​Oracle is integrating its banking technology with Swift’s blockchain-based ledger, in a move designed to allow financial institutions to connect tokenised deposits with their existing payment infrastructure.

Announced at Sibos in Miami, the integration is intended to enable banks using Oracle technology to participate in payment flows orchestrated through Swift’s ledger while continuing to operate their own tokenised deposit infrastructure.

The approach could prove significant as banks explore alternatives to stablecoins for blockchain-based payments.

Tokenised deposits represent conventional commercial bank deposits on distributed-ledger infrastructure. Unlike many stablecoins, the underlying liability remains with a regulated bank, potentially allowing institutions to introduce blockchain-based payment capabilities without creating a completely separate payment model.

Oracle says its integration will allow banks to manage traditional and digital-asset payment flows within a unified operating environment.

“Financial institutions need a practical, trusted way to connect emerging digital assets, including tokenized deposits, with established payment infrastructure while maintaining control, security, and operational resilience,” said Jamie Bullard, vice president, application software engineering, payments and financial crime management at Oracle Financial Services.

For corporate treasury teams, the development is another sign that the distinction between conventional bank payments and blockchain-based money movement is beginning to narrow.

Much of the corporate debate around digital money has so far concentrated on stablecoins such as USDC. Tokenised deposits offer a different model, potentially combining some of the programmability and 24/7 characteristics associated with blockchain with the existing relationship between corporates and their banks.

Interoperability, however, remains a major challenge. Individual banks can create their own tokenised deposit systems, but their usefulness for corporate payments is limited if those systems cannot communicate with other banks and payment networks.

Swift’s ledger is intended to provide part of that connective infrastructure, while integrations such as Oracle’s could allow banks to participate without replacing their existing payment technology.

Oracle said the combination could reduce integration and operational complexity, improve payment transparency and enable banks to extend digital payment services while retaining control of their underlying infrastructure.

For treasurers, the significance may therefore be less about blockchain itself and more about convergence. Stablecoins, tokenised deposits and conventional payment rails are increasingly being connected within the same banking and treasury infrastructure rather than developing as entirely separate systems.

Treasury used to be judged on how well it managed cash and closed the books. Now it's judged on how fast it can read the future. 

Geopolitical fragmentation, expanding mandates and a technology cycle started moving faster than most planning horizons. The corporate treasurer sits at the intersection of all three pressures, and key financial data access paired with AI has become the connective tissue that decides whether that role scales or strains.

Why this moment is different

For years, treasury transformation was slow and tactical. Systems were replaced on multi-year cycles; some went decades without review. Forecasting cadences were monthly, sometimes quarterly. But geopolitical volatility has reintroduced a level of unpredictability that treasurers can't schedule around. 

Sanctions exposure, trade policy shifts, inflationary pressures and regional instability impacting supply chains now move faster than a quarterly review can absorb. Meanwhile, the scope of treasury is broader. Treasurers are expected to act as a strategic advisor to the C-suite, weighing in on funding strategy, counterparty risk, working capital (particularly free cash flow) and even technology investment. 

Simultaneously, AI is advancing so quickly that the cost of waiting has changed. Capabilities that once seemed experimental are now actively shaping how organizations forecast, reconcile, report and detect anomalies. This creates a genuine tension for a discipline that’s always prioritized caution: move too fast and you inherit risk you don't understand, move too slow and you fall behind teams that have already adapted.

The common thread across all three pressures is data. Volatility demands better visibility. An expanded role demands better analysis. And AI is only as useful as the data it's given to work with.

The challenge underneath the challenge

Most treasurers already know where the friction lives: cash sitting across dozens of banking relationships in multiple currencies and jurisdictions; forecasting data that gets collected and consolidated with manual intervention; legacy systems that don't talk to each other, so the same figure has to be reconciled multiple times before anyone trusts it.

This is the obstacle to everything else. You can't manage geopolitical risk in real time if your true cash position is days or weeks old. You can't play a strategic role if your team spends its week firefighting reconciliations. And you can't deploy AI meaningfully on top of fragmented, manually assembled data, because the model inherits every inconsistency and won’t scale.

So, the real problem is that fragmented data and manual processes limit how far treasury can stretch, no matter how capable the team. And market volatility exposes that ceiling fast.

The challenge affects lean treasury organizations the most. Expectations expanded significantly while team sizes didn’t. Treasurers are being asked to provide deeper insight, respond faster to market events and support broader business decisions without a similar increase in resources. That gap between expectation and capacity is becoming a defining issue.

