The vast majority of large corporations in North America and theU.K. employ treasury management systems, but many use olderversions of those systems, according to recent surveys by Reval,which provides software-as-a-service treasury and risk managementsolutions. And Reval argues that companies that aren't using thelatest version of their treasury management system face compliancerisk.

Reval surveyed 95 of the companies included in the London StockExchange's FTSE 150 index, and found almost three-quarters—74%—useautomated treasury management systems, while 26% do not. In NorthAmerica, Reval's survey of 200 large companies found an even higherportion—close to 80%—have automated treasury managementsystems.

As corporate treasuries deal with the fallout from theeurozone's debt crisis, Reval argues that treasury technology is akey component in handling those risks. Especially for big companieslike the ones Reval surveyed, “the amount of risk that is enteringtheir equation is at the highest levels we've ever seen,” saysJason Torgler, vice president of strategy at Reval, citingliquidity risk, companies' access to capital and credit, andfinancial risks related to interest rates, foreign exchange andcommodities.