Vendors can pay for more visibility on this website, for example a higher place in a ranking or more room on a page. Commercial relationships can also affect which products we feature and how prominently. Every vendor link is marked the same, whatever the arrangement behind it. The largest vendors in treasury management software
cannot hold places 1 to 3. Places 1 to 3 go to challengers, vendors outside the best-known brands in a category,
wherever the category has them; the established names follow from place 4 in their ranked order. How it works: placement disclosure ·
editorial process.
The 11 tools, reviewed
#1 Embat
Modular treasury platform with a bank connectivity hub · Spain · embat.io
Modular Bank connectivity Madrid
Embat is a treasury management system from Madrid that splits the job into modules: a connectivity hub, treasury management, cash accounting and reconciliation, and corporate payments. A company can begin with bank connections and forecasting and add payments later, which suits a finance team of three that cannot absorb a full-suite project.
- Pricing: Quote by module. No prices published; the pricing page lets a buyer pick modules and request a personalised proposal with no commitment. Free plan: none.
- Best for: Mid-sized groups starting with cash visibility
- Strengths: Connectivity Hub for banks and ERPs; Cash flow forecasting; Intercompany operations.
Where it falls short
Embat publishes no prices, so a buyer learns the cost only after a demo and a proposal. The security page names Google Cloud Platform but no region or data center.
Wrong for
A multinational that needs treasury and hedge accounting for derivatives, or a team that wants a published price before any sales call, should look at Kyriba, ION or Trovata.
Visit Embat →
#2 Atlar
Bank-connected treasury platform with AI agents · Sweden · atlar.com
Stockholm Four plan tiers AI agents
Atlar is a Stockholm-built treasury platform that connects banks and ERPs such as NetSuite, Microsoft Dynamics and SAP. Its pricing page states what each tier adds: Connect is integration only, Essential adds cash reporting, Professional adds payments, forecasting and API access with an Atlar-led implementation, and Enterprise adds support SLAs. That tier list lets a buyer see in advance which module sits behind which quote.
- Pricing: Quote by tier. No fixed prices; Atlar quotes each plan by banks, entities and usage across four tiers: Connect, Essential, Professional and Enterprise. Free plan: none.
- Best for: Scale-ups wanting payments and cash in one tool
- Strengths: Cash management; Payments with approval chains; Cash forecasting.
Where it falls short
Atlar publishes no prices and offers no self-serve trial; every plan is quoted. FX risk is listed as coming soon on the homepage, so currency hedging is not yet in the product. The Connect tier has no dashboard at all.
Wrong for
A company that hedges foreign exchange today, or one that needs a deep bank footprint in many countries, should compare Kyriba, Nomentia or Embat.
Visit Atlar →
#3 Trovata
Cash visibility and forecasting built on bank data · United States · trovata.io
Published price Cash visibility Bank API
Trovata is a US cash and liquidity platform that starts from bank data and adds forecasting and reporting on top. It is the only product in this ranking that puts a number on its pricing page: the Base Package at $24,000 per year, with one bank, 100 accounts and ten users. A treasurer can therefore budget the first year before talking to sales.
- Pricing: Annual base + quote. Base Package is $24,000 per year with 1 bank, 100 accounts, 1,000,000 transactions and 10 users; extra capacity and the TMS are quoted. Free plan: none.
- Best for: Finance teams that want a published price
- Strengths: Trovata Cash; Trovata TMS; MultiBank Connector.
Where it falls short
The published price covers one bank, so a company with three banks has to ask for a quote straight away. The Trovata TMS shows no price on the page, and the site mentions no free trial.
Wrong for
A multi-entity group with a dozen banks and a treasury policy to enforce should price the whole stack first and compare it to Nomentia or Kyriba.
Visit Trovata →
#4 Nomentia
Modular cash and treasury suite from Finland · Finland · nomentia.com
Finland Full suite Many banks
Nomentia Smart Treasury Suite is organised into six areas: Connect, Pay, View, Manage, Optimise and Advise. Connect claims more than 10,000 bank connections; Pay holds the payments hub, sanctions screening and fraud prevention; Optimise includes an in-house bank, netting and cash pooling. For a European group with subsidiaries in several countries, Nomentia puts more of the treasury workflow into one contract than the lighter tools above.
- Pricing: Quote only. No prices published; the site offers a demo and mentions tiered implementation and solutions chosen to fit. Free plan: none.
- Best for: European mid-market groups with many banks
- Strengths: Bank connectivity (10,000+ connections claimed); Payments hub; Cash positioning and forecasting.
Where it falls short
Nomentia lists no price anywhere and routes every buyer to a demo. The breadth that makes the suite attractive also means a project with several modules to configure, which is heavier than the first three.
Wrong for
A startup with one bank and a part-time finance lead should start with Trovata or Embat; Nomentia solves problems it does not yet have.
