Thought Leadership Archive

Payments Fraud Detection in an Escalating Threat Environment

Modern fraud threats are innovative and constantly evolving. To confront these threats, organizations that want to survive need to deploy the most up‑to-date detection and prevention solutions.

Modern fraud threats are innovative and constantly evolving. To confront these threats, organizations that want to survive need to deploy the most up‑to-date detection and prevention solutions. In this eBook, we will explore the most common fraud threats to businesses today and detail the leading, AI-based tools that CFOs and CIOs can use to stop attacks before they happen. At Kyriba, we understand the threats that cybercriminals pose to your company’s money. Here, we’ll explore the ways that we protect our customers, and impart that knowledge to you. Tools like artificial intelligence and machine learning (AI/ML) and application programming interfaces (APIs) are game changers in the fight against fraud. We understand and use these technologies, and it’s time that you did as well. The Changing Face of Fraud Fraud threats have grown exponentially throughout the COVID-19 pandemic as the remote working environment has left companies struggling to ensure that employees are following strict security protocols. According to a 2022 KPMG survey of over 600 executives, the shift to remote work has increased the risk of fraud, and most companies experienced fraud incidents last year. FRAUD OUTLOOK Source: 2022 KPMG Fraud Outlook The losses that stem from fraud are significant. Respondents reported an average profit loss of 1% from fraud and compliance violations in 2021. And the larger the company, the more criminals will target it. A Need for Corporate Investment and Attention With the pandemic continuing for the foreseeable future and challenging organizations’ ability to operate and staff effectively to counter the ever-increasing fraud threat, it is surprising that over half of the companies surveyed say there will be no changes in their budgets to invest in anti-fraud measures. And with less than half of organizations today having a program in place to prevent, detect and respond to fraud, it is evident more focus on greater investments in their protections is called for. CFOs, treasurers and CIOs clearly require a more complete set of defenses in the form of new, leading, automated AI-based fraud detection. Pervasive and Emerging Fraud Threats Business email compromise (BEC) scams continue to plague treasury and finance departments. BEC scams typically begin with an urgent email sent to an employee that appears to come from a senior level official, requesting a money transfer. In actuality, a fraudster has copied a legitimate email address, usually after infiltrating a company’s email system via phishing. A variation of this scam consists of emailed invoices that appear to come from a routine supplier that have new instructions on where to send payment. According to the FBI’s Cyber Division, there was a 5% increase in BEC adjusted losses from 2019 to 2020, with over $1.7 billion losses reported in 2019 and over $1.8 billion losses reported in 2020. Check and wire fraud remains a significant problem for treasury and finance departments, as these are the payment methods most susceptible to fraud. AFP research found that 66% and 39% of financial professionals reported fraud activity via these two payment types in 2020. However, check fraud has been in decline in recent years as fewer organizations are using checks for B2B payments. Deepfake voice fraud is a relatively new method of attack but one that has proven highly effective. This brand of fraud consists of criminals making calls using deepfake voice technology, software that can successfully copy a person’s voice via a small audio sample. COMMON VULNERABILITIES FOR ORGANIZATIONS Deepfake voice fraud caught international attention last year when it was revealed that fraudsters used it to complete a $35 million bank heist. Ransomware attacks, though not technically fraud, are nevertheless prominent threats to companies’ systems and bank accounts and have surged in recent years. In a ransomware attack, a company’s internal system is compromised (usually through phishing) and taken over. Users are instructed to either pay a ransom or permanently lose access to their systems. Ransomware as a service (RaaS) is the latest innovation of this threat; it consists of developers selling or leasing ransomware exploits to customers who then unleash them upon unfortunate victims. Tools to Protect Against Fraud To combat the threats of today, your fraud prevention solutions should include these capabilities: Automated payment processes to standardize controls Real-time screening of all payments data to identify suspicious transactions User-defined payments screening rules Resolution workflow to investigate suspicious payments An option to avoid alerting payments users who violated a payments rule Monitoring of the status and priority of alerts in a KPI dashboard Modern payments fraud detection software like Kyriba’s Payment Fraud Detection module offer these solutions and more. Real-Time Screening, Alerts and Notifications The rise of same-day and real-time payment systems has increased the need for real-time responses to fraud attempts. Modern fraud detection software uses artificial intelligence (AI) and machine learning to screen payments against historical payment data, pinpointing any anomalies. By providing more complete data, these solutions enable data-driven decision-making. For example, Kyriba’s Payment Fraud Detection solution determines the normality