The adoption of cloud solutions by treasury departments is just part of a larger corporate migration to software-as-a-service (SaaS) technology. According to a 2016 survey by consulting firm Protiviti, 64% of organizations say that they are investing in the cloud.

"We are seeing more adoption of enterprise solutions in the cloud," said Ed Page, a managing director at business consultancy Protiviti and leader of its national financial services IT consulting practice. "We're starting to see much greater traction for ERP solutions, and even a number of banking solutions are starting to gain traction in the cloud." The fact that financial institutions are willing to use cloud solutions is particularly notable, he said, since that industry has been one of last bastions of installed software.

Another survey, released last month by 451 Research, shows businesses expect their spending on cloud services and hosting to grow at a pace of 25.8%, more than double the 12% growth they expect in their overall information technology spending.

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Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.