Casos de éxito

In 2020, Cooke Aquaculture introduced Cooke Bank as a concept for centralizing its global liquidity and FX exposure. Between October 2020 and April 2021, a multi-layered, fully tax and transfer pricing compliant In-house Bank...

In 2020, Cooke Aquaculture introduced Cooke Bank as a concept for centralizing its global liquidity and FX exposure. Between October 2020 and April 2021, a multi-layered, fully tax and transfer pricing compliant In-house Bank (IHB) Solution was configured in Kyriba with a fully automated current-account relationship between treasury and operating units. “The primary goal of the in-house bank model was to internalize as many transactions as possible using the resources available in order to unlock liquidity.” Onaolapo Badejoko Treasury Risk Manager, Cooke Aquaculture Inc. Cooke Aquaculture has a robust growth strategy, including acquisitions and ongoing strategic search for development opportunities. The company’s global operations journey resulted in the need for Cooke to develop a Treasury function that would make cash a corporate resource across the enterprise and unlock liquidity. “Our in-house bank success story has led to a lot of cost savings. In terms of the payment factory rollout where all payments flow into one location, we now have control over when and how to pay, as well as over who gets paid. This has led to economies of scale, payment process efficiency, and full control over liquidity, group-wide.” Onaolapo Badejoko Treasury Risk Manager, Cooke Aquaculture Inc. Key Challenges with Legacy Processes: • Decentralized Cash Management • Decentralized & manual payment processing • Poor access to surplus cash balances • Complex, manual processing of intercompany liabilities • Multi-layered fiscal structure • Decentralized FX Management Objectives of In-house Bank Project • Implement tax compliant, multi-layered in‑house bank structure • Unlock otherwise trapped liquidity • Reduce number of cash management banks and bank accounts • Real-time, multi-currency liquidity management • Reduction in transaction costs / external money flows • Integration with ERP to support payments • Centralization of FX exposure management • Robust management and tax reporting “Cooke’s in-house bank promotes centralization and standardization of payment processes while enhancing controls. Their streamlined payment process reduced costs, improved cash liquidity and visibility, and minimized risk while increasing productivity.” Craig Chapman Senior Manager, Actualize Consulting Key Take-aways for successful in-house bank implementation Timing » Engaged early with internal accounting, tax and legal teams » Sequencing workflow efficiently was critical for Cooke’s successful implementation Standardization » Simple structures from an implementation, adoption and performance standpoint resulted in 100% accurate and automated accounting and reconciliation » Implemented a standardized process across all entities Clarity » Established clear project roles and responsibilities » Set a roadmap, project plan and stuck to deadlines and due dates Integration » ERP integration eliminated excessive manual input » Unlocked 20% of full-time employees in the financial shared service center for more strategiclevel work Successful in-house bank and payment factory implementation delivers multiple benefits In-House Banking • Administration of intercompany (cash) liabilities • Cooke Bank is the liquidity provider of the whole group Payment Factory • Payment process efficiency • Control over WHEN and HOW to pay or get paid Additional Synergies • Cooke Bank becomes the perferred “banking partner” of affiliates • Reduced bank fees   About Cooke Aquaculture Cooke Aquaculture Inc. is a vertically-integrated family company based in Blacks Harbour, New Brunswick, Canada with salmon farming operations in Atlantic Canada, the United States (Maine and Washington), Chile and Scotland, as well as seabass and seabream farming operations in Spain.

At KyribaLive 2022, David Deranek presented the following business case review that resulted in HCSC’s Technology Transformation and being awarded the 2021 AFP Pinnacle Award Grand Prize. “By elevating all these data proficiencies, treasury...

At KyribaLive 2022, David Deranek presented the following business case review that resulted in HCSC’s Technology Transformation and being awarded the 2021 AFP Pinnacle Award Grand Prize. “By elevating all these data proficiencies, treasury would be better able to make strategic decisions, using data to analyze the effectiveness of financial decision making. This would give treasury a bigger influence in the business enterprise, therefore making our treasury organization a true and dynamic strategic partner to the business.” David Deranek, Director of Treasury, HCSC The Mission: Use Data to Become an Agent of Change In 2018, HCSC’s treasury team embarked on a multi-year project and began operating under a new organizational mandate to provide an elevated level of strategic guidance to the CFO, Treasurer and Board of Directors. Treasury was given the opportunity to become an agent of change and an integral part in running the company’s operations by leading an enterprisewide transformation project: Deliver real-time BI analysis and unlock idle liquidity to better prepare the company to take action when a crisis hits. In order to do this, treasury initiaited a digital transformation project to unlock efficiencies and drive the business to profitability. The objectives were: Increase productivity Become more data-driven Increase business value “We realized every single aspect of the business was swimming in data, so as an organization we began asking “how can we think better with this data and how can we make better decisions as treasury professionals with this data” David Deranek, Director of Treasury, HCSC Become More Data-Driven by Upgrading Skills, Process Efficiencies, and Automation Technology In 2016, Kyriba’s TMS was implemented to centralize treasury functions. This first phase resulted in a more effective and productive treasury, but multiple independent financial platforms outside the TMS still existed, and data was siloed. HCSC knew they needed to unify these platforms to harnass all the data and drive more informed decisions. The Three Year Plan With Treasury’s mission in mind—to deliver strategic financial guidance , improve decision making, and increase agility to respond to new crises — HCSC set into motion a three year plan for data transformation. Year One Engage leadership with their teams and make recommendations for opportunities Maximize use of an in-house developed Treasury Enterprise Analytics & Reporting (TEAR) System Reallocate and repurpose staff resources for new strategic treasury functions Year Two Develop a maturity & capability scorecard Find production, process, and automation efficiencies Turn HCSC’s Treasury function into a true strategic consultancy Year Three Platform Optimization of TMS and interconnectivity to satellite treasury systems Bringing It All Together: Data Unification The Project to drive business intelligence and data-driven decision making was all connected into a home-grown tool called TEAR (Treasury Enterprise & Analytics Reporting) A data warehouse, consolidating data from disparate treasury system platforms API-enabled framework to integrate and unify external data sources Business intelligence & visualization solution, taking existing reporting framework from a system of record to a system of insight A treasury network (internal and external) to support treasury, forecasting, investment, accounting, actuarial, and corporate strategy teams Positive Business Outcomes Reduced VaR by Over 50 Percent in One Year Despite Significant Market Volatility. 97 Percent Real-time Visibility of Group Exposures. Visibility — 100% of enterprise cash, liquidity, financial exposures Investments — Unlocked $9B in investable capital for $40M/$155M in returns (doubling investment income) Forecasting — Reduced Tier 1 idle cash from $4.0B to $25M (90%) Responsiveness — Provided the ability to quickly pivot as Covid pressures required Productivity — Repurposed positions to assignments supporting new strategic functions. Technology did not eliminate jobs but gave people better ones!   The $320M Result Driving increased work satisfaction and career improvement for treasury personnel, Treasury directly added over $320 Million of value to HCSC’s bottom line. ABOUT HCSC HCSC is the 5th largest healthcare insurer in the U.S., operating as Blue Cross Blue Shield in Illinois, Texas, Montana, Oklahoma, and New Mexico in addition to 30+ operating subsidiaries, with 16 million health plan members and 24,000 employees.

Hunt Companies is at the forefront of the Real-Time Payments (RTP) movement. Adopting the technology to lower bank wire fees and reducing the time spent correcting rejected payments has already provided significant gains in...

Hunt Companies is at the forefront of the Real-Time Payments (RTP) movement. Adopting the technology to lower bank wire fees and reducing the time spent correcting rejected payments has already provided significant gains in both hard and soft savings. “I am very happy to be pioneering Real-Time Payments with Hunt Companies, as I want us to be there when it is widely accepted by more banks and not have to play catch up. It benefits every business line across the organization as we can reduce bank fees substantially on payments.” David Miller, Treasurer & Sr. Vice President, Hunt Companies Key Challenges: The volume of payments processed by Hunt Companies monthly resulted in significant bank fees. With wire transfers, often the rejection notification of the payment would come hours – even days – after the payment was shown as complete. Significant time was spent by the department to research and resend failed payments. Real-Time Benefits of Real-Time Payments Reduces bank fees from $6 on average for a wire transfer to less than $1 for RTP, with a potential for much greater savings as more banks are added An impactful number of productivity hours gained per month by Hunt’s finance team no longer needing to research and re-issue failed wire payments In just 3 months, Hunt Companies has seen a 375% increase in number of payments using RTP month-over-month, a number expected to grow exponentially as more banks are added and transaction size limits are increased. While currently less than 10% of Hunt’s payments are made using RTP, transaction size limits were only recently raised to $1M, already making an impact for Hunt. David Miller, Hunt’s Treasurer & Sr. Vice President, is eager to see the transaction limit continue to increase and more banks adopt RTP. The Hunt® trademark is registered to its respective holder and use of the trademark does not imply any affiliation with Kyriba or Real-Time Payments (RTP). To the best of our knowledge, the information contained herein is accurate and reliable; however, we do not assume any liability whatsoever for the accuracy and completeness of the above information and make no warranties which extend beyond the description contained herein. Any information given in this statement does not constitute any warranty of merchantability or fitness for a particular use.

“During our implementation, we took the Big Bang approach of replacing our previous TMS, Payment Factory and many home-grown tools all at once. On Day 1 of “Go Live” we were successful in connecting...

“During our implementation, we took the Big Bang approach of replacing our previous TMS, Payment Factory and many home-grown tools all at once. On Day 1 of “Go Live” we were successful in connecting to our banks and making payments in over 20 currencies, with more than 250 users trained in 18 countries.” Scott PaulyTreasury Manager and Implementation Lead, Ingram Micro Inc. Day 1 Implementation Success Bank connections and payments in over 20 currencies Cash Management and Forecasting modules deployed for real time cash positioning and In-House Banking structure FX transactions seamlessly feeding from trading application Loan facilities and investment trading All data feeding upstream to financial reporting applications for enterprisewide visibility 250 users in 18 countries trained and operational at Go-Live for enterprisewide visibility   “Ingram Micro won the Implementation of the Year award for making the FX lifecycle into something that takes minutes per day instead of hours, and for making this highly complex and error prone process into something that runs like clockwork.” Leslie SlaterFounding Principal, 3PO Consulting, LLC

Hear first-hand from Kyriba clients how treasury transformation was realized through Kyriba’s innovation, technology and support. Treasury leaders at Specialized Bicycle Components, HealthCare Services Corporation, Cenveo Worldwide, Koch Industries, and LifeSpace Communities share their...

Hear first-hand from Kyriba clients how treasury transformation was realized through Kyriba’s innovation, technology and support. Treasury leaders at Specialized Bicycle Components, HealthCare Services Corporation, Cenveo Worldwide, Koch Industries, and LifeSpace Communities share their key challenges prior to implementing Kyriba, and highlight positive business results achieved with Kyriba. About Cenveo Worldwide Cenveo is the world leader in the management and distribution of print and related offerings, encompassing 20 facilities across the United States with a long history of delivering top value for customers. https://cenveo.com/ About Health Care Services Corporation Health Care Service Corporation (HCSC) is the fourth largest health insurer in the US, with revenues of $62 billion. A mutually owned company, it has 16 million health plan members, 20,000 employees and more than 30 operating subsidiaries. The treasury team, which consists of 41 people, is responsible for managing 14 bank relationships and more than 200 bank accounts. It also oversees $12 billion in cash management and investment assets, as well as $120 billion of cash transactions on an annual basis. https://www.hcsc.com/ About Koch Industries Koch Industries is one of the largest private companies in America. A diverse set of businesses and industries across the world work together to keep improving and exploring new ways to make life even better. https://www.kochind.com/ About LifeSpace Communities Lifespace Communities is a not-for-profit organization that owns and operates 14 continuing care retirement communities (CCRCs) in seven states, serving more than 4,700 residents and employing nearly 3,700 team members. https://www.lifespacecommunities.com/ About Specialized Bicycle Components Founded on the principle of performance and fueled by innovation, our focus on the rider and their needs is our constant. From seasoned pros and weekend warriors, to kids and commuters—if you ride, we’re for you. The passion we have for sharing our love of bikes with the world can be seen in those who choose to work here. Headquartered in Morgan Hill, CA, the passionate and creative teammates at Specialized have designed and manufactured the world's most innovative bikes and gear since 1974. http://www.specialized.com

Scientist.com es la puerta de enlace empresarial líder mundial para la subcontratación de servicios de investigación y desarrollo. El mercado simplifica la contratación de I+D, lo que permite ahorrar tiempo y dinero, reduce los...