of each payment—whether automated or manual—flagging any with a low normality rank. The solution provides insights into the variables that determine payment normality, allowing users to see why one or more was deemed anomalous. And perhaps most advantageous for the user is that processes aren’t slowed down in any way, even with greater visibility into payment data. Payments could be flagged as anomalous for a variety of reasons, including: A high number of payments for the same third party Payments with unusually high amounts Payments to blacklisted countries according to company policy Suspicious changes to payments imported from an ERP Payments to a bank account used by several third parties Duplicate payments After testing multiple machine learning models, Kyriba’s data scientists selected two solutions to identify irregularities in payments. Isolation Forest An isolation forest model is an unsupervised algorithm that works on the principle of isolation anomalies; anomalous instances in a dataset tend to be easier to separate from the rest of the sample. In the following example, we can see that anomalies require fewer random partitions to be isolated, compared to normal points: Generative Adversarial Network One problem many machine learning models run into when trying to identify fraud is the lack of data around fraud. Most organizations haven’t experienced significant payments fraud and thus lack the depth of examples to share. Others who may have been the victims of fraud may be reluctant or unable to share the specifics. So, training AI models can be challenging because the algorithms can only learn from good payments and, at best, a handful of bad ones. Generative adversarial networks (GANs) can solve this problem. A GAN is a deep learning model that pits two separate neural networks against each other. One network (the generator) mixes real data and synthetic data together and attempts to outwit the opposing network (the discriminator). Kyriba creates a “fraudster” network (the generator), hiding synthetic fraudulent among legitimate transactions based on a client’s payment history. Then, a “police” network (the discriminator) sifts through the data, separating the illicit transactions from the good ones. By training the fraud detection model on these competing networks, Kyriba can better identify fraudulent transactions when viewing real data. Generative Adversarial Network (GAN) Model Dashboards Dashboards can be set up to display all suspicious payments and prioritize their resolution, based on factors such as detection rules, risk exposure, incident counts and a fraud detection scorecard. Dashboards provide authorized users with complete transparency into all payment screening and can resolve outstanding actions efficiently. Fraud Prevention Workflows Modern payments fraud modules also support fully automated, end-to-end workflows for the resolution of outstanding suspicious payments. Users can also determine how each detected payment should be managed, enforcing the separation of duties between the initiator, approver and reviewer of a detected payment. Reviewers can also be determined by payment rule and specific scenario (e.g., the treasury manager reviews payments less than $1 million, while payments over $1 million go to the treasurer), and non-treasury personnel can be assigned to review certain detected payments. Reporting and Audit Trails Leading technology solutions can ensure that detected payments are permanently tracked in the system for daily, monthly or annual reporting. History is maintained indefinitely and all details of the suspicious transaction—including the audit trail of detected and resolved actions—are retained for internal and external audit reporting. Payment Hubs With a payment hub, organizations have all their fraud protection capabilities in one place. Payment hubs consolidate payment streams from ERPs, finance, treasury, legal, capital markets and decentralized teams, transforming disaggregated processes into a single source of record for all outgoing payments. A payment hub also transforms payment data into bank-specific file formats and connects directly with global banks via multiple protocols, including host-to-host, SWIFT and regional networks. Payments from ERPs or other systems can bring an entire enterprise-wide payments landscape under the consistent and risk-focused fraud prevention framework. With API-driven connections and integration tied into an approval and fraud prevention workflow, controls and fraud are enhanced and easily governed. Payment Hub Fraud Protection Fraud Mitigation Matrix Treasury and finance professionals have many fraud prevention tools at their disposal. The following list of solutions provides an overview of some the capabilities that today’s tools deliver for mitigating fraud risk. Fraud Mitigation Matrix Solution Key Protections Capabilities Fraud Detection Scenarios Pre-Defined Detection Rules Flags unorthodox payments for further review Easy to customize and come up with your own rules Real-Time Screening AI/Machine Learning Dashboard Screens payments against historical payment data Displays all suspicious payments and prioritizes their resolution Fraud Prevention Workflow Fully Automated Workflow Enables users to resolve outstanding suspicious payments Allows users to determine how detected payments should be managed Enforces separation of duties around a detected payment Designates reviewer(s) by payment rule and specific scenario Provides the ability to assign non-treasury personnel to review payments Features an option to hide alerts from initiators/approvers of a payment Allows scenario-based