September 2026 Edition, published · The permanent record of that edition, superseded since. The current standing is on the category page →
Index › Finance › Treasury and cash › Treasury management syst · September 2026 Edition

Treasury management systems

Asked as “treasury management system”, and as “TMS”, on behalf of a mid-market B2B company. 44 first choices recorded across the direct, paraphrase, budget and scale prompts, twelve models each.
Standing · first-choice share
18%
Contested · Agicap 11%
18Trovata11Agicap093Gtms61others

18% of first choices, contested.

By buyer segment

The same question asked on behalf of a different buyer. Each standing is computed within its segment; they sit side by side and are never added together.

The standing

Share is the count of first choices across the direct, paraphrase, budget and scale prompts, over all twelve models, for a mid-market B2B company. Ordered by share.
ProductFirst-choice shareNegative rateLabelsQuadrant
01Trovata18%13%23accepted challenger
02Agicap11%12%17accepted challenger
03Kyriba9%35%43criticized challenger
04GTreasury7%14%29accepted challenger
05Centime7%0%10accepted challenger
06TreasuryView7%0%10accepted challenger
07HighRadius Treasury Management2%8%12accepted challenger
Show the three products at 0%, ordered by negative rate
10SAP Treasury and Risk Management0%46%26criticized challenger
09ION Treasury0%29%17criticized challenger
08Nomentia0%0%16accepted challenger
Bars are the share of first choices, 0 to 100Every product with at least 10 labels here. Every product name links to its product page.
All twenty-one head-to-head pages: the top seven products, each against each

Recommended versus criticized

Every product with at least 10 labels here, on both axes. The 30% line names a quadrant, not the verdict above: that one needs more than 40%.

Criticized challengerCriticized default
Negative label rate →
01
02
03
04
05
06
07
08
09
10
Accepted challengerEndorsed leader
0%First-choice share → · lines at 30% share and 25% negative30%
Key
01Trovata18%
02Agicap11%
03Kyriba9%
04GTreasury7%
05Centime7%
06TreasuryView7%
07HighRadius Treasury Management2%
08Nomentia0%
09ION Treasury0%
10SAP Treasury and Risk Management0%

What they warned about

One of twelve models held their first choice under the paraphrase. GPT-5.4 mini, Gemini 3.5 Flash, Perplexity Sonar, Grok 4.20, Mistral Small, DeepSeek V4 Flash, Llama 4 Maverick, Qwen 3.7 Flash, Kimi K2, GLM 4.7 FlashX and MiniMax M2.5 changed. A high negative share on a product with few labels is a warning. A low share on a product with many labels is salience, not sentiment.
Kyriba
35%
15 of 43 labels negative · 9 of 12 models · 4 hard negative
“Avoid: Big-name enterprise platforms (Kyriba, GTreasury, FIS Integrity)” DeepSeek V4 Flash, budget prompt
SAP Treasury and Risk Management
46%
12 of 26 labels negative · 7 of 12 models · 2 hard negative
“Tier 1: Enterprise Legacy (Avoid unless highly complex): Systems like *FIS, ION Treasury, or SAP Treasury*... far too expensive and complex for a 500-person firm.” Gemini 3.5 Flash, scale prompt
GTreasury
14%
4 of 29 labels negative · 4 of 12 models · 1 hard negative
“Avoid: Big-name enterprise platforms (Kyriba, GTreasury, FIS Integrity)” DeepSeek V4 Flash, budget prompt
ION Treasury
29%
5 of 17 labels negative · 4 of 12 models · 1 hard negative
“Tier 1: Enterprise Legacy (Avoid unless highly complex): Systems like *FIS, ION Treasury, or SAP Treasury*” Gemini 3.5 Flash, scale prompt

What they cite

Twelve of the twelve models returned a source list in this edition: four return the pages they cited and eight the search results they consulted.

Sites the answers cite

64 of 72 answers in this category came back with a source list, from 12 of 12 models: citations where the model returns them, or the search results it consulted. 960 links across 202 sites, every framing counted. Ranked by the number of answers carrying the site or page.

