Winners Profile – Best Treasury & Cash Management Providers 2016

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Global Winners

Best Overall Bank for Cash Management

Citi | Citi’s commitment to the Treasury and Trade Solutions (TTS) business is supported at the highest level, with CEO Michael Corbat recently calling it “the backbone of our global network.” Citi Innovation Labs in Singapore and Dublin are one key to Citi’s success. They include a Client Collaboration Center—where Citi’s innovation specialists work with clients and regulators to transform banking processes—and a Client Experience Center for clients to try out new TTS solutions.

Best Bank for Liquidity Management

Bank of America Merrill Lynch | The bank has consistently invested in technology to help clients manage global liquidity. In the fall it expanded its CashPro Invest portal to Europe and opened a London office for its Global Liquidity Investment Solutions group, which provides end-to-end liquidity and investment services. “The technology that underpins global business is developing faster than ever before,” says Ather Williams, head of global transaction services. “Our challenge, then, is to get on our front foot and embrace these new technologies.”

Best Bank for Payments and Collections

Citi | Citi Treasury & Trade Solutions boasts 81% of Fortune 500 companies as clients. Globally, it processes an average monthly volume of more than 170 million payments and receivables. The bank had payments and receivables revenue of $1.3 billion in the first three-quarters of fiscal 2015. Citi is consistently a leader in this category, owing in part to its global reach and the depth of its solutions: a trio of integrated transaction management tools, including Citi Payment Analytics, ReceivablesVision and Citi Payments Risk Manager.

Best Provider of Short-Term Investments/Money Market Funds

Deutsche Asset & Wealth Management | With about €750 billion ($835 billion) of assets under management, Deutsche Asset Management is a global leader in investment services for corporate and institutional investors. The bank’s global presence, wide array of money market funds and cutting-edge
liquidity management solutions put it ahead of its peers.

Best Bank for Financial Risk Management

Credit Suisse | Although the bank has cut staff and refocused its business (as have its peers), it continues to be a leader in structured products, risk management and corporate capital advisory. The bank also made a big boost to its capital base—raising SFr6 billion ($6.3 billion) in capital in late 2015—and plans to cut costs by half that amount by the end of 2018.

Best Bank for Working Capital Optimization

J.P. Morgan | J.P. Morgan is a key vendor of solutions geared to improve working capital management and a leader on working capital optimization. It helps corporate clients unlock working capital and increase efficiency—both small- and large-scale—focusing on evaluating how and where excess capital can be released.

Best White-Label System Provider

BNY Mellon | BNY Mellon continues to invest heavily in its white-label and outsourced systems business. It recently undertook an award-winning global payments infrastructure transformation project that is providing a top-line boost to the bank’s transaction services business.

Regional Winners

North America

Best Overall Bank for Cash Management

Bank of America Merrill Lynch | Aside from growing its market share of large corporate clients, the bank has grown extensively in the small and midsize enterprise segment. It is investing in service and fulfillment platforms. Over the past year, it launched new solutions to reduce costs and increase efficiency of traditional payments processing with Digital Disbursements, prepaid card offerings and HealthLogic—for healthcare providers to digitize payments and remittance. It is the largest enterprise-to enterprise wholesale international bank in Canada.

Best Bank for Liquidity Management

J.P. Morgan | The bank boasts more than 13,500 clients for its liquidity and cash solutions. JPM’s Global Cash Portal is a real-time trading and account management service to help automate liquidity management. The bank’s ACCESS Liquidity Solutions lets companies effectively manage physical cash concentration and notional pooling structures.

Best Bank for Payments & Collections

Wells Fargo | Wells Fargo boasts 24.8% of US middle market companies and 40.4% of large corporate companies as clients. It is the number-one Automated Clearing House (ACH) electronic payments originating bank in the US and has North America’s largest wholesale lockbox network, with 25 sites in the US and Canada. Wells Fargo generally reinvests 2% to 5% of product revenue each year.

Best Provider of Short-Term Investments/ Money Market Funds

J.P. Morgan Asset Management | With global assets under management of $1.7 trillion, J.P. Morgan Asset Management offers a wide array of funds in North America, including tax-free money market funds, commercial paper MMFs and US government MMFs. The bank also offers solutions to help companies manage short-term liquidity. Its Global Cash Portal is a real-time
trading and account management service designed to make liquidity management more efficient, streamlined and convenient.