What data and AI actually change

Used well, AI pushes treasury from tactical reporting toward actionable intelligence. In practical terms, AI can:

• Improve forecasting by learning from behavioral patterns across historical flows, rather than relying on static assumptions or payment terms that clients aren’t adhering to in practice.
• Automate recurring work like cash reconciliation and standard reporting, freeing up a small team to spend time on scenario planning instead of commoditized processes and data cleanup. 
• Flag unusual patterns in transaction data that a set rules-based system can miss, helping detect fraud and catch errors – coupled with additional checks and balances from a specialized treasury solution.

AI-driven forecasting doesn't replace human insight; it's designed to help you make faster, better-informed decisions by surfacing relevant data points and correlations that would otherwise stay buried in spreadsheets. The value isn't autonomy, it's leverage – letting the same team see more, sooner, with greater confidence in the underlying numbers.

That’s exactly what treasurers need in a volatile market. Real-time visibility lets you respond to an FX or rate movement as it happens, not after the fact. Predictive analysis lets you model the effect of a trade policy shift before it hits the balance sheet, so contingency plans are in place. None of that is possible without a foundation of clean, connected, accessible data.

How to move forward without betting everything

It’s a natural instinct to wait for a perfect, all-encompassing rollout – but that’s also the slowest path to progress, if it gets off the ground at all. The more pragmatic approach starts small and compounds.

Fix the data foundation first. AI applied to fragmented data amplifies the fragmentation. Before layering intelligence on top, work toward consolidated, connected data across your banking relationships and systems. It’s not glamorous, but it determines whether everything after it performs to the level you need.

Start with one high-value use case. Cash flow forecasting is a natural entry point: it often carries a lot of manual effort, provides the highest payoff from accuracy, and has the C-suite’s attention. Prove the value in one region, measure it against a clear benchmark like forecast to actuals to gain confidence and trust in both the data and models, then expand.

Treat a small team as a design constraint. The goal of automation isn't headcount reduction. It's freeing up the bandwidth for stretched employees to take on the strategic work they were trained for while promoting job satisfaction – critical in today’s competitive skills market.

Keep governance in the room. In regulated finance, an AI capability has to be explainable, trusted and fit for purpose. Build oversight in from the start rather than retrofitting it after deployment, and choose a vendor partner with the global structure in place to maintain this process into the future.
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The treasurers who succeed in the AI era won't be those who chase every new capability – or who wait for certainty. They'll be the ones who build trust in their data, target high-value outcomes and scale adoption through proven results.

Bank of America has launched a new AI-powered analytics capability designed to help corporate treasury teams identify opportunities to improve payments, cross-border flows and working capital.

The new Payments Insights service forms part of the bank’s CashPro Data Intelligence suite and will initially analyse activity across clients’ US accounts.

Rather than simply presenting transaction data, the service uses peer benchmarking and visualisation tools to highlight payment trends and areas that may warrant attention. Treasury teams will be able to examine factors including payment methods, cross-border transactions and currency usage, with the aim of identifying potential efficiencies.

The launch reflects a wider move among treasury technology providers towards using AI to interpret data rather than simply collecting and displaying it.

“Corporate treasury teams are managing enormous volumes of payments and foreign exchange data, but that data only creates value when it is organised and delivered in a way that supports action,” said Jennifer Sanctis, head of CashPro Personalized Technologies in Global Payments Solutions at Bank of America.

The scale of the underlying data is significant. Bank of America says CashPro processed 213 million payments during the first half of 2026, up 10% from 194 million during the equivalent period last year.

Payments Insights has been developed with input from corporate clients participating in the bank’s CashPro Boards.

For treasury teams, one potentially interesting element is the use of peer benchmarking. This could allow companies to compare aspects of their payment activity with similar organisations and identify processes or payment choices that differ significantly from industry norms.

The launch is the latest expansion of CashPro Data Intelligence. The suite already includes CashPro Forecasting, CashPro Search, Capital Markets Insights and Mobile Security Insights.

Bank of America also plans further additions. Capital Markets Insights, previously available through the CashPro App, is due to become available online next month, while Security Insights is scheduled to expand globally in 2027. The latter will analyse company, account and user settings and provide security scores and suggested actions intended to reduce fraud and account-compromise risks.

The development comes as banks and treasury technology companies increasingly explore how AI can move beyond conversational assistants into tools capable of analysing treasury data and identifying specific actions for finance teams.
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Ripple Treasury has expanded its GSmart artificial intelligence product with new capabilities covering cash forecasting, liquidity, financial risk, reconciliation and reporting.

