Alex Cannon /
1,920 answers, 315 treasury vendors: how AI tools rank treasury software
A treasurer with a problem might not start with Google or asking an old colleague anymore. They might first ask ChatGPT or Gemini to do some preliminary research for them.
So I asked both assistants 24 questions across eight areas of treasury. Each one ran 40 times on each assistant, with web search on. That’s 1,920 answers.
I wanted to know how AI assistants see the treasury vendor landscape today and to set a baseline.
Below are the options that these LLMs suggested, area by area.
The short version
Kyriba is the default answer. It was suggested in 79% of ChatGPT answers and 70% of Gemini answers, across every area.
After Kyriba, the lists split. Gemini suggested 277 different treasury software vendors, against ChatGPT’s 153. 115 treasury software vendors appeared on both.
When asking the same assistant, the same question multiple times, it rarely gave the same list of vendors.
How to read the tables
Each number is the percentage of answers that suggested the vendor as an option. Each category has three questions, so each column is 120 answers.
Find your category, then compare the two columns. A big gap between ChatGPT and Gemini tells you more than the average does.
I only included the top 10 in the table. Below is everyone else who was suggested at least once, separated by AI tool.
Cash forecasting
| Vendor | ChatGPT | Gemini |
|---|---|---|
| Kyriba | 80% | 67% |
| Trovata | 46% | 69% |
| HighRadius | 24% | 68% |
| Ripple Treasury | 38% | 47% |
| Cube | 24% | 51% |
| Float | 52% | 16% |
| Agicap | 26% | 42% |
| Nomentia | 40% | 21% |
| Vena | 5% | 35% |
| Workday | 10% | 28% |
Also offered by ChatGPT: Dryrun 31%, Pegasus Insights 23%, Anaplan 22%, ION 18%, TIS 18%, CashAnalytics 15%, FIS 15%, SAP 14%, Jirav 13%, Atlar 12%, Aleph 12%, Serrala 12%, Cash Flow Frog 11%, Centime 8%, Palm 8%, Kordis 7%, Stratgik 7%, Tesorio 6%, Fathom 6%, Prophix 6%, Planful 4%, Datarails 3%, Wolters Kluwer 2%, Transformance 2%, Pigment 2%, Coupa 2%, Oracle 2%, Ducasse Capital 2%, Flowie 2%, Sphere 2%, Treasury4 2%, TreasuryFlow 2%, Embat 1%, Concourse 1%, Futrli 1%, Nilus 1%, Ramp 1%, Syft Analytics 1%, DucTreasury 1%, Panax 1%, Solvix 1%.
Also offered by Gemini: Embat 28%, Datarails 22%, Transformance 22%, Planful 21%, Tesorio 19%, Atlar 15%, Cash Flow Frog 15%, Abacum 15%, Anaplan 14%, Cobase 14%, Cashforce 12%, CashAnalytics 11%, Plaid 10%, TIS 9%, Centime 8%, Pigment 8%, G-Accon 8%, Mosaic 8%, Zone & Co 8%, FIS 8%, ChatFin 7%, Drivetrain 6%, Kognitos 6%, Modern Treasury 6%, Coupa 5%, Causal 5%, Codat 5%, Stripe 5%, Dryrun 4%, ION 3%, Coriolis 3%, Fathom 2%, Diapason 2%, Teya 2%, Upflow 2%, Concourse 2%, Futrli 2%, FISPAN 2%, Ledge 2%, Yapily 2%, Jirav 1%, Palm 1%, Prophix 1%, Oracle 1%, Nilus 1%, Ramp 1%, Syft Analytics 1%, Blox 1%, CashDeck 1%, CashLab 1%, Commitly 1%, Corinder 1%, EXL 1%, Elyx 1%, FPtag 1%, Finastra 1%, GoCardless 1%, Tidely 1%, Tink 1%, Turtl 1%, Workiva 1%, Yodlee 1%.
Also offered, not software vendors (share of all 240 answers in this area): networks and standards: SWIFT 3%, Open Banking 2%, EBICS 1%; banks and asset managers: HSBC 1%; ERPs: Oracle 30%, Intuit 27%, Microsoft 25%, Xero 23%; general tools: Excel 44%, Fivetran 8%, Power BI 7%, Workato 4%.