Best Bank for Financial Risk Management

Citi | Few firms can boast the market depth and industry-leading position of Citi, and that comes to bear when companies are looking to manage global risk. The bank offers sophisticated hedging and risk advisory services, including its benchmarking service, to help clients understand and mitigate their financial risks.

Best Bank for Working Capital Optimization

J.P. Morgan | The bank is well postiioned to take advantage of a 20% anticipated growth rate in this area over the next three years. It offers a fully integrated, global, multicountry, multicurrency solution to help companies increase their days payable outstanding while protecting—and improving—supplier liquidity and cash flows.


Best overall bank for CASH MANAGEMENT

Deutsche Bank | The bank has a significant market share of both euro and US dollar clearing and continues to expand its Global Transaction Banking franchise in Europe, the US and Asia-Pacific, further enabling its corporate client base in Europe with their international cash management needs. Senior management announced €1 billion in investment in the GTB business as part of its Strategy 2020 plan. The bank has also leveraged its significant investment in Single Euro Payments Area (SEPA) infrastructure to provide best-in-class payments solutions to corporate clients. Deutsche Bank processes more than 2 billion SEPA transactions a year, and more than 21 million a day at peak.

Best Bank for Liquidity Management

Societe Generale | The bank has invested heavily in its multicountry, multichannel solution for clients to monitor overall group cash position, helping companies mobilize cash and reduce financing requirements. The system’s entity-wide transparency aids in investment decision-making.

Best Bank for Payments & Collections

BNP Paribas | BNP Paribas is taking advantage of the Single Euro Payments Area to enable corporate clients to further centralize and automate collections as well as payments. The bank launched a collections on behalf of (COBO) service that makes use of two solutions—Virtual Accounts and Collect4You. The former allocates a unique account number to each of the company’s payers, automating identification of both payer and final beneficiary, while the latter helps centralize collections from multiple jurisdictions without dedicated accounts in various countries.

Best Provider of Short-Term Investments/Money Market Funds

Deutsche Asset & Wealth Management | Deutsche AWM provides active, passive and alternative asset management solutions. The Asset Management division had €777 billion of invested assets as of December 31, 2015, and clients can make use of the bank’s market-leading platforms for execution and research, such as db-X Markets and dbalternatives.

Best Bank for Financial Risk Management

Societe Generale | Societe Generale Corporate & Investment Banking is a world leader in financial risk management solutions for companies—and companies in its European base markets take full advantage. By tightly integrating its Global Markets platform with its corporate banking solutions, SG helps companies benefit from deep-risk analysis and world-leading currency, interest rate and commodity derivatives.

Best Bank for Working Capital Optimization

ING | Since the bank began integrating its working-capital-related efforts under one umbrella and formed a Working Capital Solutions group in 2012, it has grown dramatically in volume and market share. Working-capital-related volumes under the bank’s Receivables Finance and Supply Chain Finance solutions rose by more than 40% in 2015.

NORDIC region

Best Overall Bank for Cash Management

Nordea | Nordea is the prime regional cash management bank in Northern Europe, boasting 90% of the 250 largest companies in the region as clients. Its cash management unit includes operations in all Nordic countries, the Baltics and units that include CM sites in every region of the world, processing 2 billion transactions a year. It is in the midst of a major systems reengineering program.

Best Bank for Liquidity Management

SEB | SEB was the first Nordic bank to offer clients a cross-border renminbi sweep to a company’s global cash pool, which it launched in mid-2015. It also added new functionality to its liquidity solutions to improve the corporate interface and better enable dissemination and interpretation of consolidated views and long-term trends in overall balances, and in relation to limits.

Best Bank for Payments & Collections

Danske Bank | Danske Bank’s Collection Service offers one point of entry for direct debit, e-invoicing and paper invoices, and Danske provides outsourced collections management, along with automated solutions for in-house management. The group’s accounts payable and accounts receivable services offer real-time access to group-wide receivables and payables, and it has a dedicated integration and infrastructure team to enable straight-through processing, security, standardization and communication.