43 answers · 64 citations · 12 models
vendor site · Ripple27 answers · 30 citations · 10 models
vendor site · Eco26 answers · 26 citations · 9 models
vendor site · DebtBook25 answers · 27 citations · 10 models
vendor site · G223 answers · 56 citations · 12 models
17 answers · 23 citations · 9 models
vendor site · Nomentia16 answers · 19 citations · 10 models
vendor site · TreasuryView15 answers · 34 citations · 10 models
vendor site · Centime15 answers · 25 citations · 9 models
vendor site · Rho12 answers · 15 citations · 7 models
12 answers · 14 citations · 8 models
vendor site · Worldmetrics11 answers · 17 citations · 6 models

Pages the answers cite

The ten pages named in the most answers, by full address. A page here is one the models returned with a recommendation, not one the index endorses.

Search against answers

Each company's standing in the answers beside its site's footprint in Google search, one row a site: the products the models named on it with their shares, and the share they add up to; monthly searches on Google, and DataForSEO's estimate of AI search demand (modeled from search signals, directional, not a count of queries to any assistant), for the most-searched of the company's and its products' names (the name is in each row's hover text); estimated monthly organic visits to the site; and its best position in Google's top ten for “best treasury management system”, “treasury management system”, “treasury management systems”. US estimates from DataForSEO and Google's Ads Transparency Center. A small company's site, or a mid-sized company's site for its flagship, is marked company; a product on a large parent's site (Google, Microsoft) has no site figures. A column with no figures for this category is left out, and an empty cell means none were seen, not none exist. Two measurements side by side: neither is read as the cause of the other.
Company and productsShareOwn site citedName searches, GoogleAI search demand, est.Organic visitsPaid search a month, est.Google ads, last 30 daysBest Google position
Trovata trovata.io18%1242,900891,6856
Agicap agicap.com11%123590531,99822
Kyriba kyriba.com9%2484,40015538,514452
3Gtms9%
GTreasury gtreasury.com7%1011,90041820
Centime centime.com7%431,3001971,695
TreasuryView treasuryview.com7%282002,270
MercuryGate infios.com
MercuryGate 5%, MercuryGate TMS 2%
7%1,00026
Mercury mercury.com
Mercury 5%, Mercury + Treasury 2%
7%182368,000130,988301,244$284,81125
Trezy trezy.io5%14041,7990

Google's top ten for the three searches hold 20 sites; 4 of them are among the sites the models cited here (debtbook.com, gartner.com, nomentia.com, treasury.ripple.com). The first result for “best treasury management system” is linkedin.com.

