# Treasury management systems: what AI models recommend, November 2026

Gane Index, November 2026 Edition. Asked as "treasury management system" and as "TMS", six framings each, to fourteen models with search on, on behalf of a mid-market B2B company. Page: https://www.gane.ai/index/finance/treasury/treasury-management-systems

**Standing:** Trovata leads with 23% of first choices; verdict contested. 52 first choices across the direct, paraphrase, budget and scale prompts.

## First-choice share

| Rank | Product | Share | Negative rate | Labels |
|---|---|---|---|---|
| 1 | [Trovata](https://www.gane.ai/index/finance/vendors/trovata/index.md) | 23% | 9% | 32 |
| 2 | [Kyriba](https://www.gane.ai/index/finance/vendors/kyriba/index.md) | 8% | 35% | 49 |
| 4 | [Mercury](https://www.gane.ai/index/finance/vendors/mercury/index.md) | 8% | 18% | 11 |
| 5 | [Agicap](https://www.gane.ai/index/finance/vendors/agicap/index.md) | 6% | 12% | 26 |
| 10 | [GTreasury](https://www.gane.ai/index/finance/vendors/gtreasury/index.md) | 2% | 25% | 28 |
| 24 | [Nomentia](https://www.gane.ai/index/finance/vendors/nomentia/index.md) | 0% | 0% | 13 |
| 25 | [Embat](https://www.gane.ai/index/finance/vendors/embat/index.md) | 0% | 9% | 11 |
| 27 | [Coupa Treasury](https://www.gane.ai/index/finance/vendors/coupa-treasury/index.md) | 0% | 19% | 16 |
| 28 | [ION Treasury](https://www.gane.ai/index/finance/vendors/ion-treasury/index.md) | 0% | 28% | 18 |
| 45 | [Oracle Treasury](https://www.gane.ai/index/finance/vendors/oracle-treasury/index.md) | 0% | 30% | 10 |
| 148 | [SAP Treasury and Risk Management](https://www.gane.ai/index/finance/vendors/sap-treasury-and-risk-management/index.md) | 0% | 45% | 33 |

Rank is by share of first choices among all 152 products named; products with the same share are tied, and the order among them carries no meaning. The table lists those with at least 10 labels.

## Each model's first choice on the direct prompt

- Claude Haiku 4.5: no first choice
- GPT-5.4 mini: Kyriba; alternatives Coupa Treasury, Nomentia, Trovata
- Gemini 3.5 Flash: Trovata; alternatives Centime, Embat, HighRadius Treasury Management, Kyriba
- Perplexity Sonar: Trovata; alternatives Agicap, Embat, GTreasury, HighRadius Treasury Management
- Grok 4.20: Trovata; alternatives Agicap, GTreasury
- Mistral Small: Trovata; alternatives ATOM Treasury & Risk Management, Embat, HighRadius Treasury Management
- DeepSeek V4 Flash: Trovata; alternatives Embat, GTreasury, Kyriba
- Llama 4 Maverick: Trovata; alternatives Agicap, Embat, GTreasury
- Qwen 3.7 Flash: Kyriba; alternatives GTreasury, Trovata
- Kimi K2: Trovata; alternatives Agicap, Embat, Kyriba, Nilus
- GLM 4.7 FlashX: Trovata; alternatives Centime, Kyriba, Panax
- MiniMax M2.5: GTreasury; alternatives Centime, TreasuryView, Trovata
- GPT-6 Luna: Kyriba; alternatives Ripple Treasury, Trovata
- Muse Glimmer 30B: Trovata; alternatives Agicap, Embat, FIS Quantum Express, GTreasury

## Sources the answers cite

71 of 84 answers came back with a source list, from 14 of 14 models. Sites named in the most answers:

- g2.com: 25 answers, 52 citations
- upshift.finance: 21 answers, 21 citations
- softwareadvice.com: 18 answers, 21 citations
- treasury.ripple.com: 16 answers, 20 citations
- verifiedmarketresearch.com: 14 answers, 15 citations
- agicap.com: 13 answers, 20 citations
- guideflow.com: 13 answers, 13 citations
- trovata.io: 11 answers, 16 citations

Pages named in the most answers:

- https://upshift.finance/blog/best-treasury-management-software (21 answers)
- https://verifiedmarketresearch.com/blog/top-treasury-management-systems (14 answers)
- https://guideflow.com/blog/treasury-management-software (13 answers)
- https://treasury.ripple.com/posts/top-10-treasury-management-systems (11 answers)
- https://techvendorindex.com/software/treasury-management-systems (10 answers)
- https://rho.co/blog/treasury-management-software (9 answers)
- https://eco.com/support/en/articles/16402412-best-treasury-management-software-2026 (8 answers)
- https://einpresswire.com/article/759657360/the-top-treasury-management-software-vendors-according-to-the-featuredcustomers-fall-2024-customer-success-report (8 answers)
- https://realtreasury.com/tms-selection-mistakes (8 answers)
- https://slashdot.org/software/treasury/f-mid-size-business?page=2 (8 answers)

## Warned against

- SAP Treasury and Risk Management: 15 of 33 labels negative. "Avoid enterprise platforms such as Kyriba, SAP Treasury, or GTreasury" (Perplexity Sonar, budget prompt)
- Kyriba: 17 of 49 labels negative. "avoid enterprise tools like Kyriba or GTreasury that charge premiums for those unused features" (Qwen 3.7 Flash, budget prompt)
- GTreasury: 7 of 28 labels negative. "avoid enterprise tools like Kyriba or GTreasury that charge premiums for those unused features" (Qwen 3.7 Flash, budget prompt)
- ION Treasury: 5 of 18 labels negative. "Avoid enterprise TMS platforms (Kyriba, SAP, GTreasury, ION)" (DeepSeek V4 Flash, budget prompt)

## Movement since October 2026

Floor: 10 points of share, measured on the calibration repeat.
Same leader: Trovata at 23%.

- Agicap: 15% to 6%, −9. Inside the floor by 1 point · rank 2 → 5 of 152.
- Mercury: 2% to 8%, +6. Inside the floor by 4 points · rank 12 → 4 of 152.
- Trovata: 28% to 23%, −5. Inside the floor by 5 points · rank 1 of 152, unchanged.
- Kyriba: 4% to 8%, +4. Inside the floor by 6 points · rank 5 → 2 of 152.
- TreasuryView: 2% to 6%, +4. Inside the floor by 6 points · rank 7 → 6 of 152.
- GTreasury: 6% to 2%, −4. Inside the floor by 6 points · rank 3 → 10 of 152.
- Rho Treasury: 4% to 2%, −2. Inside the floor by 8 points · rank 4 → 14 of 152.
- Nomentia: 0% to 0%, ±0. Inside the floor by 10 points · rank 28 → 24 of 152.
- Embat: 0% to 0%, ±0. Inside the floor by 10 points · rank 32 → 25 of 152.
- Coupa Treasury: 0% to 0%, ±0. Inside the floor by 10 points · rank 112 → 27 of 152.
- ION Treasury: 0% to 0%, ±0. Inside the floor by 10 points · rank 31 → 28 of 152.
- FIS Quantum: 0% to 0%, ±0. Inside the floor by 10 points · rank 33 → 41 of 152.

## Record

- Method: https://www.gane.ai/index/finance/methodology
- License: CC BY 4.0. Cite as Gane Index, November 2026 Edition, www.gane.ai/index/finance.