If you’ve ever been responsible for establishing financial processes in a new country, you know just how challenging it can be. Setting up banking relationships, dealing with new currencies, accommodating different privacy or other legal obligations…the list goes on. Every task and every step along the way seems to take longer than it otherwise would in your native country.
One of Kyriba’s foundational beliefs is that cross-border financial processes should be easy and straightforward to set up and execute. That’s why we’ve built the global Active Liquidity Network – a set of technologies that streamline the myriad of tasks required to establish financial processes that impact cash, risk and liquidity in the context of new country operations.
Because the Active Liquidity Network is built around connected global banking networks, your first challenge of establishing banking relationships and straight-through processing is surprisingly easy. To start, secure connectivity options to new banks are already available through the network. And Kyriba’s system provides guard rails while you’re setting up new bank relationships and accounts. For example, it supports having signatories in place, establishing separation of duties and automated bank account management. It ensures strong security is in place to safeguard against cybercrime. And once a banking relationship is established, automated payment format transformation makes processing highly efficient and cost-effective.
With the tactical aspects of banking handled through automation, CFOs and treasurers can focus on more strategic decisions – like invoicing and payment currency decisions, structures, cross-border payments and cash polling.
But it’s not just about banking. When expanding into new geographies, a host of business considerations come up. Consider supplier management: how quickly can you onboard new suppliers and ensure payment and financing programs are operationalized? For operational risk, you’ll want to clearly define and automate payment policies and guarantee that you have payment fraud protection in place. For financial risk, you’ll want to consider how currencies might impact cash flow, EPS and hedging strategies.
These are just a few of the benefits of using Kyriba’s Active Liquidity Network. It provides a solid ground on which to plan and execute across global geographies in a secure and agile manner.
Want to know more about how activating liquidity can optimize cash, payments and risk to generate increased business value? Download our ‘15-minute Guide to Activating Liquidity.’