stopping of payments until resolved Enable to bypass for low-value payments Sets up tiered approvals Reporting & Audit Trails Complete KPI reporting Detected payments are permanently tracked in the system History is maintained indefinitely APIs: The Future of Fraud Detection Real-time payments, which are gradually becoming more prevalent, bring unprecedented visibility and transparency to both the payer and the payee. However, there is also no stopping the transfer of funds once a real-time transaction is executed. Therefore, fraud needs to be prevented in the approval process before a payment request reaches the bank. Building APIs into the payment platform allows users to fully automate bank account validation and payment policy screening, identifying exceptions in real-time. APIs can instantly match payments against third-party data; for example, they can be used for sanctions list screening or verifying the ownership of the bank account to whom your company is paying. By using APIs for third-party system integration with your payment platform, your organization can ensure real-time access to any needed database for account or compliance validation. Exceptional payments can be immediately quarantined for further review, while unexceptional payments process normally. Learnings and Takeaways CFOs and treasurers require a more complete set of payments controls to mitigate modern fraud threats, including artificial intelligence/machine learning and APIs. Organizations have three common areas that make them vulnerable to fraud: technical systems, processes and human error. Modern threats include business email compromise scams, check fraud, wire fraud, deepfake voice fraud, and ransomware. Technologies that can be used to combat fraud include pre‑defined fraud detection rules; real-time screening, alerts and notifications; fraud prevention workflows; reporting and audit trails; and payment hubs. As the threats continue to evolve, treasury and finance teams need to heighten their awareness. Interested in learning how to build out incident response programs to maximize protection end-to-end? Check out this on-demand webinar. Cybersecurity and fraud experts from Corelight and Kyriba outline fraud defense strategies.

Aite Matrix Evaluation: Corporate Treasury Management Systems’ Readiness

INTRODUCTION Corporate treasurers are aware that the personal computing systems used for handling administrative and repetitive tasks are quickly becoming unfit to deal with frequent market changes and to manage complex data transactions between multiple parties and institutions. Therefore, corporate treasurers (especially in small and midsize enterprises [SMEs]) are replacing their basic personal accounting system with a more robust TMS and are in the process of learning how to select the right solution. It is not so infrequent that corporate treasury officers are put in front of myriad alternative solutions that only confound their selection process, as treasurers remain entangled in product demos and features-and-functions “fireworks” that make the short-listing decision harder. Aite Group is fully aware of this and proposes an evaluation approach that factors in all the key elements for a successful selection and, more important, an ongoing positive business relationship with the chosen vendor. This Aite Matrix evaluation report explores some of the key trends within the TMS market and discusses the ways in which technology is evolving to address new market needs and challenges. This report compares and contrasts the leading vendors’ offerings and strategies, and it highlights their primary strengths and challenges. In particular, it assesses each vendor’s readiness to offer product functionalities that Aite Group expects will become mainstream in the next two years. Finally, to help corporate executives make more informed decisions as they select new technology partners, this report recognizes specific vendors for their strengths in critical areas. METHODOLOGY Leveraging the Aite Matrix, a proprietary Aite Group vendor assessment framework, this report evaluates the overall competitive position of each vendor, focusing on vendor stability, client strength, product features, and client services. The following criteria were applied to develop a list of vendors for participation: International presence Functional coverage for corporate treasuries, assessing the vendors’ capabilities to offer a portfolio beyond the “basic” functionalities of a TMS: cash and liquidity management, payments initiation, bank account management, and cash forecasting Focus on companies with annual revenue over US$500 million Participating vendors were required to complete a detailed product RFI composed of both qualitative and quantitative questions, conduct a minimum 60-minute product demo, and provide active client references. THE PLAYERS This section presents comparative data and profiles for the individual vendors that participated in the Aite Matrix evaluation. This is by no means an exhaustive list of vendors, and firms looking to undergo a vendor selection process should conduct initial due diligence prior to assembling a list of vendors appropriate for their own unique needs. Table A presents basic vendor information for the participating solutions. THE MARKET The following market trends are shaping the present and future of the TMS market (Table B). KEY STATISTICS This section provides information and analysis on key market statistics as well as projected IT spending related to the vendor market. ANNUAL REVENUE ESTIMATES ANALYSIS The market presence of TMS vendors is evenly distributed among various