Introduction

Treasury Management systems are unsung heroes in the corporate world as they provide a real-time overview of Cash flows, aiding in intelligent decision-making. Whether you’re a burgeoning startup or a  titan of the industry, understanding and leveraging a TMS is your financial compass guiding you toward optimal liquidity and risk management. 

Look for the treasury management system definition; you’ll find it’s a software solution businesses use for cash flow management and liquidity while taking care of the risks like foreign exchange rates and several others. Let’s dive into its details. 

What is a treasury management system?

Treasury Management Systems (TMS) are software applications or services designed to support the financial operations of an organization. The treasury departments of businesses use it to manage and automate their financial processes, control risk, and inform strategic decisions.

The software helps enterprises track, analyze, and manage their cash flow and liquidity. It makes sure there is sufficient cash to fulfill business obligations.

Read more: 10 Best Financial Management Tools for CFOs

List of best treasury management systems

1. HighRadius
2. SAP Treasury and Risk Management
3. Treasure
4. Kyriba
5. Coupa
6. GTreasury
7. Trovata
8. CashAnalytics
9. DocFinance
10. Nomentia

Best treasury management systems – Detailed explanation

Go through the details of this software to understand what’s best for your organization. We have summarized the software’s features, benefits, pros and cons, pricing, and ratings to help you make a perfect choice.

1. HighRadius

HighRadius’ autonomous treasury solution provides end-to-end automation, AI-based forecasting for maximal precision, and real-time collaboration for cash management. Treasury teams are often hampered by repetitive tasks, manual processes, and imprecise reporting obstructing optimal cash flow decisions. HighRadius helps them automate repetitive processes while producing accurate insights for the CFO’s office.

HighRadius features

Below are some notable features of  HighRadius’ treasury management solution.

• Enhanced data modeling: It moves beyond pre-built models and limited analytical tools, facilitating deeper and higher-quality insights.
• Improved reporting: The platform resolves the issues of incomplete reporting, which can lead to missed opportunities and poor cash flow strategies.
• Cash management: HighRadius’ solution provides end-to-end automation and AI-based forecasting for maximum accuracy. It also supports real-time collaboration, enabling teams to work together seamlessly.
• Cash forecasting: The Autonomous Treasury offers continuous global cash visibility, automated reconciliation of bank statements, and automated tracking of financial instruments, improving the accuracy of cash forecasting.
• Risk reduction: The system allows users to simulate potential financial outcomes, proactively reducing risks associated with various business decisions.

Benefits of HighRadius

Below are some notable benefits of HighRadius. 

• Optimized financial performance: HighRadius’ solution provides insights into cash flow to streamline funding decisions and boost short-term returns.
• Informed funding decisions: With the ability to monitor cash flow trends, predict their direction, and create accurate forecasts, businesses can make funding decisions with confidence.
• Overcome tedious and inefficient processes: Corporate treasury management systems centralize and streamlines data from various sources, resolving issues related to inaccuracies and inconsistencies.
• Eliminate siloed departments and outdated spreadsheets: The platform fosters real-time data collaboration, enabling continuous updates and accurate reporting.

Pros and cons of HighRadius

Pros	Cons
Efficient system for tracking and reporting	Some users experienced glitches in setting up accounts (G2)
Great for having everything in one place	Integrations need improvement (G2)
Easy to navigate	Take a long time to load sometimes (G2)

Pricing

HighRadius offers pay-as-you-go subscription-based pricing. You can contact the Highraidus team to get a quote.

Rating

Users give 4.3 out of 5 stars to HighRadius on popular reviews platforms. 

Quick Read: Cash Flow Forecasting: Definition, Advantages, and How to Ace It

2. SAP Treasury and Risk Management

SAP Treasury and Risk Management is a pioneering treasury software that integrates your cash flows, transactions, commodity positions, and market data into one consolidated platform. The software automates treasury tasks and links cash and risk management workflows to core business processes.

SAP Treasury and Risk Management features

Here are some features.

• Treasury task automation. The system allows you to automate repetitive tasks, freeing up valuable resources for more strategic tasks.
• Integration with core business processes. It links treasury and risk management workflows with core business processes, creating a seamless and efficient work environment.
• Accurate cash flow forecasting. The system enables you to forecasts cash flow accurately by integrating cash flows, transactions, commodity positions, and market data.
• Liquidity and risk management. With SAP Treasury and Risk Management, you can effectively manage your liquidity and mitigate financial risks.

