Thought Leadership

As the world’s most connected enterprise liquidity management platform, Kyriba offers unparalleled cloud-based SaaS solutions via Connectivity-as-a-Service (CaaS).

Kyriba is a global leader in cloud treasury and finance solutions, offering state-of-the-art connectivity and payment hub solutions tailored to meet the unique needs of modern enterprises. For more than 2,500 clients worldwide, including 25% of Fortune 500 and Euro Stoxx 50 companies, Kyriba manages more than 1.3 billion bank transactions and $15 Trillion in payments annually. Comprehensive Payment Management Kyriba's payment solutions are designed to centralize and automate the payment workflow, ensuring secure, compliant and efficient transactions. Whether you are dealing with domestic or cross-border payments, Kyriba streamlines the process, reducing the complexity and errors associated with manual processes. The system supports multiple payment types with 50,000 pre-built payment scenarios for clients to take into use. Fraud Detection and Enhanced Security Kyriba offers rule-based and AI-powered built-in fraud detection features in its payment hub solutions. These tools actively monitor transactions for anomalies and send alerts for potentially suspicious payments. With multi-factor authentication, encrypted workflows and advanced user access controls, Kyriba prioritizes the safety of your financial data and transactions. Payment Hub Beyond just managing payments, Kyriba's Payment Hub serves as a centralized platform that integrates with multiple banks and any of your ERPs. The connectivity simplifies bank account management and reduces the IT complexity that often comes with handling multiple banking relationships. As businesses grow and expand, their payment needs evolve. Kyriba's Payment hub is scalable, ensuring that whether you're a mid-sized company or a large multinational corporation, the system can handle your increasing transaction volume and complexity. Kyriba's connectivity and payment hub solutions are more than just transactional tools. They are strategic assets that empower businesses to manage their finances efficiently, securely, and cost-effectively. By integrating Kyriba into their workflow, companies can position themselves for success in today's complex financial environment. For more details, watch the Kyriba Payments Product Video.

Kyriba’s Risk Management minimizes the effects of market fluctuations on revenue, earnings and balance sheets.

Kyriba’s Risk Management minimizes the effects of market fluctuations on revenue, earnings and balance sheets. In three easy steps, Kyriba helps CFOs, treasurers and risk managers: Gather exposure data from the ERP system Quantify the impact of currencies on revenue and earnings, presenting this information in a clear and organized manner Take action to hedge or decrease net exposure End-to-End Risk Management With comprehensive pre-trade, trade and post-trade compliance, Kyriba effectively mitigates risk and trims hedging expenses, safeguarding against market volatility in currencies, interest rates and commodities. Kyriba facilitates: Pre-trade: Exposure collection Exposure analytics Hedging policy Business Intelligence Trade: Orders executed on trading platform Post-trade: Position keeping Confirmation and settlement Valuation and effectiveness Hedge accounting See how Kyriba empowers finance leaders to eliminate volatility and increase predictability of earnings, revenue and cash flow guidance. For more details, watch the Kyriba Risk Management Product Video.

Watch this Kyriba Treasury product video to learn how Kyriba’s treasury management solutions can enhance your treasury operations.

As the financial world continuously evolves, Kyriba remains at the forefront, offering advanced treasury solutions that empower organizations to efficiently manage their finances and liquidity. With a reputation as a leader in treasury and risk management, Kryiba’s platform is a testament to our commitment to innovation and excellence. Kyriba’s breadth of solutions ensures that all treasury needs are addressed, making it the platform of choice for many organizations: Financial Transactions Module: a unified dashboard to oversee various financial dealings. Bank Relationship Management: tools to handle diverse bank relationships, particularly in a global context, ensuring optimized banking costs and reduced fraud risks. Liquidity Planning: an essential tool to accurately predict liquidity and cash flow. Cash and Liquidity Management: optimized tools to ensure visibility and efficient use of available cash, facilitating better decision-making and operational stability. Benefits of Using Kyriba for Treasury Operations Our research and engagement with clients have shown consistent benefits when treasury departments integrate Kyriba into their operations. Beyond the platform’s superior forecasting tools, departments have reported more precise financial insights, faster decision-making processes and a marked improvement in overall liquidity management. ISO 27001 Certification SOC1 and SOC2 Seamless Integration Precise Forecasting Customizable Get the Most of Your Treasury Management Technology If you’re interested in learning more about Kyriba’s treasury solutions and the benefits they can offer your organization, we invite you to join one of our interactive live demo sessions. In these sessions, our treasury experts provide a comprehensive overview of the Kyriba platform, showcasing its advanced features tailored for modern global treasury management needs. Watch the Kyriba Treasury Product Video to learn more.

Watch this Kyriba Working Capital product video to learn how Kyriba's Working Capital solutions empower CFOs to unlock liquidity

Kyriba’s Working Capital Solutions help CFOs improve working capital and cash conversion through early payment financing and receivables finance. Kyriba empowers CFOs and their teams with the flexibility to infuse liquidity into supply chains, fine-tune payment terms and expedite cash flow. Advantages of Early Payment Financing and Receivables Finance In early payment financing, suppliers want to be paid earlier while buyers want to pay later. Kyriba provides a win-win scenario where buyers and suppliers can make informed payment decisions on all approved invoices. Suppliers benefit by receiving payments earlier, ensuring financial stability and fostering business growth. Buyers can optimize their working capital or secure discounts that they control. For CFOs, receivables finance is a strategic priority aimed at accelerating customer payments and enhancing their days sales outstanding (DSO). Streamlined Workflow and Interactive Dashboards Kyriba's user-friendly, step-by-step workflow presents eligible invoices integrated from the ERP. Interactive dashboards offer insights into funding availability, customer pre-payment history and other crucial analytics. Optimize Payables and Receivables to Unlock Liquidity See how Kyriba enables CFOs to access liquidity, streamline financial operations and drive sustainable growth through optimized payables and receivables management. Kyriba’s Working Capital Solutions support supply chain finance, reverse factoring, dynamic discounting and receivables finance. For more details, watch the Kyriba Working Capital Product Video.

As the world’s most connected enterprise liquidity management platform, Kyriba offers unparalleled cloud-based SaaS solutions via Connectivity-as-a-Service (CaaS).

For two decades, Kyriba has pioneered the realm of treasury and risk management. As the world's most connected enterprise liquidity management platform, it offers unparalleled cloud-based SaaS solutions via Connectivity-as-a-Service (CaaS). Many organizations face the complexities and resources demanded by ERP bank connectivity. Consequently, they turn to specialized technology providers. Kyriba, with over 2500 global clients, leads the charge, recently also being recognized by IDC as a leader in both enterprise and midmarket cloud and SaaS treasury and risk management application vendor assessment. Kyriba’s CaaS offerings span: Bank Connectivity, featuring APIs to major banks such as J.P. Morgan and Bank of America (full list see Kyriba Marketplace) Direct connections with 1000+ banks via H2H, SWIFT or other connectivity protocols Diverse network coverages, including ACH, Fedwire and EBICS ERP connectivity, boasting pre-tested connectors to leading ERP like Oracle, SAP and D365 Real-time integrations for cash, payments, forecasting and working capital solutions, all available on one Kyriba platform To help clients fully understand the ROI of a digital transformation project with connectivity at the heart of data and system integration, Kyriba's Value Engineering team ensures clients maximize benefits from their investments. By understanding individual client needs, the team has designed top-notch tools and methods to gauge ROI. Studies show opting for Kyriba's CaaS can slash integration times by 80%. Take Adobe as a case example: with Kyriba, Adobe centralized its financial operations, managing numerous global banking portals, achieving streamlined banking and efficient FBAR reporting. Want to learn more about Kyriba’s CaaS solutions? Kyriba holds monthly live demos. Here, our treasury experts walk attendees through the platform, showcasing how it enhances financial efficiency and drives organizational growth by harnessing enterprise connectivity. For those who can't make live sessions, check out the on-demand demos to discover the advantages of the platform. In essence, Kyriba is not just a service provider; it's a partner, dedicated to equipping businesses with the tools to achieve financial excellence. Experience the Kyriba difference by requesting a demo today.

A Kyriba Guide to Corporate Payment Workflows An efficient and secure corporate payment workflow is the backbone of a successful modern enterprise. Every financial transaction – from routine supplier payments to critical intercontinental transfers...

A Kyriba Guide to Corporate Payment Workflows An efficient and secure corporate payment workflow is the backbone of a successful modern enterprise. Every financial transaction – from routine supplier payments to critical intercontinental transfers – relies on a seamless and reliable payment process. However, within the whirlwind of modern financial operations, the complexities of transactions and the persistent threat of payment fraud and cybercrime can create a perfect storm for payment catastrophes. These catastrophes not only disrupt financial operations but also jeopardize your reputation, erode stakeholder trust and undermine the overall stability of your organization. To shield your organization from these ominous risks and optimize your payment workflow, you need to adopt a proactive and comprehensive approach. In this eBook, we unveil a five-step strategy that helps prevent payment catastrophes and also elevates payment workflows. The Pitfalls of Unstandardized Payment Journey Creating a standardized and efficient journey is paramount for organizations to ensure smooth financial operations. Acting like a well-constructed highway, the payment journey encompasses various stages, including payment initiation, authorization, validation and reporting. When payment workflows are ad hoc and differ from one region or bank to another, companies can fall victim to various issues that can ultimately hinder productivity and increase risk. Inefficiency and Inconsistency: The lack of standardization means that every payment initiation and approval becomes a unique case. This inefficiency can lead to redundant efforts, time-consuming manual interventions and inconsistent practices, all of which can hinder collaboration and growth. Increased Errors: Without a streamlined journey, errors are more likely to occur. Variability in data entry, approval mechanisms and formats can lead to data inaccuracies, resulting in failed payments, delayed transactions and reconciliation challenges. Vulnerability to Fraud: A fragmented payment workflow increases the opportunities for fraudsters to exploit security gaps. Inconsistent authorization processes and a lack of standardized controls can leave organizations exposed to fraudulent activities, leading to financial losses and reputational damage. Operational Delays: Payments stuck in approval limbo or tangled in complex workflows lead to delays in fund transfer, supplier payments and customer refunds. This strains the relationships with vendors, customers and partners, and, ultimately, impacts the business’ credibility. Lack of Transparency: A patchwork of payment processes often results in limited visibility into payment status and history. This lack of transparency can deter effective financial decision-making, cash flow management and auditing processes. A standardized corporate payment workflow is therefore essential to enhance efficiency and consistency while reducing risk and fostering growth and stability. It brings uniformity to data entry, approval processes and formats, minimizing the chances of errors. Key practices for standardization include mapping the payment journey, identifying variability, establishing clear procedures, implementing automation and ongoing monitoring and adjustments. The Hazards of Neglecting Automation and Technology A recent Forbes article reports that executives struggle to get real-time key financial metrics and much of the work is still manual and error-prone with financial institutions using different software systems. Table 1: Challenges with payments process in the US and across the globe reported by the recent Forbes article In the USA Globally 50% use five or more systems for payment operations 40% report payment operations are manual 30% lack real-time insight into their cash balances 51% lack payment digitization 49% reply on manual payment processes 44% have disconnected accounts receivable and accounts payable processes Both automation and payments technology are critical components for optimizing payment workflows. Without automation, routine tasks such as data entry, payment validation and reconciliation are time-consuming and error-prone. This results in an inefficient allocation of resources and limits the capacity for strategic financial planning. Additionally, relying solely on manual data entry processes heightens the risk of human errors, including data inaccuracies and improper approval routing. Automation also plays a critical role in enabling real-time tracking of payment statuses, which is imperative for accurate visibility into cash positions and transaction progress. Another, often overlooked, aspect of a robust payment journey is the ability to address and resolve payment disputes and exceptions swiftly. Failure to manage these situations in a timely manner can have far-reaching consequences that extend beyond just financial losses. Inefficient dispute resolution processes can destroy relationships with vendors and partners, tarnish the company’s reputation and, in some cases, result in legal disputes. Embracing automation and technology are vital for staying competitive. When building automation for treasury, start with a thorough needs analysis to identify repetitive or error-prone tasks and design an RFP to look for a Treasury Management System (TMS) that can help centralize data and integrate with existing systems like ERP. It is also recommended to use Robotic Process Automation (RPA) for routine tasks like data retrieval and report generation, while incorporating advanced analytics and AI to improve cash forecasting and detect payment fraud. The Pain of Being Tangled Up in Bank Connectivity An interconnected network is not just a luxury; it’s a necessity. Bank connectivity is the lifeline of financial operations. A comprehensive connectivity network enables organizations to transmit payment instructions, receive acknowledgments and access account information without interruption. Whether it’s done through H2H, SWIFT network or Bank APIs, the ability to seamlessly communicate with banks underpins the entire payment and bank reporting process. The path to establishing robust bank connectivity is riddled with challenges. With every bank or network having their own specifications, bank connectivity carries a high level of complexity, especially when companies start to connect their payments initiation systems such as ERP or AP systems to the banks for realizing Straight-Through-Processing (STP). A single error can have a multitude of negative consequences including payment delays and even data breaches. The following data came from a Gartner Pulse survey with 100 IT leaders, and the results indicated that most ERP integrations with a new bank would take 1-6 months to complete. Most ERP Integrations with a new bank take 1-6 months to complete. Mitigating the challenges associated with bank connectivity requires a strategic approach and a roadmap. Start with your most important banks and identify current bottlenecks and inefficiencies in your corporate to bank connectivity. Opt for a unified platform or payment hub that offers Connect-as-a-Service to streamline multi-bank connectivity, ensuring compatibility with both internal systems like ERP and various banking protocols. Embrace API integrations to achieve real-time data exchanges, enhancing reconciliation and payment processes. The Looming Specter of Security Breaches and Fraud As organizations traverse the landscape of payments, security emerges as a crucial concern. The ramifications of security breaches and the constant looming specter of fraud are enough to send shivers down the spine of any financial professional. The stakes are more than an organization’s finances; the reputation and trustworthiness of a business are also on the line. When security measures are compromised, a cascade of detrimental outcomes follows. Theft of financial data can lead to unauthorized access to sensitive information, putting financial assets at risk and, potentially, violating data privacy regulations. The aftermath of fraud can undermine the integrity of an organization’s financial health. Table 2: Companies are being targeted by payment fraud attacks Payment Fraud Statistics Percentage U.S. Companies affected by fraud in 2022 >60% Companies targeted multiple times >50% Companies targeted >15 times 5% Source: U.S. Companies and B2B Payment Fraud Report by TrustPair and GIACT, 2023 Organizations face a multifaceted battle against cyber threats, and a reactive stance is insufficient to ward off these challenges. Cybercriminals are becoming more sophisticated, using advanced tactics to exploit vulnerabilities in payment systems and networks. Ransomware attacks, identity theft and phishing scams are just the tip of the iceberg. And, these attacks are on the rise, according to a PYMNTS.com article, “Ransomware attacks reached record-breaking numbers in March 2023, with a 91% increase compared to the previous month.” Ransomware attacks typically target any accessible data – including payment information and personal identifiable information. A single successful breach can lead to massive financial losses, legal penalties and lasting reputational damage. To counter this multifaceted threat, a proactive strategy is essential. Ransomware attacks, phishing schemes and evolving tactics demand a resilient defense. Integrating encryption, tokenization and robust authentication forms the first line of defense. Regular monitoring and swift responses to anomalies are pivotal. When it comes to payments, we recommend bank account validation and fraud and compliance screening before any payments are sent to the banks. The Hidden Cost of Organizational Silos Collaboration and partnerships are essential for organizations aiming to streamline corporate payment workflows. However, the persistent existence of silos presents a significant impediment to effective collaboration. Silos, marked by compartmentalized data repositories and disjointed workflows, create substantial communication gaps that obstruct the smooth information flow in an organization’s financial operations, leading to lack of transparency and hindered accessibility to data. According to a year-long study of more than 100 global businesses conducted by Roland Berger, nearly 80% of surveyed respondents report “strongly pronounced” silos that negatively impact their company’s costs, innovation potential, culture, and profitability. Despite this, only 54% have made breaking bad silos a top company priority, the study found. Regardless if respondents had more than 5,000 employees or under 500, the results were largely the same — most respondents didn’t have the confidence or know-how when combating the problem. Just 20% report having the right measures in place. The consequences of these silos undermine the efficiency of payment workflows. With data locked away, the flow of information becomes stilted, leading to redundancies, delays and errors. Silos also limit the extent of shared insights and knowledge among the teams who are actually working to achieve the same KPIs, hampering their ability to collaboratively and proactively respond to market fluctuations, changing regulations and emerging opportunities. Finally, silos contribute to security vulnerabilities. Data dispersed across fragmented systems may be more challenging to protect effectively, increasing the risks of data breaches and fraud. Silos don't have a one-size-fits-all solution, yet modern finance thrives on collaboration. Recognizing the issue both from top-down and bottom-up perspectives is essential, but it's just the starting point. While a centralized treasury and payments platform promotes collaboration, the heart of the challenge lies in reshaping the collaborative mindset of leaders, managers and employees. Final Remarks Preventing payment pitfalls requires a diligent, encompassing strategy. The quest for efficient and secure corporate payment workflows never truly ends. With the fast pace of tech evolution, shifting fraud schemes and a mutable financial environment, success favors those with the agility to adapt and the courage to innovate. If you are interested in learning more about the steps to cut redundant costs and accelerate your bank connectivity projects, check out this on-demand webinar where Beam Suntory and Kyriba discuss the best practices that have helped Beam Suntory transform its payments process.

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Bank API Best Practices for Bank Partners For two decades, Kyriba has forged a reputation as the industry's frontrunner in corporate-to-bank Connectivity-as-a-Service. With robust integrations with 1000+ global banks, Kyriba is the world's most...

Bank API Best Practices for Bank Partners For two decades, Kyriba has forged a reputation as the industry's frontrunner in corporate-to-bank Connectivity-as-a-Service. With robust integrations with 1000+ global banks, Kyriba is the world's most connected enterprise liquidity platform. Having connected Bank APIs with more than 20 major banks (detailed list available at Kyriba Marketplace) across the US, EU and APAC regions, Kyriba was the first treasury management system to successfully go live with a customer with Bank of America and J.P. Morgan. Our close collaborations with bank partners have yielded invaluable insights into the myriad challenges and nuances of Bank API integration. This guide encapsulates the knowledge amassed by Kyriba's Bank API product team. Product managers, business analysts, engineering leaders and infosec teams from any bank partners will find actionable insights on: How to craft API specifications centered around treasury and payments use cases How to reduce integration time for partners such as Kyriba How to enhance developer experiences and streamline the developer onboarding process How to accelerate the onboarding-to-production for corporate clients   Download the complete guide to learn more.

Highly Commended Winner Best Transaction Management Solution The Challenge Condé Nast’s (CN) treasury team identified several challenges in its effort to support the company build a new global organisational structure. Like the need to...

Highly Commended Winner Best Transaction Management Solution The Challenge Condé Nast’s (CN) treasury team identified several challenges in its effort to support the company build a new global organisational structure. Like the need to improve inefficient payment processes around inconsistent processing across markets and low levels of automation. Treasury also needed to improve data reporting and overcome low visibility of cash holdings, bank fees and operating cash flows. Elsewhere, the company was struggling with a complex bank account structure comprising 16 banks serving five European markets, creating duplicated work and contributing to idle cash balances. The transformation required transitioning operational banking services to a single core bank and introducing best of class technology to support the rapid growth. A key component of the transformation was TMS, Kyriba and ERP system integration. Through a synchronised process via Workday and Kyriba, the team sought to generate and process bank agnostic XML files for payments and bank statement reporting, streamlining, automating, and enabling consistency across CN’s European markets. The Solution CN worked with Bank of America (BofA) to consolidate its banking relationships, optimise the company’s liquidity structure via automating concentration of surplus funds and fully automating domestic and cross-border sweeps. CN also introduced extensive integration expertise with Kyriba, SWIFT Service Bureau, and a single global banking platform CashPro®. The solution has maximised the benefits of CN’s deposit balances in European markets by establishing an efficient liquidity structure. It has also established consistent, efficient treasury operational processes in European markets that can later be scaled globally through automation. It involved implementing BofA as CN’s preferred partner for accounts and liquidity in the European region. BofA’s local knowledge across the region and its global footprint supported CN’s transformation from both a local and headquarters perspective. The establishment of a centralised treasury function allowed treasury to centrally manage cash processes, liquidity, FX, technology adoptions and decision-making for regional needs. CN rationalised banking relationships and accounts by adopting a single provider across all in-scope markets, with one set of agreements and a single relationship team. BofA worked with CN to establish a liquidity structure to consolidate surplus deposits and reduce idle balances in local accounts by implementing a fully automated physical cash concentration structure with intelligent sweep parameters to header accounts in the UK. The overhaul also established visibility of all treasury activity through a multitude of connectivity solutions, providing CN with a primary and contingency platform. Integration with Kyriba and Workday has acted as the primary TMS/ERP for CN to centrally manage the treasury function and standardise file formats through XML. Lastly, the transformation saw treasury adopt a single global banking platform, CashPro®, supporting CNs cash management requirements, allowing consistent visibility and automated reporting. Best Practice and Innovation The establishment of a centralised function meant treasury could centrally manage cash processes, liquidity, FX, technology adoptions and decision-making for regional needs. Elsewhere, rationalised banking relationships and accounts by adopting a single preferred provider across all in-scope markets, increased efficiency and transparency. CN established a liquidity structure to consolidate surplus deposits and reduce idle balances in local accounts by implementing a fully automated physical cash concentration structure with intelligent sweep parameters to header accounts in the UK in the name of new treasury entity, Condé Nast Treasury Services Limited. Key Benefits Cost savings Headcount savings Process efficiencies Return on investment (ROI) Increased automation Risk mitigated Improved visibility Errors reduced Number of banking partners/bank accounts reduced Manual intervention reduced Increased system connectivity Future-proof solution Exceptional implementation (budget/time) Improved key performance indicator (KPI) metrics Condé Nast is building a new global organisation structure to take full advantage of the company’s unique growth opportunities and exceptional content around the world. Condé Nast’s treasury team identified several challenges that would need to be solved for them to better support the new structure. The new treasury structure for Condé Nast established a consistent, efficient treasury operational process in European markets that can later be scaled globally through automation (STP went from 0% to 99.5%), they consolidated their banking relationships globally from 16 to five and maximised the benefits of their deposit balances in European markets by establishing an efficient liquidity structure reducing FX exposure and earning interest across all balances." In partnership with The treasury team at Condé Nast (CN) embraced the concept of enterprise liquidity management, with a clear objective to gain visibility and improve productivity across their global operations. Kyriba’s relationship with Bank of America and our integration with CN’s ERP, Workday, were critical components to their centralised solution, and Kyriba is proud to be working hand-in-hand with CN’s new treasury entity, Condé Nast Treasury Services Limited. We look forward to continually working with CN in their treasury transformation." — William Goodall, VP Sales for Northern Europe and London, Kyriba In partnership with [no_toc]

Clearsulting’s partnership with Kyriba offers a comprehensive suite of services designed to elevate your treasury function. Through meticulous analysis, Clearsulting identifies pain points and inefficiencies within your organization’s current treasury operations and paves the...

Clearsulting’s partnership with Kyriba offers a comprehensive suite of services designed to elevate your treasury function. Through meticulous analysis, Clearsulting identifies pain points and inefficiencies within your organization’s current treasury operations and paves the way for tailored enhancements and streamlined processes. The collaboration isn’t just about treasury technology implementation; it’s about embracing Kyriba as a catalyst for change. Below are some highlights from Q2 2023 successful client wins and implementations: When TopBuild sought a strategic partner to transition from their system in use, Clearsulting delivered an exceptional solution. Recognizing TopBuild’s pressing cash, payment and accounting needs, Clearsulting harnessed its agile project management approach, showcasing unparalleled speed and nimbleness. The result was a resounding mutual victory, as TopBuild seamlessly migrated to Kyriba, unlocking enhanced treasury capabilities and propelling their financial operations forward. Grainger, a valued prior client of Clearsulting and a steadfast Kyriba user, took their treasury optimization to the next level. Intrigued by our Bank Fee Analysis demo at KyribaLive, they recognized an opportunity to enhance their ROI. Drawing on expertise, Grainger engaged Clearsulting to extract maximum value from this module. Through strategic insights and meticulous analysis, we collaborated with Grainger to transform their experience into a catalyst for higher returns, demonstrating how a proactive approach can uncover potential within complex solutions. Embarking on an extensive journey, Madison International Realty engaged Clearsulting to catalyze their treasury evolution. With the pursuit spanning over a year, the deal gained momentum, leading Kyriba to emerge victorious over industry giants. Madison International Realty’s vision for a hands-on partnership focused on meticulous process enhancements found a perfect match in Clearsulting’s comprehensive blueprint. Accommodating pricing that aligned with Madison’s budget, Clearsulting’s adaptable approach met Madison International Realty’s expectations, laying the foundation for the organization’s treasury transformation. Clearsulting and Kyriba synergized their expertise to orchestrate a transformative journey for Kaseya. Proposing an enticing package, the partnership delivered a competitive rate for the comprehensive TMS implementation. This encompassing solution spanned cash business intelligence, liquidity planning, financial transactions and financial accounting. Kaseya’s quest for elevated treasury capabilities found a match in this strategic alliance, underlining how collaborative efforts can steer organizations toward empowered treasury transformations. When Mattel aimed to streamline their worldwide payment and reporting processes across various banks, Clearsulting and Kyriba emerged as the architects of their success. The partnership seamlessly formulated a clear, comprehensive vision that not only aligned with Mattel’s goals but also garnered the support of stakeholders spread across the globe. With meticulous strategy and expert execution, Clearsulting and Kyriba set the wheels in motion, initiating a project that resonated with numerous stakeholders and paved the way for Mattel’s global payment and reporting evolution. When CCG faced the imperative need for treasury transformation, they turned to Clearsulting. With strategic foresight, Clearsulting’s collaboration began early, supporting CCG in building a robust business case and meticulously scoping the project. This strategic alignment earned the confidence of CCG’s leadership, leading to an accelerated Kyriba acquisition in Q2. By leveraging Clearsulting’s expertise and Kyriba’s cutting-edge solutions, CCG showcases how proactive partnerships can seamlessly transition organizations toward enhanced treasury operations and transformative success. In a testament to expertise, Clearsulting spearheaded a transformative journey with Dana-Farber. With a profound grasp of derivatives, Clearsulting became a strategic partner in Dana-Farber’s foray into financial transactions, valuations and financial accounting. Through meticulous guidance and unwavering support, Clearsulting facilitated Dana-Farber’s expansion with finesse, illuminating the potential within complex financial landscapes. Kyriba and Clearsulting embarked on a journey to transform Graco’s utilization of cash accounting, intraday reporting and cash management. With Clearsulting’s strategic guidance, Graco embraced a holistic approach to system enhancement. Through careful analysis, tailored optimizations and a focus on scalability, this partnership elevated Graco’s treasury operations to new heights.

Highly Commended Winner Best Emerging Technology Solution The Challenge One of Bally’s key providers of payment services is FreemarketFX with a connectivity strategy that mandates use of a REST API for statement reporting and...

