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)
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, %|
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.|
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.
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.
|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|
|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
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.
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.
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.