Best Provider of Short-Term Investments/ Money Market Funds

Nordea | Nordea provides an array of solutions across all major asset classes—such as fixed income, equity and multi-asset solutions—and includes local, European, US, global and emerging markets products. In addition, the bank’s Corporate Netbank online interface offers a comprehensive view of liquidity.

Best Bank for Financial Risk Management

Nordea | Nordea helps clients look at risk in a holistic way. In addition to providing leading regional FX and interest-rate hedging solutions, the bank provides specific products aimed at giving clients a view of their trade risk on a deep, per-customer level, and has solutions designed to help them take a position on counterparty and country risk. It offers tools to assess exposure and identify specific mechanisms to balance a company’s risk profile.

BEST Bank for Working Capital Optimization

Danske Bank | Danske offers a wide array of services to improve working capital management, including invoice financing, and its Business Online banking system includes in-depth trade and supply chain finance solutions to help clients maximize working capital usage.


Best Overall Bank for Cash Management

Societe Generale | Societe Generale has a strong banking franchise in Eastern Europe, ranking as a top bank in many markets in the region. SG boasts more than 10,000 companies as clients and has also managed to implement over 3,000 domestic and international cash pools for a significant portion of that client base. The bank recently developed an innovative solution to managing local formats, acquiring formats from different countries and handling format conversions.

Best Bank for Liquidity Management

UniCredit | UniCredit has one of the largest regional footprints in CEE, with an on-the-ground presence in 14 countries. It is a top-five bank in most of these markets. The bank provides multibank cash pooling across the region and offers both zero balancing and target-balancing pooling structures.

Best Bank for Payments & Collections

Commerzbank | Commerzbank’s cutting-edge Global Payment Plus online multibanking application provides global visibility of accounts and transactions. In addition, the bank recently launched an innovative Cash Management App. “Most banks offer mobile applications with an overview of their own accounts held with that individual bank, but Commerzbank’s Cash Management App can offer a comprehensive overview of third-party bank accounts as well,” noted the bank.

Best Provider of Short-Term Investments/Money Market Funds

Deutsche Asset & Wealth Management | Multi-award-winning Deutsche AWM has a wide range of money market funds on offer, along with a suite of investment products across asset classes that are tailored to specific clients and run the gamut from pooled funds to customized portfolios. Deutsche Bank also boasts deep penetration in the region and an on-the-ground presence in all major markets.

Best Bank for Financial Risk Management

Societe Generale | Societe Generale is a global leader in financial risk management products, offering a multi-asset-class, multiproduct platform along with award-winning research and risk advisory services. It has a strong presence across CEE. It launched the first privately owned banking network in Romania and recently increased its presence in Bosnia and Herzegovina, Hungary, Kazakhstan, Lithuania, Latvia, Estonia, Turkey and Ukraine.

Best Bank for Working Capital Optimization

ING | ING is a top-tier bank in terms of working-capital financing in most countries the region, particularly Poland. It won new working-capital mandates this year in Poland, Romania, the Czech Republic and Turkey. The bank has been investing in its receivables finance and SCF solutions and has created a simple, quick supplier onboarding process without applying thresholds to any buyer or supplier, in order to improve onboarding of second- and third-tier suppliers.


Best Overall Bank for Cash Management

BBVA | Cash Management has always been central to BBVA’s strategy. Its intraregional presence also differentiates it from domestic players in the region. The bank invests continuously in new technology. For example, BBVA was an early adopter of 3SKey digital security and is strongly involved in supporting Common Global Implementation (CGI) standards from SWIFT. BBVA has the largest footprint and market share in the region.

Best Bank for Liquidity Management

Banco do Brasil | Banco do Brasil has been around for more than 200 years. It has an on-the-ground presence in more than 20 countries and boasts a large distribution network. The bank offers a range of cash and liquidity management products and services for corporate clients, such as money market accounts, and has invested strongly in technology to support online solutions. It offers clients acess to global markets via its international operations.

Best Bank for Payments & Collections

Bank of America Merrill Lynch | Bank of America Merrill Lynch expanded its operations in the region in the past year. The bank helps both Latin American clients and global multinationals with operations there increase visibility into A/P to minimize processing costs and automate account reconciliation. It offers region-specific services: its Brazil Invoice Reconciliation tool automates A/R reconciliation electronically.

