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Saft, Revitalizes its Cash Management and Daily Cash Visibility with the Kyriba Solution |
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Paris, France – October 20, 2009 - Kyriba Corporation, the leader of on-demand cash and treasury management solutions, announced today that the Saft Group implemented the Kyriba solution to optimize its cash visibility and its cash management operations.
After the LBO of 2003, Saft had continued to use the cash management solution of the previous owner, the Alcatel Group. However, given the evolutions of the banking communication market (the end of ETEBAC) and the need to develop its pooling settings in line with its new structure, Saft launched a project to replace its treasury management tool.
Included in the initiative was Saft’s consideration of its international dimension, and its desire for a solution that was easily customizable, multi-language, evolving, long-lasting, and responsive to the next evolution of banking protocols. Additionally, the Saft IT and treasury teams wanted a solution which would release them from any internal maintenance, from a company with personalized follow-up and a strong ability to react.
After first review of the various solutions on the market, Kyriba was quickly shortlisted in front of the other solutions that were either too expensive, or, not well adapted for the size of the group.
"Previously, we had weak visibility on our forecasts which prevented us from accurately measuring the global liquidity of our Group. We are delighted to now have a tool offering us better visibility and control over our cash and liquid assets, thanks to better management of our forecasts," indicated Francine Muller, Treasurer, Saft Group.
"Although Saft is not subject to Sarbanes-Oxley, our SAS70 Type II certification, renewed every year since 2006, provides confidence in the security of the service offered to our customers, and is a real asset for the big international groups,” reports Patrick Godet, Director - Account Management Europe, Kyriba SEMEA.
"I had the opportunity to use several different cash management solutions and live through their implementation, and I have to admit that Kyriba is the simplest and most pleasant that I have experienced, considering the professionalism and ability to react of the Kyriba team, and the quality of the Kyriba solution," Francine Muller commented.
"In these times of uncertainty, Kyriba offers a real added-value against the problems of the evolving market by coupling its offer of cash management with a service Bureau Swiftnet," concludes Patrick Godet.
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 several hundred corporations, insurance companies, and financial institutions. For more information, visit www.kyriba.com
Media contact: Leslie Regino, Kyriba Corporation, 212-784-5584, lregino@kyriba.com
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