Announced on 10 September, the expansion introduces AI agents that monitor treasury processes and propose actions based on policies established by the customer. The company said each proposed action identifies the relevant policy clause and must be approved by a person before it can be executed.

GSmart is integrated into the Ripple Treasury management platform and uses separate systems for financial calculations and AI-generated interpretation. Deterministic calculation engines produce the financial results, while the AI technology interprets policies, identifies patterns and explains its recommendations.

The company said this separation is intended to ensure that calculations remain consistent and auditable while allowing treasury teams to use AI to analyse information and identify potential actions.

The expanded product includes Knowledge Studio, through which customers can define the policies and controls governing the operation of GSmart. Recommendations produced by the system are checked against these controls before they are referred to a member of the treasury team.

Ripple Treasury has also introduced Analytics Studio, which includes a conversational interface called Ask GSmart. The interface allows users to ask questions about treasury data and produce reports and analysis from information held within the platform.

“Every CFO is under pressure to embrace AI, but they’re equally responsible for ensuring every financial decision is explainable, governed and compliant,” said Renaat Ver Eecke, senior vice-president of Ripple Treasury.

“Rather than asking customers to blindly trust an AI system, GSmart works within each organisation’s own treasury policies to surface recommendations transparently, while ensuring humans remain in control of every decision.”

Ripple Treasury said GSmart is already being used by customers of its enterprise treasury platform. According to the company, 60% of customers eligible to use its Risk Insights product have enabled the capability. Risk Insights is designed to identify exposure anomalies and potential breaches of treasury policy.

The company also said 44% of eligible customers are using Forecast Insights, which compares forecast and actual cash flows to identify possible liquidity gaps.

GSmart was originally launched by GTreasury in June 2025. Ripple agreed to acquire GTreasury for $1 billion in October that year as part of its expansion into corporate treasury technology. The business was subsequently renamed Ripple Treasury.

In April 2026, Ripple Treasury added native digital asset functionality to the platform. The capabilities allow customers to view and manage conventional currencies, stablecoins and other digital assets through the same treasury management system.

The latest GSmart release extends the use of AI across the combined platform. Ripple Treasury said its objective is to provide a single system through which finance teams can manage forecasting, liquidity, risk, payments, reconciliation and reporting for both traditional and digital assets.

Other treasury management system providers are also adding AI-supported functions to their platforms. Kyriba, for example, has introduced Trusted Agentic AI technology intended to support liquidity planning and risk management while operating within policies set by treasury teams.

Ripple Treasury said all financial actions proposed by GSmart will continue to require human approval.

Kyriba has made Circle’s USDC stablecoin available within its treasury management platform, as competition grows among treasury technology providers to bring digital assets into mainstream corporate treasury workflows.

Kyriba says treasury teams can now manage USDC alongside traditional cash positions and use the stablecoin for cross-border and intercompany payments within its Liquidity Performance Platform.

The integration with Circle, first announced in April, is now available to Kyriba customers and is intended to allow companies to use USDC without operating a separate digital asset platform. Transactions remain subject to the approval processes, payment policies and audit controls applied to conventional payments.

USDC is a dollar-denominated stablecoin issued by Circle. Because transactions can take place continuously on blockchain networks, companies can potentially settle payments outside normal banking hours and avoid some of the delays associated with correspondent banking.
Kyriba is positioning the technology particularly around cross-border payments and intercompany liquidity. It says eligible payments can settle in near real time, while treasury teams can see stablecoin balances alongside bank account positions in the same system.

The company is also linking the capability to its Trusted Agentic AI, or TAI, technology. Kyriba says TAI can monitor liquidity positions and, within policies established by the treasury team, identify and initiate appropriate liquidity movements.

The USDC initiative follows Kyriba’s first live stablecoin deployments earlier this year. In June, Ledger and technology group Mantu began using stablecoin payment flows through Kyriba and infrastructure provider Fipto. The deployments cover supplier payments and cross-border intercompany transactions and are reconciled inside the Kyriba TMS.

Kyriba has also partnered with payments platform Merge to provide customers with another route to regulated stablecoin payments.

The company is not alone in bringing digital assets into treasury management.

Ripple Treasury, formerly GTreasury, launched native digital asset capabilities on 1 April, several weeks before Kyriba announced its collaboration with Circle. Its Digital Account Management and Unified Treasury capabilities allow corporate treasury teams to view and manage fiat currency and digital assets held with banks and custody providers through the same TMS.