Highly Commended Winner Best Emerging Technology Solution The Challenge One of Bally’s key providers of payment services is FreemarketFX with a connectivity strategy that mandates use of a REST API for statement reporting and payment initiation automation. Bally’s uses FreemaketFX to provide payments and banking services for 19 of its companies, holding 63 active bank accounts which are used by 43 users to make on average 289 payments a month. Currently multiple Bally’s team members log into FreemarketFX’s portal to manually enter payments throughout the day, with this being the single highest volume payments initiator across the group. The effort currently requires the time of one FTE and is potentially subject to manual error due to the need to rekey payment information into the portal prior to approval for initiation. The Solution The vision for this process is to automate the connection between Freemarket and Kyriba which is currently being implemented. Kyriba does provide several bank API connections already, although FreemarketFX is not on the vendor roadmap for the custom back-end efforts to connect as such. Therefore, Bally’s is leveraging its own Enterprise IT group to securely manage Amazon Web Services (AWS) resources to host custom ‘middleware’ code written by Actualize Consulting to broker the connection between Kyriba and FreemarketFX using self-service, open connectivity protocols. Event-based serverless functions (microservices) hosted in the AWS cloud will manage the movement of data between Kyriba and FreemarketFX. For statement details, a scheduled trigger from Kyriba generates a list of bank account IDs resulting in an API request for those account’s statement details. The functions then transform that data into the CAMT.053 statement format and upload those statements into Kyriba. Essentially, this will allow Kyriba to request statement information and receive it automatically in as long as it takes the data to move and transform. For payments, the generation of a PAIN.001 payment request message from Kyriba will immediately trigger an event, converting that message to the FreemarketFX format for initiation via API. Payment status messages will be returned similarly via API or webhook to update the payment status in Kyriba using PAIN.002 PSR file formats. Advanced logging and monitoring tools are being utilised to parse the AWS code-generated log information and allow individual error-codes to be pulled from the verbose log files. Bally’s Enterprise IT team will be able to define distinct notification behaviour for these different error metrics, depending on their relative importance and intended audience, without a need to modify the underlying code. This solution will allow Bally’s to use Kyriba to report on balances and transactions for accounts held with Freemarket, as well as initiating the movement of funds out of those accounts with real-time payment status reporting. Best Practice and Innovation This is an example of where modern technology can be used to connect systems together by the end-user even where a specific bilateral connection has not been made available off-the-shelf by a vendor. The power of modern cloud platforms and APIs mean that serverless functions can be used to minimise infrastructure costs, free up employees for more strategic endeavours, and ensure integrations are tailored to the client’s specific need. This problem will likely be seen more regularly due to the profusion of fintechs and their approach of often taking an ‘API-first’ view on connectivity. The ISO 20022 formats were selected to enable this effort to accelerate connections with other financial service providers if required. Bally’s is essentially creating its own simple API as part of this effort, to receive payment status updates from FreemarketFX and send those on to the Kyriba platform. Key Benefits Cost savings Process efficiencies Increased automation Errors reduced Increased system connectivity As APIs proliferate, corporates will increasingly need to gain expertise in leveraging these directly to connect disparate systems that may not otherwise have an out-of-the-box bilateral connection readily available. This approach also serves to minimise the risk of being tied to an additional third-party Integration Platform as a Service (IPaaS) vendor to broker this API connection. Congratulations to Bally’s on their Highly Commended Best Emerging Technology Solution recognition in the Adam Smith Awards. Embarking on a TMS project with Kyriba in mid-2022, Bally’s aggressive implementation timeframe and skillful project management enabled them to see immediate results from their vision. Together with other outstanding partners, they have engineered a secure solution that is future proof with API connectivity to FX providers. It has been a pleasure to work with Bally’s and we look forward to many more years of partnership as their treasury solution evolves." — William Goodall, VP Sales for Northern Europe and London, Kyriba In partnership with [no_toc]

Overall Winner Best Cash Flow Forecasting Solution The Challenge Think Big is a key leadership principle at Amazon, and the team knows how important it is to manage its capital structure efficiently at scale....

Overall Winner Best Cash Flow Forecasting Solution The Challenge Think Big is a key leadership principle at Amazon, and the team knows how important it is to manage its capital structure efficiently at scale. While always a focus, this became even more critical as the Covid pandemic swept the globe and shoppers around the world rushed to e-commerce retailers, including Amazon, to purchase everyday goods. As the volume of transactions multiplied, so too did the complexities of forecasting cash flows across Amazon’s numerous business lines, currencies and countries. Using historical data and quarterly forecasts would no longer work. It was time to innovate the cash forecast. The Solution Amazon paired its treasury team with in-house software engineers and data scientists to build an improved machine learning based forecasting model. The partnership began with treasury identifying key variables across multiple business lines. The data scientists explored the data, identified the most suitable algorithms, and trained and tested the machine learning models. Software engineers created a data lake, and implemented the machine learning pipeline, deploying machine learning algorithms to drive better insights into patterns that were not perceptible to humans. What began as a daily US cash positioning tool quickly evolved into a 60-day forecast that outperforms traditional methods of cash flow forecasting, across the globe. The machine learning model had an immediate impact on Amazon’s global treasury management. Amazon is now able to establish dynamic cash target balances across international operating entities and improve working capital. Additionally, Amazon has seen significant process improvements. Previous cash positioning took up to eight hours to perform, but it now takes less than 30 minutes, freeing up the team for strategic priorities. The machine learning model’s effectiveness also means treasury is no longer reliant on multiple upstream systems across the company to make time-sensitive decisions. Treasury can allocate work more appropriately while also bringing more insights when meeting with its bankers. Amazon continues to make improvements to the overall process. This solution demonstrates Amazon’s focus to deliver on its four guiding principles: customer obsession, passion for invention, operational excellence and longterm thinking. Best Practice and Innovation Amazon’s new forecasting model is a best practice innovation in many ways. As a strategic business partner, treasury provides real-time, data-driven guidance on capital structure optimisation. The most visible innovation is the deployment of machine learning directly into treasury, which can be difficult to implement effectively, and this has had an immediate impact. The benefit of the machine learning model is that it improves over time as it constantly retrains itself with more data. Another best practice is the partnership between the treasury organisation and Amazon’s in-house software engineers and data scientists. This project included team members with diverse skill sets and backgrounds across internationally based teams. By aligning multiple organisations to a common vision and clear goals, Amazon has delivered results that would have been challenging for any of these organisations to achieve alone. In this case, the whole is greater than the sum of the individual parts. Key Benefits Improved liquidity management efficiency Cost savings Time savings Process efficiencies Increased automation Risk mitigation Improved visibility Error reduction Manual intervention reduction Increased system connectivity Future-proof solution In addition to Abhi Misra and Sean Patterson, the following individuals are also recognised for their key contributions: Colleen Ramsay, Tim Smallow and Tony Masone in Amazon Treasury, alongside Jenhau Chen and Stephen Lau in Amazon Fintech. Kyriba would like to congratulate Amazon.com Inc. on their impressive achievements in intelligent cash flow forecasting and liquidity planning. Working with this talented team in their continual pursuit to elevate treasury has created a valued partnership between our companies. For this solution Amazon.com utilised Kyriba’s treasury management, bank connectivity, as a service with 100+ banks worldwide, and unparalleled data streaming solution, in partnership with AWS and Bank of America. Amazon.com will continue to drive results that set the best-in-class standard for cash flow forecasting intelligence and accuracy. — Greg Person CTP, SVP Sales & Account Management, Kyriba In partnership with [no_toc]

Overall Winner Best Foreign Exchange Solution The Challenge Following its formation, the company faced a complex FX environment. FX risk management was performed separately at legacy Mylan and legacy Upjohn entities with each process...

Overall Winner Best Foreign Exchange Solution The Challenge Following its formation, the company faced a complex FX environment. FX risk management was performed separately at legacy Mylan and legacy Upjohn entities with each process relying upon different systems and inputs. The global treasury team immediately kicked off a project to redesign the FX risk management framework and leverage technology to create a thorough, efficient and fully integrated risk management process. Three key challenges were identified: Resourcing:treasury had a single resource dedicated to the end-to-end FX risk management process. Data: Exposure reporting was decentralised and manual. Multiple teams across the globe sent balance sheet information several times per month in various excel formats. Six ERP systems across the organisation added complexity to gathering balance sheet data. Treasury individually calculated each entity’s FX exposures based on the format of the data and timing of when the data was provided before manually executing FX hedges. Back office processes:back office processes relied on manually confirming trades and manually booking individual close out tickets for non-deliverable forwards (NDF) hedges. This was manual and time consuming. The manual nature of these critical activities needed to be updated to scale up. The Solution Viatris Treasury took a holistic approach to redesign the risk management process addressing each issue with different approaches. Resourcing:as part of broader finance transformation, Viatris built a shared services treasury centre of excellence (COE). Within that organisation two full-time employees were hired to focus on exposure reporting. Data:to address data issues, treasury implemented FiREapps. This software links directly to multiple ERP systems that Viatris operates across multiple entities. This permits treasury to access data in a consistent format at scheduled intervals. The exposure reporting team then uses Alteryx to compare prior data sets against the current data set. This identifies which entities/currencies/GL accounts have changed. Where there is a significant delta, analysis is done with the entity’s finance team to investigate drivers and confirm validity of the exposure. Once the data is validated, existing hedges are imported to FiREapps and the tool compares the exposures against the hedges, identifying where additional hedges are required. Treasury reviews the data and proposes new hedges, FiREapps outputs the data to FXall for execution. FX hedges STP via file transfer to the TMS system FIS Integrity. Back office processes:Viatris worked with its TMS provider FIS and FXall to create an automated confirmation process, moving from a one-way to a two-way STP process where FXall and FIS communicate directly. FXall trades STP to Integrity which sends confirmation details to FXall settlement centre then back to Integrity indicating if trade confirmation is matched. Best Practice and Innovation Treasury built a risk framework that utilises best practices to enable Viatris to transition from a manual, decentralised process to an automated, centralised risk management framework. The company has: Updated its FX risk management policy to reflect the significant changes to its processes and operating environment. Centralised FX risk management and trade execution. Automated real-time ERP data access providing accurate and timely information. Automated exposure data analysis and validation via Alteryx analysis. STP of FX trades and confirmation matching, ensuring automated trade flows and validity of hedge data in the TMS. Significantly enhanced its ability to analyse P&L on exchange, including identifying drivers of FX gain and loss and taking action, where necessary, to reduce future volatility. This innovative solution created a scalable process suited to the transformational change Viatris was undergoing through the combination of Mylan and Upjohn. Viatris Treasury partnered with IT, shared services and other functions to implement FiREapps for legacy Upjohn entities alongside their migration from Pfizer’s ERP onto its own. By implementing FiREapps alongside the ERP migration, treasury had input to the migration process and could leverage work done by the IT and finance/ accounting teams mapping GL accounts for each entity. This permitted Viatris to integrate the Upjohn entities into the exposure reporting process immediately upon cut-over. Key Benefits Risk mitigation Cost savings Headcount savings Process efficiencies Increased automation Improved visibility Errors reduced Manual intervention reduced Increased system connectivity Scalable for future Exceptional implementation (budget/time) Improved key performance indicator (KPI) metrics “Our FX risk management solution is unique in terms of the scale of the solution as well as the magnitude of change we were going through. The combination of the two large multinational companies to create Viatris and the risk complexities created for our treasury demanded a best in class solution,” explains Arijit Dasgupta, Assistant Treasurer. Viatris’ treasury transformation since its formation in 2020 has been an overwhelming success for the business. Following the merger of Mylan and UpJohn, Viatris’ treasury faced numerous legal entities and significant foreign currency exposures globally. Viatris embarked on multiple ambitious initiatives to consolidate and streamline its treasury operations, including global risk management. The fact that Viatris was able to accomplish this in such a short period of time is a tremendous achievement. Through strategically prioritising resources and with support from Global Integrated Services, the treasury team is empowered to focus on large-scale, long-term, best-in-class processes that will continue to benefit Viatris’ objectives well into the future. Congratulations to the Viatris team from all of us at J.P. Morgan." — Mukundan Iyengar, Managing Director, Global Sales Head – Healthcare, J.P. Morgan Payments In partnership with Viatris has been a Kyriba FiREapps client since 2019, taking full advantage of our balance sheet automation in their multiple ERP environment. This solution enables Viatris to quantify, segment and compare exposure balances from forecasted and actual general ledger balance sheet accounts, then analyse and send hedges for execution with an automated workflow. We congratulate Viatris on winning the Adam Smith Best Foreign Exchange Solution Award and look forward to working to expand the solution further having just signed an extensive renewal." — Andy Gage, SVP FX Risk Management Sales and Advisory Services, Kyriba In partnership with [no_toc]

Unleash the Power of Enterprise Liquidity Management with Oracle NetSuite and Kyriba Why Choose Kyriba NetSuite API Integration Bank requirements for unique or proprietary direct connections and bank- or regional-specific payment formats can extend...

Unleash the Power of Enterprise Liquidity Management with Oracle NetSuite and Kyriba Why Choose Kyriba NetSuite API Integration Bank requirements for unique or proprietary direct connections and bank- or regional-specific payment formats can extend the time needed to connect your ERP systems to your banking partners. The challenge becomes more complex with multi-bank connectivity and requires significant effort and expertise. Kyriba’s Connectivity-as-a-Service (CaaS) accelerates this process and relieves potential development and maintenance burdens on IT. With one API gateway, clients can connect via Kyriba to over 1,000 global banks, supported by an extensive format library of 50,000 pre-developed and pre-tested payment scenarios. Kyriba uses NetSuite Web Services APIs to connect NetSuite ERP systems with Kyriba’s Enterprise Liquidity Management platform, enabling mutual clients to embed different workflows into their business processes. The Kyriba NetSuite API integration replaces the previous Kyriba NetSuite Bridge (NSB) solution and is a substantial improvement to further accelerate implementation and time to value. It offers many new features, including flexible batch jobs and customizable data exchange interfaces, which were not supported by the NSB. This integration also provides user-friendly, flexible scripts for NetSuite authorized users to update if needed. The Added Value of Kyriba NetSuite API Integration vs. Kyriba NetSuite Bridge (NSB) Features Kyriba NetSuite API Integration Kyriba NetSuite Bridge (NSB) Bank statement with bank account mapping import Yes, live since January 2023 Not included GL export with NetSuite advanced intercompany payments Yes, included Not included Pre-payments and multi-vendor bank accounts Yes, supported with additional payment scenarios Not supported FX balance sheet workflow Yes, included Not included Additional future development support Yes, included Maintenance mode only NetSuite – multiple instances Yes, included Not included NetSuite – API trigger (batch job) Flexible, on-demand schedule Rigid, hard-coded schedule The integration between NetSuite and Kyriba allows clients to submit and monitor payments and direct debits using NetSuite with automated workflow into the Kyriba Platform. The Kyriba NetSuite API Integrated Payments Workflow Explained NetSuite payments are translated to comply with Kyriba's standard payment information. Kyriba’s custom table provides mapping of relevant information. NetSuite payments are translated from XML to CSV and sent to Kyriba as individual payment requests. Payment requests are batched in Kyriba. Batched payment orders are sent to associated banks to be executed. Payment confirmation is sent by the banks to the Kyriba application. Inquiries are scheduled in NetSuite ERP to retrieve payment acknowledgments from the Kyriba application. Payment status updates are transmitted to NetSuite ERP through API integration. Payment status is posted to Kyriba’s custom table. Clients can build customizable payment views to see their Kyriba payments only. Kyriba NetSuite integration also supports cash management, GL export, bank statement export, GL reconciliation and FX balance sheet workflows. Kyriba NetSuite API Integration for Cash Management Workflow Supporting cash flow forecasting and positive pay. The automated workflow features: Open customer and vendor invoices Non-Kyriba payments, such as checks Other GL entries to support cash forecasting Kyriba NetSuite API Integration for GL Export Workflow Providing a cash accounting solution, sending GL entries created in Kyriba to the ERP. Main features include: Export of GL entries from Kyriba Export of GL entries not otherwise reported to the ERP Export of advanced intercompany entries Export of financial accounting entries Kyriba NetSuite API Integration for Bank Statement Export Workflow Exporting bank statements to ERPs. The automated workflow features: Extraction of bank statements in a format accepted by ERPs Export contains prior day and intra-day data Kyriba NetSuite API Integration for GL Reconciliation Workflow Facilitating reconciliation of bank transactions to accounting. It eliminates error-prone manual entry with: Import of bank account entries from the ERP Posting of GL adjustments back to the ERP Kyriba NetSuite API Integration for FX Balance Sheet Workflow Extracting balances for FX analysis (previously as FireApps). Main features include: Extract of life-to-date balances for assets and liabilities Balances aggregated by entity, currency and GL account in document, local and reporting currencies For more details, check out the Kyriba Developer Portal. FAQs on the New Kyriba NetSuite API Integration Do different NetSuite platforms require different installations? No, the Kyriba NetSuite bundle is available for all NetSuite platforms. What customizations can be used to enhance the functionality of the NetSuite application? Customizations include configurable mapping and flexible data exchange. Can customers use their own middleware to call the API? Yes, customers can use their own middleware to call the API. What authentication schemes does the integration use? The integration uses REST API with Basic Authentication or OAuth2. Can clients connect to multiple ERP systems? Yes, Kyriba ERP Connectors support the integration of multiple ERPs, including Microsoft Dynamics 365, Oracle Cloud, SAP S/4HANA and ECC. Are payment transfers batched? Is it possible to transfer a single payment? Payment transfers from NetSuite to Kyriba are not batched but are sent as individual payment requests. Payments are batched in Kyriba via the automatic API process template (ERP_AB_API) and then sent to associated banks. What payment types are supported? The integration supports payment request imports and payment status updates for: Vendor payment requests for domestic and international transfers Customer payments, including SEPA direct debit Intercompany vendor payments (treasury transfers) How long does it take to connect my ERP to Kyriba? Historically, installation and API connectivity take 2-5 days, depending on the complexity of a client’s configuration and modules in scope. Kyriba NetSuite API integration reduces the cost, risk, time and effort required to connect NetSuite ERP to Kyriba. What do I need to do if I am already using Kyriba NetSuite Bridge (NSB)? For Kyriba clients already on NSB, upgrading to the API integration requires connectivity set-up and functional testing equivalent to a few hours of Kyriba professional services (clients can use their own consulting resources, too). Detailed guidance is available, and the efforts required are minimal. During the initial launching period, there are special service offers for early-bird clients. For more details, please contact your account manager.

Think your business is safe from the effects of lifting the student loan payment pause? Think again.

Think your business is safe from the effects of lifting the student loan payment pause? Think again.

B2B payment fraud is one of the top concerns keeping CFOs and treasurers up at night, having increased in importance due to the proliferation of spear-phishing, data breaches and the resulting loss in company...

B2B payment fraud is one of the top concerns keeping CFOs and treasurers up at night, having increased in importance due to the proliferation of spear-phishing, data breaches and the resulting loss in company value. In addition to the direct financial losses, the indirect losses can be devastating. Falling stock market value, loss of confidence from investors, customers and partners, lawsuits and fines are all possible. The reputations and careers of you and your colleagues could also be in severe jeopardy. You needn’t become the next victim. This eBook outlines how a more educated, better-trained treasury team, combined with the right process and technology solution in place, can effectively protect your organization from both internal and external payments fraud. 56% of US companies were affected by payment fraud in 2022 43% of organizations have been targeted more than once. 55% of successful fraud attempts are perpetrated through credential or information changes on legitimate payments. 33% of companies indicated that business email compromise (BEC) and phishing were the methods used to perpetrate the fraud attempts. 24% of companies that fell victim to fraud lost more than $100,000, and more than 5% lost more than $1 million. Companies still rely on manual and inefficient processes to prevent fraud. 82% of senior leaders consider fraud prevention to be a top priority for 2023. Source: US Companies and B2B Payment Fraud Report by TrustPair and Giact, 2023 A Multi-Layered Approach Necessary to Combat Fraud Threats are ever-evolving, so should be the measures being taken to tackle fraud. However, as the survey data above  indicates, even in the year of 2023, many companies still rely on manual and inefficient processes to prevent fraud. Some may have a system in place, yet a system alone is not enough to holistically prevent fraud. We find the following Fraud Risk Management Process framework from the European Court of Auditors a great guiding principle for any global organizations who are in the process of bringing their fraud defense to the next level. It is important to remember that encompassing prevention, detection and response is crucial for safeguarding an organization's financial integrity. In this ebook we will also elaborate on some of the most important best practices in each area. Prevent: The first line of defense, prevention involves implementing robust internal controls, stringent policies and technology solutions. Education and training staff to recognize fraud risks, employing multi-factor authentication and setting up firewalls are part of this proactive approach. By creating a hostile environment for potential fraudsters, organizations can nip many threats in the bud before they materialize. Detect: Despite the best prevention efforts, some fraud attempts may penetrate the defenses. That's where detection comes into play. Continuous monitoring of transactions, regular audits, employing artificial intelligence to recognize unusual patterns, and establishing whistleblowing mechanisms can help in early detection of fraudulent activities. The quicker a potential fraud is detected, the lesser the damage it is likely to cause. Respond: A well-orchestrated response strategy is crucial for minimizing the impact of a fraud incident. This includes having a clear plan in place, with designated responsibilities and protocols for escalation. Timely legal action, communicating with stakeholders, recovering lost assets, and taking corrective measures to prevent future incidents are part of this phase. Together, these three pillars create a comprehensive, ongoing and dynamic process against B2B payments fraud. By combining vigilance with proactive measures, organizations can stay ahead of fraudsters, protecting both their assets and reputation in the increasingly doom and gloom scenario of corporate fraud. Future 1: Fraud Risk Management Process framework from the European Court of Auditors What are the Different Types of Payment Fraud? There are a broad range of both internal and external threats that can breach the integrity of an organization’s corporate cash. In order to understand how your organization can become more secure, it’s critical to know what vulnerabilities you may be exposed to. Examples of vulnerabilities: External hacking of treasury systems and files by third parties, exploiting data security flaws. Inappropriate employee access to server rooms / internal networks, resulting from weak physical and data security processes. Fraudulent payments sent by employees to banks, both willfully or based on bad judgment (often as a result of social engineering, “phishing” attacks). Fraudulent purchase orders and invoices created by internal employees to related third parties. Settlement instructions direct funds to unauthorized accounts. Suboptimal financial trades being made by employees in return for personal gain. Non-employees remaining signatories on current bank accounts after their departure / termination. Infrequent or inefficient reconciliation of accounts, leading to fraudulent transactions remaining unnoticed. Protecting your organization’s financial integrity is of the utmost importance – especially in today’s digitally connected business and IT landscape, where fraudsters constantly seek vulnerabilities to exploit. Understanding the various types of fraud that can pose a threat to your organization is crucial for implementing effective preventive measures. How to Build Application Security Strong Password Controls Weak login and user authentication procedures are among the most common vulnerabilities exploited by potential fraudsters. Attackers prey on weak passwords. The first priority for organizations should be to eliminate a single point of failure – e.g., one hacked password shouldn’t allow access to treasury and financial systems. Industry practice is to – at a minimum – implement dual-factor authentication. Bank portals often use this technique, offering tokens (or key fobs) that randomly generate a second password when the original User ID and password are correctly entered. Most software platforms support bring your own device (BYOD) so that your smartphone can be used to receive the one-time ‘second’ password. Other options include YubiKey, which is often used in EMEA. However, dual-factor authentication alone is not considered best practice. Multi-factor authentication techniques combine different login and authentication strategies together to provide the best possible protection for corporate systems. Implementing multiple levels of user authentication simultaneously can significantly enhance the security of treasury data and systems, offering robust protection against unauthorized access. It is recommended to combine two or more of the following to prevent unauthorized access: Dual-factor authentication – use an independently generated one-time password from your smartphone or independent token. Single Sign On (SSO) and LDAP authentication. Internet Protocol (IP) filtering – restricting login to predefined IP addresses. Numeric keypad, where numbers within a password must be selected by mouse instead of being typed. Dedicated Virtual Private Network (VPN) access. Digital Signatures Digital signatures are a critical tool to help banks authenticate transmitted payment files sent from third party systems, such as TMS or ERP. Digital signatures are personal digital identity solutions based upon a Public Key Infrastructure (PKI). SWIFT’s 3SKey, considered the industry-leading digital signature solution, can be applied: Internally as part of a payment approval workflow, and Externally to authenticate the payment batch, confirming to the bank that all payments are accurate and valid. This not only helps validate the payment but also decreases propensity of repudiation by the bank. Externally as part of an eBAM workflow to authenticate bank account changes. Use of digital signatures, combined with strong password controls and a centralized payment workflow, dramatically eliminate opportunities for payments fraud. Improving Data Security In the Cloud For cloud service providers, data security is top of mind, especially in mitigating internal fraud risk for financial teams.  The right cloud service provider will have servers housed in fully redundant, secure global data centers, offering optimal physical and data security, as well as industry-leading uptime, backup and data recovery processes. In addition, treasury teams should invest in a provider that can fully support data encryption at rest. It is also important to use a provider that works with respected data security technology providers. Regular SOC1 and SOC2 Type II reporting is also critical for data security and should come into play when looking for a cloud service provider. CIOs and CTOs are the first to agree that cloud solutions can improve data security, presuming the right investments by a cloud solution provider are made to protect treasury data. The following are some measures a cloud service provider can leverage to keep your data safe. Make sure you include those into your RFP when evaluating potential vendors. High performance disaster recovery Data encryption at rest SOC1 and SOC2 audit reporting Frequent penetration testing The median duration of corporate fraud – the amount of time from when it commences until it is detected – is 12 months. Source: Association of Certified Fraud Examiners bi-annual survey on corporate fraud, 2022 Visibility and Control Over Global Bank Accounts Insufficient visibility into bank accounts and bank signatories are a recipe for disaster in treasury management. Too often, bank account approvers and signatories aren’t centrally known – or worse – may have left the organization years ago. Organizations are yet to recognize that ‘offboarding’ is as important as ‘onboarding’, especially when it comes to the staff members who have the payment approval rights. Maintaining visibility and control of bank accounts also becomes extremely difficult as organizations grow geographically or via acquisition. Best practices can be used to reduce risks and increase controls: Centralizing visibility into accounts, authorized signers and all bank account documentation. Structuring workflows to require all bank account activity to be tracked and approved using predefined controls and limits. Setting up reconciliation procedures, both with your banking partners, and your corporate HR system, ensuring account signers are tied to employee lists. Employing these processes not only reduces your organization’s potential exposure to both internal and external fraud, but also helps you comply with local and international regulations, such as FBAR reporting. Further, visibility into bank accounts combined with effective bank fee analysis enables your organization to identify and close underused or dormant accounts, not only reducing your banking costs but also removing the risks of those less active accounts being exploited for fraudulent purposes. Ensuring Standardized Payment Workflows Spear-phishing in treasury is the most dangerous fraud attempt because cybercriminals are specifically targeting you. It focuses on payment workflows because success offers immediate payoff – a fraudulent transfer of funds to the wrong bank account. While implementing strong password controls improves protection, standardizing payment workflows to ensure payment procedures are consistently followed is also critical. Targeted attempts prey on a single exception to policy; only one mistake is needed to create a fraud opportunity. Standard practice is to implement multiple, standardized levels of approval and ensure approvals are electronic, tied to the separation of duties within the treasury system, and aligned to dollar limits. Many treasury teams will use digital signatures for internal payment approvals (as well as for external authentication of payments). Organizations that separate the payment workflow – e.g,. use internal systems and bank portals separately for initiation and approval – increase the risk of exploitation. It was simply unsustainable to continue logging in to each individual e-banking platform in order to approve payments.” —Andrew Nicholson, Graff Diamonds CFO Best practice is to manage the complete workflow for all payments in one system which offers a complete electronic ‘paper trail’ for that payment, from initial request through to transmission. This also allows the payment acknowledgements (up to four levels) to be integrated with the payment workflow. Many organizations also centralize treasury and supplier payment transmission via a central payment hub to ensure treasury has complete transparency of every outgoing payment, globally. This allows complete oversight over all outgoing cash flows, in addition to saving costs. Standard Settlement Instructions (SSI) Settling financial trades is an increasingly exploited opportunity for internal financial fraud. Entering into financial trades – investments, foreign exchange, derivatives – is a daily activity for treasury teams. For typical trades with your bank, it is common for standard settlement instructions (SSI) to be implemented in advance at the bank. However, for non-typical trades or for transactions with non-bank counterparties, SSI may not be in place. This creates an opportunity for fraud where wire transfers to settle trades can be fully or partially redirected to unauthorized bank accounts. Standard settlement instructions (SSI) within your financial systems improve efficiency as well as avoiding redirection of funds to unauthorized accounts. It is best to find a solution that supports electronic workflows and integration of trading and payments activities to help minimize the potential for internal fraud. Key steps to implement include: Electronic recording of financial transactions in your treasury system, with approvals and limits applied so a full audit trail is available for review. Payment templates should be automatically attached to each trade. Additional approval should be required to edit/remove the payment template, with all activity tracked in the audit trail. Reconciliation of the trade tickets between the counterparties and the treasury system should be performed on a standard frequency – with oversight of the process to ensure no exceptions slip through. Never Lose a Battle, and Win the War A robust technology solution is a critical element of the security equation. However, even with a sophisticated payment fraud prevention solution in place, treasury teams need to ensure they are not the weak link, inadvertently exposing the organization to fraud. Therefore, it’s essential that companies educate their staff about the ways that fraudsters can dupe employees via social engineering, either into revealing sensitive banking data, or even into sending cash and payments themselves. Employees must be aware of internal processes for creating and sending payments, how to spot a potentially fraudulent request, and even more importantly, where and how to report any suspicious activities. To reduce internal fraud, leveraging AI technology that monitors and singles out potentially fraudulent transactions is no longer an IT heavy duty, as there are many turn-key solutions that can be readily deployed. It is also critical to maintain thorough audit trails to ensure that any investigation can run as swiftly as possible in case of a fraud incidence. You can also work with your organization’s Chief Information Security Officer (CISO) – or, even better, a third-party security organization – to try and exploit flaws in your system. These results can then be fed back into the organization to improve your processes. In the face of increasing fraud risks, having the right processes, technology and staff awareness in place, all under a well-defined framework to prevent, detect and respond, your organization is ready to orchestrate a battle-ready defense against fraud. Check out this on-demand webinar and learn from cybersecurity experts from Corelight and Kyriba on how to build B2B payment fraud defense programs to maximize end-to-end protection.