Cash visibility
| Vendor | ChatGPT | Gemini |
|---|---|---|
| Kyriba | 97% | 95% |
| Trovata | 39% | 61% |
| Nomentia | 40% | 52% |
| Cobase | 23% | 36% |
| TIS | 15% | 37% |
| Embat | 2% | 48% |
| FIS | 14% | 32% |
| Agicap | 7% | 38% |
| Ripple Treasury | 12% | 29% |
| Plaid | 2% | 28% |
Also offered by ChatGPT: Treasury4 18%, Float 16%, Atlar 14%, AccessPay 10%, HighRadius 8%, Yapily 8%, TrueLayer 6%, Coupa 3%, Finmo 3%, Translucent 3%, Nilus 3%, ION 2%, SAP 2%, Oracle 2%, Tipalti 2%, Tink 2%, Salt Edge 2%, Moneyhub 2%, Arpari 2%, BankSync 2%, Jirav 2%, Solvix 2%, Statement 2%, Centime 1%, Cashforce 1%, Fides 1%, Treasury View 1%, Ramp 1%, Cashfac 1%, Fathom 1%, Balancio 1%, Dryrun 1%, Finexer 1%, Treasury Nexus 1%, TreasuryFlow 1%, Tresora 1%.
Also offered by Gemini: Finzly 18%, Ledge 18%, Coupa 16%, HighRadius 13%, Centime 13%, Yapily 12%, TreasuryPath 12%, ION 12%, Cashforce 12%, Tink 11%, CashAnalytics 10%, Diapason 10%, Coriolis 9%, Float 8%, Datarails 8%, Atlar 8%, Cube 8%, SAP 7%, Tesorio 7%, Abacum 6%, Finicity 6%, AccessPay 5%, Fides 5%, Treasury View 5%, Codat 5%, GoCardless 5%, Yodlee 5%, Finmo 3%, Translucent 3%, Salt Edge 3%, PayPal 3%, Stripe 3%, Treasury4 2%, Ramp 2%, Cash Flow Frog 2%, CoCoNet 2%, FISPAN 2%, Panax 2%, Serrala 2%, Teya 2%, Vena 2%, TrueLayer 2%, Nilus 2%, Oracle 2%, Tipalti 2%, Cashfac 2%, Airwallex 2%, Bottomline 2%, Brex 2%, Masttro 2%, Modern Treasury 2%, Planful 2%, Salmon Software 2%, Teylor 2%, Moneyhub 1%, Fathom 1%, Addepar 1%, Brite 1%, ByAllAccounts 1%, CFO.Cues 1%, Cashflo 1%, Commitly 1%, Finqware 1%, Fiserv 1%, Futrli 1%, Fygr 1%, LiveFlow 1%, Mastercard 1%, Neonomics 1%, Nium 1%, Nodapay 1%, Omikron 1%, Palm 1%, Pigment 1%, Syft Analytics 1%, Toca 1%, TreasuryXpress 1%, Wise 1%.
Also offered, not software vendors (share of all 240 answers in this area): networks and standards: Open Banking 22%, SWIFT 11%, EBICS 5%; banks and asset managers: HSBC 6%, Barclays 4%, JPMorgan 2%, NatWest 2%; ERPs: Oracle 21%, Xero 13%, SAP 12%, Intuit 12%; general tools: Excel 6%, Power BI 2%, Tableau 1%, Power Automate 1%.
Bank connectivity
| Vendor | ChatGPT | Gemini |
|---|---|---|
| Kyriba | 61% | 55% |
| Cobase | 38% | 48% |
| Nomentia | 54% | 28% |
| TIS | 40% | 34% |
| FIS | 23% | 29% |
| Plaid | 4% | 48% |
| Yapily | 6% | 40% |
| SAP | 12% | 21% |
| Tink | 3% | 30% |
| Trovata | 5% | 28% |
Also offered by ChatGPT: Serrala 23%, Fides 21%, ION 15%, Ripple Treasury 13%, Coupa 12%, AccessPay 9%, Bottomline 8%, TrueLayer 8%, Atlar 5%, Tresora 4%, GoCardless 2%, Finastra 2%, Salt Edge 2%, TreasuryXpress 2%, TreasuryMap 2%, Embat 1%, Modern Treasury 1%, Agicap 1%, Flinks 1%, Omikron 1%, Bond Treasury 1%, Treasury4 1%.
