Just 10 years ago, using cloud-based technology seemed a little too advanced for many corporate treasuries. Now treasury workstations based in the cloud have become the default for small and midsize companies, and cloud solutions are making inroads among the largest, most complex treasury operations.

Moving from software that is installed on a company's own hardware, to solutions that are hosted on the hardware of the provider or a third party and accessed via the Internet, frees a company from IT chores and ensures that it is using the latest version of the technology without having to go through the process of implementing upgrades. The shift can provide the technology at a lower cost, as well.

The security concerns that were perhaps the biggest barrier to many companies' use of cloud solutions are being tempered by a realization that in an environment in which cyber risks loom ever larger, cloud providers may be able to devote more resources to cybersecurity than any one corporation, no matter its size.