Best Provider of Short-Term Investments/ Money Market Funds

Santander | Santander offers its clients a variety of mutual funds and other short-term investment solutions. Santander’s Automated Investment Sweep service, for example, allows companies to sweep funds into an overnight Repo or an offshore Eurodollar investment account.

Best Bank for Financial Risk Management

Citi | Citi boasts a presence in 23 countries in LatAm. Given uncertain economic conditions in some of the diverse economies in Latin America, corporates are focused on products for improving risk management and efficiency, such as the Citi interest optimization solution.

Best Bank for Working Capital Optimization

Citi | The bank has a number of unique solutions that help companies make best use of working capital in the region and globally. In addition to trade and supply chain offerings, the bank uses solutions such as its corporate card program to enhance supplier payments, increase liquidity and extend days payables outstanding (DPO), and ultimately improve working capital efficiency.


Best Overall Bank for Cash Management

DBS Bank | DBS Bank’s cash management operations have grown by double digits in recent years, and now account for a significant portion of total bank revenue. DBS has excelled by delivering customized solutions and unique local-market offerings. It launched an enhanced real-time FAST (Fast and Secure Transfer) payment and mobile-wallet solution in Singapore called DBS PayLah!, and it introduced a regional payment platform, AsiaPay.

Best Bank for Liquidity Management

China Construction Bank | The bank has established a number of cash management systems under the brand Yu Dao, including services for accounts, payments, liquidity management, investing and reporting. It was the first bank in the Shanghai Free Trade Zone to offer cash pooling.

Best Bank for Payments & Collections

ANZ Group | ANZ’s award-winning banking platform reengineering project and the launch of its wholesale digital platform, ANZ Transactive–Global, have created a best-of-breed service offering connecting its clients’ cash, trade, markets and clearing services via a single sign-on. The new platform lets companies get real-time views of their cash position.

Best Provider of Short-Term Investments/Money Market Funds

J.P. Morgan Asset Management | When multinational companies consider what to do with excess liquidity trapped in diverse markets, it is J.P. Morgan that they generally turn to first. In Asia, the bank offers an array of investment products across asset classes including equities, balanced and fixed income (convertibles and bonds), liquidity and alternative investments.

Best Bank for Financial Risk Management

Deutsche Bank | Deutsche Bank has been building its Asia-Pacific global transaction banking presence for a number of years and is now a recognized leader in the region. Add to that the bank’s top-tier position in hedging and derivatives, and it is a clear winner in this category.

Best Bank for Working Capital Optimization

Standard Chartered | Standard Chartered has completed a five-year transformation program for its global liquidity platform. The new platform provides real-time global visibility and links to third-party banks. The bank’s Working Capital Analyser provides a basis for the bank to help its clients meet key performance indicators and find cost savings.


Best Overall Bank for Cash Management

National Bank of Abu Dhabi | NBAD is a prime example of how regional banks are investing to build up their treasury and cash management offerings to compete with global peers while also offering market-specific solutions. NBAD GTB offers tailored collections and receivables solutions ranging from cash and check pickup services to electronic collections.

Best Bank for Liquidity Management

Abu Dhabi Commercial Bank | ADCB continued to invest in liquidity management product innovations in 2015. For example, it launched a Treasury Sub-Account (TSA) Structure in the UAE that provides sophisticated liquidity management services.

Best Bank for Payments & Collections

Samba | Samba boasts some of the largest corporations—Aramco, SABIC, Chevron and Samref—as payment clients, which can be attributed to its technical backbone and innovative solutions. Around 80% of its clients use the bank for a significant portion of their payments, according to the bank.

Best Provider of Short-Term Investments/Money Market Funds

Banque Misr | The bank offers various funds covering a range of needs, including money market funds denominated in dollars, euros and Egyptian pounds, and a shariah-compliant fund, as well. Banque Misr investment fund management was launched in 1994 to widen its product range and provide flexible, low-cost investment funds.