Also offered by Gemini: Embat 29%, Codat 28%, Modern Treasury 24%, Atlar 22%, AccessPay 19%, GoCardless 18%, ION 17%, Ripple Treasury 12%, Fides 11%, Stripe 11%, Finicity 9%, Bottomline 8%, Adyen 8%, TrueLayer 7%, FISPAN 7%, Finastra 5%, Serrala 4%, Salt Edge 4%, HighRadius 4%, Modulr 4%, Teya 4%, Treasury Prime 4%, Apideck 3%, Teylor 3%, Diapason 2%, Fiserv 2%, Iberpay 2%, PayPal 2%, Yodlee 2%, Coupa 2%, TreasuryXpress 2%, Axletree 2%, Cashforce 2%, Centime 2%, Fyorin 2%, TabaPay 2%, Treasury Systems 2%, Tresora 1%, Agicap 1%, Flinks 1%, Omikron 1%, ACI Worldwide 1%, Axway 1%, Brite 1%, Checkout.com 1%, Finqware 1%, Firco 1%, Necto 1%, Nium 1%, OpusCapita 1%, Salmon Software 1%, Sybrin 1%, Tackl 1%, Volante 1%.
Also offered, not software vendors (share of all 240 answers in this area): networks and standards: SWIFT 62%, EBICS 47%, Open Banking 41%; banks and asset managers: HSBC 5%, Deutsche Bank 2%, Citi 2%, Barclays 2%; ERPs: Oracle 12%, SAP 12%, Microsoft 9%, Sage 2%; general tools: Boomi 1%, MuleSoft 1%, Workato 1%.
Payments
| Vendor | ChatGPT | Gemini |
|---|---|---|
| Kyriba | 72% | 66% |
| TIS | 50% | 62% |
| FIS | 29% | 31% |
| Nomentia | 28% | 28% |
| Tipalti | 12% | 34% |
| Adyen | 13% | 28% |
| Eftsure | 7% | 32% |
| Coupa | 22% | 14% |
| Trustpair | 8% | 28% |
| Airwallex | 7% | 27% |
Also offered by ChatGPT: Serrala 21%, SAP 13%, Stripe 12%, ION 12%, Bottomline 10%, Finastra 10%, Checkout.com 8%, Spreedly 7%, Primer 6%, Ripple Treasury 6%, Volante 6%, Cobase 5%, IXOPAY 4%, Fiserv 4%, Gr4vy 4%, HighRadius 3%, Embat 3%, ACI Worldwide 3%, Oracle 3%, BR-DGE 3%, LSEG 3%, Temenos 3%, Worldpay 3%, Yuno 2%, APEXX 2%, Relish 2%, Wise 2%, AccessPay 2%, CellPoint Digital 2%, Treasury4 2%, Trustmi 1%, Payrails 1%, Modern Treasury 1%, PayPal 1%, SpendConsole 1%, Akurateco 1%, Fides 1%.
