Index › Treasury and cash › 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

Trovata

Contested

18% of first choices, contested.

ShowinginAll 41 categories →

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.

Small business

Agicap21%ContestedStanding →Mid-market

Trovata18%ContestedThis page Enterprise

Kyriba47%Clear leaderStanding →

01The 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

Trovata13%23accepted challenger

Agicap12%17accepted challenger

Kyriba35%43criticized challenger

GTreasury14%29accepted challenger

Centime0%10accepted challenger

TreasuryView0%10accepted challenger

HighRadius8%12accepted challenger

Show the three products at 0%, ordered by negative rate

SAP Treasury and Risk Management36%22criticized challenger

ION Treasury31%13criticized challenger

Nomentia0%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 vendor page.

Head to head

Trovata vs Agicap Trovata vs Kyriba Agicap vs Kyriba

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 →

Accepted challengerEndorsed leader

0%First-choice share → · lines at 30% share and 25% negative30%

Key

Trovata18%

Agicap11%

Kyriba9%

GTreasury7%

Centime7%

TreasuryView7%

HighRadius2%

Nomentia0%

ION Treasury0%

SAP Treasury and Risk Management0%

02What 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 4.1 Fast, 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

36%

8 of 22 labels negative · 5 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

Blue Yonder

60%

3 of 5 labels negative · 3 of 12 models · 3 hard negative

“you want to stay away from "enterprise" tools (like Blue Yonder) which are often too rigid for a scaling company” Qwen 3.7 Flash, paraphrase prompt

03What they cite

Citations exist only for the models that return a source list: twelve of the twelve in this edition, and all six flagship models on the expanded tier.

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. 6 of those lists are Google grounding redirects that name no site and are left out of the counts. 879 links across 190 sites, every framing counted. Ranked by the number of answers carrying the site or page.

gartner.com

41 answers · 62 citations · 11 models

eco.com

23 answers · 23 citations · 8 models

g2.com

22 answers · 55 citations · 11 models

treasury.ripple.com

vendor site · Ripple22 answers · 25 citations · 9 models

debtbook.com

vendor site · DebtBook21 answers · 23 citations · 9 models

checkthat.ai

16 answers · 22 citations · 8 models

treasuryview.com

vendor site · TreasuryView13 answers · 31 citations · 9 models

nomentia.com

vendor site · Nomentia13 answers · 14 citations · 9 models

rho.co

vendor site · Rho12 answers · 15 citations · 7 models

centime.com

vendor site · Centime11 answers · 18 citations · 8 models

worldmetrics.org

11 answers · 17 citations · 6 models

softwareadvice.com

11 answers · 13 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.

gartner.com/reviews/market/treasury-management-systems

36 answers · 10 models

eco.com/support/en/articles/16402412-best-treasury-management-software-2026

23 answers · 8 models

treasury.ripple.com/posts/top-10-treasury-management-systems

22 answers · 9 models

debtbook.com/blog/best-treasury-management-systems

20 answers · 9 models

rho.co/blog/treasury-management-software

12 answers · 7 models

gfmag.com/transaction-banking/best-treasury-cash-management-providers-2024-…

11 answers · 7 models

infoseemedia.com/business/treasury-management-systems-for-mid-market-cfos

11 answers · 6 models

nomentia.com/blog/best-treasury-management-solutions

11 answers · 7 models

treasuryview.com/en/blog/best-treasury-management-software-for-smbs

11 answers · 9 models

checkthat.ai/answers/what-are-the-best-treasury-management-software-tools

10 answers · 6 models

04How 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.

