September 2026 Edition, published · The permanent record of that edition, superseded since.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 › Small business · September 2026 Edition

Treasury management systems for small business buyers

Asked as “treasury management system”, and as “TMS”, on behalf of a small B2B company. 43 first choices recorded across the direct, paraphrase, budget and scale prompts, twelve models each.
Standing · first-choice share
21%
Contested · Trezy 9%
21Agicap09Trezy07FreightPOP63others

21% 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 small B2B company. Ordered by share.
ProductFirst-choice shareNegative rateLabelsQuadrant
01Agicap21%6%32accepted challenger
02Kyriba5%79%33criticized challenger
03Centime2%0%13accepted challenger
04TreasuryView2%8%13accepted challenger
Show the three products at 0%, ordered by negative rate
07SAP Treasury and Risk Management0%93%14criticized challenger
06GTreasury0%71%17criticized challenger
05Trovata0%0%17accepted 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.
Head to headHead-to-head pages are published for mid-market buyers, so these open on mid-market figures, not small business.
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
Accepted challengerEndorsed leader
0%First-choice share → · lines at 30% share and 25% negative40%
Key
01Agicap21%
02Kyriba5%
03Centime2%
04TreasuryView2%
05Trovata0%
06GTreasury0%
07SAP 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
79%
26 of 33 labels negative · 10 of 12 models · 7 hard negative
“Systems/solutions to avoid or be highly cautious about ... Heavy enterprise TMS suites (Kyriba, GTreasury, FIS Integrity, ION, Salmon, Nomentia)” DeepSeek V4 Flash, negative prompt
SAP Treasury and Risk Management
93%
13 of 14 labels negative · 8 of 12 models · 8 hard negative
“Enterprise-Only Vendors: Large players like SAP, Oracle, or highly complex versions of Workday often struggle to justify their price tag at 30 employees.” Qwen 3.7 Flash, scale prompt
GTreasury
71%
12 of 17 labels negative · 7 of 12 models · 6 hard negative
“Systems to Avoid: Kyriba, FIS (Integrity/Quantum), ION Group (Reval, Wallstreet Suite, IT2), GTreasury.” Gemini 3.5 Flash, negative prompt
ION Treasury
100%
5 of 5 labels negative · 5 of 12 models · 5 hard negative
“Systems to Avoid: Kyriba, FIS (Integrity/Quantum), ION Group (Reval, Wallstreet Suite, IT2), GTreasury.” Gemini 3.5 Flash, negative 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

59 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. 877 links across 209 sites, every framing counted. Ranked by the number of answers carrying the site or page.

vendor site · G240 answers · 78 citations · 11 models
vendor site · TreasuryView39 answers · 56 citations · 11 models
36 answers · 38 citations · 11 models
vendor site · Ripple18 answers · 18 citations · 9 models
17 answers · 17 citations · 9 models
vendor site · Centime16 answers · 29 citations · 10 models
vendor site · Capterra16 answers · 23 citations · 8 models
vendor site · Agicap14 answers · 19 citations · 8 models
vendor site · DebtBook14 answers · 16 citations · 7 models
vendor site · Rho14 answers · 16 citations · 8 models
vendor site · Nilus13 answers · 13 citations · 8 models
vendor site · GetApp12 answers · 18 citations · 7 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
Agicap agicap.com21%123590531,99822
Mercury mercury.com
Mercury 7%, Mercury + Treasury 5%
12%182368,000130,988301,244$284,81125
Trezy trezy.io9%14041,7990
FreightPOP freightpop.com7%7
Fygr7%
Rose Rocket roserocket.com5%6
Kyriba kyriba.com5%2484,40015538,514452
Centime centime.com2%431,3001971,695
TreasuryView treasuryview.com2%282002,270
Bill.com bill.com2%51,783,039$199,231119

Google's top ten for the three searches hold 20 sites; 3 of them are among the sites the models cited here (debtbook.com, gartner.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 small B2B company?”Paraphrase“Which TMS would you recommend to a small business that sells to other businesses?”Comparative“What are the top treasury management systems for a small team and how do they differ?”Budget-constrained“What is the best treasury management system for a small company with a tight budget?”Scale-constrained“We are a 30 person company evaluating a treasury management system. What should we look at?”Negative“Which treasury management systems should a small business avoid or be cautious about?”
