Top 10 TRM Software Vendors, Market Size and Market Forecast 2019-2024

Worldwide TRM Applications Market to reach $5.1 billion by 2024, compared with $4.4 billion in 2019 at a compound annual growth rate of 2.8%.


In 2019, the top 10 TRM software vendors accounted for nearly 55.2% of the global Treasury and Risk Management applications market which grew 4% to approach nearly $4.4 billion in license, maintenance and subscription revenues.

ION Trading led the pack with an 11.5% market share, following its acquisition of Reval, while Murex was No.2, followed by FIS Global, Finastra 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)

2019 Treasury and Risk Management Applications Market Shares
Exhibit 1 – 2019 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 $5.1 billion by 2024, compared with $4.4 billion in 2019 at a compound annual growth rate of 2.8%.

Exhibit 2: Worldwide TRM Software Market 2019-2024 Forecast, $M
Year201920242019-2024 CAGR, %

Source: Apps Run The World, November 2020

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 2019 and their market shares.

RankVendor2018 TRM Apps Revenues, $M2019 TRM Apps Revenues, $MYoY Growth2019 TRM Market Share, %Recent Developments
1ION Trading Subscribe Subscribe3.2% SubscribeIn 2019, ION acquired Allegro Development Corporation, a global provider of enterprise commodity management solutions and currency software supplier MarketFactory. 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.
2Murex Subscribe Subscribe6.5% SubscribeMurex is now being supported by Microsoft Azure and Amazon Web Services for Cloud delivery. Recent wins included Gulf Bank, Al Rajhi Bank, BANCA IMI, and Bankdata
3FIS Global Subscribe Subscribe9.7% SubscribeIn July 2019, FIS completed the acquisition of Worldpay. Through its acquisition of Worldpay, FIS became the largest processing and payments company in the world.
4Finastra Subscribe Subscribe-8.9% SubscribeIn February 2020, Finastra brought its core banking platform, Fusion Phoenix, to the cloud, with Commerce National Bank & Trust of Winter Park, Florida, and Commencement Bank of Tacoma, Washington being the first US banks to access the core solution via public cloud.
5SAP Subscribe Subscribe5.0% SubscribeSAP is ramping up its finance and risk management enhancements that enable end to end treasury risk management with S/4HANA in the Cloud.
6Calypso Technology Subscribe Subscribe9.1% SubscribePartnering with Oracle Cloud, Calypso has seen robust growth of the Calypso Cloud Services, which attracted 60% of all new name client bookings in 2018. With over 35,000 users in over 60 countries, Calypso is on the cutting-edge of emerging technologies like big data, Blockchain, and AI.
7Wolters Kluwer Subscribe Subscribe11.5% 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 extends Wolters Kluwer’s presence in the growing operational risk management software market.
8Kyriba Subscribe Subscribe15.4% SubscribeKyriba acquired FiREapps to manage global foreign exchange risk, enabling finance chiefs to mitigate the impact of currency fluctuations on earnings per share. Kyriba has 2000 clients WW and has doubled the number of clients in the Asia Pacific region in 2019. Some of the new customer wins in the reagion are: Isuzu Motors, DiDi and HAND in China, Uno Minda and Tech Mahindra in India, InstaReM in Singapore, Eisai and Suntory Beverage & Food in Japan, and others.
9Edgeverve, an Infosys company Subscribe Subscribe-9.2% SubscribeEdgeVerve leverages more than 460 installations among global banks in 94 countries to deliver treasury and risk management solutions for millions of end user customers.
10Sage Subscribe Subscribe1.1% SubscribeSage acquired XRT in 2007. More than 7000 organisations worldwide use Sage XRT solutions.
 Subtotal Subscribe Subscribe3.9% Subscribe 
 Other Subscribe Subscribe4.1% Subscribe 
 Total Subscribe Subscribe4.0% Subscribe 

Source: Apps Run The World, November 2020

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 2019-2024
  • 2019 TRM Applications Market By Industry (21 Verticals)
  • 2019 TRM Applications Market By Functional Market (16 Markets)
  • 2019 TRM Applications Market By Country (USA + 45 countries)
  • 2019 TRM Applications Market By Region (Americas, EMEA, APAC)
  • 2019 TRM Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
  • 2019 TRM Applications Market By Customer Size (revenue, employee count, asset)
  • 2019 TRM Applications Market By Channel (Direct vs Direct)
  • 2019 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.

