Treasury services help business owners get ahead of cash management so that they can make revenue work for them and see sustainable growth. When companies deal with global transactions or rapid growth, they need a banking relationship they can rely on to support their thriving business.
Finding the top-performing institutions requires an eye for detail and familiarity with what services work alongside current software to give a complete picture of your business’s financial health.
Deciding Which Banks Are the Best for Treasury Services
When selecting which bank’s treasury services you will use, look for the features you will most likely need as you scale your small business. Will the bank’s system integrate with other systems you already use? What happens if your growth outpaces your plans? Does the bank have supportive staff to help you scale up and meet any regulatory requirements? Consider every potential scenario when making a list of must-have features.
Features You Might Need
Many banks offer basic business features and payment platforms, but treasury services provide a comprehensive, complex financial picture. Here are the features your business might need:
| Wire Transfers | Automated Clearing House (ACH) Processing |
| Fraud Protection | Remote Deposit Capture |
| Proactive Support | Transparent Fees |
To integrate with new platforms, you may need an enterprise resource planning system.
Methodology
The top eight banks for treasury services were evaluated based on specific features most business owners need when handling corporate finances. They were then ranked according to how well each met the following criteria:
| Number of product offerings | Tech stack |
| Customer service reputation | Integrations |
| Independent reviews and awards | Scalable services |
All of the banks featured below include some core features, such as fraud protection, wire transfers and the ability to take and send international payments.
1. Machias Savings Bank
Machias Savings Bank has locations in Maine and New Hampshire. Customers affectionately refer to the company as MSB and mention its focus on personalized service. Clients can pay bills and manage funds through online banking and mobile options.
Machias Savings Bank stands out because it is a regional bank but offers many national services that large financial institutions provide. Its flexible treasury solutions work for small and large corporations, providing flexibility as a company grows.
Its core processing system is Jack Henry, which allows it to integrate with over 950 third-party financial programs. Some of the integrations Jack Henry works alongside include Zelle, Pinwheel, Autobooks and Alloy.
Machias Savings Bank was founded in 1869. Today, it has a robust, user-friendly digital banking platform that customers praise. If you are seeking a trustworthy banking partner with strong technology to move you into the future, Machias Savings Bank has enterprise-level features with the hands-on personalization you need.
Key features include:
- Real-time transaction reporting reflected in the balance
- ACH origination
- Wire transfers
- Positive Pay for fraud prevention
- Remote deposit capture
- Customizable dashboard
2. Bank of America
Bank of America was established in 1904, making it over 100 years old. From the beginning, it focused on both consumer and commercial services. The treasury division specializes in data analysis and digital banking services. Customers praise the bank’s infrastructure and easy interface.
Users will appreciate the CashPro portal, which offers secure global banking options. You can connect apps like QuickBooks, Google Workspace, Facebook and payroll systems. Managers can also set cash flow thresholds and receive alerts if income falls below a certain level.
Key features include:
- Automated payment matching through Intelligent Receivables
- Real-time payment tracking interest rate tools
- Multiple layers for fraud control
- Automatic cash flow projections
3. J.P. Morgan
J.P. Morgan may be one of the oldest institutions on this list, with its beginnings in 1799. The bank is a well-known entity with a strong global presence and serves multiple industries. Often identified as a leader in treasury and cash management, it has clients from some of the largest corporations in the world.
Customers have said its systems are seamless and perform without issues. J.P. Morgan can support businesses of all sizes, but it is a particularly excellent choice for larger enterprises needing multinational treasury services and complex integrations.
Key features include:
- Virtual accounts
- Global liquidity
- Real-time reconciliation
- Integration with Treasury Workstation
- Foreign exchange and hedging
4. PNC Bank
PNC Bank is based in Pittsburgh, Pennsylvania, and has roots dating back to 1852. Over the years, it has become a large regional bank covering 27 states and the District of Columbia. Its specialty area is midsize companies that are trying to scale and need user-friendly, advanced treasury services.
People often mention the client-centered tools and simple interface when discussing the bank’s treasury services. PNC Bank’s dedicated treasury management platform allows you to scale and add teams.
The bank offers dedicated teams that are knowledgeable about various industries and can consult with and help business owners manage their finances appropriately. PNC Bank specializes in working with healthcare, public sector and real estate entities.
Key features include:
- Online treasury management through PINACLE
- Accounts receivable (AR) lockbox with integrated invoicing
- Investment sweeps
- Enhanced fraud detection
- Liquidity
5. Wells Fargo
Wells Fargo is synonymous with financial services. The institution began during the heart of the California Gold Rush in 1852. It served as an intermediary between financial and delivery services and offered transportation of gold dust, bank drafts and mail from the West to the East and back. The company expanded throughout California.
Wells Fargo is one of the largest financial institutions in the country. Today, it serves clients nationwide and globally. Wells Fargo assigns your account a relationship manager.
People praise the process and how well having a dedicated person on staff serves their needs. Midsize businesses will find Wells Fargo a good match and appreciate the flexible workflows for treasury management.
Key features include:
- Liquidity management
- A control platform to centralize your finances
- Investment sweeps
- Enterprise payments
- Lockbox services
6. U.S. Bank
U.S. Bank was founded in 1863. Based in Minneapolis, Minnesota, the bank takes a conservative approach to asset management. Clients stay with the bank throughout their company’s growth.