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 alternatives

HighRadius, Trovata

against: ION Treasury, SAPCentime

Four alternatives

Agicap, Rho Treasury, Round, TreasuryView

against: GTreasury, Kyriba, SAPno first choicenothing named

GPT-5.4 miniKyriba

Three alternatives

GTreasury, Modern Treasury, SAP Treasury and Risk Management

Cargoson, ShipwellChanged

Three alternatives

Descartes Aljex, Oracle Transportation Management, SAP Transportation Management

FIS Treasury, Risk and Payment Suite / Treasury and Risk Manager, Kyriba

Three alternatives

GTreasury, ION Treasury Wallstreet Suite, SAP Treasury and Risk Management

Agicap

Three alternatives

Treasury Suite, TreasuryView, Volo Cash

against: Coupa Treasury, Kyribano first choicenothing named

Gemini 3.5 FlashTrovata

Four alternatives

Centime, HighRadius, Kyriba, Nomentia

3GtmsChanged

Four alternatives

Freightview, Infios Transportation Management, MyCarrier, Shipwell

Kyriba

Five alternatives

GTreasury, ION Treasury, Nomentia, Serrala, Trovata

against: SAP Treasury and Risk ManagementCentime

Five alternatives

Agicap, Mercury, Rho, TreasuryFlow, Trovata

against: FIS Integrity, GTreasury, KyribaTrovata

Six alternatives

Agicap, Centime, Embat, GTreasury, Kyriba, Nomentia

against: FIS Quantum, ION Treasury, SAP Treasury and Risk Managementagainst: City Financials, FIS Quantum/Integrity, ION Treasury, IT2, Kyriba, Openlink, Oracle Treasury, Reval, SAP Treasury and Risk Management, Treasura, Wallstreet Suite

Perplexity SonarKyriba

Three alternatives

GTreasury, Nomentia, Trovata

3GtmsChanged

Three alternatives

FreightPOP, GoFreight, MercuryGate

GTreasury, Kyriba

Seven alternatives

FIS Treasury and Risk Manager, Modern Treasury, Nomentia, Oracle Treasury, SAP Treasury and Risk Management, TIS, Trovata

Agicap

Two alternatives

Mercury, Rho Treasury

against: GTreasury, Kyribano first choicenothing named

Grok 4.1 FastTrovata

Three alternatives

GTreasury, ION Treasury, Kyriba

MercuryGate TMSChanged

Five alternatives

3Gtms, Descartes Aljex, GlobalTranz, Rose Rocket, Shipwell

against: Blue Yonder, OracleKyriba

Five alternatives

FIS, GTreasury, ION Treasury, Nomentia, SAP Treasury and Risk Management

against: Coupa Treasury, TISMercury

Two alternatives

Centime, Rho

against: Kyriba, SAPHighRadius, Kyribaagainst: FIS Quantum, Finastra Treasury, Oracle Transportation Management, SAP TMS

Mistral SmallGTreasury, Trovata

Two alternatives

Concourse, Nomentia

3GtmsChanged

Two alternatives

FreightPOP, MercuryGate

ION Treasury Wallstreet Suite

Six alternatives

FIS, GTreasury, Kyriba, Nomentia, SAP Treasury and Risk Management, TIS

Agicap, Mercury + Treasury

One alternative

Centime

no first choicenothing named

DeepSeek V4 FlashGTreasury, Trovata

Three alternatives

Coupa Treasury, FIS Integrity, TIS

against: Kyriba3Gtms, FreightPOPChanged

One alternative

MercuryGate

Kyriba

Six alternatives

FIS Treasury, GTreasury, ION Treasury, Oracle Treasury, SAP Treasury and Risk Management, Trovata

TreasuryView, Trezy

Three alternatives

Agicap, Rho Treasury, Zenfirst

against: FIS Integrity, GTreasury, Kyribano first choiceagainst: Datalog Finance, ION Treasury, Kyriba, SAP Treasury and Risk Management, TIS, Trovata

Llama 4 MaverickGTreasury

Two alternatives

Nomentia, Trovata

no first choiceChangedno first choiceno first choiceno first choicenothing named

Qwen 3.7 FlashKyriba

Five alternatives

BlackLine, FIS, HighRadius, Oracle Treasury, Prophet Matrix

AscendTMSChanged

Three alternatives

Carrier, Logitude, MercuryGate

against: Blue YonderKyriba

Five alternatives

FIS, GTreasury, ION Treasury, Nomentia, SAP Treasury and Risk Management

TreasuryView

Four alternatives

Centime, Float, Hypersight, Mercury

against: Kyriba, SAP BTPno first choice

One alternative

NetSuite

against: Agicap, Kyriba, SAP Treasury and Risk Management

Kimi K2Trovata

Three alternatives

GTreasury, Kyriba, Nomentia

3G TMS, MercuryGateChanged

Two alternatives

Descartes Transportation Management, project44

against: Blue Yonder, Manhattan Active TMS, Oracle Transportation ManagementKyriba

