Best Treasury Software Solutions for 2024

Who’s dominating the Treasury Software space? Find out in this quick comparison guide where we look at 14 of the world’s top treasury solutions including SAP, Kyriba, FIS, and Coupa highlighting their key features and user benefits.

 
 

We recently published our new “Quick Buyer’s Guide to Treasury Technology in 2024” where we take a closer look at the key technological trends shaping the treasury sector over the past 12 months and the top players who appear to be leading these trends and dominating the space.

According to the results of a recent survey by Treasury Dragons, Coupa and FIS are at the forefront of treasury technology solutions, followed by Nomentia, Kyriba, Fides, and ION. Interestingly, the study highlights that more than 40% of treasurers employ more than one treasury technology tool, underscoring a market trend toward the need for greater integration in the sector. 

In contrast, in a separate survey by Deloitte in 2022, SAP Treasury emerged as the most favored system among those surveyed, with Kyriba, FIS, and ION also being preferred for certain modules.

This trend is further pronounced by the results of our own research. In a LinkedIn poll of over 100 members of the Treasury group, over 30% indicated SAP as their primary treasury software provider. Kyriba was the choice for over 25% of the respondents, while FIS was selected by less than 20%.

To gain a deeper understanding of the treasury software arena and its leading figures, we sought to gather some primary customer usage data and insights from prominent rating agencies and platforms such as G2, Gartner, Featured Customers, and TrustRadius. We’ve summarised our findings in the following treasury technology comparison overview. 


 

Treasury Technology in 2024: Buyer’s Guide

 

Treasury technology solutions: Comparison overview

Most used treasury solutions of 2023

SAP Treasury

Built on SAP’s in-memory SAP S/4HANA Finance software, SAP’s TRM provides a fully integrated solution for optimising the cores of the treasury function including cash management and liquidity, payments andd bank communications, investment and debt, and forecasting. It offers full transparency and on-the-fly analysis across all dimensions of financial data.

Key benefits: 

  • Enterprise-grade solution

  • Integrates with the broader SAP ecosystem

  • Offers real-time insights, cash management, and risk management capabilities

  • Enables additional liquidity by unlocking working capital within enterprises

  • Efficient payments and smooth bank connectivity

  • Risk mitigation and compliance with embedded controls using alerts, monitors, workflows, and process integration tools

Key features: 

  • Multi-bank connectivity 

  • Trading platforms 

  • Digital payments add-on

  • Integration to other systems 

  • Supply chain finance platform and working capital management solution from Taulia now part of SAP 

  • S/4HANA Cloud for credit integration, public edition

  • Cash application 

  • Governance, risk and compliance 

Gartner user rating: 4.3/5 (344)  

What do users like & dislike about SAP TRM?* 

👍

“It is focused mainly on cash position management and multiple accounts facilitation, so it is perfect for corporate payments centers.” 

“SAP TRM has many capabilities and is easy to use, if you are familiar with the SAP look and feel. My favorite aspect is how it ties into other SAP modules.” 

“The fact that it is directly linked to the SAP databases and can pull on demand and provide tracking is ideal when working in a fast-paced environment.” 

👎

“The interface is a little outdated”. 

“The startup cost for the individualized servers to run the cloud-based operation.”

“It can slow down significantly with many users on simultaneously.”


 

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FIS Integrity

FIS Integrity is a suite of solutions provided by FIS, a global leader in financial services technology. The Integrity suite is designed to address both simple and complex treasury management requirements including cash positioning and forecasting, bank account administration, payments processing, foreign exchange, debt and investment management, accounting, compliance and reporting.

