Top 10 TRM Software Vendors and Market Forecast 2017-2022

Worldwide TRM Applications Market to reach $3.5 billion by 2022, compared with $3.3 billion in 2017 at a compound annual growth rate of 4.5%.

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In 2017, the top 10 TRM software vendors accounted for nearly 67% of the global Treasury and Risk Management applications market which grew 9.7% to approach nearly $3.3 billion in license, maintenance and subscription revenues. ION Trading led the pack with a 13% market share, following its acquisition of Reval while Murex was No.2, followed by FIS Global, Finastra (formerly Misys) and SAP.

We ask the simple question: Who’s buying TRM applications from whom and why? And we provide the answers – supported by decades of research – to our clients around the world. (Sample from our Apps Database)

Exhibit 1 - 2017 Treasury and Risk Management Applications Market Shares Split By Top 10 Treasury and Risk Management Vendors and Others, %
Exhibit 1 – 2017 Treasury and Risk Management Applications Market Shares Split By Top 10 Treasury and Risk Management Vendors and Others, %

Through our forecast period, the TRM applications market is expected to reach $3.9 billion by 2022, compared with $3.3 billion in 2017 at a compound annual growth rate of 4.5%.

Exhibit 2: Worldwide TRM Software Market 2017-2022 Forecast, $M
Year 2017 2022 2017-2022 CAGR, %
Total 3330 3946 4.5%

Source: Apps Run The World, December 2018

Top 10 TRM Software Vendors

Treasury and Risk Management applications covers standalone and/or integrated products that automate business processes to support corporate treasury operations (including the treasuries of financial services enterprises) with the corresponding financial institution functionality and optimize related cash management, deal management, and risk management functions.

Financial services remain TRM’s biggest buyers, FIS’ purchase of SunGard forming a juggernaut in TRM will reshape the marketplace. On the other hand, fintech startups such as TreasuryXpress are having record sales contract increase across the Americas, EMEA, and MENA regions for their enterprise treasury management solution.

Here are the rankings of the top 10 TRM software vendors in 2017 and their market shares.

Rank Vendor 2016 TRM Apps Revenues, $M 2017 TRM Apps Revenues, $M YoY Growth 2017 TRM Market Share, % Recent Developments
1 ION Trading Subscribe Subscribe 15.2% Subscribe After buying Aspect, Dealogic, Fidessa, Openlink, and Reval since 2016, ION Trading, which is a part of ION Investment Group, is positioning itself as a consolidator for the TRM market, or for that matter the banking and financial services vertical.
2 Murex Subscribe Subscribe 13.9% Subscribe Murex is now being supported by Microsoft Azure and Amazon Web Services for Cloud delivery. Recent wins included Al Rajhi Bank, BANCA IMI, and Bankdata..
3 FIS Global Subscribe Subscribe -9.1% Subscribe FIS sees low single-digit growth for its ERP and TRM apps for banks and FIs aided by its maintenance revenues. Cloud migration done through Google Cloud is a work in progress.
4 Finastra Subscribe Subscribe 2.8% Subscribe In September 2018, Finastra launched Fusion Essence in the cloud. the product, which runs on  Microsoft Azure, is a fully integrated core and digital solution, localized for the UK market.
5 SAP Subscribe Subscribe 6.4% Subscribe SAP is ramping up its finance and risk management enhancements that enable end to end treasury risk management with S/4HANA in the Cloud.
6 Edgeverve, an Infosys company Subscribe Subscribe 0.7% Subscribe EdgeVerve leverages more than 460 installations among global banks in 94 countries to deliver treasury and risk management solutions for millions of end user customers.
7 Calypso Technology Subscribe Subscribe 3.4% Subscribe Partnering with Oracle Cloud, Calypso has seen robust growth of the Calypso Cloud Services, which attracted 60% of all new name client bookings in 2017.
8 Openlink, an ION Investment Group company Subscribe Subscribe 9.6% Subscribe ION’s expansion into the commodity trading and risk management market includes acquisitions of Openlink and Aspect Enterprise Solutions since late 2017.
9 Wolters Kluwer Subscribe Subscribe 6.4% Subscribe In October 2018, Wolters Kluwer acquired eVision Industry Software BV, a global provider of industrial operational risk management software.
10 Kyriba Subscribe Subscribe 33.5% Subscribe Kyriba has carved out an attractive niche with a growing portfolio of TRM solutions including lease accounting, payments and working capital management additions following the shakeout phase that saw competitors like Openlink, Reval, SunGard and others being gobbled up by consolidators.
Subtotal Subscribe Subscribe 6.0% Subscribe
Other Subscribe Subscribe 18.4% Subscribe
Total Subscribe Subscribe 9.7% Subscribe

Source: Apps Run The World, December 2018

Custom data cuts related to the Treasury and Risk Management Applications market are available:

