Treasury management software pricing is hard to research for one simple reason: none of the ten main TMS vendors publish their prices. So the first number most finance teams see is a sales quote, and by then the conversation is already about the vendor's scope, not yours.
This page puts the numbers that are public in one place. It covers the price ladder from self-serve tools to enterprise suites, the five meters every quote is built on, the costs that sit outside the subscription, and a worked three-year total cost of ownership. EX FI is a payments provider and does not sell treasury software, so we have no list price to defend.
The short answer
- •Self-serve tools: roughly 250 to 300 a month, with no implementation project.
- •Mid-market platforms: from about 15,000 to 40,000 USD a year in subscription, before extra banks, modules and setup.
- •Enterprise suites: 75,000 USD a year and up for core cash management, rising past 1,000,000 for a full global deployment, with implementation on top.
The subscription is rarely the number that decides the budget. Over three years, implementation, bank connectivity and renewal uplift can make the total several times the first-year licence, as the worked example below shows.
The published price ladder
These are the figures a buyer can check today, from the cheapest to the dearest.
| Tier | Example | Price evidence | What it covers |
|---|---|---|---|
| Self-serve reporting | TreasuryView | 250 EUR a month, no setup fee, cancel monthly | Debt, derivatives and intercompany reporting |
| Self-serve cash visibility | TreasuryFlow | 299 USD a month per company | US banks via Plaid only |
| Entry mid-market | Panax | From 15,000 USD a year | Cash visibility and forecasting |
| Mid-market, published | Trovata | 24,000 USD a year base | 1 bank, 100 accounts, 10 users |
| Mid-market, bundled | GTreasury Connected Cash | 39,999 USD a year plus 50,000 implementation | Cash visibility, forecasting, FX |
| Enterprise core | Kyriba, 10 to 50 entities | 75,000 to 200,000 USD a year | Cash and liquidity |
| Enterprise full suite | Kyriba, 100+ entities | 350,000 to 1,000,000+ USD a year | All modules |
Sources, row by row: TreasuryView's SMB page lists the flat 250 EUR plan with no setup fees. TreasuryFlow's comparison page gives 299 USD a month and is explicit that it is US-focused, which rules it out for most European groups. Capterra lists Panax from 15,000 USD a year. Trovata's pricing page is the most detailed: 24,000 USD a year for 1 bank connection, 100 accounts, 1,000,000 stored transactions and 10 users, with more of each available at extra cost. GTreasury advertises a Connected Cash bundle on its APAC site at 39,999 USD a year and 50,000 USD for implementation, with a four-month timeline. The enterprise rows come from Eco's August 2026 research, built on Vendr's anonymised deal data, which also puts GTreasury mid-market deals at 70,000 to 180,000 USD, FIS Quantum at 400,000 to 1,200,000+ and SAP Treasury at 100,000 to 1,500,000+.
Two cautions. The self-serve tools are not cut-down versions of an enterprise TMS; they do a narrower job, and that may be all you need. And the GTreasury figure is a promotion on a regional page, not a global list price.
If you want vendor-by-vendor fit rather than price, our guide to the best treasury management software for smaller groups sorts the market by entity and bank count.
The five meters every quote is built on
Whatever a vendor calls its plans, the price moves with five things. Knowing which ones a quote is sensitive to tells you what it will cost in year three, not just year one.
Banks and accounts
This is the meter that grows fastest. Trovata's base covers one bank connection. At GTreasury, each bank connection typically carries a one-time setup fee of 1,000 to 5,000 USD plus ongoing maintenance, and multinationals with 80+ connections often pay 40,000 to 150,000 USD a year in connectivity alone, according to VendorBenchmark.
Entities
Enterprise bands are quoted by entity count. The Kyriba figures above jump from the 10 to 50 entity band to the 100+ band by a factor of several. VendorBenchmark puts mid-sized GTreasury customers with 2 to 5 entities and 10 to 30 bank accounts at 100,000 to 220,000 USD in base subscription.
Users
Usually the cheapest meter. Trovata includes 10 users and sells more; TreasuryFlow prices per company with an unlimited team.
Modules
Modules are where enterprise quotes expand. VendorBenchmark's GTreasury figures: FX risk and hedging adds 30,000 to 120,000 USD, in-house banking 40,000 to 150,000, intercompany netting 25,000 to 90,000, and treasury or hedge accounting 30,000 to 100,000.
Transactions and payment volume
Payment modules are priced on volume and approval complexity, and Trovata caps stored transactions in its base. If your payment count is growing, ask where the next price step sits.
What the quote leaves out
Concourse lists the cost lines a TMS bill actually has: subscription, implementation and professional services, integrations and bank connectivity, support and upgrades, training, and internal time. Only the first one is in the headline price.
