Many of the companies that have treasury management systems are using outdated versions. In the U.K., 50% of companies with TMS are not using the latest version, according to Reval. In North America, “we actually see a higher degree of companies using out-of-date versions, it's slightly more than 60%,” Torgler says.

Upgrading installed software can be a laborious process, Torgler says, adding that many corporate treasuries, caught up in their day-to-day work, may find it hard to focus on larger challenges like investments in technology.

But companies that still rely on older versions of treasury solutions may have difficulty complying with the latest regulatory requirements, he says. “These systems are constantly evolving to meet the reporting requirements, whether it be IFRS or FASB, whether it be anything coming down from Dodd-Frank. The ability to be able to mobilize product enhancements for that level of compliance is critical.”

Amid the turmoil in finance markets, Torgler says Reval sees North American treasuries moving toward centralization. “We've seen major movement over the last year or so to centralize the visibility and often the management of activity that's occurring not only in Europe, but emerging markets and Asia-Pacific. They've set up structures and technologies to get much closer to that information,” he says.

For an earlier story about treasury technology's move toward SAAS, see The Cloud Invasion.