Worldwide Enterprise Applications Market Forecast 2019-2024, By Functional Market, $M
Exhibit 4 – Worldwide Enterprise Applications Market Forecast 2019-2024, 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 Product
Bank Leumi USABanking and Financial Services10000$3.90BUnited StatesFIS GlobalFIS Core Banking
Citizens BankBanking and Financial Services18332$5.38BUnited StatesFIS GlobalFIS Core Banking
Emprise BankBanking and Financial Services417$156.0MUnited StatesFIS GlobalFIS Core Banking
LANBBanking and Financial Services310$45.0MUnited StatesFIS GlobalFIS Core Banking
Silvergate BankBanking and Financial Services220$20.0MUnited StatesFIS GlobalFIS Core Banking
State Bank of India, CaliforniaBanking and Financial Services222033$38.00BUnited StatesFIS GlobalFIS Core Banking
Vibrant Credit UnionBanking and Financial Services160$26.0MUnited StatesFiservFiserv DNA Platform
SDCBanking and Financial Services1200$245.0MDenmarkIBMIBM Algo Risk
European Central BankBanking and Financial Services2500$1.47BGermanyION Investment GroupOpenLink Findur
Municipality Finance Plc (MuniFin) of FinlandBanking and Financial Services140$259.0MFinlandION Investment GroupOpenLink Findur
Scenic – Luxury Cruises & ToursLeisure and Hospitality300$50.0MAustraliaION Investment GroupReval Cloud Platform
Americana GroupConsumer Packaged Goods66000$3.20BKuwaitKyribaKyriba
AmTrust Financial ServicesBanking and Financial Services9300$5.96BUnited StatesKyribaKyriba
Eastman Kodak CompanyRetail5800$1.53BUnited StatesKyribaKyriba
Standard Motor ProductsAutomotive4200$1.12BUnited StatesKyribaKyriba
TD SecuritiesBanking and Financial Services3000$500.0MCanadaMurexMurex MX.3
MKB BankNon Profit2031$260.0MHungaryOracleOracle Flexcube
WiproProfessional Services172912$7.74BIndiaSAPSAP Treasury and Risk Management
Al Ahli Bank of KuwaitBanking and Financial Services1500$425.0MKuwaitEdgeVerveInfosys Finacle
Albaraka TürkBanking and Financial Services1300$275.0MPakistanEdgeVerveInfosys Finacle
Asia Green Development BankBanking and Financial Services1700$200.0MMyanmar (Burma)EdgeVerveInfosys Finacle
Bank Leumi PLCBanking and Financial Services225$57.0MUnited KingdomEdgeVerveInfosys Finacle
PaytmProfessional Services2449$400.0MIndiaEdgeVerveInfosys Finacle
CIT GroupBanking and Financial Services4740$2.89BUnited StatesFIS GlobalFIS Core Banking
Dallas Capital BankBanking and Financial Services50$5.0MUnited StatesFIS GlobalFIS Digital Banking
Evans BankBanking and Financial Services220$25.0MUnited StatesFIS GlobalFIS Core Banking
Landmark BankBanking and Financial Services700$130.0MUnited StatesFIS GlobalFIS Digital Banking
NBH BankBanking and Financial Services956$162.0MUnited StatesFIS GlobalFIS Core Banking
Westwood Holdings GroupBanking and Financial Services130$170.0MUnited StatesFIS GlobalFIS Core Banking
Bank of CeylonBanking and Financial Services7980$910.0MSri LankaFiservFiserv Signature Bank Platform
Municipal Employee’s Credit Union of Oklahoma CityBanking and Financial Services40$4.0MUnited StatesFiservLoancierge
Neighbors Federal Credit UnionBanking and Financial Services250$30.0MUnited StatesFiservFiserv DNA Platform
Tandem BankBanking and Financial Services100$35.0MUnited KingdomFiservFiserv Agiliti
TDECUProfessional Services700$110.0MUnited StatesFiservFiserv DNA Platform
Thrivent Federal Credit UnionBanking and Financial Services140$25.0MUnited StatesFiservFiserv DNA Platform
Unity Bank PlcBanking and Financial Services2100$600.0MNigeriaFiservFiserv Corillian Online
European Investment BankBanking and Financial Services2900$500.0MLuxembourgIBMIBM Algo Risk
Generali GroupBanking and Financial Services77000$73.10BItalyIBMIBM Algo Risk
Nationwide InsuranceBanking and Financial Services35000$25.91BUnited StatesIBMIBM OpenPages
Westpac BankingBanking and Financial Services32021$27.86BAustraliaIBMIBM OpenPages
AmcorConsumer Packaged Goods28000$9.50BAustraliaION Investment GroupReval Cloud Platform