Claude Haiku 4.5no first choiceagainst: Kyriba, Murex, SAP Treasury and Risk Managementno first choiceHeldTreasuryView, Trovataagainst: KyribaExcel, Google Sheets
Four alternativesQuickBooks Online, Wave, Xero, Zoho Books
no first choiceagainst: Excel
GPT-5.4 miniAgicap
Two alternativesModern Treasury, Round Treasury
against: Atlar, Kyriba
FreightPOP, ShipwellChanged
Two alternativesC.H. Robinson's Navisphere, Uber Freight's platform
against: Oracle Transportation Management
Trovata
Four alternativesKyriba, Modern Treasury, Oracle Cash Management, SAP Cash Management
against: GTreasury
Agicap
One alternativeRound Treasury
against: Atlar, Kyriba
no first choicenothing named
Gemini 3.5 FlashCentime
Four alternativesAgicap, Brex, Ramp, Trovata
against: FIS Integrity, GTreasury, Kyriba
MyCarrierChanged
Six alternativesAscendTMS, Descartes ShipRush, FreightPOP, Freightview, ShipStation, Warp TMS
Trovata
Four alternativesAgicap, Centime, Embat, Panax
TreasuryView
Five alternativesCash Flow Frog, Centime, Float, Helm, Trovata
against: FIS Integrity, GTreasury, Kyriba
Mercury + Treasury
Eight alternativesAgicap, Brex, Jirav, Pry, Ramp, Rho Treasury, Runway, Trovata
against: FIS Integrity, GTreasury, Kyriba
against: FIS, GTreasury, Google Sheets, ION Treasury, Kyriba, Microsoft Excel, Oracle NetSuite Treasury, SAP Treasury and Risk Management
Perplexity SonarAgicap
Two alternativesMercury + Treasury, Rho Treasury
against: GTreasury, Kyriba
Rose Rocket, SuiteFleetChanged
Two alternativesOnro, Uber Freight TMS
Mercury, Rho Treasury
Four alternativesAgicap, Brex, GTreasury, Trovata
against: Kyriba
Mercury
One alternativeTreasuryView
no first choicenothing named
Grok 4.20Agicap
Four alternativesCAPIX, Float, Pulse, Trovata
against: FIS, GTreasury, Kyriba, SAP Treasury and Risk Management
FreightPOPChanged
Two alternativesMyCarrier, Pacejet
against: Alvys, MercuryGate, Oracle Treasury, Rose Rocket, SAP Treasury and Risk Management
Mercury
Three alternativesAgicap, Centime, Float
against: Kyriba
Mercury
Five alternativesAgicap, Arc, Centime, Meow, Rho Treasury
against: GTreasury, Kyriba
no first choiceagainst: Fiserv, ION Treasury, Kyriba, SAP Treasury and Risk Management, Wells Fargo Treasury Management
Mistral SmallMercury + Treasuryno first choiceChangedCentime
Three alternativesAgicap, Float, Treasury Prime
against: Kyriba
Agicapno first choicenothing named
DeepSeek V4 FlashAgicap
Four alternativesCentime, Mercury + Treasury, TreasuryView, Trovata
against: GTreasury, Kyriba, SAP Treasury and Risk Management
Pacejet, ShipStationChanged
Three alternatives3Gtms, Cargoson, Truckbase
against: BluJay, Manhattan
Agicap, Centime
Three alternativesNomentia, TreasuryView, Trezy
against: FIS, Kyriba
Fygr, Pennylane, Trezy
Two alternativesExcel/Google Sheets, Tiime
against: TreasuryView
no first choiceagainst: FIS Integrity, GTreasury, ION Treasury, Kyriba, Nomentia, Salmon
Llama 4 Maverickno first choiceGoFreightChanged
Four alternativesDescartes ShipRush, Freightos, Magaya, WebCargo
no first choiceKyriba
Three alternativesAgicap, Centime, Financial Navigator
no first choicenothing named
Qwen 3.7 FlashBill.com
Five alternativesFloat, Mercury, QuickBooks Online, Ramp, Tipalti
against: Kyriba, SAP Treasury and Risk Management
FreightPOPChanged
Two alternativesShippo, Syrus
against: ShipStation
Float
Four alternativesAgicap, Kinary, Spendesk, Sweep
against: Kyriba, SAP TRIO
Trezy
Two alternativesFloat, Pulse
against: Agicap, Kyriba, SAP Treasury and Risk Management
no first choiceagainst: Oracle Treasury, SAP Treasury and Risk Management, Workdayagainst: GTreasury, ION Treasury, Kyriba, Oracle Transportation Management, SAP Ariba, SAP Treasury and Risk Management
Kimi K2Agicap
Three alternativesFygr, Pennylane, TreasuryView
FreightviewChanged
Three alternativesMyCarrierTMS, Rose Rocket, Warp TMS
Centime, TreasuryView