Four alternatives

GTreasury, ION Treasury, SAP Treasury and Risk Management, Trovata

Mercury, TreasuryView

Three alternatives

Agicap, Arc, Meow

against: Kyriba, SAP Treasury and Risk Managementno first choiceagainst: Agicap, Bottomline Technologies, Coupa Treasury, FIS Quantum/Integrity, HighRadius, ION Wallstreet Suite, Kyriba, Oracle Treasury, Round Treasury, SAP Treasury and Risk Management, Trovata

GLM 4.7 FlashXTrovata

Three alternatives

GTreasury, Kyriba, Nomentia

MercuryGateChanged

Four alternatives

Blue Yonder Transportation Management, Kuebix, Rose Rocket, Truckbase

Kyriba

Ten alternatives

DebtBook, FIS Quantum, GTreasury, HighRadius, ION Treasury, Modern Treasury, Ripple Treasury, SAP Treasury and Risk Management, TreasuryView, Trovata

Agicap

Two alternatives

TreasuryView, Trezy

against: Kyriba, SAPno first choiceagainst: Kyriba, SAP Treasury and Risk Management, Trovata

MiniMax M2.5Centime, Trovata

One alternative

Nilus

no first choiceChangedKyriba

Five alternatives

FIS Quantum, GTreasury, ION Treasury, Ripple Treasury, SAP Treasury and Risk Management

Agicap, Trezy

Two alternatives

Centime, TreasuryView

no first choicenothing named

Bold is the first choiceAlternatives are counted; the count opens them.What the answer argued against

05The record

One row per call: the version string exactly as returned, whether the model searched, sources cited, and latency. Full answer text is in the free responses file. Download the record

Seventy-two rows: every prompt, every model, every answer.

