Independent intelligence for modern treasury
Independent evidence, assessed against your requirements and the way your treasury works.
BUILT FOR THE BUYER SIDE
HOW WE CAN HELP
Scope definition and documentation, requirements catalogues, Request for Proposal (RFP) documentation, vendor matching, evaluation materials and an independent final recommendation.
Explore our products →ABOUT TRC
We separate what a product can do, how well it fits one client’s needs and whether the vendor can deliver and support it.
About The Treasury Research Company →CLIENT-SPECIFIC PRODUCT INTELLIGENCE
No client profile has been supplied. Product capability is documented below, but client-fit scores remain unassigned until requirements are agreed and weighted.
Enterprise liquidity
Treasury and risk platform
Connected treasury platform
THE 2026 TREASURY TECHNOLOGY MARKET MAP
Treasury technology now spans eight overlapping functional areas. Enterprise platform, modular suite and specialist solution describe the type of product—not the treasury problem it solves. The right starting point is the client’s scope and requirements.
Broad treasury systems and treasury modules within Enterprise Resource Planning (ERP) platforms.
Cash positions, liquidity analysis, forecasts, scenarios and decision support.
Payment initiation, approvals, formats, routing, bank connections and execution.
Prices, curves, reference data, valuations and treasury decision support.
Foreign exchange, money-market and other treasury dealing workflows and venues.
Exposure capture, hedging, valuation, effectiveness testing and accounting.
Borrowing, deposits, facilities, investments, funding analysis and capital markets.
Receivables, payables, inventory, guarantees, trade and supplier finance.
LATEST RESEARCH
Market landscape · TRC-RP-2026-001
Buyer guide · TRC-RP-2026-002
Research note · TRC-RP-2026-003
Research paper · TRC-RP-2026-004
PREMIUM VENDOR INTELLIGENCE
The public index shows the products TRC tracks across eight functional areas. Products are cross-listed where they genuinely operate in more than one area. It is not a ranking or a substitute for client-specific analysis. Detailed assessments, evidence, comparisons and fit analysis remain protected and available through TRC.
One broad product environment covering several treasury activities, data, controls and workflows. It is commonly used for complex, multi-entity or multi-country operations. “Enterprise” describes breadth—not simply a product sold to a large company.
A family of connected treasury modules from one provider. A client can implement the capabilities it needs—such as cash, payments or forecasting—and add others over time. The degree of integration between modules must still be assessed.
A product concentrated on one treasury activity, or a narrow group of related activities.
Broad treasury systems and treasury capabilities embedded in core finance platforms.
Specialist solution — Financial risk & treasury instrumentsTreasury systems & ERP3V FinanceTitan TreasuryDisplay details →
Modular suite — Cash visibility and FX treasury intelligenceTreasury systems & ERPBracketCash Management · FX Portfolio ManagerDisplay details →
Enterprise platform — Treasury and capital-markets platformTreasury systems & ERPCCK Financial SolutionsGuavaDisplay details →
Modular suite — Group treasury and multi-bank managementTreasury systems & ERPCegidCegid Allmybanks · formerly ExalogDisplay details →
Modular suite — ION Treasury corporate TMSTreasury systems & ERPCity FinancialsION Treasury · pre-configured corporate TMSDisplay details →
Modular suite — Multi-bank payments and treasuryTreasury systems & ERPCobasePayment Hub · Treasury ModulesDisplay details →
Modular suite — Modular treasury managementTreasury systems & ERPCOPScorimaDisplay details →