How they answered

Six framings of the same buying question, each sent to every model in a fresh session with search on. One row per model, so a row shows whether it held its answer under rewording, what it named when cost was the constraint, and what it argued against. Computed from the raw judge labels.
ShowHide
ModelDirect“What is the best treasury management system for a mid-market B2B company?”Paraphrase“Which TMS would you recommend to a mid-sized B2B company?”Comparative“What are the top treasury management systems and how do they differ?”Budget-constrained“What is the best treasury management system for a company with a limited budget?”Scale-constrained“We are a 500 person company evaluating a treasury management system. What should we look at?”Negative“Which treasury management systems should I avoid or be cautious about?”
Claude Haiku 4.5no first choiceno first choiceHeldGTreasury, Kyriba
Two alternativesHighRadius Treasury Management, Trovata
against: ION Treasury, SAP Treasury and Risk Management
Centime
Four alternativesAgicap, Rho Treasury, Round Treasury, TreasuryView
against: GTreasury, Kyriba, SAP Treasury and Risk Management
no first choicenothing named
GPT-5.4 miniKyriba
Three alternativesGTreasury, Modern Treasury, SAP Treasury and Risk Management
Cargoson, ShipwellChanged
Three alternativesDescartes Aljex, Oracle Transportation Management, SAP Transportation Management
FIS Treasury, Risk and Payment Suite / Treasury and Risk Manager, Kyriba
Three alternativesGTreasury, ION Treasury, SAP Treasury and Risk Management
Agicap
Three alternativesTreasury Suite, TreasuryView, Volo Cash
against: Coupa Treasury, Kyriba
no first choicenothing named
Gemini 3.5 FlashTrovata
Four alternativesCentime, HighRadius Treasury Management, Kyriba, Nomentia
3GtmsChanged
Four alternativesFreightview, Infios Transportation Management, MyCarrier, Shipwell
Kyriba
Five alternativesGTreasury, ION Treasury, Nomentia, Serrala, Trovata
against: SAP Treasury and Risk Management
Centime
Five alternativesAgicap, Mercury, Rho Treasury, TreasuryFlow, Trovata
against: FIS Integrity, GTreasury, Kyriba
Trovata
Six alternativesAgicap, Centime, Embat, GTreasury, Kyriba, Nomentia
against: FIS Quantum, ION Treasury, SAP Treasury and Risk Management
against: City Financials, FIS Quantum/Integrity, ION Treasury, IT2, Kyriba, Openlink, Oracle Treasury, Reval, SAP Treasury and Risk Management, Treasura, Wallstreet Suite
Perplexity SonarKyriba
Three alternativesGTreasury, Nomentia, Trovata
3GtmsChanged
Three alternativesFreightPOP, GoFreight, MercuryGate
GTreasury, Kyriba
Seven alternativesFIS Treasury and Risk Manager, Modern Treasury, Nomentia, Oracle Treasury, SAP Treasury and Risk Management, TIS, Trovata
Agicap
Two alternativesMercury, Rho Treasury
against: GTreasury, Kyriba
no first choicenothing named
Grok 4.20Trovata
Three alternativesGTreasury, ION Treasury, Kyriba
MercuryGate TMSChanged
Five alternatives3Gtms, Descartes Aljex, GlobalTranz, Rose Rocket, Shipwell
against: Blue Yonder, Oracle Treasury
Kyriba
Five alternativesFIS, GTreasury, ION Treasury, Nomentia, SAP Treasury and Risk Management
against: Coupa Treasury, TIS
Mercury
Two alternativesCentime, Rho Treasury
against: Kyriba, SAP Treasury and Risk Management
HighRadius Treasury Management, Kyribaagainst: FIS Quantum, Finastra Treasury, Oracle Transportation Management, SAP TMS
Mistral SmallGTreasury, Trovata
Two alternativesConcourse, Nomentia
3GtmsChanged
Two alternativesFreightPOP, MercuryGate
ION Treasury
Six alternativesFIS, GTreasury, Kyriba, Nomentia, SAP Treasury and Risk Management, TIS
Agicap, Mercury + Treasury
One alternativeCentime
no first choicenothing named
DeepSeek V4 FlashGTreasury, Trovata
Three alternativesCoupa Treasury, FIS Integrity, TIS
against: Kyriba
3Gtms, FreightPOPChanged
One alternativeMercuryGate
Kyriba
Six alternativesFIS Treasury, GTreasury, ION Treasury, Oracle Treasury, SAP Treasury and Risk Management, Trovata
TreasuryView, Trezy
Three alternativesAgicap, Rho Treasury, Zenfirst
against: FIS Integrity, GTreasury, Kyriba
no first choiceagainst: Datalog Finance, ION Treasury, Kyriba, SAP Treasury and Risk Management, TIS, Trovata
Llama 4 MaverickGTreasury
Two alternativesNomentia, Trovata
no first choiceChangedno first choiceno first choiceno first choicenothing named
Qwen 3.7 FlashKyriba
Five alternativesBlackLine, FIS, HighRadius Treasury Management, Oracle Treasury, Prophet Matrix
AscendTMSChanged
Three alternativesCarrier, Logitude, MercuryGate
against: Blue Yonder
Kyriba
Five alternativesFIS, GTreasury, ION Treasury, Nomentia, SAP Treasury and Risk Management
TreasuryView
Four alternativesCentime, Float, Hypersight, Mercury
against: Kyriba, SAP BTP
no first choice
One alternativeNetSuite Treasury
against: Agicap, Kyriba, SAP Treasury and Risk Management
Kimi K2Trovata
Three alternativesGTreasury, Kyriba, Nomentia
3G TMS, MercuryGateChanged
Two alternativesDescartes Transportation Management, project44
against: Blue Yonder, Manhattan Active TMS, Oracle Transportation Management
Kyriba
Four alternativesGTreasury, ION Treasury, SAP Treasury and Risk Management, Trovata
Mercury, TreasuryView
Three alternativesAgicap, Arc, Meow
against: Kyriba, SAP Treasury and Risk Management
no first choiceagainst: Agicap, Bottomline Technologies, Coupa Treasury, FIS Quantum/Integrity, HighRadius Treasury Management, ION Treasury, Kyriba, Oracle Treasury, Round Treasury, SAP Treasury and Risk Management, Trovata
GLM 4.7 FlashXTrovata
Three alternativesGTreasury, Kyriba, Nomentia
MercuryGateChanged
Four alternativesBlue Yonder Transportation Management, Kuebix, Rose Rocket, Truckbase
Kyriba
Ten alternativesDebtBook, FIS Quantum, GTreasury, HighRadius Treasury Management, ION Treasury, Modern Treasury, Ripple Treasury, SAP Treasury and Risk Management, TreasuryView, Trovata
Agicap
Two alternativesTreasuryView, Trezy
against: Kyriba, SAP Treasury and Risk Management
no first choiceagainst: Kyriba, SAP Treasury and Risk Management, Trovata
MiniMax M2.5Centime, Trovata
One alternativeNilus
no first choiceChangedKyriba
Five alternativesFIS Quantum, GTreasury, ION Treasury, Ripple Treasury, SAP Treasury and Risk Management
Agicap, Trezy
Two alternativesCentime, TreasuryView
no first choicenothing named
Bold is the first choiceAlternatives are counted; the count opens them.What the answer argued against

