The 2025 Euromoney Financial Institutions Survey was completed by 1,100+ treasurers, product specialists and operations representatives of both banking and non-banking (NBFI) institutions. Over a 10-week period at the beginning of 2025, banks respondents rated providers for their payments and liquidity activities, assessing product offering, technology capabilities and client service.
This survey is part of our Transaction Banking offering, world’s most comprehensive benchmarking exercise in the industry. It offers authoritative insight into the needs of corporate treasurers and their perception of the banks they work with.
The distribution / use / publication of MarketMaps or rankings requires the express permission of Euromoney – please contact Arun Ghudial for additional information. For any queries on methodology, data packages or bespoke benchmarking reports – please contact Ana Voicila.
Additional results from other streams of this survey will be published in the upcoming weeks.
Top ranked cash management providers for banks
Euromoney’s 2025 Financial Institutions Survey shows a competitive but highly segmented global market for cash management activities for banks.
Deutsche Bank tops the global rankings, reflecting consistent performance across multiple regions and strong multi-currency clearing capabilities. HSBC follows closely, notable for its exceptional balance of regional strengths, ranking top or near-top in Europe, Asia-Pacific and North America. The rest of the global top five reflects specialisation: Bank of America, BNY Mellon and Mashreq. No single bank dominates every product or region, underscoring the prevalence of multi-provider strategies, where institutions combine global reach with regional specialism.
Real-time payments, FX-linked flows and evolving liquidity products are shaping provider choices. As volumes rise, the global top ranked providers will be those that combine capability with reliability, maintain network breadth and adapt quickly to client demands for speed and integration.
In Africa, Mashreq ranks first, reflecting its dominance in key GCC–Africa corridors and its role as a bridge into Middle Eastern markets.
BNY Mellon takes second place, trusted for USD clearing and cross-border connectivity, while HSBC rounds out the top three, leveraging its established presence in key African trade hubs. From a client service perspective, Deutsche Bank, BNY and Bank of America come come firstly, based on the bank respondents assessment.
Regional specialisation is a defining theme, with African institutions increasingly using a combination of global banks for major currencies and regional champions for exotic corridors. Demand for real-time and API-enabled solutions is rising, although infrastructure adoption varies widely across markets. FX-linked flows are also growing as trade volumes expand and currency volatility drives hedging needs. Providers with a strong compliance framework and the willingness to bank in higher-risk jurisdictions are gaining an edge. As the continent’s payment infrastructure modernises, service reliability and the ability to support diverse currency needs will be the deciding factors in capturing new flows.
Asia-Pacific is the most competitive regional market, with DBS holding the top spot, ahead of HSBC and JPMorgan. DBS’s strength lies in a strong payments engine, API-driven real-time capabilities, making it the preferred partner of many bank respondents. HSBC combines its Asia dominance with global integration, while JPMorgan’s position reflects its growing role in USD liquidity and cross-border clearing.
The region is a major growth engine for real-time payments, with domestic instant schemes proliferating and cross-border linkages expanding. Providers that can combine scale with speed, such as DBS’s GlobeSend platform or HSBC’s liquidity proposition, are capturing the growth.
With both regional champions and global players competing for wallet share, service quality and the ability to deliver consistent, production-grade real-time capabilities across multiple markets will define leadership in the years ahead.
HSBC leads the European rankings, supported by its ability to combine local execution with global coverage. Standard Chartered’s second-place position is notable, reflecting its role as Europe’s gateway to emerging markets in Asia and Africa.
Deutsche Bank follows, leveraging its euro clearing depth, multi-currency reach and established FI relationships. Commerzbank ranks strongly as a specialist, particularly for institutions in the Middle East and Africa seeking European market access.
The European market is defined by stability in core services – wires, ACH and liquidity – alongside growing demand for real-time transactions. Liquidity tools such as MMF platforms and virtual account management are gaining traction, with ESG-linked deposits emerging as a differentiator.
Mashreq leads the Middle East rankings, underpinned by its role as a regional hub for Africa and South Asia. HSBC takes second place, drawing on its deep regional history and multi-currency network, while Bank of America ranks third, supported by its USD capabilities for banks in the region.
The Middle East is a growth hotspot for real-time and API-driven payments, with institutions demanding faster settlement, embedded FX and integrated liquidity solutions. Providers with strong compliance processes, corridor-specific expertise and the ability to connect into both global and local clearing systems are favoured.
Regional specialisation is a competitive advantage, offering tailoring solutions to FI needs and deep market knowledge. With volumes rising sharply, scalability and consistent execution will determine which providers capture the next wave of payments growth in the region.
JPMorgan dominates the North American rankings, holding the top spot thanks to its USD clearing depth, extended cut-off times and strong liquidity offering. HSBC takes second place, followed closely by Citi, both benefiting from their global networks and multi-currency settlement capabilities. Bank of America ranks strongly for US-linked transaction services and its CashPro platform, which offers API-driven global account management.
The North American market remains USD-centric, but cross-border real-time capabilities are growing in importance, especially as corporate demand is also growing. With institutions planning to add providers in their banking pool, opportunities exist for banks that can combine robust payments infrastructure with competitive pricing and digital integration. Service quality remains a critical differentiator, particularly for international flows.
This year marks a significant evolution in how Euromoney assesses financial institution’s assessment of their transaction banking providers. Historically part of our broader Cash Management Survey, results were previously focused on clearing activities. In 2025, we launched a dedicated study for financial institutions, recognising the unique needs and priorities of this client segment.
The study covers both non-bank financial institutions (NBFIs) and banks, across three key cash management areas: payments, liquidity and trade finance.
These respondents shared detailed insights into their priorities, selection criteria and experience with providers. Each participant identified their top five providers and rated them on product offering, technology, and client service using a 1–10 scale (10 being highest). Responses are weighted by institution size to reflect market relevance.
To qualify for a regional ranking, a provider must be rated by clients in at least two countries within that region. For the global ranking, providers need to have been assessed across at least two regions.
Results are visualised in the Euromoney MarketMap, which categorises providers into three tiers:
- Leading, excelling across both service and solutions
- Outstanding, strong in one key area or for a specific client segment
- Distinguished, noted for quality across service or offering
Currently all Euromoney surveys are qualitative in nature, capturing client experience and satisfaction, rather than market share or transaction volumes.
This approach allows us to spotlight the providers that are truly delivering for financial institutions today – and shaping the future of institutional transaction banking activities.
Where reputation meets innovation
Trust remains the foundation of every banking relationship, but the competitive edge increasingly lies in the ability to pair that trust with innovation, speed and scale.
In 2025, excellence in payments and liquidity management for banks rest on a few clear pillars: sustained investment in client-relevant technology, strong and resilient networks, consistent service quality and a sharp focus on competitive advantage: whether that is geographic reach, product specialisation – or both.