Inefficient payment processes inhibit supply chains, cash flow and profitability. The need to optimize cash and working capital, combined with the increasing threat of cybercrime and payments fraud, amplifies the need to centralize and standardize corporate payments. A payments hub consolidates payment streams from ERPs, finance, treasury, legal, capital markets, and decentralized teams, transforming disaggregated processes into a single source of record for all outgoing payments. Kyriba’s Payments Hub centralizes payment activity, automating unnecessary tasks, enhancing controls through superior fraud detection and error handling, all while giving finance full control and visibility into the status of AP, treasury and other ad hoc payments.
“It was simply unsustainable to continue logging in to each individual e-banking platform in order to approve payments. Kyriba offers us a single, consolidated point of access across all our bank accounts, [giving us] the ability to set up payments, define different payment types and to receive notification of pending approvals.”
— Andrew Nicholson, Graff Diamonds
Benefits of a Payments Hub
Implementing a payments hub delivers a wide range of value, simplifying and streamlining payment processes so treasury and finance leaders can focus on other strategic initiatives. The following examples are just a few of the benefits that a robust payments hub can offer treasury and finance teams:
- Controls & Visibility
Centralizing payments enables complete visibility of outgoing cash flows so treasury can optimize cash balances and effectively deploy cash and manage liquidity.
- Enhanced Security
Payments hubs can ensure a standardized set of controls, extra layers of authentication, audit trails and payment status reports. A payments hub can also offer AI-enabled, real-time screening.
- Format Transformation
Via automation, payments are reformatted based on bank channel, payment type or receiving location.
Reducing the number of systems that connect to a bank eliminates substantial bank service fees and software costs.
- Global Bank Connectivity
Payments hubs connect to all global banks with choices for communication protocols, including direct connection, country banking networks and SWIFT.
- Payment Routing
When routing payments, flexibility matters. Payments hubs can support blind routing of preapproved, preformatted payments, and intelligent routing for payments that require additional approvals or format transformation.
The Future of Payments
Multi-channel payments hubs are the way of the future, with corporates soon to be presented with greater choice in B2B and B2P payment technologies. Kyriba’s is pushing the envelope with its Payments Hub, offering users all the latest capabilities:
- Payment workflow and controls to ensure that manual payments activities align to the organization’s payment policy and controls.
- APIs that require no files to be downloaded, enabling instant data transmission, including real-time payments and screening/fraud detection.
- A pre-built format library to meet the needs of every global bank, which require thousands of format variations.
- Integrated global bank connectivity to deliver out-of-the-box, API, SFTP/H2H and proprietary connections.
- Kyriba embeds our SWIFT Service Bureau capabilities in our banking connectivity.
- Two-way communication to include the receipt of payment status reports, acknowledgements, payment tracking, and bank statement reporting for status reporting and payment visibility.
- Payments intelligence reporting and easy, user-friendly dashboards to give you analytics, status, and data visualization for all payments.
- AI-driven Payments Fraud Detection to automate and digitize payment processes and detect anomalous transactions