Scientist.com es la puerta de enlace empresarial líder mundial para la subcontratación de servicios de investigación y desarrollo. El mercado simplifica la contratación de I+D, lo que permite ahorrar tiempo y dinero, reduce los riesgos y proporciona acceso a las herramientas y tecnologías innovadoras más recientes. La necesidad de Supply Chain Finance accesible La financiación ha sido desde siempre un problema para los proveedores pequeños y medianos de servicios de investigación en el sector de la subcontratación de servicios preclínicos. Estas empresas se ven forzadas a aceptar un plazo de pago máximo de 120 días, definido por las grandes compañías farmacéuticas. Como resultado, los proveedores tienen que luchar por acceder a los medios de financiación necesarios para poder competir con sus rivales a la hora de hacerse con ciertos proyectos. Mientras que las grandes compañías farmacéuticas utilizan sin problema los programas Supply Chain Finance (SCF), los proveedores pequeños tienen grandes problemas para acceder a ellos. Por ejemplo, un programa solo aceptará a proveedores cuyos gastos asciendan a millones de dólares. Y, aunque los proveedores cumplan este criterio, el proceso de incorporación puede tardar meses en completarse y resultar muy caro para el proveedor del programa, ya que los costes operativos asociados a los proveedores suelen ser muy elevados. "La financiación es la base de una organización. Si existen limitaciones o restricciones en este sentido, la organización deja de recibir el combustible necesario para mantener su funcionalidad operativa, es decir, el desarrollo de innovaciones, I+D y las operaciones diarias" Kris Kagan, Vicepresidente de Finanzas de Scientist.com El programa de pago anticipado de Scientist.com que salva vidas Scientist.com reconoció que, si se proporcionase a proveedores de cualquier tamaño una opción de pago anticipado a través de un programa de SCF, habría muchas más empresas que se centrarían en la innovación, sin tener que limitarse a cubrir meramente los costes operativos. Y esto, en última instancia, conduciría al desarrollo de nuevos fármacos. Scientist.com también identificó el potencial de su propia empresa para hacerse con un nuevo flujo de ingresos de rápido crecimiento proporcionando financiación a los proveedores. Así pues, en 2019, Scientist.com lanzó SciPayTM, una solución de Working Capital de Kyriba que incluye opciones de pago anticipado, incorporación rápida, gestión de facturas y descuentos dinámicos para ayudar a financiar las investigaciones de cualquier organización independientemente de su tamaño. Al hacer esto, los proveedores tendrían acceso a la financiación necesaria para lograr proyectos que anteriormente jamás habrían estado a su alcance por la falta de recursos. SciPay entra en escena para reducir el riesgo y crear oportunidades Para encontrar los mejores candidatos para SciPay, Scientist.com aprovechó sus ya consolidadas relaciones con grandes empresas farmacéuticas y de biotecnología, así como su cartera de más de 3100 proveedores. En apenas unos meses, 45 pequeñas empresas autodesignadas consiguieron inscribirse en el programa. La participación en el programa permite tanto a proveedores como compradores reducir el riesgo. Para los compradores, SciPay permite que el negocio se desarrolle de forma coherente garantizando que el trabajo se ha completado antes de pagar una factura y concediendo plazos de pago más amplios que no interrumpan las cadenas de suministro, ya que es Scientist.com quien asume la responsabilidad del pago. Para los proveedores, los pagos anticipados se traducen en crecimiento y esto hace posible que puedan acceder a proyectos anteriormente vetados para ellos al disponer del Working Capital necesario para cubrir los gastos operativos. Scientist.com considera que el éxito de SciPay es el resultado de su compromiso interno con la iniciativa y de su asociación estratégica con Kyriba. Gracias a un trabajo conjunto, los equipos de finanzas y desarrollo lograron integrar la plataforma de SCF de Kyriba en los sistemas operativos existentes de Scientist.com, así como su banco, para garantizar que los pagos y los datos de SciPay fluyesen de forma segura y sin obstáculos. «Escogimos Kyriba por dos razones fundamentales», dice Kris Kagan, vicepresidente de Finanzas de Scientist.com. «Nos concedió la oportunidad de contar con un programa de pago anticipado y nos permitió utilizar dicho programa y combinarlo con los módulos de TMS con los que cuenta Kyriba. El segundo motivo es que buscábamos socios en el sector que pudiesen crecer con nuestro negocio y Kyriba es el socio perfecto para ello». Aceleración del proceso de innovación Ahora, la innovación científica está teniendo lugar más rápido que nunca gracias a SciPay. En términos generales, la duración total del proceso de adquisición se ha reducido un 50 por ciento y el proceso desde la compra hasta la facturación se ha acelerado hasta un 80 por ciento. Como resultado, los investigadores pueden llevar a cabo sus proyectos y ampliar sus líneas de productos con más rapidez. Además, el proceso de innovación resulta ahora mucho más rentable para los compradores de servicios de investigación. Cuando hay más proveedores con Working Capital para pujar por un proyecto, el precio del proyecto puede reducirse. SciPay también ha aportado ciertas ventajas comerciales significativas a Scientist.com. Una de ellas radica en el hecho de haber atraído a proveedores de investigación a su mercado. El hecho de que los proveedores sólo tengan que inscribirse en un programa del SCF, en lugar de en varios, sin barreras de entrada, es un gran atractivo. Además, los compradores de servicios de investigación tienen a su alcance a más de 3100 proveedores registrados de todo el mundo en un único lugar. Finalmente, desde que Scientist.com utiliza su propio Working Capital para financiar a los proveedores, sus ingresos han experimentado un notable aumento gracias a la implementación de SciPay. Básicamente, SciPay atiende a un objetivo mayor que el de ser una mera plataforma financiera. Al fomentar una mayor competencia en el mercado de la investigación y facilitar el desarrollo de medicamentos que pueden salvar vidas a los proveedores, SciPay está participando en la ambiciosa misión de Scientist.com de ayudar a curar todas las enfermedades humanas para el año 2050. Ventajas del descuento dinámico: Margen más amplio para aceptar u ofrecer un descuento El descuento varía con el tiempo; no existe una opción única Proceso sencillo y sin complicaciones respaldado por una plataforma web Proporciona flexibilidad a los proveedores Proporciona visibilidad y seguridad Ventajas de la gestión de facturas: Seguimiento y pago de facturas por prioridad Visibilidad de la tesorería Aprobación automática de órdenes de hasta 25 000 USD Ventajas del pago anticipado: Working Capital adicional Flexibilidad de su liquidez Permite centrarse en el crecimiento y la innovación Reduce los obstáculos financieros a los que se enfrentan las pequeñas empresas

Dana Farber Cancer Institute implemented Kyriba after years of operating cash management and accounting in an ad hoc manner: Doing what was necessary but relying on significant manual processes and disparate systems. Behind their...

Dana Farber Cancer Institute implemented Kyriba after years of operating cash management and accounting in an ad hoc manner: Doing what was necessary but relying on significant manual processes and disparate systems. Behind their industry peers in process maturity, Dana Farber worked with Kyriba to quickly change all that. “In all these areas we've grown from all manual based to full automation, providing 100% visibility for strategic decision making. We are looking at realtime and on-demand cash visibility for a strategic cash forecast we can continually fine-tune.” Gerry DiStefano, Director of Treasury, Dana Farber Cancer Institute Key Challenges: Heavy manual, excel-based model resulted in excessive, unstructured and disparate functions in Treasury and Accounting. Limited visibility into cash positioning within their ERP and across the organization, as updates were only done at the end of the month. Strategic decision-making was near impossible without real-time cash positioning and forecasts. Positive Business Outcomes from Kyriba: Fully automated, insight-driven processes resulting in 228 hours per month saved - an 83% productivity improvement across the organization. Kyriba is capturing 98.4% of accounting activities, with 82% of accounting rules mapped. $925K in annual value realized in cash optimization and productivity Value Realization: 228 Hours Per Month Kyriba’s Value Realization Assessment (VRA) enabled Dana Farber Cancer Institute to provide the current state review post Kyriba deployment, resulting in 83% productivity improvement, including but not limited to: Cash Accounting & Reconciliation: 121 hours saved per month (81% improvement), plus 100% productivity improvement on reporting and posting inter-company cash transactions, financial transactions and month-end market valuations Daily Cash Positioning: 58 hours saved per month; 92% improvement Short and Long Term Cash Forecasting: 49 hours saved per month; 82% improvement “It’s nice to be in the strategic performance sector with benefits realized across the organization.” Gerry DiStefano, Director of Treasury, Dana Farber Cancer Institute Annual Hard Savings of $652K Increased interest income by nearly $215,000 annually Improved strategic business investment to $437,500 annually

BASF creates chemisty for a sustainable future. They combine economic success with environmental protection and social responsibility. “With Kyriba, we implemented a tool that helped us achieve visibility into our global currency risk and...

BASF creates chemisty for a sustainable future. They combine economic success with environmental protection and social responsibility. “With Kyriba, we implemented a tool that helped us achieve visibility into our global currency risk and FX position with the touch of a button.” Roland Heisecke, Director Treasury Risk Management, BASF SE   The BASF Challenge BASF’s former FX Management process was based on a regional, decentralized approach to exposure reporting and risk transfer to HQ, making it nearly impossible for treasury to accurately calculate and mitigate FX risk on a global perspective. Identifying the Right Solution Kyriba Risk Management provided BASF with the opportunity to implement a streamlined, automated and universal FX management process across every region. An Automated FX Risk Transfer (ART) tool was also developed to analyze the FX risk positions of BASF’s subsidiaries and automatically generate hedge deals to transfer risk from the entity to HQ. Measuring Success » Significant reduction of manual effort » Increased transparency - daily updated overview of FX risks » Aggregation of FX risks reduced hedging costs  

“Kyriba provided a great tool that allowed us to delever nearly 30% just by knowing where our cash was, where it was needed, and getting it there in the most efficient manner, eliminating needless...

“Kyriba provided a great tool that allowed us to delever nearly 30% just by knowing where our cash was, where it was needed, and getting it there in the most efficient manner, eliminating needless borrowing. We are a very satisfied client. We utilize Kyriba every day. Kyriba is one of the easiest and most robust applications I have ever used.” Morty Mandel, Director of Finance Operating in over 25 countries, Bray International found themselves in spreadsheet chaos, with limited visibility into global cash positions, resulting in inefficient processes and needless borrowing. With Kyriba, they saw immediate deleverage results and value realization in global visibility and standardized forecasting, with significant gains in productivity. Before Kyriba Decentralized processes using multiple Excel spreadsheets Limited cash visibility resulting in needless borrowing. Non-standard cash forecasting Cumbersome and loss of confidentiality in payments Positive Outcomes with Kyriba Global and centralized visibility into cash positions Standardized cash forecasting Better utilization of cash to service debt Drastically reduced error rate Robust security and confidentiality Improved GL Reconciliation speed and accuracy Modules Implemented Cash Management Cash Forecasting Cash Accounting Financial Transactions Payments GL Reconciliation What’s Next Payment Factory FX Risk Management » 97% productivity gains in reconciliation processes » 30% deleverage even through Covid ABOUT BRAY INTERNATIONAL In 1986 Bray International, Inc. was founded with one objective in mind, to become our customer’s global flow control partner. Bray’s worldwide offices and distribution networks have made us truly global. Offering a comprehensive line of innovative flow control solutions has made us an industry leader. And thanks to our unrelenting commitment to quality and customer service, clients around the world have made us their trusted partner.

“Where we have already seen a significant time-savings has been the payments module. In just a few months, having all the feeds into the system from various banks and ERPs, and automatically creating reports...

“Where we have already seen a significant time-savings has been the payments module. In just a few months, having all the feeds into the system from various banks and ERPs, and automatically creating reports and payments from those reports has shown incredible value to our organization. It has been night and day from where we were before.” Christopher Lynn, Cash Analyst   As Lifespace looks to grow their number of communities nationwide, while maintaining best practices and efficiencies in Treasury, Kyriba has been able to adapt to their scale and size, tailoring the modules to accommodate budget while creating value. Before Kyriba Excel-based Daily Funding Multiple reports from multiple different sources Main Drivers to Kyriba Instant visibility into cash positioning Automation of payments process Adaptability to the smaller enterprise Modules Implemented Payments Cash Accounting What’s Next Cash Forecasting Debt & Investment Automated Reconciliation

How one of America’s largest privately held companies put Kyriba technology to work to centralize Treasury functions and achieve strategic level maturity. In 2018, Koch Industries worked with Kyriba’s Value Engineering team to perform...

