-driven efficiencies improve payment processing and fraud detection, they also open the door to new cybersecurity threats. Today, it is very easy to impersonate someone on the phone or online. Vet your banking partner on:

2. Fraud prevention measures for AI-generated risks. How does the bank authenticate users in an era where voice and digital impersonation are growing threats?

3. Multi-factor authentication. Does the bank implement layered security beyond basic login credentials?

4. Ongoing security training. Will your bank help educate your team on emerging fraud tactics and how to minimize risk?

Security first: Vetting a bank’s fraud prevention measures

Fraud risk, both external and internal, is a growing concern for businesses. Unlike consumers, businesses only have one business day to identify unauthorized transactions before they become unrecoverable. Ask your banking partner:

  • What fraud detection and prevention tools are in place? Beyond basic positive pay fraud protection, does the bank offer real-time monitoring and alerts?
  • How does the bank help businesses mitigate internal fraud risks? Employee theft is a common issue in privately held companies — your bank should offer internal controls to reduce this risk.
  • Does the bank provide a cybersecurity checklist? This should include steps for preventing phishing attacks, ransomware threats and online banking takeovers.

Banker turnover: A hidden risk to your business

A strong banking relationship should be built on continuity. Many banks experience high turnover among commercial banking professionals, forcing businesses to start over with a new banker every couple of years. When vetting a treasury management partner, ask:

  • What is the average tenure of your relationship managers? A revolving door of bankers can disrupt service quality.
  • How does the bank ensure multiple team members understand your business needs? A team-based approach provides stability and ensures continuity even when individual bankers change roles. Your commercial banking and treasury management team should understand the ever-changing needs of your business.

Managing international treasury needs

Almost every company has some portion of its business that includes international payments, even if it's just cross border payments to Canada and/or Mexico. The complexities of global transactions require expertise in:

  1. Global payment solutions
  2. Foreign currency administration and exchange rates
  3. Risk management
  4. Strategic advisory services

The rules and regulations for business transactions differ greatly from consumer banking, and your bank must be well-versed in compliance requirements for international commercial payments. A knowledgeable treasury management team should guide you through cross-border transactions, ensuring efficiency, security and regulatory compliance tailored to mid-sized and privately held businesses.

Value-added banking: More than just transactions

Your bank should be more than a service provider — it should be a strategic partner.

A true relationship-based banking experience means:

  1. Proactive advice and industry insights. Your bank should bring new treasury solutions aligned with your strategic goals before you even know you need them.
  2. Regular strategy check-ins. Schedule quarterly or semi-annual meetings to discuss changes in your business and evolving treasury and cash management needs.
  3. Service, support and availability. In times of crisis, your banking partner should be accessible, knowledgeable and ready to help, becoming an extension of your team.

Final thoughts: Take the next step

Choosing a treasury management banking partner isn’t just about services, it’s also about partnering with a trusted advisor who can help your business navigate financial risks and opportunities. Before making a decision, schedule a strategy session with potential banking partners. Ask the tough questions about fraud prevention, automation and ERP integration. The right partner won’t just manage your treasury — they’ll enhance your business’s financial future.

Learn more about Signature Bank's personalized treasury management services. Connect with Penny Foust at pfoust@signaturebank.bank.

Founded in 2006, Signature Bank is a privately held state-chartered bank in Illinois and Wisconsin. As a relationship-based commercial bank, we provide unmatched customer service while operating our business carefully and conservatively. Technology-driven and well-capitalized, Signature Bank is one of the fastest-growing independently owned business banks in the Midwest and has been named on American Banker’s list of "Best Banks to Work For" for seven consecutive years. Reach out to info@signaturebank.bank to learn more.

Foust is a certified treasury professional with more than 25 years of experience helping clients optimize their financial operations while mitigating risk. She specializes in fraud solutions and advanced cash management structures and is active in the Wisconsin Association for Financial Professionals. As a Wisconsin native, Foust appreciates the state’s open countryside and strong sense of community.