  • Top 60+ TRM Applications Vendors and Market Forecast 2017-2022
  • 2017 TRM Applications Market By Industry (21 Verticals)
  • 2017 TRM Applications Market By Functional Market (16 Markets)
  • 2017 TRM Applications Market By Country (USA + 45 countries)
  • 2017 TRM Applications Market By Region (Americas, EMEA, APAC)
  • 2017 TRM Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
  • 2017 TRM Applications Market By Customer Size (revenue, employee count, asset)
  • 2017 TRM Applications Market By Channel (Direct vs Direct)
  • 2017 TRM Applications Market By Product

Exhibit 4 shows the enterprise applications market by functional area. The highest growth functional markets revolve around smaller segments like eCommerce, Enterprise Performance Management, Sales Performance Management and Treasury and Risk, where first movers remain less established than those that for decades have been entrenched in functional areas like Analytics and BI, ERP, CRM and PLM.

Exhibit 4 - Worldwide Enterprise Applications Market Forecast 2017-2022, By Functional Market, $M
Exhibit 4 – Worldwide Enterprise Applications Market Forecast 2017-2022, By Functional Market, $M

TRM Win/Loss Analysis As Part Of Enterprise Applications Buyer Insight Customer Database

On the buyer side, customers are investing in TRM applications based on new features and capabilities that are expected to replace their existing legacy systems. In many cases, competitive upgrades and replacements that could have a profound impact on future market-share changes will become more widespread.

Since 2010, our global team of researchers have been studying the patterns of the latest TRM software purchases by customers around the world, aggregating massive amounts of data points that form the basis of our forecast assumptions and perhaps the rise and fall of certain vendors and their products on a quarterly basis.

Updated continuously, our database features extensive win/loss analysis. Each year our research team identifies tens of thousands of these TRM customer wins and losses from public and proprietary sources.

The research results are being incorporated into regular updates in our Enterprise Applications Buyer Insight Customer Database. You can access the Quarterly Win/Loss Analysis Scoreboard and our Enterprise Applications Buyer Insight Customer Database by becoming a subscriber.