SAP Treasury and Risk Management benefits

Below are some notable benefits.

• On-Premise, cloud, or hybrid deployment provides flexibility, allowing you to choose between on-premise, cloud, or a hybrid model based on your business needs.
• Advanced real-time analytics helps you gain full-view, real-time analysis of your financial data, which assists in audit trails and compliance reporting.
• Integration with SAP S/4HANA allows the treasury and risk management workflows to link with core business processes.
• Financial risk management monitors risk positions, commodity price changes, and currency conversion rates to develop compliant hedge accounting strategies.
• Debt and investment management provides insights into available cash, balance risk, and return, automates repetitive tasks, and monitors all investments to protect against risk.

Pros and cons of SAP Treasury and Risk Management

Pros	Cons
Saves time and cost for the implementation	Absence of trading transaction functionality (G2)
Helps manage accounts payable duties	A little challenging to learn and navigate at first (G2)
Ease of various ad-hoc and customizable reports	The cost of implementation is on the higher side (G2)

Pricing

The treasury management system offers custom pricing based on your unique needs from the tool.  You can contact the SAP Treasury and Risk Management team for a quote.

Rating

Users give 4.4 out of 5 stars to SAP Treasury and Risk Management on popular reviews platforms. 

Quick Read: 6 Best Cash Flow Management Software

3. Treasure

Treasure is a secure, innovative platform businesses use to manage treasury and cash management. It aims to protect and grow your business funds.

Treasure features

Here are some of the key features.

• Diversification with secure securities. Treasure allows businesses to diversify their portfolios with safe and secure, government-backed securities, helping minimize risk and maximize yield with a customized allocation to Money Market Funds and T-bills.
• SEC-regulated. As a Securities and Exchange Commission (SEC) certified Registered Investment Advisor (RIA) with fiduciary duty, Treasure is mandated to make all investment decisions with your best interests in mind, without any conflict of interest.
• Managed treasuries. With this, you’ll have government-backed securities that are dynamically managed for maximum yield and safety.
• SOC2 compliant security. Treasure provides enterprise-level security for customer data secured in the Treasure Technologies System.

Treasure benefits

Some benefits of the treasury management system.

• Maintained liquidity. With Treasure, your money is readily accessible within zero to three business days, ensuring you have your funds when you need them.
• World-class investment team. Treasure’s investment team is led by Peter Thiel’s former money manager, ensuring you have the best of the best handling your funds.
• Compliance. As an SEC Registered Investment Advisor, Treasure maintains a fiduciary duty to its clients, ensuring all business activities are in their best interest.
• Safety and stability. Treasure actively manages risk for you, using cash allocation or low-risk fixed-income mutual funds to generate high yields.

Pros and cons of Treasure

Pros	Cons
Matches different levels of safety/risk tolerance	Absence of stellar credit ratings  (G2)
Enables seamless bank integration	Lacks multi-user login (G2)
Amazing customer service	A little confusing for new users to start using it (G2)

Pricing

Treasure offers custom pricing based on your unique needs from the tool.  You can contact the team for a quote.

Rating

Users give 4.8 out of 5 stars to Treasure on popular reviews platforms. 

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4. Kyriba

Kyriba is an advanced treasury management solution that provides expansive finance support through strategic information on cash, liquidity, financial risk, transactions, and working capital markets.

Features of Kyriba

Here are some notable features.

• 100% cash visibility. provides timely and accurate global cash visibility, which enables the treasury to create accurate forecasts.
• FX risk management. helps manage foreign exchange risk, helping treasury teams navigate the complexities of global transactions.
• Trusted dependability. With over 2,000 clients worldwide, including 25 percent of Fortune 500 and Eurostoxx 50 companies, Kyriba has established a dependable reputation in the treasury management space.
• Open API developer platform and marketplace. provides access to new products and services and enterprise-wide integrations with banks, ERPs, and third-party systems through its open API developer platform and Marketplace.
• Enterprise liquidity management platform. offers connectivity, payments, treasury, risk, and working capital solutions through its platform. This delivers visibility, control, productivity, and data-driven decision-making for CFOs and their teams.

