Corporate FX execution could see a significant shift towards API-driven and embedded workflows over the next five years, but the pace of change will depend heavily on whether banks and corporates can overcome integration challenges, according to a new survey from Integral, the currency trading and workflow automation solutions company.
The survey, covering 143 corporate treasuries and financial institutions, suggests that programmatic execution could grow from 18% of corporate FX trading volume today to 42% by 2031. User-triggered API execution is expected to rise from 6% to 16%, while fully embedded automated execution within ERP and treasury management systems (TMS) could increase from 12% to 26%.That would mark a substantial change from the current market structure. More than two-thirds of corporates still execute FX through voice channels or multi-dealer platforms, each accounting for 34% of activity.
For trading technology firms and bank e-FX teams, FX pricing and execution are increasingly expected to become part of the systems where corporate exposures, liquidity and risk are already managed.
More than half of the banks surveyed expect corporate API trading to become the most important FX execution channel within five years. More than 80% also expect prices embedded directly into client systems, including TMS and order management platforms, to play a much greater role in their FX distribution strategies.
Integration Remains the Constraint
The survey also highlights the gap between the ambition for embedded FX and the infrastructure required to support it.
Some 83% of corporates identified at least one barrier that could slow adoption. For large corporates, internal systems integration was the biggest obstacle, cited by 56% of respondents. Among mid-sized corporates and growth companies, bank API maturity was the leading concern, cited by 43%.
That points to a potentially different set of challenges depending on the organisation. Larger firms may have sophisticated treasury technology estates, but integrating new execution services into complex or legacy environments can be difficult. Smaller firms may have fewer internal systems to contend with, but are more dependent on the quality and maturity of the APIs provided by their banking partners.Harpal Sandhu, CEO of Integral, says banks will need to work closely with clients to address those operational and technology hurdles. “Corporates are looking for more streamlined and automated solutions to manage their FX risk at a time when market volatility, disrupted trade flows and pressure on balance sheets are making treasury operations more complex.”
He continues: “This depends on strong technology foundations, including API first platforms that seamlessly connect banks and corporates and support the adoption of agentic AI.”
Building the Foundation for AI
AI is still at an early stage in corporate FX. Just 8% of corporates surveyed are currently piloting AI projects, although half expect AI-driven agents to manage at least a quarter of their FX workflows within five years.
That makes the API and integration story particularly important. AI agents will only be able to automate meaningful parts of the FX workflow if they can access pricing, execution and risk functions programmatically and interact reliably with treasury systems.
The shift towards embedded FX therefore looks likely to be driven as much by architecture as by changing execution preferences. Before AI agents can take on a larger role in corporate treasury, banks and corporates first need the infrastructure that allows FX services to operate inside increasingly automated workflows.
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