Prompt	Model	Version string	Time (UTC)	Searched	Sources	Latency
Direct recommendation	Claude Haiku 4.5	`claude-haiku-4-5-20251001`	2026-09-17 19:54	yes	9	9 s
Direct recommendation	GPT-5.4 mini	`gpt-5.4-mini-2026-03-17`	2026-09-17 20:07	yes	4	7 s
Direct recommendation	Gemini 3.5 Flash	`gemini-3.5-flash`	2026-09-17 18:33	yes	18	23 s
Direct recommendation	Perplexity Sonar	`sonar`	2026-09-17 20:17	yes	20	7 s
Direct recommendation	Grok 4.1 Fast	`spacexai/grok-4.1-fast-non-reasoning via vertex`	2026-09-17 20:13	yes	38	20 s
Direct recommendation	Mistral Small	`mistral/mistral-small via mistral`	2026-09-17 20:10	yes	5	5 s
Direct recommendation	DeepSeek V4 Flash	`deepseek/deepseek-v4-flash via fireworks`	2026-09-17 20:58	yes	7	11 s
Direct recommendation	Llama 4 Maverick	`meta/llama-4-maverick via bedrock`	2026-09-17 19:16	yes	5	3 s
Direct recommendation	Qwen 3.7 Flash	`alibaba/qwen3.7-flash via alibaba`	2026-09-17 18:53	no	0	30 s
Direct recommendation	Kimi K2	`moonshotai/kimi-k2 via novita`	2026-09-17 21:08	yes	11	46 s
Direct recommendation	GLM 4.7 FlashX	`zai/glm-4.7-flashx via zai`	2026-09-17 20:23	yes	23	136 s
Direct recommendation	MiniMax M2.5	`minimax/minimax-m2.5 via minimax`	2026-09-17 21:04	yes	5	10 s
Paraphrase	Claude Haiku 4.5	`claude-haiku-4-5-20251001`	2026-09-17 19:47	no	0	4 s
Paraphrase	GPT-5.4 mini	`gpt-5.4-mini-2026-03-17`	2026-09-17 20:58	yes	3	6 s
Paraphrase	Gemini 3.5 Flash	`gemini-3.5-flash`	2026-09-17 21:20	yes	7	53 s
Paraphrase	Perplexity Sonar	`sonar`	2026-09-17 19:34	yes	20	5 s
Paraphrase	Grok 4.1 Fast	`spacexai/grok-4.1-fast-non-reasoning via vertex`	2026-09-17 18:17	yes	35	17 s
Paraphrase	Mistral Small	`mistral/mistral-small via mistral`	2026-09-17 20:18	yes	20	12 s
Paraphrase	DeepSeek V4 Flash	`deepseek/deepseek-v4-flash via fireworks`	2026-09-17 21:08	yes	17	19 s
Paraphrase	Llama 4 Maverick	`meta/llama-4-maverick via bedrock`	2026-09-17 18:20	yes	5	3 s
Paraphrase	Qwen 3.7 Flash	`alibaba/qwen3.7-flash via alibaba`	2026-09-17 20:35	no	0	28 s
Paraphrase	Kimi K2	`moonshotai/kimi-k2 via novita`	2026-09-17 19:23	yes	20	53 s
Paraphrase	GLM 4.7 FlashX	`zai/glm-4.7-flashx via zai`	2026-09-17 19:25	yes	9	53 s
Paraphrase	MiniMax M2.5	`minimax/minimax-m2.5 via minimax`	2026-09-17 18:15	yes	5	18 s
Comparative	Claude Haiku 4.5	`claude-haiku-4-5-20251001`	2026-09-17 18:18	yes	18	13 s
Comparative	GPT-5.4 mini	`gpt-5.4-mini-2026-03-17`	2026-09-17 20:06	yes	7	9 s
Comparative	Gemini 3.5 Flash	`gemini-3.5-flash`	2026-09-17 19:21	yes	9	20 s
Comparative	Perplexity Sonar	`sonar`	2026-09-17 19:56	yes	20	10 s
Comparative	Grok 4.1 Fast	`spacexai/grok-4.1-fast-non-reasoning via vertex`	2026-09-17 20:43	yes	22	15 s
Comparative	Mistral Small	`mistral/mistral-small via mistral`	2026-09-17 18:02	yes	7	8 s
Comparative	DeepSeek V4 Flash	`deepseek/deepseek-v4-flash via fireworks`	2026-09-17 20:46	yes	27	46 s
Comparative	Llama 4 Maverick	`meta/llama-4-maverick via bedrock`	2026-09-17 19:41	yes	5	2 s
Comparative	Qwen 3.7 Flash	`alibaba/qwen3.7-flash via alibaba`	2026-09-17 18:14	yes	5	29 s
Comparative	Kimi K2	`moonshotai/kimi-k2 via novita`	2026-09-17 20:39	yes	17	35 s
Comparative	GLM 4.7 FlashX	`zai/glm-4.7-flashx via zai`	2026-09-17 20:00	yes	16	100 s
Comparative	MiniMax M2.5	`minimax/minimax-m2.5 via minimax`	2026-09-17 20:22	yes	20	32 s
Budget constrained	Claude Haiku 4.5	`claude-haiku-4-5-20251001`	2026-09-17 20:43	yes	15	12 s
Budget constrained	GPT-5.4 mini	`gpt-5.4-mini-2026-03-17`	2026-09-17 19:48	yes	5	6 s
Budget constrained	Gemini 3.5 Flash	`gemini-3.5-flash`	2026-09-17 19:15	yes	18	23 s
Budget constrained	Perplexity Sonar	`sonar`	2026-09-17 19:21	yes	20	6 s
Budget constrained	Grok 4.1 Fast	`spacexai/grok-4.1-fast-non-reasoning via vertex`	2026-09-17 18:56	yes	33	22 s
