Centralising your treasury

中文标题

集中化您的资金管理

HSBC10/19/2026updated 10/19/2026

Unknown economy

Citable research brief

Core conclusion · Tlines extraction

HSBC's Treasury Pulse Survey finds over 55% of multinationals run or are designing an in-house bank, 78% of treasurers are reviewing account structures, and 80% have established a cash pool. HSBC and KPMG argue the harder work sits upstream: settling the target operating model against local tax, transfer pricing and regulatory constraints before choosing a banking structure, using guides covering over 60 markets.

Institution: HSBC
Published: 10/19/2026
Research topic: US 10Y Treasury
Time horizon: Not explicitly stated

US 10Y Treasury · US10Y

Key arguments

Treasury operating models lag behind expansion, leaving idle cash, slow group cash visibility and inconsistent payment controls.
Liquidity centralisation is mainstream (80% cash pool adoption), but centralised payment models such as POBO/ROBO are still emerging.
Moving cash and paying on behalf of subsidiaries creates intercompany, tax, permanent establishment and beneficial ownership issues that must be addressed early.
Banks and advisers play distinct, complementary roles; a European industrial group's KPMG review changed its design, avoiding post-go-live rework.

Key numbers

Multinationals operating or designing an in-house bank: over 55%
Treasurers reviewing banking account structures: 78%
Treasurers with a cash pool at global, regional or country level: 80%
Markets covered by joint HSBC-KPMG centralisation guides: over 60
Markets in the European industrial group's KPMG review: twenty

Main risks

Addressing tax, regulatory and accounting consequences too late can delay projects or force reopening after go-live.
Cross-border sweeping may be permitted yet unavailable in practice, and an in-house bank may create a permanent establishment.
POBO arrangements raise agency, permanent establishment and beneficial ownership questions requiring country-level regulatory insight.

Corresponding source evidence

With 78% of corporate treasurers actively reviewing their banking account structures to simplify bank connectivity, reduce the number of bank accounts, and improve transparency across the group1, it is critical to understand that each centralisation structure has consequences beyond treasury.
Corporate treasurers therefore value coordinated support from experienced partners - banks and advisers - who can provide holistic and practical guidance on treasury transformation.
The adviser sets the target operating model, tests it against tax, transfer pricing, accounting and local regulation in every market in scope, and sequences the implementation so that legal, treasury and technology workstreams land together.

Context: the conclusion is Tlines' automated extraction, not the institution's wording. Quoted evidence is publisher wording. Scope and date must travel with the conclusion.

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