Top 10 TRM Software Vendors, Market Size and Market Forecast 2020-2025

Worldwide TRM Applications Market to reach $5.2 billion by 2025, compared with $4.5 billion in 2020 at a compound annual growth rate of 2.8%.

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In 2020, the top 10 TRM software vendors accounted for nearly 49.3% of the global Treasury and Risk Management applications market which grew 2.2% to approach nearly $4.5 billion in license, maintenance and subscription revenues.

ION Group led the pack with a 10.7% market share, following its acquisition of Reval, while Murex was No.2, followed by SAP, Finastra and FIS Global.

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)

Top 10 TRM Software Vendors, Market Size and Market Forecast 2020-2025
Exhibit 1 – 2020 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 size is expected to reach $5.2 billion by 2025, compared with $4.5 billion in 2020 at a compound annual growth rate of 2.2%.

Exhibit 2: Worldwide TRM Software Market 2020-2025 Forecast, $M
Year202020252020-2025 CAGR, %
Total452552012.8%

Source: Apps Run The World, December 2021

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 2020 and their market shares.

RankVendor2019 TRM Apps Revenues, $M2020 TRM Apps Revenues, $MYoY Growth2020 TRM Market Share, %Recent Developments
1ION Group Subscribe Subscribe-0.1% SubscribeIn November 2021, ION Treasury launched TreasuraSpark, simple to use cash management SaaS solution, to help high-growth organizations migrate from outdated spreadsheets to automated cash management.
2Murex Subscribe Subscribe-5.5% SubscribeIn November 2021, ION Treasury launched TreasuraSpark, simple to use cash management SaaS solution, to help high-growth organizations migrate from outdated spreadsheets to automated cash management.
3SAP Subscribe Subscribe2.4% SubscribeThe 2021 acquisition of Signavio is expected to help SAP better compete with fast-growing vendors such as ABBYY Solutions, Blue Prism, and Celonis in the process mining as part of the Robotic Process Automation market as well as adjacent space like Treasury and Risk Management that is beginning to turn to RPA tools for their transaction processing workload.
4FIS Global Subscribe Subscribe-6.7% SubscribeIn January 2020, FIS acquired a majority interest in Virtus Partners, a provider of high-value managed services and technology to the credit and loan market. That follows the 2019 purchase of Worldpay for its payment processing business in a deal worth $43 billion.
5Finastra Subscribe Subscribe-2.7% SubscribeIn November 2021, Finastra introduced new anti-money laundering compliance capabilities integrated with its Fusion Global PAYplus core payments solution, via Fincom.co and the FusionFabric.cloud open developer platform.
6Calypso Technology Subscribe Subscribe5.7% SubscribeFollowing the merger of Calypso Technology and AxiomSL in July 2021, the combined company announced it will operate under the new name of Adenza. Adenza is dual headquartered in London and New York City, with nearly 2,000 employees, more than 60,000 users, and a customer base spanning the world’s largest financial institutions.
7Kyriba Subscribe Subscribe20.1% SubscribeIn June 2021, Kyriba made a partnership with Digiata, a software company in Johannesburg and Cape Town, specializing in the financial service industry, to expand Kyriba’s operations in the South African and sub-Saharan countries.
8Edgeverve, an Infosys company Subscribe Subscribe11.0% SubscribeBanks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking Solution, on average, enjoy 7.2% points lower cost-to-income ratio than others.
9Wolters Kluwer Subscribe Subscribe-20.4% SubscribeIn January 2020 Wolters Kluwer Legal & Regulatory acquired CGE Risk Management Solutions B.V. (CGE), a leading provider of risk management software, including the industry-standard BowTieXP solution. The acquisition will extend Wolters Kluwer’s presence in the growing operational risk management software market.
10Workiva Subscribe Subscribe14.3% SubscribeAfter marking the first two acquisitions in its 13-year history of OneCloud in August 2021, and AuditNet in December the same year, Workiva continues to expand its customer base, trusted by 4,100+ companies across 180+ countries.
 Subtotal Subscribe Subscribe-0.3% Subscribe 
 Other Subscribe Subscribe4.7% Subscribe 
 Total442945252.2%100% 

