Kyriba Launches New Receivables Finance Solution to Help Finance Teams Facing Higher Interest Rates and Inflation
Kyriba Receivables Finance will Provide Companies with a Real-Time Tool to Accelerate the Cash Conversion of their Receivables with One Click, while Improving Visibility on Their Liquidity
SAN DIEGO – 13 December, 2022 – Kyriba, the global leader in cloud-based financial and IT solutions, has today announced the launch of Kyriba Receivables Finance. The solution provides finance teams with greater control over factoring or securitization programs as well as enabling selective invoice financing. The multi-funder solution integrates all vendor programs into a single platform, providing a real-time overview of credit facilities, utilization, limits, and program performance.
“A lot of companies die despite their profitability, because they don’t have the tools to manage or inject cash into their company. In 2023, corporate insolvencies are expected to grow by +19% globally1, due to higher energy prices, and rising interest rates and wages. The speed with which companies can convert their receivables is essential for their survival: the faster the conversion, the less working capital required to support the business,” said Bob Stark, VP Strategic Marketing, Kyriba.
Multiple-Funders Solution to Help CFOs and Treasurers Manage End-to-End Receivable Finance Programs
“Kyriba Receivables Finance enables CFOs to release funds tied up in unpaid accounts receivables, quickly convert them into cash and optimize decision making,” said Edi Poloniato, Head of Working Capital, Kyriba. “This solution enhances the control of financial departments over financial risk, automates the end-to-end process and reduces operational costs, while offering a single funder agnostic platform.”
The solution automatically pulls invoices from one or multiple ERPs, identifies eligible documents based on each funders’ criteria and dispatches them to the different financial institutions while continuously updating ERPs on both status and accounting.
Key Features of Kyriba Receivables Finance:
- Fast and efficient implementation: As a result of its use of APIs, Kyriba Receivables Finance seamlessly connects to the seller’s ERP to upload documents (e.g., invoices, credit notes) and updates status and accounting in real time;
- Advance payment processing: Kyriba Receivables Finance allows for eligibility and limit checks before processing documents or receivable sales to banks. The solution then completes the workflow by connecting to funders and retrieving the status of drawdown requests;
- Payment and Reconciliation: Once collection reconciliation is complete, Kyriba Receivables Finance automatically settles re-payments of financed and collected invoices to the funder on the due date;
- Dashboards, Reports, and Tips: Kyriba Receivables Finance offers a homepage widget that makes prepayment status, collections, limits, DSO and other KPIs readily available;
- Seamless integration: Kyriba Receivables Finance is natively integrated with the other modules of Kyriba’s Liquidity Management platform. It provides real-time visibility into other discounting or payables programs if any (such as Dynamic Discounting, Supply Chain Finance and Confirming). This provides better business intelligence and reporting, enabling a quick, easy and in-depth analysis of global funding programs;
This module is available for corporates, large and medium companies, as well as financial institutions in white-label solution.
About Kyriba Corp.:
Kyriba empowers CFOs and their teams to transform the way they activate liquidity as a real-time, dynamic vehicle to grow and create business value, while protecting against financial risk.
With 2,500 customers worldwide, 20% of which are Fortune 500 companies, and 25 million payments processed daily, Kyriba’s platform connects internal treasury, risk, payment and working capital applications to vital external sources such as banks, ERPs, trading platforms and market data providers. Based on a secure and scalable SaaS platform that uses artificial intelligence, Kyriba enables thousands of businesses around the world to maximise growth opportunities, protect against losses from fraud and financial risk, and reduce costs through advanced automation.
Kyriba is headquartered in San Diego, with offices globally. For more information, visit www.kyriba.com.
1 Source : Allianz Trade Global Insolvency Survey, May 22 : https://www.allianz-trade.com/en_global/news-insights/economic-insights/global-insolvency-report-2022.html
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