Best Bank for Financial Risk Management

National Bank of Kuwait | The bank provides a full suite of financial risk management solutions, hedging strategies and risk advisory services and market-leading research on flows in foreign exchange, interest rates markets and capital-and-derivatives markets.

Best Bank for Working Capital Optimization

HSBC | HSBC’s Working Capital Optimization solutions combines the bank’s trade and receivables finance products to unlock capital from sales, inventory and supply chain processes and reduce funding costs.


Best Overall Bank for Cash Management

Standard Bank | The bank has perhaps the strongest corporate mobile offering on the continent with its integrated mobile money solution, which is connected to the bank’s Business Online portal to support real-time, mobile payment processing. With an on-ground presence in 20 countries in Africa, the bank boasts a dedicated working capital optimization team for corporate clients. It helps companies deal with cash repatriation in key markets across the region.

Best bank for liquidity management

Standard Chartered | The bank has invested in a cutting-edge global liquidity management platform that links emerging markets with global financial centers, offering clients a wide range of solutions such as true end-of-day sweeps, domestic sweeping, multibank domestic sweeping and interest optimization.

Best Bank for Payments & Collections

Ecobank | Ecobank has a comprehensive payables management solution, and its receivables management solution accelerates cash inflows and improves reconciliation throughout the region.

Best Provider of Short-Term Investments/ Money Market Funds

Barclays | Barclays offers a wide range of short-term investment products, including money market funds, via its African subsidiaries—especially Absa in South Africa.

Best Bank for Financial Risk Management

Standard Bank | With an integrated approach to managing financial markets risk, the bank provides holistic solutions encompassing interest rate, currency, country, credit and commodity risk. It is one of the few active market makers in exchange-traded products (ETPs).

Best Bank for Working Capital Optimization

Citi | Citi ReceivablesVision aggregates and standardizes data across countries, currencies and transaction types. Payment Analytics allows companies to decrease the costs of purchases, improve straight-through-processing payment rates and increase DPO.

US Regional Middle-Market PROVIDERS


Capital One | Capital One offers payment and receivables solutions for mid-tier companies, including lockbox, e-Invoicing, remote deposit, wire transfers, integrated payables and positive pay.


Fifth Third Bancorp | Fifth Third offers mid-cap clients a centralized, online banking platform that provides single sign-on to domestic and foreign accounts. It also offers a full range of A/P and A/R solutions.


U.S. Bank | U.S. Bank’s services to mid-cap clients includes collection and disbursement solutions, near-real-time account information and an integrated suite of cash and treasury management tools.


MUFG Union Bank | The bank provides streamlined reporting, working-capital management, and liquidity optimization tools, including cash management/depository services, payments automation and disbursement services.


BBVA Compass | BBVA Compass mid-cap clients benefit from the global footprint and market-leading cash management offerings of the bank’s parent, BBVA. It provides domestic US solutions alongside sophisticated liquidity management, online banking and global payments services.


BB&T Bank | BB&T’s CashManager Online product allows mid-tier corporate clients to perform real-time transactions, while its Remote Deposit Capture solution enables receivables acceleration.

Best treasury management SYSTEMS AND SERVICES

Best Multichannel Payments provider

Fiserv | Fiserv’s multichannel payment solutions support electronic billing and most automated forms of payment: person-to-person (P2P) payments, wire, debit and credit card, mobile and prepaid. The company supports 75 million online-banking and 14 million mobile-banking users

Best Accounts PAYABLE Solutions

Basware | At brewing company Heineken, Basware delivered efficiencies for the company’s Accounts Payable Shared Service Center by implementing an end-to-end, automated invoice processing solution that matched 93% of order-related electronic invoices automatically. Recently, Basware has bolstered its payables solutions, adding financing and analytics options.

Best Accounts Receivable Solutions

FIS | SunGard, whose GETPAID AvantGard Receivables solution has dominated this category, was acquired by transaction-processing provider FIS. GETPAID aggregates receivables data from multiple systems to provide companies with a single, consolidated view of their collections risk. Using embedded workflow and automation tools, companies can create queues and send notifications to speed collections.


Visa | All major card providers are placing more emphasis on providing online or electronic tools that enable those with oversight of corporate card and expense management programs to more dynamically control spend limits. Visa has taken this a step further by focusing on how more-detailed reporting from card programs can be tied to procurement to enhance companies’ overall spend management.