Enterprise platform — Treasury within spend managementTreasury systems & ERPCoupa TreasuryCoupa Treasury · formerly BELLINDisplay details →
Enterprise platform — Enterprise treasury managementTreasury systems & ERPDatalog FinanceDatalog TMSDisplay details →
Modular suite — Integrated treasury managementTreasury systems & ERPDiapasonmyDiapasonDisplay details →
Modular suite — Modern treasury platformTreasury systems & ERPEmbatTreasury ManagementDisplay details →
Enterprise platform — Large-enterprise treasury technologyTreasury systems & ERPFISQuantum Cloud · IntegrityDisplay details →
Enterprise platform — Treasury and risk platformTreasury systems & ERPGTreasuryGTreasury · TreasuryXpress and Visual Risk reconciledDisplay details →
Specialist solution — Risk & hedge accountingTreasury systems & ERPHedgebookTreasury-system research coverageDisplay details →
Enterprise platform — Automated treasury managementTreasury systems & ERPHighRadiusTreasury & RiskDisplay details →
Modular suite — Enterprise treasury technologyTreasury systems & ERPIBSFINtechInTReaX · InnoTreasuryDisplay details →
Modular suite — ION Treasury corporate TMSTreasury systems & ERPIT2ION Treasury · configurable corporate TMSDisplay details →
Modular suite — ION Treasury corporate TMSTreasury systems & ERPITSION Treasury · Central European corporate TMSDisplay details →
Enterprise platform — Enterprise liquidity platformTreasury systems & ERPKyribaTreasury-system research coverageDisplay details →
Modular suite — Modular cash and treasury suiteTreasury systems & ERPNomentiaNomentia · TIPCO reconciledDisplay details →
Enterprise platform — ION Treasury enterprise platformTreasury systems & ERPOpenlinkION Treasury · enterprise treasury & commoditiesDisplay details →
Enterprise platform — ERP-embedded and banking treasuryTreasury systems & ERPOracleFusion Cloud treasury · Oracle Banking Treasury ManagementDisplay details →
Modular suite — Corporate treasury managementTreasury systems & ERPOrbit Treasury SolutionsOrbit TMSDisplay details →
Modular suite — Corporate treasury and planningTreasury systems & ERPPitecoPiteco EVO 5Display details →
Enterprise platform — ION Treasury enterprise TMSTreasury systems & ERPRevalION Treasury · enterprise SaaS TMSDisplay details →
Modular suite — ION Treasury bank liquidity platformTreasury systems & ERPReval TSION Treasury · bank liquidity platformDisplay details →
Modular suite — Treasury and bank communicationTreasury systems & ERPSageSage XRTDisplay details →
Modular suite — Salmon TreasurerTreasury systems & ERPSalmon SoftwareSalmon TreasurerDisplay details →
Enterprise platform — ERP-embedded treasuryTreasury systems & ERPSAPS/4HANA Treasury and Risk ManagementDisplay details →
Modular suite — Corporate treasury managementTreasury systems & ERPTMS Treasury SystemsSTAR TMSDisplay details →
Modular suite — ION Treasury cash and liquidity platformTreasury systems & ERPTreasuraION Treasury · cash & liquidity SaaSDisplay details →
Modular suite — Modular treasury managementTreasury systems & ERPTreasury Management SolutionsSpektra by TMSDisplay details →
Modular suite — Treasury operations platformTreasury systems & ERPTreasuryViewTreasury-system research coverageDisplay details →
Modular suite — Treasury management and riskTreasury systems & ERPTrinity Management SystemsTrinity TMS · also powers Serrala Alevate TMSDisplay details →
Modular suite — Cloud-native treasury managementTreasury systems & ERPTrovataTrovata TMSDisplay details →
Enterprise platform — ION Treasury enterprise TMSTreasury systems & ERPWallstreet SuiteION Treasury · enterprise TMSDisplay details →
Modular suite — Cloud treasury managementTreasury systems & ERPZenTreasuryZenTreasury TMSDisplay details →
Cash positions, liquidity analysis, forecasts, scenarios and decision support.