Kyriba benefits

Here are some key benefits.

• Actionable intelligence improves cash returns by offering increased cash visibility. With 100% cash visibility, treasury teams can drive strategic decisions and support major corporate initiatives.
• Streamlines treasury processes by reducing data entry and error management to allow more time for value-adding activities. More robust processes help contain costs and improve operational excellence.
• Improved cash forecasts offer in-depth insight into global cash, which forms the cornerstone of accurate liquidity forecasting.
• Unparalleled connectivity allows easy connection to over 1000 banks, ERPs, payment, and treasury systems. 
• Insights for the treasurer support finance through economic challenges and internal strategic needs.

Pros and cons of Kyriba

Pros	Cons
Flexibility in terms of integration	Limited to treasury and payment solutions (G2)
Centralizes all functionality	Lack of free fields available during custom configuration (G2)
Software automation is a great	The interface can be very confusing (G2)

Pricing

The treasury management system offers custom pricing based on your unique needs from the tool.  You can contact the team for a quote.

Rating

Users give 4.1 out of 5 stars to Kyriba on popular reviews platforms.

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5. Coupa

It offers a comprehensive solution called “Coupa Treasury” that is designed to take treasury management to the next level by offering greater transparency and control over financial data.

Features of Coupa

Below are some notable features.

• Greater transparency. The system provides better visibility into cash and payments, enabling smarter financial decisions, optimizing liquidity, and improving forecasting.
• Integrations. The solution integrates seamlessly with other Business Spend Management (BSM) applications, unlocking additional value from treasury and cash management.
• Risk management. It reduces financial and credit risks from supplier contracts and payments to protect against FX risk and interest rate volatility.

Coupa benefits

These are some benefits.

• Optimizes return on cash. The solution helps to gain more return on cash and reduce borrowing costs by giving deeper insights into your cash position and forecast.
• Reduces financial risk. The solution aids in minimizing the financial risks associated with various transactions.
• Improves operational performance. Coupa Treasury offers tools that can enhance the efficiency of your financial operations.
• Increase visibility. The system increases visibility from source to settlement and automatically incorporates payments into the cash position to identify excess or deficit cash.

Pros and cons of Coupa

Pros	Cons
Flexible, intuitive, and user-friendly interface	Lack of integration between the sourcing platform and the requisition process (G2)
Complete end-to-end solution for Procure to Pay	Inability to delete items, suppliers, or mass deleting of draft requests (G2)
Spend transparency	Supplier enablement can be challenging (G2)

Pricing

They offer custom pricing based on your unique needs from the tool.  You can contact the team for a quote.

Rating

Users give 4.2  out of 5 stars to Coupa on popular reviews platforms.

Quick Read: 10 Best Spend Management Software for Enterprises

6. GTreasury

It aims to enhance your treasury operations, leveraging technology and expertise to give you a complete view of your financial landscape and the tools to optimize it.

GTreasury features

Some notable features.

• Real-time tracking lets you monitor all your positions and provides actionable insights to manage risks.
• Replaces manual spreadsheet with a unified, automated workflow to save time, reduce errors, and allow for better use of resources. 
• Collaborative platform offers insightful data and robust tools, empowering these teams to lead transformative initiatives within the organization.

GTreasury benefits

Here are some benefits.

• Easily connect with other business systems.  From implementation and payment services to bank connectivity and leading third-party software solutions, everything connects with GTreasury’s integrated platform.
• Streamlines workflows to eliminate long and tedious manual processing.
• Scalability assures the platform grows with you, ensuring the success of your future financial operations.

Pros and cons of GTreasury

Pros	Cons
APIs are easy to integrate with other systems	Unable to produce a bank format bank statement (G2)
Reliable and helps with our cash flow forecasting	The system can sometimes be slow when processing large amounts of data (G2)
Customer support is amazing	Transaction tagging could be more efficient and easier to do (G2)

Pricing

GTreasury offers custom pricing based on your unique needs from the tool.  You can contact the team for a quote.

Rating

Users give 3.9 out of 5 stars to GTreasury on popular reviews platforms.  

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7. Trovata

Trovata empowers everyone to handle cash professionally, regardless of your business’s banking relationships. It leverages your bank data across all your teams to save time, ensure accuracy, and facilitate smarter decision-making.