Source: Apps Run The World, December 2021

Other TRM software providers included in the report are: 3i Infotech, 3V Finance (Titan Treasury), ACI Worldwide, Allegro Development Corp., Argo Data Resource Corp., Aspect Enterprise Solutions, Asseco Group, Avaloq, Axiom Software, BELLIN, Bloomberg, Bottomline Technologies, Calabrio, Inc., CGI Group Inc., Clearwater Analytics COCC, CURA Software Solutions, Deluxe Corporation Digital River, Ebix, eFront, Envestnet, Equifax, Exalog, Exela Technologies, Exigis, FICO, Finance Active, GTreasury, HCL Technologies Ltd., IBM, Imagine Software, Infor, Intelex Technologies, KOGER, LexisNexis, Milliman Marc, MSCI, Open Access Technology International, Oracle, Q2ebanking, Resolver Inc., Riskonnect, Roper Technologies, Salmon Software, Serrala,  Silverlake Axis, SmartStream, Solera Holdings, Temenos Group AG, Thomson Reuters Elite, Trayport, Trintech Group, TreasuryXpress, Verint Systems Inc., WeDo Technologies, Workiva, Yonyou, and others.

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

  • Top 90+ TRM Applications Vendors and Market Forecast 2020-2025
  • 2020 TRM Applications Market By Industry (21 Verticals)
  • 2020 TRM Applications Market By TRM Segments and Categories
  • 2020 TRM Applications Market By Country (USA + 45 countries)
  • 2020 TRM Applications Market By Region (Americas, EMEA, APAC)
  • 2020 TRM Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
  • 2020 TRM Applications Market By Customer Size (revenue, employee count, asset)
  • 2020 TRM Applications Market By Channel (Direct vs Direct)
  • 2020 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 2020-2025, By Functional Market, $M
Exhibit 4 – Worldwide Enterprise Applications Market Forecast 2020-2025, 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 systems 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.

