Treasury operations are the routine, day-to-day work of a company's or bank's treasury function: watching cash positions, moving money between bank accounts, releasing payments, investing surplus cash, drawing on credit lines and executing foreign exchange trades. They are the operational side of corporate treasury, which explains the function as a whole.
Typical daily tasks include checking bank balances first thing, forecasting what will come in and go out, and moving funds so no account runs short; this is the core of cash management and liquidity management. Larger firms run these tasks through a treasury management system linked to their banks. Treasury operations also carry out hedges against foreign exchange risk and keep payment controls tight, because treasury is a common target for payment fraud.