Three alternativesGTreasury, HighRadius Treasury Management, Trovata
against: Kyriba
Fygr, Trezy
Two alternativesAgicap, TreasuryView
no first choiceagainst: FIS Quantum, GTreasury, ION Treasury, Kyriba, SAP Treasury and Risk Management
GLM 4.7 FlashXAgicap
One alternativeRho Treasury
against: Kyriba
ShipperGuide by LoadsmartChanged
Three alternatives3G TMS / Pacejet, Alvys, Truckbase
against: Rose Rocket
Agicap
Four alternativesBrex, Centime, Rho Treasury, Treasury Prime
against: Kyriba, Oracle Treasury, SAP Treasury and Risk Management
Fygr, iPaidThat / iZiago
One alternativeTreasuryView
against: Agicap
no first choiceagainst: CashValue, Cashpooler, Treasury Management System
MiniMax M2.5Agicap, KyribaRose RocketChanged
Three alternativesAlvys, Cargoson, Descartes Aljex
no first choiceMercury, Trezy
One alternativeAgicap
no first choiceagainst: Modern Treasury, Round Treasury, SAP Treasury and Risk Management
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 20:07no04 s
Direct recommendationGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 20:26yes35 s
Direct recommendationGemini 3.5 Flashgemini-3.5-flash2026-09-17 19:14yes1421 s
Direct recommendationPerplexity Sonarsonar2026-09-17 20:55yes206 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 21:07yes2519 s
Direct recommendationMistral Smallmistral/mistral-small via mistral2026-09-17 18:40yes54 s
Direct recommendationDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 20:45yes1417 s
Direct recommendationLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 20:41yes53 s
Direct recommendationQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 18:36no033 s
Direct recommendationKimi K2moonshotai/kimi-k2 via novita2026-09-17 19:31yes921 s
Direct recommendationGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 19:41yes2356 s
Direct recommendationMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 18:38yes722 s
ParaphraseClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:25no03 s
ParaphraseGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 19:42no04 s
ParaphraseGemini 3.5 Flashgemini-3.5-flash2026-09-17 18:57yes1526 s
ParaphrasePerplexity Sonarsonar2026-09-17 18:11yes206 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 18:46yes2719 s
ParaphraseMistral Smallmistral/mistral-small via mistral2026-09-17 18:56no01 s
ParaphraseDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 18:30yes1019 s
ParaphraseLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 20:50yes53 s
ParaphraseQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 20:19no029 s
ParaphraseKimi K2moonshotai/kimi-k2 via novita2026-09-17 20:18yes1324 s
ParaphraseGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 18:41yes24194 s
ParaphraseMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 17:58yes528 s
ComparativeClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 19:35yes1713 s
ComparativeGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 17:58yes811 s
ComparativeGemini 3.5 Flashgemini-3.5-flash2026-09-17 21:19yes1351 s
ComparativePerplexity Sonarsonar2026-09-17 20:43yes209 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 18:41yes3125 s
ComparativeMistral Smallmistral/mistral-small via mistral2026-09-17 20:47yes1012 s
ComparativeDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 19:54yes2336 s
ComparativeLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 19:42yes53 s
ComparativeQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 18:30no043 s
ComparativeKimi K2moonshotai/kimi-k2 via novita2026-09-17 18:13yes1937 s
ComparativeGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 20:59yes2087 s
ComparativeMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 20:15yes2060 s
Budget constrainedClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 20:53no04 s
Budget constrainedGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 20:41yes16 s
