The stakes have always been high for treasury. As a department, it is entrusted with managing the organization's most liquid assets. Selecting the right tools for this task could never have been a riskless endeavor. Historically, however, choosing an installed Treasury Management System (TMS) or Treasury & Risk Management System (TRMS) came with high stakes not only because their functionality supported vital tasks, but also because most organizations would use their solution for more than a decade.

In recent years, the stakes have only risen higher, as these legacy solutions have given way to more modern systems built on SaaS (Software-as-a-Service) models and open architecture. This technology holds great promise for a significantly longer lifespan than its less evolved ancestors Coupled with rising expectations and responsibilities placed on treasury departments, this improvement in longevity raises the stakes in selection higher than ever.