Trovata features

Below are some notable features of Trovata.

• Cash flow analysis helps businesses make informed decisions with better analysis and visualization of their cash.
• Cash reporting eliminates the visibility gap and provides a crystal clear line of sight over all your cash flows.
• Cash forecasting steers your company confidently with powerful, intuitive cash forecasting built on machine learning models.

Trovata benefits

Below are some notable benefits of Trovata.

• Payments allow users to move money and initiate Real-time Payments (RTP), ACH, and wire transfers in a single platform.
• API platform empowers businesses to use bank data without any internal heavy lifting or upkeep.
• Customized reports enable users to gain insights from cash trends and make better decisions.

Pros and cons of Trovata

Pros	Cons
Ease of integration with large banks and ERP systems	API doesn’t have an endpoint for forecast data (G2)
Quick feedback loop on product feature requests	Limited logic-tagging (G2)
Easy to search and create dynamic reports	Absence of Implementation of bank data (G2)

Pricing

Trovata provides four pricing plans: Start Up, Growth, Corporate, and enterprise.

Below is the complete list of features you get with these subscription options.

Rating

Users give 4.4 out of 5 stars to Trovata on popular reviews platforms.  

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8. CashAnalytics

CashAnalytics treasury management system software takes over the heavy lifting of manual tasks and replaces them with a swift, seamless automated process. It eliminates the need for constant updates by linking directly to your ERPs and banks.

CashAnalytics features

Below are some notable features.

• Automated efficiency. CashAnalytics automates your burdensome cash forecasting and reporting tasks, presenting controlling and treasury teams with a reliable and efficient source of cash flow data. 
• Eliminates spreadsheets. CashAnalytics tames this beast by connecting directly to your ERPs and banks, automating a significant portion of your cash reporting and forecasting process.
• Enhanced cash flow forecasting. The future is always uncertain, but with CashAnalytics’ automated cash flow forecasting, you can plan ahead with increased confidence and a reduced workload.

CashAnalytics benefits

Benefits of using CashAnalytics.

• Unified bank connectivity. With CashAnalytics, you can connect all your banks and have an overarching view of all your cash and every account across the group in a single, unified location.
• Advanced AP and AR analytics. Make informed decisions with deep insights into what’s driving your short-term cash flow, thanks to CashAnalytics’ sophisticated accounts payables and accounts receivables analytics.
• Integrations. CashAnalytics offers seamless integration with your ERP for automated AP and AR forecasting and analysis, keeping up with short-term forecasts and enriching your reports.

Pros and cons of CashAnalytics

Pros	Cons
Easy-to-use tool for financial analysis	Lacks data authentication from a legacy system (G2)
Effective cash forecasting	User interface can be better (G2)
Ability to manage various types of cash and investment accounts	Customer service and pricing can be better (G2)

Pricing

CashAnalytics offers four pricing options for Power User, Team, Enterprise, and Service Provider. Learn more about them below.

Rating

Users give 4.6 out of 5 stars to CashAnalytics on popular reviews platforms.  

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9. DocFinance

DocFinance is a revolutionary application for sophisticated treasury management systems that also includes corporate banking services. With its comprehensive design, DocFinance deftly merges remote banking services into your company’s information system, setting the stage for seamless operations and enhanced efficiency.

DocFinance features

Below are some notable features of DocFinance.

• Timely reports help you to meet accounting deadlines. It provides insights into net debt, cash, and credit projections while presenting cash flow through projections and statements.
• Compatibility with payment standards provides the ability to interface with various banking and payment standards, including Single Euro Payments Area (SEPA), Society for Worldwide Interbank Financial Telecommunications (SWIFT), and  Electronic Banking Internet Communication Standard (EBICS).
• Integrations help you sync across multiple enterprise resource planning (ERP) software and other business systems.

DocFinance benefits

Below are some notable benefits of DocFinance.

• Efficient management. DocFinance improves daily monitoring of financial flows, simplifies routine processes, and allows users to focus more on their direct relationships with banks.
• Provides actionable insights. DocFinance offers insights such as movement and flow projections, an overview of balances, cash flow, and a summary of daily activities. It also gives a clear perspective on banking costs, volumes, and rates.
• Streamlines internal processes. DocFinance optimizes treasury management and streamlines internal processes to provide excellent planning and budgets. 

