Centralizing Payments Across 100 Markets Around the World
June 7, 2019
As the company deployed the new ERP system, treasury rolled out a Kyriba treasury management system and undertook a bank rationalization project that ultimately reduced the company’s payment banks by about 50 percent.
The ERP system automatically sends payment files to each regional shared service center’s payment hub. There, the Kyriba payment module determines the appropriate format for each bank’s payment file and the bank’s preferred method of connectivity, whether a host-to-host connection with the bank portal or a SWIFT transmission. The payment files are reviewed and released, and the payment hub automatically transmits the file to the bank.