Implementation
For a single-entity mid-market rollout with cash management, forecasting, 10 bank connections and one ERP, VendorBenchmark reports 80,000 to 180,000 USD over 14 to 22 weeks. At enterprise scale, Eco's Vendr data puts Kyriba implementations at 50,000 to 500,000+ USD.
Bank connectivity and SWIFT
Routing SWIFT messages through GTreasury's service bureau adds 20,000 to 80,000 USD a year, per VendorBenchmark. The bigger risk is a bank the vendor does not already connect to: Finantrix warns that custom SWIFT or host-to-host setup can mean 3 to 6 months of extra integration work and 50,000 to 200,000 USD in hidden costs.
ERP connectors
SAP and Oracle connectors are usually included at enterprise level. NetSuite, Workday, Dynamics and Sage connectors typically cost 10,000 to 40,000 USD one-time plus maintenance, and custom integrations 25,000 to 120,000, per VendorBenchmark.
Renewal uplift
GTreasury renewals typically carry a 5 to 8 percent uplift on subscription, and once connectivity is repriced for format changes and ISO 20022, teams often see 10 to 18 percent total increases unless they manage scope.
Internal time
Rollouts consume hundreds to over a thousand hours of internal IT and treasury time, according to Concourse. Nobody invoices you for it, which is why it is missing from most business cases.
A worked three-year TCO
Here is how those ranges combine for a mid-sized group: 2 to 5 entities, one ERP, 10 bank connections. This is our arithmetic on VendorBenchmark's published GTreasury ranges, not a quote, and real deals will differ.
| Line | Low | High |
|---|---|---|
| Subscription, year 1 | 100,000 | 220,000 |
| Subscription, years 2 and 3 at 5 to 8 percent uplift | 215,250 | 494,208 |
| Implementation | 80,000 | 180,000 |
| Bank connection setup, 10 banks at 1,000 to 5,000 | 10,000 | 50,000 |
| Three-year total, USD | 405,250 | 944,208 |
That excludes modules, SWIFT bureau fees, non-standard ERP connectors, training and internal time. Even so, the three-year figure is roughly four times the first-year subscription at both ends of the range.
Compare a lightweight tool over the same period. Trovata's base, before extra banks or discounts, comes to 72,000 USD over three years. TreasuryView's flat plan comes to 9,000 EUR. Neither does what a full suite does, but the gap explains why groups below the usual thresholds should be sure they need the extra scope. Our guide on whether you need treasury management software at all sets out those thresholds.
How to bring the number down
Negotiate on a multi-year term. Eco reports that 15 to 30 percent off list is common on a three-year contract, and advises adding 20 to 40 percent to any enterprise quote to size the true first-year commitment. Trovata also offers multi-year discounts.
Cap the renewal in writing. Ask for a CPI or fixed-percentage cap on subscription, and lock connectivity pricing into the same term.
Get connectivity itemised. Finantrix recommends requesting per-bank setup costs, SWIFT fees, ERP integration and transaction pricing as separate lines. Then ask which of your banks the vendor already connects to in production.
Reduce the bank count before you sign. Connectivity is the meter you can change. Every bank relationship you close before the evaluation is one fewer connection to set up, maintain and reprice at renewal.
This is the one place EX FI fits, and we will be precise. EX FI is not treasury management software and does not forecast liquidity. It provides multi-currency business payment accounts with dedicated IBANs in 16+ currencies, reaching SWIFT, SEPA, FPS, BACS and CHAPS, with free internal transfers and Xero reconciliation. For a group holding a separate foreign-currency account with a different bank in each country, consolidating those can cut the number of connections a TMS has to price, and makes intercompany payments between your own entities simpler to track. These are payment accounts, not bank accounts: the regulated payment services are provided by Gemba Finance Limited (FCA FRN 804853), funds are safeguarded under the Payment Services Regulations 2017, and they are not covered by the FSCS.
If your shortlist is already down to two vendors, Kyriba and Trovata compared covers the pair buyers most often weigh up.
FAQ
Why don't treasury software vendors publish prices? Because the price is assembled from banks, entities, modules and volume, so two customers rarely get the same quote. Trovata is the main mid-market exception, and its published figure still covers only one bank.
Is implementation included in the subscription? Almost never at mid-market and enterprise level. It is a separate statement of work. GTreasury's Connected Cash promotion is unusual in fixing it in advance, at 50,000 USD.
Can I pay for treasury software monthly? Yes, at the self-serve end. TreasuryView and TreasuryFlow both bill monthly. Enterprise suites are sold on annual contracts, usually over several years.
How much does a treasury management system cost for a mid-market company? Subscription for a mid-sized group typically runs from about 70,000 to 220,000 USD a year on the enterprise platforms, or from 24,000 USD on the lighter published tools. Over three years, with implementation and connectivity, the platform figure can reach roughly 400,000 to 950,000 USD.