Specialist solution — Cash management & forecastingCash & liquidityAgicapCash management and forecastingDisplay details →
Modular suite — Cash visibility and reportingCash & liquidityBracketCash visibility and reportingDisplay details →
Specialist solution — Cash forecasting & analyticsCash & liquidityCashAnalytics by GTreasuryCash forecasting and analyticsDisplay details →
Modular suite — Cash visibility and forecastingCash & liquidityCobaseCash visibility and forecastingDisplay details →
Modular suite — Cash management and forecastingCash & liquidityEmbatCash management and forecastingDisplay details →
Modular suite — Real-time cash visibilityCash & liquidityFinanceKeyReal-time cash visibilityDisplay details →
Enterprise platform — Cash forecasting and treasury analyticsCash & liquidityHighRadiusCash forecasting and treasury analyticsDisplay details →
Enterprise platform — Cash and liquidity managementCash & liquidityKyribaCash and liquidity managementDisplay details →
Modular suite — Cash and liquidity managementCash & liquidityNomentiaCash and liquidity managementDisplay details →
Modular suite — ION Treasury · cash and liquidityCash & liquidityTreasuraION Treasury · cash and liquidityDisplay details →
Modular suite — Cash visibility and forecastingCash & liquidityTrovataCash visibility and forecastingDisplay details →
Payment initiation, approvals, formats, routing, connections, fraud controls and execution.
Specialist solution — Bank connectivity & payment controlsPayments & connectivityAccessPayBank integration & payment controlsDisplay details →
Specialist solution — Payments & cash managementPayments & connectivityBottomlinePayments & cash-management infrastructureDisplay details →
Modular suite — Multi-bank payments & treasuryPayments & connectivityCobaseMulti-bank payments & treasuryDisplay details →
Modular suite — Real-time treasury orchestrationPayments & connectivityFinanceKeyReal-time treasury orchestrationDisplay details →
Modular suite — Modular cash & treasury suitePayments & connectivityNomentiaModular cash & treasury suiteDisplay details →
Specialist solution — Payment orchestration & connectivityPayments & connectivityTISEnterprise payment orchestrationDisplay details →
Prices, curves, reference data, valuations, exposure analysis and treasury decision support.
Specialist solution — Foreign-exchange trading & executionMarket data & valuation360TCorporate market data and analyticsDisplay details →
Enterprise platform — Market data, analytics, risk and valuationMarket data & valuationBloombergMarket data, analytics, risk and valuationDisplay details →
Enterprise platform — Corporate treasury data and analyticsMarket data & valuationLSEG WorkspaceCorporate treasury data and analyticsDisplay details →
Foreign exchange, money-market and other treasury dealing workflows, venues and controls.
Specialist solution — Foreign-exchange trading & executionTrading & execution360TCorporate foreign-exchange executionDisplay details →
Specialist solution — Foreign-exchange trading & executionTrading & executionBloomberg FXGOForeign-exchange trading and executionDisplay details →
Specialist solution — Foreign-exchange trading & executionTrading & executionLSEG FXallElectronic foreign-exchange tradingDisplay details →
Exposure capture, hedging, valuation, effectiveness testing, accounting and reporting.
Specialist solution — Financial risk & treasury instrumentsRisk & hedge accounting3V FinanceTitan Treasury · risk and hedge accountingDisplay details →
Enterprise platform — Market and capital-markets riskRisk & hedge accountingBloombergMarket and capital-markets riskDisplay details →
Modular suite — FX exposure, benchmarking and valuationRisk & hedge accountingBracketFX exposure, benchmarking and valuationDisplay details →
Enterprise platform — Treasury and risk managementRisk & hedge accountingFISTreasury and risk managementDisplay details →
Enterprise platform — Treasury risk and hedge accountingRisk & hedge accountingGTreasuryTreasury risk and hedge accountingDisplay details →
Specialist solution — Risk & hedge accountingRisk & hedge accountingHedgebookRisk management and hedge accountingDisplay details →
Enterprise platform — Financial risk managementRisk & hedge accountingKyribaFinancial risk managementDisplay details →
Enterprise platform — Risk monitoring, analytics and valuationRisk & hedge accountingLSEG WorkspaceRisk monitoring, analytics and valuationDisplay details →
Enterprise platform — ION Treasury · risk and hedge accountingRisk & hedge accountingRevalION Treasury · risk and hedge accountingDisplay details →
Borrowing, deposits, investments, facilities, funding analysis and capital-markets activity.