Budget constrained	Mistral Small	`mistral/mistral-small via mistral`	2026-09-17 21:02	yes	18	11 s
Budget constrained	DeepSeek V4 Flash	`deepseek/deepseek-v4-flash via deepinfra`	2026-09-17 19:45	yes	28	45 s
Budget constrained	Llama 4 Maverick	`meta/llama-4-maverick via bedrock`	2026-09-17 20:49	yes	5	3 s
Budget constrained	Qwen 3.7 Flash	`alibaba/qwen3.7-flash via alibaba`	2026-09-17 18:09	yes	14	76 s
Budget constrained	Kimi K2	`moonshotai/kimi-k2 via novita`	2026-09-17 18:56	yes	13	24 s
Budget constrained	GLM 4.7 FlashX	`zai/glm-4.7-flashx via zai`	2026-09-17 18:08	yes	25	41 s
Budget constrained	MiniMax M2.5	`minimax/minimax-m2.5 via minimax`	2026-09-17 19:35	yes	13	37 s
Scale constrained	Claude Haiku 4.5	`claude-haiku-4-5-20251001`	2026-09-17 18:53	no	0	6 s
Scale constrained	GPT-5.4 mini	`gpt-5.4-mini-2026-03-17`	2026-09-17 18:27	no	0	6 s
Scale constrained	Gemini 3.5 Flash	`gemini-3.5-flash`	2026-09-17 18:42	yes	10	27 s
Scale constrained	Perplexity Sonar	`sonar`	2026-09-17 20:10	yes	20	10 s
Scale constrained	Grok 4.1 Fast	`spacexai/grok-4.1-fast-non-reasoning via vertex`	2026-09-17 17:56	yes	20	12 s
Scale constrained	Mistral Small	`mistral/mistral-small via mistral`	2026-09-17 18:18	no	0	8 s
Scale constrained	DeepSeek V4 Flash	`deepseek/deepseek-v4-flash via fireworks`	2026-09-17 20:14	yes	10	17 s
Scale constrained	Llama 4 Maverick	`meta/llama-4-maverick via bedrock`	2026-09-17 19:21	yes	5	3 s
Scale constrained	Qwen 3.7 Flash	`alibaba/qwen3.7-flash via alibaba`	2026-09-17 20:27	no	0	29 s
Scale constrained	Kimi K2	`moonshotai/kimi-k2 via novita`	2026-09-17 20:56	yes	9	24 s
Scale constrained	GLM 4.7 FlashX	`zai/glm-4.7-flashx via zai`	2026-09-17 20:48	yes	15	84 s
Scale constrained	MiniMax M2.5	`minimax/minimax-m2.5 via minimax`	2026-09-17 18:18	yes	5	13 s
Negative framing	Claude Haiku 4.5	`claude-haiku-4-5-20251001`	2026-09-17 20:06	yes	17	8 s
Negative framing	GPT-5.4 mini	`gpt-5.4-mini-2026-03-17`	2026-09-17 20:25	no	0	3 s
Negative framing	Gemini 3.5 Flash	`gemini-3.5-flash`	2026-09-17 18:13	yes	19	31 s
Negative framing	Perplexity Sonar	`sonar`	2026-09-17 20:27	yes	20	8 s
Negative framing	Grok 4.1 Fast	`spacexai/grok-4.1-fast-non-reasoning via vertex`	2026-09-17 18:00	yes	21	13 s
Negative framing	Mistral Small	`mistral/mistral-small via mistral`	2026-09-17 18:34	yes	5	5 s
Negative framing	DeepSeek V4 Flash	`deepseek/deepseek-v4-flash via fireworks`	2026-09-17 18:59	yes	30	43 s
Negative framing	Llama 4 Maverick	`meta/llama-4-maverick via bedrock`	2026-09-17 18:22	yes	5	3 s
Negative framing	Qwen 3.7 Flash	`alibaba/qwen3.7-flash via alibaba`	2026-09-17 19:33	yes	20	47 s
Negative framing	Kimi K2	`moonshotai/kimi-k2 via novita`	2026-09-17 20:33	yes	22	43 s
Negative framing	GLM 4.7 FlashX	`zai/glm-4.7-flashx via zai`	2026-09-17 18:48	yes	27	214 s
Negative framing	MiniMax M2.5	`minimax/minimax-m2.5 via minimax`	2026-09-17 18:03	yes	14	43 s

Normalization in this category

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

Category-scoped readings

Coupa read as Coupa Treasury

ION read as ION Group

Oracle Cash and Treasury Management read as Oracle Treasury

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

Finastra Treasury

GlobalTranz

Hypersight

Infios TMS

Infios Transportation Management

Kuebix

Logility

Logitude

MercuryGate TMS

Neurored

Openlink

Prophet Matrix

SAP BTP

Shipbob

Treasura

Treasury Suite

TreasuryXL

Trimble TMW.Suite

Volo Cash

Zenfirst

Zenfirst tréso

Discontinued, still offered

No shut-down product was recommended here.

Treasury management systems

By buyer segment

01The standing

Recommended versus criticized

02What they warned about

03What they cite

Sites the answers cite

Pages the answers cite

04How they answered

05The record

Normalization in this category

Also in treasury and cash