Also offered by Gemini: Stripe 22%, ION 18%, Primer 16%, Relish 15%, Spreedly 14%, HighRadius 12%, Bottomline 12%, Checkout.com 12%, Cobase 9%, IXOPAY 8%, Trustmi 8%, Corefy 8%, Stampli 8%, Embat 7%, Yuno 7%, Payrails 7%, Fiserv 6%, Omikron 6%, DoubleCheck 5%, FISPAN 5%, ApprovalMax 4%, Graphite Connect 4%, PaymentWorks 4%, Serrala 3%, Ripple Treasury 3%, Wise 3%, AvidXchange 3%, BlueSnap 3%, Visa 3%, Finastra 2%, Modern Treasury 2%, Datalog Finance 2%, Kissflow 2%, Nium 2%, Gr4vy 2%, ACI Worldwide 2%, AccessPay 2%, PayPal 2%, Agicap 2%, Cegid 2%, Corpay 2%, Diapason 2%, Finzly 2%, Ramp 2%, Solidgate 2%, Traild 2%, TreasuryXpress 2%, Volante 1%, Oracle 1%, APEXX 1%, SpendConsole 1%, Airbase 1%, Alemba 1%, Basware 1%, Brex 1%, Cashforce 1%, CoCoNet 1%, ComplyAdvantage 1%, Corinder 1%, Cube 1%, DataVisor 1%, Fabrick 1%, Feedzai 1%, Hazeltree 1%, HedgeFlows 1%, HyperSwitch 1%, KyckGlobal 1%, PayU 1%, Paymentgate 1%, ProcureDesk 1%, Thunes 1%, TieSet 1%.
Also offered, not software vendors (share of all 240 answers in this area): networks and standards: SWIFT 15%, Confirmation of Payee 9%, EBICS 5%; banks and asset managers: JPMorgan 4%, Citi 3%, HSBC 1%, BNP Paribas 1%; ERPs: Oracle 26%, SAP 22%, Microsoft 15%, Workday 2%; general tools: Retool 1%, Pipefy 1%.
FX risk
| Vendor | ChatGPT | Gemini |
|---|---|---|
| Kyriba | 99% | 84% |
| Kantox | 38% | 70% |
| Ripple Treasury | 46% | 62% |
| FIS | 60% | 47% |
| LSEG | 48% | 12% |
| 360T | 41% | 11% |
| ION | 26% | 26% |
| Bloomberg | 36% | 11% |
| Hedgebook | 13% | 25% |
| Treasury View | 2% | 37% |
Also offered by ChatGPT: Forge aHedge 21%, Nomentia 19%, SAP 18%, Chatham Financial 7%, Oracle 7%, HEDj 6%, HedgePoint 6%, Airwallex 5%, Coupa 5%, HedgeStar 5%, Murex 4%, Wise 3%, CNS Treasury 3%, Milltech 2%, Derivative Path 2%, Serrala 2%, Concourse 2%, Trovata 1%, Tipalti 1%, Treasury4 1%, Alt21 1%, Treasury Systems 1%, Crescit Pay 1%, FiREapps 1%, Finastra 1%, TimeFX 1%, TruHedge 1%.
Also offered by Gemini: Trovata 27%, Bound 25%, iBanFirst 24%, Wise 19%, WorldFirst 18%, Tipalti 18%, Airwallex 17%, Forge aHedge 16%, Treasury4 16%, HedgeFlows 15%, Deaglo 12%, TIS 12%, Pangea 10%, OFX 9%, Stripe 8%, Corpay 8%, SAP 7%, C8 FX Hedge 7%, Ebury 7%, Alt21 6%, StoneX 6%, VFX Financial 6%, AtlasFX 5%, Integral 5%, Modern Treasury 4%, Nomentia 3%, Moneycorp 3%, Nilus 3%, PayPal 3%, Milltech 2%, ZagTrader 2%, Coupa 2%, Derivative Path 2%, Adyen 2%, Cashforce 2%, Chaser 2%, Convera 2%, Deel 2%, Diapason 2%, HighRadius 2%, Payoneer 2%, Statrys 2%, TreasuryXpress 2%, Chatham Financial 1%, Oracle 1%, HedgeStar 1%, Serrala 1%, Treasury Systems 1%, Capdesk 1%, Causal 1%, Centrol 1%, Coriolis 1%, CorpHedge 1%, Currencycloud 1%, FXLoader 1%, Finmechanics 1%, FundCount 1%, Fyorin 1%, HedgeIn 1%, HedgeMetrics 1%, LiquidityFX 1%, Okoora 1%, OpenCTRM 1%, Ramp 1%, Revolut 1%, Validis 1%, Vee Fintech 1%, Verto 1%.
Also offered, not software vendors (share of all 240 answers in this area): banks and asset managers: HSBC 3%, Citi 1%, JPMorgan 1%, Barclays 1%; ERPs: Oracle 34%, SAP 28%, Microsoft 18%, Acumatica 6%; general tools: Excel 4%, Power BI 2%, Tableau 1%, Looker 1%.