revenue tranches (Figure 1). The consolidation of the largest players has opened space for lower-tier vendors that have improved their international presence and enlarged the scope of their product portfolio. PROFITABILITY ANALYSIS Although TMS vendors still find some resistance to change by corporate treasurers who prefer to remain loyal to their proprietary electronic spreadsheet tables, the demand for robust treasury software applications is strong. TMS vendors that are capable of corresponding to purchasing requirements (i.e., features and service) of their corporate prospects enjoy healthy returns (Figure 2). GROWTH RATE ANALYSIS The positive results of vendor profitability are reflected in the breakdown of the assessed vendors’ growth (Figure 3). A consistent majority (63%) experienced a double-digit growth over 15%. Only a relative minority (12%) had limited—yet still positive—business success. The results were lower than expected in only one case. CLIENT BREAKDOWN BY TYPE An analysis of the distribution of number of clients among TMS vendors (Figure 4) suggests a form of correlation with the vendors’ business profitability (Figure 2); the more clients served (a client is a registered company—multiple installations at same registered company count as one), the higher the profitability. As soon as the client base diminishes, the profitability drops significantly, only to increase again when there are fewer than 100 clients. The explanation may reside in the fact that profitable clients are large or very large corporations with budgets that recognize the value of the software and services combination and are ready to pay for it. With such a group of clients, TMS vendors are ready to expand their sales campaigns and are confident of two important elements: They have a good set of client references to leverage, and the profitable returns can subsidize the costs for extended sales programs that conclude with an increase in the market share and new client acquisitions. As soon as the resources to invest diminish, however, the client base is reduced, and this may create a vicious circle. Only by focusing on a limited—yet more controllable—pool of clients, the TMS vendors can generate efficiencies and offer standardized solutions that allow them to see their returns increase again. AITE MATRIX EVALUATION This section will break down the individual Aite Matrix components, drawing out the vendors that are strong in each area and how they are differentiated in the market. THE AITE MATRIX COMPONENTS ANALYSIS Figure 5 overviews how each vendor scored in the various areas of importance. Each vendor is rated, in part, based on its own data provided when responding to the RFI distributed by Aite Group as well as on product demos and follow-up discussions as part of the Aite Matrix process. Ratings are also driven by the reference customers of the examined vendors to support a multidimensional rating. VENDOR STABILITY Kyriba leverages its long-lasting presence in the market and global geographical presence. It also has a robust workforce with significant treasury management experience. CLIENT STRENGTH All vendors serve clients in multiple geographies and in a diversity of industry segments. Kyriba, in particular, received high scores from client reference checks for vendor reputation. CLIENT SERVICE Kyriba stands out from the competition. This must not induce in error believing that the other vendors are not careful to their clients. They all offer global and localized support as a standard service with no additional fees. They also measure their performance by contractualizing service-level agreements. The elements that differentiate Kyriba are relative to client reference feedback for service and support, as well as the low implementation costs relative to its pure Software-as-a-Service (SaaS) offering. PRODUCT FEATURES All analyzed vendors deliver fundamental treasury management features of cash and liquidity management, cash forecasting, risk management, payments, investments, funds trading, and debt and equity deal management. The analysis for this report has gone deeper in assessing the vendors’ capabilities to deliver product features closer to the needs of the evolving role of the corporate treasurer: artificial intelligence (AI)-based application that suggests course of action based on the standards being followed in the country of reference, alerts from supply chain events that impact treasury operations (e.g., large purchase order will require funding, delivery delay to client requires cash inflows rescheduling, peak in production requires liquidity to pay extra working hours and temporary staff), and direct integration with major supply chain finance (SCF) platforms via APIs. The above are the specific features that Kyriba displays alongside an already robust TMS applications portfolio. THE AITE MATRIX RECOGNITION To recap, the final results of the Aite Matrix recognition are driven by three major factors: Vendor-provided information based on Aite Group’s detailed Aite Matrix RFI document Participating vendors’ client reference feedback and/or feedback sourced independently by Aite Group Analysis based on market knowledge and product demos provided by participating vendors Figure 6 represents the final Aite Matrix evaluation. BEST-IN-CLASS VENDOR: KYRIBA Kyriba emerges as the clear winner among the examined contenders. Aite group appreciates the vendor’s extended product footprint to cover a large portion of a treasurers’ daily routine operations—namely, supply chain, trade finance, and bank account operations management from the corporate ERP or TMS. Kyriba excelled in