Specialist solution — Financial risk & treasury instrumentsDebt & investments3V FinanceDebt, investments and treasury instrumentsDisplay details →
Enterprise platform — Capital-markets data, analytics and workflowDebt & investmentsBloombergCapital-markets data, analytics and workflowDisplay details →
Enterprise platform — Debt and investment managementDebt & investmentsFISDebt and investment managementDisplay details →
Enterprise platform — Debt and investment managementDebt & investmentsGTreasuryDebt and investment managementDisplay details →
Enterprise platform — Debt and investment managementDebt & investmentsKyribaDebt and investment managementDisplay details →
Enterprise platform — Funding and investment analysisDebt & investmentsLSEG WorkspaceFunding and investment analysisDisplay details →
Modular suite — Debt and treasury operationsDebt & investmentsTreasuryViewDebt and treasury operationsDisplay details →
Receivables, payables, inventory, guarantees, trade finance and supplier-finance programmes.
Specialist solution — Working capitalWorking capital & tradeC2FOWorking-capital platformDisplay details →
Modular suite — Treasury and guarantee managementWorking capital & tradeDiapasonTreasury and guarantee managementDisplay details →
Modular suite — Treasury and trade-finance technologyWorking capital & tradeIBSFINtechTreasury and trade-finance technologyDisplay details →
Specialist solution — Working capital & supply-chain financeWorking capital & tradeSAP TauliaWorking capital and supply-chain financeDisplay details →
Modular suite — Treasury and guarantee managementWorking capital & tradeZenTreasuryTreasury and guarantee managementDisplay details →
Vendor names and broad market category.
CLIENT ACCESSAssessment findings, evidence, comparisons, risk analysis and requirements-weighted fit.
Discuss access →FULL ASSESSMENT · TMS 21
High-volume enterprise treasury and risk management
PRODUCT ASSESSMENT
Capability is mapped from current public product evidence. A documented capability is not treated as independently demonstrated or client-validated.
CLIENT FIT
The product can only be scored after the client’s scope, requirements and operating model have been agreed. Geography, banking and ERP landscape, controls, implementation constraints and commercial priorities must then shape the weighting.
VENDOR ASSESSMENT
INDEPENDENT REVIEW
TRC PRODUCTS
The client provides the treasury inputs, priorities and decisions. TRC structures those inputs and creates the supporting documentation for the client to review, approve and use. Together, the documented outputs show how the final technology decision was reached.
Open your client projectSign-in protected workspace→Current arrangements, objectives, priorities, constraints and decisions.
TRC structures, writes and presents the client’s inputs in a decision-ready format.
The client confirms the content before it is used at the next stage.
Define and document the entities, countries, banks, accounts, systems, treasury functions and target outcomes that shape the project.
EXAMPLE DOCUMENT NAMEYour Company Name — Treasury Technology Selection — Scope DocumentView example →Translate the agreed scope into structured requirements with clear descriptions and client priorities.
EXAMPLE DOCUMENT NAMEYour Company Name — Treasury Technology Selection — Requirements CatalogueView example →Create the Request for Proposal (RFP) sent to vendors, including instructions, response schedules and questions covering product, delivery, service, security and commercials.
EXAMPLE DOCUMENT NAMEYour Company Name — Treasury Technology Selection — Request for ProposalView example →Match the client’s scope, requirements and operating model to the relevant providers, then document a reasoned initial vendor list and shortlist.
EXAMPLE DOCUMENT NAMEYour Company Name — Treasury Technology Selection — Vendor Matching & Shortlist ReportView example →Prepare and document demonstration scenarios, evidence requests, clarification logs, evaluation criteria and a controlled scoring model.
EXAMPLE DOCUMENT NAMEYour Company Name — Treasury Technology Selection — Evaluation & Selection RecordView example →Bring together requirements fit, evidence, delivery considerations, risk and cost in an independent final evaluation and recommendation.
EXAMPLE DOCUMENT NAMEYour Company Name — Treasury Technology Selection — Decision & RecommendationView example →It records the client’s inputs, source evidence, assumptions, decisions, authorship, review, approval and change history—so the conclusion can be understood, traced and defended. The client company remains visible on the cover and in document control.
Scope Definition & Documentation
A clear document name, client company, project name and documented-output type.