Ripple Treasury describes the platform as combining GTreasury’s established treasury management technology with Ripple’s digital asset infrastructure. It allows treasury teams to incorporate digital assets into existing approval, audit and compliance processes rather than managing them through a separate cryptocurrency system.

That puts Ripple Treasury and Kyriba among the first established TMS providers to make digital assets a native part of the corporate treasury environment, although their approaches differ. Ripple Treasury is built to manage a wider range of digital assets, while Kyriba’s Circle integration is specifically focused on bringing USDC into existing treasury and liquidity workflows.

Payments infrastructure providers are moving in the same direction.

Modern Treasury made stablecoins a native payment type in its platform in April, allowing customers to send, receive and reconcile stablecoin payments using the same infrastructure used for ACH, wires and real-time payments. It currently supports USDC across several blockchain networks as well as PayPal’s PYUSD.

On 29 April, Modern Treasury added USDC on Polygon, enabling companies to convert between dollars and USDC and orchestrate stablecoin payments alongside ACH, wires, RTP and FedNow. It subsequently added support for USDC on Coinbase’s Base network in June.

Modern Treasury is primarily a payments and financial infrastructure platform rather than a traditional corporate TMS, but the direction is similar: stablecoins are increasingly being incorporated into the systems finance teams already use rather than offered through standalone crypto platforms.

For established TMS providers, the development represents a significant change in how digital assets are being presented to corporate customers. The emphasis has moved away from cryptocurrency trading and towards familiar treasury problems, including cross-border settlement, intercompany funding, liquidity visibility and payments outside banking hours.

Kyriba says USDC transactions can be governed through the same controls and audit processes already used by its corporate customers. Its integration also gives treasury teams visibility of USDC alongside conventional cash, rather than requiring digital balances to be reconciled separately.

Stablecoin adoption by corporate treasury departments remains at an early stage, and companies still need to address issues including accounting treatment, regulation, custody, counterparty acceptance and the conversion between tokenised and conventional money.
​
But with Kyriba, Ripple Treasury and payments platforms such as Modern Treasury now building stablecoins into their core infrastructure, digital asset support is starting to become a competitive feature of treasury technology rather than a specialist capability sitting outside the TMS.
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Senior treasury professionals gathered in London this week for a Treasury Dragons roundtable lunch at London's Savoy, sponsored by Bottomline. Their topic of conversation was the growing impact of artificial intelligence and stablecoins on corporate payments and the wider treasury function.

Artificial intelligence was already firmly on the agenda for most organisations represented around the table. The majority of treasurers reported using AI tools to some degree, typically through a single platform mandated and approved by the wider business, most commonly Microsoft Copilot.

While adoption is clearly under way, participants acknowledged that governance may lag behind. Only two treasurers present reported having formal policies governing the use of AI tools, although several organisations indicated that policies are currently being developed.

Skills at risk?

The discussion also highlighted concerns about the potential "deskilling" of treasury teams as AI takes over tasks traditionally performed by junior staff. Participants noted that while automation can significantly improve efficiency, organisations must consider how future treasury professionals will develop foundational skills and experience if entry-level responsibilities increasingly disappear.

Payment fraud emerged as a persistent and growing concern. Delegates observed that AI is creating new risks through increasingly sophisticated phishing attacks, voice cloning and deepfake technologies. At the same time, many saw AI as part of the solution, with the potential to improve verification processes, identify anomalies and provide more consistent checking of payees and payment instructions.

Stablecoins

The conversation then turned to stablecoins and their potential role in corporate payments. Although no treasury team represented at the lunch is currently using stablecoins for payments, and none reported immediate plans to do so, participants recognised the potential benefits. Faster settlement, greater transparency and enhanced security for international transactions were among the advantages discussed.

The regulatory environment was also seen as an important factor in future adoption. Participants noted growing momentum behind stablecoin legislation in both the United States and the United Kingdom. In the US, Congress passed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), creating the first comprehensive federal regulatory framework for payment stablecoins,  while in the UK he FCA and Bank of England are developing a regime for payment stablecoins.

Treasurers welcomed the direction of travel, observing that regulatory clarity will be essential before many corporates consider using stablecoins for operational payments at scale.

However, the discussion also challenged the assumption that faster payments are always better. Several treasurers noted that instant payments are not necessarily required, or even desirable, in many corporate scenarios. One senior treasurer noted that when treasury is asked to execute a payment urgently, this is often the result of process failures elsewhere in the organisation, such as delayed approvals, poor planning or breakdowns in internal communication. In these cases, faster payment rails may address the symptom rather than the underlying cause.

