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Where Cash Management Is Concerned It Goes Without Saying: Global Closure Systems Relies On Kyriba |
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Paris, November 6th, 2008 - Global Closure Systems (GCS), one of the world's leading providers of closure solutions for the FMCG packaging market, and Kyriba, the leader of web-based cash and treasury management solutions, are pleased to announce that GCS has implemented the Kyriba solution to manage its bank communication, cash management and GL posting.GCS, which operates in fifteen countries through its twenty seven production sites, was bought in October, 2005 by PAI Partners through an LBO. Before its repurchase, GCS was integrated within shared service centers by its previous shareholder. Post LBO, the company was confronted with the need to quickly implement its own cash management operations.
During the search for a solution, GCS defined several objectives. First, it would be necessary to aggregate bank statements from French, European, and U.S. banks at a reasonable cost and over a short period of time. Second, the solution had to help GCS manage cash flows and payments, cover multiple financial instruments, and establish a clear workflow process for validating payments.
"The solution proposed by Kyriba was chosen for its flexibility and for the simplicity of its deployment. Actually, the implementation was completed within one month. SaaS offers great flexibility of use in everyday life,” stated Sebastien Dreyer, Director of Tax and Finance.
"Kyriba was able to handle their multi-bank, multi-currency needs with our experience in parsing statements in various formats, and we were able to integrate all of GCS’s bank statements in a matter of days,” clarifies Didier Martin, President Kyriba SEMEA.
"Using Kyriba allowed Global Closure Systems to effectively setup a centralized operation with only a few internal resources," concludes Sebastien Dreyer.
About Kyriba Corporation
Kyriba is a global provider of treasury solutions delivered under the Software-as-a-Service (SaaS) model. Customers utilize the online system to automate and better control their daily cash management tasks, including centralization of consolidated bank balance and transaction reporting, payments, cash positioning/forecasting, automated general ledger posting and investment, debt and FX portfolio reporting. The system automatically collects bank statements and facilitates automated cash, bank, and ledger reconciliations through Kyriba’s daily bank connectivity monitoring service. The solution also meets stringent Sarbanes-Oxley 404 audit trail, workflow, and control requirements while providing seamless integration with third-party applications. Founded in 2000 and headquartered in San Diego, Kyriba has offices in New York, Paris, Milan, Hong Kong, and Rio de Janeiro serving a global client base of more than 7,000 subscribers across hundreds of corporations, insurance companies and financial institutions.
Media contact:
Leslie Regino, Kyriba Corporation, 212-784-5584, lregino@kyriba.com
For more information, visit www.kyriba.com
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