How one of America’s largest privately held companies put Kyriba technology to work to centralize Treasury functions and achieve strategic level maturity. In 2018, Koch Industries worked with Kyriba’s Value Engineering team to perform a process maturity assessment for their treasury and finance functions. What they uncovered was a definitive need for a TMS to assist in realigning and improving internal processes. Key Challenges Lack of real-time visibility across their global banking landscape. Excessive labor intensity and process disparity in cash management and payment workflows. Ad-hoc bank account management due to sheer volume of banks worldwide. Journey to Digital Transformation While Koch was structured to operate in an Excel environment, their needs had outgrown the limited tools and capabilities Excel offered. Post implementation of Kyriba, Koch Treasury was able to: Achieve 90% on-demand cash visibility into global cash balances, standardizing systematic workflows. Become a better partner for finance and increased collaboration across the organization with centralized information and reporting. Establish themselves as a strategic operation, with best practices in place for operational efficiencies. “Kyriba has enabled us to achieve 90% on-demand cash visibility which meets our needs for daily liquidity management. Having insight as to where cash is and what our balances are globally and in real time, is a HUGE benefit from Kyriba. We never came close to the level of accuracy and efficiency we have now.” Mark Waggoner, Assistant Treasurer at Koch Industries Value Realization: Global Cash Visibility Prior to Kyriba, Koch’s entities operated independently when it came to cash management. When they made the strategic decision to bring all cash and bank management under one platform, they achieved full confidence in their daily cash positioning worldwide. They were also able to centralize treasury operations into one, global treasury team. “We now have a centralized tool that everyone uses globally to standardize how we manage cash and that has created efficiencies in our operating model.” Chris Mitchell, Treasury Director at Koch Industries Modernizing Payment Processes The project wasn’t to simply push all payments to Kyriba. It was a true exercise in modernizing the entire Koch infrastructure while still controlling costs. Kyriba’s payment libraries and standardized workflows improved: Connectivity as a Service through bank formatting and management. Payment visibility through a payments hub. Multiple ERPs connected for seamless workflows. Financial security through better system access controls. “Our payment processes were pretty antiquated before this project. We saw the opportunity with Kyriba to bring those up to more modern standards. It gives us a good platform moving forward to continue to modernize our payment platforms.” Mark Waggoner, Assistant Treasurer at Koch Industries About Koch Industries Koch Industries is one of the largest private companies in America. A diverse set of businesses and industries across the world work together to keep improving and exploring new ways to make life even better.

La gestión de la liquidez de la empresa se traduce en un valor de 490 000 USD en menos de tres meses Cenveo necesitaba encontrar una forma de mejorar la visibilidad de su liquidez...

La gestión de la liquidez de la empresa se traduce en un valor de 490 000 USD en menos de tres meses Cenveo necesitaba encontrar una forma de mejorar la visibilidad de su liquidez global y de proporcionar información bajo petición sobre el rendimiento de sus objetivos estratégicos de liquidez. Su transformación digital de la gestión de la liquidez de la empresa con Kyriba obtuvo resultados decisivos con carácter inmediato: Desafíos clave La dirección ejecutiva precisaba información sobre liquidez procesable y en tiempo real, y análisis de escenarios a la carta. Los procesos de tesorería dispares, laboriosos e incoherentes consumían 729 horas al mes en un equipo pequeño. La excesiva intensidad del trabajo y la disparidad de procesos de gestión de tesorería, previsión de tesorería y flujos de pagos suponía un esfuerzo de gestión de más de siete horas diarias. Proceso de transformación digital La firma de consultoría Clearsulting realizó una evaluación integral de Cenveo y destacó la necesidad de un software de gestión de la liquidez. Clearsulting ayudó a mejorar el proceso de aprobación de facturas y pagos, optimizó los procesos de previsión de tesorería y de contabilidad, y dirigió las actividades de implementación. Cenveo recurrió a la evaluación de valor colaborativa (CVA) de ingeniería del valor Kyriba para ayudarse a valorar qué cambiar, por qué cambiarlo, y por qué ahora. " El paso más decisivo de nuestro proceso de evaluación de soluciones incluyó hacer uso del servicio de ingeniería de valor Kyriba, que nos ayudó a documentar qué necesitamos, por qué lo necesitamos, y por qué este es el momento adecuado para hacerlo" Benjamin Seal, vicepresidente de Tesorería Realización de valor: 657 horas mensuales La evaluación de realización de valor (VRA) permitió a Cenveo realizar la revisión del estado actual tras la implementación de Kyriba, lo que se tradujo en una mejora de la productividad del 90 % que incluyó, entre otras cosas: Gestión de tesorería: 100 % de visibilidad de la liquidez en tiempo real, ganancia de productividad de 95 horas mensuales. Cash Forecasting: 43 % de mejora en la precisión de las previsiones de liquidez, ganancia de productividad de 113 horas mensuales. Optimización de pagos de liquidez: el aumento de la integridad de los datos y de los controles de flujos evitó la pérdida de descuentos, con una ganancia de productividad de 137 horas mensuales. Cenveo y Kyriba: una colaboración comercial estratégica Supply Chain Financing: evaluación del potencial de crecimiento de 17,7 millones de dólares en beneficio del flujo de caja. Reclamaciones por cese de actividad: comenzar el proceso de reclamación para obtener un beneficio estimado de 1 millón de dólares.

Enterprise Liquidity Management results in $490K value in less than 3 months Cenveo needed a way to improve visibility into overall liquidity and provide management on-demand insights into the performance of their strategic liquidity...

Enterprise Liquidity Management results in $490K value in less than 3 months Cenveo needed a way to improve visibility into overall liquidity and provide management on-demand insights into the performance of their strategic liquidity objectives. Their digital transformation in Enterprise Liquidity Management through Kyriba saw immediate, impactful results. Key Challenges Executive leadership needed reliable, real-time, actionable liquidity insights and on-demand scenario analysis. Disparate, labor intensive, and inconsistent treasury processes consumed 729 hours/month across a small team. Excessive labor intensity and process disparity in Cash Management, Cash Forecasting and Payment Workflows required more than seven hours a day to manage. Journey to Digital Transformation Consulting firm Clearsulting executed a wholistic evaluation of people, systems, and processes, highlighting the need for liquidity management software. Once the requirements were understood, Clearsulting helped improve the invoice approval and payment process, optimized cash forecasting and cash accounting processes, and led the implementation of Cenveo's Kyriba solutions. Cenveo leveraged Kyriba Value Engineering’s Collaborative Value Assessment (CVA) to help evaluate what to change, why change it, and why now. “Kyriba’s Enterprise Liquidity Management platform achieved the CFO’s objective or reliable timely liquidity insights and enabled my team’s transformation from tactical to strategic business partner.” Benjamin Seal, VP Treasury   Value Realization: 657 Hours Per Month The Value Realization Assessment (VRA) enabled Cenveo to provide the current state review post Kyriba deployment, resulting in 90% productivity improvement, including but not limited to: Cash Management: 100% real-time liquidity visibility, 95 hours per month productivity gain. Cash Forecasting: 43% liquidity forecast accuracy improvement, 113 hours per month productivity gain. Liquidity Payment Optimization: Increases in data integrity and workflow controls ensured no loss of discounts, 137 hours per month productivity gain. “The most critical step in our solution evaluation process included leveraging Kyriba’s Value Engineering service that helped us document what we need, why we need it, and why now is the time to execute.” Benjamin Seal, VP Treasury   Cenveo & Kyriba: Strategic Business Partnership Supply Chain Financing: Evaluating upside potential of $17.7M in cash flow benefit. Business Interruption Claims: Beginning the process of filing for an estimated $1M benefit. About Cenveo Cenveo is the world leader in the management and distribution of print and related offerings, encompassing 20 facilities across the United States with a long history of delivering top value for customers.

Patrick Klein - Head of Treasury, y Elena Maria Mori - Treasurer en Buzzi Unicem S.p.A, una empresa italiana especializada en el sector del cemento y los derivados, con sede en Casale Monferrato, en Piamonte...

Patrick Klein - Head of Treasury, y Elena Maria Mori - Treasurer en Buzzi Unicem S.p.A, una empresa italiana especializada en el sector del cemento y los derivados, con sede en Casale Monferrato, en Piamonte (Italia), comparten su experiencia sobre la implementación de la solución Kyriba.

Royal FrieslandCampina es una de las empresas de productos lácteos más grande del mundo; una cooperativa con más de 18 000 productores asociados en los Países Bajos, Alemania y Bélgica. Hace cinco años, el...

Royal FrieslandCampina es una de las empresas de productos lácteos más grande del mundo; una cooperativa con más de 18 000 productores asociados en los Países Bajos, Alemania y Bélgica. Hace cinco años, el equipo de tesorería de la empresa decidió sustituir al creador de políticas corporativas por un departamento de tesorería estratégico y proactivo, con un equipo de operaciones centralizadas como parte de la nueva estructura organizativa. El propósito de este cambio era obtener una visión y un control global de la liquidez de la empresa y cubrir las funciones de tesorería básicas en los centros de servicios compartidos. El primer paso consistía en la implementación de un centro de pagos centralizados que permitiese estandarizar los procesos de pagos globales. Después de que uno de los principales bancos de gestión de tesorería anunciase el cese de sus servicios de gestión de tesorería globales, el equipo de tesorería corporativo supo que, si pretendían iniciar el cambio y lograr los resultados previstos, cada miembro del equipo debía centrarse en un aspecto. Se creó un equipo específico de operaciones de tesorería que contaría con un gerente del proyecto y un gerente de sistemas de tesorería. Otro elemento clave de los fundamentos de esta transformación era el desarrollo de una estrategia de TI dedicada y elaborada por el equipo de tesorería que definiese unas directrices claras para la selección de sistemas nuevos. La elección de soluciones en la nube fue especialmente importante para garantizar el futuro éxito de las operaciones de tesorería, dado que permitirían reducir la dependencia general del equipo interno de TI y disponer de una versión permanentemente actualizada para acelerar la toma de decisiones. Esta configuración aceleró el desarrollo de un proceso de cobro y pago global óptimo que, a la larga, permitiría ahorrar mucho más tiempo y costes, y causaría menos errores gracias a una infraestructura de TI eficiente y fiable. El proyecto Everest, que así se llamó, nació en 2017 para cumplir estos objetivos. Tras debatirlo detenidamente con las partes interesadas, el plan del proyecto se organizó en cuatro campamentos para alcanzar la cima. 1) Netting interempresarial: los equipos de servicios compartidos dedicaban un tiempo considerable a subsanar errores de las facturas internas. La liquidación de los pagos internos se procesaba en bruto a través de cuentas bancarias externas. En 2017, el equipo de tesorería corporativo seleccionó Coprocess como herramienta de netting global para ajustar y analizar el netting mensualmente. Ahora, el netting de un millón de facturas al año se ha convertido en un proceso que se lleva a cabo de manera continua y, de este modo, libera parte del trabajo de los centros de servicios compartidos a fin de mes, ahorrando hasta 100 000 euros anuales en gastos de transacciones. Dicho esto, el mayor ahorro procede de la optimización del proceso. 2) Módulos bancarios internos (in-house banking): para proporcionar una base que permitiera reducir aún más los pagos externos y alejarse del pooling nocional, se optó por un sistema bancario interno que se implementó en 2018. Durante el proceso de selección, Kyriba proporcionó a FrieslandCampina la oportunidad no solo de establecer un sistema bancario interno sólido, sino también de actualizar e integrar el sistema de gestión de tesorería (TMS) en una única solución. La solución global se implementó en seis meses y vio la luz a finales de 2018, con la funcionalidad de tesorería completa y un banco interno. Tras la conversión de los pools nocionales a pools con balance cero, el banco interno tiene más de 180 cuentas y un saldo de 3700 millones de euros. Los primeros pagos no efectuados en efectivo correspondientes a interés interempresarial, FX y netting se han registrado a través del banco interno y el número de cuentas bancarias externas se ha reducido a 50. 3) Central de pagos: una vez instaurado el banco interno, el último paso hacia la cima es la implementación de una central de pagos. Con el uso de cuentas virtuales, FrieslandCampina pretende reducir aún más el número de cuentas bancarias y hacerse con el control de los flujos de efectivo entrantes y salientes. En 2019, se inició una implementación piloto con varios bancos. 4) Más allá de la cima: FrieslandCampina trabaja incansablemente en la optimización digital y hace uso de la eficaz configuración del equipo de operaciones de tesorería para lograr sus objetivos. El siguiente punto de la agenda es la implementación del módulo de gestión de riesgos de FX de Kyriba (anteriormente, FiREapps) con el objetivo de automatizar las operaciones comerciales de cambio de divisas, y de poder calcular y supervisar centralmente el riesgo cambiario. La RPA (automatización robótica de procesos) también se implementará para reducir aún más los pasos manuales de los procesos de tesorería y netting. "Ahora contamos con las herramientas necesarias para optimizar nuestros flujos y procesos de tesorería de manera rápida y eficaz. Podemos proporcionar una visión interna más exacta y dotar de autoridad a nuestras partes interesadas. Además, gracias a la automatización, disponemos de más tiempo para elaborar nuestras estrategias" Jeroen Brieffies, Director de Operaciones de Tesorería de Royal FrieslandCampina Gracias al énfasis que el equipo pone ahora en la excelencia operativa, el proyecto Everest ha logrado terminarse dentro del plazo previsto, con procesos integrados, sin interrupciones, dentro del presupuesto y con resultados que superan las expectativas. «Estamos tremendamente orgullosos del proceso de transformación digital iniciado por el equipo de tesorería», declara el director de Operaciones de Tesorería, Jeroen Brieffeis. «Ahora contamos con las herramientas necesarias para optimizar nuestros flujos y procesos de tesorería de manera rápida y eficaz. Podemos proporcionar una visión interna más exacta y dotar de autoridad a nuestras partes interesadas. Además, gracias a la automatización, disponemos de más tiempo para elaborar nuestras estrategias».