Customer Industry Empl. Revenue Country Vendor New Product
Bank Leumi USA Banking and Financial Services 10000 $3.90B United States FIS Global FIS Core Banking
Citizens Bank Banking and Financial Services 18332 $5.38B United States FIS Global FIS Core Banking
Emprise Bank Banking and Financial Services 417 $156.0M United States FIS Global FIS Core Banking
LANB Banking and Financial Services 310 $45.0M United States FIS Global FIS Core Banking
Silvergate Bank Banking and Financial Services 220 $20.0M United States FIS Global FIS Core Banking
State Bank of India, California Banking and Financial Services 222033 $38.00B United States FIS Global FIS Core Banking
Vibrant Credit Union Banking and Financial Services 160 $26.0M United States Fiserv Fiserv DNA Platform
SDC Banking and Financial Services 1200 $245.0M Denmark IBM IBM Algo Risk
European Central Bank Banking and Financial Services 2500 $1.47B Germany ION Investment Group OpenLink Findur
Municipality Finance Plc (MuniFin) of Finland Banking and Financial Services 140 $259.0M Finland ION Investment Group OpenLink Findur
Scenic – Luxury Cruises & Tours Leisure and Hospitality 300 $50.0M Australia ION Investment Group Reval Cloud Platform
Americana Group Consumer Packaged Goods 66000 $3.20B Kuwait Kyriba Kyriba
AmTrust Financial Services Banking and Financial Services 9300 $5.96B United States Kyriba Kyriba
Eastman Kodak Company Retail 5800 $1.53B United States Kyriba Kyriba
Pimkie Retail 5500 $1.20B France Kyriba Kyriba
Standard Motor Products Automotive 4200 $1.12B United States Kyriba Kyriba
TD Securities Banking and Financial Services 3000 $500.0M Canada Murex Murex MX.3
MKB Bank Non Profit 2031 $260.0M Hungary Oracle Oracle Flexcube
Wipro Professional Services 172912 $7.74B India SAP SAP Treasury and Risk Management
Al Ahli Bank of Kuwait Banking and Financial Services 1500 $425.0M Kuwait EdgeVerve Infosys Finacle
Albaraka Türk Banking and Financial Services 1300 $275.0M Pakistan EdgeVerve Infosys Finacle
Asia Green Development Bank Banking and Financial Services 1700 $200.0M Myanmar (Burma) EdgeVerve Infosys Finacle
Bank Leumi PLC Banking and Financial Services 225 $57.0M United Kingdom EdgeVerve Infosys Finacle
Paytm Professional Services 2449 $400.0M India EdgeVerve Infosys Finacle
CIT Group Banking and Financial Services 4740 $2.89B United States FIS Global FIS Core Banking
Dallas Capital Bank Banking and Financial Services 50 $5.0M United States FIS Global FIS Digital Banking
Evans Bank Banking and Financial Services 220 $25.0M United States FIS Global FIS Core Banking
Landmark Bank Banking and Financial Services 700 $130.0M United States FIS Global FIS Digital Banking
NBH Bank Banking and Financial Services 956 $162.0M United States FIS Global FIS Core Banking
Westwood Holdings Group Banking and Financial Services 130 $170.0M United States FIS Global FIS Core Banking
Bank of Ceylon Banking and Financial Services 7980 $910.0M Sri Lanka Fiserv Fiserv Signature Bank Platform
Municipal Employee’s Credit Union of Oklahoma City Banking and Financial Services 40 $4.0M United States Fiserv Loancierge
Neighbors Federal Credit Union Banking and Financial Services 250 $30.0M United States Fiserv Fiserv DNA Platform
Tandem Bank Banking and Financial Services 100 $35.0M United Kingdom Fiserv Fiserv Agiliti
TDECU Professional Services 700 $110.0M United States Fiserv Fiserv DNA Platform
Thrivent Federal Credit Union Banking and Financial Services 140 $25.0M United States Fiserv Fiserv DNA Platform
Unity Bank Plc Banking and Financial Services 2100 $600.0M Nigeria Fiserv Fiserv Corillian Online
European Investment Bank Banking and Financial Services 2900 $500.0M Luxembourg IBM IBM Algo Risk
Generali Group Banking and Financial Services 77000 $73.10B Italy IBM IBM Algo Risk
Nationwide Insurance Banking and Financial Services 35000 $25.91B United States IBM IBM OpenPages
Westpac Banking Banking and Financial Services 32021 $27.86B Australia IBM IBM OpenPages
Amcor Consumer Packaged Goods 28000 $9.50B Australia ION Investment Group Reval Cloud Platform
Banco Original Banking and Financial Services 750 $87.0M Brazil ION Investment Group OpenLink Findur
BayernLB Banking and Financial Services 7082 $700.0M Germany ION Investment Group OpenLink Findur
Etihad Airways Transportation 19700 $7.60B United Arab Emirates ION Investment Group OpenLink Findur
FHLBank Topeka Banking and Financial Services 220 $10.0M United States ION Investment Group OpenLink Findur
Massachusetts Bay Transportation Authority Transportation 6350 $2.00B United States ION Investment Group Reval Cloud Platform
Mission Rock Residential Construction and Real Estate 500 $80.0M United States ION Investment Group Reval Cloud Platform
Ortho Clinical Diagnostics Healthcare 3800 $1.70B United States ION Investment Group Reval Cloud Platform
Romande Energie Utility 740 $590.0M Switzerland ION Investment Group OpenLink Findur
Snowy Hydro Limited Utility 1000 $500.0M Australia ION Investment Group Reval Cloud Platform
Superior Plus Energy Services Oil and Gas 1100 $570.0M United States ION Investment Group OpenLink Findur
Habib Bank Banking and Financial Services 14000 $1.10B Pakistan Misys Misys FusionBanking Corporate Channels
IDFC Bank Banking and Financial Services 1220 $120.0M India Misys Misys FusionCapital Kondor
IDFC Bank Banking and Financial Services 1220 $120.0M India Misys Misys FusionBanking Trade Services
PVcomBank Banking and Financial Services 2845 $230.0M Vietnam Misys Misys FusionBanking Essence
Techcombank Banking and Financial Services 7500 $750.0M Vietnam Misys Misys FusionBanking Essence
The United Bank of Egypt Banking and Financial Services 1000 $500.0M Egypt Misys Misys FusionBanking Equation
The United Bank of Egypt Banking and Financial Services 1000 $500.0M Egypt Misys Misys FusionBanking Trade Services
Trade Bank of Iraq Banking and Financial Services 100 $15.0M Iraq Misys Misys FusionBanking Equation
Virtus Partners Banking and Financial Services 250 $30.0M United States Misys Misys FusionBanking Loan IQ
DZ BANK AG Banking and Financial Services 29596 $6.81B Germany Murex Murex MX.3
Jefferies Banking and Financial Services 3557 $3.28B United States Murex Murex MX.3
Westpac Banking Banking and Financial Services 32021 $27.86B Australia Murex Murex MX.3
CenterPoint Energy Oil and Gas 7505 $7.39B United States Oracle Oracle HCM Cloud
JVL Agro Industries Consumer Packaged Goods 1600 $660.0M India SAP SAP Treasury and Risk Management
Naser Al Sayer Group Automotive 1000 $500.0M Kuwait SAP SAP Treasury and Risk Management
Roche Life Sciences 91700 $48.42B Switzerland SAP SAP Treasury and Risk Management
Sigma-Aldrich Life Sciences 9600 $2.79B United States SAP SAP Treasury and Risk Management
UOL Professional Services 2500 $700.0M Brazil SAP SAP Treasury and Risk Management
VDL Weweler Transportation 150 $20.0M Netherlands SAP SAP Treasury and Risk Management
Wipro Professional Services 172912 $7.74B India SAP SAP Fraud Management
BNY Mellon Banking and Financial Services 51200 $15.19B United States SmartStream SmartStream – IBM Algorithmics Collateral
Banco Santander Banking and Financial Services 50578 $23.80B Spain Wolters Kluwer OneSumX
Bank BGŻ BNP Paribas Banking and Financial Services 7590 $2.29B Poland Wolters Kluwer OneSumX
Bank Pocztowy SA Banking and Financial Services 1417 $110.0M Poland Wolters Kluwer OneSumX
Housing and Development Bank Banking and Financial Services 2500 $270.0M Egypt Wolters Kluwer OneSumX
Taiwan Business Bank Banking and Financial Services 4795 $18.03B Taiwan Wolters Kluwer OneSumX
American Enterprise Insurance 450 $100.0M United Kingdom Workiva Workiva SOX Compliance Solution
Casey’s General Stores Consumer Packaged Goods 16000 $7.10B United States Workiva Workiva SOX Compliance Solution
Noodles & Company Consumer Packaged Goods 7000 $300.0M United States Workiva Workiva SOX Compliance Solution
Western Alliance Bancorp Banking and Financial Services 1464 $1.60B United States Workiva Workiva SOX Compliance Solution

