If you run finance at a growing company, cash clarity and control are everything. A good Treasury Management System (TMS) helps you see cash in real time, forecast with confidence, automate payments, and reduce risk without adding headcount. In this guide, I’ll walk you through what to look for, how to evaluate vendors, and a practical, CFO-friendly comparison of five TMS platforms used by mid-market teams today: Kyriba, GTreasury, Coupa Treasury (formerly BELLIN), TIS, and FIS Integrity. I’ll keep jargon light and focus on what actually matters to your results.
Why Treasury Management Matters for Mid-Market CFOs
As companies scale from, say, $50M to $1B in revenue, treasury pain points pop up fast:
- Cash is scattered. Multiple banks, entities, and currencies make it hard to answer “How much cash do we have right now?”
- Manual processes eat time. Spreadsheets for cash positioning, cut-and-paste bank files, and email approvals slow your close and raise fraud risk.
- Rates and FX move. You need hedging and scenario planning that connect to balance-sheet reality, not a separate model that’s always out of date.
- Compliance wants evidence. Auditors expect payments controls, segregation of duties, and a clean trail—without you pulling all-nighters.
A modern TMS addresses these by centralizing bank connectivity, automating cash positioning and payments, adding strong approvals, and providing forecasting and risk analytics. The result: fewer keystrokes, faster decisions, better control, and a treasury function that actually scales with your business.
Key Features You Should Expect
When you evaluate a TMS, anchor your requirements on a few must-haves:
- Real-time cash visibility & positioning
See balances across all banks and entities, drill down by currency and value date, and generate daily cash positions with minimal manual work. - Forecasting that learns
Practical forecasting that blends historicals, AP/AR data, ERP signals, and seasonality. You want easy scenario testing (best/base/worst) you can share with leadership. - Bank connectivity & payments automation
Host-to-host, SWIFT, and growing API connections to your banks. Support for payment formats, approval workflows, sanctions screening, and fraud controls. - Risk management (FX, rates, credit)
Ability to model exposures, run hedging strategies, and track the lifecycle from trade to accounting. - Compliance, audit, and security
Strong role-based access, dual approvals, audit logs, and out-of-the-box reports that keep auditors happy without heroics. - ERP integrations
Plug into your ERP(s) and data warehouse. You shouldn’t be hand-keying bank statements or exporting CSVs every morning. - Cloud scalability & usability
Cloud delivery, strong uptime/SLA, and a UI your team will actually use. If adoption stalls, benefits vanish.
Evaluation Criteria for Mid-Market CFOs
Use these lenses during demos and RFPs:
- Fit vs. bloat. Pick the system that covers 90% of your needs cleanly rather than a “do-everything” suite your team won’t adopt.
- Connectivity reality. Ask which banks are pre-integrated, whether connections are API, SWIFT, or host-to-host, and who owns setup work.
- Implementation approach. Request a clear plan, roles, and timeline. Ask for customer references at your size and complexity.
- Security & fraud. Probe user provisioning, MFA, payment policy rules, anomaly detection, and evidence you can hand to auditors.
- Reporting. Can finance leaders self-serve dashboards? Can you export to your BI tool?
- Total cost. Look beyond license fees: implementation services, bank onboarding, SWIFT costs, and ongoing support.
The 5 Treasury Management Systems You Should Shortlist
Below are five platforms that show up again and again in mid-market evaluations. I’ve focused on strengths, ideal fit, and realistic trade-offs so you can narrow your list quickly.
1) Kyriba
What it is: A leading cloud TMS with deep connectivity, cash and liquidity, risk, and payments capabilities.
Where it shines:
- Bank connectivity at scale, with Kyriba marketing direct connections to 1,000+ banks and “standard connectivity to over 9,900 banks” via its network and formats. This breadth is a major draw for global mid-market firms.
- Strong modules across cash visibility, forecasting, payments, and FX/interest-rate risk.
- Mature controls and audit trails suitable for public-company rigor.
Best for: Mid-market companies with multi-entity, multi-bank, multi-currency footprints that need robust connectivity and governance.
Watch-outs:
- Implementation can be heavier; be clear on timelines and partner responsibilities.
- Pricing reflects its breadth; avoid overbuying modules you won’t use for 12–18 months.
2) GTreasury
What it is: A modern SaaS treasury and risk platform with solid coverage of cash, liquidity, payments, and risk (including scenario analysis).
Where it shines:
- Cash visibility and forecasting depth, with configurable worksheets teams like because they mirror how treasury actually works.
- Risk tooling (e.g., Monte Carlo, Cash-Flow-at-Risk) aimed at practical hedging conversations, not just pretty charts.