CustomerIndustryEmpl.RevenueCountryVendorNew ProductCategory
Legal & General Investment Management (LGIM)Banking and Financial Services8542$89.37BUnited KingdomCalypso TechnologyCalypso Treasury & LiquidityTreasury Management
HSBC HoldingsBanking and Financial Services235000$56.10BUnited KingdomCalypso TechnologyCalypso Treasury & LiquidityTreasury Management
ArcelorMittalDistribution168000$53.27BLuxembourgCalypso TechnologyCalypso Treasury & LiquidityTreasury Management
Groupe CasinoRetail202955$38.70BFranceCalypso TechnologyCalypso Treasury & LiquidityTreasury Management
Bank of America CorporationBanking and Financial Services209000$86.27BUnited StatesCalypso TechnologyCalypso Trading SystemTreasury Management
TD BankBanking and Financial Services90000$32.46BCanadaCalypso TechnologyCalypso Trading SystemTreasury Management
IDFC BankBanking and Financial Services1220$120.0MIndiaFinastraFinastra Misys FusionCapital KondorTreasury Management
RBS Citizens Financial Group, Inc.Banking and Financial Services74377$28.30BCanadaFinastraFinastra Misys FusionCapital KondorTreasury Management
Royal Bank of CanadaBanking and Financial Services83709$43.42BCanadaFinastraFinastra Misys FusionCapital OpicsTreasury Management
JPMorgan Chase & Co.Banking and Financial Services265790$119.54BUnited StatesFinastraFinastra Misys FusionCapital OpicsTreasury Management
Bank of ChinaBanking and Financial Services309384$70.73BChinaFinastraFinastra Misys Opics PlusTreasury Management
Nissan MotorAutomotive136134$92.18BJapanFIS GlobalSunGard AvantGard TreasuryTreasury Management
Legal & General GroupInsurance11000$88.00BUnited KingdomFIS GlobalSunGard AvantGard TreasuryTreasury Management
MetLife, Inc.Insurance46500$67.84BUnited StatesFIS GlobalSunGard AvantGard TreasuryTreasury Management
Amlin Corporate Member, Ltd.Banking and Financial Services57000$64.23BUnited StatesFIS GlobalSunGard AvantGard TreasuryTreasury Management
Swiss ReInsurance13189$43.34BSwitzerlandFIS GlobalSunGard AvantGard TreasuryTreasury Management
Liberty GlobalCommunications23000$11.98BUnited KingdomFIS GlobalSunGard AvantGard TreasuryTreasury Management
Bristol-Myers Squibb CompanyLife Sciences30250$42.52BUnited StatesFIS GlobalFIS Treasury and Risk Manager – Quantum EditionTreasury Management
Mars, IncorporatedConsumer Packaged Goods133000$40.00BUnited StatesFIS GlobalFIS Treasury and Risk Manager – Quantum EditionTreasury Management
Amlin Corporate Member, Ltd.Banking and Financial Services57000$64.23BUnited StatesFIS GlobalFIS Treasury and Risk Manager – Integrity EditionTreasury Management
Kuwait Petroleum CompanyOil, Gas and Chemicals18902$52.00BKuwaitION GroupION IT2 TreasuryTreasury Management
GlaxoSmithKlineLife Sciences94066$47.30BUnited KingdomION GroupION IT2 TreasuryTreasury Management
American International GroupInsurance45000$43.84BUnited StatesION GroupION IT2 TreasuryTreasury Management
Centene CorporationHealthcare71300$111.12BUnited StatesION GroupION TreasuraTreasury Management
Humana Inc.Insurance48700$77.16BUnited StatesION GroupION TreasuraTreasury Management
Zurich Insurance GroupInsurance55000$63.59BSwitzerlandION GroupION TreasuraTreasury Management
PetroChinaOil, Gas and Chemicals476223$287.91BChinaION GroupOpenlink EndurETRM
Royal Dutch ShellOil, Gas and Chemicals87000$180.50BNetherlandsION GroupOpenlink EndurETRM
Johnson Matthey plcManufacturing13258$21.65BUnited KingdomION GroupOpenLink FindurTreasury Management
EDF Trading LogisticsUtilities800$400.0MUnited StatesION GroupOpenlink RightangleCTRM
Exxon Mobil CorporationOil, Gas and Chemicals72000$181.50BUnited StatesION GroupION Wallstreet SuiteTreasury Management
Amazon.com, Inc.Retail1335000$386.06BUnited StatesKyribaKyriba TreasuryTreasury Management
Costco Wholesale CorporationDistribution288000$195.93BUnited StatesKyribaKyriba TreasuryTreasury Management
Honda Motor CompanyManufacturing215638$136.21BJapanKyribaKyriba TreasuryTreasury Management
GE Capital, AmericasBanking and Financial Services333000$123.10BUnited StatesKyribaKyriba TreasuryTreasury Management
Anthem, Inc.Insurance83400$121.87BUnited StatesKyribaKyriba TreasuryTreasury Management
Koch IndustriesOil, Gas and Chemicals130000$110.00BUnited StatesKyribaKyriba TreasuryTreasury Management
TotalOil, Gas and Chemicals105476$200.32BFranceMurexMurex MX.3Treasury Management
JPMorgan Chase & Co.Banking and Financial Services265790$119.54BUnited StatesMurexMurex MX.3Treasury Management
MetLife, Inc.Insurance46500$67.84BUnited StatesMurexMurex MX.3Treasury Management
MitsuiProfessional Services43993$63.81BJapanMurexMurex MX.3Treasury Management
Stonex Group Inc.Banking and Financial Services2950$54.14BUnited StatesMurexMurex MX.3Treasury Management
NestléConsumer Packaged Goods273000$94.27BSwitzerlandOpenlinkOpenlink CloudTrade Management
UniperUtilities11754$58.61BGermanyOpenlinkOpenlink CloudTrade Management
Tohoku Electric Power CompanyUtilities12484$15.53BJapanOpenlinkOpenlink CloudTrade Management
GazpromOil, Gas and Chemicals466100$110.96BRussiaSAPSAP Treasury and Risk ManagementTreasury Management
Raytheon TechnologiesAerospace and Defense181000$56.59BUnited StatesSAPSAP Treasury and Risk ManagementTreasury Management
AXA EquitableInsurance165000$100.00BUnited StatesSAPSAP Treasury and Risk ManagementTreasury Management
VattenfallUtilities19859$18.40BSwedenSAPSAP Cash ManagementTreasury Management
Nikon Inc.Manufacturing21029$10.04BJapanSAPSAP Cash ManagementTreasury Management
EverisProfessional Services27000$1.76BUnited StatesSAPSAP In-House CashTreasury Management
Fortum OyjOil, Gas and Chemicals8286$5.83BFinlandWolters KluwerWolters Kluwer FRSGlobalAML, Fraud and Compliance
Virgin MoneyBanking and Financial Services8600$2.60BUnited KingdomWolters KluwerWolters Kluwer FRSGlobalAML, Fraud and Compliance
SantanderBanking and Financial Services190175$43.23BSpainWolters KluwerOneSumXAML, Fraud and Compliance
Casey’s General Stores, Inc.Retail17282$9.35BUnited StatesWorkivaWorkiva SOX Compliance SolutionGovernance, Risk and Compliance
Noodles and CompanyRetail7000$458.0MUnited StatesWorkivaWorkiva SOX Compliance SolutionGovernance, Risk and Compliance
Western Alliance BancorporationBanking and Financial Services1915$1.21BUnited StatesWorkivaWorkiva SOX Compliance SolutionGovernance, Risk and Compliance

Source: Apps Run The World, December 2021

Further Readings

An expanded version of this report covers the top 90+ 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 2015-2020 product revenues.

Their 2020 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.