Visit Nomentia →
#5 TIS
Cloud payments hub and AI cash forecasting · Germany · tispayments.com
Payments hub Berlin SAP add-on
TIS, short for Treasury Intelligence Solutions, is a Berlin company whose platform joins payment execution to cash visibility. The Payments Hub covers cross-border and FX payments, U.S. payment orchestration, fraud protection, sanctions screening and approval workflows. The Cash Visibility side adds bank account management, statement management and AI cash forecasting that recalibrates on a client's history. TIS lists integrations with SAP, Oracle TMS and Microsoft Dynamics 365.
- Pricing: Quote only. No prices published; the site gives no pricing and points buyers to enquiries. Free plan: none.
- Best for: Enterprises with many banks and subsidiaries
- Strengths: Payments Hub; Bank connectivity (11,000+ banks claimed); Bank statement management.
Where it falls short
TIS is aimed at enterprises with multi-bank, multi-region or multi-subsidiary operations, so the product pages do not address a small team. Pricing is not stated.
Wrong for
A company that needs debt, derivatives and hedge accounting in the same system should choose Kyriba, Nomentia or Salmon instead.
Visit TIS →
#6 Salmon
Configurable treasury system, cloud or on-premises · Ireland · salmontreasury.com
Dublin On-premises option Azure cloud
Salmon is a Dublin treasury management system sold through licences, with the choice of installing on the client's own servers or on Salmon's Azure cloud. The site organises the platform around visibility, control and intelligence, and states over 40 years of experience in treasury management. Named customers include Zurich, Ryanair, Airbus, Kingspan and SEGRO, across financial services, insurance, aviation, manufacturing and property management.
- Pricing: Licence. No prices published; support is included in the licence fee, according to the site. Free plan: none.
- Best for: Corporates and insurers wanting on-premises option
- Strengths: Cash visibility; Advanced forecasting; User oversight and control.
Where it falls short
The public site names no individual modules beyond visibility, control and intelligence, so a buyer cannot check scope without a demo. Bank connectivity and ERP integrations are not described, and neither is implementation time. The deployment choice also means an on-premises client carries upgrades itself.
Wrong for
A fast-growing company that wants self-serve setup and published bank counts should compare Embat or Atlar before booking Salmon.
Visit Salmon →
#7 Serrala
SAP-embedded treasury and payments tools · Germany · serrala.com
SAP embedded Norderstedt Payments
Serrala is a German vendor whose treasury offer is listed as Treasury SAP Embedded under payments and cash visibility, plus Treasury Services in the connected suite. The site says it complies with SAP clean-core guidance and can be deployed in the cloud or in a hybrid setup.
- Pricing: Quote only. No prices published on the site. Free plan: none.
- Best for: SAP-centred groups keeping the ERP core clean
- Strengths: Treasury SAP Embedded; Payments and cash visibility; Treasury Services.
Where it falls short
The Serrala pages name no treasury modules, no bank counts and no prices, so the review rests on product names and positioning only. Serrala lists treasury beside its payments products and a connected suite, so treasury is one line in a wider portfolio.
Wrong for
Companies on NetSuite, Dynamics or a mid-market ledger with no SAP should look at Embat, Atlar or Nomentia.
Visit Serrala →
#8 Kyriba
Cloud liquidity and treasury platform for large groups · United States · kyriba.com
Incumbent 10,000 banks Risk and hedging
Kyriba is a cloud liquidity platform with four stated areas. Connect links banks and ERPs, Protect handles currency and interest-rate exposure plus fraud screening, Forecast covers cash and liquidity with AI-assisted tools, and Optimize covers hedge accounting, planning and investments. Its site says it connects to 10,000 banks out of the box. Customers named on the homepage include Spotify, HelloFresh, Trane, Barilla and Baxter.
- Pricing: Quote only. No prices published; the site states none. Free plan: none.
- Best for: Large corporates with complex risk
- Strengths: Connect: banks and ERPs; Protect: FX and interest-rate risk; Protect: fraud screening.
Where it falls short
Kyriba publishes no prices and no implementation time, and its homepage gives no deployment detail beyond open APIs. The platform covers many modules, so a mid-sized buyer pays attention to what is bought and what is left idle.
Wrong for
A company with a single bank and a one-person finance team will pay for depth it cannot use.
Visit Kyriba →
#9 Ripple Treasury (GTreasury)
Treasury management system now under Ripple · United States · treasury.ripple.com
Ripple 90-day go-live Digital assets
Ripple Treasury, which the web address still ties to the GTreasury brand, is a treasury system covering cash, payments, risk and liquidity. The site claims liquidity management, cash forecasting and netting go live in 90 days, and an API-enabled bank connects in about seven days. It lists more than 300 pre-built bank connectors and a modular start with any single solution.
- Pricing: Quote only. No figures published; the site says pricing is for adoption, not usage, with no usage meter or hidden costs. Free plan: none.
- Best for: Mid-to-large corporates wanting fast go-live
- Strengths: Liquidity management; Cash forecasting; Intercompany netting.