In the dynamic and rapidly evolving business landscape, the role of a Chief Financial Officer (CFO) has transformed from a traditional financial controller to a strategic driver of growth. Today, CFOs are expected to...

In the dynamic and rapidly evolving business landscape, the role of a Chief Financial Officer (CFO) has transformed from a traditional financial controller to a strategic driver of growth. Today, CFOs are expected to go beyond accurate financial reporting and financial controls, actively contributing to organizational strategy, talent management, technology adoption and financial policies. In one of their Perspectives articles, Deloitte published a framework of “Four Faces of the CFO”. The framework states that modern CFOs are expected to play four diverse and challenging roles. The two traditional roles are “steward”, preserving the assets of the organization by minimizing risk and getting the books right, and “operator”, running a tight finance operation that is efficient and effective. Meanwhile, today’s CFOs also need to be “strategists”, helping to shape overall strategy and direction, and “catalysts”, instilling a financial approach and mind set throughout the organization to help other parts of the business perform and grow. These varied roles make a CFO’s job more complex than ever. Source: Delotte “Four Faces of the CFO’ Framework Underpinning a CFO’s tactical and strategic decision-making role is information. The ability to access data from many systems in real time is widespread, but ensuring the optimization of the quality and completeness of that data for decision-making remains a constant challenge. To thrive in this changing environment, modern CFOs must ask themselves critical questions to unlock the full potential of their organizations and maximize growth. In this ebook, we will delve into the five key questions every modern CFO should ask to chart a path towards sustainable growth. Do I Need 100 Percent Visibility? This question goes beyond a mere reporting exercise, as the lack of global visibility over cash and risk has a direct impact on earnings, profitability and competitiveness. In today’s digital age, the use of smartphones, tablets and advanced data visualization tools has given the impression that we have achieved a comprehensive understanding of cash and risk on a global scale. Many CFOs have access to reasonably accurate information about their organizations’ positions in major currencies and traditional markets. However, relying upon the ‘80:20’ rule, where 80 percent of outcomes might be good enough for making an informed decision, is no longer a viable business approach. In a world marked by globalization, market volatility and new growth dynamics, what used to be the remaining 20 percent of information is now rapidly increasing, in some cases, to 25 or 30 percent or even more. Previously overlooked markets, once deemed less significant, are now emerging as key drivers of growth in many cases. Consequently, a complete view over cash and risk is imperative, as it not only encompasses the relatively easier 80 percent, but also extends across the entire 100 percent of balances and exposures. Without this comprehensive perspective, it is increasingly challenging to make well-informed, reliable strategic and operational decisions with confidence. In order to thrive in the current business landscape, organizations must go the extra mile and ensure they have a holistic understanding of cash and risk across all relevant dimensions. It’s not just about the visibility, it’s what you do with this data that matters.” —Frédéric Marret, Group CFO, Webcor Group How Does My Finance Function Compete? The absence of visibility into surplus cash balances and their availability to fund deficits in other areas of the business can indeed lead to increased borrowing costs. For large multinational corporations, with easier access to the borrowing markets and the ability to benefit from low interest rates in many currencies, this issue might not appear significant on the surface. However, even for these large entities, maintaining efficient cash management practices is pivotal to ensure a healthy balance sheet and optimal financial performance, not to mention the fact that interest rates have been rising rapidly in all major global markets. What many businesses overlook is the opportunity cost of not leveraging their surplus cash balances efficiently. Cash that sits idle in a bank account is not just dormant, it is potentially losing value due to inflation and missing out on potential earning opportunities that could be realized through investments or by reducing existing liabilities. One of the ways companies can avoid this pitfall is by practicing effective cash pooling. Cash pooling is a strategy that enables companies to balance their cash across different accounts, so as to reduce the need for borrowing. It involves combining the credit and debit positions of several accounts into a single account to optimize the interest outcome. By using this method, companies can ensure that their surplus cash is being utilized to fund deficits in other areas of their business, thus reducing borrowing costs. However, the competitive landscape in the financial function gets even more intricate when we look beyond multinational corporations. Mid-size businesses, for example, often encounter greater difficulties in securing bank loans due to their relatively smaller scale and less established credit histories. Under such circumstances, maintaining adequate liquidity for operational needs while ensuring that surplus cash is being optimally used becomes a challenging balancing act. Am I Managing Risk, or Is Risk Managing Me? The importance of efficient financial risk management, including foreign currency risk, underscores the need for complete visibility. Even large corporations equipped with skilled and well-resourced treasury departments and sophisticated treasury systems have experienced significant earnings reductions due to FX volatility. These losses not only result in financial repercussions, but also damage the company’s reputation, ultimately impacting its share price. Achieving 100 percent visibility over exposures extends beyond hedging 100 percent of those exposures. Instead, it empowers CFOs and treasurers with comprehensive information, enabling them to manage these risks in alignment with the company’s risk policy. By having access to complete data, they can make more informed decisions and implement risk management strategies that mitigate potential losses and safeguard the organization’s financial stability. Am I Gaining Value from ‘Trapped’ Cash? ‘Trapped’ cash, i.e., funds that cannot be exchanged or transferred cross-border, poses a challenge for companies operating in highly regulated markets. It is important to recognize that the visibility over these balances is just as significant as managing cash in more accessible currencies or countries. Many CFOs recognize the issue of ‘trapped’ cash; however, they often overlook the possibility of connecting this cash into a notional pool or interest optimization arrangement to offset deficits at a regional level. Staying informed about evolving regulations that can change the restrictions on the exchange or transfer of funds is crucial. There may also be opportunities to leverage in-country balances more effectively, such as funding liabilities or financing growth. Additionally, statistics show that interest rates in certain countries and currencies often outperform those of more readily tradable currencies, presenting the potential to generate higher yields that can be reinvested to drive further growth. The current interest rate environment plays a crucial role in unlocking the value of trapped cash. As highlighted in Deloitte’s Working Capital Roundup report, interest rates have been on the rise after a historically low period. The Federal Reserve has implemented multiple rate increases since March 2022, resulting in the highest levels seen in more than 15 years. This shift not only amplifies the relative value of trapped balance-sheet cash, but also redefines the business case for operational transformations aimed at releasing additional working capital. With the growing burden of increased interest expenses, companies are now even more focused on minimizing additional borrowing and leveraging trapped cash as an alternative source of funds. Free cash flow was essentially life or death. From a corporate standpoint, we had to get this right.” —Nathan Lorton, SVP & CFO, Feld Entertainment Could the Business Be Worth More? In the realm of mergers and acquisitions (M&A) as well as divestments, corporations are increasingly tapping into global markets, aiming not only for revenue growth but also for strategic expansion and diversification. M&A deals can unlock immense value by leveraging financial and operational synergies, such as streamlining processes, reducing redundancy and expanding market reach. However, the process of merging businesses, particularly those with diverse organizational structures, disparate technologies and different reporting mechanisms, is an intricate task. A misstep could lead to value leakage. For instance, if the integration of systems and harmonization of information flows are not well planned and executed, the anticipated value from the acquisition can significantly erode. Conversely, when considering a divestment, a comprehensive understanding of the business's assets, including cash reserves, is crucial in accurately determining its value. Uncertainty over financial elements can often lead to a conservative valuation, as finance executives prefer to err on the side of caution. However, this approach might undervalue the business, leading to potential value loss during a sale. What Is Your Answer to the Questions? In an ever-changing, increasingly complex global business environment, there's no 'one size fits all' answer to these questions. What matters is your capacity to use these introspections as a catalyst for change and adaptation. Maximizing visibility over cash and risk is no longer an option; it's a necessity for strategic and tactical decision making. In the competitive financial arena, leveraging surplus cash and practicing effective cash pooling can make all the difference. Proactively managing risk rather than being governed by it can significantly enhance your business's financial stability. Understanding how to unlock value from 'trapped' cash and exploring unconventional ways to use it can add to your financial prowess. Recognizing the potential value in M&As, divestments and growth markets, even amidst complexities and uncertainties, can redefine your strategic direction. As you reflect on these questions, remember, it's not just about finding the answers; it's about taking actions. Leveraging advanced tech tools can significantly enhance data collection and analysis, optimize financial controls, streamline operations and foster informed decision-making. Remember, the digital revolution is not just about keeping pace with the times. It's about harnessing this power to redefine the role of the modern CFO and position the finance function as a strategic driver of growth. Check out how Nathan Lorton, CFO of Feld Entertainment, talks about a CFO’s perspective on liquidity in KyribaLive 2023.

Join us to get introduced to the powerful set of Value at Risk Based Analytics and Hedging Solutions within Kyriba’s FX Solution Suite for Balance Sheet Exposure Management.

Join us to get introduced to the powerful set of Value at Risk Based Analytics and Hedging Solutions within Kyriba’s FX Solution Suite for Balance Sheet Exposure Management.

Join FX Experts Andy Gage and Jeff Goggins in the insights packed session on how to apply Value at Risk analysis concepts within modern FX risk management programs. These concepts can enable FX managers...

Join FX Experts Andy Gage and Jeff Goggins in the insights packed session on how to apply Value at Risk analysis concepts within modern FX risk management programs. These concepts can enable FX managers to reduce portfolio risk in the most cost effective way and deliver actionable risk management strategies.

Wednesday, August 16th | 10:00am SGT | Find out how Kyriba has elevated technology for CFOs and Treasurers around the world. Take a deep dive into the Kyriba Enterprise Liquidity Management platform as we...

Wednesday, August 16th | 10:00am SGT | Find out how Kyriba has elevated technology for CFOs and Treasurers around the world. Take a deep dive into the Kyriba Enterprise Liquidity Management platform as we showcase the leading platform for Cash Management & Forecasting, Liquidity Planning, Liquidity Analytics, and Payments.

In today’s highly volatile economic landscape, treasurers are confronted with a new set of challenges, including soaring global inflation, elevated interest rates and an uncertain economic outlook. These obstacles significantly impact financial decision-making and...

In today’s highly volatile economic landscape, treasurers are confronted with a new set of challenges, including soaring global inflation, elevated interest rates and an uncertain economic outlook. These obstacles significantly impact financial decision-making and require CFOs and treasurers to devise robust strategies to tackle them effectively. Treasurers grapple with significant challenges amidst economic volatility. Rising inflation erodes purchasing power and necessitates effective cash and liquidity management to mitigate financial risks. High interest rates further add complexity to the equation, making it harder to secure affordable financing, manage debt, and optimize working capital. Treasurers must evaluate the impact on financial stability, explore interest rate hedging, and adapt to uncertain economic outlooks affected by geopolitical events, regulatory changes and market fluctuations. In this climate, treasurers must take advantage of the available tools, techniques and technology to overcome these challenges and operate as efficiently as possible. By staying agile and proactive, treasurers can optimize financial performance, manage risks effectively, and position their organizations for long-term success. Treasurers can focus on the following five areas to give themselves a competitive advantage in this challenging market: Planning For the Next Major Upheaval Standardizing Global Payments Integral, Essential Fraud Prevention and Detection Optimizing Liquidity Through Working Capital Solutions Reducing Intercompany Transactions with Multilateral Netting Read on to find out how treasurers can leverage these topics to standardize, centralize and optimize across people, process and technology. Planning For The Next Major Upheaval Business continuity can be disrupted for various reasons, from staffing mobility, shortages or externally caused factors like the ongoing global pandemic. Having measures in place to mitigate risk and minimize the impact of these and other unforeseen disruptions is essential. Treasurers must ensure critical daily tasks, such as core safeguarding activities like cash positioning, operating liquidity, investing, supporting strategic decision-making, regulatory compliance and risk management continue to take place without interruption. Treasurers should therefore have suitable measures in place and should document these with a robust business continuity plan. In particular, treasurers should consider the following: Standard procedures for remote work This should now be considered essential in a successful business continuity plan. A recent Fortune report found that 71% of employees now prefer a hybrid or entirely remote schedule due to various factors such as a better work-life balance, not having to commute and having more time for family/personal obligations. With full-time remote work now a norm post-COVID, treasurers and organizations need to enforce detailed processes for daily treasury workflows such as payments, cash reporting and bank account management. Procedure documentation This ensures that treasurers have documented steps needed to complete critical daily tasks. The implementation of a treasury management system (TMS) can help to facilitate this effort by providing outlined next steps for each workflow that can be documented with related reports and data. With a documented process in place, treasurers can enhance cross training for new employees and provide clear instructions for employees backing up absent team members. Employee cross training Employee cross training establishes a basic understanding of how to execute essential workflows. In the case that an employee is sick or leaves the organization, teams can be sure that daily operations will continue without any gaps in necessary processes. A strong system with robust security and controls This ensures that teams can continue their daily workflows without the fear of external attackers accessing valuable information – especially with more employees now working remotely. Since most solutions are now cloud-based, it is imperative that organizations can rely on their systems to protect treasury workflows and information. Some controls that teams can implement include dual-factor authentication, digital signatures and audit trails. Business continuity is critically important to treasury - employee cross training, documenting critical daily tasks, having employees work remotely – and testing all of these elements, contribute to a strong business continuity program for treasury teams.” —Treasury Manager, Manufacturing Company Standardizing Global Payments Payments is a major focal point for modern treasurers seeking a competitive advantage. Without centralization, a company’s payment processes tend to be fragmented and inconsistent. Manual processes are associated with a higher risk of error and fraud, while the need to integrate multiple different systems can lead to higher costs and greater inefficiency. Payment centralization, which can be achieved using shared services or payment-on-behalf-of (POBO) structures, can be used effectively to standardize companies’ payment processes. This can result in several benefits, including greater visibility over outgoing cash flows, streamlined banking relationships, reduced costs and improved control over the timing of payments. Risks can be reduced by expanding payment controls, digitizing audit trails, and introducing intelligent and automated workflows to manage exceptions. Treasury will need to work with representatives from other parts of the business, including accounting, accounts payables and supplier management to map out how payment workflows, including approvals, will operate to ensure that payment processing automation is uninterrupted. Companies will also need to consider what type of software and connectivity are needed to efficiently centralize, including the use of APIs. Integral, Essential Fraud Prevention and Detection The risk that companies will fall victim to fraud is considerable. The AFP Payments Fraud and Control Survey found that 90% of organizations saw the level of payments fraud as the same or worse than the previous year. In addition, 74% of organizations reported to be the target of attempted or successful payments fraud. As fraudsters adopt increasingly sophisticated techniques, it is more important than ever for corporate treasurers to understand different types of fraud and take appropriate measures to safeguard their companies. Specific threats include business email compromise (BEC) scams, whereby criminals send an email to a company’s employee requesting that a high value payment is made into a specific account. AFP research reveals that BEC scams were the primary source of fraud attacks in both 2019 and 2020, and as these types of scams increase in sophistication, cybercriminals will certainly continue to use BEC to target at risk organizations. Some of the recent refinements in BEC attacks include: Adapting lures to target human resources departments for PII, such as W-2 tax forms to commit stolen identity return fraud, rather than requesting wire transfers. Widening money laundering networks, including domestic transfers prior to laundering the money overseas, which presents challenges and opportunities for countering BEC scams. Fabricating fake merger-and-acquisition scenarios that require a two-fold impersonation scheme involving the target organization’s CEO and external legal counsel. Cybercriminals will then ask target employees to work with “external legal counsel” to coordinate the payments needed to close the purported acquisition. Payments fraud prevention can be improved through the use of machine learning (ML) and artificial intelligence (AI) rulesets and logic to catch not only fraud attempts, but anomalies and errors – both common and uncommon. The use of these tools can enable real-time detection that stop suspicious payments before being sent out by banking partners. ML and AI can also facilitate centralized alerts and data visualizations to ensure that only authorized transactions are executed, thus addressing a concern that most treasurers have about potential internal and external attacks on their payment processes. Digitizing organizational payment policies to automate policy compliance and improve internal governance can ensure that suitable security measures are in place to reduce the risk of fraudulent payments. A system, such as a TMS, can implement pre-defined detection rules to screen for suspicious payments that may need further attention. For example, a solution can define international payments being made to countries where there is no supplier as a transaction that needs to be flagged for further review. In this case, the corporate policy of not making payments to new, foreign countries can be enforced without the need to manually check each outgoing payment. By digitizing fraud detection controls and rules, treasurers can seamlessly automate internal governance and compliance that might be inconsistently adhered to. Recent advancements in technology can help businesses stop payments fraud before it happens: Data visualization can identify and manage exceptions so that payments can easily be reviewed and cleared to minimize delays. Artificial intelligence and machine learning algorithms can compare outgoing payment requests to historical payment patterns, identifying and isolating any anomalies. Application programming interfaces (APIs) built into your payments platform allow real-time connection to apps that can match payments against third-party data. Such data allows you to verify ownership of the account you’re paying and confirms that you’re not paying an entity on the Office of Foreign Assets Control (OFAC) sanctions list. Optimizing Liquidity Through Working Capital Solutions Treasurers can gain competitive advantage by using payables finance and receivables finance structures to reduce supply chain risk and fully optimize liquidity. Working capital programs allow companies to mobilize liquidity and inject cash into supply chains so that suppliers receive a financial lifeline, while strategically supporting business growth. Such programs can bring a number of benefits for both buyers and suppliers: Buyers can fully leverage their supply chain to optimize payment terms, enhance cash visibility and provide a financial incentive for sustainability sourcing. Suppliers can increase free cash flow, reduce financing costs and increase sales by utilizing early payment working capital programs. Different working capital solutions are available, including dynamic discounting, supply chain finance and receivables finance programs: Dynamic discounting programs allow early payment discounts to be managed in a more flexible way. Sliding scale discounts enable buyers to choose payment dates in accordance with cash availability, while sellers can choose which invoices to offer for discount. Supply chain finance programs allow buyers to enable their suppliers to optimize payments terms for invoices via the buyer’s bank. Buyers can therefore improve liquidity for their suppliers, even if payment terms are restructured. Receivables finance programs empower suppliers to access early payment on outstanding receivables due from buyers. This type of solution allows suppliers to remain in control of obtaining the most efficient funding sources for its receivables, while increasing sales and reducing the corporate credit risk position. This is the most exciting area for the treasurer that wants to be a key strategic business partner across all functions of the corporation. [...] You can build stronger relationships down the chain and increase your competitiveness up the chain, all while increasing profits - it is the true win-win that comes from using technology to do things smarter.” —Global Treasury Director, Fortune 500 Construction Company Reducing Intercompany Transactions with Multilateral Netting Organizations can incur intercompany balances and make intercompany payments due to several different activities, including dividends, trade payables, cost shares and intercompany loans. Companies that see a high volume of intercompany payments can experience higher bank fees, FX payment costs and settlement risk. To add, the task of processing intercompany payments is often a manual and time-consuming exercise. Companies with large volumes of intercompany payments can use multilateral netting solutions to reduce the number of physical payments which need to be made. A netting system consolidates intercompany payments, with each participant making or receiving a net payment each month instead of settling each payment individually. This has the result of reducing bank fees, while eliminating manual tasks and settlement risk. It is important to note that companies can realize significant benefits when implementing an in-house bank to facilitate a netting structure. Some key areas that can be improved with an in-house bank include the following: Global cash pooling gives organizations a bird’s-eye view of where their cash is at all times, increasing the visibility to ultimately allow leadership to challenge local entities to get rid of extra cash on hand and be allocated to different resources or investments. Centralized risk management allows each entity the opportunity to reduce or eliminate spot trades and process cross-border wires, which can significantly reduce bank fees. Payments centralization reduces the cost of failure as payments are being paid from a central account with verified, successful payment workflows. The consolidation of payments also increases visibility and improves accuracy to ensure that reporting is more accurate for leadership to make better, more informed decisions. Optimized FX payments can be achieved by way of reducing payment volumes provided through netting results, while the larger payment amounts per transaction delivery provides better pricing for FX spot or forward contracts. Netting systems can provide a standardized workflow process which can be used consistently around the globe. Leveraging technology to clean up the flow of transactions between each entity can empower organizations to increase their visibility and better understand cash flow to ultimately improve financial closes and the stability of an organization’s capital in each entity. Standardization, Centralization and Optimization Across People, Process and Technology The current business climate presents treasurers with considerable challenges, from evolving working environments to ever-changing payment formats and from persistent cyber-crime to supply chain disruptions. These and other challenges will continue to dominate headlines, but treasurers can fortunately leverage the process techniques and operational structures outlined in this ebook to overcome the modern-day obstacles and gain a competitive advantage. The 5 ways to overcome today’s treasury challenges all center around standardization, centralization and optimization. The challenges of today present scenarios that typically fall outside of treasury’s control, so it is imperative that treasurers equip their teams with processes and workflows that combat external factors. For example, cybercriminals are going to continue their fraudulent attempts especially as technology continues to advance. With the appropriate processes and systems in place, treasurers can safeguard all their global teams with standardized workflows to ensure that liquidity is being protected, no matter where the attack is coming from. Implementing a system to optimize and centralize treasury processes will not only defend treasurers from today’s challenges but will also empower treasurers to uplift their teams as strong influencers and partners across the organization. Today’s treasury teams can provide invaluable information for CFOs regarding cash flows, working capital and risk management. Having a centralized view into all liquidity processes is the foundation of an innovative treasury department and will allow leadership to make better, more informed decisions for growth opportunities. Standardizing, centralizing and optimizing treasury operations is essential for treasury teams looking to flourish in today’s rapidly changing environment. Explore how American Honda triumphed over treasury challenges! Join this on-demand webinar and delve into their successful journey in improving liquidity management with Kyriba & ICD.

The real leaders in treasury and finance understand the urgency of digital transformation as a way to centralize and standardize key global processes. This is particularly true in payments, where disparate systems, teams and...