The client company and project sponsor appear on the cover and in document control.
Version, status, date, author, reviewer, approver and change history are maintained.
Review comments, decisions and formal approvals are retained as part of the audit trail.
Treasury terms and acronyms are written out and explained for every reader.
Purpose, audience, scope, assumptions, confidentiality, approvals and document-control text are included.
HOW WE CAN HELP
TRC creates the structured documents, evaluation materials and independent analysis needed to run a clear, controlled and defensible treasury technology selection. We combine the client’s inputs with an extensive treasury scope and requirements library developed by treasury subject-matter experts and transformation professionals, then tailor every document to the client’s operating model, priorities and decisions.
Document the current and target way of working, entities, countries, banks, systems, controls and priorities—then translate them into a structured, weighted requirements catalogue.
Create the formal document sent to selected vendors, including bidder instructions, response schedules and questions covering the product, implementation, service, security, pricing and vendor checks.
Prepare the initial vendor list, the reasons for choosing a smaller shortlist, demonstration scenarios, clarification log, evaluation criteria and scoring model.
Bring together requirements fit, evidence, delivery considerations, risks, costs and outstanding questions in an independent final evaluation and recommendation.
ABOUT THE TREASURY RESEARCH COMPANY
The Treasury Research Company (TRC) has been built by treasury subject-matter experts (SMEs) and treasury transformation professionals. We combine practical understanding of treasury operations and change programmes with independent market research to help corporate treasury teams make better technology decisions.
Subject-matter knowledge across cash and liquidity, payments, bank connectivity, financial risk and treasury operations.
Experience turning business needs into target ways of working, requirements, selection documents and practical change.
A buyer-side view of the market, products and providers, shaped by client needs rather than universal vendor rankings.
Technology selections too often begin with vendor claims and end with a score that nobody can properly trace. TRC begins with the organisation: how treasury works, what must change and which evidence will prove that a product can deliver.
Every client engagement is led by treasury and transformation professionals. TRC maintains clear internal accountability for project leadership, authorship, review and approval without publicly identifying individual contributors.
Discuss your project with TRC →Treasury management systems, payments and connectivity, cash and liquidity, forecasting, risk technology and developments such as artificial intelligence.
Explore our research →PRIVACY & DATA USE
TRC uses this website to publish research, provide prototype treasury-selection tools and maintain its publication mailing list. Please do not enter confidential, sensitive or production client information into a prototype page.
Public pages provide research, product information and links to supporting sources. When you follow an external link, that provider’s privacy terms apply.
The protected workspace uses the name and email associated with your sign-in to establish the authenticated session and show who is signed in.
Information entered into the current client-project and scope prototypes remains in the active browser session. It is not submitted to TRC, retained as a client record or used to send invitations.
When you join, TRC retains your email address, the page used to join and a dated consent record so that we can send new research and publication notices. We retain it until you unsubscribe, ask us to remove it or the mailing list closes. Ask TRC to remove your address.
If you email TRC, the information you choose to send is used to respond to your enquiry and discuss a potential or active engagement.
TRC will publish a full privacy notice covering the data controller’s details, purposes and lawful bases, retention, recipients, international transfers and individual rights before persistent client data or external invitations are enabled.
Read the Information Commissioner’s Office guidance ↗WEBSITE USE & RESEARCH TERMS
These terms explain the intended use of TRC’s public website and prototype tools. Specific client work, deliverables, confidentiality, fees and responsibilities are governed by a separate written engagement.
Public research is general market analysis based on sources available at the stated review date. Markets, products, ownership and capabilities can change.
Vendor inclusion and market positioning are not a recommendation. Product fit can only be assessed against an agreed client scope, operating model and weighted requirements.
Prototype outputs are illustrative and remain subject to client validation, evidence review and formal approval. Do not rely on them as a final procurement or investment decision.
You may read and link to public TRC material. Reproduction, resale, systematic extraction or use of protected libraries and client outputs requires TRC’s written permission.
Client-specific research, documents, recommendations and portal access are supplied under agreed engagement terms and document controls.