Where it falls short
Ownership by Ripple changes the vendor risk picture for some boards, and the digital-asset emphasis is irrelevant to most corporates. The 300-plus connectors are a smaller number than Kyriba or Nomentia claim. No prices appear online, and the site names no head office.
Wrong for
A company that wants no connection to a crypto-asset firm in its supplier file should look at Kyriba, Nomentia or Salmon.
Visit Ripple Treasury (GTreasury) →
#10 HighRadius
AI cash forecasting with bank and ERP links · United States · highradius.com
AI forecasting AI forecasting Houston
HighRadius Automated Treasury Management Software is a treasury product from Houston. The page describes AI forecasts at daily, weekly, monthly or yearly intervals, multi-currency and multi-entity support, variance analysis and multi-level payment approvals. It names Oracle, SAP, Microsoft Dynamics and NetSuite as ERP connections.
- Pricing: Quote only. No prices published; the page offers demo requests and discovery calls. Free plan: none.
- Best for: Teams that mainly need forecasting and payments
- Strengths: AI cash forecasting; Bank and ERP connectivity; Variance analysis.
Where it falls short
The 95% accuracy figure is HighRadius's own claim on a marketing page, with no method shown. Derivatives, debt and hedge accounting are not listed, so the product is closer to forecasting and payments than a full treasury system.
Wrong for
Treasurers who need hedge accounting, debt management and derivatives should choose Kyriba, Nomentia or Salmon rather than a forecasting-led module.
Visit HighRadius →
#11 ION Treasury
Portfolio of treasury systems from ION Group · Ireland · iongroup.com
Portfolio Reval SaaS Wallstreet Suite
ION Treasury is the treasury arm of ION Group and sells a portfolio that its page names as IT2, ITS, Openlink, Reval, Reval TS, Wallstreet Suite, Treasura and City Financials. The page states the range runs from on-premise to cloud, serves corporates, financial institutions and central banks, and counts 1,000 customers and 50,000 users.
- Pricing: Quote only. No prices published; the site lists none. Free plan: none.
- Best for: Global corporates and banks with complex instruments
- Strengths: Reval (SaaS); Wallstreet Suite; Openlink.
Where it falls short
A buyer meets eight product names and has to decide which one fits before any demo. Reval implementation takes three to six months, much longer than the 90 days Ripple Treasury claims.
Wrong for
A mid-sized company with one finance lead and a short project window should not start here.
Visit ION Treasury →
Questions and answers
What is the best treasury management software in 2026?
Embat ranks first of 11, best for mid-sized groups starting with cash visibility. Atlar is second (scale-ups wanting payments and cash in one tool) and Trovata third (finance teams that want a published price). Places 1 to 3 go to challengers, vendors outside the best-known brands, wherever the category has them.
What is the difference between a TMS and cash flow forecasting software?
Treasury management software covers bank connectivity, payments, cash positions, debt and risk, with forecasting as one function. Cash flow forecasting software concentrates on projecting the balance from invoices and bills.
How much does treasury management software cost?
Prices are rarely public. Trovata publishes a base package of $24,000 per year for one bank, 100 accounts and ten users. Embat builds a proposal from the modules selected, and Atlar quotes by banks, entities and usage.
Which treasury management software has a free plan or free trial?
None of the eleven vendors offers a free plan or a trial on the pages we read. Embat says its proposal carries no commitment, and Atlar replaces a trial with a quote and guided setup.
Which treasury management software suits a small business?
Trovata, Embat and Atlar are the closest to a small-company start. Trovata has a stated entry price, Embat lets a buyer take only the connectivity hub, and Atlar's Connect tier covers bank-to-ERP integration alone.
What is the best treasury management software for SAP users?
Serrala offers Treasury SAP Embedded, which follows SAP clean-core rules and keeps treasury data inside the ERP. TIS lists an SAP add-on and integrations with SAP and Oracle TMS.
Is there treasury management software hosted in Europe?
Atlar states that it runs on AWS in Europe without naming a region. Embat states Google Cloud Platform hosting and gives no region. Salmon offers its own Azure cloud or the client's servers.
What does a treasury management system connect to?
A treasury system connects to banks and to the ERP. Bank links run through API, host-to-host, EBICS or SWIFT, as Embat states, while ERP links cover payables, receivables and the general ledger.
How long does it take to implement treasury management software?
Vendor claims vary widely. Ripple Treasury states 90 days for liquidity, forecasting and netting, and about seven days to connect an API-enabled bank. ION states three to six months for a typical Reval project.
Do I need treasury management software or can my bank portal do the job?
A bank portal shows one bank's accounts and pays from them. Treasury software helps once a company holds accounts at several banks, in several currencies or entities, and wants a single cash position and payment approval flow.
How do I compare vendors that publish no prices?
Send every vendor the same brief: number of banks, countries, entities, users, expected payment volume and the modules wanted. Ask for a quote naming the implementation fee and the term, and for an itemised list of what is excluded.