Although the institution focuses on automation, it still maintains the friendly, approachable persona of a small bank. Because the systems are easy to learn and scale, its solutions help small firms to midsized companies.
U.S. Bank offers onboarding that helps new clients get started quickly and manage their treasuries effectively. This bank is a great fit for business owners looking for better automation and strong customer support.
Key features include:
- Zelle integration
- Real-time payments and reconciliation
- A treasury information reporting platform
- Mobile check deposit
- Sweep account features to locate idle funds
7. Citigroup
Citigroup’s Treasury and Trade Solutions has been around in some form since 1812. It is known as a global treasury provider with services that help business owners handle cross-border financial transactions.
With services available in more than 100 countries, Citigroup supports multinational firms and meets their treasury management needs. The brand currently works with 65,000 clients and is growing. Users praise the multiple currency model for global marketplace needs.
They also praise the organization’s consistent fees. This provider works best for midsize and larger firms with an international presence. If you are navigating regulatory hurdles, this bank may help you overcome them.
Key features include:
- Expertise in international import and export needs
- Payment processing in 160 countries and 150 currencies
- Treasury analysis to optimize business practices
- Fund liquidity
- Electronic payments and channels
8. HSBC
HSBC began in 1865 as a way for companies to trade between Asia and Europe. Since then, it has grown to serve the needs of business treasury managers globally. It is known best for global transaction processing, offering multicurrency accounts and a seamless payment system.
HSBC is best known for its multicurrency wallet solutions, but it also offers a robust trade finance structure and helps with foreign regulatory compliance. HSBC is a trusted partner for scaling your business globally.
Key features include:
- Host-to-Host SWIFTnet and Application Program Interfaces
- Streamlined reporting and integrations for custom data reports
- Payments to 175 countries/territories processed in 130 currencies
- Liquidity with a cash management portfolio
Comparing the Best Banks for Treasury Services
Figuring out which bank is best for your treasury management needs can be complex. This chart highlights each service’s key features to help you narrow your choices.
| Bank | Location and Reach | Strength | Best For |
| Machias Savings Bank | Located in Maine, but serves 27 states | Personalized service and an intuitive dashboard | Small and midsize businesses |
| Bank of America | Headquarters in North Carolina | Real-time payment tracking | Midsize businesses |
| J.P. Morgan | Global | Foreign exchange and hedging | Large enterprises |
| PNC Bank | Based in Pittsburgh, but serves 27 states and D.C. | AR lockbox with integrated invoicing | Healthcare, real estate and public sector |
| Wells Fargo | Based in California with a global reach | Centralized finances and investment sweeps | Midsize businesses |
| U.S. Bank | Minneapolis headquarters | Automation | Small to midsize companies |
| Citigroup | Global | Payment processing in 150 currencies and 160 countries | Global enterprises |
| HSBC | Europe | Processes 130 currencies in 175 countries and territories | Global enterprises |
Questions to Help You Pick the Right Bank for Your Business
Choosing the right bank requires more than a comparison list or location. Most modern banks offer some global options. You will have to determine which institution best aligns with your company’s mission, needs and future growth. Finding a partner that supports those specifics helps you scale your business faster. Some of the questions you should consider include:
How Complex Is Your Business?
If your customers are local and you have no plans to grow internationally, a regional partner may better suit your brand. A relationship-first brand like Machias Savings Bank may be the best fit for those located in one of the states the company serves. On the other hand, if you are a large, multinational corporation or growing into one, you may need the robust infrastructure of J.P. Morgan or HSBC.
Is Regulatory Compliance Part of Your Business Model?
Companies with a presence in foreign markets may need a treasury service partner who understands how to navigate the rules and regulations without incurring fines or penalties. Finding a partner with an international network across many different countries and currencies may be the best solution.
How Integrated Is Your Tech?
Artificial intelligence is rapidly changing almost every business sector and how the world operates. Even if your business does not need an online model at the moment, selecting a bank that can integrate with future fintech software may benefit your bottom line. Tapping into Bank of America’s CashPro platform or Wells Fargo’s system could offer better onboarding and support for integrations.
How Much Do You Care About Customer Service?
If you are a new business owner, you may want a bank that customizes your dashboard and is there to lend a helping hand. If you are more experienced and want to automate things, you may not care quite as much how close you are to your banking team. If you want a close relationship, try banks like Machias Savings Bank or PNC Bank. If you just wish to automate, look at U.S. Bank.
Where Will You Be in Five Years?
No one wants to constantly change financial institutions and learn new systems. Consider where you are today and compare it with your five-year growth plan. A small, service-based business will not likely need access to foreign currency payments or some global features a company selling products in foreign markets might need.
While it is impossible to predict what the next few years might bring, you can base your assumptions on similar companies’ growth and your brand goals.
Which Bank Should You Choose?
Only financial managers can determine which bank is the right choice for each company. Knowing what different providers offer is the first step in deciding which offers the features most needed for monetary success. Now that you understand which banks are ranked best by other business owners and what each provides, the decision will be easier as you compare their services.
Devin Partida writes about investor technologies, big data and apps. She is also the Editor-in-Chief of ReHack.com.
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