Search for the best treasury management software and you get the same list every time: Kyriba first, a row of enterprise suites behind it, and the tools built for smaller groups somewhere near the bottom. That order is correct for a multinational with a treasury department. It is the wrong order for a group with eight entities and a finance team of four.
Two numbers decide your shortlist far more than any feature matrix: how many legal entities you run, and how many banks they sit with. This guide sorts the 2026 market by those two numbers, with the published price evidence and implementation times for each vendor. We do not sell treasury software, so none of these vendors is ours.
The short answer
- •Under 10 entities and a handful of banks: Trovata, Agicap or Embat.
- •10 to 50 entities, regional banking: Nomentia, GTreasury (now Ripple Treasury) or a mid-market Kyriba deployment.
- •50+ entities, global banking, in-house bank: the enterprise suites, Kyriba, ION, FIS or SAP.
That split follows the entity-count framework Eco published with its August 2026 pricing research, which is blunt about the bottom end: one entity with fewer than 10 bank accounts is often best served by a spreadsheet and a bank portal. Zendikt's bank-count rule lands in the same place: 1 to 5 domestic banks points to the lighter tools, 5 to 15 regional banks to GTreasury, Kyriba or Nomentia, and 15+ global banks to the enterprise tier.
If you are not yet sure you should be buying at all, start with our guide on whether you need treasury management software at all. This page assumes that answer is yes.
Why most best-of lists do not fit a smaller group
Ranking sites score vendors on breadth: payment factories, hedge accounting, in-house banking, bank networks measured in thousands. On those criteria the enterprise suites win, and the lists reflect it. That breadth is exactly what a smaller group should not pay for.
The price gap is not subtle. Enterprise suites run from 70,000 to over 1,500,000 USD a year in subscription, plus 50,000 to 800,000+ in one-time implementation, per the Eco research above. A group that needs consolidated cash visibility across a dozen accounts is buying a small fraction of that capability.
The shortlist, by size
Under 10 entities: Trovata, Agicap, Embat
Trovata is the rare vendor that publishes a price. Its base package is 24,000 USD a year for 1 bank, 100 accounts, 1,000,000 transactions and 10 users, with extra banks, accounts and the full TMS module quoted separately. Eco calls it the lowest transparent price on its list for a real TMS. Implementation is typically 4 to 8 weeks. The caveat: the base price covers one bank, so it grows with your banking footprint.
Agicap is built for European SMBs and mid-market teams replacing Excel. Checkthat's 2026 comparison credits it with 8,000+ clients in 12 countries, 3,000+ European bank connections and 13-week liquidity forecasting. Pricing is quote-based with a 12-month minimum, and Vendr's tracked deals show an estimated median of 16,978 USD a year. Implementation estimates run from about two months to three to six.
Embat is a Europe-based, API-first option. Zendikt lists Embat Starter at 2 to 6 weeks to implement, the fastest on its list.
10 to 50 entities: Nomentia, GTreasury, mid-market Kyriba
Nomentia is the European specialist. Gartner's vendor profile describes a payment hub with fully managed bank connections to 10,000+ banks, with ISO/IEC 27001 and ISAE 3402 Type 2 certifications. It is strong on SEPA and Nordic banking. Pricing is not published. Implementation estimates disagree: checkthat reports 6 to 12 weeks, Zendikt 3 to 9 months. Ask for references that match your scope.
GTreasury was acquired by Ripple in 2026 and now trades as Ripple Treasury. Vendr data puts mid-market deals at 70,000 to 180,000 USD a year. Finance Copilot's head-to-head places its sweet spot at 100 million to 2 billion USD revenue with 1 to 5 person treasury teams, and reports it is often 10 to 15 percent cheaper than Kyriba for comparable scope.
Kyriba at mid-market scale, 10 to 50 entities on core cash and liquidity, runs 75,000 to 200,000 USD a year, plus 50,000 to 150,000 USD to implement, per Vendr. Average implementation is 8 months.
When an enterprise suite earns its price
Kyriba's case is strongest where you need in-house banking, intercompany netting, high-volume payment execution and FX programmes across 10+ entities. If you need none of those four, a group of this size is usually paying for capability it will not use.
Comparison table
| Vendor | Best fit | Price evidence | Implementation |
|---|---|---|---|
| Trovata | Under 10 entities, few banks | 24,000 USD/yr published base | 4 to 8 weeks |
| Agicap | European SMB, replacing Excel | Vendr median 16,978 USD/yr | 2 to 6 months |
| Embat | European, API-first | Not published | 2 to 6 weeks (Starter) |
| Nomentia | European mid-market, SEPA and Nordic | Not published | 6 weeks to 9 months |
| GTreasury (Ripple Treasury) | Mid-market, lean treasury team | 70,000 to 180,000 USD/yr | 3 to 9 months |
| Kyriba | 10+ entities, in-house bank, netting | 75,000 to 200,000 USD/yr (10 to 50 entities) | 8 months average |
The cost driver you control before you sign
Subscription is not the number that surprises buyers. Connectivity is. SWIFT, ERP connectors and bank data feeds are usually quoted separately and add tens of thousands a year, which is why Eco advises adding 20 to 40 percent to any enterprise quote to size the true first-year cost. Trovata's base covers a single bank. Every vendor on this page prices, one way or another, on how many banks it has to talk to.
So the number of banking relationships going into the evaluation is a pricing input you can change before you sign, not after.
This is where EX FI fits, and only here. EX FI is not a treasury management system and does not forecast liquidity. It provides a multi-currency payment account with dedicated IBANs in 16+ currencies, reaching SWIFT, SEPA, FPS, BACS and CHAPS, with free internal transfers and Xero reconciliation. For a group that currently holds a separate foreign-currency account in each country, consolidating those onto fewer accounts means fewer connections for any TMS to price, and makes intercompany payments between your own entities simpler to track. The TMS decision stays yours.
How to run the evaluation
- •Model every quote at 12, 24 and 36 months, with your real bank, entity and transaction counts. Zendikt reports renewal pressure of 15 to 25 percent as a common budget surprise on Kyriba. Lock renewal caps in writing.
- •Negotiate. 15 to 30 percent off list is common on a three-year annual contract, per Eco. Treat any published starting price as a ceiling, not a floor.
- •Ask for a forecasting accuracy demo on your own data. Every vendor now claims AI forecasting; see our take on AI for treasury management before you let it decide the shortlist.
- •Get the connectivity quote itemised per bank and per ERP connector, separate from the subscription.
FAQ
What is the cheapest real treasury management software? Among vendors that publish prices, Trovata's base package at 24,000 USD a year is the lowest. Agicap's median deal is lower but quote-based with a 12-month minimum, so the real figure depends on your bank accounts, turnover and integrations.
Is Kyriba worth it for a mid-sized company? Only if you need what it is best at. At 10 to 50 entities it costs 75,000 to 200,000 USD a year plus implementation. That is justified by in-house banking, netting and high-volume payments, less so by cash visibility alone.
Which treasury software is best for European companies? Nomentia and Agicap are both built around European banking: Nomentia for SEPA and Nordic depth at mid-market and enterprise scale, Agicap for SMBs and mid-market teams moving off spreadsheets. Embat is a lighter European option.
What happened to GTreasury? Ripple acquired GTreasury in 2026. The platform now trades as Ripple Treasury and continues to sit alongside Kyriba in the mid-market and enterprise tier.