Treasury management system and risk management provider Reval announced Monday it is moving “from a product to a platform strategy.” The company said it wants to capitalize on moves companies are making from legacy systems to the cloud. It will also widen its offerings to go deeper into middle-market, which it sees underserved when it comes to treasury.
Justin Brimfield, Chief Marketing Officer at Reval, said the company has been seeing “a lot of buying signs” that prompted the move. He said there are the traditional movers, those “moving off of a legacy system” to the cloud or software-as-a-service (SaaS), “but also a lot of companies are moving for the first time onto a system. The addressable market is getting bigger and bigger and they’re obviously not looking at installed systems but at cloud-based or SaaS offerings.”
The cloud platform, according to company literature, is an “ecosystem where corporates, partners, and banks can connect, collaborate, and co-create value.” “We’ve taken this multi-tenant platform, this integrated single line of code and are making a platform play,” said Mr. Brimfield, “and with that play not only comes accessibility to individual and integrated modules within the partner community, but now allows us to build packages off that in the way the market wants to consume.” Mr. Brimfield said Reval has been building its partner community for more than three years.
The platform will offer two packages, one for more advanced treasuries and one pre-configured with “core treasury functionality” for smaller shops. These are smaller companies, Mr. Brimfield said, that have “outgrown their spreadsheets…and getting more global,” and likely are contending with currency swings, like recent dollar strength. That product is called Reval CORE.
The more sophisticated package, Reval CHOICE, lets treasuries select what functions they need, accessing products from across the Reval Cloud Platform. In this way, too, Reval says it will be better capable of helping companies “identify the most appropriate selection of technology.” It will then configure CHOICE package to meet the company’s specific business needs. “We’ve got roughly 90 percent of the functionality that any treasury organization would want or need,” Mr. Brimfield said, “so what we have now is a platform in which we can take specific pieces of that and offer it in ways the market is looking to digest it.”
Finally, to help companies seemingly in a rut with legacy systems and often unable to move (or escape), Reval has developed ClearPath Migration Service, which will help companies off troubled systems and on to the Reval Cloud. Reval has even developed a financial program to help ease the burden of the switch.
“We have a lot clients that are just stuck,” said Mr. Brimfield. However, their needs have grown and they haven’t upgraded in while. “They’re shackled to legacy upgrade cycles and legacy technology.” And often they look at the market, “and realize they don’t have it in the budget this year; they can’t afford the switching costs this year and this year turns into next year and the next year turns into the next, and they continue to rely more and more heavily on spreadsheets.
Mr. Brimfield didn’t go into specifics about the financial program, although he said it was not financing. “It’s not a financing option, it’s our investment in trying to liberate these clients stuck on legacy tech and realize they’re burdened by implementation cost,” he said.