Newell Brands, una empresa de productos de consumo, ha aprovechado la tecnología para llevar a cabo un proyecto de modernización de la tesorería. En 2016, Newell Rubbermaid adquirió Jarden Corporation para crear una nueva...

Newell Brands, una empresa de productos de consumo, ha aprovechado la tecnología para llevar a cabo un proyecto de modernización de la tesorería. En 2016, Newell Rubbermaid adquirió Jarden Corporation para crear una nueva empresa de productos de consumo valorada en 16 mil millones de dólares, Newell Brands. Aunque esta operación proporcionó ventajas muy significativas, también planteó una serie de desafíos relacionados con la tesorería. Necesidad de innovar Antes de la adquisición, ambos equipos dedicaban mucho tiempo a los procesos manuales, lo que dejaba poco margen para llevar a cabo actividades que aportasen cierto valor añadido. El equipo de tesorería de Newell no invertía lo suficiente en tecnología, lo que significaba que el equipo combinado tenía que ocuparse de muchas tareas adicionales con un personal muy limitado. Se utilizaban hojas de cálculo para la gestión diaria de la tesorería y esto ofrecía una visibilidad muy escasa de la liquidez global de la empresa. Las posiciones de efectivo diarias se registraban manualmente y, para ello, se requerían dos empleados trabajando durante más de 20 horas semanales, mientras que los informes de tesorería generales apenas estaban disponibles una vez al mes. La automatización también era necesaria para el programa de cobertura. A pesar de las grandes pérdidas netas por las transacciones FX, las ineficiencias del proceso impedían a la empresa implementar un programa de cobertura del balance y tan solo se habían podido cubrir algunos préstamos puntuales entre empresas. Se utilizó una solución de software independiente para gestionar las coberturas de flujo de caja, pero no estaba automatizada. "El mayor reto era lograr recopilar y asimilar los datos, y es aquí donde estamos viendo los mayores resultados" Amit Singh, Vicepresidente sénior y tesorero, Newell Brands Resultaba obvio que la tecnología y la automatización eran fundamentales para que el equipo de tesorería lograse el objetivo de mejorar su estrategia y aportar más valor a la empresa. Tras la adquisición, el recién designado vicepresidente sénior y tesorero, Amit Singh, implementó un plan para integrar y modernizar la organización combinada de la tesorería. Para el plan de Singh, era fundamental introducir una solución de gestión de tesorería (TMS) y una solución de análisis de divisas basadas en la nube que fuesen capaces de automatizar las tareas manuales, mitigar el riesgo y proporcionar más tiempo para el análisis de datos estratégico. Tras el proceso de solicitud detallada de propuesta pertinente, Kyriba fue elegida como TMS para la gestión de tesorería y liquidez, la gestión de pagos, la conectividad bancaria, la contabilidad de cobertura y los derivados de tipos de interés. Newell también seleccionó una plataforma de gestión de divisas basada en la nube, FiREapps, para la recopilación de datos, la consolidación de las exposiciones, el análisis de divisas y las recomendaciones de informes y coberturas. La empresa también confió en el soporte comercial de FXall, que se integró en la solución de Kyriba y FiREapps para automatizar el proceso de cobertura. Las ventajas El proyecto supuso la transformación integral de la tesorería. El nuevo proceso extrae los datos de 38 sistemas ERP heredados y 25 unidades de negocio distintas. Como resultado de la automatización de la gestión de tesorería, un flujo modernizado y una previsión de tesorería más exacta y oportuna, el tamaño del programa de cobertura del balance creció de 800 millones de dólares en 2015 a 2000 millones de dólares en 2016. Además, con la implementación de la robusta solución de negociación y contabilidad de cobertura, Newell pudo ahorrar 1,3 millones de dólares en sus operaciones comerciales con la integración de FiREapps y FXall. En general, los procesos de tesorería son ahora mucho más eficientes y la automatización de los flujos ha permitido dedicar más tiempo a actividades de valor añadido. La visibilidad de la tesorería ha pasado de estar por debajo del 50 % a alcanzar un 95 %. A su vez, la consolidación de las plataformas tecnológicas también ha supuesto un ahorro de 120 000 dólares al año. Además de las ventajas existentes, el proyecto ha sentado las bases para implementar mejoras adicionales en el futuro. Estas mejoras podrían incluir la integración de un banco interno y funcionalidades de netting de divisas en Kyriba, así como la ampliación de los procesos de previsión de exposición a la variación en los flujos de tesorería en FiREapps. El éxito del trabajo en equipo El proyecto ha modernizado por completo los procesos de tesorería de Newell, un logro que Singh atribuye a dos factores. El primero es el uso de una tecnología innovadora. El segundo es la colaboración de un ambicioso equipo de tesorería interno dedicado, que no se dejó intimidar por la transformación de una fusión importante. «Una cosa es tener ideas y otra muy distinta implementarlas», dijo Singh. «Me considero afortunado de contar con un equipo que quiso creer las ventajas que podía aportar la tecnología a la tesorería y que ha trabajado muy duro para llevar a la práctica estas soluciones». La mayor ventaja fue la reducción masiva de los problemas asociados a las pérdidas y ganancias gracias a las nuevas eficiencias del flujo de Kyriba, FiREapps y FXall, que permitieron reducir las pérdidas netas por las transacciones FX de los 90 millones de dólares del periodo 2013-2015 a 2 millones de dólares en 2016.

El intento de fraude comenzó con un mensaje de correo electrónico del director financiero. Afortunadamente, el equipo de tesorería de una promotora inmobiliaria líder había trabajado diligentemente para establecer procesos de pago eficaces que...

El intento de fraude comenzó con un mensaje de correo electrónico del director financiero. Afortunadamente, el equipo de tesorería de una promotora inmobiliaria líder había trabajado diligentemente para establecer procesos de pago eficaces que redujesen el riesgo de pagos fraudulentos o incorrectos. Estas políticas abarcaban protocolos internos, tecnología y difusión de la información, cultura empresarial y supervisión/cumplimiento. Una solicitud creíble El tesorero adjunto recibió un correo del director financiero en el que solicitaba una transferencia de 8 millones de dólares para adquirir una empresa objetivo del Reino Unido. Dada la naturaleza confidencial de la transacción, en el correo electrónico se especificaba que el tesorero adjunto no debía hablar de la transferencia con nadie más. Además, concurría que el tesorero estaba de vacaciones. La transacción parecía creíble y el correo electrónico imitaba con gran precisión el estilo del director financiero. Cuando el tesorero adjunto comenzó a tramitar la solicitud del director financiero, cayó en cuenta de que no iba a poder ejecutar la transferencia por diversos motivos. La normativa hecha realidad gracias a Kyriba Gracias a los controles establecidos por la empresa y aplicados por Kyriba: El pago no lo podía procesar una sola persona. Esta empresa había configurado Kyriba para que el procesamiento de cada pago requiriese la intervención de al menos tres empleados. Un empleado solicita el pago, otro lo procesa y el último lo aprueba o libera. La cantidad de 8 millones de dólares excedía la autoridad del asistente del tesorero en Kyriba. La plataforma de Kyriba impone límites de autoridad que asignan a cada empleado una cantidad máxima específica para los pagos que pueden aprobar. Para poder ejecutar la transferencia, el tesorero habría necesitado la aprobación de otra persona con un límite superior. El fraude acorralado Cuando el tesorero adjunto acudió a la oficina del director financiero para aclarar estas cuestiones, se descubrió al instante que la solicitud de transferencia era fraudulenta. El uso de Kyriba por parte de la empresa para aplicar sus políticas internas de prevención de fraudes, fue vital para evitar este intento de estafa. Kyriba también ayuda a esta empresa a identificar y evitar situaciones de fraude difundiendo rápidamente la información para garantizar que todas las transacciones se comunican a contabilidad y a otros departamentos clave. La plataforma distribuye informes importantes, entre los que se incluye una lista de pagos que se van a procesar varias veces al día. La difusión diaria de estos informes permite a su grupo de contabilidad llevar a cabo las conciliaciones de las cuentas puntualmente, lo que permite detectar pagos fraudulentos o incorrectos y evitar que se produzcan en el futuro. Gracias a la capacidad de Kyriba para respaldar la segregación de funciones, implementar límites de autorización de pago y controles bancarios, esta promotora inmobiliaria líder evitó una pérdida de 8 millones de dólares.

Origen del proyecto En 2010, el grupo Auchan decidió establecer su centro de gestión de tesorería en Bélgica. Las comunicaciones bancarias con sus cinco bancos franceses, que se realizaban hasta entonces a partir del...

Origen del proyecto En 2010, el grupo Auchan decidió establecer su centro de gestión de tesorería en Bélgica. Las comunicaciones bancarias con sus cinco bancos franceses, que se realizaban hasta entonces a partir del protocolo local Etebac, deben cambiar a un protocolo internacional. Auchan elige la oficina de servicios Syntesys para interactuar con sus bancos, a través de Swiftnet, y el software Swaps como complemento. Una vez que termina la implementación de este proyecto, surge la cuestión de la evolución de la solución de gestión de tesorería. Efectivamente, Auchan disponía de una antigua solución de gestión de tesorería en modo licencia, cuya empresa de software había anunciado la suspensión del mantenimiento. Era inevitable, por tanto, la evolución, especialmente porque la solución existente ya no respondía a las expectativas del grupo. Auchan necesitaba un sistema de gestión de tesorería flexible y que pudiera compartirse fácilmente con los usuarios de todo el grupo a través de la web. Y se escogió Kyriba con su solución SaaS. ¿Por qué Kyriba? Se eligió la solución Kyriba en mayor medida gracias al modelo propuesto, es decir, una solución 100 % SaaS que respondía precisamente a las expectativas de Auchan. Unas expectativas elevadas desde el punto de vista de la independencia con respecto a los servicios informáticos internos, la simplicidad y la transparencia de las actualizaciones (sobre todo, los formatos bancarios y los protocolos de comunicación) y, por último, la ejecución sencilla de la solución en numerosos países. Asimismo, la demostración realizada por los equipos de Kyriba de la totalidad de dispositivos implementados para garantizar los niveles más elevados de seguridad a sus clientes no dejó indiferentes a los equipos técnicos de Auchan. La solución de Kyriba presentaba además la ventaja de ser una solución completa e integrada. Con el fin de aprovechar esta integración y racionalizar su sistema de información, Auchan cambió la totalidad de sus comunicaciones bancarias de la oficina de servicios independiente SunGard a la oficina de servicios integrados de Kyriba. Este proyecto, que incluía una parte administrativa de configuración y pruebas, se desarrolló durante un periodo de unos 6 meses. Los bancos cambiaron de un sistema a otro progresivamente, y Kyriba tuvo que demostrar una elevada reactividad en este periodo implementando los ajustes requeridos en los formatos bancarios. Además, este proyecto permitió simplificar los cambios entre los sistemas de información del grupo y la plataforma de tesorería y comunicación bancaria al liberarse específicamente de la VPN (Virtual Private Network), que se había implementado anteriormente. En resumen, Auchan dispone a partir de ahora de una solución totalmente integrada y de un punto de contacto único: Kyriba. «Mejorar el poder adquisitivo y la calidad de vida del mayor número de clientes, con colaboradores capacitados, profesionales, apasionados y reconocidos». Fabienne Fruchart, Directora de Gestión de Tesorería & Back Office de Auchan Holding El proyecto de Payment Factory Además de las mejoras clásicas en términos de automatización, productividad y seguridad, Auchan también pudo poner a disposición de algunas de sus filiales una solución de pago y progresivamente montar una Payment Factory. Este proyecto adicional se elaboró en torno al módulo de pago de Kyriba, que remplazó la solución Swaps en el sistema de información de Auchan. Varios países participan actualmente en esta Payment Factory: Francia, Bélgica, Hungría y Luxemburgo, así como Polonia, Rumanía, y Portugal a través del módulo Supply Chain Finance. Auchan entrega proyectos «llave en mano» a sus filiales extranjeras que desean utilizar una solución de pago eficaz para gestionar de manera autónoma todos o parte de sus pagos de terceros. Además de la simplicidad del desarrollo de la solución, las filiales aprecian especialmente la flexibilidad de la configuración de los flujos de trabajo de validación de Kyriba Enterprise. Flujos de trabajo que se adaptan al contexto de cada entidad y que, por supuesto, integran nativamente la firma electrónica a través de la clave 3Skeys. La exigencia relacionada con la seguridad está siempre omnipresente en las elecciones de Auchan. Al elegir a Kyriba, Auchan dispone de una herramienta eficaz que ha sabido evolucionar, principalmente a nivel de la interfaz gráfica, para conquistar a los numerosos usuarios repartidos por varios países. Auchan utiliza a diario los módulos de gestión de liquidez, pagos de terceros, Supply Chain Finance y, por supuesto, la comunicación bancaria con la oficina de servicios integrados. Y, aunque los equipos de Auchan a veces se arrepientan de no tener ya un vínculo directo con la oficina de servicios (función totalmente garantizada por los equipos de Kyriba) y deseen todavía más transparencia en la facturación de las comunicaciones bancarias (proyecto en curso), actualmente están plenamente satisfechos de la elección de Kyriba. Acerca de Auchan El Grupo Auchan ahora renombrado como Auchan Holding, es una empresa que no cotiza en bolsa con accionistas familiares y empleados, que está organizada en tres empresas más autónomas: Auchan Retail, que reúne en todos los países los canales de comercio alimentarios existentes (hipermercados, de proximidad y comercio electrónico), Immochan y One Banque Accord. Auchan Holding lleva el nombre de su negocio histórico, el hipermercado, que fue puesto en marcha en 1961 por Gérard Mulliez. En la actualidad es una federación de empresas responsables y prósperas de manera sostenida, que se desarrolla en torno a una razón de ser común: «Mejorar el poder adquisitivo y la calidad de vida del mayor número de clientes, con colaboradores capacitados, profesionales, apasionados y valorados». Esta razón de ser se basa en tres valores fundamentales: la confianza, el compartir y el progreso. Auchan Holding está presente en 16 países, cuenta con 342 709 colaboradores (dotación media a tiempo completo el 31/12/2019) y ha obtenido al 31 de diciembre de 2019 un volumen de negocios consolidado, impuestos no incluidos, de 23 mil millones de euros.