- A sensible balance of capability and usability that fits many mid-market teams.
Best for: CFOs who want strong cash/forecasting plus credible risk without the feel of a giant suite.
Watch-outs:
- Validate specific bank/API connections during your RFP; depth can vary by region.
- If you need exotic instruments or niche workflows, confirm coverage early.
3) Coupa Treasury (formerly BELLIN)
What it is: Treasury capabilities integrated into Coupa’s Business Spend Management ecosystem, following Coupa’s acquisition of BELLIN in June 2020.
Where it shines:
- Tight linkage with spend/procurement if you’re already on Coupa—useful for aligning payment policies and cash optimization across AP, treasury, and sourcing.
- Solid tools for cash visibility and forecasting, with spend context helpful for liquidity planning.
Best for: Companies already invested in Coupa or planning to consolidate spend + treasury on one platform.
Watch-outs:
- If you’re not a Coupa shop, ensure integrations to your ERP and banking stack are as mature as you need.
- Some teams find best value when they adopt more of Coupa’s suite—be mindful of scope creep.
4) TIS (Treasury Intelligence Solutions)
What it is: A cloud platform focused on global payments, cash visibility, bank connectivity, and compliance/fraud controls—often used as a centralized payments hub for distributed finance teams.
Where it shines:
- Payment centralization & security. TIS positions itself as a single layer for payments across banks and ERPs with compliance/fraud tooling.
- Connectivity and format library that simplifies multi-bank setups—valuable for companies acquiring entities or standardizing across regions.
Best for: CFOs who want immediate control over outbound payments, segregation of duties, and clean global visibility—with or without a full TMS rollout.
Watch-outs:
- TIS is strongest in payments/connectivity. If you need deeper risk analytics or investment management, confirm scope or plan to pair with other tools.
- As with any payments hub, policies and change management matter as much as technology.
5) FIS Integrity (Treasury and Risk Manager – Integrity Edition)
What it is: A cloud TMS from a major fintech provider, covering cash positioning/forecasting, bank account administration, payments, FX, debt/investments, accounting, and reporting.
Where it shines:
- Breadth of treasury functionality in one platform with the backing of a large vendor.
- Suits mid-market firms that anticipate more complex global operations and want room to grow.
Best for: Teams that want an established, full-suite TMS with a long runway for expansion.
Watch-outs:
- Larger-vendor implementations can involve more coordination and IT time—get a clear delivery plan, roles, and success metrics.
- Make sure your reporting and data export needs (to BI/FP&A) are nailed during the demo.
Quick Comparison (Cheat Sheet)
| Vendor | Core Strengths | Best For | Common Pros | Common Trade-offs |
|---|---|---|---|---|
| Kyriba | Extensive bank connectivity; robust cash, risk, and payments | Multi-entity, multi-bank, multi-currency mid-market firms | Depth, controls, global scale | Heavier implementation; higher price if you over-scope |
| GTreasury | Cash visibility & forecasting + practical risk tools | Teams wanting strong cash + risk without a massive suite | Usability, scenario analysis, configurable workflows | Validate specific bank/API coverage by region |
| Coupa Treasury (BELLIN) | Treasury inside Coupa’s spend ecosystem | Companies already on Coupa or consolidating spend + treasury | Cross-functional visibility from spend to cash | Best value when you’re deeper in Coupa; watch integration scope |
| TIS | Global payments hub, bank connectivity, fraud/compliance | CFOs prioritizing payments control & bank standardization | Rapid payment centralization, strong connectivity library | Narrower beyond payments; pair for deeper risk/investments |
| FIS Integrity | Broad suite from a large fintech provider | Mid-market firms planning to scale complexity | Full coverage, vendor stability | Implementation may require more IT/time; confirm reporting |
Notes on claims: Kyriba markets connectivity counts in different places (e.g., “1,000+ banks” vs. “9,900+ standard connectivity”), which reflect direct connections and broader network/format coverage. Use your bank list to verify your required connections.
How to Choose the Right TMS for Your Company
Here’s a practical selection path you can run in a few weeks:
- Define the 6–8 problems you must solve.
Examples: “Same-day cash position by 10 a.m.,” “Centralize all outbound payments with dual approvals,” “Forecast accuracy ±5% at 30 days,” “Automate FX settlement and accounting.” - Map those problems to measurable outcomes.
Time saved per week, fewer payment errors, better forecast accuracy, lower bank fees, faster close, lower audit findings. - Lock your integration scope early.
Which ERPs? Which banks? Which payment methods (ACH, wires, SEPA, RTP)? Which formats? Who owns testing? - Shortlist 2–3 vendors and run scenario-based demos.