Key benefits: 

  • Complete support for everything from basic cash positioning to complex hedge accounting

  • Easy implementation

  • Seamless integration with ERPs and other specialised systems and FIS SWIFT services

  • Affordability 

  • Automated upgrade delivery process

Key features: 

  • Full liquidity management

  • Risk management and compliance with “Secure by Design” infrastructure providing vulnerability scanning to real-time security infrastructure and network monitoring

  • Expanded analytical tool with customizable dashboards and ad hoc reports

  • Accounting and extensive treasury reporting

  • In-house banking with intercompany loan management, netting, eBAM, trade finance 

User rating: N/A 

What do users like & dislike about FIS Integrity?*

👍

“Risk analytics capabilities.” 

“Product capabilities (sufficient for small to mid-sized companies) and its online help portal.” 

“The look and feel of Integrity compared with other systems.” 

👎

“Installation and service (e.g. Simple validation checks like IBAN not available).” 


Coupa Treasury

Coupa offers a fully integrated Business Spend Management (BSM) platform. It unifies financial data from across the business, giving cash managers and corporate treasurers the most comprehensive visibility into cash flow and the most accurate cash forecasting. 

Key benefits: 

  • Helps treasury management teams become better business partners as it aims to unify them with other key finance functions like supply chain and procurement

  • Increases agility and financial resilience 

  • Optimises liquidity 

  • Enhances cash forecasting

  • Improves banking relationships and streamlines bank account management

  • Reduced financial risk  

Key features: 

  • Real-time visibility and transparency

  • Automated cash management and settlement across multiple subsidiaries, currencies, accounts and users

  • Transparent and automated reconciliation and netting of intercompany invoices reduce transactions and costs

  • Integrated trading platforms

  • AI-driven fraud controls and hedge financial risks, such as FX and interest volatility

  • SWIFT services 

FC user rating: 4.7/5 (3337)

What do users like & dislike about Coupa Treasury?* 

👍

“Coupa is a game changer when it comes down to P2Ps, ease of use and customisation.” 

“Coupa is a user-friendly tool that integrates very well with any ERP Application. We have integrated it with SAP.” 

“The ability to access customer support or find readily available solutions to challenges gives Coupa a competitive advantage.” 

👎

“Some of the setup and maintenance of the account can be tedious.” 

“Reporting could be improved.”


Kyriba

Kyriba is a cloud-based platform that delivers Treasury, Risk Management, Payments and Working Capital solutions through real-time connectivity enabled by the latest API, AI and data analytics technologies.  

Key benefits: 

  • Helps treasury departments spend more time on higher value tasks and supporting decision-making activities

  • Gain confidence throughout the organization with timely and accurate global cash visibility

  • Better forecast accuracy with the ability to compare forecasts to actuals for any horizon

  • Kyriba’s Value Engineering team works with clients to identify how CFOs and treasurers can increase the effectiveness of treasury teams to increase treasury’s value to their organisations

Key features: 

  • Real-time connectivity with API

  • Automated cash management and settlement across multiple subsidiaries, currencies, accounts and users

  • Multilateral netting 

  • Integrated trading platforms

  • Increased treasury controls 

  • Advanced reporting with out of the box dashboards, configurable reports, automated scheduling, multiple report formats and email distribution option 

FC user rating: 4.7/5 (2006)

What do users like & dislike about Kyriba?* 

👍

“It is a very dynamic system, it does not require training and we keep our cash management in order.” 

“It has very strong connectivity with banks for bank statements.” 

“For accounting, it is a dynamic system that allows you to do G/L coding and accounting entries very easily, while also working with the ERP system, so just overall a very streamlined process.”

“The reporting function is great - there are so many ready made templates available to use. We have scheduled reports that are waiting in our inbox in the morning advising us on cash balances and positions, reports that are daily/weekly/monthly that are, again, automatic or can be ran on an ad hoc basis.”

👎

“Implementation - is complicated, adding a function, feature, or account can be tedious. Communication between Kyriba and the bank is usually a bottleneck.” 

“It is very hard to customize.”

“If we close a bank account in Kyriba, all signer information is lost which means we may not be able to use Kyriba for FBAR reporting.”