the following: Vendor strength: Kyriba has a clear vision of corporate treasury’s needs and expectations. Its out-of-the-box thinking led the vendor to anticipate the benefits of integrating a supply chain finance engine as part of its core product’s stack. Its attention to leveraging APIs to create ERP and bank plug-ins is a further testament of this continuous attention. Product performance: Of particular relevance are cash forecasting tools, bank connectivity interfaces, and ease of use and implementation due to its native SaaS construct. BEST IN CLASS: KYRIBA Kyriba began operations in France in 2000 as a spin-off from Sage XRT (now part of Aritmos). The headquarters was relocated to the U.S. in 2004. Private equity firm Bridgepoint Capital became a majority shareholder in April 2019 and added a US$160 million growth investment to help Kyriba continue its product innovation and growth strategy. Kyriba delivers an in-house-developed pure SaaS finance software platform with integrated bank connectivity. Through its fully virtualized, multitenant treasury cloud, Kyriba offers a suite of solutions for corporate treasury and finance: treasury, payments, risk management, and working capital. The SaaS nature of the solution allows the firm to keep implementation time typically between six and nine months. Smaller, less complex projects can be rolled out in weeks. Kyriba is a SWIFT-certified application for cash management and an authorized reseller of SWIFT Alliance Lite2 for business applications. Kyriba’s SWIFT Service Bureau offers clients their own SWIFT BIC, fully managed by Kyriba, alongside an outsourced MT Concentrator model that allows organizations to utilize a SWIFT BIC specifically provisioned for Kyriba clients, instead of becoming a SWIFT member. The bank or corporate subsidiary data is consolidated, normalized, and integrated into a portal that provides liquidity dashboards, cash flow forecasting, daily cash positioning, and zero-balance account structure, as well as intercompany loan balance and transaction data, FX capture, tracking, and revaluation. After the injection of fresh funds from Bridgepoint Capital, Kyriba is focused on product development and continued customer support while expanding its partnership ecosystem. While the full list of implementation partners cannot be disclosed, the vendor employs an extensive partner program spread across regions, ranging from large partners such as Accenture to smaller domestic treasury-specific associates. Kyriba’s SaaS cloud-based solutions automate an “on-demand” collection of data from multiple banks and company subsidiaries, leveraging connectivity channels for both treasury and ERP that reach over 100 international banks with a prebuilt inventory of bank formats. Kyriba supports over 125 payment formats with over 45,000 different payment scenarios (e.g., by type, geography, bank). Relevant attention and investment are dedicated to APIs. The API integration builds upon Kyriba’s leading connectivity options, considering that recently published figures tell that the vendor processes more than 83 million bank transactions, 30 million payments, and 530 million ERP transactions on behalf of its clients each month through its global connectivity hub. Kyriba’s main target is to be recognized as the treasury management and payments hub solution provider that offers real-time payments to its bank partners’ corporate customers. In February 2019, Kyriba announced an API-based integration with Citi.1 Later in May, it announced a real-time payments feature using JP Morgan’s API that will enable joint Kyriba and JP Morgan clients to send real-time corporate payments in the U.S. through The Clearing House’s RTP network.2 Commenting on how the competitive environment will evolve over the next two years, Kyriba representatives believe that there is a possibility for further consolidation, as some competitors are challenged financially. It is unlikely that more competition will emerge, as recent entrants have struggled. As new technologies such as RPA and AI become mainstay requirements for treasury, the vendor expects a divergence between platforms that can evolve their technology and those that cannot. Another variable is the broadening of treasury responsibilities into areas such as risk management and procure to pay. Competitors that cannot extend their functionality to meet these additional requirements will find themselves uncompetitive. Kyriba is predicting growth across all sizes of organizations, including smaller midmarket businesses, with the Americas and the Asia-Pacific representing the highest growth markets. AITE GROUP’S TAKE Kyriba’s strong tradition of long-term partnerships and its one platform that blends typical treasury and risk management functionalities, with additional features for payments and working capital optimization, create unique selling points that set a benchmark in the TMS market. Reference clients told Aite Group that the deciding factors to select Kyriba were the vendor’s company viability, its history of long-term well-established partnerships, the richness of treasury functionalities, and Kyriba’s value engineering support during the final evaluation process that provided the corporate decision-makers with the right elements to build the business case. An element that still creates a barrier to further adoption by prospective clients is the price of the TMS that may discourage companies with smaller treasury budgets than those traditionally served by Kyriba. Other business challenges are represented by the continuous demand from corporate treasurers to have immediate TMS solutions to manage