Give each vendor the same sample bank list, payments policy, and a month of transactions. Ask them to produce specific views and reports. - Call 2–3 references that look like you.
Same size, similar bank/ERP mix, similar payment volumes. Ask candidly about total costs, timeline slips, and internal change management. - Tie license to milestones.
If possible, phase modules (e.g., Cash/Connectivity → Payments → Risk) so you realize value fast and avoid shelfware.
Implementation Best Practices (So You Actually Win the ROI)
- Start with cash & bank connectivity.
Get daily cash positions stable first. It builds trust and momentum. - Centralize payments and approvals next.
Define payment policies in the tool (limits, segregations, dual approvals, allowed methods). This materially reduces fraud exposure. - Stand up a lightweight data layer.
Even if you don’t have a full data warehouse, document the master data model (entities, accounts, currencies, file formats) and set up scheduled feeds. - Pilot forecasting with 1–2 business units.
Validate variance drivers and agree on how you’ll improve accuracy (e.g., linking to order book, AP/AR timing, seasonality). - Bake in controls and evidence.
Configure roles, MFA, maker-checker, and exportable audit logs from day one. Your auditors (and your future self) will thank you. - Train for outcomes, not buttons.
Don’t just “click-through” training. Teach teams to answer questions like, “Why did our position swing $8M this morning?” and “What’s the cheapest way to fund today’s payments?” - Revisit bank fees and account structure.
Once you have visibility, renegotiate fees and rationalize accounts. The TMS is the lever; use it.
What the Future Looks Like (Next 12–24 Months)
- More real-time bank APIs. You’ll rely less on files and more on direct APIs for balances and payments—faster data, fewer failures. (Kyriba, for example, emphasizes API connectivity alongside host-to-host and SWIFT.)
- Smarter forecasting. Expect models that blend ERP signals, seasonality, and macro factors without you maintaining a fragile spreadsheet. (Vendors like GTreasury market scenario and Monte Carlo approaches to make risk conversations concrete.)
- Payments as a control plane. Centralized payment hubs with embedded screening and policy checks will be standard, not a nice-to-have. (A core TIS message.)
- Treasury as a strategy partner. With better visibility and automation, your team spends less time gathering data and more time guiding capital allocation.
Decision Playbook: Matching Needs to Vendors
Use this quick matching grid to kick off your RFP:
- Global bank mix + heavy payments volume: Start with Kyriba or TIS. Kyriba if you also want deeper risk; TIS if payments centralization is the immediate pain.
- Cash forecasting + practical risk in one UI: GTreasury is a tight fit for many mid-market teams.
- On Coupa already (or planning to be): Coupa Treasury keeps spend, payments, and cash in one ecosystem.
- Need a broad suite with a large vendor behind it: FIS Integrity gives you a long runway and enterprise-grade breadth.
Sample RFP Questions You Can Reuse
- Connectivity: List our top 10 banks and how you connect to each (API vs. SWIFT vs. host-to-host). Who owns build and testing?
- Payments: Show how your platform enforces our payment policy (limits, approvers, beneficiary changes, sanctions screening).
- Forecasting: Load our last 6 months of data and show a 13-week forecast. How do you enrich with ERP/AP/AR?
- Risk: Demonstrate exposure identification and a hedge program with accounting entries.
- Controls & Audit: Export an audit log that proves maker-checker on last week’s payments.
- Reporting: Build a CFO dashboard with daily position, upcoming funding needs, and FX exposure by currency.
- Implementation: Provide a week-by-week plan for Phase 1 (cash + connectivity + payments) and the roles you need from us.
- Total Cost: Break out license, implementation, bank onboarding, SWIFT/BIC or API costs, and estimated internal effort.
What Success Looks Like (and How to Measure It)
Within 90–120 days of a well-scoped Phase 1, you should be able to show:
- T+0 cash position by 10 a.m. across all banks/entities.
- Time saved: 10–20 hours/week reclaimed from manual cash positioning, file prep, and payment runs.
- Payment risk down: All wires leave through a centralized, policy-enforced process with dual approvals and alerts.
- Forecast accuracy: ±5–10% at 30 days on your most material cash drivers.
- Audit readiness: Evidence of controls exported in minutes, not days.
Your mileage will vary, but if you don’t see movement on these within the first quarter, revisit scope, training, or vendor commitments.
Final Take
You don’t need a giant enterprise stack to run a disciplined, data-driven treasury. You need the right TMS that fits your bank mix, payment flows, and growth plans, plus a focused rollout that proves value fast. Start with your top pain points, shortlist two or three vendors from this list, run scenario-based demos, and lock scope tightly for Phase 1. Do that, and your team will spend far less time wrestling files—and far more time guiding capital with confidence.