Swile tiene como objetivo convertirse en un actor global del compromiso de los empleados a través de una solución 100 % virtual. Para ello, Swile ofrece una tarjeta única que reúne todas las ventajas...

Swile tiene como objetivo convertirse en un actor global del compromiso de los empleados a través de una solución 100 % virtual. Para ello, Swile ofrece una tarjeta única que reúne todas las ventajas salariales (vales de comida, vales de regalo y, dentro de poco, vales de movilidad sostenible) y una aplicación que permite medir, dirigir e intervenir en el compromiso de los empleados a diario. En menos de tres años, Swile ha conquistado a 13 000 empresas de todos los tamaños y más de 400 000 usuarios, es decir, más del 10 % del mercado, teniendo como ADN el ser humano y el vínculo social. Una empresa que tiene Swile En términos de gestión de tesorería, el modelo Swile no es común. El volumen de efectivo poseído es por cuenta de terceros; por ello, debe recogerse en una cuenta prevista a tal efecto y categorizada con el fin de obtener una lectura precisa y permitir el control de la tesorería del grupo. «El control del efectivo es importante para todas las empresas, pero es tanto más cierto para la empresa que posea el dinero por cuenta de terceros. Debemos ser capaces de controlar los flujos y categorizarlos para no tener fallos de lectura en lo que nos pertenece y lo que no. Gracias a los módulos de efectivo y pago de Kyriba, llevamos a cabo un trabajo especializado y preciso de categorización de los flujos», declara Frédéric Chabrol, vicepresidente de Finanzas de Swile. La sociedad Swile es controlada todos los meses por la Comisión Nacional de Vales de Comida (CNTR) y debe estar capacitada para comprender de manera precisa cada flujo para responder a las restricciones reglamentarias; si la volumetría se encuentra en hipercrecimiento, la actividad necesita una gran tecnicidad de los temas abordados: «en cierta manera, somos una empresa de tamaño mediano, pero abordamos la problemática de los grupos grandes», revela Romain Giraudeau, Cash Manager de Swile. En 2019, la Dirección Financiera inicia un proceso de selección de una solución de gestión de tesorería para ocuparse del hipercrecimiento del grupo y dirigir el efectivo de la sociedad: «necesitábamos contar con una solución lo suficientemente robusta como para ocuparse del desarrollo a nivel internacional y disponer de una lectura centralizada de la tesorería del grupo. Subir los extractos bancarios es una cosa, ¡pero ser capaces de dirigir los pagos es fundamental! Especialmente en Brasil, el mayor mercado mundial desde el punto de vista de los vales de comida», revela Frédéric Chabrol. De forma paralela al proyecto, la Dirección Financiera decide profesionalizar la función de tesorería con la contratación de su responsable de Tesorería. «Soy usuario de la solución Kyriba desde siempre; prácticamente he aprendido el trabajo de la tesorería con ella, ¡desde mi proyecto de fin de carrera hasta el día de hoy! Cuando llegué a Swile, tuve la suerte de encontrarme con esta solución; ha demostrado claramente su valía. ¡Nadie se equivoca al elegir Kyriba!», declara Romain Giraudeau. «La historia disruptiva de Kyriba es similar a la nuestra; ¡tenemos ADN en común! Agradecí mucho el acompañamiento hecho a medida durante la fase de selección con Kyriba y la de implementación con los asesores de la actividad de tesorería de Absys Cyborg. Este tipo de proyectos es muy humano, y ha sido increíble». Frédéric Chabrol, vicepresidente de Finanzas de Swile Una elección que alberga aspiraciones tecnológicas y humanas La elección de la solución proviene, por un lado, de la tecnicidad de las operaciones que se deben llevar a cabo y, por otro, de las relaciones creadas con Kyriba y el acompañamiento de los equipos de tesorería de Absys Cyborg. «La historia disruptiva de Kyriba es similar a la nuestra; ¡tenemos ADN en común! Agradecí mucho el acompañamiento hecho a medida durante la fase de selección con Kyriba y la de implementación con los asesores de la actividad de tesorería de Absys Cyborg. Este tipo de proyectos es muy humano, y ha sido increíble», revela Frédéric Chabrol. El proyecto Swile empieza el primer trimestre de 2020. Aunque Kyriba normalmente se considere de forma errónea una solución exclusiva para grandes empresas, el enfoque de Swile es que la herramienta debe responder a las ambiciones del grupo: acompañamiento del hipercrecimiento por parte de la Dirección Financiera y acatamiento de la hoja de ruta definida por la dirección general. Para Frédéric Chabrol, «las diferentes opciones bancarias no se correspondían con los desafíos de la empresa. En cambio, la solución Kyriba respondía a mis expectativas, pero podía estar sobredimensionada en términos de costes. Tuve la suerte de que Kyriba, quien adoptó un enfoque adecuado con una oferta que nos permitía acceder a ella, me entendiera». El equipo financiero también debe tener en cuenta el contexto tan regulado, en el que el control interno, la gestión de los intentos de fraude y el blanqueo de dinero están omnipresentes. «Descifrar la circulación del efectivo, seguir la pista de los flujos, respetar la normativa, ¡todo es más simple cuando tienen una muy buena visión haciendo clic en un botón! El núcleo de la actividad empresarial es el control de nuestro efectivo y, por tanto, del «cash burn»; la solución de tesorería es un pilar central y, automatizándola de principio a fin, permite un control financiero total», añade Frédéric Chabrol. El modelo SaaS (Software as a Service) también ha desempeñado una función fundamental durante la puesta en marcha en abril de 2020 con ventajas reales de instantaneidad. Según Romain Giraudeau: «El SaaS es indudable hoy en día, y el tema de la seguridad es un debate falso. En primer lugar, confío en Kyriba para gestionar la seguridad en su totalidad. Después, ¿qué tienen de confidencial las cifras de un extracto bancario? Lo importante es la disponibilidad y la instantaneidad; me alegré mucho de poder conectarme a distancia y acceder a todos los datos durante la crisis de la COVID-19». «Soy usuario de la solución Kyriba desde siempre; prácticamente he aprendido el trabajo de la tesorería con ella, ¡desde mi proyecto de fin de carrera hasta el día de hoy! Cuando llegué a Swile, tuve la suerte de encontrarme con esta solución; ha demostrado claramente su valía. ¡Nadie se equivoca al elegir Kyriba!» Romain Giraudeau, Cash Mananger de Swile Reforzar el vínculo social en el mundo La Dirección Financiera de Swile se ha implicado mucho en el proyecto de gestión de tesorería, desde el proceso de selección hasta la implementación: «Todas las direcciones financieras deberían adoptar este enfoque y adecuarlo a la estrategia de la empresa. La herramienta es lo suficientemente sencilla como para conectarse y tomarle el pulso a la empresa a diario», revela Romain Giraudeau. En Swile se implementan procesos efectivos y eficaces para obtener el máximo beneficio de la solución. Pero, sobre todo, la Dirección Financiera tiene la capacidad de reinventarse en función de los acontecimientos y de la estrategia del grupo: «Después de Francia, nos hemos enfocado en Brasil, el mercado n.o 1 del sector y ahora centramos nuestros esfuerzos en México y, de manera más general, en Europa», declara Frédéric Chabrol. Con el tiempo, Swile desea implementar una tesorería localizada para gestionar la diferencia horaria, la normativa y las particularidades del mercado, al mismo tiempo que mantiene el control centralizado desde la sede. Frédéric Chabrol constata: «al final, el primer proyecto de conectividad internacional se ha realizado en un país en el que la normativa y la comunicación bancaria no son tan simples como en Europa; tuvimos que ser pioneros y seguir siendo lo más modernos posibles». En el transcurso de la apertura de los siguientes países, el grupo Swile va a expandir las funcionalidades de la solución para apoyar las aspiraciones de la empresa con la implementación de un centro Shared Services y una Payment Factory. Paralelamente, la Dirección Financiera desea mejorar el panel de control para que esté siempre conectado y automatizado, así como que adopte un enfoque prospectivo de la tesorería con inteligencia artificial para las previsiones. Acerca de Swile Swile es una FinTech, que fue puesta en marcha en febrero de 2018 por Loïc Soubeyrand y que ya ha recaudado 115 M€ desde su lanzamiento. Ofrece una tarjeta única que reúne todas las ventajas salariales (vales de comida y vales de regalo) y una aplicación que permite medir, dirigir e intervenir en el compromiso de los empleados. La sociedad cuenta con 400 colaboradores, 13 000 empresas clientes y 400 000 usuarios.

¿Puede presentarnos a la sociedad ASAP y describirnos sumisión principal? La sociedad ASAP (Auchan Supplier Advanced Platform) es una filial al 100 % de Auchan. Hemos querido crear esta entidad con un objetivo muy...

