European Treasury Management Software

#1 Atlar

Stockholm, Sweden Plans Connect, Essential, Professional and Enterprise, all by quote Demo on request

Best for: Mid-sized finance teams that want bank and ERP connections with payments and forecasting

• Operating company. Atlar AB
• Jurisdiction. EU (Sweden)
• Where the data sits. Not stated on pages checked
• Source code. Closed source
• Replaces. Kyriba, GTreasury, Trovata

Atlar is a Stockholm treasury platform that covers cash management, payments, cash flow forecasting, bank reconciliation, investments and debt management. Its packaging is the distinctive part: Connect links banks to the ERP with no dashboard, Essential adds cash reporting, Professional adds payments and forecasting, and Enterprise adds priority support and unlimited audit trails. Essential keeps audit trails to 12 months and Professional to 36.

The privacy policy names Atlar AB, registration number 559376-9044, as controller. The site claims 100+ bank connections and names NetSuite, Dynamics 365, SAP S/4HANA, Workday, Rillet, Campfire and Light as ERP integrations. FX risk is shown as coming soon, no prices are published, and the homepage announces a New York headquarters, so ask which entity signs the order.

Standout feature. Atlar is the one tool here that sells bank-to-ERP connectivity as a stand-alone tier without any dashboard.

#2 Embat

Madrid, Spain Plans section on the site without figures, see website Demo on request

Best for: Mid-sized groups with several entities and ERPs that want treasury, reconciliation and payments together

• Operating company. Embat Technologies, S.L.
• Jurisdiction. EU (Spain)
• Where the data sits. Not stated on pages checked
• Source code. Closed source
• Replaces. Kyriba, GTreasury

Embat is a Madrid platform that groups cash flow forecasting, intercompany operations, counterparty and debt management, reconciliation, payments and a connectivity hub. Its pages list bank connections via API, host-to-host, EBICS and SWIFT and state coverage of 15,000+ financial institutions. Bank and PSP reconciliation sits in the same system as the forecast, with Stripe, Adyen and PayPal named as processors.

The legal notice names Embat Technologies, S.L., tax ID B-16808693, at Calle Basilica 17, Madrid, and the site lists offices in London, Berlin and Munich. The vendor describes a bidirectional ERP sync every few minutes and an AI agent called TellMe. Prices and data location are not stated, and hedging is described in little detail.

Standout feature. Embat is the only tool here that joins payment-processor reconciliation with treasury forecasting in one system.

#3 Nomentia

Espoo, Finland Quote only; no prices published Demo on request

Best for: Treasury and finance teams that want automated receipt matching connected to banks and ERPs

• Operating company. Nomentia Oy
• Jurisdiction. EU (Finland)
• Where the data sits. Not stated on the pages we reviewed
• Source code. Closed source
• Replaces. HighRadius cash application, Billtrust

Nomentia, based in Espoo, sells a Smart Treasury Suite of bank connectivity, payments, cash positioning and forecasting. For incoming money its Cash Application module reads bank statements, pairs each receipt with an open invoice by rule and returns the postings to the ERP; the vendor says it flags short payments and overpayments and keeps a live view of unapplied cash. A treasury team can license it alone or inside the suite.

Nomentia Oy, registration number 2855557-7, is the controller named in the privacy policy, and the company lists subsidiaries in Sweden, Austria, Germany, Poland and the Netherlands. Its board page shows Verdane, Inflexion and PSG Equity, of which PSG is a US firm, so ownership is investor-backed rather than purely European. Prices are by quote, no data region is given, and Treasury Systems builds its cash management on Nomentia.

Standout feature. Nomentia is the tool whose core strength is matching incoming bank receipts to invoices instead of planning cash.

