Treasury functions worldwide are accelerating efforts to modernise, but transformation remains uneven. That’s the message from KPMG’s Global Treasury Survey 2025, which finds that while most treasuries are strengthening central control, adopting technology and redefining their strategic roles, many still struggle with visibility, efficiency and data integration.

Drawing responses from more than 340 treasury professionals across 20 countries, the report paints a picture of a function moving beyond crisis management into a new phase of data-led, strategic influence. Yet it also shows the limits of progress: fewer than half of respondents say their operating model is fully fit for purpose, and manual processes continue to constrain automation and decision-making.

The report notes that while treasuries are adapting quickly, their tools and governance frameworks often lag behind their ambitions.

Centralisation delivers control but not always efficiency

More than half of respondents (57%) say their treasury is now centralised, with a further 23% pursuing a hybrid model. Centralisation remains the foundation of modern treasury management, offering greater control over cash, risk and funding. But KPMG finds that consolidation alone doesn’t guarantee efficiency.

Almost one in three centralised treasuries still depend heavily on manual inputs for cash forecasting and reporting. Only 18% describe their processes as “highly automated”, suggesting that structural consolidation has outpaced process optimisation.

The data also reveals regional contrasts. In Europe, 63% of treasuries operate a centralised or in-house bank model, well above the global average. In North America, just 45% report full centralisation, but over 70% are actively investing in automation and AI initiatives. In Asia-Pacific, 52% operate a partially centralised structure built around regional hubs, and nearly two-thirds plan to boost technology investment over the next two years, the highest figure globally.

The report notes that the next phase of maturity will rely on deeper automation within centralised models, with digitalisation providing the leverage needed to turn structural control into measurable efficiency gains.

Cash management remains a core challenge

The survey shows that even well-structured treasuries are grappling with complexity in cash management. 63% of respondents say further consolidation of bank accounts and entities would yield material benefits, particularly in terms of visibility and working-capital efficiency.

However, the execution gap remains wide. Just 22% report complete real-time visibility of cash across all entities and regions, while many still rely on delayed or incomplete data. The main barriers cited include fragmented banking infrastructure, limited standardisation in bank connectivity, and inconsistent master data management.

Adoption of in-house banks continues to rise, though the report notes that many corporates have yet to achieve full operational integration. Many corporates are also reviewing their account structures in light of new instant payments frameworks and the growing use of virtual accounts.

The report highlights a shift in priorities: cash forecasting accuracy now ranks as the single most important treasury KPI, ahead of liquidity coverage or counterparty exposure. 

Technology adoption climbs with AI on the horizon

Technology remains the clearest marker of treasury maturity. 76% of respondents now operate a dedicated treasury management system (TMS), up from 63% in KPMG’s 2023 survey. ERP integration is improving, too, though many treasuries still run parallel systems or rely on manual uploads.

Artificial intelligence (AI) is still in its early stages of adoption, but it is advancing rapidly. Just 8% of treasuries use AI today, primarily for forecasting and anomaly detection,  yet 40% expect to do so within three years. The main drivers are efficiency, accuracy and fraud prevention.

Machine learning tools are already helping larger treasuries analyse payment patterns and predict short-term liquidity needs. Smaller organisations are using AI to automate reconciliations and flag exceptions. The report notes that AI adoption is strongest where data quality and governance are mature, underlining the need for robust foundations before automation can scale.

Despite the enthusiasm, barriers remain. Around half of respondents cite concerns over data security and system integration as key obstacles, while 46% highlight a shortage of internal skills. The survey finds that treasuries investing in upskilling are three times more likely to have a clear AI roadmap.

From cost centre to strategic partner

Treasury’s role continues to expand beyond traditional risk and liquidity management. Some 68% of respondents now describe treasury as a “strategic partner” to the business, up sharply from 51% two years ago. This shift is reflected in reporting lines: 62% of treasurers now report directly to the CFO, and more than half participate regularly in board-level discussions on capital allocation and financial strategy.

KPMG finds that treasuries considered “strategically embedded” share several characteristics: centralised data models, strong KPI frameworks, and advanced analytics capabilities. These treasuries are more likely to produce daily cash visibility, maintain consistent risk metrics across regions, and support ESG-linked funding programmes.

However, many others remain constrained by legacy systems. Only 29% of treasurers say their teams have the data infrastructure needed to provide forward-looking insights. In practice, treasury’s analytical potential often outpaces its technical capacity.

Data, dashboards and decision-making

Visibility and insight have become the defining success factors for modern treasury. The survey shows that while most respondents collect data effectively, far fewer can translate it into actionable intelligence. More than half now use business intelligence (BI) dashboards to monitor liquidity and FX exposure, yet the maturity of analytics varies widely. Just 17% say their reporting is fully automated, and only 12% can produce scenario forecasts on demand.

Those who have achieved this capability report measurable gains. Treasuries with automated dashboards and forecasting report far greater confidence in data-led decision-making than those still reliant on manual reporting.

KPMG notes that the ability to interpret and act on data in real time is becoming a key competitive differentiator. Treasuries that can model scenarios, stress-test positions, and adjust exposures quickly are likely to set the benchmark for resilience in volatile markets.

ESG moves into the treasury mainstream

Sustainability is another area moving from ambition to action. Some 44% of respondents say ESG considerations are already part of their treasury strategy, while 65% expect them to be significant within three years. This trend is most visible in funding and investment decisions. Nearly half of respondents report issuing, or planning to issue, green, social, or sustainability-linked instruments. The same proportion is adjusting investment policies to align with ESG criteria, particularly around counterparty screening and cash placement.

European treasuries continue to lead on ESG integration, supported by regulatory pressure and investor expectations. In the Asia-Pacific region, adoption remains at an earlier stage but is accelerating rapidly, while North American respondents report slower overall progress. Overall, 38% of respondents say they now track sustainability indicators alongside financial KPIs within their dashboards.

However, KPMG cautions that measurement remains inconsistent: only 22% have established quantitative ESG performance indicators within treasury. The report suggests that standardised frameworks will be essential to ensure credibility as ESG becomes embedded in financial decision-making.

The bottom line for treasurers

For corporate treasurers, the findings reinforce the dual challenge of operational efficiency and strategic impact. Visibility, data quality, and automation remain the foundations. But the survey suggests the next frontier will be connectivity, the ability to link systems, data, and decisions seamlessly across the organisation.

KPMG’s analysts note that treasuries that achieve this integration report not only lower operational costs but also gain greater influence over capital strategy, risk appetite, and sustainability goals.

In practical terms, treasurers are being asked to deliver more insight, more often, with fewer resources. The report’s data shows how this shift is redefining priorities: cash forecasting, data analytics, and regulatory readiness are now the three most-cited areas for investment over the next two years.

The Global Treasury Survey 2025 portrays a profession at an inflection point. After years of crisis-driven adaptation, treasury teams are building the frameworks for sustainable transformation, but maturity remains uneven. Centralisation has created the structural backbone. Digital tools are adding speed and precision. ESG and strategic advisory roles are expanding treasury’s reach. Yet persistent gaps in data integration, automation and talent threaten to slow progress. For CFOs and treasurers alike, the message is clear: the recovery may have begun, but the transformation race is far from over.