Banco OriginalBanking and Financial Services750$87.0MBrazilION Investment GroupOpenLink Findur
BayernLBBanking and Financial Services7082$700.0MGermanyION Investment GroupOpenLink Findur
Etihad AirwaysTransportation19700$7.60BUnited Arab EmiratesION Investment GroupOpenLink Findur
FHLBank TopekaBanking and Financial Services220$10.0MUnited StatesION Investment GroupOpenLink Findur
Massachusetts Bay Transportation AuthorityTransportation6350$2.00BUnited StatesION Investment GroupReval Cloud Platform
Mission Rock ResidentialConstruction and Real Estate500$80.0MUnited StatesION Investment GroupReval Cloud Platform
Ortho Clinical DiagnosticsHealthcare3800$1.70BUnited StatesION Investment GroupReval Cloud Platform
Romande EnergieUtility740$590.0MSwitzerlandION Investment GroupOpenLink Findur
Snowy Hydro LimitedUtility1000$500.0MAustraliaION Investment GroupReval Cloud Platform
Superior Plus Energy ServicesOil and Gas1100$570.0MUnited StatesION Investment GroupOpenLink Findur
Habib BankBanking and Financial Services14000$1.10BPakistanMisysMisys FusionBanking Corporate Channels
IDFC BankBanking and Financial Services1220$120.0MIndiaMisysMisys FusionCapital Kondor
IDFC BankBanking and Financial Services1220$120.0MIndiaMisysMisys FusionBanking Trade Services
PVcomBankBanking and Financial Services2845$230.0MVietnamMisysMisys FusionBanking Essence
TechcombankBanking and Financial Services7500$750.0MVietnamMisysMisys FusionBanking Essence
The United Bank of EgyptBanking and Financial Services1000$500.0MEgyptMisysMisys FusionBanking Equation
The United Bank of EgyptBanking and Financial Services1000$500.0MEgyptMisysMisys FusionBanking Trade Services
Trade Bank of IraqBanking and Financial Services100$15.0MIraqMisysMisys FusionBanking Equation
Virtus PartnersBanking and Financial Services250$30.0MUnited StatesMisysMisys FusionBanking Loan IQ
DZ BANK AGBanking and Financial Services29596$6.81BGermanyMurexMurex MX.3
JefferiesBanking and Financial Services3557$3.28BUnited StatesMurexMurex MX.3
Westpac BankingBanking and Financial Services32021$27.86BAustraliaMurexMurex MX.3
CenterPoint EnergyOil and Gas7505$7.39BUnited StatesOracleOracle HCM Cloud
JVL Agro IndustriesConsumer Packaged Goods1600$660.0MIndiaSAPSAP Treasury and Risk Management
Naser Al Sayer GroupAutomotive1000$500.0MKuwaitSAPSAP Treasury and Risk Management
RocheLife Sciences91700$48.42BSwitzerlandSAPSAP Treasury and Risk Management
Sigma-AldrichLife Sciences9600$2.79BUnited StatesSAPSAP Treasury and Risk Management
UOLProfessional Services2500$700.0MBrazilSAPSAP Treasury and Risk Management
VDL WewelerTransportation150$20.0MNetherlandsSAPSAP Treasury and Risk Management
WiproProfessional Services172912$7.74BIndiaSAPSAP Fraud Management
BNY MellonBanking and Financial Services51200$15.19BUnited StatesSmartStreamSmartStream – IBM Algorithmics Collateral
Banco SantanderBanking and Financial Services50578$23.80BSpainWolters KluwerOneSumX
Bank BGŻ BNP ParibasBanking and Financial Services7590$2.29BPolandWolters KluwerOneSumX
Bank Pocztowy SABanking and Financial Services1417$110.0MPolandWolters KluwerOneSumX
Housing and Development BankBanking and Financial Services2500$270.0MEgyptWolters KluwerOneSumX
Taiwan Business BankBanking and Financial Services4795$18.03BTaiwanWolters KluwerOneSumX
American EnterpriseInsurance450$100.0MUnited KingdomWorkivaWorkiva SOX Compliance Solution
Casey’s General StoresConsumer Packaged Goods16000$7.10BUnited StatesWorkivaWorkiva SOX Compliance Solution
Noodles & CompanyConsumer Packaged Goods7000$300.0MUnited StatesWorkivaWorkiva SOX Compliance Solution
Western Alliance BancorpBanking and Financial Services1464$1.60BUnited StatesWorkivaWorkiva SOX Compliance Solution

Source: Apps Run The World, November 2020

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 2015-2019 product revenues.

Their 2019 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.