The real leaders in treasury and finance understand the urgency of digital transformation as a way to centralize and standardize key global processes. This is particularly true in payments, where disparate systems, teams and processes are pre-cursors for chaos and inefficiency, as well as elevated levels of fraud and operational risk.” — Bob Stark, Global Head of Market Strategy, Kyriba The Need to Centralize Corporate Payments Has Never Been Stronger Payments are a constant focus for CFOs, CIOs, controllers, purchasing managers and treasurers because 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. This e-book will review the business drivers for centralizing payments through a payments hub, including: Standardizing and strengthening payment workflows and controls Streamlining bank connectivity to optimize payment channel usage Facilitating faster bank implementations and bank format harmonization Complete payments visibility, including timing, amounts and transaction status Provide business intelligence and analytics on all global payments What is a Payments Hub? 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. A payments hub also transforms payment data into bank specific file formats and connects directly with global banks via multiple protocols, including host-to-host, SWIFT and regional networks. Key features of a payments hub include: Payment workflow and controls to ensure that manual payments activities align to the organization’s payment policy and standardized payment controls Real-time payment screening and fraud detection to enable a line of defense against unauthorized payments Integrated global bank connectivity to deliver out-of-the-box, host-to-host and regional network bank interfaces alongside an embedded SWIFT service bureau Pre-built format library to meet the needs of every global bank, which require thousands of format variations Two-way communication to include the receipt of payment acknowledgements, payment tracking, and bank statement reporting for status reporting and payment visibility Complete reporting and dashboards to arm finance and treasury with analytics, data visualization and business intelligence for all global payments Payments Hub 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 CFO 5 Core Benefits of a Payments Hub Implementing a corporate payments hub delivers a wide range of value for treasury and finance leaders, from enhanced fraud detection to reducing the burden on IT resources so they can focus on other strategic initiatives. Cost Savings — A payments hub reduces the number of systems that must connect to a bank. Each system that connects to a bank incurs additional bank service fees, software costs, and in the case of on-premise solutions, significant IT resources. Some organizations even manage duplicate payment channels, such as multiple SWIFT solutions. Central Responsibility — When multiple systems are used to manage the payment workflow — request, initiation, approval and transmission — the risk of mistakes and unauthorized payments increases. Because a payments hub centralizes payments prior to final transmission to the bank, the CFO can ensure that all payments are the responsibility of a single team — regardless of amount, location or who requested it. Fraud Detection — All outgoing payments should be screened in real-time against external sanctions lists (such as OFAC) and a digitized payment policy should be put in place to ensure that only authorized payments are approved and released to the bank. Any suspicious payments should be embargoed for further review with a full-resolution workflow. Global Visibility — Centralizing all payments via a payments hub allows complete visibility of all outgoing cash flows so that treasury can optimize cash balances and make effective decisions on where to deploy cash and liquidity. The hub allows the organization to run leaner, minimizing excess balances so that cash can be more efficiently deployed where it is needed most. Eliminate Need for IT — Payments hubs are hosted in the cloud and feature bank-format generation and integrated bank connectivity, meaning internal IT resources are no longer needed to build and maintain bank connections. This offers finance teams the freedom to change existing bank relationships, enables scalability to add new banks and gives teams the flexibility to update bank formats, including harmonization to ISO20022. CASE STUDY CHALLENGE: A rapidly expanding part of Crown World Mobility’s service is outsourced expense-payment solutions. However, executing these payments through manual processes based on spreadsheets and web-based banking systems was not scalable and also created operational risks. Crown needed a secure solution that spanned multiple geographies, currencies and payment products. SOLUTION: Crown evaluated multiple vendors for security, scalability and efficiency gains. Kyriba was deemed the only supplier to meet these needs and provide a truly cloud-based solution that could accommodate European data privacy storage compliance requirements. RESULTS: Crown realized $1.7M in cost savings for clients in the first year and increased staff productivity by 20 percent. The company was also able to benefit from integrated payment and cash management processes. Key Stages of Payments Centralization The four key stages of payments centralization lead treasury and finance through payment routing to global bank connectivity. Payment Routing When importing payments into a payments hub, it is important to offer flexibility based on a variety of workflow needs. Some A/P payments may be preapproved, while others require additional levels of approval. A/P payments may also be formatted to the exact specifications of the bank, while others may require alignment to bank-specified format standards based on delivery channel, payment type and location where the payment is being sent to. A good payments hub will fully support blind routing of preapproved, pre-formatted payments directly to the bank, while at the same time offering intelligent routing for payments that require additional levels of approval or format transformation. Additional approvals can be performed at a batch or transactional level and may be supported through the use of digital signatures, such as SWIFT’s 3SKey. Format Transformation Bank formats are one of the most challenging responsibilities for finance teams. There are tens of thousands of variations of socalled global formats (e.g., XML ISO20022), making transformation of payments into the required format for each bank payment scenario critical. For payments not already preformatted by the ERP, the payments hub will reformat payments based on: Bank Channel — SWIFT, API, host-to-host or other connection method. Payment Type — Wire, ACH, SEPA, real-time payments. Receiving Location — Banks require different formats for wires to different countries. For example, wires to Egypt vs. wires to Romania. Format transformation is fully automated so that no additional user intervention is required. Real-time Fraud Detection Payments fraud increases every year, with more creative attempts and successes reported by CFOs. Fraudsters and cybercriminals prey on inconsistent controls — controls that are often a result of manual processes and poorly enforced payment policies. A payments hub can help protect against fraud by offering a realtime screening of all payments against a digitized version of the organization’s payment policy. Examples include sanction lists screening: Ensuring approval controls and limits are enforced Verifying beneficiary banking information, including BIC Analyzing payment patterns (e.g., amount variances or split payments to same recipient) Suspicious behaviors (e.g., first payment to new bank account or payment to a country with no known suppliers) Proper fraud detection will offer an end-to-end workflow, including impounding of payments, detailed dashboards and alerts, as well as separation of duties to clear false positives. Global Bank Connectivity A payments hub should have end-to-end, integrated bank connectivity. There is no need for a separate solution for bank connectivity as payments hubs connect to all global banks with choices for communication protocols, including: Direct Connection — FTP, API or blockchain provider Country Banking Networks — EBICS, BACS, Editran, Zengin and more SWIFT — Alliance Lite2 and service bureau offerings The key to efficient connectivity is choice. The right bank connectivity strategy will vary for different organizations based on their geographies, payment types and volume. A combination of bank connectivity channels optimizes cost and scalability while maintaining automation and security. Payments are easy to process using Kyriba. Templates can be set up for repetitive payments. If the volume of payments dictates, they can be uploaded from an Excel spreadsheet — again simplifying the process. Controls and limits can be established in the system, requiring separation of duties [input, approve, release].” — Bob Hemstreet, Treasury Consultant, Former Assistant Treasurer, Textron The Future of Payments Multi-channel payment hubs are the way of the future, with corporates soon to be presented with greater choice in B2B and B2P payment technologies. APIs Application programming interfaces (APIs) are programs that allows multiple pieces of software to “talk” to each other. Unlike file transfer protocol (FTP), APIs do not require files to be sent or downloaded. Data is exchanged point to point between systems, allowing for instant data transmission and eliminating substantial risk. Successful payment hubs will need to include a library of pre-built API bank connections. But bank connectors are just the tip of the iceberg; APIs open integration to a variety of systems, introducing capabilities and process automation that had not previously been possible. Real-time Payments Instant payment services are now being offered to corporates. While many regions globally have featured real-time payments for personal use, business payments will soon see similar services. Organizations such as The Clearing House in the U.S. and Ripple, a blockchain provider, are using new technologies to instantly deliver payment instructions and remittance information to not only speed up payment settlements, but also improve the payment experience. Cryptocurrency and Blockchain Many people associate cryptocurrencies with Bitcoin. While Bitcoin — in its current form — is unusable for mainstream corporate payment volumes, cryptocurrencies may still offer potential as a source of liquidity to reduce the FX transaction costs associated with cross-border payments. The key is in just how efficient FinTechs targeting cross-border payments with their blockchain solutions can be. Yet, the idea to offer a more direct communication between counterparties is an interesting proposition. As cryptocurrencies emerge, payment hubs will support blockchain channels as an alternative to current methods. Robotic Process Automation Robotic process, fueled by artificial intelligence, will fully automate and digitize payments in the near future. While algorithmic today, AI will take over repetitive tasks and eventually begin analyzing payment services and strategies. This evolution towards AI will evolve, with workflows such as payments digitization and fraud detection likely the first candidates for more intelligent programs. To avoid obsolescence, payment hubs will begin incorporating robotics processes and machine learning so that, within 10 years, the payments hub will be a self-learning robot. Four Things to Consider When Selecting a Payments Hub A payments hub is an integrated component of your financial system’s ecosystem. The decision to select a payments hub must be made not only to meet present-day requirements but also have the scalability to support future needs, as difficult as they may be to anticipate. Best practices when selecting a payments hub include: Rich Functionality — A payments hub should combine bank connectivity, end-toend payment workflows, extensive audit and controls, along with integrated bank reporting and payment acknowledgements — including SWIFT gpi — to deliver complete payments transparency and control at every stage of the payment lifecycle. Look for a Pre-built Formats Library — Dedicated bank payment format development teams support the payments hub application. A critical feature is format transformation for the 30,000+ payment iterations in the market; buyers need a vendor that has the pre-built library to meet your needs. Don’t Skimp on Security — Security should not be sacrificed. This includes payment workflow controls and real-time fraud detection, as well as a vendor that delivers an ISO27001 risk governance program for data security. Get Aligned — Geographic alignment with your payments program is key. If your payment banks exist in North America, Europe, Asia and Latin America, then so too should the implementation and product support of your payments hub vendor. Watch our on-demand webinar to learn more about Beam Suntory’s treasury and payments factory transformation journey .

The IDC MarketScape: Worldwide SaaS and Cloud-Enabled Enterprise Treasury and Risk Management Applications 2023 Vendor Assessment underscores the crucial role of effective liquidity management. The report highlights liquidity ratios as vital indicators of financial...

The IDC MarketScape: Worldwide SaaS and Cloud-Enabled Enterprise Treasury and Risk Management Applications 2023 Vendor Assessment underscores the crucial role of effective liquidity management. The report highlights liquidity ratios as vital indicators of financial stability, impacting decisions and investor confidence. The report analyzed TMS providers to ensure alignment within typical treasury functional buyers' preferences. Key considerations included SaaS/cloud qualifications, standalone capability, comprehensive treasury features, global presence, revenue, experience and enterprise footprint. Among the assessed vendors, Kyriba stands out as an industry leader, offering a comprehensive TMS with robust cash and liquidity management functions, complemented by additional finance department capabilities. For more information on how Kyriba was named an industry leader, download the IDC report.

Kyriba connects to over 1,000 banks and more than 10,000 ERP instances, delivering the largest global network for ERP-to-bank connectivity. As one client recently put it, "we aren't in the payment formatting business nor...

Kyriba connects to over 1,000 banks and more than 10,000 ERP instances, delivering the largest global network for ERP-to-bank connectivity. As one client recently put it, "we aren't in the payment formatting business nor do we want to be." So, how can Kyriba clients eliminate manual payments workload and minimize fraud risks through an end-to-end ERP to bank integration?

Connecting your ERP(s) to your banks became a lot more complicated with the launch of FedNow, cross-border instant payment networks, the migration to XML ISO20022 formats and the need to inject AI into your...

Connecting your ERP(s) to your banks became a lot more complicated with the launch of FedNow, cross-border instant payment networks, the migration to XML ISO20022 formats and the need to inject AI into your fraud detection process. To keep payments safe and eliminate 6-12 months from your ERP migration, there are five simple steps to cut redundant costs and accelerate your bank connectivity projects.

Prior to adopting and implementing Kyriba globally, the teams at Kodak were unable to provide senior leadership with a snapshot of their daily global cash balances. Simply looking at the bank balances did not...

Prior to adopting and implementing Kyriba globally, the teams at Kodak were unable to provide senior leadership with a snapshot of their daily global cash balances. Simply looking at the bank balances did not provide Kodak with insight into marketable securities and other pertinent information. The CFO, Treasurer and other senior leaders needed a snapshot of the organization’s global daily cash position. For years, the team created multiple reports – a time-consuming, manual task. Already leveraging numerous Kyriba modules, the team was excited when the Excel Report Template in Kyriba became available. “I’ve worked with a lot of other treasury management systems and it doesn’t get any more dynamic than Kyriba.” — Dan Marangola, Assistant Treasurer at Eastman Kodak Company The Power of Automated Treasury Reporting Kodak’s CEO and CFO are heavily focused on improving overall efficiency, standardization and speed. The Excel Report Template in Kyriba has delivered all three – allowing the treasury team at Kodak to save 20-30 minutes per day to focus on other, more important initiatives. “Tasks that we can automate, like this daily global cash position report, are direct, tangible improvements that help to reinforce what our CFO and CEO have been preaching.” — Dan Marangola, Assistant Treasurer at Eastman Kodak Company The Efficiency and Insight Unlocked by Kyriba’s TMS Platform Committed to streamlining operations, the Kodak team implemented various Kyriba modules. Each region uses the platform at varying levels, based on experience. The automated treasury reporting functionality is the newest addition to the Kodak treasury system arsenal, and it has allowed them to streamline their financial reporting capabilities. According to Marangola, “Kyriba allows for multiple configuration options that help make it absolutely easy and intuitive for users with varying levels of experience.”

Join FX experts Andy Gage and Jeff Goggins to breakdown the key insights from the Kyriba's July 2023 Currency Impact Report, A quarterly report assessing the impact of Foreign Exchange to North American and...

Join FX experts Andy Gage and Jeff Goggins to breakdown the key insights from the Kyriba's July 2023 Currency Impact Report, A quarterly report assessing the impact of Foreign Exchange to North American and European Corporate earnings.

During the pandemic, most organizations have experienced unexpected fluctuations in their cash and liquidity levels due to the volatile, unsettled global economy. Treasury operating models have a direct correlation to how well cash positioning...

During the pandemic, most organizations have experienced unexpected fluctuations in their cash and liquidity levels due to the volatile, unsettled global economy. Treasury operating models have a direct correlation to how well cash positioning and liquidity forecasting is delivered and executed. Making the change to an International Treasury Center (ITC) can help deliver greater efficiency and visibility into liquidity levels, payments and core functions like netting or intercompany reporting. The type of treasury operating model your organization falls into directly impacts how effective your people, process, and technology can support daily workflows to drive better operational and strategic capabilities. [toc] See the table below for the advantages of an International Treasury Center: Decentralized Centralized International Treasury Center Process Unique scenarios & regional-specific activities can be met with a decentralized model Often involves more manual and repetitive daily processes for core cash and other core treasury functions / operational responsibilities Execution focused, which is sometimes catered to multinational organizations Surplus cash may sit idle vs. other operational models; manual processes to identify cash balances, less efficient Strong central oversight and controls over cash and better direction of surplus cash and other assets Better strategic decision-making support with more information Payments and intercompany loans, risk management is done more centrally and can ensure standard application of policy across all legal entities Organizational structure in which a separate legal entity is established to serve as an internal finance company All treasury-related intercompany transactions run through the designated entity to facilitate and automate netting of intercompany activity Local and regional cash flows are pooled to a global cash pool to aggregate liquidity into one central location Payments-on-behalf-of and collections-on-behalf-of models can be leveraged Operations Local and regional business units can hire and maintain staffing levels to meet local needs Local and regional treasury operations / needs are often not supported by global leadership Corporate objectives and goals may be lost without strong governance and oversight from global leadership Local and regional entities report and are governed by a limited set of controls, policies and procedures set out by the corporate headquarters Local and regional entities maintain decision-making with guidance from global leadership Corporate treasury and local finance teams are often disconnected from financial objectives and processes Local and regional members often have to wear multiple hats to successfully conduct daily operations Local and regional operations are supported on a global level Local business units and time zones are considered when reporting global flows and activities Local and regional challenges / opportunities are reacted to with urgency Technology Systems and toolsets are often “built” to meet local and regional needs for statutory reporting or local market needs Can include scenarios where multiple systems are employed to deal with non-integrated business units, acquisitions or mergers or in-house created tools Typically lack integration and global reporting capabilities Corporate-wide systems are often in use, and create a consistent and consolidated view while providing maximum automation and streamlined processes Can reduce effectiveness in providing a solution for very niche market needs Enterprise resource planning (ERP) and treasury management system (TMS) in place to facilitate the International Treasury Center Systems can be tailored more readily to serve needs of special jurisdictions ITC structures are organizations often interchangeable with, and also known as, an in-house bank. ITCs allow organizations to better centralize risk, aggregate cash, and manage intercompany positions and payments, while promoting consistent organizational workflows, processes, controls, and driving continuous improvement. By acting as an in-house bank, ITCs help organizations achieve better efficiency over their global liquidity and risk management by allowing for greater control of bank balances, subsidiary funding, and pooling funds. Through increased control over liquidity, treasury and finance teams drive realization of significant benefits in the following areas: Global Cash Pooling Intercompany Netting Centralized Risk Management Payments Factory Global cash pooling is foundational in developing and supporting in-house banking and International Treasury Centers. Once banking structures and pooling arrangements are in place, the other components of an ITC can be implemented as needed and in whatever order is most beneficial for business needs. As global cash pooling provides the ability to provide closer to 100% visibility of liquidity, additional benefits like better rates and shared use of surplus liquidity to minimize intercompany loans or internal transfers can be leveraged after the pooling structure is in place. The pooled use of funds by a centralized treasury center becomes the foundation for further expansion of the ITC and empowers organizations to have complete control over their liquidity, intercompany lending arrangements, and ensuring the delivery of funds for new or emerging market subsidiaries. The remainder of this ebook will further discuss how each component of an ITC can positively impact your organization in the context of an overall solution. Global Cash Pooling By pooling global cash balances into a single account or net group position, organizations can realize: Improved visibility, on-demand access, and enhanced control of cash Efficiencies gained as a result of centrally managed liquidity Improved working capital management Timely settlement of transfer pricing transactions Reduced bank fees and an increase in available credit lines By sweeping balances into designated, centralized pools, organizations can have a bird’s-eye view of where their cash is at all times. This increased visibility allows leadership teams to challenge local entities to get rid of extra cash on hand and be allocated to different resources or investments. Ultimately, having clear, reliable data on how much cash is available facilitates better discipline within organizations and eliminates the need to take on extra, unnecessary debt. When looking to build a global cash pooling schematic, global organizations will typically have three different levels to consider: In-country physical pooling Regional multi-currency notional pooling Global multi-currency notional pooling In-country physical pooling: Level 1 includes aggregating funds at a country and local currency level from non-concentration banks that will ultimately be swept up into regional pools. Depending on how many countries an organization is pulling cash from, it is important to note how many different currencies will be involved. Regional multi-currency notional pooling: Level 2 creates a more regional view of an organization’s cash by sweeping cash to/from in-country pools. The number of countries will determine the number of regional pools needed in the cash pooling structure, as this level of pooling looks to centralize matching currencies for a consolidated view. Global multi-currency notional pooling: Level 3 includes sweeps to/from in-country and regional pools to provide a targeted, global view of an organization’s cash. One consideration while creating this top-level pooling structure is whether to pool cash at a single entity or multi entity level. Although most organizations are opting for a single entity level, multi entity level pooling structures are also an option - since banks want to ensure that other entities can cover one another, the concept of a cross guarantee is created to ensure that the bank has the right offset across different currency balances. With this in mind, single entity levels are easier for banks to implement from a regulatory perspective and are still useful for organizations looking to implement an in-house bank. Intercompany Netting As organizations grow and intercompany flows increase, the transactions between legal entities start to look like a spider web — hundreds of payments going back and forth with no centralization creates a web-like-mess that is complex and confusing. The communication between each part of the business becomes more and more complicated as different currencies and languages are added, creating an inefficient process that is essential to daily operations. Organizations that utilize an International Treasury Center and implement an intercompany netting program can help to streamline this process, while also reaping the following benefits: Reduction in banking fees and FX cost as the result of fewer transactions Automated accounting reduces Record to Report (RTR) manual processes Increased efficiency for RTR through automated intercompany processes Increased control of intercompany processes Reduced transaction volumes for Procure-to-Pay (P2P) and reduced journal entries for RTR Features of companies with netting Simplified payment structure Reduced FX exposures Reduced FX transactions Reduced payment volumes—significantly reduced bank fees—avoid using banks to pay ourselves Improved financial close, improved stability of capital in subsidiaries due to timely payments Utilizing technology to clean up the flow of transactions between each entity can allow organizations to make a single settlement, instead of hundreds or thousands, to simplify their payment structure and reduce payment volumes. By doing so, organizations can also increase their visibility and better understand the flow of cash as they no longer have to sort through endless transactions to summarize the amount of cash on hand at each entity. Intercompany netting programs can ultimately improve financial closes and the stability of an organization’s capital in each entity, as payments are more likely to be made on time with the simplified process. Centralized Risk Management International Treasury Centers can help to centralize risk mitigation processes that are associated with cash management, FX execution and hedging, and debt and investments. By aggregating all of the appropriate currencies into one, the number of exposures can be reduced and the conversion process for each entity is simplified. The potential benefits that an organization can derive from centralizing their risk management processes include: Reduced FX execution spreads and settlement volumes Improved efficiency in risk mitigation due to centralization Lower transaction costs due to reduced volume of transactions, better pricing from higher value FX trades Reduced effort and staffing required for FX management and execution Lower costs of compliance Improved management and exposure reporting Improved internal controls Standardized treasury operations Centralizing FX processes allows each entity the opportunity to reduce or eliminate spot trades and process cross-border wires, which can significantly reduce bank fees. Not only does this save money and increase the amount of cash on hand, but it allows organizations to view their liquidity in a centralized location instead of at each entity level. Having an ITC serve as the central location for any and all risk workflows unlocks the possibility of improved cash visibility and liquidity best practices. Payments Factory Organizations can simplify their payment processes and consolidate individual payments made to the same vendor when implementing an International Treasury Center by using a pay-on-behalf-of (POBO) model. Instead of each entity paying through their own separate bank, a Payments Factory allows organizations to centralize their payments through the ITC bank (this can also be referred to as the in-house bank) and streamline the appropriate transactions to each shared vendor. By having a multi-currency, central entity pay on behalf of each subsidiary, organizations can reap the following: Consolidated accounting view for Record to Report (RTR) Consolidated payments to global vendors, enabling lower bank fees and simplified tracking for Procure to Pay (P2P) Less idle cash as only the Payments Factory needs to keep liquidity Creation of cash pools to allow entities to borrow and utilize excess funds Single bank payments file and straight-through processing (STP) from payment to accounting and bank reconciliation Ease of auto reconciliation for RTR using Payments Factory Payment Factories reduce the cost of failure as payments are being paid from a central account with verified, successful payment workflows. By consolidating each separate transaction, visibility is increased and reporting can be more accurate for leadership to make better, more informed decisions. With the improvement of payment processes, other areas of the business, such as cash reporting and forecasting, will also see refinement to allow the organization to grow and improve. Utilizing a TMS to Facilitate an ITC When considering if an organization would benefit from implementing an International Treasury Center structure, it is also important to consider if implementing a Treasury Management System (TMS) to facilitate the ITC would be just as impactful. While ITCs do a great job of streamlining and simplifying processes, the restructuring process of an organization’s workflows can be daunting. Utilizing a TMS to help set up these processes not only makes the restructuring process easier, but also provides some added benefits that don’t come with just an ITC itself. The idea of implementing an ITC program lends itself to automation, as they look to ultimately streamline processes. While an ITC can certainly automate processes, implementing a TMS to facilitate the automation of workflows can alleviate some of the front-end work that IT departments might have to configure when structuring cash pooling. In addition, the connectivity options that a TMS offers is unparalleled. Being able to seamlessly connect with banks, ERPs, and other systems allow organizations to have even more visibility into their data points, which further improves the business case for a cash pooling environment. With all the different transactions, accounting entries, and FX exposures to track, it only makes sense to incorporate a centralized system that frees teams of working in manual, decentralized environments. The main point to recognize is that a TMS can facilitate the implementation of an ITC or in-house bank. With this in mind, it only makes sense for organizations to take the next step and centralize all of their processes, even the ones that may not be seen within the ITC. Centralizing cash pooling, intercompany netting, risk management, and payments is a great start, but having a system that can unlock all of an organization’s liquidity is certainly a case to consider. Want to learn more about inter-company process optimization? The Treasurer from Cooke Aquaculture explained in this webinar how the team reinvented their process with an in-house bank.

While corporates have enjoyed an unprecedented financial boom for years, the recent volatility in the global markets is an indicator of changing times that could bring sharply rising interest rates and the end of...