#4 Agicap

Lyon, France Annual subscription, minimum 12 months, plan prices not shown on the page checked Demo on request

Best for: SMEs and mid-sized companies that want cash forecasting before a full treasury system

• Operating company. AGICAP (SAS)
• Jurisdiction. EU (France)
• Where the data sits. Not stated for the application on pages checked
• Source code. Closed source
• Replaces. Kyriba, spreadsheets

Agicap is a French cash flow platform for forecasting, payments, bank and ERP connectivity, bank reconciliation, accounts receivable and accounts payable. Forecasts follow bank and accounting flows, and the receivables module adjusts them with each customer's actual DSO. It positions itself on cash flow, not on deal-level treasury, and has no instrument accounting.

The terms name AGICAP, an SAS registered in Lyon under number 823 248 703, and a separate legal notice names AGICAP UK Limited. The FAQ states an annual subscription with a minimum of 12 months, paid by SEPA direct debit or card, and a short free trial with an expert. Plan prices load client-side and could not be verified, and the application's data location is not stated.

Standout feature. Agicap is the only tool here that refines its receivables forecast with each customer's own payment history.

#5 Treasury Intelligence Solutions

Berlin, Germany By quote Demo on request

Best for: Groups that need to standardise payments and bank statements across many banks

• Operating company. Treasury Intelligence Solutions GmbH
• Jurisdiction. EU (Germany)
• Where the data sits. Not stated on pages checked
• Source code. Closed source
• Replaces. Kyriba, GTreasury payment modules

Treasury Intelligence Solutions, abbreviated TIS, is a Berlin vendor with two products on one cloud platform: a Payments Hub and Cash Visibility. The hub covers cross-border and FX payments, U.S. payment orchestration, fraud protection, sanctions screening and approval workflows, and the site states connectivity to 11k+ banks with an out-of-the-box format library.

Cash Visibility adds bank account and statement management, AI cash forecasting that recalibrates on its own history, and an AI assistant with an audit trail, according to the site. TIS calls itself a platform layer, not a deal management system. The imprint names Treasury Intelligence Solutions GmbH at Charlottenstrasse 17, Berlin, with three managing directors. No prices or data location are published.

Standout feature. Treasury Intelligence Solutions is the only tool here that bundles fraud protection and sanctions screening into the payment run itself.

#6 Serrala

Norderstedt (Hamburg area), Germany Pricing on request Demo on request

Best for: Companies running SAP that also want payments and treasury from the same vendor

• Operating company. Serrala Group GmbH
• Jurisdiction. EU (Germany)
• Where the data sits. Not stated on the pages checked
• Source code. Closed source
• Replaces. Bill.com, Coupa, Tipalti

Serrala is a finance automation vendor whose legal page names Serrala Group GmbH in Norderstedt, registered at the Amtsgericht Kiel under HRB 25634. The accounts payable suite splits into invoice capture, invoice processing, a supplier portal and e-invoicing, and the vendor adds payments and treasury modules for SAP and other ERPs. Its about page says it has served the office of the CFO for over 40 years.

The e-invoicing page lists compliant exchange in more than 60 countries, and the AP side offers duplicate detection and configurable approvals. Treasury is described in general terms, without bank counts or hedging detail. Pricing is on request and the suite is large for small teams. SAP integration depth is the main argument for choosing Serrala.

Standout feature. Serrala is the one tool here that connects invoice capture and e-invoicing to the payment and treasury run.

#7 Treasury Systems

Stockholm, Sweden Founded 1984 By quote Demo on request

Best for: Corporate treasuries that manage FX, loans and derivatives and need accounting and limits in one system

• Operating company. Treasury Systems Sweden AB
• Jurisdiction. EU (Sweden)
• Where the data sits. Not stated on pages checked
• Source code. Closed source
• Replaces. Kyriba, Excel treasury models

Treasury Systems is a Stockholm vendor, active since 1984 under the name Currency Risk Management, selling a treasury management system. Deal entry covers FX spot, forwards, swaps, NDFs and options, loans, deposits, repos, bonds and interest rate and cross-currency swaps, with add-ons for guarantees, commodities and energy. A built-in ledger creates preliminary accounting when a deal is saved.

