Treasury has quietly transformed itself from an operational cost center into a strategic intelligence hub. In the past year, the Enterprise Treasury & Risk Management (ETRM) market has undergone one of the fastest evolutions seen in the SPARK Matrix™ landscape. Cloud-native platforms, GenAI-driven forecasting, real-time risk analytics, and hyper-connected API ecosystems have redefined competitive advantage. The 2025 SPARK Matrix™ for ETRM captures this shift precisely, highlighting not just who leads but why certain platforms rose, fell, or exited entirely.
According to Hetansh Shah, Analyst at QKS Group, “Enterprise Treasury and Risk Management (ETRM) solutions are critical financial tools that empower organizations to optimize cash and liquidity management, streamline global payment workflows, and mitigate a spectrum of financial risks. Leveraging AI, machine learning, and advanced analytics, modern ETRM platforms provide real-time visibility for accurate cash forecasting and strategic allocation of funds, enabling businesses to manage debt and investment more effectively. With features like cloud-based agility and seamless integration with ERP systems, ETRM solutions are indispensable for achieving regulatory compliance, reducing the cost of funds, and enhancing operational resilience in today’s increasingly volatile and digital financial landscape.”
This blog provides a deep, vendor-by-vendor narrative of the 2025 landscape, explaining each vendor’s positioning, their capabilities, and how market shifts have influenced their standing. It concludes with a forward-looking lens into what 2026 will demand from treasury platforms.
Why ETRM Moved Faster Than Ever in 2025
The 2025 treasury landscape was shaped by six core trends:
- AI-driven predictive risk & liquidity management became foundational, enabling proactive hedging, anomaly detection, and precision forecasting.
- Cloud-native architectures scaled rapidly, supporting global liquidity visibility and faster deployments.
- API-first ecosystems accelerated bank, ERP, and trading system connectivity, eliminating manual reconciliation.
- ESG-linked liquidity strategies began influencing treasury decisions as sustainability disclosures tightened.
- Cyber-resilient treasury emerged as a priority, driven by real-time, AI-based fraud controls.
- Modular best-of-breed adoption replaced monolithic treasury suites, allowing organizations to assemble specialized capabilities.
These trends set the context for the positioning shifts in the SPARK Matrix™ 2025.
The Leaders Quadrant
Platforms Delivering Excellence Across Technology & Customer Impact
The Leader quadrant represents the vendors setting the global benchmark for treasury excellence, and in 2025, no platform embodies this more convincingly than Kyriba, whose influence on the category continues to accelerate. Kyriba stands at the center of the treasury transformation narrative, not only because of its long-standing dominance, but because it has successfully redefined what an enterprise treasury system must deliver in an AI-first world. The platform’s global bank connectivity network remains unmatched, linking more than 9,900 banks and 10,000 ERP instances with pre-built APIs, enabling real-time liquidity visibility at a depth few vendors can approach. Its Trusted Agentic AI (TAI) represents one of the most advanced and secure AI frameworks in enterprise treasury today, leveraging LLMs within Kyriba’s own controlled environment to ensure that no customer data ever leaves the platform. This single innovation addresses the treasury’s biggest historical barrier to AI adoption: trust. Combined with concrete, quantifiable results, up to 40% improved forecast accuracy, 90% reduction in idle cash, and an 85% decline in false-positive fraud alerts, Kyriba’s position as the strongest and most strategic Leader is both clear and earned.
Finastra also maintains a firm leadership position due to its powerful combination of treasury and capital markets capabilities. Its open platform encourages rapid innovation through partner integrations, while its multilateral asset-class support makes it a preferred choice for global financial institutions requiring deep risk management and strong regulatory alignment. The ability to unify treasury operations with trading, pricing, and market risk analytics gives Finastra an edge among banks and multinational corporations undergoing end-to-end digital transformation.
ION Treasury retains its leadership through the breadth of its multi-platform portfolio, including Wallstreet Suite, Reval, and IT2, each designed for different maturity levels across corporate and financial institutions. Its leadership is rooted in its ability to serve central banks, global corporates, and complex liquidity environments with sophisticated exposure modeling, hedge optimization, and automated cash orchestration. While integration can be complex, the functional depth and configurability ensure that ION remains one of the most comprehensive platforms on the market.
Murex continues to lead on the strength of its MX.3 platform, designed for institutions managing treasury and capital markets within a unified risk environment. Its advanced analytics, real-time modeling capabilities, and multi-asset support make MX.3 a cornerstone platform for banks requiring precision, regulatory alignment, and enterprise-scale risk orchestration. In 2025, Murex benefits from strong adoption of MXSaaS, its cloud-native deployment model, which accelerates time-to-value for global institutions adapting to real-time risk mandates.
Bottomline completes the leadership cohort with its strong positioning in payments-integrated treasury workflows. Its cloud-native Cash Management and Global Payments Hub is prized for strong bank connectivity, intuitive UI, rapid deployments, and high-volume payment capabilities. Bottomline’s continued investment in AI-enhanced forecasting, fraud detection, and liquidity optimization has strengthened its leadership standing, particularly among financial institutions and cash-intensive global enterprises.
GTreasury remains in the Leader quadrant as well, though its position shifts slightly downward compared to peers that advanced more aggressively in GenAI and ESG analytics. Still, GTreasury’s modular SaaS design, ClearConnect bank network, and GSmart AI engine make it one of the most agile and scalable treasury platforms available, especially for enterprises that value fast go-lives and cost-efficient expansions.