Best provider of Integrated Working Capital Management Solutions

Basware | Basware’s purchase-to-pay and accounts payable solutions are all about making it easier for companies to automate their payables processes, in order to free up working capital. By automating invoices more easily, companies are able to get paid earlier, and the Finnish company provides an e-invoicing service for smaller companies called InvoiceReady. In November of 2015 it rounded out its offering by launching Basware Advance, an online invoice financing solution without bank agreements, which provides small and midsize enterprises with more-flexible financing options.

Best provider of Order-To-Cash Solutions

SAP | The German enterprise software company is best known for its streamlined enterprise resource planning (ERP) solutions that can make a major difference in the speed and cost of doing business. Customers that have moved their order-to-cash processes to SAP ERP have reported improved pricing, accelerated decision-making and enhanced data integrity. Additional SAP ERP modules can be added to enhance business intelligence and warehouse management.

Best provider of Procure-To-Pay Solutions

SAP Ariba | The Ariba Network connects trading partners in 190 countries for enhanced spend and supplier management. The recent acquisition of Ariba by German software provider SAP holds the promise of a more streamlined, well-integrated, e-enabled solution for timely delivery of information to help companies make better informed spend management decisions, source new suppliers more readily and more easily automate, transmit and collaborate on related documentation, including purchase orders and invoices.

Best Loss Prevention/Business Continuity services

IBM Global Technology Services | IBM GTS is well-regarded in disaster recovery services. Its offerings span the spectrum from initial assessment of a company’s DR strategy to designing and deploying a system. Companies can choose from solutions that are either self-managed or operated on their behalf. It supports private, public and hybrid Cloud solutions for data recovery, providing a more cost-effective and quicker option for companies that don’t want to build a solution from scratch.

Best provider of SaaS Treasury Solutions

Reval | Harnessing the power of the Cloud, Reval provides comprehensive treasury and risk management applications on a single cloud-based platform. Last year it launched two new packages aimed at mid-market companies and more complex treasury organizations.

Reval CORE features preconfigured treasury workflows, providing midmarket companies with an eaiser, more cost-effective means of transitioning from spreadsheets to a treasury management system. Reval CHOICE includes analysis from Reval treasury experts, who can help companies select the best treasury and risk management functionality from the Reval Cloud platform.

Best enterprise resource planning Provider

Oracle | Oracle estimates that it has more than 1,500 ERP customers in the Cloud. In December, Oracle’s executive chairman and chief technology officer, Larry Ellison, predicted that the company was still on target to book more than $1.5 billion of new software-as-a-service (SaaS) and platform-as-a-service business this fiscal year. Its Oracle Fusion takes a more modular, app-based approach to enterprise software, giving customers greater choice over software delivery and portability.

Best Treasury Analytics provider

Reval | Reval has always been strong on risk management capabilities and analytics to enable treasurers to model various risk scenarios and evaluate their strategies for managing FX and commodity exposures, investment and liquidity decisions or hedging strategies.


Kyriba | With its software-as-a-service suite of cash and liquidity management applications, Kyriba ensures the information (bank reports, cash positions, historical data, information from enterprise resource planning systems, internal cash pools) and tools needed to produce more accurate short- or long-range cash forecasts are at treasurers’ fingertips.

Best corporate risk management Solutions

FIS | FIS treasury management systems provide companies with a real-time overview of their cash and treasury balances, FX and interest rate exposures and investments. Its Quantum TMS incorporates extensive analytics and embedded risk modeling.

Best Corporate Risk Advisory Services

EY | EY says it has internal audit relationships with more Fortune 500 companies than any of the Big Four accounting firms. It also has a wealth of experience in assessing risk management and control frameworks across organizations—and a wealth of knowledge when it comes to regulatory and compliance risks.

Best Corporate Treasury Consultant

PwC | PwC’s corporate treasury solutions business provides companies with advice across the whole spectrum of their treasury operations, from IT systems, strategies and business processes to more specific aspects of treasury management operations, such as investments, FX exposures, risk and working capital management. Its treasury research insights help keep companies current on key issues.