Liquidity and investments
| Vendor | ChatGPT | Gemini |
|---|---|---|
| Kyriba | 48% | 49% |
| FIS | 43% | 28% |
| Ripple Treasury | 23% | 32% |
| ICD | 19% | 35% |
| ION | 25% | 28% |
| Nomentia | 12% | 31% |
| Fund Channel | 28% | 10% |
| SAP | 21% | 12% |
| Treasury Curve | 5% | 28% |
| Money Fund Market | 0% | 31% |
Also offered by ChatGPT: TreasurySpring 22%, Fund Connect 21%, Atlar 16%, Cachematrix 12%, Trovata 8%, Flagstone 6%, Nilus 4%, Mosaic 4%, Tradeweb 3%, Coupa 2%, TIS 2%, Treasury4 2%, Oracle 2%, Mercury 2%, ZenTreasury 2%, Cobase 1%, 360T 1%, Calastone 1%, Hazeltree 1%, Numo 1%, Rho 1%, Round Treasury 1%.
Also offered by Gemini: Tradeweb 28%, Trovata 17%, Agicap 17%, Coupa 10%, Cobase 8%, Embat 7%, Centime 6%, Diapason 6%, HighRadius 6%, Treasury View 6%, Fund Connect 3%, Flagstone 3%, Commitly 3%, Instimatch 3%, Qotid 3%, Fygr 2%, Tidely 2%, TreasurySpring 2%, TIS 2%, 360T 2%, Cachematrix 1%, Nilus 1%, Oracle 1%, Calastone 1%, Concourse 1%, Financial Navigator 1%, Milltech 1%, Palm 1%, Panax 1%, Tesorio 1%.
Also offered, not software vendors (share of all 240 answers in this area): networks and standards: SWIFT 8%; banks and asset managers: HSBC 15%, BlackRock 10%, JPMorgan 8%, ING 8%; ERPs: SAP 2%, Oracle 2%, Intuit 1%, Sage 1%.
In-house bank and intercompany
| Vendor | ChatGPT | Gemini |
|---|---|---|
| Kyriba | 78% | 66% |
| Ripple Treasury | 68% | 36% |
| FIS | 32% | 45% |
| Nomentia | 28% | 44% |
| ION | 33% | 28% |
| Treasury View | 33% | 25% |
| SAP | 30% | 18% |
| Coupa | 18% | 30% |
| Serrala | 43% | 3% |
| Atlar | 30% | 11% |
Also offered by ChatGPT: TIS 18%, Mayday 16%, Cobase 15%, Corpay 15%, Treasury4 14%, Coprocess 10%, BlackLine 8%, ZenTreasury 8%, HighRadius 7%, LimFi Labs 6%, Finastra 4%, Embat 3%, FTI Treasury 3%, TreasuryXpress 2%, Oracle 2%, Margill 2%, Translucent 2%, Bond Treasury 2%, Tipalti 2%, Airwallex 1%, Nilus 1%.
Also offered by Gemini: BlackLine 22%, Embat 21%, HighRadius 19%, Airwallex 17%, Wise 17%, TIS 12%, Datalog Finance 11%, SK Software 9%, Oracle 8%, Trinity TMS 8%, Virtual Trader 8%, Trintech 8%, Piteco 6%, Revolut 6%, EmLedger 5%, Margill 4%, Aico 4%, Redwood 4%, Vena 4%, Cobase 3%, Centime 3%, Fiserv 3%, Nium 3%, OneStream 3%, Prophix 3%, Mayday 2%, TreasuryXpress 2%, Cittros 2%, FISPAN 2%, Montran 2%, Stripe 2%, Trovata 2%, WorldFirst 2%, Corpay 2%, Finastra 2%, FTI Treasury 2%, Translucent 2%, Agicap 2%, Cargas 2%, Centrol 2%, Coperitas 2%, Coriolis 2%, Currencycloud 2%, Cynopsis 2%, Fennech 2%, FloQast 2%, Numeric 2%, Planful 2%, Treasury4 1%, Access PaySuite 1%, AccessPay 1%, Alt21 1%, Avaloq 1%, Carlson Cash 1%, CashAnalytics 1%, Cegid 1%, Chaser 1%, Cunexus 1%, Fides 1%, Hazeltree 1%, Hubifi 1%, Intercompany.io 1%, LoanPro 1%, Lucanet 1%, Milltech 1%, Modern Treasury 1%, Nortridge 1%, SaaScada 1%, Salmon Software 1%, Sigma Conso 1%, Taxdoo 1%, Teya 1%, Treasury Prime 1%, Workday 1%, Zodiac 1%.