Questions about website use →OUR ASSESSMENT MODEL
We assess the product independently, measure its fit against the client’s requirements and operating model, assess the vendor behind it, and independently review the strength of every conclusion.
VENDOR PRODUCT INFORMATION TEMPLATE · v0.01
Structured to mirror our knowledge base and support independent, comparable product assessments.
The Treasury Research Company does not charge vendors for inclusion or assessment. Information supplied by vendors is treated as evidence and is subject to independent review. Participation does not influence an assessment or conclusion.
Cash position · Cash visibility · Forecasting · Liquidity planning · Cash pooling · In-house banking · Intercompany cash
Initiation · Approval · Release · Routing · Status · Exceptions · ISO 20022 · Cross-border · Instant payments · Direct debits
Term loans · Revolving credit facilities · Overdrafts · Bonds · Commercial paper · Private placements · Leases · Deposits · Money market funds · Treasury bills
Capture · Amendments · Confirmations · Resets · Settlements · Early termination · Novation · Compression
Foreign exchange (FX) · Interest rate · Commodity · Counterparty · Value at Risk (VaR) · Stress testing · Net Present Value (NPV) · Mark-to-market · Curves · Valuation adjustments
Initial and variation margin · CSA management · Calls · Eligible collateral · Haircuts · Substitution · Disputes · Optimisation
IFRS 9 · Hedge types · Designation · Effectiveness · OCI · Journals · De-designation · Rebalancing
Account inventory · Opening and closure · Signatories · Mandates · KYC · eBAM · Bank fee analysis
Spot · Deliverable forward · Swap · Non-deliverable forward (NDF) · Vanilla, barrier and digital options · Collar
Interest rate, basis and cross-currency swaps · FRA · Cap · Floor · Swaption · OIS · Inflation swap
Term loan · Revolving credit facility · Overdraft facility · Bond · Private placement · Commercial paper · Lease obligation
Call and term deposits · MMF · Treasury bill · Certificate of deposit · Bond investment
Forward · Future · Swap · Option
Letter of credit · Guarantee · Credit default swap · Structured instruments
ERP integrations · APIs · SFTP · SWIFT · Host-to-host · Webhooks · File formats · Real-time interfaces
Bloomberg · LSEG · ICE · Other providers · Curve management · Validation · Audit · Manual override
Dashboards · KPIs · Exceptions · Board and regulatory reporting · Export options
Role-based access · Segregation of duties · Approvals · Audit trail · Administration · Notifications · Escalations
ISO 27001 · SOC reports · MFA · SSO · Encryption · Penetration testing · Data residency
Availability SLA · Historic uptime · RTO · RPO · DR testing · Multi-region capability · Backup model
For every response, provide product documentation, release notes, demonstrations, customer references, independent evidence, architecture documents, security certifications or service-level documentation where available.
Identify every area where capability is qualified or requires further review.
Please confirm that the information supplied is accurate to the best of your knowledge; product version and date are stated; known limitations are disclosed; and roadmap items are clearly distinguished from current functionality.
FOR THE TREASURY RESEARCH COMPANY USE ONLY
TREASURY SCOPE & REQUIREMENTS ENGINE · PROTOTYPE
Begin with what the organisation is trying to achieve. Define the Treasury scope that follows, then write one assessable need in each requirement. Every requirement keeps its own identifier, source, business outcome and acceptance evidence.
Include only the legal entities, accounts, systems and Treasury activities needed to achieve the stated objective.
Add each legal entity and select its functional currency. These scope values generate the named legal-entity and currency requirements automatically.
Link each bank account to a legal entity defined above, then enter the bank name, account identifiers and account currency. Add as many accounts as required.
Link each ERP system to the legal entity it supports. Use the + button to add every ERP and entity combination in scope.
Add every ERP or source system separately and select every payment type in scope. The engine creates one atomic, traceable requirement for each entry.
This document sets out the treasury scope and detailed business requirements produced for Client name.
DISCUSS YOUR PROJECT
Tell us where you are in the decision. We will identify the most useful starting point without asking you to buy a full selection process.