¿Puede presentarnos a la sociedad ASAP y describirnos sumisión principal? La sociedad ASAP (Auchan Supplier Advanced Platform) es una filial al 100 % de Auchan. Hemos querido crear esta entidad con un objetivo muy preciso: estar en condiciones de proponer al conjunto de las entidades del grupo Auchan programas de reverse factoring en beneficio de sus proveedores. Tenemos una política de desarrollo que se basa en una red muy densa de proveedores locales y nos gustaría compartir nuestros medios y nuestra fuerza para ofrecer programas adaptados a sus necesidades. Por lo tanto, nuestra misión principal es guiar el crecimiento del grupo Auchan y las entidades operativas con relación a estos temas. Hoy en día ASAP sigue programas de Reverse Factoring para 5 entidades del grupo (Hipermercados Francia, Supermercados Francia, Auchan Polonia, Auchan Rumanía, Auchan Portugal) dado el éxito de nuestro enfoque, tenemos la ambición de poder servir rápidamente a las demás entidades presentes en los 14 países donde Auchan ha decidido invertir. ¿Cuáles han sido las motivaciones y los retos que han aparecido al implementar un proyecto de reverse factoring en el grupo Auchan? Al principio, el proyecto de reverse factoring en el grupo Auchan se imaginó como respuesta a una cuestión recurrente por parte de nuestros proveedores: ¿Es posible reducir sus plazos de pago? Es evidente que la crisis de las hipotecas de 2007 debilitó financieramente a un cierto número de nuestros proveedores, que intentaba que se les pagara más rápidamente y que tenía dificultades para encontrar financiación bancaria con condiciones aceptables. Como algunos proveedores tenían problemas para cumplir con los pedidos de Auchan, quedó claro que debíamos implementar rápidamente un programa de apoyo a nuestros proveedores. Nuestros equipos se interesaron por los programas de reverse factoring que ofrecían todas las ventajas esperadas: permitir que los proveedores cobraran más rápido con condiciones muy ventajosas, sin empeorar la necesidad de capital circulante del grupo Auchan. Estos programas también fueron una oportunidad para modernizar nuestros métodos de pago y, pasar en algunos países, de los pagos en efectivo a las transferencias electrónicas para determinadas entidades. Este cambio de modalidad de pago nos brindó también la posibilidad de reforzar la seguridad y reducir los costes. Finalmente, el último punto positivo fue la capacidad de equipar a nuestras entidades, a través de este proyecto, con un portal de proveedores (una extranet) para comunicar informaciones, y principalmente el estado de sus facturas. En resumen, teníamos luz verde para lanzar este proyecto internamente y, teniendo en cuenta el contexto y los retos, la dirección validó muy rápido su viabilidad. ¿Cuál fue su siguiente paso? ¿Cómo se ha desarrollado el proyecto? Hemos involucrado muy rápido a todos los equipos interesados en el proyecto: compras, dirección informática, equipo jurídico y, por supuesto, dirección financiera. Se trata de un proyecto empresarial en respuesta a retos sumamente estratégicos. Por ello, era importante contar con fuertes promotores internos y con la participación de todos. Desde el principio, el proyecto integraba la dimensión internacional deseada. Este enfoque estructuró todo el proyecto y definió requisitos previos importantes: ser multilegislativo, multilingüe, multibanco, multidivisa, con sistema de información múltiple y con múltiples repositorios. Por lo tanto, solo una solución independiente de los bancos como la propuesta por Kyriba estaba en condiciones de integrar de forma autónoma todas estas imposiciones. La elección de la solución fue guiada por estas exigencias, además de por nuestra voluntad de proponer una solución moderna, flexible, personalizable y fácil de desarrollar en un amplio perímetro geográfico. Después, la implementación del proyecto comenzó con una fase piloto en la que participaron 4 entidades del grupo y 3 socios bancarios. Validamos entonces,algunas opciones consideradas, como por ejemplo las formas de financiación propuestas a nuestros proveedores (push: basándose en los criterios definidos por el mismo, se financian automáticamente todas sus facturas validadas y respetando estos criterios; pool: el proveedor selecciona individualmente las facturas que desea financiar). También pudimos probar y validar en esta fase los paquetes que habíamos elaborado (el paquete básico, que brinda acceso a la información y el pago de las facturas, y el paquete serenidad, que autoriza además la demanda de financiación), así como los niveles de precios propuestos. Activamos los medios de comunicación necesarios (sitio web, campaña de email, presencia en ferias...) para registrar al mayor número posible de proveedores en la plataforma y crecer. Actualmente, estamos en producción desde hace 3 años y hemos alcanzado, e incluso superado, nuestros objetivos. Tenemos más de 15 500 proveedores en la plataforma y las demandas de financiación han crecido un 47 % entre diciembre de 2016 y diciembre de 2017. ¿Cómo se desarrolla una jornada típica en ASAP? El día a día del equipo ASAP consiste en apoyar a las entidades operativas. Seguimos la actividad en la plataforma y nos comunicamos con las diferentes contrapartes para responder a sus preguntas (entidades Auchan, financieras y bancarias, y proveedores). Nos aseguramos de que los procesos y las automatizaciones se desarrollan correctamente en la plataforma y también hacemos la interfaz con los equipos de Kyriba cuando es necesario. Por otra parte, ¿cuáles son los comentarios de sus proveedores? ¿Cuáles son sus principales motivaciones para adherirse al programa? Los comentarios por parte de los proveedores que se adhieren al programa son todos positivos. Encuentran toda la información importante en el portal al que tienen acceso (el estado de sus facturas, principalmente) y, sobre todo, la capacidad de financiar sus facturas validadas en solo unos clics y con unas condiciones muy atractivas. Pueden cobrar rápidamente las facturas validadas por las distintas entidades del grupo Auchan con las que trabajan en un punto único. Se cubren sus expectativas en términos de visibilidad, simplicidad, transparencia, autonomía y atractivo. Lo que hemos constatado es que los proveedores que se han adherido al programa no lo dejan y continúan utilizando activamente los servicios que se ponen a su disposición. ¿Cuáles son, en su opinión, los puntos que se deben tener en cuenta en este tipo de proyecto? Uno de los requisitos previos de este tipo de proyecto de dimensión internacional es, desde mi punto de vista, ser multibanco. Es indispensable para que nuestro proyecto tenga éxito. La proximidad con los proveedores, el nivel de servicios exigido, la capacidad de respuesta esperada (y, para Auchan, la matriz de riesgos de contrapartida) abogan en favor de un enfoque multibanco. Y aunque puede tardar más tiempo la implementación, porque evidentemente es necesario conectar el conjunto de bancos seleccionados con la plataforma de Kyriba, esta opción es la más adecuada. El otro punto importante que no debe ignorarse está vinculado a los aspectos jurídicos. En nuestro contexto multinacional, y por tanto multilegislativo, las consecuencias jurídicas deberían ser validadas por nuestros equipos internos, asesorados por un gabinete externo especializado en el ámbito de la financiación internacional. Me imagino que también se preparan para el futuro. ¿Cuáles son las próximas etapas en relación con el proyecto de reverse factoring? Uno de los objetivos principales para nosotros evidentemente es continuar con el desarrollo de nuestros programas de reverse factoring, asesorar a otras entidades del grupo y proponer nuestros servicios a otros países.  El asesoramiento durante el crecimiento del grupo Auchan es nuestra misión principal y, por lo tanto, lógicamente vamos a responder a las solicitudes de los distintos países que tienen retos importantes en la materia. También tenemos el deseo de hacer evolucionar las herramientas implementadas para aportar a los usuarios todavía más flexibilidad, además de facilitar la convergencia de nuestros modos de funcionamiento y nuestras normas internas. Para equipos reducidos como el de ASAP, la productividad es clave, y estamos trabajando en todos los incentivos que nos permitan aumentarla. Para concluir, el último tema de reflexión que tenemos es cómo acelerar la implementación de la financiación para nuestros proveedores. Esto supone trabajar con antelación en los procesos de validación de facturas, además de otros enfoques que consistirían en no financiar a partir de la factura, sino a partir de la orden de compra, por ejemplo, o incluso no recurrir a la financiación externa, sino a nuestra propia liquidez (dynamic discounting). Por supuesto, estamos trabajando en estos temas en estrecha colaboración con nuestro socio Kyriba, que desde el inicio de nuestro proyecto ha sabido asesorarnos eficientemente y proponernos soluciones siempre pertinentes.

What were Mantrac’s objectives? Mantrac Group’s treasury structure was highly complex and dependent on manual processes. Visibility over cash was limited, particularly as the group was using almost 100 banks, with over 700 bank...

What were Mantrac’s objectives? Mantrac Group’s treasury structure was highly complex and dependent on manual processes. Visibility over cash was limited, particularly as the group was using almost 100 banks, with over 700 bank accounts across 13 countries. The lack of visibility meant cash was not always held in the most suitable accounts, creating inefficiencies when paying down debt. And the use of almost 50 e-banking systems resulted in control risks, as well as operational challenges. To tackle these challenges, Group Treasurer Roshun Tulkens, shortly after he joined the Group, embarked on a six-month exercise to interview and research potential providers, while consolidating the company’s bank relationships. While multiple banks were still needed in complex markets like Egypt, Nigeria and Iraq, the team was able to reduce its banking relationships to less than 20 banks and 300 bank accounts – resulting in an impressive $1.6m cost saving via bank fee reductions. "We wanted to be able to sleep better at night by having the controls in place to mitigate potential fraud." Roshun TulkensGroup Treasurer, Mantrac Group Why did Mantrac choose Kyriba? Tulkens looked at eight different systems to find the best fit for Mantrac’s needs. One consideration was the need for a system that could provide the right support in challenging markets. “A lot of TMSs are focused on Europe and North America,” says Tulkens. “We wanted a provider that could help us in complicated markets like Africa, Iraq and Russia – and we also wanted a system that was strong on payments.” Another consideration was that the new TMS would be used by teams representing 30 different companies. It was therefore important to choose an intuitive system that could be used by local finance people. Other considerations included cost and the proposed implementation time. Based on these criteria, Mantrac selected Kyriba as its TMS provider. "If we hadn’t completed phase one before the crisis, the situation would have been much more challenging. If you have to log into multiple e-banking systems or call banks to work out how much money you’ve got, there is not going to be a lot of time for strategic decision-making." Roshun TulkensGroup Treasurer, Mantrac Group What was the implementation experience? The implementation was structured into two phases: the first focused on cash management, forecasting, reporting and accounting, while the second focused on payments and valuations. With over 140 people using the system, training was an important consideration, and had to be delivered across different time zones and in different languages. While the beginning of the COVID-19 crisis brought some challenges – such as the transition to remote working and the need for wet signatures – the second phase was completed successfully, with training and testing carried out remotely. What benefits did Mantrac realize? One major benefit is the visibility that has been achieved – not just over cash, but also over payments and pricing. “Before the implementaion, I did not have visibility over the volume of payments we were making from each of our banks, the volume of collections coming into each bank and the bank charges we were paying,” says Tulkens. Connectivity with other systems such as the procurement database and ERP system has not only improved security controls, but also eliminated the need for manual intervention. Other benefits include the ability to forecast and mitigate fraud risk more effectively, as well as lower FX costs. In total, the TMS has generated added value of $800,000 per annum by enabling the company to harness process efficiencies and time savings, switch to cheaper electronic payments and pay down debt using excess cash. What is next for Mantrac Treasury? Looking forward, the team won’t be resting on its laurels. “There will be some further bank consolidation, particularly in some of the more challenging jurisdictions,” says Tulkens. “We are also expanding into two new countries.” At the same time, the team will continue to streamline processes, as well as incorporating some recent acquisitions into the system. And with Mantrac’s five-year digital plan underway, other topics could include looking at the value of machine learning in the context of cash forecasting, as well as potentially integrating the TMS with a new ERP system.

Visibility Challenges Şişecam’s international growth over the past few decades meant the company had a fragmented approach to cash management. While treasury handled strategic decisions such as borrowing, individual subsidiaries within the group handled...

Visibility Challenges Şişecam’s international growth over the past few decades meant the company had a fragmented approach to cash management. While treasury handled strategic decisions such as borrowing, individual subsidiaries within the group handled their own payment operations and managed their cash using their enterprise resource planning (ERP) systems. Treasury provided guidance to subsidiaries on how they should manage their cash. However, Şişecam lacked a centralized reporting system that could provide real-time visibility over cash balances globally and indicate whether guidance was being followed. Reporting tended to take place on a monthly basis, with individual subsidiaries reporting at the end of the month. As a result, treasury had to follow complex, labor-intensive and time-consuming processes to gain group-wide visibility over cash. "The biggest benefit with Kyriba is that you have one platform from which you can manage your bank operations for all your companies across the world." Baris Gokalp Treasury and Finance Director Şişecam   Payment Issues In addition, Şişecam’s payment processes were inefficient. While it was sending payment files to its banks via file transfer protocol (FTP), it followed these up with written instructions sent by fax and email. If a key signatory was unavailable, a payment could be held up by several hours until the signature was collected. Typically, it took between 30 and 60 minutes to execute a payment. Furthermore, not all payment orders were created via ERPs, which made it difficult to monitor and track payables. Quantitative Results 1000 bank account statements delivered daily 15 minutes the maximum end-to-end time it takes to make a payment Three-year history of transactional banking data One-week onboarding period for new companies and banking partners 10 country operations using Kyriba   Search for a Solution In its search for a treasury management system (TMS), Şişecam specifically looked for a vendor that met the following criteria: A good reputation in the market – and the ability to provide global customer references Supplier of a cloud-based, software-as-a-service (SaaS) solution that could integrate with different ERP and banking systems, while supporting the payment formats of different countries Provision of a fraud detection system A focus on security and security certifications Extensive experience with large-scale TMS implementations for other global businesses A strong relationship with SAP – Şişecam’s main ERP system – and the ability to integrate with other ERP systems outside of SAP Kyriba met all of these criteria. Its TMS would also enable Şişecam to quickly onboard new ERP systems and banking partners as the group made acquisitions. Business Transformation The implementation of Kyriba has given Şişecam complete visibility over its cash and totally transformed how it manages its payments. It now receives SWIFT MT940 end-of-day bank account statements through its Kyriba TMS, which means it has an up-to-date view of its cash positions. It can also access transactional data with its banks stretching back three years. Furthermore, all payment orders have to be raised via Şişecam’s ERP systems, heightening the group’s control over the payment process. If there is no record of a payment order in an ERP system, that payment will not be made. Once an order has been raised on an ERP system, a payment file is created directly within Kyriba. Signatories can log in to the system to approve payments quickly and easily, using multi-factor authentication security. Şişecam’s banks are also able to rapidly highlight formatting errors and raise queries about specific payments. The time it takes to execute a payment has fallen to between eight and 15 minutes. Kyriba’s digital approval processes proved a real benefit when Şişecam’s staff were asked to work from home due to COVID-19. Signatories were able to approve payments remotely, which eradicated the health risks associated with handling hard-copy documents. Fraud Detection In addition to the Kyriba Payments Network’s general payments module, Şişecam implemented the fraud detection module to raise alerts around suspicious payments – for example, alerting the first payment to a new supplier or a payment to a regular supplier that is significantly larger than usual. Besides picking up on changes to IBANs of the suppliers, the system checks if the company or country is sanction listed or not. When the system identifies a suspicious payment, it requires additional checks to be made. As a result, Şişecam can prevent fraud in real time, rather than just respond to fraudulent activities that have already taken place. Next Steps Going forward, Şişecam plans to use Kyriba to offer a supply chain finance service. At present, the company follows manual processes when agreeing on the discounting terms and making payments to suppliers in certain markets. With a digital process, all the suppliers of Şişecam will have the ability to monitor and discount their receivables from Şişecam Group Companies Worldwide. It also plans to integrate Kyriba’s cash forecasting module and foreign exchange management product into its program. A Positive Experience Şişecam found the process of implementing Kyriba easy, with go-live happening relatively quickly. Employees are very impressed with the system, which they find easy-to-use. Significantly, Şişecam has benefited from Kyriba’s accumulated knowledge and experience of working with numerous customers around the world. For example, Kyriba has already established extensive connections with banks in different countries. It is also aware of processes that different companies use to facilitate safer payments or reduce the risk of fraud. The recent COVID-19 crisis has highlighted the value of Kyriba being a SaaS solution and its ability to support and foster business continuity. Kyriba manages the disaster recovery process for its TMS, and as payment files are created and stored on the system, they can be easily recovered.