While corporates have enjoyed an unprecedented financial boom for years, the recent volatility in the global markets is an indicator of changing times that could bring sharply rising interest rates and the end of cheap money. The recent demise of Silicon Valley Bank is a wake-up call to the purpose of capital and liquidity requirements and the importance of strategic treasury management. [toc] In addition to macroeconomic developments, there are other significant changes afoot. Technology is transforming the way we live and work, with ChatGPT passing 100 million users in just two months and becoming a social media phenomenon. To gain maximum agility in this complex environment, CFOs need to transform their finance operations. One of the best places to embark on that transformation is in the area of treasury management, which delivers a low risk, high-yield value proposition for driving automation, improving working capital and mitigating risk. This book takes a closer look at the value strategic treasury management delivers to the CFO by interviewing nine CFOs across the globe. In particular, we want to find answers to the following three questions, and the result of those conversations is a better understanding of the importance of treasury management and liquidity optimization. What is the value of treasury to the organization? How do you measure the success of your treasury operation? As CFO, what do you get out of a treasury management system? Strengthening Treasury’s Role as a Business Enabler DOUGLAS BETTINGER Executive Vice President & Chief Financial Officer Lam Research Corporation Douglas Bettinger is executive VP and CFO of Lam Research, responsible for finance, tax, treasury, IT, and investor relations. Bettinger has been senior VP and CFO of Avago Technologies, VP of finance and corporate controller at Xilinx, and CFO at 24/7 Customer. At Intel, he held several seniorlevel finance positions, including corporate planning and reporting controller and Malaysia site operations controller. He holds an MBA in Finance from the University of Michigan. “At the highest level,” explains Douglas Bettinger, executive vice president and chief financial officer of Lam Research, “treasury’s role is to optimize cash generation in a way that maximizes the value of the company.” In a large enterprise, executive leadership thinks a great deal about the balance sheet, while line-of-business managers focus more on profit and loss (P&L). “I plug my treasury people into areas of the business that need more attention on cash generation.” In this way, treasury can sensibly use the balance sheet in ways that enable new, profitable business activity. There are many ways Bettinger’s treasury team contributes value to the company beyond routine block-and-tackle treasury functions: As a global enterprise, it is important to hedge against currency fluctuations. This not only helps deliver on P&L but also delivers the cash flow that must come from different parts of the business. “We hedge different balance sheet exposures and revenue streams in different currencies,” Bettinger says. “Treasury is in a unique position to manage that.” Key Lessons In a large enterprise, executive leadership thinks a great deal about the balance sheet, while line-of-business managers focus more on P&L. Identify partnership opportunities that involve using the balance sheet to enable business, and then work to accomplish three or four of those tasks per quarter. At the Highest Level, Treasury’s Role Is to Optimize Cash Generation in a Way That Maximizes the Value” Nobody else in the company focuses on the currencymanagement piece.” Bettinger’s company creates hedge ladders, where they look out four, three, two and one quarter, with different exposures hedged in each quarter. Another valuable treasury function involves taking advantage of the balance sheet to enable business that might not otherwise occur. For instance, it may be possible to set up a leasing arrangement for a customer that does not have access to capital it needs to purchase equipment. “We use our balance sheet in a prudent way to protect the asset and at the same time accrue new business,” explains Bettinger. “My treasury people are uniquely positioned to make those risk tradeoffs for the corporation.” Managing the cash conversion cycle is another valuable treasury function that includes managing collections so that money comes in as quickly as possible while stretching out payables. Optimizing cash conversion is a balancing act that ties closely to inventory management, which involves setting targets and objectives for cash consuming inventory and making decisions about where to place that inventory. “How you balance the debt-to-equity ratio and optimize the capital structure of the balance sheet affects your ability to fund different activities in the business,” Bettinger says. How you balance the debt-to-equity ratio and optimize the capital structure of the balance sheet affects your ability to fund different activities in the business.” Treasury is the Value Center of the Enterprise MARINA CHASE CFO (Ag.) Caribbean Airlines Marina Chase has been CFO (Ag.) of Caribbean Airlines since 2016, having been a senior manager in its treasury department from 2007. Previously, she was finance manager at Tobago Express and accountant and financial controller at McCann Erickson Worldgroup. She has a Business Management Diploma from Cipriani College, and is a chartered accountant in the UK and a certified treasury professional in the US. Cash management in an airline business is challenging for many reasons, especially for an international company. Unpredictable weather events, volatile fuel prices and the challenge of operating with many currencies can significantly impact revenue, cash and profitability. Marina Chase, CFO (Ag.) of Caribbean Airlines, says that treasury has experienced big changes in recent years. “It’s still cash management,” she says, “but treasury has moved away from the traditional operational functions. It is no longer back office.” In Chase’s organization, modern treasury-management tools have helped treasury become both a knowledge center and a risk-management center for the business. With treasury serving as a knowledge center, all divisions turn to treasury for real-time information related to operational activities. For example, this can include real-time information that’s needed for payments, and providing information about different laws and restrictions that affect transactions in different countries. Treasury also provides information to support strategic decisions, such as evaluating the cash flow and profitability of current and potential new routes. Key Lessons With treasury serving as a knowledge center, all divisions turn to it for real-time information related to operational activities. The power of the treasury management system comes from its global perspective and predictive capabilities. It’s still cash management, but treasury has moved away from the traditional operational functions. It is no longer back office.” Because there are so many variables that can seriously impact the business, risk management is a critical treasury function. “We are able to manage risks, especially around currency exchange,” explains Chase. “These are not risks limited just to interest rates. We also have to deal with repatriation risk. The efficiency of cash flow and managing cash have a lot to do with getting your money in real time. Because of laws and restrictions in different countries like Venezuela and Cuba, there are different ways that we have to comply with regulations in order to access our working capital.” Treasury has become a value center in the enterprise. “We track working capital, and not just working capital, but also the value of working capital,” says Chase. “An important part of this is predictive analytics, which is more than transformational. It supercharges treasury’s efforts.” Chase sees several key indicators of treasury’s success, including having adequate cash available for all operations, and preserving capital while maximizing the return on the investment portfolio. But there are other measures. “We must track trends and market dynamics that can impact the business, such as anything that might impact fuel prices, which you need to measure daily because this directly impacts cash flow,” she says. As CFO, Chase appreciates the global perspective and predictive capabilities provided by the treasury management system. “Predictive analysis and forecasting allow better scenario planning,” she says. “That’s critical because you can plan your cash-flow scenario based on changes in the price of oil, or on revenue going up or down in a particular region because of holidays, or fluctuations due to political situations that would impact revenues.” Chase sees the possibility of leveraging treasury even further by linking to ERP systems, adding business intelligence tools, and linking the treasury system to the corporate reporting system. We track working capital, and not just working capital, but also the value of working capital. An important part of this is predictive analytics, which is more transformational. It supercharges treasury’s efforts.” Expand Your View of Treasury to Drive Business Value MICHAEL DINKINS President & CEO Dinkins LLC Michael Dinkins is a longtime CFO and the current president and CEO of Dinkins LLC, a financial services firm connecting business owners seeking capital with lenders seeking borrowers. He has spent more than 40 years in finance, including a distinguished 17-year career with General Electric and GE Capital, and CFO roles with five different publicly traded and privately held companies. Dinkins currently serves on the board of directors for Community Health Systems and the National Council on Compensation Insurance. Most CFOs have not worked as corporate treasurers, which can give them a limited view of what treasury can really contribute to an organization. Typically, CFOs consider treasury’s main functions to be collecting as early as possible, paying as late as possible, and hedging, according to Michael Dinkins, president and CEO of Dinkins LLC and a former CFO of five different companies. But thanks to new technology and evolving best practices, strategic treasury management has grown than ever before, encompassing payments, fraud prevention, compliance and working capital optimization. Supply chain finance (SCF) solutions in particular are growing in popularity among CFOs who want to increase free cash flow and better manage working capital, not to mention improve supplier relationships. One option available through an SCF program is payables financing, also known as reverse factoring, which leverages a third-party to fund early payments of approved invoices to suppliers. For the buyer, this creates offers an opportunity to extend DPO (days payable outstanding) and improve working capital, while simultaneously improving the DSO (days sales outstanding) of key suppliers. Key Lessons CFOs should expand their view of how treasury can contribute to their organizations. Today, treasury can enhance the overall value of a business in new ways. To reduce operational costs, get treasury involved in negotiations from the beginning and ask the team to find process efficiencies for both your organization and your customers. The true value in treasury is around what it’s done to execute the business strategy of the company and how it’s leveraging the technology that it has to do that.” When it comes to measuring success, most companies emphasize revenues and margins. Treasury usually has separate metrics that may be overly narrow. As a result, CFOs may want to rethink how those data points can be better aligned. “I’m not saying you should get rid of those metrics, but the true value in treasury is around what it’s done to execute the business strategy of the company and how it’s leveraging the technology that it has to do that,” Dinkins says. CFOs can look at the company’s strategic objectives and assess how treasury leveraged technology to help achieve those goals. Treasury management systems (TMS) are critical to modern finance transformation. The right TMS must meet long-standing requirements related to compliance and security, while also offering capabilities for automation and business process optimization. With that system in place, an organization also needs people who can see the technology’s potential and realize it. “And I think that’s where a CFO can come in, look at what this technology is capable of doing, such as providing early warning about the performance of the business around key transactions or projects, and then bring the business process and treasury people together, potentially along with help from the outside. The CFO can provide the vision and leadership to change the company by saying, ‘I want you to do this.’” I think that’s where a CFO can come in, look at what this (treasury) technology is capable of doing, such as providing early warning about the performance of the business around key transactions or projects, and then bring the business process and treasury people together.” Demands for Strategic Treasury Management Continue to Grow to Ensure Organizational Success ANTHONY KWONG Deputy Chief Financial Officer Gemini Rosemont Commercial Real Estate Starting his career in Hong Kong, Anthony Kwong has spent his early career in financial accounting, reporting and compliance. With global vision being cultivated, he moved to the U.S. and is currently deputy chief financial officer of Gemini Rosemont, a commercial real estate investment firm based in Los Angeles. He is running a local and international finance and treasury management, financial accounting and tax for global investors in this real estate investment platform. It seems that more and more demands are being placed on treasury these days. It’s no longer just about moving operating cash around or ad hoc management and operational questions about where the money is going. Organizations are looking for positive cash management. They want to see how corporate activities are being funded and how debt is being managed at all times. Strategic involvement by treasury is critically important to manage capital more efficiently and in ways that reduce an organization’s risk exposure. Treasury decisions trigger other decisions that have a cumulative effect on how the business moves forward. That forward-thinking perspective, and applying it more strategically in the business overall, enhances the business’ value. Key Lessons An integrated treasury management system can help eliminate some of the problems associated with manual data collection. A single source of truth provides you with everything you need for better liquidity management. An integrated TMS also allows treasury and finance professionals to focus on more strategic initiatives. Being able to see all of your data in a timely manner makes it simpler to leverage that data to make better risk-mitigating decisions or other decisions that affect working capital financing. Organizations are looking for proactive cash management. They want to see how corporate activities are being funded and how debt is being managed at all times.” Any large company engaged in global transactions needs to pay close attention to its FX exposure. That requires systems that can monitor cash and currency data and track hedging instruments. There are many ways to hedge FX. Treasury relies on expertise, software tools, currency reports and real-time cash analysis to manage these elements. Treasury must understand what’s happening in the countries in which the company operates. Otherwise, the loss could be significant. The advantage we gain from our global payments platform is assurance that we’re making legitimate, timely payments. When working with global investors and global vendors, questions about payments always arise usually through email from different time zones. There are always due diligence issues, especially now, in the current unpredictable fraud environment. The treasury team needs to be sensitive about all of these payments and we rely on the system to track our counterparts so that we know if we’re receiving invoice emails from someone outside our vendor list. A single payment platform mitigates some of these issues. Cash is the lifeblood of every organization. For a business to be a successful company, it must proactively manage its working capital sensibly and in a forward-thinking way. We use a treasury management system (TMS) to enhance our cash management process and we are currently designing a modest investment program to support our cash needs. The treasury team must have visibility into everything that affects liquidity and drives the need for working capital. True real-time visibility requires a lot of integration between the corporate and operational side of the business. Treasury needs to understand both perspectives and gather all the data so that it can manage cash in a way that supports and strengthens the business. A treasury platform that integrates with other business systems makes it possible to quickly resolve questions that otherwise can take a long time to answer. This efficiency can be as simple as account discrepancies that take hours to resolve manually, time that is not being spent working on more valuable issues, such as how better to use cash to help the business grow. There is great value in consistent, efficient treasury operations. Cash is the lifeblood of every organization. For a business to be a successful company, it must proactively manage its working capital sensibly and in a forward-thinking way.” Strategic Treasury Management Plans for Future Scenarios NATHAN LORTON SVP & CFO Feld Entertainment Nathan Lorton is the SVP and CFO at Feld Entertainment. Nathan ensures the financial health of the organization by overseeing the company’s financial planning and analysis, corporate accounting, risk management and IT. Nathan joined Feld in 2018 as the VP of Finance and Assistant Treasurer. Since 2018, Nathan has overseen the global Treasury operations of the company before being promoted to SVP and CFO in July of 2021. According to Nathan Lorton, senior vice president and chief financial officer of Feld Entertainment, an organization’s treasury team often focuses on operational treasury, otherwise the nuts and bolts, such as short-term forecasting, daily cash positioning, managing operating cash and more. While operational treasury is important for businesses, focusing on strategic treasury management will help treasurers and their teams align with their CFOs. “Strategic is short term and long term,” explained Lorton. According to Lorton, expanding upon the short-term forecast and planning for the longer term outcome and various scenarios allows the organization and the CFO to prepare for the future. Lorton’s team is committed to being strategic in its approach to treasury. The team has implemented various practices to improve overall treasury operations. Feld Entertainment focused on free cash flow, as well as EBITDA and net income. “Getting to free Feld Entertainment focused on free cash flow, as well as EBITDA and net income. “Getting to free cash flow was key for us,” explained Lorton. “Free cash flow was essentially life or death. From a corporate standpoint, we had to get this right.” Key Lessons Both operational treasury and strategic treasury are critical for organizations. Strategic treasury management, however, allows an organization to look at the big picture, as well as predict and plan for future scenarios. Think outside of cash only. Managing all aspects of liquidity will help an organization to have a better idea of where cash is at all times. CEOs want accuracy in their forecasting of course, but they also want flexibility in planning and ability to do scenario analysis. We can’t predict the future, but we can certainly plan for scenarios.” Lorton and team established a 13-week forecast that extended into long range with various scenarios. “CEOs want accuracy in your forecasting, of course. But they also want flexibility in your planning and your ability to do scenario analysis,” Lorton said. “We can’t predict the future, but we can certainly plan for scenarios.” The 13-week cash forecast was eye-opening for Lorton and team. The team also began comparing the indirect forecast with the direct forecast, which has helped to dramatically improve overall forecast accuracy. Although a fundamental aspect of treasury, the team focused on proactive management of working capital. Lorton stresses the importance of getting outside of the traditional bank account cash structure to better understand liquidity. “Treasury had to move outside of its swim lane to try to manage liquidity,” he explained. This methodology has helped the team to know where their cash is at all times. Another valuable function is the ability to do customized reporting, which Lorton indicated has been instrumental and important for Feld Entertainment’s treasury team. Free cash flow was essentially life or death. From a corporate standpoint, we had to get this right.” Increasing Visibility Can Result In Unexpected Benefits FRÉDÉRIC MARRET Group CFO Webcor Group Frédéric Marret is a senior finance executive with 20+ years of experience at large multinational companies in Dubai, Morocco, France, and the UK. In 2013, he was appointed CFO of Webcor Group, where he has set up and streamlined the finance function, including treasury. Prior to joining Webcor, Marret was CFO at Louis Dreyfus Commodities — where he was commissioned to build the Middle East and Africa headquarters in Dubai. In 2011, he was promoted to CEO for the Middle East and Africa region. As a group CFO in the process of modernizing the treasury operation of Webcor Group, a multinational food distribution business, one key benefit that Frédéric Marret sees in a treasury management system (TMS) is the ability to receive global bank data, allowing for better visibility into group cash. “There is often a misconception that the group team and the local teams are independent. Having the flow of the same information to a centralised system helps bridge the gap,” Marret said. Webcor’s TMS project was initiated by Marret in order to improve the operational treasury tasks, so that group companies had visibility into was happening in Angola, where the company has its largest volume of transactions, as well as other parts of the world. “It’s not just about the visibility, it’s what you do with this data that matters,” he said. Receiving bank statements was not sufficient, so Webcor worked to integrate the statements back to the ERP. This delivered several benefits, including improved data quality, reduction in time spent importing statements, closing the book quicker, etc. “I know the group value at the end of each day,” he said. Key Lessons A TMS can provide visibility into your current and future currency exposure, enabling you to manage your risk forward by managing your spot and forward foreign exchange. A TMS can measurably reduce currency risk, help reduce idle cash and improve many operational efficiencies such as speeding up bank reconciliations. It’s not just about the visibility, it’s what you do with this data that matters.” Compared to his cash visibility before he implemented a TMS, Marret now has the ability to look 12 weeks ahead. “We didn’t stop there, the tool should be more than just data in, data out. We include sales, expected receivables and payments. Now you start to build a forecast—this is where the value comes.” This increased visibility makes it possible for Marret to manage group risk and allow for better strategic input into the business. “Most of our income is generated in Angola, which has its challenges. Having the ability to know my position each day allows me to manage group risk better, including currency risk, over-leveraged bank accounts or bank exposure against inventory. I am now in a better position to challenge operational decisions,” he says. “The fully implemented TMS will continue to add value. The group is on a fast pace of growth and we need to keep control through the journey—this is where an innovative FinTech can help.” Most of our income is generated in Angola, which has its challenges. Having the ability to know my position each day allows me to manage group risk better, including currency risk, overleveraged bank accounts, or bank exposure against inventory. I am now in a better position to challenge operational decisions.” Cash Visualization Enhances Global Governance and Efficiency SACHIO MATSUMOTO Executive Officer and Executive Vice President, Chief Financial Officer LIXIL Group Corporation Sachio Matsumoto has served as executive officer and executive vice president (VP) of LIXIL Group Corporation since April 2015, responsible for accounting. He has been chief financial officer (CFO) since June 2013. Sachio also serves as director, executive VP and CFO of LIXIL Corporation as well as CFO of LIXIL Water Technology. Previously, he was corporate VP and head of Finance and Treasury at Fuji Xerox Co., Ltd. Sachio Matsumoto, executive vice president and chief financial officer of the LIXIL Group Corporation, believes that treasury management systems (TMS) can “enhance global treasury capabilities dramatically.” Matsumoto explains: “Treasury is a critical part of the organization as it directly influences stakeholders’ value and ensures that we have the capital we need to run the business.” There’s more to it, however. Matsumoto points out that a TMS is a multifaceted application that can help organizations do more to track and balance assets. “Treasury is often the first department to identify potential issues in our group of companies because problems tend to appear in cash flows first. Treasury also protects our financial statements by identifying and hedging foreign exchange and other market risks.” Success can be measured in a variety of ways, and each organization has specific metrics that carry more weight than others. For Matsumoto, the success of a TMS is in the numbers. Key Lessons The role of treasury is shifting to become more than just managing cash and other assets. Today, treasury plays a key role in an organization’s decision-making capabilities. Treasury management should not only improve shareholder value but also contribute to day-to-day business processes that have an impact on the bottom line. Treasury is often the first department to identify potential issues in our group of companies because problems tend to appear in cash flows first.” He explains how LIXIL considers it a success when “Treasury operations improve shareholders’ value by strengthening nominal key performance indicators, such as return on invested capital; net debt/earnings before interest, taxes, depreciation and amortization; and financial leverage.” In addition, treasury achieves success—from Matsumoto’s point of view— when its TMS is “mitigating day-to-day governance, compliance and currency risks.” Treasury management might not be the most exciting aspect of Matsumoto’s day, but he explains, “TMS can add significant value, such as added productivity and more accurate cash forecasting and cash visibility for the company to deliver the objectives and value of treasury previously mentioned.” TMS can add significant value, such as added productivity and more accurate cash forecasting and cash visibility for the company.” A Global, Unified View Enables Treasury to Support Corporate Goals MASATOSHI MIYAMOTO Representative Director of the Board, Senior Managing Executive Officer & CFO JVC Kenwood Masatoshi Miyamoto has served as managing executive officer and chief financial officer (CFO) of JVC KENWOOD Corporation since April 2017. He started his career by joining TRIO Corporation (the present JVC KENWOOD) in 1986. After acting as FP&A general manager, subsidiary president in and out of Japan, and general manager of the car electronics unit and the home electronics unit, he was appointed managing executive officer and general manager of the finance and accounting department in July 2015. Electronics maker JVC KENWOOD has 90 subsidiaries spread across 19 countries, nearly 250 accounts with about 100 different banks, and it operates in 12 major currencies. As chief financial officer (CFO), Masatoshi Miyamoto oversees this complex, global network from the company’s headquarters in Japan, where treasury operations are concentrated. The treasury department’s current top priority is reducing operational costs by reducing the company’s interest-bearing debt. The department is also responsible for efficiently raising funds to support strategic projects and for managing foreign-exchange risk. “All of these obligations demand a treasury solution that enables fast, accurate decisions,” Miyamoto says. Historically, though, Miyamoto’s team used manual spreadsheets to manage cash and to capture foreign-exchange risk. This could sometimes result in inefficiency. “Group treasury management across the globe requires a single dashboard and single source of truth so that all may understand the management policy. The treasury management system (TMS) delivers this unified visibility,” he notes. Key Lessons Managing complex global operations with spreadsheets can make it challenging to achieve corporate financial goals. A treasury management system gives a real-time unified view that helps the treasury team support the financial health of the entire organization. Group treasury management across the globe requires a single dashboard and single source of truth so that all may understand the management policy. The TMS tool delivers this unified visibility.” In addition, the spreadsheet data wasn’t real time, making it a challenge to achieve the department’s goals in an optimal way. A holistic TMS, however, gives a real-time view on cash positions at all the accounts at all the banks, as well as real-time foreign-exchange positions for all relevant currencies. That consolidated, updated view allows Miyamoto’s team to more effectively manage cash and hedge foreign-exchange risk. It also makes it easier to invest available cash into growth-spurring activities, such as capital expenditure and mergers and acquisitions. “With the added visibility, we can also pay back interest-bearing debts,” Miyamoto says. “Compared to the manual Excel work, the TMS gives us direct and far-reaching benefits. We are now able to make more elaborate cash forecasts that allow us to reduce our reliance on external financing. That helps us achieve our key performance indicator—reducing our debt ratio.” A TMS helps multinational JVC KENWOOD in other ways, too. It connects to banks wherever the company operates and allows the centralized treasury department to interact easily with subsidiaries and recently acquired companies. It also offers rich reporting functions that automate inefficient spreadsheet-based processes. As a result, Miyamoto and his team can manage complexity and stay focused on maximizing the company’s financial strength. Compared to the manual Excel work, the TMS gives us direct and far-reaching benefits. We are now able to make more elaborate cash forecasts that allow us to reduce our reliance on external financing.”   A TMS Can Contribute to Increased Productivity and Growth ANDREW NICHOLSON CFO Graff Diamonds One of the first decisions Andrew Nicholson made when he joined Graff Diamonds five years ago as group director of finance was to implement Kyriba. Prior to that he had qualified as ACMA with Diageo alcoholic beverages company, which also allowed him to work overseas in Miami and Cape Town before finishing as commercial director for Guinness in Continental Europe. He was also the European CFO for four years at Hudson, a US-quoted staffing business. As Graff Diamonds grew its retail operation to 45 stores in 15 countries around the world, CFO Andrew Nicholson recognized early on the need for a treasury management system (TMS). The challenge of running six regional finance teams that managed banking and payments in 11 currencies across 15 countries was becoming a tremendous burden. “It was simply unsustainable to continue logging onto each individual e-banking platform in order to approve payments,” he says. “We needed a single point of access across all our bank accounts to set up payments, to define different payment types and to receive notification of pending approvals.” Early benefits of the TMS have been primarily operational for treasury, but Nicholson pinpoints additional capabilities that will give treasury a more strategic role in managing cash and risk. “In the upcoming year, we will be rolling out FX exposure management and GL reconciliation functionality,” he says, adding that they are considering a payment fraud detection module for the TMS system, which is important given Graff’s focus on highvalue, luxury-based retail. Key Lessons Although a TMS provides operational benefits for treasury, it also gives treasury a more strategic role in managing cash and risk. A TMS provides the CFO with the greater global cash visibility, which can improve balance and forecast accuracy. It was simply unsustainable to continue logging onto each individual e-banking platform in order to approve payments.” As CFO, Nicholson also appreciates how the TMS provides him with the greater global cash visibility, which has improved balance and forecast accuracy. “The main benefit I personally get is risk mitigation through much greater confidence in my treasury,” he explains. “I receive meaningful data to analyze, automated standardized reports and accurate cash forecasts. I can authorize transactions remotely. We access real-time, centralized bank statements first thing in the morning, and we source and analyze historical data for bank queries.” All of this is great, but is it benefiting the business? Nicholson is confident that it does. “We don’t formally measure the success of our treasury and finance operation in terms of KPIs,” he says. “The owners do recognize improvements in operational efficiency, cost savings and the ability to make more informed and strategic decisions, which in turn is contributing to overall productivity and growth of the company.” The main benefit I personally get is risk mitigation through much greater confidence in my treasury.”

Expanding Investment Options for Treasurers to Increase Return on Surplus Liquidity Kyriba’s Treasury Management System now connects with Goldman Sachs Liquidity Solutions Platform, Mosaic, expanding options for treasurers and increasing ways to keep surplus...

Expanding Investment Options for Treasurers to Increase Return on Surplus Liquidity Kyriba’s Treasury Management System now connects with Goldman Sachs Liquidity Solutions Platform, Mosaic, expanding options for treasurers and increasing ways to keep surplus liquidity invested faster and longer. The partnership streamlines investments, creating an end-to-end workflow for investing in money market funds and introducing on-demand connectivity to third-party banking and fintech services. Highlight for Clients Single Sign-On (SSO) Seamless navigation between the Kyriba TMS and the Mosaic investment portal Improved efficiency Fewer manual steps Quick client onboarding and no additional cost Trade Request Process Executes trades with Goldman Sachs & Co. LLC through to the Mosaic investment portal Streamlines subscription and redemption requests Consolidated View Money market funds and cash positions display within the Kyriba dashboard Simplified visualization Real-time Workflows Balances, confirmations, fund prices, and daily factors seamlessly flow between the Kyriba TMS and the Mosaic investment portal No need for manual data entry Liquidity Analytics and Reporting Access to the rich set of money funds liquidity analytics and reporting unique to Mosaic A streamlined workflow between the Kyriba TMS and the Goldman Sachs Mosaic Investment Portal enables on-demand connectivity for Treasury teams

Tuesday, July 4th | 10:00 am SGT Find out how Kyriba’s Cash Management, Liquidity Planning and Liquidity Analytics modules enables treasury teams and finance leaders in treasury to proactively manage cash and liquidity lifecycles...

Tuesday, July 4th | 10:00 am SGT Find out how Kyriba’s Cash Management, Liquidity Planning and Liquidity Analytics modules enables treasury teams and finance leaders in treasury to proactively manage cash and liquidity lifecycles end-to-end.

A showcase of Kyriba's cash and liquidity management capabilities. Our presentation team will demonstrate how Kyriba clients use our platform to transform their approach to cash and liquidity planning.

A showcase of Kyriba's cash and liquidity management capabilities. Our presentation team will demonstrate how Kyriba clients use our platform to transform their approach to cash and liquidity planning.

Unleash the Power of Enterprise Liquidity Management with SAP and Kyriba A Secure and Scalable Connectivity Solution Currently over 1,000 Kyriba clients are using SAP as their enterprise resource planning platform and Kyriba as...

Unleash the Power of Enterprise Liquidity Management with SAP and Kyriba A Secure and Scalable Connectivity Solution Currently over 1,000 Kyriba clients are using SAP as their enterprise resource planning platform and Kyriba as their treasury management system. The certified Kyriba SAP integration, including SFTP and API integration, seamlessly connects SAP with Kyriba to automate the workflow between the two platforms. The API integration has been certified by SAP for both SAP ECC and S/4HANA, providing a secure and scalable connectivity solution for clients to embed workflows into other business or finance applications with GL integration, multi-bank connectivity, trading/investment platforms, financial supply chain and market data providers. Major Benefits of Using Kyriba SAP Integration Solution for Payments Workflow With Kyriba SAP Integration Without Kyriba SAP Integration Configuration and Installation SAP-certified ABAP Add-On Pre-built data extract, mapping and transmission from your SAP systems to Kyriba All bank connectivity and payments formats are managed by Kyriba Tested, proven solution Develop custom data extract and transmission from your SAP systems to Kyriba Define and maintain mapping for payment scenarios in SAP Develop custom process monitoring Time-consuming testing of extracts Payment Processing Immediate payment transmission to banks, via Kyriba, upon batch completion Integrated workflows transmit encrypted HTTP No intermediate files created Connected via SFTP: Require the Kyriba FTP server for intermediate file creation and storage Explicit file encryption/decryption Direct to Kyriba API: Custom API workflow orchestration and exception management Payment Monitoring Track and monitor the status of all payments across banks with Kyriba's centralized Payment Status Monitor Identify and take immediate action for payment exceptions Separate SAP module required for bank connectivity monitoring Lack of visibility to payment status across banks Require extra effort to identify and resolve payment exceptions Kyriba’s SAP integration for payment workflow is a certified add-on to the native SAP payments functionalities, insulating customers from many updates and changes in SAP. The Kyriba SAP Integrated Payments Workflow Explained IDoc is translated to comply with Kyriba's standard payment information. Kyriba’s custom table provides mapping of relevant information. IDoc XML is translated to CSV and batched into one file. Payment orders are transmitted to the Kyriba application through API integration. Payment orders are being sent to associated banks to be executed. Payment confirmation is sent by the banks to the Kyriba application. Schedule in SAP to retrieve payment acknowledgments from the Kyriba application. Payment status updates are transmitted to SAP through API integration. Payment status is posted to Kyriba’s custom table. Client views payment status updates in one centralized monitor. FAQs on Kyriba SAP Integration for Payments Workflow What are the SAP releases Kyriba is currently certified for? Kyriba is currently certified for: SAP ECC 6.0 S/4HANA 19.10 or later (supporting both On-premise and Private cloud) Do different SAP platforms require different installations? No. Installations are the same for ECC and S/4HANA. What customizations can be used to enhance the functionality of the SAP application? Customizations include BADI user exit and configurable mapping. Can customers use their own middleware to call the API? Yes, customers can use their own middleware to call the API, for example SAP PI/PO, CPI, BOOMI and MuleSoft. What authentication schemes does the integration use? The integration uses REST API with Basic Authentication or OAuth2. Can clients connect to multiple ERP systems? Yes, Kyriba ERP Connectors support the integration of multiple ERPs. Are payment transfers batched? Is it possible to transfer a single payment? All payment transfers are batched. Technically, clients could send a single payment request to Kyriba. How long does it take to connect my ERP to Kyriba? Historically, installation and connectivity take 2-5 days, depending on the complexity of a client’s configuration. Kyriba SAP integration reduces the cost, risk, time and effort required to connect SAP to Kyriba. Kyriba SAP integration also supports cash forecasting, FX balance sheet and working capital workflows Kyriba SAP Integration for Cash Forecasting Workflow Kyriba SAP integration for cash forecasting, with its out-of-the-box connectivity and proven analytics, reduces costs and removes error-prone manual inputs. The automated workflow features: Extract open invoice balances from A/P and A/R subledgers Batch data records into a standard ERP cash forecast .csv file and send it to the Kyriba application via the API-powered ERP Connector Import estimated cash forecasts into Kyriba for advanced cash forecasting and liquidity planning actions Kyriba SAP Integration for FX Balance Sheet Workflow The Kyriba SAP Extract Toolkit consists of instructions on how to run native SAP utilities to retrieve account/entity configuration information and a program that captures summary monetary asset and liability or revenue and expense balance data. After initial enrolment, only the general ledger report is used to periodically extract the balance data. For more details, check out the fact sheet on FX Exposure Management For SAP ERP. Kyriba SAP Integration for Working Capital Workflow Kyriba SAP integration provides a complete end-to-end solution for Supply Chain Finance workflows. Main features include: Extract Receivables: Extract the open documents for SCF Suppliers, map the data to Kyriba and create documents in Kyriba automatically Import Receivables: Import updated documents with early payment approval status into SAP Pay Funders at Maturity: Payments are sent to Funders at maturity Collection & Reconciliation: Extract and transmit cleared items from SAP for reconciliation after payment run For more details, check out the Kyriba Developer Portal.

