Experts have been predicting for decades that treasuries would automate more of their processes. The big push has yet to occur. But a recent white paper from Wall Street Systems says the heightened concerns about counterparty risk and an increased emphasis on accurate cash-flow forecasting amid the credit crunch could be the final straws that get treasuries off spreadsheets and onto treasury systems.

Until now decisions on whether to purchase treasury systems have been guided by calculations of the likely return on the investment, says Mark Lewis, director of corporate treasury at Wall Street Systems. "Now there is going to be demand irrespective of the ROI because of what's happening in the markets."

Eighty-seven percent of companies now cite counterparty risk as a top treasury concern, according to Wall Street Systems' and consultancy Treasury Strategies' interviews with 46 U.S.-based multinationals. Still, the companies surveyed acknowledge that their efforts to manage counterparty risks primarily rely on manual processes.