Despite the interest in stablecoins, attendees suggested that widespread corporate adoption may still be some distance away. One participant noted that in parts of the global economy, cash transported in vans and even paper cheques remain in occasional use, illustrating the reality that payment innovation often progresses more slowly than technology advocates expect.

The discussion concluded that while AI is already beginning to reshape treasury operations, stablecoins remain largely a future opportunity rather than a current priority. Treasury leaders will continue to monitor developments in both areas as they seek to balance innovation, risk management and operational effectiveness.
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The Treasury Dragons roundtable formed part of an ongoing series of peer-to-peer discussions for senior treasury professionals. To be invited to a future event near you, or to sponsor a similar event, register your interest here

MoneyGram has become one of the first major payments companies to launch its own stablecoin, marking another significant step towards the use of blockchain-based infrastructure in mainstream payments.

The company this week announced the launch of MGUSD, a US dollar-backed stablecoin that it intends to use as a core component of its global payments network. Initially, the stablecoin will be deployed for treasury management, settlement and foreign exchange operations in the United States before a broader international rollout.

For treasury professionals, the announcement is notable because it moves stablecoins beyond experimentation and into the operational infrastructure of a major cross-border payments provider. Rather than simply enabling customers to buy or hold digital assets, MoneyGram is positioning MGUSD as a tool to improve the movement of money across its own network.

The stablecoin has been built on the Stellar blockchain and forms part of MoneyGram's broader strategy of integrating blockchain technology into its payments operations. The company has spent several years developing stablecoin capabilities, including cash-in and cash-out services, digital wallets and partnerships with blockchain infrastructure providers.

The move comes at a time when stablecoins are gaining greater regulatory legitimacy. In the United States, new legislation has established a framework for payment stablecoins, providing greater certainty for institutions considering their use in payments and treasury operations.

For corporates, the potential attractions remain familiar: faster settlement, improved transparency, reduced reliance on correspondent banking networks and the possibility of holding and moving digital dollars around the clock. These benefits are particularly relevant for international payments, where settlement delays and visibility challenges continue to frustrate treasury teams.

However, corporate adoption remains limited. At a recent Treasury Dragons roundtable in London, no treasury team represented around the table reported using stablecoins for payments today, despite widespread interest in their long-term potential. Participants recognised the opportunities for faster and more transparent cross-border transactions but also questioned whether instant settlement is always necessary in corporate environments.
MoneyGram's decision to place stablecoins at the centre of its own treasury and settlement operations may therefore prove to be an important test case for the wider market. If a global payments company can demonstrate measurable improvements in efficiency, liquidity management and settlement speed, corporate treasury teams may begin to view stablecoins as a practical payments tool rather than a future technology.
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For now, MGUSD represents another sign that stablecoins are steadily moving from the fringes of financial innovation into the core infrastructure of global payments. Whether corporate treasurers follow remains an open question.

​London-based fintech Round has raised $6 million in seed funding to expand its AI-powered finance automation platform, as investor interest in autonomous finance operations continues to accelerate.

Founded in 2023 by Pac O’Shea and Hayyaan Ahmad, Round develops software designed to automate treasury management, payments, payroll, FX and accounts payable processes for finance teams at high-growth companies. Customers include Cleo and PostHog.

​The funding round was led by Munich-based Alstin Capital, with participation from Backed VC and Love Ventures. Existing investors including Passion Capital also reinvested, while approximately 10% of Round’s customers joined the round alongside angel investors including Indeed co-founder Paul Forster.

The company said the new funding will be used to scale its financial infrastructure and accelerate product development, including the launch of two new tools: an Agentic Workflow Builder and an Autonomous Payroll platform.

Round’s platform sits between banks, ERP systems and payment rails, using AI and workflow automation to reduce manual finance tasks including invoice approvals, payment execution and payroll funding. The company said it has already processed more than $500 million in transactions since launch.

Chief executive Pac O’Shea said the company was focused on automating operational finance work rather than replacing finance teams altogether.

“Everyone’s trying to build an AI CFO,” O’Shea said in a statement. “We’re taking the same approach, but for finance.”

The company said many finance teams continue to rely on fragmented systems and manual workflows despite growing investment in finance software. Round argues that embedded AI agents and workflow orchestration will become increasingly important as finance functions look to improve efficiency without expanding headcount.

Alstin Capital partner Andreas Schenk said Round represented “a fundamentally new approach to finance operations”, describing the company as an orchestration layer connecting banking, treasury and payment infrastructure in real time.