The cash forecast is once again the most critical tool connecting treasury with corporate strategy and board-level decisions. Companies are expected to increase cash flow and drive a greater return on cash in this...

The cash forecast is once again the most critical tool connecting treasury with corporate strategy and board-level decisions. Companies are expected to increase cash flow and drive a greater return on cash in this higher interest rate environment.

RSM US LLP is continuing to invest in its treasury operation and is a premier partner to the Kyriba organization. RSM is the fifth largest audit, tax, and consulting firm in the United States...

RSM US LLP is continuing to invest in its treasury operation and is a premier partner to the Kyriba organization. RSM is the fifth largest audit, tax, and consulting firm in the United States with 87 offices and over 14,000 professionals. Globally, RSM has over 51,000 employees in 124 countries supported through our member firm relationships, while generating total revenue of approximately $7.3 Billion. In short, RSM has global reach, national strength, and a local touch to be able to work with clients of all sizes and geographies. RSM continues to invest in connectivity and payments capabilities, while paying particular focus to important competencies, specifically on risk management, including FX and hedge accounting. Below are some highlights from Q2 2023 successful client wins and implementations: Common Sail Investment Group (CSIG) is a privately held, operational holding corporation headquartered in Brighton, Michigan. Its brand portfolio includes real estate development, senior housing, and health care. The treasury team gained efficiency by centralizing CSIG's banking infrastructure under Kyriba. Not only did the deployment add balances and transactions to the database to improve overall cash management, but it also opened the opportunity of automating GL reconciliations and thousands of cash and financial accounting entries on a monthly basis. Following further analysis into CSIG's activities, the RSM team discovered that Kyriba's debt-keeping module could significantly improve CSIG with their current portfolio since the firm has many property, auto, and corporate loans with various counterparties. The module deployment was completed, and it is already supporting CSIG in automating maturity payments and interest/principal accounting. Furthermore, Kyriba was able to seamlessly exchange and receive data from Oracle NetSuite, such as accounting entries and vendor payments. Ultimately, Kyriba redesigned CSIG's daily operations and significantly increased the team’s bandwidth. Other notable RSM and Kyriba partnership wins from Q2 2023 include: HDR Brex HASI Gain Credit Kroll Flutterwave Assemi Group

Modern treasury teams have numerous available tools and structures to succeed in today’s global economy. With supply chain disruptions and decreased cash flows prevalent, treasury can leverage an in-house bank (IHB) and Payments Hub...

Modern treasury teams have numerous available tools and structures to succeed in today’s global economy. With supply chain disruptions and decreased cash flows prevalent, treasury can leverage an in-house bank (IHB) and Payments Hub to optimize working capital for an improved liquidity portfolio. This eBook highlights three key areas in which an IHB can improve working capital operations through centralization and standardization: Setting the stage for a working capital program Knowing when to pay suppliers Knowing how much to allocate to working capital operations What is an In-House Bank? Today’s fast-moving global business environment demands leading treasury teams have full visibility into their liquidity. To combat the challenges from growing numbers of entities, banking relationships, internal transactions and intercompany loans, treasurers are utilizing an in-house banking structure to centralize daily operations and organizational cash flow. An in-house bank (IHB) is a dedicated group or legal entity within the organization that provides banking services such as cash management, payments-on-behalf-of (POBO), collections-onbehalf-of (COBO) and working capital to different business units within the company. Put simply, an IHB centralizes flows and balances by executing all transactions through the designated, operating IHB entity. Benefits for Your Organization Implementing an IHB can deliver improvements to most, if not all areas of your business. Through intercompany netting, an IHB can centralize all internal flows through the designated entity to simplify the company’s payment structure and reduce payment volumes. Payments and collections to/from third parties act similarly: POBO: Outgoing transactions are executed by the IHB entity on behalf of operating companies and then debited to the operating companies’ intercompany account. COBO: Receivables are received into the IHB’s bank account on behalf of the operating companies and then credited to the operating companies’ intercompany account. Aside from simplifying internal and external transactions, in-house banking structures provide numerous benefits for large, global organizations: Treasury Process CASH PAYMENTS FX WORKING CAPITAL Benefits Increase cash visibility and control with global cash pooling Mitigate fraud attacks with the centralization of outgoing payments Centralize risk management processes by aggregating the number of exposures Ensures better support for business units and easier selection of the right invoices for inclusion in your supply chain financing program Simplify your banking landscape, the number of banking relationships and the number of physical bank accounts Reduce the number of intercompany loans and solidify your organization’s intercompany loans management process Net your FX payments to reduce the number of transactions and increase per trade volume, receiving better spreads Improve working capital with increased visibility into cash flows Increase returns with less idle cash through sweeps, better repatriation Reduce the number of internal transfers to/from different entities with multilateral netting Reduce cross-border payment fees Gives more opportunities for discounting through better visibility in a POBO or payments hub model Important to note, many treasurers have recently made working capital a key focus moving forward, as the current economy’s supply chain disruptions have continued to persist. The remainder of this ebook will discuss how the centralization of payments through an IHB can improve working capital and ensure that your company is making the most of your liquidity for future growth. Centralizing Outgoing Transactions with a Payments Hub Before discussing how working capital processes and decision-making can improve with an inhouse bank, it is important to understand how a payments hub can be introduced with the help of an in-house bank implementation. Global entities often make payments to the same third-party vendor through their own separate bank, which creates a complex and unnecessary string of transactions. The introduction of an IHB allows organizations to utilize a POBO model to consolidate and streamline payments that are being made to the same vendor. Organizations can reap numerous benefits by centralizing all separate, outgoing transactions, some of which include: Reduced bank fees associated with payments Increased visibility into outgoing payments and liquidity Improved and more accurate forecasting reporting through visibility to payments Reduced cost of failure due to payments being paid from a central account Less idle cash as only the Payments Hub needs to keep liquidity Centralizing all outgoing transactions through an IHB can improve daily processes that are not only related to payments. One area of the business that treasurers are realizing significant value gains in is working capital management. Centralizing payments with an IHB can fully optimize your organization’s working capital through the following three components: A payments hub supports the structure of a working capital program Centralizing payments allows leadership to determine when to pay suppliers An IHB facilitates cash visibility to determine the amount of funds to allocate for your working capital program A Payments Hub Supports the Structure of a Working Capital Program Standardizing and automating payment workflows through a payments hub can help to ease the implementation of a working capital program. The vast amount of payment and treasury management vendors in today’s financial space makes it simple to standardize and automate payment processes. The biggest impact that treasury teams can expect when automating payment workflows is visibility into incoming and outgoing invoices to better understand transaction lifecycles. With real-time data into organizational invoices, treasury teams can work toward shortening invoice lifecycles to be able to leverage early payment discounts with suppliers. A recent AP & Working Capital Report acknowledged that 31% of respondents found that manual routing of invoices for payments and approval stood in the way of an early payment discount. Manual AP processes can also lead to incomplete/ missing information on invoices, lost invoices, invoice exceptions and decentralized receipt of invoices, which can all impact an organization’s working capital performance. Overall, standardizing and automating the procure-to-pay process will result in a clearer picture of your organization’s financials and increase the insight you have into supplier relationships. Some best practices when standardizing payment processes to improve working capital include: Centralize payment processes and reporting to enable global teams to have better visibility into all outgoing transactions. Centralization also facilitates the standardization of processes to ensure that workflows like invoicing consist of accurate and timely procedures. Digitize payment processes to reap significant benefits when setting up a supplier portal. Efficiently communicating with suppliers through an electronic portal allows suppliers to automatically generate invoices for each new order, electronically validate and accept invoices, and electronically track the status of orders and payments received. Develop an effective procurement process to keep track of all received invoices and reconcile each invoice to its associated PO to produce better forecasts for cash flow reporting. An effective procurement process also ensures that your organization is working with pre-approved vendors to stay within the authorized spending limits. Create a strong accounting process to improve visibility into how much and how often companies should pay their suppliers. Optimizing payment terms will empower your organization to make the most of your working capital program and fully optimize liquidity. Centralizing Payments Allows Leadership to Determine When to Pay Suppliers The centralization of your organization’s payments process will empower decision makers to know when the best time is to pay suppliers - and also when not to. The best practice of creating a strong accounting workflow to optimize payment terms can aid in the process of determining when to pay suppliers. In the case that a solid payment structure is present, organizations can leverage centralized payments to have better visibility into outgoing transactions and thus, cash flows. Centralizing payments through a payments hub and IHB facilitates better reporting for treasury teams to forecast with more accuracy and consistency. The ability to sweep local funds into regional cash pools increases the confidence of an organization’s cash on hand, while also enabling teams to transition from point-in-time and end-of-month balances to real-time visibility into liquidity. With reliable forecasts and reporting available, organizational decision makers are empowered to make more informed decisions to improve working capital processes. Clear visibility into cash and outgoing transactions allows treasury teams to know when they might have more cash on hand to allocate towards working capital operations. Having a clear, transparent view into the organization’s cash flow patterns can enable teams to negotiate payment terms with suppliers, while also having the confidence that the suggested payment terms are in alignment with company balances. Optimizing payment terms can result in a number of benefits for buyers depending on the type of program(s) implemented, some of which include: Increased cash flow Reduced supply chain risk Reduction in cost of goods sold (COGS) and improved margins Strengthened supplier relationships Enhanced corporate social responsibility (CSR) credentials Working capital programs that optimize payment terms for buyers also provide significant benefits for suppliers: Reduction in days sales outstanding (DSO) Greater certainty predictability over cash flows Reduced corporate credit risk Access to cheaper liquidity than can typically be obtained, as the cost is calculated based on the risk of the buyer and not the supplier An IHB Facilitates Cash Visibility to Determine the Amount of Funds to Allocate for Your Working Capital Program Centralizing payments through an in-house bank increases the confidence in cash reporting and forecasting to determine how much liquidity should be allotted for working capital operations. Reporting across disparate systems, multiple banks and various entities is a challenge for most organizations so without an automated payment structure in place, cash and forecasting processes can often involve manual efforts that are prone to errors and inconsistencies. If liquidity information is not updated in realtime, leadership is most likely making decisions based on outdated information, which can lead to the inappropriate allocation of funds. Reliable and clear access to reporting ensures that treasury teams are strategically allotting the correct amount of organizational funds to their working capital operations, depending on the outlined metrics that they desire to achieve. Having trustworthy data empowers teams to be certain that their budgets are legitimate and that their plans for business growth are on track. Accurate and timely payments reporting is critical for the success of a working capital program and by marrying the visibility of cash and payment processes through centralization, real-time decisions can be made on the fly. Another consideration to take into account when evaluating the benefits of an IHB includes the idea that an organization can consolidate the number of global bank accounts with the assistance of an IHB and payments centralization. The cash pooling function of an IHB can improve visibility and controls, allowing enterprise companies to reduce the number of accounts needed to operate efficiently. A high number of bank accounts can oftentimes lead to an inefficient working capital program, as the amount of work to consolidate daily cash positions for forecast reporting increases with the number of accounts. Decreasing the number of global bank accounts creates concentrated cash pools that leadership can pull reports from to determine the correct allocation of funds for a working capital program. The concentration of cash through physical and notional pooling allows organizations to have a bird’s eye view of how much cash is on hand, at all times. The structuring of concentrated cash pools also enables leadership to fully leverage the maximum amount of cash for working capital, as the increased visibility encourages local teams to get rid of all extra cash on hand. Lastly, cash pooling helps to facilitate offshore treasury centers, which helps to improve the flow of capital through these offerings: Favorable tax laws Reduced risk and greater growth potential Cost savings for the business Protection of assets during times of instability Leveraging Technology to Enable a Successful IHB and Working Capital Program The implementation of a treasury management system (TMS) can simplify the implementation of an in-house bank and create a working capital program that fully optimizes cash for significant gains. A sustainable IHB and payments hub features automation that is typically facilitated by a TMS. Most companies use a TMS to manage the internal, complicated processes of receiving external bank statements, converting those statements into internal versions and creating all the needed postings. Potential netting processes and the management of the pay-on and collect-on behalf of models also leverages TMS features that banks or internally-developed systems cannot handle. While organizations can create a manual or internal IHB, a TMS reduces the time it takes to start a program and simplifies the effort of an implementation and ongoing maintenance. All of the listed capabilities on the previous page work to create standardized and optimized operations for a streamlined business. Leveraging technology to create a successful IHB structure will lend itself to a profitable working capital program that can also be improved with the use of a third-party system. A TMS can help to create standardized workflows, facilitate connections to third-party funding and build a successful supplier portal for your organization’s working capital solution. Without technology in place, the process of constructing a working capital program can be unnecessarily difficult and time consuming. Leveraging a system to simplify leadership’s effort in creating a program will be appreciated in the long run and ensure that a successful foundation is in place. Leveraging a TMS to facilitate processes such as working capital and payments will provide significant benefits for treasury teams looking to free up cash flow and reduce supply chain risk. The implementation of a TMS will also prove to automate other areas of treasury operations so that employees and leadership can focus on strategic, business growth initiatives. Utilizing technology for your company’s daily processes will ensure that future success is supported by a reliable structure that promotes innovation and optimization. Aside from automation, a TMS can help to provide the following: Robust multi-bank connectivity Secure controls and standardized, pre-built processes Streamlined global payments Cash flow forecasting templates and workflows Electronic bank account management Advanced intercompany loan and multilateral netting features Deliver the extensive company and cross-company GL postings created by an IHB

Elire is a Kyriba Platinum Plus Partner with over 18 years of experience helping clients implement successful Treasury Management Solutions. With an experienced team of over 20 Treasury Consultants across multiple Treasury disciplines and...

Elire is a Kyriba Platinum Plus Partner with over 18 years of experience helping clients implement successful Treasury Management Solutions. With an experienced team of over 20 Treasury Consultants across multiple Treasury disciplines and solutions, Elire has an intense focus on Kyriba products and services. Below are some highlights from Q2 2023 successful client wins and implementations: Sabre looked to Elire to help them implement and integrate Kyriba to their existing SAP and FIS systems. Being that Sabre is an existing FIS customer, this is a positive win for Kyriba as it makes inroads at Sabre and demonstrates the breadth of Kyriba’s offerings, functionality, and ease of use. Sabre’s Kyriba implementation and integration project consisted of Swift BIC Registration, SAP and FIS integration (Bank Statement Forwarding and Payments Integration), Bank Statements, Payments (Credit Transfers and Direct Debits), Payments Factory, Single Sign-On (SSO), Fraud Prevention, Bank Fee Analysis, and More. Elire empowered Varsity Brands by implementing Kyriba Cash Management and Forecasting, Cash Accounting, SSO, Bank Account Management, Bank Fee Analysis, and In-House Banking. This project included integration with 2 ERP systems (SAP and PeopleSoft), Payment Generation, and Deal capture. The Elire team seamlessly integrated Kyriba with Varsity Brand’s SAP and PeopleSoft ERP's, and configured Cash Accounting mapping rules which allowed Varsity Brands to have an accurate reconciliation of their bank transactions to their book of record. Elire also migrated Varsity Brand's debt instruments from Excel to Kyriba’s Deal Capture module, giving Varsity Brands a never before seen snapshot of their debt position. Analyzing CHFA's systematic and procedural pain points, Elire is delivering a Treasury Management System solution which centralized CHFA's Yardi, Sage, OnBase, HDS, and Stars ERP systems and processes. With Kyriba software and solutions, Elire is introducing CHFA to state-of-the-art simplified procedures, pushing them into the future. Some of the Kyriba solutions implemented include Payment Factory Integration, Mobile Payment Approvals, and Intelligent Cash Accounting Reconciliation. CHFA's 50+ TMS users are empowered with unprecedented security, reliability, transparency, and ease of use for cash forecasting, payments management, user administration, and compliance. Elire helped International Seaways integrate most of their complex ship leases into Kyriba. Applying tried and true Kyriba solutions for full Cash Management and Liquidity Visibility, Elire Introduced expert tips and tricks for TMS reports, flow charts, and batch modifications. Elire revamped International Seaways' inefficient processes, boosting their efficiency and helping them achieve their goals of Cash Management and Forecasting that were indistinct to them for the past several years.

The CFO no longer cares about your cash forecast! They need more. CFOs are focused on meeting free cash flow targets and require real-time insight to proactively manage liquidity across the enterprise to reduce...

The CFO no longer cares about your cash forecast! They need more. CFOs are focused on meeting free cash flow targets and require real-time insight to proactively manage liquidity across the enterprise to reduce vulnerability to rising rates and unlock growth. To support the CFO, Treasurers need to evolve beyond visibility into cash by making forecasting actionable – surrounding cash forecasts with data to enable intelligent investing, borrowing and working capital decisions to drive strategic growth and company valuation.

In this e-book, you will gain an understanding of how supply chain finance (SCF), dynamic discounting and receivables finance can create a win-win solution for both buyers and suppliers while enabling treasury and procurement...

In this e-book, you will gain an understanding of how supply chain finance (SCF), dynamic discounting and receivables finance can create a win-win solution for both buyers and suppliers while enabling treasury and procurement to work hand-in-hand to deliver working capital improvements. Driving Growth and Profitability Through Working Capital Solutions Companies around the globe generally deal in two opposing cash positions – a cash deficit or a cash surplus. In today’s hyper-competitive and ever-advancing world, companies need capital to grow, address existing debt, or distribute more shareholder value through dividends or share buy-backs. One way to generate this capital is to optimize working capital - the less capital that is tied up in the working capital cycle, the more there is available to drive growth and create shareholder value. Companies with a surplus of cash often find themselves bound to low-return, risk-free investments such as money market funds with traditional financial instruments. Driving the profitability or addressing the cost of goods sold (COGS), which is one of the major contributing factors to profitability, is also an area of focus. For many companies, using the cash surplus of the working capital equation to enhance profitability is proving to be a game changer. Supply Chain Finance Extend DPO to Generate Free Cash Flow with Support of SCF Companies often have a large amount of capital tied up in working capital, which doesn’t generate any return and is unavailable for growth investments. A simple solution to reduce this working capital is to increase payment terms with suppliers and hold on to cash longer. However, this can have an adverse effect on suppliers as it could increase their working capital needs. Supply chain finance, also known as reverse factoring. is a financial instrument that offers early payment programs to suppliers and a win-win for both buyers and suppliers. Providing supply chain finance as an alternative means of financing in buyer-led programs helps buyers negotiate longer payment terms, which is the actual objective. Dynamic Discounting

Organizations from many industries and of various sizes have embraced Kyriba for their enterprise liquidity management needs. At AFP’s annual conference, our team set up a testimonial station at our convention booth, where clients...

Organizations from many industries and of various sizes have embraced Kyriba for their enterprise liquidity management needs. At AFP’s annual conference, our team set up a testimonial station at our convention booth, where clients and users shared their insights and the benefits that Kyriba has offered for their operations. In this Kyriba client testimonials video, clients highlighted some of the key advantages of leveraging the Kyriba platform: Efficiency Since implementing Kyriba, many clients have said that they have streamlined their treasury operations and reduced manual interventions, thus boosting productivity. Tasks that took hours or even days are now accomplished in a matter of minutes, allowing teams to focus on more strategic initiatives. Centralized Visibility Many clients reported that, before implementing Kyriba, they had to log into various portals in order to obtain all their liquidity data. Kyriba provides a centralized hub for all treasury-related information. Clients can easily access and manage data from multiple banks and platforms in one convenient location, providing comprehensive visibility and empowering better decision-making. Time Savings Manual processes are inefficient and time consuming. Kyriba provides clients with the ability to automate their processes and gives them access to real-time data, drastically reducing errors and turnaround times. In addition, this enables our clients’ treasury teams to work more efficiently. Improved Cash Management Kyriba empowers clients to gain better control over their cash positions and liquidity. Our clients indicate that the real-time visibility into their global cash balances and cash flows allows for more accurate forecasting and optimization of cash usage. Holistic Treasury Management Kyriba offers a comprehensive suite of features, which allows clients to manage various treasury functions within a single platform. Kyriba consolidates critical treasury operations, which provides our clients with a holistic view of all their financial activities. Scalability and Adaptability When an organization is growing, they need a solution that will grow with them. Kyriba clients have indicated that, without Kyriba, they wouldn’t be able to operate efficiently because of the growth they have experienced. Join the many clients who have relied on Kyriba to unlock efficiency and elevate treasury operations. Find out the positive impact Kyriba can have on your organization.

Awarded to the company that had a clear project plan, stuck to it, and maintained the project discipline to achieve a go-live date with great success. Nominated by 3PO Consulting. Challenges FilmRise’s financial operations...

Awarded to the company that had a clear project plan, stuck to it, and maintained the project discipline to achieve a go-live date with great success. Nominated by 3PO Consulting. Challenges FilmRise’s financial operations grew to the point where gaining operational efficiency was critical. With NetSuite as their ERP, they wanted a specialized TMS with existing integrations to be a complement. “This project was both kicked off and fully live in 2022, showcasing the ability for Kyriba to be implemented quickly even with complex NetSuite integrations!” Solution Implemented Cash and Liquidity Management, Payments, Accounting and the Kyriba NetSuite Bridge. Results Within days of kickoff, Kyriba was successfully initialized for bank reporting and connected to NetSuite to begin testing of AP and Treasury payments processing. New techniques were leveraged to meet aggressive FilmRise timelines and the teams relied heavily on 3PO Consulting implementation scripts. Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

Recognizing best-in-class performance in payments fraud solution and compliance management. Challenges Secure and compliant transactions are critical for ORIX's AP payment process Corporate goal to take significant steps to streamline financial operations, including migrating...

Recognizing best-in-class performance in payments fraud solution and compliance management. Challenges Secure and compliant transactions are critical for ORIX's AP payment process Corporate goal to take significant steps to streamline financial operations, including migrating from PeopleSoft to Oracle Cloud, implementing an AP payment factory, warehousing financial transactions and establishing an in-house bank in Kyriba. “Kyriba has been a key partner in the transition of ORIX's financial transactions, including the recent migration from FIS Integrity for the full lifecycle of their financial transactions. ORIX's upcoming go live for the in-house bank, which will include intercompany accounting, is a testament to the company's continued commitment to automation and efficiency using the capabilities of Kyriba.” Solution Kyriba’s Fraud and Compliance module with automated screening to include checks against sanctions lists, identification of possible duplicates, changes to sensitive payment details, use of one-time payment details, payments made to high-risk countries, and validation of IBANs. Workflow is enabled to facilitate a centralized process for identification, review, and remediation of alerts along with creation of exceptions where appropriate. Results ORIX is striving to eliminate manual and error prone tasks to ensure their team is focused on activities that will drive value for their organization. The centralized and compliant automated payments fraud solutions maximize productivity. Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

Making Real-Time Payments a Reality for Finance and Treasury Real-time payments initiatives are proliferating all over the globe and while many countries have jumped on the bandwagon with various real-time payments use cases, corporate...