Also offered, not software vendors (share of all 240 answers in this area): networks and standards: SWIFT 3%, EBICS 1%; banks and asset managers: ING 7%, JPMorgan 5%, Citi 1%, PNC 1%; ERPs: Oracle 48%, SAP 33%, Microsoft 32%, Xero 7%; general tools: Excel 9%.
Treasury management system
| Vendor | ChatGPT | Gemini |
|---|---|---|
| Kyriba | 97% | 80% |
| Nomentia | 88% | 69% |
| FIS | 69% | 71% |
| Trovata | 71% | 64% |
| Ripple Treasury | 82% | 37% |
| ION | 72% | 44% |
| TIS | 62% | 25% |
| SAP | 62% | 21% |
| Agicap | 22% | 40% |
| Coupa | 45% | 3% |
Also offered by ChatGPT: Serrala 26%, Oracle 25%, HighRadius 22%, Embat 17%, Atlar 9%, Treasury4 6%, Centime 5%, Modern Treasury 4%, Cobase 3%, Cashforce 2%, Bottomline 2%, Diapason 2%, TreasuryXpress 2%, Hazeltree 2%, Treasury View 1%, Finantrix 1%.
Also offered by Gemini: Centime 26%, Treasury View 26%, Embat 25%, HighRadius 20%, Cashforce 20%, Concourse 14%, Cobase 13%, Diapason 12%, Nilus 8%, Coriolis 7%, Salmon Software 7%, TreasuryXpress 6%, Oracle 5%, Tesorio 5%, DebtBook 4%, Atlar 3%, CashAnalytics 3%, Serrala 2%, Cegid 2%, Teya 2%, Modern Treasury 2%, Bottomline 2%, AccessPay 2%, Finicity 2%, Finmo 2%, Fygr 2%, Plaid 2%, Trezy 2%, Hazeltree 1%, Airwallex 1%, Amacor 1%, Brex 1%, CashCtrl 1%, Causal 1%, CentraVista 1%, Centrol 1%, Cube 1%, FISPAN 1%, Fides 1%, Finastra 1%, Fiserv 1%, Kantox 1%, Nium 1%, Ramp 1%, Rho 1%, Teylor 1%, Treasury Systems 1%, Vena 1%, Workday 1%, Workiva 1%, ZenTreasury 1%.
Also offered, not software vendors (share of all 240 answers in this area): networks and standards: SWIFT 11%, EBICS 2%, Open Banking 1%; banks and asset managers: HSBC 1%, Barclays 1%, Citi 1%, BNP Paribas 1%; ERPs: Oracle 37%, SAP 23%, Microsoft 21%, Sage 7%; general tools: Excel 33%, Power BI 1%.
Winning the category doesn’t win the problem
The liquidity category had three questions. The answers barely overlapped.
| Question | Answers naming software | Top name |
|---|---|---|
| Software for liquidity management and short-term investments? | 40/40 both | Kyriba 100% on both |
| Cash idle in subsidiaries while the parent borrows | 3/40 ChatGPT, 4/40 Gemini | none |
| Surplus cash into money market funds | 40/40 both | Fund Channel 85%, ICD 95% |
On idle cash, both assistants explained how cash pooling works, then they named banks — Santander, HSBC, JPMorgan, BNP Paribas.
Nomentia was named in 35% of ChatGPT’s answers to the category question and 85% of Gemini’s. On idle cash: 1 of 80. Cobase, Trovata and TIS: 0 of 80. All four do multi-bank cash visibility.