The funding comes amid a broader wave of investment into AI-native finance and treasury platforms, as startups increasingly target manual operational processes across corporate finance, accounting and payments. Investors are betting that agentic AI systems capable of executing workflows — rather than simply generating insights — could significantly reshape finance operations over the next decade.

Ripple has launched what it describes as the first treasury management system (TMS) with native digital asset capabilities, as the blockchain infrastructure provider expands further into corporate treasury technology.

The company, which acquired GTreasury in October last year and rebranded it as Ripple Treasury,  announced the launch of new Digital Asset Accounts and Unified Treasury capabilities within the system, enabling corporates to manage fiat currencies, stablecoins and digital assets through a single treasury platform.

According to Ripple, the new functionality is designed to integrate blockchain-based assets directly into day-to-day treasury operations including liquidity management, payments and reconciliation.

Ripple said the platform allows treasury teams to view and manage both traditional and digital assets from a consolidated dashboard, including real-time balances, transaction visibility and automated reconciliation workflows. The system supports assets including XRP and Ripple USD (RLUSD), the company’s stablecoin.

In a statement, Ripple said the new capabilities were developed in response to increasing corporate interest in stablecoins and tokenised financial infrastructure.

The company cited findings from its 2026 New Value Report, which surveyed more than 1,000 finance leaders globally. According to the report, 72% of respondents said organisations require a digital asset strategy to remain competitive, while 74% said stablecoins could improve cash-flow efficiency and working capital management.

Ripple said treasury teams have traditionally faced operational challenges when managing digital assets because custody, reporting and reconciliation processes were often handled outside core treasury systems. The company said embedding digital asset functionality directly into the TMS environment removes the need for separate crypto infrastructure and manual workflows.

Mark Johnson, VP of Global Product at Ripple Treasury, said the objective was to allow digital assets to “behave like cash” within treasury operations.

Ripple Treasury processed more than $13 trillion in payment volumes last year, according to the company, serving customers ranging from SMEs to multinational corporates.

The launch comes amid growing institutional adoption of tokenised finance infrastructure and stablecoin-based settlement models across the banking and payments sector. Financial institutions including JPMorgan, Mastercard and BlackRock have all expanded tokenisation initiatives over the past year as treasury and liquidity management workflows increasingly intersect with blockchain-based financial infrastructure.

Spanish treasury management fintech Embat has raised €30 million in a Series B funding round led by Cathay Innovation, with participation from existing investors including Creandum, Samaipata, 4Founders Capital and Venture Friends, as the company accelerates its push to become a major European treasury technology platform.

The Madrid-headquartered fintech, founded in 2021 by former J.P. Morgan executives Antonio Berga and Carlos Serrano alongside former Fintonic CTO Tomás Gil, said the new funding will support expansion across Europe, with a particular focus on the UK and Ireland.

Embat has positioned itself as an AI-native treasury management platform aimed at mid-market and enterprise finance teams still reliant on spreadsheets and fragmented banking systems. Its platform connects with more than 15,000 banks and major ERP systems, giving treasury teams real-time visibility over cash positions, payments, reconciliation and liquidity forecasting.

Central to the company’s proposition is “TellMe”, Embat’s AI-powered treasury analyst, which automates reconciliation processes, identifies cash flow patterns and supports forecasting and hedging decisions. The company claims its technology can automate up to 80% of manual treasury tasks.

The investment reflects growing investor interest in treasury technology platforms that combine automation, open banking connectivity and artificial intelligence at a time when corporate finance teams are under pressure to improve liquidity visibility and reduce operational inefficiencies.

Embat currently serves more than 400 corporate clients across Europe, including Treatwell, Fever, Northern Data, PetLab Co. and Arena Racing Company. The company employs around 150 staff across offices in Madrid, London, Berlin and Munich.

Cathay Innovation managing partner Jacky Abitol said Embat was addressing “some of the most complex challenges faced by large corporates” and described AI-driven treasury systems as becoming increasingly essential infrastructure for enterprise finance operations.

The latest round takes Embat’s total funding since launch to more than €50 million. The company previously raised a $16 million Series A round in 2024 led by Creandum.

The funding comes amid increasing competition in the treasury technology sector, where vendors including Kyriba, Agicap and Trovata are all expanding AI capabilities within their platforms. Embat is betting that embedded AI and real-time treasury orchestration will become a core requirement for CFOs and treasurers managing increasingly complex global cash operations.