Making Real-Time Payments a Reality for Finance and Treasury Real-time payments initiatives are proliferating all over the globe and while many countries have jumped on the bandwagon with various real-time payments use cases, corporate adoption has lagged. But to build the business case for implementing real- time, treasury and finance departments need to identify more business relevant use cases. How Do Real-Time Payments Work? Real-time payments can be transferred using the domestic or regional real-time payment network. For example, use an application programming interface (API) for unitary payments like one-time supplier payments, or use file transfer protocol (FTP) for bulk payments like payroll. While legacy file transfer protocols do not offer the same level of immediacy as APIs, corporates can still benefit from using real-time payment rails in some scenarios. Moreover, because APIs enable broader system-to- system interactions to be real-time, clients can use them for activities beyond real-time payments, such as connecting to ERPs, automating workflows, and facilitating data exchange in real-time. Real-Time Systems on the Rise Real-time or instant payments are not new. Many major economies have either launched real-time initiatives already or are in the process of doing so. For instance, Japan launched the Zengin real-time gross settlement system in 1973, which eventually became a real-time payments network. The Unified Payment Interface (UPI) in India, launched in 2016, is among the largest and fastest growing real-time payment system globally. As of 2021, real-time payments represent a 31% share by transaction volume and an 8% share by value. Zelle, a real-time payments network owned by seven of the largest banks in the United States, was initially launched in 2017 for peer-to-peer (P2P) payments to compete with payment apps, such as Venmo. Since its launch, this multi-rail network has expanded into business payments and is increasingly preferred by industry use cases, such as real-time disbursements to their customers. In 2021, Zelle added TCH’s RTP® network to its existing list of payment networks, i.e., ACH, Visa Direct, and Mastercard MoneySend. SEPA Instant Credit Transfer (SCT Inst), a pan-European payment solution launched in 2017, is used by consumers and businesses for euro-dominated instant domestic and cross-border payments. As of 2022, the payment scheme is supported by 61% of European PSPs and available in 29 countries. The adoption of this payment scheme has stagnated, accounting for just over 1 in 10 credit transfers in the region. A draft EU law is expected to address issues with ubiquity and fees to drive adoption. The New Payments Platform There have been ongoing efforts to expand the reach of real-time payments from domestic to cross- border payments. Asia has been leading the way, with India and Singapore linking their real-time payment systems (i.e., UPI and PayNow). Other developed countries are following their lead, with TCH, EBA Clearing, and SWIFT planning to commercialize their successful cross-border pilot connecting TCH’s RTP network with EBA Clearing’s RT1 network. U.S. Faster Payments Initiative Unlike many other economies whose central banks have issued mandates for real-time systems, the U.S. Federal Reserve instead opted to let the private sector take the reins while acting in an advisory capacity. Thus, in 2015, the Fed formed a task force of market participants, from banks to corporates to fintechs, with the goal of steering the nation’s payments system toward allowing payments to clear and settle faster. The task force’s work produced a two-part final report that determined ubiquitous receipt to be the key to making any real-time system truly successful. The task force recognized several key challenges to achieving ubiquity, including: Federal Reserve enablement of a 24/7/365 settlement Technical and business process issues Disparate rules and functionality for competing services Security Real-Time Payments Network (RTP®) In 2017, The Clearing House (TCH) launched the Real-Time Payments (RTP®) network. Running on a new payments rail, Real-Time Payments transactions clear and settle in seconds, and immediate confirmation notices are sent to payers. In March 2021, TCH announced that real-time payments had reached a milestone by connecting its 100th bank. As of November 2022, there are 280+ participants, plus the key technology providers. However, real-time payments still reach only 65 percent of demand deposit accounts (DDAs). MAKING HISTORY The Real-Time Payments (RTP®) network is the first new payment rail in the United States since the ACH. FedNow The FedNow Service is a real-time payments platform developed by the Federal Reserve as a public sector alternative to The Clearing House’s (TCH) RTP®. The service is a 24/7/365 instant payments network expected to launch in mid-2023. FedNow will use ISO 20022 messaging standards to enable instant account-to-account payments and be accessible through the upgraded FedLine network, which will enable sending and receiving messages for customer transfers, liquidity management transfers, transaction-level reporting and fraud mitigation tools. The standard is highly appealing to corporate treasury and finance, because messages carry substantial information and are based on a common data dictionary that supports payment message flows. INFORMATION > SPEED? The most appealing feature of both Real-Time Payments and FedNow for treasury and finance might not be speed, but information capabilities. Not only can payers send extended remittance information with payments, but these systems also feature Request for Pay (RFP) services that allow payees to send specific transaction details prior to payments. Corporate Pain Points and Building Real-time Payments Use Cases For mass corporate adoption to occur, real-time payment systems will need to address certain pain points that treasury and finance departments are looking to eliminate. PAIN POINT HOW REAL-TIME HELPS Emergency/Last-Minute Payments Particularly in times of crisis like the COVID-19 pandemic, companies may need to make emergency payouts for payroll and other demands. Last-minute bill payments may also be needed. Lack of Cash Visibility Clearing payments in real-time reduces settlement risk and provides a clear liquidity picture. Need for Cash Conversion Incoming payments can be immediately turned into accessible cash. Paper Check Usage Checks continue to be the payment method most susceptible to fraud. Businesses can eliminate this slow and risky method with real-time. Batch Payments Real-time can “un-batch” payments for corporates. Rather than relying on batch payments that are locked in at key times each day, real-time payments can be sent at any time. Missing Out on Early Payment Discounts Real-time can ensure that businesses can obtain early payment discounts on the last day of discount availability. Lack of Extended Remittance Information Modern real-time systems contain extended remittance information that travels with the payment. Looking to the future, the U.S. Faster Payments Council identified some real-time payments use cases that could soon make such payments even more appealing: Intercompany payments are low risk and a common use case. Many companies have enabled efficient deployment of working capital across their subsidiaries using the domestic/ regional instant payment option. Just-in-time invoice payments benefit both the business payer and the business recipient. Since this type of payment gives the payer additional time to pay a bill, it lets the payer hold their funds longer to avoid paying a bill late due to current timing of business day clearing. The business recipient also benefits by ensuring funds are collected within their timeframe, and they receive immediate credit for funds when being paid. Payments to suppliers can occur immediately and facilitate faster release and shipment of supplies from suppliers that require payment beforehand. Faster payments involve many moving parts related to treasury functions, remittances, corporate banking, and/or company-to-company payments. All of these real-time payments use cases involve the movement of large amounts of funds and any reduction in latency will lead to more efficient capital management and reduction of risk. These use cases need standardization and interoperability, such as the efforts of the Business Payments Coalition standardized semantic data model which is being designed to enable comprehensive use case integration in corporate ERP systems. At ION, there were times when we needed a payment to come in and it was 4:31 and the Fedwire closed at 4:30. We would have to wait until the next day and it would really impact payroll and liquidity. So, the opportunity to have that cash in the bank, and then being able to make your payroll or anything that’s urgent, is where the benefits come in.” — Lee-Ann Perkins, CTP, Assistant Treasurer, Specialized Bicycle Components and former VP and Treasurer for Ion Geophysical Key Considerations for Starting your Real-Time Payments Journey While instant payments have been available for corporates for several years now, uptake has been slow. One reason for that is real-time payments co-exist with wires and ACH. There is still a place for wires, which will continue to be used for larger value payments. As well, the benefits of real- time payments may not justify the cost of shifting to new payment rails. Key reasons for the slow adoption of real-time payments are further discussed below. Having a small delay when making B2B payments is not necessarily bad. “There are advantages to it, in trying to plan my cash,” said Jeff Johnson, CTP, chief financial officer of commercial kitchen repair service Smart Care Equipment Solutions. “There are advantages to it if people make mistakes. And there are advantages to not having things rushed.” Real-time can be costly. While Real-Time Payments can be relatively costly compared to ACH, they are still cheaper than wires for qualifying volumes. Still, CFOs and treasurers may focus on the premiums banks charge for Real- Time Payments and not see the value in spending extra cash to ensure a payment arrives faster than a normal ACH, noted Jim Gilligan, former assistant treasurer for Kansas City, and currently senior vice president of MFR Securities. Real-time may not be exactly real-time on the receiving side. If the process leading up to the payment execution is slow and manual, then real- time payments won’t have much impact. “Many companies still use batch systems to process receivables, so payments are not captured real-time,” said Gilligan. “It’s still going to take them the same amount of time to process the payment. Customers will likely be unsatisfied when they realize payments sent in real-time aren’t processed in real-time.” Fintech payment platforms can help bridge the gap by digitizing and automating payment workflows. Faster payments can mean faster fraud. Despite awareness of modern fraud activity, treasury and AP departments still fall prey to payments fraud scams even when they have adequate time to claw back a payment. Removing that aspect means that once a payment is out the door, it is gone for good. Bank account verification is key to preventing fraud, and confirmation of the payee is becoming the norm in the context of real-time payments, e.g, in the U.K., 90% of faster payments are subject to confirmation of payee (CoP) checks. It’s clear businesses need to be more thorough in vetting payments before they are executed. While it’s unrealistic for an organization that remits hundreds of payments in a single payment run to manually check every single one, technology can help to eliminate the threat. Payment policies can be digitized, ensuring that rules and limits are automatically applied during the payment journey. Artificial intelligence (AI) and machine learning (ML) algorithms can compare outgoing payment requests to historical payment patterns, identifying and isolating any anomalies. APIs built into your payments platform allow real-time connection to apps that can match payments against third-party data. This data allows you to verify ownership of the account you’re paying and that you’re not paying an entity on the Office of Foreign Assets Control (OFAC) sanctions list. Data visualization can identify and manage exceptions so that payments can easily be reviewed and cleared to minimize delays. Technology has really come a long way. Number one, there’s a lot more data to pull from that makes the software that much smarter. Number two, there’s a lot more threat intelligence available, and an increasing element of collaboration and sharing that threat intelligence. Today, you can run a transaction through an enormous number of tests in less than the time it takes to blink an eye. It adds a real element of credibility to a transaction.” — Brad Deflin, Founder and President of Total Digital Security How to Start Building Your Real-Time Payments Use Cases For U.S. corporate treasury departments that are interested in real-time payments, they will first need to develop their own adoption strategy: Determine some key uses cases for your business. Your bank and/or provider can offer live examples to help you narrow down use cases, understand the benefits, and calculate the business case. Assess the risks that using a new, real-time payments rail could pose, such as the need to update payment governance procedures to prevent fraud. Engage banks and vendors to ensure that they have invested in the appropriate infrastructure to facilitate real-time payments. Real Opportunity Real-time payments present an opportunity for corporate treasury and finance departments. Corporates that manage their own bank connectivity may need more work to identify use cases and build a business case for investment. For corporates that rely on third-party providers to aggregate connectivity, common real-time payments use cases such as sending intercompany transfers or replacing wires at or under the current transaction limit can drive tangible value while the corporates explore broader use cases. Watch this on-demand webinar to learn more about how you can build compelling real-time payments use cases in 2023 to benefit from this payment type.

Awarded to the company that has posted significant gains in productivity, freeing up treasury's time to focus on more strategic initiatives. Nominated by 3PO. Challenges Monthly bank-to-book reconciliation process took hours, and sometimes days...

Awarded to the company that has posted significant gains in productivity, freeing up treasury's time to focus on more strategic initiatives. Nominated by 3PO. Challenges Monthly bank-to-book reconciliation process took hours, and sometimes days due to the volume of AP payments. Reporting of aggregated bank transactions without associated detail was an issue. The potential for a small discrepancy to lead to a large and time consuming investigation caused the Treasury and Accounting teams to seek a better solution. ”Williams-Sonoma is an excellent candidate for this award due to the amount of manual reconciliation time eliminated by automation using Kyriba’s GL Reconciliation module” Solution 3PO Consulting worked with Williams-Sonoma to configure advanced GL reconciliation logic to solve this one-to-many reconciliation issue. Bank transactions and journal entries related to AP activity were identified through patterns in the text descriptions to facilitate subtotaling and automated reconciliation in the event of a match. Results Eliminated the most difficult part of the reconciliation process in addition to the easy reconciliation work, leaving only exceptions for the team to manage. Automation of the most time-consuming part of the process resulted in huge productivity gains across treasury. Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

Awarded to the company that had a clear TMS implementation project plan, stuck to it, and maintained the project discipline to achieve a go-live date with great success. Nominated by Actualize Consulting. Challenges Discovery...

Awarded to the company that had a clear TMS implementation project plan, stuck to it, and maintained the project discipline to achieve a go-live date with great success. Nominated by Actualize Consulting. Challenges Discovery began and completed a global rollout of Kyriba amidst a massive-scale merger with parent company Warner Bros Required varied and complex integrations ”Working with Actualize Consulting, Discovery has completed their Kyriba TMS implementation, and the experience has been excellent. They fully plan to expand their use of Kyriba globally with their new parent company (Warner Bros.).” Solution Global roll-out of Kyriba including Liquidity Management, Payments, and Risk Management to replace its legacy system within an aggressive timeline Includes seamless integration with SAP, SWIFT Service Bureau, and trading portals Results The ability to centralize and automate the management of liquidity, payments and risk within Kyriba allowed the organization to standardize processes globally and support its continued growth Discovery is ready to expand the use of Kyriba with the integration of the Warner Bros business which will introduce new regions, functional modules and banking relationships Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

Tuesday, June 13th | 11:00am ET | 8:00am PT | With increased foreign exchange volatility expected to continue for the foreseeable future combined with rising hedging costs, FX Risk Management is proving to be...

Tuesday, June 13th | 11:00am ET | 8:00am PT | With increased foreign exchange volatility expected to continue for the foreseeable future combined with rising hedging costs, FX Risk Management is proving to be one of the most difficult objectives handed down from the office of the CFO.

With continued uncertainty in financial markets and the economy, managing liquidity and diversifying cash investments is top of mind for many treasury professionals. In this webinar, American Honda shares how they use Kyriba’s ICD...

With continued uncertainty in financial markets and the economy, managing liquidity and diversifying cash investments is top of mind for many treasury professionals. In this webinar, American Honda shares how they use Kyriba’s ICD API integration to mitigate risk while getting the most out of their working capital.

Awarded to the company that has minimized fraud, standardized and streamlined payment processes. Challenge With tremendous payment volumes, the need for a best-in-class streamlined process was crucial for continued growth. Solution The New York...

Awarded to the company that has minimized fraud, standardized and streamlined payment processes. Challenge With tremendous payment volumes, the need for a best-in-class streamlined process was crucial for continued growth. Solution The New York Life team worked with the Kyriba product team to develop “Delegation of Authority” rules that flow from the Bank Account Management module to the Payments module for streamlined payment approval profile workflows. Results Through this digital design and collaboration with Kyriba, the New York Life teams have: Realized major workflow efficiencies and improved controls across their broader internal finance and business teams. Driven workflow automation through their innovative design and adoption of Kyriba’s Waterfall Payments solution. Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

Chosen by Kyriba's Client Success Team for best-in-class performance across treasury operations. Costco Wholesale is a multi-billion dollar global retailer with warehouse club operations in eight countries. Costco is a membership warehouse club, dedicated...

Chosen by Kyriba's Client Success Team for best-in-class performance across treasury operations. Costco Wholesale is a multi-billion dollar global retailer with warehouse club operations in eight countries. Costco is a membership warehouse club, dedicated to bringing members the best possible prices on quality brand-name merchandise. With hundreds of locations worldwide, Costco provides a wide selection of merchandise, plus the convenience of specialty departments and exclusive member services, all designed to make your shopping experience a pleasurable one. Why They Won: Costco Wholesale looks for ways to improve business operations, while also meeting customers’ needs. Costco’s treasury team continually expands its usage of the Kyriba platform; this includes a current focus on expansions within California and Mexico, and Costco has greater plans to improve and enhance their Kyriba and treasury operations on a global scale in the months and years to come. With nearly 150 years of experience, Phillips 66 is a diversified energy manufacturing and logistics company with unique businesses in Refining, Midstream, Chemicals, and Marketing and Specialties. In the decade since Phillips 66 became a standalone company, it has written a number of new chapters in its history. The company has pursued ambitious infrastructure projects that helped cement the company’s leading positions in the crude and natural gas liquids value chains, and it has shared its success, returning $29 billion to shareholders. And it stayed steadfast and relentless in its vision of providing energy and improving lives. Why They Won: Determined to maximize and expand their usage of their Kyriba TMS, Phillips 66 sought to gain full control of global liquidity, including investment management, and streamline global business and treasury operations. In addition to adopting numerous Kyriba modules and bank integrations across the world, Phillips 66 regularly identifies new and innovative ways to gain full visibility of liquidity and capitalize on automation, including their payment workflow integration with SAP. Looking beyond Kyriba, Phillips 66 adopts value-add relationships with integrated partners, including 360T and ICD to achieve their liquidity optimization and FX risk mitigation goals. Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

Awarded to the company that has minimized fraud, standardized and streamlined check payment processing. Nominated by 3PO Consulting. Challenges High volume check payment processing creates a unique payments environment in that checks have been,...

Awarded to the company that has minimized fraud, standardized and streamlined check payment processing. Nominated by 3PO Consulting. Challenges High volume check payment processing creates a unique payments environment in that checks have been, and will continue to be, a primary method of payment in their industry Highly decentralized treasury operations with 150+ divisions operating independently with multiple ERP’s and 12+ banking relationships “Nucor's payment volume and approach to processing has been impressive, and their ability to continue identifying innovations in check payment processing is deserving of the Payments Innovator award." Solution 3PO Consulting and Nucor utilized a transformation tool to normalize payment files originated by each of the 150+ divisions before the data was provided to Kyriba Centralized check payment processing operations with PNC Bank, which utilizes the new ISO payment formats and has the ability to issue checks on behalf of Nucor's other 12+ banks Results The full end-to-end process includes return acknowledgments, providing complete visibility into the payment process for each of the 150+ divisions Centralized technical and banking relationship approach dramatically simplified the process and eliminated the need for individual banking relationships with each division Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

Awarded to the company that embraced technology for optimal transformation and efficiency of their treasury department. Challenges Constantly seeking new ways to automate treasury processes and streamline operations. Dedicated to pushing the envelope with...

Awarded to the company that embraced technology for optimal transformation and efficiency of their treasury department. Challenges Constantly seeking new ways to automate treasury processes and streamline operations. Dedicated to pushing the envelope with cutting-edge technology like APIs, automation of bank feeds, and payment file modification updates via automated methods. Underwent large-scale acquisition of Sinclair Oil. Solution Work with Kyriba PS consultants utilizing the Value Added Services Program. Deployed numerous modules: CMF, Cash Accounting, BAM, BFA, Payments, Payment Factory, Debt, FX Exchange, Investments, Financial Accounting. Bank API projects with two North American banks to streamline current day bank connectivity. Results Full control over their liquidity management: Tremendous month-over-month usage growth. Supported their internal business partners following a complicated and successful integration of Sinclair Oil by HollyFrontier in 2022. Integration to dozens of bank branches across global regions to gain full control of their cash and liquidity. “HF Sinclair is a constantly expanding client relationship emphasizing automation and advancements for their business through optimization of the Kyriba TMS. We are extremely grateful for strategic client partners like HF Sinclair because they push the envelope as well as Kyriba overall to improve and remain advanced in our approach to Products and services to offer."   Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

Awarded to the company that has posted significant gains in productivity by creating fully automated cash and investment workflow, freeing up treasury's time to focus on more strategic initiatives. Nominated by ICD. Challenges Inherited...

Awarded to the company that has posted significant gains in productivity by creating fully automated cash and investment workflow, freeing up treasury's time to focus on more strategic initiatives. Nominated by ICD. Challenges Inherited the Kyriba platform in a merger, and had not used the capabilities available to them. Used their bank’s portal to trade money market funds. No automated process for payments Entering data into the TMS and the settlement process was all manual and impossible to have a singular view into the trades being made and the cash balances that were available to invest in money market funds. Solution Charter leveraged Kyriba’s payments and financial transactions modules Kyriba's ICD API integration and single sign-on created a seamlessly automated cash and investment workflow. Results New fully automated cash and investment workflow with Kyriba and ICD offers: Visibility into cash A broad range of products to invest in Significant time-savings Efficiency through resource reallocation Security with data accuracy and risk mitigation “Ultimately, Charter Communications put cash to work that might otherwise sit idle by implementing a single source of truth for cash and investments."   Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

This award, sponsored by Kyriba partner and client Oanda, honors the company that has embraced Kyriba's FX module, and made great strides in managing FX exposure and risk. Challenges Very complex FX Hedging program...

This award, sponsored by Kyriba partner and client Oanda, honors the company that has embraced Kyriba's FX module, and made great strides in managing FX exposure and risk. Challenges Very complex FX Hedging program in order to protect the company against adverse currency movements after elevator contracts, which require material purchases in several currencies, are entered. Solution API connection of Otis’s homegrown FXR and ILR apps to Kyriba's FX for Pretrade import. Kyriba's FX Cash Flow Datahub. Results Sped up the process by leveraging Kyriba's open API capability for financial transactions, which they used to connect the homegrown FXR application directly to Deal Capture in order to receive pretrades as well as to send back a custom-built matching file. Cut time to execute the FX program by over 50%. "Otis required a solution that could help enhance and simplify their complex FX hedging program. The original Deloitte implementation helped Otis to connect its homegrown apps to Kyriba's FX and FX Cash Flow Datahub to eliminate once complicated processes.”   Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

Recognizing best-in-class performance in payments fraud prevention and compliance management. Challenges As a leader in innovation in their industry, MetLife’s Treasury was seeking to build upon their Kyriba implementation with advanced payments fraud prevention...

Recognizing best-in-class performance in payments fraud prevention and compliance management. Challenges As a leader in innovation in their industry, MetLife’s Treasury was seeking to build upon their Kyriba implementation with advanced payments fraud prevention and workflows. Need for early fraud detection and alerts, including false positive management. Solution Extensive global implementation of Kyriba’s Fraud and Compliance module. Integrated real-time screening of OFAC Sanctions lists for all outgoing payments. Results Assisted Kyriba in building new fraud detection criteria and alert management. Confidence in real-time OFAC Sanctions screening, a mandatory requirement as part of MetLife’s rigorous compliance policy. “MetLife’s progressive treasury team utilizes Kyriba across many modules, regions, and banks. This includes advanced payment workflows, where most recently MetLife partnered with Kyriba to enhance the fraud detection solution.”   Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

May 18 | 11:00am SGT | Join Kyriba on 18th May 2023 at 11am SG time and find out how Kyriba’s Cash Management, Liquidity Planning and Liquidity Analytics modules enables treasury teams and finance...

May 18 | 11:00am SGT | Join Kyriba on 18th May 2023 at 11am SG time and find out how Kyriba’s Cash Management, Liquidity Planning and Liquidity Analytics modules enables treasury teams and finance leaders in treasury to proactively manage cash and liquidity lifecycles end-to-end.

Awarded to the company that embraced technology for optimal transformation and efficiency of their treasury department. Nominated by Elire and PWC. Challenges Goal was to streamline banking structure by 75% to increase control over...

Awarded to the company that embraced technology for optimal transformation and efficiency of their treasury department. Nominated by Elire and PWC. Challenges Goal was to streamline banking structure by 75% to increase control over cash, reduce cots and optimize liquidity management globally. Started with over 160 banks and 1,700 bank accounts to support their growing practice of over 1,400 veterinary clinics, hospitals and pet resorts worldwide. Solution Cash position worksheets focusing on account grouping by departments, budget codes, and Regions, fulfilling requirement to capture data from Bank transactions and categorize them based on sub accounts found within the description. Implemented a more scalable strategy to unlock trapped cash, mobilize liquidity, reduce vulnerability to rising interest rates, and standardize treasury and payment controls with Kyriba. Results Achieved close to 100% visibility into their day-to-day activities: Automated and achieved 98% visibility to cash Reduced bank portals and centralized all processing onto Kyriba Automated accounting reporting Complete digital integration of debt and FX, reducing FX risk exposure “Kyriba was used as the technology engine that powered this impressive transformation for NVA, achieving 98% visibility into cash, reduced bank portals and centralized all processing.”   Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

Companies that can identify and use cash with confidence can now leverage liquidity as an asset for strategic value creation. It’s a competitive advantage that has often been overlooked, or not available, but which...

Companies that can identify and use cash with confidence can now leverage liquidity as an asset for strategic value creation. It’s a competitive advantage that has often been overlooked, or not available, but which due to advances in digitized bank connectivity is now becoming a reality. How an organization moves, manages, stores and protects cash has costs, benefits and risks, as with any other asset. As Ruth Porat, CFO of Alphabet, has said, “There’s no question that liquidity is sacrosanct.” Today, many leading firms realize they can now treat liquidity as an asset and use it as a market weapon. Corporate liquidity management practices are today faced with many “new normals”, shaped by increasingly frequent liquidity disruptions, given recent financial, geopolitical, trade and public health crises. These factors are compounded by demands for access to new financial and payment channels; more sophisticated fraud tactics and demands from business to scale to new regions and currencies better, faster and cheaper. Not being able to actively manage liquidity is to lose sight of a key asset: cash on hand, as PwC estimates that 25% of cash held by companies is not visible to finance. Compelling Solutions The legacy approach of creating unique and individual links between an enterprise’s internal ERP systems, trading platforms and banks made it impossible to generate the holistic view required to support the optimization of cash. This disconnected approach resulted in isolated liquidity pools and limited business success. Worse, the creation of unique deployments for every bank or payment system was costly and time consuming. But innovative and compelling liquidity management solutions now address those challenges and meet changing business needs. It is therefore now time to reimagine the bank connectivity approach as one that can simplify daily operations and enable next-generation enterprise liquidity management. The solution now exists that integrates all aspects of the process using consistent interfaces and APIs, and delivers not only new thinking, but a new approach to technology services to support it. The Next Generation for Optimizing Liquidity: Bank Connectivity as a Service The limitations of legacy approaches are so severe that a new digital service for delivering enterprise liquidity management must be a high-priority project. Organizations that stick to the old ways will be compromised. For example, the ability to stop fraud and implement payment control would be greatly curtailed, given that a recent survey by the Association for Financial Professionals found that 81% of organizations had been targets of payment fraud. Furthermore, business agility is impossible when it takes three to nine months to connect the organization to a bank. The most promising way forward is to enable a connectivity-as-a-service approach for all aspects of providing consistent, holistic, documented and secure liquidity management. This allows the enterprise to connect all its liquidity partners quickly and robustly and more easily adapt liquidity providers as needs change. Cloud Resilience & API’s To optimize liquidity, organizations need to deploy a service that has been designed with a modern technology foundation. The use of cloud platforms for this as-a-service model is at the heart of the approach, because it allows the enterprise to match usage and spending. In addition, many IT infrastructure tasks, such as resiliency, backup, security and system management, are done by the service provider. This allows the internal IT team to focus on delivering the highest possible value. Next-generation solutions also use APIs and prebuilt integrations to greatly simplify linking different aspects of the overall system. In this case, it could mean linking enterprise resource planning (ERP) systems and trading platforms much more quickly and accurately. The use of consistent and documented APIs and integrations not only saves a great deal of setup time, but also makes future changes simple to implement and eliminate manual errors. Connectivity as a service is enabled by simplified integration and interactions. Figure 1. Progression of Hyberautomation Initiatives Unified Data Another key feature of modern as-a-service solutions is that data is unified and stored in one place, making it possible to derive much more useful intelligence from it using analytic tools such as artificial intelligence. As banking platforms change and banks roll out new requirements for how they will receive formatted files, a central depository of up-to-date bank specs relieves corporate IT from needing to follow, build and test these ever-changing bank formats. Finally, a modern platform includes all necessary applications or solutions in one platform. For liquidity optimization, this includes treasury, risk, payments and working capital management. The benefits of using a best-in-class offering that delivers liquidity connectivity as a service are compelling. For one, there are significant shortterm cost savings, starting with a reduction in the cost of onboarding a bank. Based on its experience working with customers and partners, Kyriba has found that the cost typically ranges from $50,000 to $150,000. But this can be reduced by well over 50% using Kyriba’s established and proven banks links and its modern as-a-service solution. Speed and the attendant agility to modify or create net new integrations also improve. With this type of platform, enterprises’ time to production is also two to three times faster. Figure 2. Payment volumes increasing with increased digitization of transactions Fraud Controls A significant reduction in fraud and misdirected payments is now possible, since a cohesive view and comprehensive reporting make it much easier to identify potential problems and remediate them. Further, with a documented set of integrations and stronger process, the chance for mistakes that lead to fraud is nearly eliminated. With a comprehensive data set, enterprises can easily analyze liquidity flows to optimize them. Gone are the days of manually integrating disparate spreadsheets. Such information will also deliver the insights organizations need to make changes that improve liquidity and allow them to use it more effectively. The value of a single source of truth about liquidity provided by this type of service is impossible to ignore. From a business operations perspective, having connectivity as a service as the digital foundation enables enterprises to: Make strategic plans for the use of cash enterprise-wide Provide businesses with an agile banking platform to efficiently add and remove new banking partners, while minimizing the burden on IT resources Optimize the cost of bank fees Determine the best payment channels to use, based on specific scenarios Centralize fraud management Provide a foundation for meeting regulatory and compliance issues However, without a comprehensive solution that tracks all liquidity, benefits are much more limited. Resultant blind spots don’t just impact the liquidity not tracked by the system; they impact all liquidity as well. With only a partial implementation, treasurers are still flying blind. Enterprise Liquidity Management As successful, modern enterprises implement new services and technologies to optimize every element of their business, attention is now increasingly focused on liquidity management. Legacy processes for doing this worked well in the last millennium, but every organization looking for an edge is now taking the next steps to achieve enterprise liquidity management. New services, such as Kyriba’s Active Liquidity Network, provide those capabilities and insights that were not possible using legacy practices. With an underlying service that brings a consistent and holistic view to all aspects of liquidity, organizations are empowered to optimize it as never before. This comprehensive perspective allows them to maximize liquidity across all banks, payment processors and the treasury. And using this data, organizations can make better long-term decisions, positioning themselves for the future. What’s more, these new capabilities reduce the time needed to add new banks or processors and dramatically reduce the costs of doing so. IT teams can now be much more responsive and better able to help the CFO have confidence in getting things done. Check out this webinar to learn how Treasury and IT worked together at Hilton Grand Vacations with Kyriba to speed up connecting more than 10 banks and 300 bank accounts to improve cash and liquidity management.

KyribaLive is where treasury and finance leaders engage, connect and transform. See all the recorded sessions.

KyribaLive is where treasury and finance leaders engage, connect and transform. See all the recorded sessions.

This award, sponsored by Kyriba partner and client Oanda, honors the company that has embraced Kyriba's FX module, and made great strides in managing FX exposure and risk. Challenges Longtime FiREapps clients, seeking to...