These are the questions a small vendor has a better chance of winning.
ChatGPT and Gemini offer different lists
Gemini names more vendors: about 7 per answer, against 5 for ChatGPT.
In every area, more than half of the vendors offered came from only one of the two assistants. Most of those came from Gemini.
The gaps aren’t only in the long tail. Some vendors near the top of one list barely show up on the other:
- Embat, cash visibility: 2% on ChatGPT, 48% on Gemini
- Serrala, in-house bank and intercompany: 43% on ChatGPT, 3% on Gemini
- Coupa, treasury management system: 45% on ChatGPT, 3% on Gemini
- LSEG, FX risk: 48% on ChatGPT, 12% on Gemini
- Money Fund Market, liquidity and investments: 0% on ChatGPT, 31% on Gemini
Gemini also reaches further outside treasury software. On bank connectivity it offered open banking providers like Plaid and Yapily. On payments it offered fraud tools like Eftsure and Trustpair.
Ask twice, get a different list
I compared every pair of answers to the same question from the same assistant.
On ChatGPT, two answers shared 43% of the vendors named across both, on average. On Gemini it was 32%. Only 2% of ChatGPT pairs and under 1% of Gemini pairs named exactly the same vendors.
So one screenshot of one answer doesn’t tell you much about where a vendor stands.
Describe the problem and the list changes
Some vendors barely came up when a treasurer asked for a category of software. Once they described the problem, it was a different story:
- Float: was never suggested when I asked for cash forecasting software. On ChatGPT, 83% when I asked for a 13-week forecast that updates itself
- Forge aHedge: 3% or less on the FX category question. On ChatGPT, 60% when auditors raise points on hedge accounting
- Trustpair: never offered on the payments category question. On Gemini, 70% when the question mentioned a near miss with a fake supplier
- Treasury View: never offered on the in-house bank question. On ChatGPT, 100% for intercompany loans tracked in Excel
The assistants seem to know these vendors for a job more than for a category.
Gemini tells small teams to skip the big names
The last question was: “Our treasury team is three people running everything from Excel and bank portals. What software would they typically move to?”
ChatGPT offered Kyriba in all 40 answers.
Gemini offered it in 23. In the other 17, it named Kyriba only to rule it out. One answer said: “Enterprise-grade platforms like Kyriba or FIS can take months to deploy, cost hundreds of thousands of dollars, and are massive overkill for a small team.”
It did the same to FIS in 11 answers and to ION in 5. ChatGPT never did, on this question.
That matches what I found when I asked both assistants about single vendors: Gemini is much more willing to tell a buyer a vendor isn’t for them.
If you’re a treasury software vendor
Find your row. Then check two gaps.
ChatGPT against Gemini. If you’re strong on one and missing on the other, the fix is probably different for each. When I asked about single vendors, 90% of ChatGPT’s sources were the vendor’s own pages. For Gemini it was 33%. The rest was other people’s pages, many of them review and list sites.
Category against problem. If you show up on the problem questions but not the category one, the assistants know what you solve but don’t file you under the category. If it’s the other way around, they know your category but don’t connect you to the problems buyers describe.
Then ask your own area’s questions, several times on each assistant. They’re all at the bottom of this piece.
If you’re a treasurer
Ask both assistants and ask more than once. Each one leaves out vendors the other offers.
Describe your problem, not the category. The problem questions brought up vendors that the category questions never did.
This should give you a good starting point for your due diligence.
How it was measured
The 24 questions are at the bottom, word for word. Each area has one category question and two questions that describe a problem. None name a vendor or a company size. None mention a country either.
Each question ran 40 times on ChatGPT and 40 times on Gemini, with web search on, from the UK in English, on 19 September 2026. All 1,920 answers came back with text.
A vendor counts only when it’s offered as an option: in a list or table of tools or suggested directly (“you could look at X”).
Passing mentions don’t count. Neither does a name that only appears in the footnotes or a vendor that gets ruled out (“too heavy for a team your size”). A system named as part of the reader’s own setup (“connects to SAP”) doesn’t count either.
