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Success Story

Polestar Optimizes its Treasury Journey & Enhances Operations

Polestar2 electric car in Amsterdam


Polestar, a Swedish electric vehicle manufacturer owned by Volvo Cars, faced challenges in obtaining real-time visibility into its cash positions. Relying on the previous day statements received via file transfer, the company sought a more dynamic and efficient approach to managing its daily treasury activities. Recognizing the need for a modern solution, Polestar partnered with Kyriba to implement Bank API connectivity with Citi Bank. This initiative aimed to revolutionize Polestar’s treasury operations by providing enhanced cash visibility and operational efficiency.


Polestar set forth clear objectives to address its treasury challenges:

  1. Enhance Cash Position Visibility
    To enable informed decision-making through real-time tracking of cash positions.
  2. Streamline Treasury Operations
    To automate bank statement retrieval, thereby enhancing the efficiency of daily treasury management.
  3. Increase Operational Flexibility
    To tailor bank communication and data retrieval frequencies to Polestar’s unique operational requirements.

Solution Implementation

Kyriba worked closely with Polestar to establish Bank API connectivity with Citi Bank, focusing on incrementing the cash position visibility during the company’s daily treasury journey. Key components of the solution included:

  1. Optimized Connectivity
    A customized intraday data interval was configured based on Polestar’s operational requirements.
  2. Intraday Flow Integration
    The integration of intraday flows carried a high level of complexity due to the transition from previous day statement data formats (CAMT 52 replacing CAMT 53). Kyriba successfully configured the system to ensure seamless data integration and visualization within the platform.
  3. Performance Assurance
    The solution was designed to be performance risk-free, enabling the handling of data loads efficiently and ensuring timely visualization of data in the Kyriba application, facilitating consistent data flow without overburdening the platform and impacting the performance of the experience.
  4. Client Enablement
    Kyriba provided comprehensive training and enablement, to empower the Polestar’s team to master the new system.

Business Outcomes

The partnership between Polestar and Kyriba yielded significant results:

  1. Achieved Real-time Cash Visibility
    Polestar can now make financial decisions with up-to-the-minute data on cash positions.
  2. Streamlined Treasury Operations
    The automation of bank statement retrieval has markedly improved operational efficiency.
  3. Customized and Flexible Solutions
    The implemented solution is tailored to Polestar’s specific needs, enhancing operational flexibility without compromising system performance.

“The successful collaboration between Polestar, Kyriba, and Citi Bank demonstrates the transformative impact of adopting innovative treasury solutions. By leveraging Bank API connectivity, not only did Polestar optimize our daily treasury operations but also positioned our treasury team for more strategic financial management and planning.”

—Johan Törnquist, Middle Office Analyst, Polestar