The Strong Contenders Quadrant
Platforms Showing Depth, Specialization & Growth
The Contender quadrant represents vendors with strong functional depth and increasing customer impact, though not yet at the multi-dimensional scale, global reach, or AI maturity of the Leaders.
SAP remains a Strong Contender because of its deep native integration with S/4HANA, enabling treasury teams to operate directly within the core ERP. For large enterprises aligned with SAP’s digital core, this offers unrivaled exposure management and real-time liquidity orchestration. However, SAP’s treasury capabilities remain most powerful inside its own ecosystem, limiting broader competitiveness compared to cloud-native treasury platforms.
Broadridge continues to build momentum with its AI-driven FXL Treasury platform, widely adopted among banks, clearing houses, and capital markets institutions. Its strengths lie in global payments automation, exposure management, and regulatory alignment across more than 100 markets. Broadridge’s position reflects a strong capital markets heritage, though corporate treasury adoption remains comparatively narrower.
HighRadius retains a Strong Contender position as one of the most advanced AI-native platforms in the market. Its “autonomous finance” architecture, KPI-guaranteed forecasting accuracy, and unified Office of the CFO capabilities differentiate it strongly. However, the treasury module, while powerful, is part of a broader suite rather than a dedicated end-to-end treasury platform, keeping it just below the Leader tier.
Adenza, acquired by Nasdaq, remains a Contender based on the depth of its regulatory reporting (AxiomSL) and trading workflows (Calypso). It excels in risk-heavy environments and capital markets, but treasury is not the primary focus of its architecture, which impacts broader positioning.
Coupa also appears in the Contender category in 2025, following its movement down from the Leader quadrant. Its Treasury & Cash Management platform remains one of the strongest components within the Coupa Business Spend Management (BSM) ecosystem, offering AI-driven forecasting, unified cash and spend visibility, and Community AI-powered fraud anomaly detection. Coupa’s unique ability to connect treasury decisions with procurement, payments, and working capital provides a distinctive advantage that many standalone treasury systems cannot offer. However, its treasury depth does not scale as broadly as the leading enterprise-focused platforms, especially in areas like complex hedging, multi-asset risk, and bank connectivity, resulting in a Contender position despite its strong innovation and global reach.
Deluxe continues to perform strongly in the U.S. market due to its advisory-driven treasury services, payments expertise, and back-office optimization capabilities. Its position reflects a strong regional impact but lighter international depth.
New 2025 entrants, Oracle NetSuite and Profile Software, expand the Contender category. NetSuite benefits from rapid mid-market cloud adoption and ERP-native treasury workflows, while Profile Software has gained recognition for Acumen Plus, an integrated front-to-back platform with strong traction across Europe and Islamic finance markets. Both are modern, modular, and growing quickly, though not yet at an enterprise scale comparable to Leaders.
3V Finance transitions from Leader to Contender this year. While titanTreasury remains a sophisticated risk and cash platform with strong European expertise, a slower pace of AI innovation and limited global presence contributed to this year’s repositioning.
The Aspirants Quadrant
Emerging Players with Strong Regional or Niche Strength
Aspirants are platforms demonstrating strong potential but still growing their technology depth or customer impact.
Nomentia enters the Aspirant quadrant on the strength of its European treasury network, offering exceptional bank connectivity, modular deployment, and intuitive cash visibility tools for mid-sized enterprises. Its growth is promising, though global scalability and adoption remain limited.
Hazeltree also enters as an Aspirant, specializing in hedge funds, private markets, and alternative asset managers. Its zTreasury and zLiquidity solutions deliver precise cash, collateral, and counterparty intelligence, but the platform is not designed for universal corporate treasury use cases, hence its niche positioning.
Why Certain Vendors Exited the Matrix
Several vendors exited the 2025 landscape: Datalog Finance, Diapason, IBSFINtech, Trovata, ZenTreasury, and FSC, primarily due to:
- Limited global footprint
- Insufficient AI and cloud maturity
- Lower customer-impact metrics
- Narrow functional coverage
- Inconsistent R&D investment
These exits illustrate the market’s consolidation trend toward globally scalable, AI-infused treasury ecosystems.
What Will Define the Next Treasury Leaders in 2026
The 2026 landscape will be defined by:
1. Treasury Co-pilots powered by GenAI: Conversational forecasting, scenario modeling, and automated hedging strategies.
2. ESG-based liquidity planning: Green-linked cash allocation and sustainability scoring for treasury decisions.
3. Quantum-safe payments & risk simulation: Early adoption in high-value payment corridors.
4. Extreme connectivity ecosystems: Treasury marketplaces enabling plug-and-play integrations for banks, ERPs, and fintechs.
5. Mid-market acceleration: NetSuite, Nomentia, Profile Software, and Hazeltree will grow as treasury modernization penetrates smaller enterprises.
Conclusion
The SPARK Matrix™ 2025 reveals a market marked by rapid innovation, consolidation, and rising expectations. Leaders like Kyriba, ION, Finastra, Murex, Bottomline, and GTreasury continue to shape global treasury transformation, while Strong Contenders and Aspirants are carving out specialized, high-growth niches.
As treasury evolves into a strategic command center powered by AI, automation, and connectivity, 2026 will reward platforms that balance innovation with reliability, reshaping liquidity intelligence, risk automation, and financial resilience for the next decade.