Best Treasury and Cash Management Providers 2022: Systems and Services

Global Finance Names the Best Treasury and Cash Management Providers of the Year in Systems and Services.

The “cash is king” mantra is more relevant than ever in cash and cash management (TCM) and TCM systems hold the key to mastering cash. Technology has never been more useful; but he has not always been the treasurer’s best friend. Many features of large enterprise systems go unused and many TCM software products do not ship as promised.

Yet today, using application programming interfaces (APIs) and more user-friendly technologies, new digitally savvy non-banks are finally shaking up parts of this business. Banks and leading software stacks in treasury operations – from FIS, ION, Kyriba and others – are also innovating. Open banking and APIs could be truly transformational for treasury. These awards recognize leaders in achieving and driving change.

BEST AP SOLUTION

Serrala Invoice to Pay

Most Accounts Payable (AP) solutions automate manual paper invoices. Serrala’s Invoice to Pay (I2P) can do this; but it also does a lot of other things useful to a company that handles large volumes of invoices and complex AP processes. I2P includes a cloud-based digital service that automatically captures invoice information. Serrala says there needs to be more of an “end-to-end” approach, taking into account the entire transaction lifecycle, from invoice to payment, when monitoring suspicious activity, for example, in the context of fraud. AP Teams have a range of features at their fingertips, including the ability to set rules so invoices can be automatically routed through the most cost effective payment method. Its solution also includes a fraud monitoring feature that checks for suspicious activity at every step of the bill-to-pay process. Its solutions are accessible via the cloud, integrated with existing ERP systems or accessible as a hybrid solution.

BEST AR SOLUTION

FIS GETPAID

FIS was one of the first vendors to support predictive modeling and analytics for Accounts Receivable (AR) management. Its GETPAID solution, which received significant new investment, now incorporates a useful AI, called Carla, which quickly learns user behavior in, for example, exception handling. According to FIS, Carla uses a form of AI called accelerated learning, ensuring payments can be processed directly. GETPAID also uses AI and open APIs to automatically retrieve information from credit bureaus for use in risk assessment of buyers.

BEST CASH MANAGEMENT SOFTWARE

Kiriba

As a cash SaaS pioneer, Kyriba has challenged naysayers who portray SaaS as a watered-down version of a full-fledged TMS. In addition to the traditional features you’d expect, Kyriba’s SaaS cash management software also includes working capital solutions that allow buyers to extend prepayment in exchange for a discount, another way for treasurers to use excess cash and liquidity to strengthen supply chains. Last April, Kyriba received the 2020 SaaS TM Customer Satisfaction Award from market intelligence firm IDC, placing it in the group of top-rated vendors in the SaaS cash management market.

BEST MOBILE CASH MANAGEMENT SOFTWARE

Bank of America CashPro App

Before the pandemic, mobile cash management was just another channel offered by banks to businesses to authorize check payments and deposits. For many treasurers, it was a convenience but not a must – until the pandemic. Mobile payment volumes have exploded. and home orders have forced many treasurers to use mobile banking apps more regularly or, in fact, for the first time. CashPro volumes grew more than 200% year-over-year in September 2021. Bank of America accelerated product development as treasurers seek to do more through apps.

BEST CASH FORECAST

ION Cash

Accurate long-term cash forecasting is a major cash flow challenge, and to date most improvements in cash forecasting have been incremental. ION Treasury is betting on machine learning and AI will change that. According to ION, benchmark tests with real customer data show that its machine learning-based cash forecasting solution can produce forecasts as accurate as 95%.

BEST NEW CASH TECHNOLOGY

Neo

Neo, freed from legacy systems, offers an alternative to the old challenge of opening multi-currency accounts. Neo’s core banking system makes it easy for businesses to create their own international bank account numbers (IBANs) and virtual wallets to send and receive payments more efficiently. Since launching its multi-currency account in 2020, Neo claims to have created IBANs for more than 200 companies in Europe. Last August, it cleared over $1 billion in transactions, facilitating payments in over 30 currencies. Its platform also provides treasurers with analytics for currency trading and hedging.

BEST INVESTMENT MANAGEMENT SOLUTION

CIM

Institutional Cash Distributors (ICD) is the largest independent portal for money market funds and other short-term cash investments. As the go-to investment portal for hundreds of treasury organizations, it has evolved with the changing investment needs of treasury managers. In 2021, the ICD added 30 new investment products, half of which were ESG-related, as well as a screening tool to help treasurers better assess the ESG credentials of investment funds.

BEST VIRTUAL ACCOUNTS SOLUTION FOR BUSINESS

Citi Virtual Accounts

Leveraging its global network, Citi offers virtual accounts in a multitude of countries and currencies. These accounts speed reconciliation and support a wide range of transaction types beyond ACH transfers and checks. Accounts can be integrated into various treasury workflows, such as cash pooling structures or intercompany reporting. To make reconciliation easier, the bank has even added what it calls “personalized stories” that make it easier to move money between physical and virtual accounts. With virtual accounts, treasurers can minimize the number of traditional bank accounts they need.

BEST CASH ANALYSIS PROVIDER

FIS Treasury and Risk Manager – Integrity Edition

Cash management solution Integrity SaaS, which celebrated its 30th anniversary in 2019, got a facelift last year with the addition of major new features. FIS Treasury and Risk Manager – Integrity Edition includes Adaptiv risk analysis to perform simulations. Using APIs, FIS is also able to leverage treasury and risk offerings from other key providers. While company allocations to volatile asset classes such as cryptocurrencies are still relatively small, FIS says it is working to support cryptocurrency tracking for positioning and liquidity forecasting. It also plans to integrate ESG analysis so that its treasurers can more easily assess the ESG credibility of funds and counterparties.

BEST CROSS-BORDER PAYMENTS SOLUTION FOR BUSINESSES

Fides Treasury

The Fides SaaS Multibanking Suite portal simplifies, costs and speeds up the processing of cross-border corporate payments. From aggregating these payments to reduce costs, to supporting many different payment message formats, Fides covers virtually every aspect of cross-border payment processing.

BEST OPEN BANKING CASH SOLUTION

Kyriba Open API

Kyriba has developed an open, API-enabled platform that can exchange real-time information with other data-driven applications for the benefit of Kyriba customers and technology partners. Félix Grévy, vice president of Open API and Connectivity at Kyriba, says its Open API platform accelerates product innovation and provides highly modular applications to reduce risk and fraud, and to optimize liquidity. One such application is a solution developed with BlackLine to help treasury teams access real-time data analytics so they can automate over 90% of bank reconciliations and accounts receivable processes.