Custom limits cover refinancing, counterparty, market value and subsidiary risk, with notifications near a breach, and FXall and 360T can feed confirmed deals in. The vendor says treasurers at more than 90 international companies use it. The footer names Treasury Systems Sweden AB at Valhallavagen 117F, Stockholm. Cash management is powered by Nomentia, prices are by quote and hosting is not described.

Standout feature. Treasury Systems is the only tool here that books deals, creates preliminary accounting and monitors four types of limit in one system.

#8 Fides

Zurich, Switzerland By quote Demo on request

Best for: Treasury teams that need one connection point to many banks and systems

• Operating company. Fides Treasury Services AG
• Jurisdiction. Switzerland (adequacy decision, outside the EEA)
• Where the data sits. Not stated on pages checked
• Source code. Closed source
• Replaces. Kyriba bank connectivity

Fides is a Zurich multibanking provider built around six modules: ONEHub, ONEReport, ONEPay, ONEPool, ONEConnect and ONETransform. They cover consolidated statements, payments, cash pooling, connections to banks and payment providers, and format conversion. The site states 13,000+ bank connections, 40+ years in multibanking and 300+ formats.

Fides is a certified Swift service bureau, and customers can use the Fides Financial BIC or their own Corporate BIC, which Fides hosts and manages, reached via SFTP or the web interface. The copyright notice names Fides Treasury Services AG at Raeffelstrasse 28, Zurich, outside the EEA. Forecasting, instrument management and accounting are not listed, and prices are by quote.

Standout feature. Fides is the only tool here built around hosting a company's own corporate BIC as a Swift service bureau.

#9 Kantox

Barcelona, Spain By quote Demo on request

Best for: Companies with currency exposure that want hedging automated

• Operating company. Kantox European Union SL
• Jurisdiction. EU (Spain)
• Where the data sits. Not stated on pages checked
• Source code. Closed source
• Replaces. Kyriba FX risk modules

Kantox is a Barcelona FX risk specialist. Dynamic Hedging triggers hedging actions when preset conditions are met, In-House FX centralises exposure netting and trade execution, and a Hedge Accounting Module, stated to be powered by Zanders, produces audit-ready reports. The site names micro, layered and static hedging programmes and reports on trade P&L and forward point impact.

Integrations run through API and SFTP to SAP, Oracle, Microsoft Dynamics and NetSuite, with FXall and 360T as trading platforms. The privacy policy names Kantox European Union SL, CIF B67369371, authorised by the Bank of Spain as a payment institution, and Kantox Limited in London, authorised by the UK FCA. There is no cash forecasting or bank connectivity listed, and prices are by quote.

Standout feature. Kantox is the only tool here that executes currency hedges automatically once exposure rules are met.

#10 TreasurySpring

United Kingdom (city not stated), United Kingdom No onboarding fees or recurring charges, investment fees not stated Demo on request

Best for: Companies with surplus cash looking for a place to invest it

• Operating company. TreasurySpring Limited
• Jurisdiction. United Kingdom (adequacy decision, outside the EEA)
• Where the data sits. Not stated on pages checked
• Source code. Closed source
• Replaces. Kyriba investment modules

TreasurySpring is a UK cash investment platform covering the investment side of treasury. It lists over 1,100 investment-grade cash products across more than 120 counterparties and 9 currencies, including reverse repo and government, supranational, financial and corporate products, and says it has over 1,000 institutional clients. Customers use a web portal, integrations or a public API.

The footer names TreasurySpring Limited, TreasurySpring Advisors Limited and TreasurySpring Management (Jersey) Limited, the last regulated by the Jersey Financial Services Commission. Onboarding is described as live across entities in 48 to 72 hours after KYC and AML checks. It does no forecasting, payments or bank connectivity, so it complements a cash tool such as Atlar. Investment fees are not stated.

Standout feature. TreasurySpring is the only tool here dedicated to placing surplus corporate cash in investment products.