Perfecting Treasury Operations
While large corporations can easily leverage sophisticated and integrated Treasury Management Systems (TMS), mid-market companies have been compelled to stick to spreadsheets and standalone tools, owing to cost restrictions. “With Kyriba’s cloud based offering—Kyriba Pro—Small and Midsize Businesses (SMBs) can now reap the same benefits that large companies garner, at an affordable price point,” explains Robert. Kyriba Pro is a fully web-based solution which addresses the cash and liquidity needs of midmarket organizations, while improving visibility and control. The product requires no hardware or software installation, comes with zero IT investment and offers anytime, anywhere access, security, and disaster recovery.
For Proform, a manufacturing company based in Indiana, the client’s reporting tool was falling short against its needs. Proform’s existing system was developed in-house, using Excel spreadsheets, and any mis-keyed number had a catastrophic impact on cash flows. After implementing Kyriba Pro, the customer was not only able to accurately forecast midterm cash flow, but Proform’s credit controller attained a deeper understanding of treasury functions. Proform’s financial team also consolidated a report which gave them accountability and budget information of the next six months.
With Kyriba's cloud based offering—Kyriba Pro—SMBs can now reap the same benefits that large companies garner, at an affordable price point
As effective cash flow is the fundamental foundation of treasury management, Kyriba’s comprehensive cash management services and forecasting capabilities help build and analyze daily or even yearly liquidity positions. Kyriba’s solution helps leverage multiple sources of data and extrapolates historical data which enable clients to achieve accurate cash forecasting. “One way in which we bring visibility to optimize cash is by leveraging the Kyriba Global Connectivity Hub which allow banks anywhere in the world to have their cash position at their fingertips,” says Robert. Through Kyriba, connectivity organizations can connect their treasury, Enterprise Resource Planning (ERP) or internal systems to banks for statement reporting, payments, and confirmations in a cost effective manner. Kyriba also extends its treasury management solutions to Kyriba Mobile, a treasury application for the iPad and iPhone. “Our application allows clients to execute time sensitive tasks on-the-go without having to return to the workstation,” points out Robert.
Maximizing Control with PTM
The company’s TMS offering also includes trade solution modules that enable clients to optimize working capital and support payment programs. Kyriba’s supply chain finance module connects buyers, suppliers, and financers on a single, integrated cloud platform to optimize working capital. In one instance, Kyriba helped Auchan an international retail group build a global supplier finance program with multi-country, multi-bank, and multi language access. Kyriba’s platform gives Auchan a single window on their transactions with multiple groups, flexibility to pay manually or automatically, and cash flow forecasting. “The program is currently live across several different countries and Auchan entities, with many different suppliers globally,” reveals Robert.
Another module offered by the company is Bank Relationship Management which tracks, manages, and reports critical bank details including signatories, and delivers visibility into bank fees through powerful analysis. Kyriba Bank Relationship Management also provides a workflow that helps organizations gain the internal control of the banking relationship processes.
“We work with best-of-breed security technology partners to deliver utmost security for our clients”
Additionally, since the possibility of security breaches is a major cause of concern for financial executives, Kyriba works with best of breed security technology partners to deliver utmost security for its clients. According to a research by Gartner, cyber extortion and company insiders are the greatest security threats that surround financial institutions. With Kyriba’s solution, users can gain control of banking relationships, standardize payment approval processes, perform daily reconciliations, and efficiently comply with internal policies.
In the case of Aldes, specialists in integrated solutions for indoor well being, “the client lacked global cash visibility due to the use of piecemeal solutions,” adds Robert. The treasury team at Aldes was unable to consolidate its treasury information or manage its debt. With the help Kyriba, Aldes revised its working methods, mapped its banking network, and streamlined its banking relationships. The ultimate goal of the customer was to improve operational control and minimize fraud. “Kyriba offered the key advantage of a single solution for cash management and bank reporting. The time savings and flexibility of a single solution provided reassurance to the existing team at Aldes,” informs Robert. For Aldes, the gain was two fold: they were able to expand their controls while achieving greater awareness among subsidiary directors.
Dedicated to improve user experience and deliver proactive response to issues, Kyriba provides premium and extended support which is a personalized “white glove” offering. Kyriba Premium Support delivers extended services across the company’s global centers coupled with high level of monitoring of a client’s environment. Subscribers also benefit from comprehensive custom case analysis reports and have access to Kyriba’s highly regarded support and collaboration portal, Kyriba Social an online interactive community portal.
The Future Lies in Cloud
Firmly believing that cloud is the future of treasury management, Kyriba will continue to innovate their cloud hosted systems for improved business outcomes. The company plans to sharpen their focus on proactive treasury management and deliver enhanced treasury technology. With the recent establishment of Kyriba’s Middle East office, the company is also looking at expanding its reach across Europe and Asia. “Moving forward, our focus will be on delivering next generation treasury and risk solutions, while continuing to deliver the best possible experience for our clients for years to come,” ends Roberts.