The record

One row per call: the version string exactly as returned, whether the model searched, sources cited, and latency.
Seventy-two rows: every prompt, every model, every answer.
PromptModelVersion stringTime (UTC)SearchedSourcesLatency
Direct recommendationClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 19:54yes99 s
Direct recommendationGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 20:07yes47 s
Direct recommendationGemini 3.5 Flashgemini-3.5-flash2026-09-17 18:33yes1823 s
Direct recommendationPerplexity Sonarsonar2026-09-17 20:17yes207 s
Direct recommendationGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 20:13yes3820 s
Direct recommendationMistral Smallmistral/mistral-small via mistral2026-09-17 20:10yes55 s
Direct recommendationDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 20:58yes711 s
Direct recommendationLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 19:16yes53 s
Direct recommendationQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 18:53no030 s
Direct recommendationKimi K2moonshotai/kimi-k2 via novita2026-09-17 21:08yes1146 s
Direct recommendationGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 20:23yes23136 s
Direct recommendationMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 21:04yes510 s
ParaphraseClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 19:47no04 s
ParaphraseGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 20:58yes36 s
ParaphraseGemini 3.5 Flashgemini-3.5-flash2026-09-17 21:20yes753 s
ParaphrasePerplexity Sonarsonar2026-09-17 19:34yes205 s
ParaphraseGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 18:17yes3517 s
ParaphraseMistral Smallmistral/mistral-small via mistral2026-09-17 20:18yes2012 s
ParaphraseDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 21:08yes1719 s
ParaphraseLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 18:20yes53 s
ParaphraseQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 20:35no028 s
ParaphraseKimi K2moonshotai/kimi-k2 via novita2026-09-17 19:23yes2053 s
ParaphraseGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 19:25yes953 s
ParaphraseMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 18:15yes518 s
ComparativeClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:18yes1813 s
ComparativeGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 20:06yes79 s
ComparativeGemini 3.5 Flashgemini-3.5-flash2026-09-17 19:21yes920 s
ComparativePerplexity Sonarsonar2026-09-17 19:56yes2010 s
ComparativeGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 20:43yes2215 s
ComparativeMistral Smallmistral/mistral-small via mistral2026-09-17 18:02yes78 s
ComparativeDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 20:46yes2746 s
ComparativeLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 19:41yes52 s
ComparativeQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 18:14yes529 s
ComparativeKimi K2moonshotai/kimi-k2 via novita2026-09-17 20:39yes1735 s
ComparativeGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 20:00yes16100 s
ComparativeMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 20:22yes2032 s
Budget constrainedClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 20:43yes1512 s
Budget constrainedGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 19:48yes56 s
Budget constrainedGemini 3.5 Flashgemini-3.5-flash2026-09-17 19:15yes1823 s
Budget constrainedPerplexity Sonarsonar2026-09-17 19:21yes206 s
Budget constrainedGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 18:56yes3322 s
Budget constrainedMistral Smallmistral/mistral-small via mistral2026-09-17 21:02yes1811 s
Budget constrainedDeepSeek V4 Flashdeepseek/deepseek-v4-flash via deepinfra2026-09-17 19:45yes2845 s
Budget constrainedLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 20:49yes53 s
Budget constrainedQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 18:09yes1476 s
Budget constrainedKimi K2moonshotai/kimi-k2 via novita2026-09-17 18:56yes1324 s
Budget constrainedGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 18:08yes2541 s
Budget constrainedMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 19:35yes1337 s
Scale constrainedClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:53no06 s
Scale constrainedGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 18:27no06 s
Scale constrainedGemini 3.5 Flashgemini-3.5-flash2026-09-17 18:42yes1027 s
Scale constrainedPerplexity Sonarsonar2026-09-17 20:10yes2010 s
Scale constrainedGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 17:56yes2012 s
Scale constrainedMistral Smallmistral/mistral-small via mistral2026-09-17 18:18no08 s
Scale constrainedDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 20:14yes1017 s
Scale constrainedLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 19:21yes53 s
Scale constrainedQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 20:27no029 s
Scale constrainedKimi K2moonshotai/kimi-k2 via novita2026-09-17 20:56yes924 s
Scale constrainedGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 20:48yes1584 s
Scale constrainedMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 18:18yes513 s
Negative framingClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 20:06yes178 s
Negative framingGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 20:25no03 s
Negative framingGemini 3.5 Flashgemini-3.5-flash2026-09-17 18:13yes1931 s
Negative framingPerplexity Sonarsonar2026-09-17 20:27yes208 s
Negative framingGrok 4.20spacexai/grok-4.1-fast-non-reasoning via vertex (asked for grok-4.20-non-reasoning; the API answered as this version)2026-09-17 18:00yes2113 s
Negative framingMistral Smallmistral/mistral-small via mistral2026-09-17 18:34yes55 s
Negative framingDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 18:59yes3043 s
Negative framingLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 18:22yes53 s
Negative framingQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 19:33yes2047 s
Negative framingKimi K2moonshotai/kimi-k2 via novita2026-09-17 20:33yes2243 s
Negative framingGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 18:48yes27214 s
Negative framingMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 18:03yes1443 s

