
Consolidation, outsourcing and technology have fundamentally reshaped the cash cycle. In this special two-part edition of the Global Cash Report, Luke Curry, Cash Cycle Manager at CMS Analytics, charts how these forces have created larger, more capable suppliers while quietly widening a control gap for financial institutions. Part One examines market conditions, supplier strategies and the shift from bank-operated to vendor-led cash, highlighting the new dependencies and risks that follow. Looking ahead, Part Two will introduce CMS Analytics’ Cash Cycle Orchestration framework, setting out practical steps for banks to strengthen governance, regain independent visibility and coordinate more effectively with their partners.