Source: Apps Run The World, January 2019

Further Readings

An expanded version of this report covers the top 60+ TRM vendors, offering in-depth analysis of the market dynamics, vendors’ Strengths, Customers, Opportunities, Risks and Ecosystems as well as their ability to gain Shares (SCORES) within their respective space.

We also offer win-loss analysis of the quarterly wins of these top vendors and whether incumbents and upstarts pose any real threat to their standing amid shifting market requirements and user preferences.

More Enterprise Applications Research Findings

Based on the latest annual survey of 3,000+ enterprise software vendors, Apps Run The World is releasing a number of dedicated reports, which profile the world’s 500 largest Enterprise Applications Vendors (Apps Top 500) and the world’s 500 largest Cloud Applications Vendors (Cloud Top 500) ranked by their 2015-2017 product revenues.

Their 2017 results are being broken down, sorted and ranked across 16 functional areas (from Analytics to Treasury and Risk Management) and by 21 vertical industries(from Aerospace to Utility), as shown in our Taxonomy. Further breakdowns by subvertical, country, company size, etc. are available as custom data cuts per special request.

Definition Of Treasury And Risk Management (TRM) Applications

Treasury and Risk Management applications are designed to automate corporate and banking functions pertaining to managing cash and liquidity, identifying and measuring financial risks as well as other assets, collaterals and underlying instruments that could impact an organization’s ability to sustain itself financially and operationally, while meeting regulatory requirements.

Schematic View of Treasury and Risk Management Applications and Their Functions
Schematic View of Treasury and Risk Management Applications and Their Functions

The market for treasury and risk management applications covers standalone and/or integrated products that automate business processes to support corporate treasury operations (including the treasuries of financial services enterprises) with the corresponding financial institution functionality and optimize related cash management, deal management, and risk management functions as follows:

  • Cash management automation includes both discrete and interlocking treasury processes involving electronic payment authorization, bank relationship management, cash forecasting, and others.
  • Deal management automation includes processes for the implementation of trading controls, the creation of new instruments and asset classes, market data interface from manual or third-party sources, and others.
  • Risk management automation includes performance analysis, various metrics calculations used in fixed-income portfolio analysis, market-to-market valuations, energy trading and risk management, and compliance with regulations and standards such as Basel III, Dodd Frank, European Market Infrastructure Regulation, Financial Accounting Standard, International Financial Reporting Standards, Single European Payments Area, Solvency II, and others.


Research Methodology

Each year our global team of researchers conduct an annual survey of thousands of enterprise software vendors by contacting them directly on their latest quarterly and annual revenues by country, functional area, and vertical market. We supplement their written responses with our own primary research to determine quarterly and yearly growth rates, In addition to customer wins to ascertain whether these are net new purchases or expansions of existing implementations.

Another dimension of our proactive research process is through continuous improvement of our customer database, which stores more than one million records on the enterprise software landscape of over 100,000 organizations around the world. The database provides customer insight and contextual information on what types of enterprise software systems and other relevant technologies are they running and their propensity to invest further with their current or new suppliers as part of their overall IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.

The result is a combination of supply-side data and demand-generation customer insight that allows our clients to better position themselves in anticipation of the next wave that will reshape the enterprise software marketplace for years to come.

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