Normalization in this category

Every judgment call made between the raw labels and the numbers above, listed so it is visible and reversible.

ShowHide
Category-scoped readings
Coupa read as Coupa Treasury
HighRadius read as HighRadius Treasury Management
HighRadius Treasury read as HighRadius Treasury Management
ION read as ION Treasury
ION Treasury / Wallstreet Suite read as ION Treasury
ION Treasury Wallstreet Suite read as ION Treasury
ION Wallstreet Suite (older versions) read as ION Treasury
NetSuite read as NetSuite Treasury
Oracle read as Oracle Treasury
Oracle Cash and Treasury Management read as Oracle Treasury
Rho read as Rho Treasury
Round read as Round Treasury
SAP read as SAP Treasury and Risk Management
SAP Treasury read as SAP Treasury and Risk Management
Unresolved, counted raw
3G TMS (by Descartes)
ALTICASH
Alpega
Buxl
CTSI-Global
Carrier (formerly Carrier-i)
City Financials
Datalog Finance (TLine)
Deloitte Treasury Services
Delta
Descartes Transportation Management
FIS Treasury Express
FIS Treasury, Risk and Payment Suite / Treasury and Risk Manager
GlobalTranz
Hypersight
Infios TMS
Infios Transportation Management
Logility
Logitude
MercuryGate TMS
Neurored
Openlink
Prophet Matrix
SAP BTP
Shipbob
TreasuryXL
Trimble TMW.Suite
Volo Cash
Zenfirst
Zenfirst tréso
Discontinued, still offered
No shut-down product was recommended here.
← Stablecoin platformsAML monitoring →