Nomentia 

Nordic-based Nomentia provides cloud-based cash and treasury management solutions that allows organisations to centralise their payments, take control of the group's cash flows, improve forecasting and visibility, add bank connections easily, and connect with any systems, such as TMS or ERPs. 

Key benefits: 

  • The platform is cloud-based, hyper-modular and highly customisable: organisations can build their cash and treasury management technology stack from scratch or add solutions to complement their existing technologies

  • Streamlined integration with close support

  • Offering one of the widest ranges of cash and treasury management portfolios on the market

Key features: 

  • Modular solution

  • A global payment hub to centralize, control, and manage your end-to-end payments cycles

  • Liquidity

  • Multi-bank centralised solution

  • Cash forecasting and visibility

  • Digital management of all guarantees and letters of credit

  • Customized treasury reports for optimal analysis in Excel, Power BI or any other BI tool

G2 user rating: 4.7/5 (13)

What do users like & dislike about Nomentia?* 

👍

“Provides transparency about FX exposure, helps to automate FX exposure planning and provides a smart solution to optimize a hedging portfolio based on a cash flow at risk calculation.” 

“It is adaptable per business requirements and business model.” 

“Provides a smart solution to optimize a hedging portfolio.”

👎

“There is room for improvement to safely guide through the user processees (parameter settings, update mapping tables). Depending on the individual setup the various settings and mappings can get quite complex.” 

“Poor long-term planning capabilities.


Fides

Fides is a leading global multibanking platform that allows organisations to centralise and simplify their treasury’s global multibank connectivity and transaction communications in one clear dashboard. 

Key benefits: 

  • Single platform where treasurers, analysts, cash managers and CFOs can access all the tools needed to manage their daily tasks

  • Centrally control your payment flows via the most secure access possible from anywhere, at any time

  • Increase treasury efficiency to save time and money with the web-based Fides Multibanking Suite

  • Have complete transparency and overview of your account information

Key features: 

  • Connectivity to all banks via all protocols 

  • Real-time bank data processing and display 

  • Secure messaging in various formats with financial providers 

  • Payments from all accounts worldwide 

  • Validation & conversion for all reports and payments

  • SWIFT & hybrid service bureau 

User rating: N/A


ION Treasury

ION Treasury offers a suite of treasury management systems from standard to advanced, from on-premises to cloud. Its product portfolio includes Treasura, City Financials, ITS, Reval, IT2, Openlink, and Wallstreet Suite. And it also offers innovative apps and services that enhance the value of the treasury management systems.

Key benefits: 

  • A choice between 7 unique solutions

  • Manage liquidity at any scale, in any country, while mitigating financial, regulatory, and operational risks

Key features: 

  • Cash management

  • Funding, debt & investment

  • Risk management

  • Bank account management

  • Payments 

  • Accounting and hedge accounting 

FC user rating: 4.8/5 (733))


 

Kleinwort Hambros Bank reduces 95% of time spent on managing authorised signatories


Other highly-rated treasury solutions

Agicap

Agicap is a leading European cash-flow management and forecasting platform for mid-market companies. It centralises and processes financial data in real time, from a single interface, enabling organisations to have a view of the current and future cash situation and improve decision-making.

Key features: 

  • Centralising cash flows and automating tasks

  • Real-time cash flow monitoring

  • Supplier payments 

  • Customer follow-ups

  • Bank integrations 

FC user rating: 4.8/5 (383) 


Bottomline

Bottomline provides leading SaaS payments and digital banking solutions covering the entire payments lifecycle – from accounts payable and cash management to collections and receivables. Their PTX Cash Management and Payments platform offers a simple

way for organisations to replace spreadsheets with automation, develop more timely cash visibility and secure greater payments control without the complexity of a TMS implementation.