“We have standardized what were once fragmented, global payment processes across multiple ERPs, enabling automation, stronger controls and better visibility.” Janice Minter, Senior Treasury Analyst, Amway Key Payments Challenges The continued growth and global...

“We have standardized what were once fragmented, global payment processes across multiple ERPs, enabling automation, stronger controls and better visibility.” Janice Minter, Senior Treasury Analyst, Amway Key Payments Challenges The continued growth and global nature of Amway’s business presented many positives, but it also created challenges for the treasury function. Amway’s operations spanned more than 80 markets, but more than 200 local banks were used for cash management and 50 banks initiated and transmitted payments. Maintaining bank connectivity with source systems was taxing and the treasury team recognized that a transformation of the global payments process was required to scale to growing business needs. The key challenges that drove treasury to this conclusion included: A lack of transparency into global payments Inconsistent payment controls across countries Inefficient alignment of payments to shared services operations Increased risk of unauthorized and fraudulent payments Numerous banking connections needed for source systems A Plan for Payments Transformation At the inception of the project, Amway conducted a detailed analysis to help identify specific areas of the payments process that needed improvement. The analysis concluded that the company’s technology infrastructure was unable to meet expected future payments volume; current processes did not support remote access and payment connectivity; and payments were initiated out of too many banks and accounts resulting in unnecessary banking fees. To remedy the issues, Amway established a list of goals for the payments transformation process: Implementation of a single payment hub technology to consolidate payment activity into one portal Automatic management of bank payment formats Support of SWIFT connectivity and select host-to-host connectivity protocols for enhanced bank security and encryption Integration with the company’s new ERP solution for digitized integration of approved payment files Building a Better Payments Workflow Post-needs analysis, Amway chose Kyriba as its treasury management system (TMS) and designed an entirely new global payments workflow, including a technology roadmap that outlined the need for a best-of-breed payments platform. In the new workflow, business units initiate payments for approval within the ERP system. After all approvals are in place, the payments are added to the ERP’s payment file and sent from one of three regional finance shared service centers to the Kyriba payment hub where the appropriate banking formats for each bank are identified. To address Amway’s complicated banking connections to source systems, a singular pipeline (standard payment template) was created. Today, Amway’s source systems leverage that template to provide the payment file to Kyriba and Kyriba manages the connections/specs with the company’s banking partners, freeing up IT resources to focus on other business initiatives. After banking formats for each bank are identified and attached to each payment, an approval at the batch level is required for payments to be transmitted by the bank’s choice of connectivity, including a direct host-to-host solution to transmission via Amway’s SWIFT BIC. After the payment file is received by the bank, payment acknowledgments (ACKs and NACKs) are impoarted into the payment dashboard within Kyriba. Service center staff leverage this data to track payments in real-time. To close out the workflow, prior-day bank statements also flow into Kyriba and the ERP’s cash management module, enabling automatic reconciliation of daily bank statements. Lastly, verified payments are processed to the general ledger. An Award-winning Payments Program Amway’s initiative to transform the way it managed global payments was no small feat. The centralization of payments to three regional shared service centers was a significant shift away from local expertise and siloed payments. Local bank portals and processes were replaced with payments technology from Kyriba and the number of banks used for payments were cut in half. Amway was able to drive cost savings and operational efficiencies through overhauling their payments process. In recognition of its efforts, Amway won the 2019 Silver Alexander Hamilton Award in Working Capital and Payments. Overall, Amway was able to realize reduced risk of payment fraud, improved productivity, standardized payment controls and a reduction in working capital requirements.   About AmwayAmway is an entrepreneur-led health and wellness company based in Ada, Michigan. It is committed to helping people live better, healthier lives – across more than 100 markets worldwide. According to Forbes magazine, it is among the Top 50 privately held, family-owned companies in the United States. Top-selling brands for Amway are Nutrilite™, Artistry™, and XS™ energy – all sold exclusively by entrepreneurs who are known as Amway Business Owners. Amway is the No. 1 direct selling business in the world, according to the 2021 Direct Selling News Global 100.

In transitioning from legacy and largely manual processes for hedging foreign exchange (FX) risk management, the treasury department of Trane Technologies sought greater visibility and quantification of its exposures. This involved partnering with a...

In transitioning from legacy and largely manual processes for hedging foreign exchange (FX) risk management, the treasury department of Trane Technologies sought greater visibility and quantification of its exposures. This involved partnering with a dedicated technology provider and adoption of a centrally-led FX management strategy. "Kyriba resolves our immediate FX risk management limitations and allows us to develop best in class solutions." Chris DonohoeAssistant Group Treasurer, Having previously suffered an inability to determine key factors impacting FX exposure in real-time, analysis was reactive rather than proactive; numerous ERP systems with varying capabilities made analysis complicated, cumbersome and directional in nature, so hedging was limited only to known exposures such as intercompany loans; and consolidation tools provided functional currency or USD transparency, without transactional currency details. To address these gaps and translate exposure management into meaningful analysis that adds value to the business, Trane Technologies turned to FiREapps, now a Kyriba company. "We now have have the ability to work with our entities on specific projects and to implement business solutions rather than simply providing high-level FX hedging." Chris DonohoeAssistant Group Treasurer, Net Asset Position by Currency — to map and detail net asset exposure by asset category, legal entity, SBU, region and enterprise Map FX Accounting — to cross check for FX bookings in relation to P&L, CTA and cash flow reporting Hedge Determination — to determine Value at Risk (VaR) analysis for all hedging programs and portfolio risk optimisation to determine most efficient strategies Advanced Reporting — to explain sources of noise in the FX results and provide dashboard reporting on balance sheet hedging effectiveness Thanks to working with Kyriba for the past two years, Chris and his team are now able to cite quantitative and qualitative benefits beyond expectation, the most impressive of which is achieving 97 percent realtime visibility of group FX exposure. Most note-worthy is the global reduction of risk by an excess of 50 percent over 12 months based on the VaR quantification, which is immense for a company of this size and stature. “We in treasury have evolved into a true strategic partner to the business rather than just a corporate function,” explains Chris. “We now have have the ability to work with our entities on specific projects and to implement business solutions rather than simply providing high-level FX hedging.” Chris also notes an increased engagement from the business, resulting from awareness training and a more detailed outline of exposures. Global group risk quantification and trend analysis by business unit and by currency and dashboard presentations for business and board perspectives are also clear strategic benefits. Some Examples of the New Global Net Asset Exposure Quantification Process NB: figures and currency pairs not actual - for example purposes only

A Fragmented View In 2010, Wanhua began the process of upgrading its finance technology. At the time, it relied on numerous e-banking solutions, which was not only inefficient but resulted in the business having...

A Fragmented View In 2010, Wanhua began the process of upgrading its finance technology. At the time, it relied on numerous e-banking solutions, which was not only inefficient but resulted in the business having an incomplete record of its payment transactions. Meanwhile, the growth in its overseas business highlighted some shortcomings in group-wide treasury management. As a result, Wanhua wanted to adopt a treasury solution that would serve to unify its domestic and international operations. "By optimizing, integrating and automating our systems to achieve the end-to-end processing of domestic and international payments, we have laid the foundation or the eventual consolidation of all financial data across the group. The solution has also helped Wanhua to more easily adapt to unpredictable economic changes, meet global regulatory standards and support China’s globalization strategy with a view to overseas expansion.” Zhang Shoujun General Manager, Finance Department Wanhua Chemical Group Unifying International Operations Finance IT Manager Feng Yongjin wanted to deploy a treasury management solution that would enable Wanhua to enhance and “futureproof” its ‘super e-banking’ capabilities. The solution, which needed to be expandable and scalable, had to provide an automated, centralized and global view of the company’s financial position. This would allow the company to improve internal security and controls, and reduce the risk of payment fraud. The solution also needed to enable intelligent processing in order to improve customer and supplier satisfaction. Establish transaction data maintenance requirements for each overseas entity and create a processing template that was in line with corporate business standards. Achieve global data integration with all of the company’s supplier banks with the objective to meet current and future language and policy requirements of each entity. Build a globally-unified processing platform for automated, smart payment routing based on big data analysis from international bank accounts. Supporting Overseas Payments During the implementation process, Wanhua fully mobilized the global resources of Kyriba and its partner banks. It undertook manual inspections, as well as multiple rounds and combinations of stresstesting. Kyriba designed standard payment templates to meet Wanhua’s current and future business needs and established a standard for the maintenance of transaction data. Kyriba’s cloud-based treasury management solution integrates data from Wanhua’s enterprise resource planning system with data provided by its supplier banks. As a result, the solution supports Wanhua’s banking activities, including international and Chinese wire transfers, electronic acceptances, e-commerce business, letters of credit and different payment types. Additionally, Wanhua was able to automate 98 percent of its payments and cut their accounting entries in half thanks to the streamlined settlement and accounting rules brought on by Kyriba that adhere to the requirements of each local jurisdiction. Intelligence and Visibility With the help of Kyriba, Wanhua Chemical Group has established a global data standard for its supplier banks, achieved integrated and automated payments processing, and connected 13 overseas banks in five countries. The company has also been able to unify and standardize payment templates, reduce the cost and extent of manual operations, and gain greater intelligence and visibility in terms of global treasury management.

The Need for Accessible Supply Chain Finance Funding has historically been an issue for small and medium-sized suppliers of research services in the preclinical outsourcing sector. These companies are often forced to accept 120-day...

The Need for Accessible Supply Chain Finance Funding has historically been an issue for small and medium-sized suppliers of research services in the preclinical outsourcing sector. These companies are often forced to accept 120-day payment terms, which are set by large pharmaceutical organizations. As a result, suppliers struggle to access the necessary funding that would allow them to bid for projects in competition with larger rivals. Quantitative Results $4M Early Payments to suppliers in the first six months of the program 50% Reduction of the procurement process lifecycle 95% of Payments made on time $45.5K Revenue earned in three months 130% Increase in suppliers’ gross merchandise value 24.3% Increase in volume of purchase orders (PO) issued to suppliers 60-day reduction in payment terms 75.5% GMV average supplier gross merchandise volume (GMV) growth rate Unifying International Operations   "Finance is the heart of an organization. If there are limitations or constraints, you cut off the oxygen, or energy, to fuel the operational functionality of the organization – new innovation, R&D and day-to-day operations." Kris Kagan, Senior Vice President of Finance/HR Scientist.com   While major pharmaceutical companies do utilize supply chain finance (SCF) programs, they are often not accessible to smaller suppliers. For example, a program may only onboard suppliers that complete millions of dollars in spend. And even if suppliers meet this criterion, the onboarding process can then take months to complete and prove expensive for the program provider since large suppliers tend to have high operational costs. SciPay<supTM: Scientist.com’s Life-saving Early Payment Program Scientist.com recognized that if an early payment option was made available to suppliers of all sizes through an SCF program, more companies would be able to focus on innovation, rather than on solely covering their operational costs. Ultimately this would drive drug discovery. Scientist.com also identified the potential for its own business to gain a new, fast-growing revenue stream by providing finance to suppliers. Scientist.com launched SciPayTM, a working capital solution by Kyriba that features early payment options, rapid onboarding, invoice management and dynamic discounting to help fund research for any organization regardless of size. In doing so, research suppliers have access to the funding they need to bid on projects that were previously blocked due to a lack of resources. Putting SciPay into Play – Reducing Risk and Creating Opportunity To find the best candidates for SciPay, Scientist.com leveraged its long-established relationships with clients from large pharmaceutical and biotech companies, as well as its portfolio of more than 3,100 suppliers. Within just a few months, 45 self-designated small business suppliers signed up for the program. By joining the program, risk is reduced for both suppliers and buyers. For buyers, SciPay keeps business consistent, ensuring work is completed before an invoice is paid and allowing for extended payment terms that won’t disrupt supply chains since Scientist.com takes on the burden of the payment. For suppliers, early payments translate to growth, allowing them to bid on projects they were previously unable to now that they have the working capital to cover operational costs. Scientist.com believes that SciPay’s success is the result both of its strong internal commitment to the initiative and its strategic partnership with Kyriba. Working together, finance and development teams integrated Kyriba’s SCF platform with Scientist.com’s existing operating systems, as well as its bank, to ensure that SciPay payments and data flowed securely and smoothly. “We chose Kyriba for two main reasons,” said Kris Kagan, Scientist.com Senior Vice President of Finance/HR. ”It provided us with an opportunity for an early payment program and we were able to utilize the early payment program and join it up with the TMS modules that Kyriba has. The second reason is that we were looking for partners in the industry that could scale with our business, and Kyriba has been an amazing partner.” Speeding Up the Innovation Process Scientific innovation can now happen faster than ever thanks to SciPay. Overall, the entire lifecycle of the procurement process has been reduced by 50 percent, and the source-to-settle process has been sped up by 80 percent. As a result, researchers can run projects and expand their product lines more quickly. The innovation process has also become more cost-effective for buyers of research services. When there are more suppliers with working capital to bid on projects, the price of the project can be driven down. SciPay has brought some significant commercial benefits to Scientist.com as well. Firstly, it is a competitive advantage when it comes to attracting research suppliers to its marketplace. The fact that suppliers only need to sign up for one SCF program, rather than multiple programs, with no barriers to entry, is a major draw. In addition, buyers of research services are able to easily reach more than 3,100 registered suppliers across the globe in a one-stop shop manner. Finally, since Scientist.com uses its own working capital to finance the suppliers, it has boosted revenue through the implementation of SciPay. Ultimately, SciPay serves a greater purpose beyond being a finance platform. By fostering greater competition in the research marketplace and enabling suppliers to more rapidly discover lifesaving medications, SciPay is supporting Scientist.com’s ambitious mission of helping to cure all human disease by 2050.

