How do you choose a treasury system? Understanding differing technologies is often outside of the scope of the treasurer so they turn to standardized RFPs which, for all their good intentions, are often clunky and outdated. I hope to shed some light on the technology surrounding treasury and how these affect your processes, security, and compliance, so you can make better decisions.
What is SaaS?
The current trend in treasury systems is Software as a Service (SaaS). Many of you have likely heard the term, but may not know the underlying differences between the various varieties of SaaS. I will do my best to explain these differences, as they can have far-reaching impact on the overall capabilities of the system you ultimately choose to implement.
SaaS stands for “Software as a Service.” But there isn’t just one type of “SaaS” application model. There are two main types, single-tenant and multi-tenant, and the argument about which is better has been a subject of debate online since conception.