Key features: 

  • Centralising cash flows and automating tasks

  • Real-time cash flow monitoring

  • Supplier payments 

  • Customer follow-ups

  • Bank integrations

FC user rating: 4.7/5 (3010) 


CashAnalytics

CashAnalytics is a market-leading software company that helps treasurers to produce the highest quality cash forecasts. By automating the administrative tasks that cause cash and liquidity forecasting to take unnecessary time and effort, CashAnalytics enables treasurers and finance managers to focus on adding real value to the business. It is best serving the B2B mid-market.  

Key features: 

  • Connecting directly to your ERPs and banks

  • Automated cash flow forecasting

  • In-depth AP and AR analytics

FC user rating: 4.8/5 (406)


HighRadius

The HighRadius Treasury Management solution is the world’s first AI-powered treasury suite designed to serve treasury teams across companies and industries by automating their cash management and forecasting processes. The solution integrates with all global banks, ERPs, TMSs, FP&A, and accounting systems to automatically gather financial data and generate accurate forecasts across all cash flow categories.

Key features: 

  • AI-Powered Close Management for integrated accounting

  • For the first time, shift from reactive to proactive Anomaly Management

  • Zero-touch, straight-through remittance capture and payment posting

  • Automated research and resolution of trade and non-trade deductions

  • Automated dunning, improved collector KPIs, lower past-due and DSO

FC user rating: 4.8/5 (743) 


TIS

TIS is a cloud-based software and service provider that helps organisations simplify and streamline their global payments and cash management operations. Its platform empowers businesses to optimise critical functions surrounding cross-border and domestic payments, bank connectivity, cash forecasting, fraud prevention, payment compliance, and more.

Key features: 

  • A single source of truth for cashflow, payments & financial activity

  • Real-time financial data

  • Cloud-native hosting & support

  • Extensive suite of solutions for large and scaling companies, banks and partners covering accounting, debt & investments, risk management, fraud & compliance, payments & cash management and business intelligence

FC user rating: 4.8/5 (900) 


TreasurySpring

TreasurySpring offers a Regulated Fixed-Term Fund platform delivering new digital pipelines to connect cash rich firms to institutional borrowers. Built on enterprise-grade infrastructure and designed in collaboration with leading industry participants, Fixed-Term Funds bring the power of the largest, most sophisticated treasury departments to all firms holding material cash balances, for the first time.

Key features:

  • A pool of ever-growing cash

  • Multiple ways to reduce and diversify risk vs traditional deposits 

  • Free digital onboarding  

FC user rating: 4.8/5 (13)


Trovata

Trovata is a API-powered digital platform that offers a suite of cash management solutions for large and small to medium-sized organisations. By bridging the gap between banks and accounting systems, Trovata helps companies gain powerful insights into their cash flows and facilitate better and quicker business decisions. 

Key features: 

  • A single source platform for all your bank data with one centralised login 

  • Automated transaction categorisation

  • Google-like transaction search

  • Historic cash flow activity 

  • ACH, Wire, and Real-Time payments

  • Advanced forecasting with ML & AI

  • SOC2 certification 

FC user rating: 4.8/5 (461)


How Cygnetise helps treasury departments be more efficient

At Cygnetise, we have developed an application that solves the pain of managing authorised signatories, digitising the process and making it more secure and efficient. Our technology enables users to update their signatory records in real time and has a variety of sharing mechanisms so that the counterpart can always have access to the most up-to-date information, eliminating the need to recompile and redistribute data. Organisations can now save over 90% of their admin costs and time, whilst mitigating the risk of fraud for the organisation.

Here are 5 ways Cygnetise can enhance your treasury function:

  • Manage, share and update signatory data in real time

  • Maintain a single source of truth

  • Have instant, remote access to the latest signatory data entry

  • Keep a historical record of any signatory data changes

  • Develop a sufficiently standardised process across all your functions/entities

Want to learn more about Cygnetise? Request a free demo below and one of our team will get in touch with you right away!

InnovationStephen Pomfret