Budget constrainedGemini 3.5 Flashgemini-3.5-flash2026-09-17 19:14yes1923 s
Budget constrainedPerplexity Sonarsonar2026-09-17 20:11yes206 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 21:03yes3221 s
Budget constrainedMistral Smallmistral/mistral-small via mistral2026-09-17 18:23yes54 s
Budget constrainedDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 19:15yes1012 s
Budget constrainedLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 19:16yes52 s
Budget constrainedQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 20:04yes1036 s
Budget constrainedKimi K2moonshotai/kimi-k2 via novita2026-09-17 21:33yes918 s
Budget constrainedGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 19:31yes1226 s
Budget constrainedMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 18:53yes736 s
Scale constrainedClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 21:01no05 s
Scale constrainedGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 18:56no010 s
Scale constrainedGemini 3.5 Flashgemini-3.5-flash2026-09-17 21:18yes1944 s
Scale constrainedPerplexity Sonarsonar2026-09-17 19:42yes208 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 20:04yes1511 s
Scale constrainedMistral Smallmistral/mistral-small via mistral2026-09-17 19:55no011 s
Scale constrainedDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 19:10yes1319 s
Scale constrainedLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 20:28yes53 s
Scale constrainedQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 20:01no032 s
Scale constrainedKimi K2moonshotai/kimi-k2 via novita2026-09-17 18:59yes1423 s
Scale constrainedGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 21:06yes1251 s
Scale constrainedMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 20:54yes512 s
Negative framingClaude Haiku 4.5claude-haiku-4-5-202510012026-09-17 18:00yes1619 s
Negative framingGPT-5.4 minigpt-5.4-mini-2026-03-172026-09-17 19:18no05 s
Negative framingGemini 3.5 Flashgemini-3.5-flash2026-09-17 18:56yes1327 s
Negative framingPerplexity Sonarsonar2026-09-17 18:41yes208 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 19:36yes4621 s
Negative framingMistral Smallmistral/mistral-small via mistral2026-09-17 19:58yes96 s
Negative framingDeepSeek V4 Flashdeepseek/deepseek-v4-flash via fireworks2026-09-17 18:53yes3025 s
Negative framingLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-09-17 20:42yes53 s
Negative framingQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-09-17 18:31yes2058 s
Negative framingKimi K2moonshotai/kimi-k2 via novita2026-09-17 19:18yes2049 s
Negative framingGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-09-17 20:12yes17168 s
Negative framingMiniMax M2.5minimax/minimax-m2.5 via minimax2026-09-17 19:59yes1834 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
Bottomline read as Bottomline Technologies
HighRadius read as HighRadius Treasury Management
ION read as ION Treasury
ION Group (Reval, Wallstreet Suite, IT2) read as ION Treasury
ION Treasury Wallstreet Suite read as ION Treasury
NetSuite read as NetSuite Treasury
NetSuite Treasury Management read as NetSuite Treasury
Oracle read as Oracle Treasury
QuickBooks read as QuickBooks Online
Rho read as Rho Treasury
SAP read as SAP Treasury and Risk Management
SAP Treasury read as SAP Treasury and Risk Management
Unresolved, counted raw
20HiGH TMS
3G TMS / Pacejet
BluJay
C.H. Robinson's Navisphere
CAPIX
CashValue
Cashpooler
Freightos
ITS Dispatch
Kinary
Magaya
Murex
Onro
Oracle NetSuite Treasury
SAP TRIO
ShipperGuide by Loadsmart
Syrus
Treasury Management System (by LIST S.p.A.)
TreasuryNow
Uber Freight's platform
UniqTMS
WebCargo
Wells Fargo Treasury Management
iPaidThat / iZiago
Discontinued, still offered
No shut-down product was recommended here.
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