What is the value of Kyriba to your organization? Trish Fisher, director treasury operations, WeWork, shares the top benefits of Kyriba, and how Kyriba powers digital transformation with real-time visibility at WeWork to bring...

What is the value of Kyriba to your organization? Trish Fisher, director treasury operations, WeWork, shares the top benefits of Kyriba, and how Kyriba powers digital transformation with real-time visibility at WeWork to bring their treasury to the next level.

French retail group Auchan uses reverse factoring to pay suppliers sooner without negative impact to working capital. After the global financial crisis, Auchan Group’s suppliers began asking whether their invoices could be paid sooner,...

French retail group Auchan uses reverse factoring to pay suppliers sooner without negative impact to working capital. After the global financial crisis, Auchan Group’s suppliers began asking whether their invoices could be paid sooner, as they were struggling to secure bank financing on acceptable terms. When some of these suppliers began to have difficulty fulfilling orders placed by Auchan, it was clear that action was needed. The group began exploring how reverse factoring programs could be used to pay suppliers faster and at favorable terms, without adversely affecting Auchan’s working capital. These programs would need to be supported by a supplier portal in order to keep suppliers informed about the status of their invoices. Auchan therefore decided to set up ASAP (Auchan Supplier Advanced Platform), a wholly owned subsidiary, which would provide the group’s entities with reverse factoring programs. Another goal of the project was to modernize the group’s payment methods, thereby improving security and reducing costs. "The feedback from suppliers that joined the program has been unanimously positive. We have met their expectations in terms of visibility, simplicity, transparency, independence and attractiveness." François Verrodde, CEO of ASAP, Auchan Group Getting started Once management had given the project the green light, the company rapidly assembled the affected teams: purchasing, IT, legal and the financial department. “This was a company-wide project in response to highly strategic challenges,” said François Verrodde, CEO of ASAP and head of the Group's Reverse Factoring programs. “It was therefore important to have powerful sponsors within the company, and the involvement of all players.” Where technology was concerned, Auchan was looking for a bank-independent solution which could cover multiple laws, languages, banks, IT systems, repositories and currencies. “Only a solution independent from the banks, such as that offered by Kyriba, could natively integrate all of these requirements,” said Verrodde. He notes that the decision to adopt Kyriba’s platform was also driven by the need for a modern, flexible and customizable solution. The implementation began with a pilot phase incorporating four group entities and three banking partners. “We approved some of the decisions made, such as the financing arrangements offered to our suppliers,” said Verrodde. Thereafter, the focus was on onboarding as many suppliers as possible to the platform using a range of communication methods, from an e-mail campaign to in-person discussions at conventions. Quantitative Results 15,500 Suppliers Paticipating 5 Auchan group entities covered 47% Increase in financing requests. Dec. 2016-2017 Surpassing the original goals Three years after the project began, the program has already exceeded the company’s original goals with over 15,500 suppliers on the platform. ASAP currently tracks reverse factoring programs on behalf of five different group entities: Hypermarkets France, Supermarkets France, Auchan Poland, Auchan Romania and Auchan Portugal. Suppliers can use Kyriba’s portal to access information about the status of their invoices and can finance their invoices on attractive terms with a few clicks. “The feedback from suppliers that joined the program has been unanimously positive,” said Verrodde. “We have met their expectations in terms of visibility, simplicity, transparency, independence and attractiveness.” In some countries, the company has also been able to move from paper-based payments to electronic transfers. For other companies looking to adopt a similar program, Verrodde emphasizes the importance of working with multiple banks, adding this was “essential” to the success of Auchan’s project. He also notes the importance of addressing legal considerations thoroughly: “In our multinational environment, with its wide array of legislation, any legal impact must be approved by our internal teams, with the support of an outside firm that specializes in international finance.” Future plans Looking ahead, it is likely that the reverse factoring programs will be expanded into additional countries. “Our primary mission is to support the growth of Auchan Group, so naturally we will respond to requests from other countries that face significant challenges in this area,” said Verrodde. The company also hopes to develop existing tools further in order to provide greater agility and flexibility. Future developments could include the use of techniques such as purchase order-based financing or dynamic discounting. “Of course, we are working on these issues in close cooperation with our partner Kyriba, which has effectively supported us from the start of this project, and continues to provide us with appropriate solutions,” Verrodde concludes.

Graff Diamonds has been expanding its network of overseas stores since the first one opened in Monaco in 2000. It now has 45 of its own stores across Europe, Asia, the United States and...

Graff Diamonds has been expanding its network of overseas stores since the first one opened in Monaco in 2000. It now has 45 of its own stores across Europe, Asia, the United States and South Africa with 6 local finance teams whose core responsibility was originally to validate fund clearance for sales. Monthly accounting was always done on a cash rather than accrual basis with too many banks and multiple currency accounts for every entity across 15 different countries. With a new senior finance team in place in 2013, Graff had treasury-based aspirations to achieve solid monthly accrual accounting, better cash management and stronger controls and visibility with less reliance on spreadsheets. When he first came aboard in 2013, one of CFO Andrew Nicholson's first decisions was to implement Kyriba. The greatest value he now sees is the improved visibility and control. Here he tells us more about the benefits of a TMS from the C-level perspective. Why and how did you select Kyriba over other providers? When I joined Graff I made the decision almost immediately to deploy a TMS. We undertook a rigorous selection process and found that Kyriba best met both our current and expected needs without any unnecessary extra functionality. Of course, integration with our ERP was crucial, as was the centralisation and standardisation of cash and payments and the ability to drawdown and track credit facilities. In the end, the fact that Kyriba is a hosted web-based platform and could provide real-time access to consolidated bank reports was the real determining factor in my decision. The payments and connectivity functionality of Kyriba is particularly important. Can you explain why? It was simply unsustainable to continue logging into each individual e-banking platform in order to approve payments. Having rationalised our bank relationships and selected one leading local commercial bank in each country, it was then key for us that Kyriba could offer a single, consolidated point of access across all our bank accounts. We also needed the ability to set up payments, to define different payment types, to receive notification of pending approvals and we needed a robust security framework with dual-factor authentication and dual authorisation. "From one single, low maintenance and user-friendly platform, we have greater visibility of current and future cash positions, solid controls and less reliance on error prone spreadsheets." Andrew Nicholson CFO of Graff How do you measure the success of your Treasury operation? We don’t formally measure the success of our treasury and finance operation in terms of KPIs. What the owners do recognise is that with Kyriba we have shared visibility of accurate data coming from different sources into one format. From one single, low maintenance and user-friendly platform, we have greater visibility of current and future cash positions, solid controls and less reliance on error-prone spreadsheets. This in turn has led to improvements in operational efficiency, the ability to make more informed and strategic decisions and cost savings, which in turn is contributing to overall productivity and growth of the company. Quantitative Results 15 Countries of operation 11 Different currencies 5/1 Reduction in number of finance teams As CFO, what do you get out of a Treasury Management System? The main benefit I personally get from Kyriba is risk mitigation through much greater confidence in my treasury. I receive meaningful data to analyse, including automated standardised reports and accurate cash forecasts. I can also authorise transactions remotely. We can access real-time, centralised bank statements first thing in the morning. Finally, we can source and analyse historical data for bank queries and we have centralised and secure payments control. What is next for Graff Diamonds and Kyriba? Well, we have actually purchased some additional functionality that we have yet to start using for FX exposure management and GL reconciliation. I think the plan for 2018 is to focus on rolling these out and we are also exploring the adoption of Kyriba’s newly released Payments Fraud Detection module, which, considering our business is high value luxury-based retail, is critical in the current climate. ABOUT GRAFF DIAMONDS Graff Diamonds was established in 1960 by London-born Laurence Graff, and just two years later, the first retail stores opened in London, at a time when the jewellery industry was traditionally wholesale and workshop-based. By 1970, the Graff brand had started to enjoy global success and today has grown to become synonymous with only the finest and rarest of diamonds.

Innovation - Sound Treasury Management In alignment with the company’s truly innovative approach to technology, and in support of the challenges associated with managing the exponential growth of a world class digital music service,...

Innovation - Sound Treasury Management In alignment with the company’s truly innovative approach to technology, and in support of the challenges associated with managing the exponential growth of a world class digital music service, Spotify’s treasury team planned an ambitious transformation project in 2014 centered around the Kyriba platform. It started with a review and rationalisation of the company’s banking relationships. Project visionary Johan Bergqvist’s strategy to select and work with a core number of banks was totally unconventional and yielded significant returns on relationships and time. Instead of a traditional RFP for banking services, Spotify with support from an external consultancy firm, analysed data to identify which banks that in earlier RFP processes had won in the areas that were relevant for Spotify. These banks were invited to a collaborative workshop to learn about the business and to discuss Spotify’s strategic requirements and how the bank and its products could support those needs. Once the banks understood Spotify’s business and pain points they could dedicate their time to analyse how they could remove operational friction, instead of answering a five page questionnaire of things someone else already vetted. Once selected, it was imperative from the outset for Spotify to maximise global bank connectivity and scalability with the utmost efficiency. The innovative and strategic leadership from Bergqvist looked to Software-as-a-Service models to accommodate the fast-paced growth of his own Saas music product. The transformation project was then initiated following Spotify’s decision to join the SWIFT network. "Our goal was to create a solution oriented and agile treasury to support short and long term business expansion. As a small team, we needed a secure, robust and scalable solution that integrated well with our systems, and although innovation comes from both internal drive and external collaboration, we found that among other technology partners, Kyriba was best aligned to support our needs." Johan Bergqvist, VP, Corporate Finance & Treasury, Spotify Collaboration - Sharing the Vision Key to successful deployment was the collaborative approach of a dynamic team who understood the vision and shared a common goal. Delivery of the broad scope within a challenging timeline meant the project was split into two phases. The first phase - run by a cohesive team of solution experts from Kyriba and external consultancy Covarius - focused on building the bank reporting architecture via Kyriba’s integrated SWIFT Service Bureau, setting up the Spotify entities to align with the cash pools set-up within the Spotify Group. A payment import from, and General Ledger (GL) export to the main Enterprise Resource Planning (ERP) solution were set-up, as well as a market data feed and online trading platform interface. With engagement and close involvement from Spotify’s IT team, the interfaces were designed and built within a month, enabling the business users to concentrate on the task of end-to-end payment and statement import testing with the banks. Quantitative Results 5x Estimated reduction in operational risk 2x Increase in treasury productivity $65k Annual bank fee savings During onsite workshops in Stockholm, the consulting team worked closely with Spotify to design and test workflows built around the SWIFT automation for cash positioning and payments processing. Legacy spreadsheet-based cash positioning processes were quickly decommissioned once automated bank feeds were reconciled to the new process. Segregation of duties built into the approval workflows were shared between the treasury team and accounting department centrally within Kyriba. This enhanced central visibility and security of payments, while reducing reliance on bank-specific software. Finally, the prior day reconciliation workflow with cash categorisation and transaction matching, allowed Spotify to post GL journals for all bank activity to the ERP system on a daily basis. Risk Mitigation - Treasury and Beyond In parallel to the global rollout of Kyriba to support Bergqvist’s vision of a centralised payment factory for enhanced security and visibility of cash, the second phase of the project extended the functional scope. In order to mitigate the challenges faced by any global organisation working in multiple geographies and currencies, Spotify and one of its banking partners built a cloudbased algo-driven FX solution, thus removing manual work and shifting focus towards more strategic and analytic work. Spotify’s Treasury is utilising the Hedge Accounting functionality in Kyriba to ensure a correct and efficient accounting for the derivatives used for hedging the FX exposure. Expansion - Growing with Intent Reflecting the effort and vision of its treasury team combined with the agile implementation of Kyriba, Spotify is now fully equipped to perform its function in a rapidly expanding environment. Enhancing visibility through improved cash management and accounting, while mitigating the risk of fraud and human error through a centralised payments factory, the added financial controls, standardised workflows and treasurywide audit trails have strategically positioned Spotify for its next phase of growth and helped realise Bergqvist’s vision of achieving a cutting-edge treasury.