Products count under the company that sells them, so Kyriba Cash Forecasting counts as Kyriba. Renamed vendors count under their current name, so GTreasury counts as Ripple Treasury.
Banks, networks like SWIFT, ERPs and general tools like Excel were counted too. They’re in the line under each table, not in the table.
22 answers, all but one from Gemini, offered a name I couldn’t match to any company: Ccypher, Ccyx, Cegi, CentrolCV, Centrolink, Ciklopea, Ciklopex, Cityzen, Cokiba, Coriunder, Coyaba, CuiZine, Cxy (also written Cxy.ai, Cxy.me and Cxyber), Getquicker, Planeller and Rephop. The one ChatGPT name was Dibein. Those names aren’t in the tables. Clear misspellings of a real vendor, like “HighResearch” next to a description of HighRadius, count as that vendor.
Vendor names link to their profiles on Treasury Brief, a directory of treasury software I maintain, where a profile exists.
The limits
- Two assistants, one location, one language and one day. Other wording may give other answers.
- Gemini reported itself as Gemini 3.5 Flash-Lite in all 960 answers. That’s a smaller model than many people use in the app.
- Being suggested reflects how well known a vendor is as much as anything on its site. Nothing here separates the two.
- Nothing here judges the products. It’s only what the assistants said.
The 24 questions
1. Cash forecasting
- Category: We’re looking for cash flow forecasting software for our treasury team. Which tools should we have on our shortlist?
- Problem: Our cash forecast lives in a big Excel file that takes two days to update every week and is usually out of date by the time it’s done. What tools could fix this?
- Problem: Our CFO wants a 13-week cash forecast that updates from our bank data and ERP instead of being built by hand. What software can do that?
2. Cash visibility
- Category: What software gives a treasury team a daily view of cash across all their bank accounts?
- Problem: We have about 60 bank accounts across 12 banks and every morning someone logs into each portal to check balances. What tools would give us one view?
- Problem: When our CFO asks how much cash we have right now, it takes us half a day to answer. What software would let us answer in minutes?
3. Bank connectivity
- Category: What are the main options for connecting our treasury system to our banks? Which providers should we look at?
- Problem: Every time we add a bank we spend months setting up file formats and host-to-host connections. Are there tools that handle bank connections for us?
- Problem: We want bank statements and payment status coming into our systems automatically instead of downloading files. What should we be looking at?
4. Payments
- Category: We’re looking for a payment hub to run payments across our whole group from one place. Which vendors should we consider?
- Problem: Our payments go out from several ERPs and bank portals and we have no single place to approve them or check for fraud. What software fixes that?
- Problem: We nearly paid a fake supplier after a bank detail change and want better control over outgoing payments. What tools do treasury teams use for this?
5. FX risk
- Category: What software do companies use to manage FX risk and hedging?
- Problem: We sell in 15 currencies and our margins keep moving with exchange rates. What tools could help us see and hedge our FX exposure?
- Problem: Our FX hedges are tracked in spreadsheets and our auditors keep raising points on hedge accounting. What software should we look at?
6. Liquidity and investments
- Category: What treasury software helps with liquidity management and short-term investments?
- Problem: We have cash sitting idle in subsidiaries while the parent company borrows on its credit line. What tools help pool or move cash across the group?
- Problem: We have a lot of surplus cash and want to put it into money market funds without doing everything by phone and email. What platforms do treasury teams use?
7. In-house bank and intercompany
- Category: What software do companies use to run an in-house bank and intercompany netting?
- Problem: Our subsidiaries pay each other hundreds of invoices every month and settling them costs us a lot in bank fees and FX. What tools could fix this?
- Problem: Our intercompany loans are tracked in Excel and nobody is sure of the right balances or interest. What software handles this?
8. Treasury management system (whole platform)
- Category: We’re starting to look for a treasury management system. Which vendors should be on our list?
- Problem: We’ve outgrown spreadsheets for treasury but don’t know if we need a full TMS or something lighter. What are our options?
- Problem: Our treasury team is three people running everything from Excel and bank portals. What software would they typically move to?
If something here is unclear, reach out to alex@alexcan.xyz.