unexpected FX volatility, adapt to innovative cash optimization techniques (e.g., dynamic discounting, real-time invoice discounting), and apply data intelligence algorithms to unstructured data sources (e.g., website transactions, social media data flows). Aite Group finds that Kyriba is well poised to exert and maintain competitive leadership by further investing monetary and intellectual resources to leverage the top technology trends that impact its corporate clients’ business: APIs, open banking, data visualization, real-time data analysis, RPA, and AI. BASIC FIRM AND PRODUCT INFORMATION Headquarters: San Diego, California Founded: 2000 Number of employees: 700 Key financial information: Annual revenue US$110 million (estimated 2018) Key products and services: Kyriba (with modules that can be sold separately: Treasury, Payments, Risk Management, and Working Capital) Target customer base: Large and midsize corporations Number of clients: 2,000 Average client tenure: 10 years Global footprint: Global Implementation options: Pure SaaS Pricing structure: Based on module use, complexity, and number of users KEY FEATURES AND FUNCTIONALITY BASED ON PRODUCT DEMO AI-based application that pops up relevant KPIs based on business event triggers (e.g., bank change of price conditions, change in insurance premium) Cost accounting structure for treasury managed costs (e.g., staff, bank accounts, commissions) Alerts from supply chain events that impact treasury operations Alerts relative to political events in countries in which the client company does business—these alerts pop up any time the treasury office is executing operations related to that country What-if scenario planning triggered by financial event Integrate directly with major SCF platforms (e.g., Premium technology, Taulia, C2FO) via APIs TOP THREE STRATEGIC PRODUCT INITIATIVES OVER LAST THREE YEARS Real-time fraud detection for treasury and supplier payments End-to-end risk management from exposure identification and analysis to hedge accounting and compliance Data warehousing, business intelligence, and data visualization TOP THREE STRATEGIC PRODUCT INITIATIVES IN THE NEXT 12 TO 18 MONTHS Standardize API development across the entire banking and ERP community Further introduction of AI and machine learning throughout the platform Working capital management and analysis CLIENT FEEDBACK Interviewed clients appreciate Kyriba's commitment to security and risk prevention. By improving efficiency and automation with the TMS, clients recognize they have made substantial time and resource savings. TMS-enabled cash pools and in-house banks have enabled corporate treasury departments to reduce bank charges, lower borrowing costs, and achieve tax efficiencies. Clients like Kyriba’s SaaS architecture, as it gives them access to a mission-critical platform from any location, without any hardware investment and without the headache of upgrades. Alongside the cloud-based structure, corporate users enjoy more basic, yet important for the daily routine, gained efficiencies of their cash operations. The TMS provides the tools to forecast cash more accurately and effectively, especially when accompanied by efficient implementation and support teams. Totally cloud-based software may be seen by customers in different ways. Large multinational treasury departments prefer a standardized set of modules that do not require (nor are designed for) customization. Smaller firm clients may expect the possibility to change the software features to adapt to their preferences. Over time, though, these users appreciate the opportunity to use software modules continuously adapted and upgraded based on the input of thousands of users that run the same software. The requests to change and adapt the software to every specific requirement significantly diminish, although some form of parametrization (i.e., configuration) is expected for functionalities that have natively high levels of personalization, such as FX exposure management, business intelligence, data visualization, and connectivity APIs. Table C displays the vendor’s strengths and challenges. CONCLUSION Buyers: Evaluate the overall competitive position of each TMS vendor by focusing on multiple selection criteria: vendor stability, client strength, product features, and client services. Don’t ask for continual customizations; rather, rely on the vendor’s acquired experience of working with numerous corporate clients and leverage the offered solutions that bear the fruits of industry best practices and techniques. Look for TMS vendors that don’t require a total transformation of your treasury operations but that allow for a smooth transition that blends your current information systems with the newly introduced treasury software. ABOUT AITE GROUP Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn. AUTHOR INFORMATION Enrico Camerinelli +39.039.21.00.137 [email protected] CONTACT For more information on research and consulting services, please contact: Aite Group Sales +1.617.338.6050 [email protected] For all press and conference inquiries, please contact: Aite Group PR +1.617.398.5048 [email protected] For all other inquiries, please contact: info[email protected] 1. “Kyriba Unveils API Integration With Citi,” Finextra, February 26, 2019, accessed July 18, 2019, https://www.finextra.com/pressarticle/77412/kyriba-unveils-api-integration-with-citi.2. David Heun, “JPMorgan, Kyriba Turn to Open Development for Real-Time Corporate Payments,” Kyriba, May 23, 2019, accessed July 24, 2019, https://www.kyriba.com/company/media-coverage/jpmorgan-kyriba-turn-open-development-real-time-corporate-payments.