Pros and cons of DocFinance

Pros	Cons
Excellent cash flow projections and statements	Absence of phone support and live support (G2)
Great UI and great functionality	The support of DocFiance is missing on Mac and iOS platforms (G2)
Great for a small to midsize organization	Quick Session timeouts (G2)

Pricing

DocFinance offers custom pricing based on your unique needs from the tool. You can contact the team for a quote.

Rating

Users give 3.8  out of 5 stars to DocFinance on popular reviews platforms. 

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10. Nomentia

Nomentia is a beacon of technological advancement in the treasury and finance processes. It’s centered around crucial digitalization, automation, and a transformation triad that offers unmatched cash and treasury management systems. 

As a modular cloud solution, Nomentia is tailored explicitly for treasury and finance teams, providing bank connectivity, cash visibility, payments, workflows, and risk management solutions.

Nomentia features

Below are some notable features of the Nomentia Cash and Treasure Management solution.

• Modular cloud solution: Nomentia offers a modular cloud solution. Businesses can select and integrate the modules that align with their needs, creating a customized, fit-for-purpose treasury and finance management system.
• Risk management solutions: Nomentia aids businesses in mitigating financial risks through its risk management solutions. These include tools for managing foreign exchange, interest rates, counterparty, and liquidity risks.
• Bank connectivity as a service: Nomentia enables businesses to connect with their banks using host-to-host, SWIFT, or local connections. It provides seamless data transfer, improving efficiency and accuracy.

Nomentia benefits

Below are some notable benefits of the Nomentia Cash and Treasure management systems.

• Cash flow forecasting. Nomentia provides a robust cash flow forecasting module, offering accurate and timely visibility into future cash positions, which aids in strategic planning and risk management.
• Reporting: Nomentia’s reporting module allows businesses to generate comprehensive, customized reports, providing valuable insights and facilitating informed decision-making.
• Cash visibility: With Nomentia, businesses gain real-time visibility into their cash positions across all bank accounts and currencies. This enables better cash management, facilitating informed decision-making.

Pros and cons of Nomentia Cash and Treasure management solution

Pros	Cons
Easy to implement, intuitive reports, secure payments	Absence of risk management features (G2)
It is adaptable per business requirements and business model	Needs more concrete capabilities of long-term planning (G2)
Provides a smart solution to optimize a hedging portfolio	Predefined report structures (G2)

Pricing

Nomentia Cash and Treasure management solution offers custom pricing based on your unique needs from the tool.  You can contact the team for a quote.

Rating

Users give 4.6  out of 5 stars to Nomentia Cash and Treasure management solution on popular reviews platforms. 

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Importance of treasury management software

Treasury Management Systems (TMS) are crucial for organizations’ efficient operation and financial stability. Here’s why:

1. Handles cash and liquidity

Understanding an organization’s liquidity is vital for survival and growth. A TMS enables efficient tracking, analyzing, and managing of the organization’s cash flow and liquidity. 

It ensures that the company always has enough cash on hand to meet obligations and can identify excess cash that can be put to use to generate returns.

2. Manages risks

The financial world has risks like interest rate fluctuations, foreign exchange rates, and commodity prices. 

A TMS has tools for identifying, assessing, and managing these risks, protecting the organization from potential financial loss and volatility.

3. Improves efficiency

A TMS can automate many repetitive tasks, such as reconciliation and transaction processing. It reduces the possibility of human error and frees up the treasury staff to focus on strategic tasks and decision-making.

With increasing regulatory requirements, a TMS can also help ensure that the organization complies with relevant financial regulations and standards, preventing potential fines and reputational damage.

4. Helps makes better decisions

Effective decision-making requires accurate, timely, and comprehensive information. A TMS provides robust reporting and forecasting tools that help enterprises analyze their financial situation and make informed decisions. 

The software provides insights into the organization’s financial health and trends, which are invaluable for strategic decision-making. It can also offer tools for modeling the financial impact of strategic decisions, such as investments, acquisitions, or changes in capital structure.

5. Makes collaboration easier

A TMS often integrates with other systems like ERP, banking platforms, and trading systems. 

It provi