This award, sponsored by Kyriba partner and client Oanda, honors the company that has embraced Kyriba's FX module, and made great strides in managing FX exposure and risk. Challenges Longtime FiREapps clients, seeking to to transform their Capital Markets and Risk Management processes in 2022-2023 Goal was to implement and achieve a best-in-class solution ”After a thorough RFP review, Eastman decided to expand with Kyriba because of the full end-to-end workflow to streamline their very manual front to back-office processes.” Solution Managing all FX, Interest Rate and Commodities trades in Kyriba Downstream Hedge Accounting entries are automatically integrated to SAP, and trade settlement payments are processed directly to their banks Results Saved the Capital Markets team several hours each week Simplified the external audit process Delivered cross-functional automation and controls improvements across the broader treasury and accounting functions. Kyriba's Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba's annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients' successes. Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year. Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility. Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!

While treasury departments are typically aware of the advantages that a treasury management system (TMS) provides for cash and liquidity management, they are often less clear on what is required to achieve the full...

While treasury departments are typically aware of the advantages that a treasury management system (TMS) provides for cash and liquidity management, they are often less clear on what is required to achieve the full benefits. In this ebook, you will learn the steps needed to design and plan for a TMS, including best practices for how to: Define future state processes Build a prioritized roadmap Design a system. Download this ebook to learn how you can prepare your team for a successful implementation and achieve the most value from your TMS. Holistic System Design Methodology While treasury departments are typically aware of the advantages of using a treasury management system (TMS), they are often less clear on the steps required to achieve the full benefits. It is difficult to get where you’re going if you do not have detailed directions on how to get there, so planning well in advance and establishing measurable objectives better positions organizations to reap rewards when implementing or enhancing a TMS. Not only will clients minimize additional costs and project delays but most importantly, they will also achieve the full set of benefits sought from a TMS in the first place. The first step in positioning a TMS project for success is to follow what is referred to as a holistic system design methodology: confirming the scope and objectives of the project, defining the future state processes of your TMS, creating a roadmap and planning the system design. Confirm the Scope and Objectives of the Project When defining the scope and objectives of a TMS project, treasury professionals should focus on four specific areas: Out of Box API Integration Faster time-to-market No upfront costs to enable real-time payments Improved certainty in cash flows Obtain Clarity on Current State It is difficult to clearly define your scope if you do not have a solid understanding of your point of departure. Depending on whether the treasury function is more centralized, decentralized or if certain functions have been outsourced, you may have a better grasp on how all the daily processes function and who is responsible for which activities. Having a strong foundational knowledge and understanding of the current processes is critical when designing any new solution. To help lay this groundwork, detailed process flow diagrams should be created that include all areas being considered for TMS implementation. The focus should be on: How data flows between people and systems Roles and responsibilities of various constituent groups throughout the process Hand-offs between groups Defining whether the process is systematic or manual Systems and reports beings utilized Key controls needed In gathering all the elements noted above, you will not only help establish a clear point of departure for the implementation, but will also capture a number of data points that are critical for future steps of the implementation. Define Scope and Priorities In order to determine an accurate budget, resource needs and a timeline of a clear scope are required. This includes analyzing all requirements, including those in scope, out of scope or deferred to a future phase of the project. Additionally, throughout implementation, decisions will need to be made regarding where to focus resources and how to sequence tasks. As such, it is extremely beneficial to have clearly defined and prioritized requirements and project scope that have been agreed upon by all constituents. This will assist in providing direction to the project team and help ward off any deviation from the key priorities. The requirements must be at a fairly granular level of detail in order to facilitate these decisions. For example, it is best practice to list out all the reports and determine which functions are a “must have” and what is simply “nice to have” to ensure resources are spent wisely. Set Measurable Objectives The best way to determine the project’s success is by measuring it against a set of predefined objectives. These can be categorized by type including improved financial performance, risk mitigation or enhanced operational efficiencies. Some examples for each category include: Improved financial performance – Reduce bank fees by 20 percent through validating fees charged and renegotiating agreements based on cross bank fee analyses Risk mitigation – Centralize 95 percent of payment approval workflow, release and confirmations Enhanced operational efficiencies – Reduce time required to compile daily liquidity across all accounts by one hour per day The objectives should be incorporated into the project status reporting to ensure the team does not lose sight of them and to ensure that they are achieved as part of the implementation. Ensure Leadership Support and Alignment In a project as significant as a TMS implementation, it is critical to obtain leadership support and ensure alignment and commitment from all key stakeholders. Reach out not only to internal stakeholders but also to external ones including vendors and implementation partners. The project will impact and require involvement across multiple departments, including accounting, accounts payable, FP&A, tax, information technology and treasury. However, prior to engaging these teams you must be prepared to clearly communicate the following: Project vision and importance to the company Specific benefits achievable by each function Anticipated level of effort and resources required Timeline and roll-out strategy Impact to existing processes and potential changes in roles and responsibilities There will be a number of project dependencies on these groups, so ensuring they are committed and have allocated sufficient resources to meet the project timelines is vital to its success. Aligning the project team’s incentive compensation structure with achieving the defined objectives is another effective method to ensure commitment across all levels. Define Future State Processes As part of a TMS implementation, existing processes, roles and responsibilities should be analyzed with a goal to optimize, as well as take advantage of best practices delivered with the system. It is worth noting that taking existing processes and lifting and shifting them to a new TMS is often not the best approach. Legacy processes and roles transform over time. As organizations evolve and grow, the circumstances change, but usually the processes do not. The future state should be designed to improve processes to make the organization more efficient, productive and strategic. Therefore, it’s critical to define what that future state will look like. In order to achieve the ideal future state, a defined set of steps should be followed to optimize the design of the system, realize new efficiencies and to fully benefit from the TMS’ capabilities. Once the scope of the project is defined, the next order of business is to identify the future state processes: Document functional and technical requirements to drive implementation decisions. Draft process flow diagrams of the future state that reflect ownership and hand-offs, and define ideal processes and data workflows. Create a system architecture diagram and identify opportunities to redesign and streamline processes. The architecture might include multiple versions to coincide with roadmap phases. Refine roles and responsibilities to take advantage of treasury’s ideal future state, including defining staffing skill requirements and determining which processes and resources need to be realigned. Analyze the impact of change management on the organization and assess the organization’s ability to absorb this level of change. Developing a Process Flow Diagram Creating a future state process flow diagram lets organizations identify opportunities to redesign and streamline processes and determine how functions will be performed in the TMS. This diagram will help treasury define: Processes or data flows that are manual versus those that facilitate straight-through processing Systems utilized and how data flows between them as well as manual movements Interdependencies between groups, data flow and processes Cross-functional responsibilities and flow of data between internal and external groups Key controls (both systematic and manual) to ensure they are being maintained, if not strengthened Below is an example of a payment process flow diagram showing task cross-departmental ownership: Creating a System Architecture Design In addition to defining the functional process flows, a system architecture diagram should also be created. It will serve as a high-level view of all the integration points coming into and out of the TMS, detail the TMS functionality in scope and identify any third-party dependencies. If the plan is to deploy the functionality in phases, the items can be color-coded to identify which items will be implemented in each phase. When discussing the project with management, key stakeholders or third-party vendors, this illustration is very helpful to convey the desired end state. The Importance of Documenting Change Management As part of the future state definition, it is important to identify changes in processes and how they impact individuals’ daily functions, as well as any potential changes in ownership. The proposed changes must be well documented, and include the rational and perceived benefits, and it must be approved by the heads of each department. If at any point the groups cannot reach a consensus, any open items should be escalated to the steering committee or additional members of senior management if applicable. It is important to confirm and communicate the changes to everyone as early as possible to avoid confusion and disruption when the change is enacted. Build a Prioritized Roadmap The implementation or enhancement process will likely go through many phases before reaching completion. Therefore, it is critical to create a well-defined roadmap that includes a realistic project plan, outlines budgetary and personnel needs, and measures progress. To develop the roadmap, treasury will want to: Clearly outline objectives and designate tasks and priorities for action in the short-, medium- and long-term. Create an impact assessment to weigh the benefits against the cost and time required to achieve the desired outcome. Indicate the timeline, resources and budget required to achieve the stated objectives and prepare a business case. Define metrics and milestones to allow regular tracking of progress. Developing a Process Flow Diagram The project roadmap should be driven by a combination of factors including: Level of effort to accomplish Prioritization of requirement Impact to the organization Key dependencies Centrally managed functions versus decentralized functions Global nature of the business and level of involvement and impact to each region Ability to address significant control deficiencies or risks Expiration of software licenses or sunsetting of existing products Budgetary or resource constraints Treasury will also need to weigh the impact of the roadmap on the organization. Typical approaches to phase the implementation involve either deploying the system by grouping modules, such as cash management and forecasting, bank account management, payments, etc., or deploying by region. For more global organizations, the deployment may be phased by both a set of modules and by region. The roadmap and resource requirements of other groups must be discussed and their feedback incorporated into the plan. The plan should be realistic and, ideally, also build in some opportunities for early wins to gain momentum and confidence in the project. Identifying these opportunities for early wins will avoid having a project that fails to live up to the state objectives or exceeds the budget. Why You Should Assess Project Impact To create a realistic timeline, treasury will want to weigh the benefits of the project against the cost and time required to achieve the desired outcome. The best way to do that is to rate each impact as low, medium or high. Then, plot the impacts on the y-axis of a graph and the time and resource commitment (or level of effort) on the x-axis. This practice can help identify low impact, low effort commitments that are good to start with as a first step to achieve a quick win. Defining Metrics and Milestones Defining metrics and key milestones allows treasury to monitor progress and keep everyone on track. Each time the organization achieves a milestone, share the news and related metrics at stakeholder meetings and in key management conversations. Always communicate positive wins. This will help build confidence in the TMS initiative and demonstrate immediate value to the organization. Designing a System Once there is a solid foundation and clear plan, it’s time to design the system. The focus should be on determining how to best configure the TMS to meet the defined requirements and processes while taking into account industry best practices. The most successful system design projects occur when there is a holistic understanding of both the business requirements and TMS capabilities by all participants in the project, including business and technology stakeholders, as well as third-party vendors involved in the implementation. When designing the system, be sure to: Conduct knowledge transfer sessions with third-party vendors to ensure they fully comprehend the business requirements and objectives. Conduct TMS training sessions to educate stakeholders on the TMS functionality. Confirm with all stakeholders impacted by the implementation that they understand and agree with how the system will accommodate their requirements. Define how the TMS will integrate with other systems, including: • Connection method • Frequency of data transmission • Volume of data being transmitted • Whether data transformation is required • If it is an automated or manual integration • The project phase and priority for each systems integration Incorporate industry best practices into the overall design. Conduct proof of concept scenarios where the implementation team models client-specific examples in the system and provides output for review and validation. Structure a plan to validate output early on to help identify potential system limitations at the outset. Garnering Different Perspectives It is important to understand the perspective, areas of expertise and objectives of all internal and external stakeholders. Most businesses are intimately familiar with their current way of conducting business and the desired future state; however, they typically have limited experience with system implementations or knowing how treasury management systems function. While the vendors are experts on the capabilities of the TMS, they do not have the intimate knowledge of a business’ specific operational treasury activities. In order to increase the knowledge of both parties, time must be allocated at the outset of the project to conduct knowledge sharing sessions. Too often, teams dive directly into the implementation activity without ensuring proper alignment and understanding. The most common cause is due to a failure of both parties to fully appreciate the others’ needs and capabilities before proceeding with the system configuration. In order to help avoid this disconnect, utilize the checklist below and confirm each is adequately addressed prior to the system configuration. Design Requirements (Client) Have I documented my requirements at a level of detail that is granular enough? Have I provided tangible examples of offline processes and reports? How malleable is my future state vision? How well does the system accommodate our vision? What are the limitations that will require workarounds or development? Does the vendor truly grasp my business and desired end state? Has the vendor formulated and clearly communicated the system design to me? System Capabilities (Vendor) How well does the system accommodate the client’s future state vision? • Is it meeting all the high-priority items? • Are stated objectives going to be met? Have I provided tangible examples of offline processes and reports? • Is the workaround acceptable or is system development required to address the gap? Do I fully understand the client’s requirements and have I performed a proof of concept to validate my understanding? Has the vendor formulated and clearly communicated the system design to me? Capturing Data Elements An important aspect of every TMS implementation is determining what data elements must be captured in the system to best achieve the desired output. This can be challenging as you are typically compiling this information at the inception of the project, prior to having a true appreciation for how the data will be used and displayed throughout the system. It is important to ask sufficient questions to understand the downstream implications of how static data, reference data and user-defined fields will be utilized in the user interface and reports. One way to achieve this is through a proof of concept. Treasury should keep these high-level best practices in mind with regard to data elements: Key elements: Ensure crucial data elements are included and captured in the appropriate location to facilitate the required system displays or output. Integration: Consider how data elements will interact and integrate with upstream and downstream systems. Be sure to address requirements for ERP(s), market data, trading portals, etc. Terminology: Determine a standardized, global naming convention that’s consistent, recognizable and understood across the organization. Treasury may want to consider terminology that users are familiar with, such as leveraging the same naming conventions as their ERP system. ERP structure: Look at the ERP structure by region or business unit. Each one provides data elements that treasury can capture at the entity level and facilitate utilization, grouping and reporting of the data downstream. Determining Essential Reports Treasury must confirm which reports and specific data elements are required, which ones are still in use and what their limitations are in order to produce the reporting output. It’s also important to understand the system’s out-of-the-box reporting views and capabilities. It is recommended to perform a reporting rationalization to validate and consolidate the reporting requirements and determine a list of must-have reports. To ensure they have access to the reports they need from the new system while reducing the effort to develop these reports, treasury will need to: Identify opportunities to consolidate like reports with numerous overlapping data elements. Often, report requests are added over time without evaluating already available alternatives. Compare the consolidated set of reports needed with vendor capabilities. Utilizing existing, out-of-the-box reporting from the system generally minimizes costs and project risk. There will likely be some level of custom report development, but fight the urge to try to replicate the existing report package and instead only customize views where they are absolutely necessary. The data element design may need to be supplemented to address areas where limitations are identified. Sometimes there are free form or user-defined fields available that can be utilized to meet unique requirements not addressed by out of the box functionality, so these should be considered when limitations are discovered. Communicating Unique Requirements Some requirements don’t fit neatly into a box or align with the typical system utilization but still need to be included. To decide whether to add them to the list of requirements, treasury should fully examine their merits, communicate clearly so that everyone understands why they are necessary and provide tangible examples. The treasury team and the vendor should work together to identify solutions that can leverage existing capabilities and be open to alternatives that may not exactly mirror the current process. You want to avoid falling into the trap of spending excessive time on an isolated area to the detriment of the overall project timeline or budget. Setting Up System Controls Another key element in the design is analyzing how the system manages controls, assigns user permissions and administers these controls on a go-forward basis. A good starting point is pulling the existing SOX controls in place for each department involved in the project and highlighting which of them are applicable to the TMS. While this will provide a starting point to the level of system access granularity in the TMS, applying these controls can be daunting. Obtaining assistance from both internal resources and the vendor is advisable. To identify key control considerations and figure out how those are addressed in the system, be sure to consider the following: System security: Understand how to manage user access and regional access rights, and dual-review controls in the system. Sometimes the set-up exists in multiple locations, so be sure to obtain a holistic understanding of where security is managed in the application. Existing controls and SOX key controls: Identify how existing controls can be strengthened and how they will change as the process migrates to the TMS. Systematic-based controls: Find opportunities to switch to more automated and systematic controls. For clients migrating from offline processes, hard copies are often utilized as evidence that the control step was taken. However, as you migrate to a TMS, evidence of the control step can often be captured systematically via report or system audit log. Seek to design the system to take advantage of these controls and audit evidence. Additionally, ensure it is clear where to access the audit logs and that they are deemed sufficient by your internal audit group. One example of this is transitioning from paper copy sign-off on payments based on defined dollar limits to a system audit log for which user-approved payments and security rights limit access to individuals based on dollar thresholds. User groups: Determine how to build user groups to achieve control objectives. For example, payment approvers that have the same approval rights can be grouped together. Grouping users will minimize future system administration. Leveraging Proofs of Concept Leveraging proof of concept (PoC) scenarios to validate the system design early in the implementation process is an effective method to minimize project risks and ensure alignment between all stakeholders. A proof of concept also helps identify system limitations at the onset of the project and enables treasury and the vendor to factor them into the overall project plan from the very beginning. A PoC utilizes a specific set of data from a defined period, attempts to flow it through the end-to-end system design and produces an output demonstrating the operational steps, specific calculations and reporting views. It provides the users an opportunity to visualize the system processes and validate the output while there is still time to modify it with minimal rework or impact to the project. The following steps should be taken to create a robust set of PoC scenarios: Key stakeholders should identify proof of concept scenarios (client responsible) Develop input data required to produce scenarios (client responsible) Model scenarios in the system and provide results including screen shots, calculations and reporting views (vendor responsible) Review and provide feedback on output provided by the vendor (client responsible) Identify design changes or potential system limitations (vendor responsible) Validate task priorities, workaround options and development needs (both parties responsible)? The Recipe for a Successful TMS Implementation Depending on the scope and stakeholder groups involved, TMS implementations can be complex projects with multiple moving parts. The organizations that have the most successful implementations and achieve the most value tend to: Perform proper planning and alignment from the onset Spend sufficient time ensuring all stakeholders have a deep understanding of both the business needs and TMS capabilities prior to diving into the implementation Validate the system design leveraging proof of concept scenarios before building out the system holistically Proactively track and measure project objectives against accomplishments and ensure clear communication is provided across all stakeholder groups These items focus on two key points—active engagement with all parties and regular communication. Additionally, planning and system design validation play an important role in every successful TMS implementation. By keeping this recipe in mind throughout the implementation process, treasury is well positioned to deliver on its objectives and ensure the company it supports is better positioned to realize its goals.   Want to learn more about how to prepare for remote treasury management system implementations and avoid project risk? Check out this webinar.

Modern APIs to pay, get payment confirmation, and get account balance, all in real-time. As part of a strategic partnership Kyriba and U.S. Bank have developed API connectors to drive real-time treasury, making real-time...

Modern APIs to pay, get payment confirmation, and get account balance, all in real-time. As part of a strategic partnership Kyriba and U.S. Bank have developed API connectors to drive real-time treasury, making real-time payments and instant data exchange a reality. These API connectors can be enabled upon request for mutual customers based on their business needs and applicable use cases. The Connectors Enable Initiation of real-time payments (RTP®* and Zelle®**) from customer’s U.S. Bank account using Kyriba user interface or client’s ERP Real-time confirmation of payment status Real-time visibility into account balance, transactions and prior day reporting Your Experience Keeps Improving The API connectors complement existing U.S. Bank-Kyriba FTP connectivity for ACH and Wire payments. Together we bring a rich payment experience to our mutual clients. Clients can send instant payments from their U.S. Bank accounts within their existing Kyriba dashboard. Highlights of Key Benefits for Mutual Customers Out of Box API Integration Faster time-to-market No upfront costs to enable real-time payments Reduced costs by replacing qualifying wires Reduced precautionary balances Improved certainty in cash flows Improved cash visibility and forecasting Opportunities to shape business model, strengthen supplier relationships, and drive ROI * RTP® is a registered service mark of The Clearing House Payments Company L.L.C. ** Zelle® and Zelle®-related marks and logos are property of Early Warning Services, LLC.

Welcome to the 2022 Treasury Technology Analyst Report, the definitive guide for thoughtful financial stewardship in the digital age. Strategic Treasurer created this report as an aid to practitioners exploring how treasury technology meets...

Welcome to the 2022 Treasury Technology Analyst Report, the definitive guide for thoughtful financial stewardship in the digital age. Strategic Treasurer created this report as an aid to practitioners exploring how treasury technology meets treasury needs. Treasurers considering digitizing their processes often face a learning curve as they approach the complexity of many categories of treasury technology. AI, ML, API, RPA, and many other technological terms can sound like alphabet soup, and few feel confident about navigating selection, buy-in, and implementation efficiently. This report can help. Treasury Technology Analyst Report 2022 - the Definitive Guide to Treasury Technology Solutions Today’s treasurer faces a rapidly shifting technology environment full of acronyms and innovations. Those needing the help of modern technology are often those most pressed for time, and the relevant information on technology lies scattered across the internet, buried in either technical jargon or oversimplifications. The goal of the Analyst Report is to offer a single document explaining what matters about technology to today’s busy treasury department. We release a new report annually with content fully revised to be relevant and up-to-date in the current context. Our hope is that you will be able to pick up a single book (or open a single digital document) and come away with insight into the technology landscape’s trajectory, a good idea of which functionality and solution types are most relevant to your company’s current and anticipated challenges, and a solid framework for how to proceed. If you have encountered our Analyst Reports in years past, you may have seen separate documents for different technology types. In 2021, anticipating the upcoming addition of enterprise liquidity management (ELM) solutions as a fourth solution category, we decided it was time to combine the reports into a single document to simplify the reader’s experience. The 2022 Analyst Report begins with an “Overview” section aimed at exploring foundational concepts and terms and discussing treasury challenges and technology innovations on a macro level. Following the Overview, readers will find four categories of solution types explained in detail: treasury management systems / treasury and risk management systems (TMS/TRMS), treasury aggregators, supply chain finance and cash conversion cycle solutions, and the more recently defined category of ELM. The Environment and Challenges Facing Treasury The market for digital treasury tools is impacted by every factor that impacts treasury itself. The department’s responsibilities and the environment it must cope with both shift with every major economic event and with every wind that changes the face of corporate operations in general. What follows is a discussion of what we consider the top factors influencing treasury’s needs and concerns today. Use this section to consider how your own organization and industry relate to the general factors driving treasury technology adoption and how that might impact the solutions available for your specific needs. Adding Demands Rapidly, Adding Staff Slowly The demands placed on treasury seem to multiply with each new economic event and corporate challenge. As more is added to treasury’s plate, the department must respond either with more manpower, more tools to leverage, or both. Treasury’s core responsibility has always been to protect the organization’s most liquid assets, making them managers of cash and of the risks to that cash. As events occur, corporations become aware of more risks to their cash — often through their own painful experiences, global impacts, or experiences of other companies. Economic crises, clearly increasing fraud risks, and other factors all serve to turn the C-suite’s attention on their liquidity risk managers: treasury. As a whole, treasury is glad to have the ear of the C-suite, to have the importance of treasury risk management recognized more widely, and to have more specific areas of risk management entrusted to their care. Treasurers are now considered responsible in many companies for improving organizational efficiency and overseeing payment security, and many of the expectations for its foresight and leadership in treasury risk management have climbed. Several of the other items listed in this section on the treasury environment are part of this increase — situations that demand higher risk awareness, more rapid analysis, and broader attention. While the expansion of treasury’s role is an honor, each increase multiplies treasury’s workload — and these are just the industry-wide increases in treasury demands. As each individual organization grows into new regions, faces new regulations, or acquires subsidiaries, treasury’s workload extends again. The steady expansion of treasury’s responsibilities has been coupled with fairly little increase in its staffing, as survey data shows treasury teams growing only slowly over the years. One added staff member alone cannot make up for the level of demand increases. Treasury needs leverage, and that leverage can most often be found in the form of technology. Vendors have responded to seeing treasury departments stretched thin by building highly efficient tools. By automating many of the most onerous and time-consuming tasks, treasury technology extends the reach of the staff and empowers them to do what only they can, such as strategic and advisory tasks. Some consider the technology vs. staff issue a zero-sum game, but this is not the case in treasury. Certain tasks are, without doubt, being automated in most companies. Staff whose roles are defined by easily automated tasks will need to reskill. However, a lower headcount is not needed in treasury. Rather, technology makes the slow increase in headcount sufficient by offering staff the leverage and efficiency they require in order to do what is increasingly asked of them. Security in the Hybrid and Remote Era The abrupt shift in work locations and the temporary (or permanent) closing of offices around the world in the early weeks of COVID-19 brought on a storm of logistical issues as well as fraudulent activity. Some of the factors that contributed to the security situation were temporary, such as the rampant confusion that lent credence to almost any explanation for payment information changes. However, some of the complications forced long-term adaptations, such as digitization of payment processes, that will continue to be used whether the company remains remote or not. Indeed, the pandemic gave a jolt of forward momentum to adoption of treasury technology. The percentage of payments made electronically shot up in 2020 and has remained elevated since (figure 1). Industry standards have shifted to more electronic processes, and any companies continuing to allow remote work must have the infrastructure and tools to support the logistics and security needs that come with the work from home (WFH) environment. Despite the long-discussed and somewhat implemented “return to office,” the prevalence of remote work and of companies using a hybrid model (remote some days, in office others) has dramatically and — it seems — permanently increased in the wake of the pandemic. Besides the obvious need for digital systems that allow for remote access, the remote worker’s security needs require modern technology. Meanwhile, criminals’ tools and methods have continued to improve, forcing more robust security measures regardless of work location. While relying on a solution, especially one housed in the cloud with remote access capabilities, may seem a counterintuitive measure for fraud prevention, these solutions actually serve to strongly counteract vulnerabilities in three primary ways: They reduce touchpoints or manual handoffs. The fewer the touchpoints, the less opportunity criminals have to insert themselves into a process. They mitigate complexity and improve visibility, narrowing the front that must be defended and making it harder for criminal activity to go unnoticed. They allow for built-in controls that cannot be bypassed. With rising industry standards, heightened risks, cyber insurance requirements, and remote work, the security environment and work location changes are challenging many organizations to speed their adoption timelines for solutions that can help snuff out their vulnerabilities. Efficiency and Scalability Whether due to economic conditions, supply chain problems, geopolitical issues forcing abrupt changes, or other issues, companies today find themselves in need of efficiency, scalability, and the flexibility they offer. Efficiency and scalability are both more easily achieved by leveraging modern technology. Efficiency has to do with processes taking as long as they need to for achieving quality results and no longer. It conserves resources (including time and manpower) so that your company can use them when and where they are most needed. Inefficiency, on the other hand, brings with it error-prone processes (which can be costly), wasted capital, and limited options. For example, if payment approvals take the full length of payment terms, the company loses the option to avail itself of early payment discounts. In areas such as these, inefficiency erodes the company’s control over liquidity and flexibility in time of turmoil. This alone is enough to make efficiency across relevant areas of the organization a matter of import to treasury. In addition, organizational leadership relies on treasury to provide rapid analysis and insight into the impacts and threats caused by various situations. For many treasury departments, the levels of efficiency required to rapidly analyze today’s masses of data despite thin staffing are only achievable through technology and automation. On the scalability side, recent years have proven volatile for the corporate world. Some have seen rapid growth in certain areas. Some have abruptly had to shutter operations in particular countries or lines of business. Many have had to adjust and redirect their strategies due to supply chain problems, lockdowns and travel restrictions, skyrocketing gas prices, and more. For these and other reasons, the corporate world is finding itself in need of rapid scalability, and treasury itself may have to swiftly adapt. When processes are manual, scalability is low. Automation multiplies staff efforts, and many solutions — especially those built on more modern concepts such as software-as-a-service or microservices — make it far easier for treasury to easily adjust the capacity and leverage they are working with up or down as circumstances change. Heavier Compliance Burdens A 2021 survey found that 54% of treasury and finance respondents considered the compliance burdens to be heavier than they had typically been in the past. Over the next 1-2 years, 66% expected their regulatory burdens to increase, and only 3% expect to see any decrease. The compliance and regulatory environment also ranked as the most impactful out of several options on the respondent organizations’ capital spending or cash holdings (see figure 3). From Know Your Customer (KYC) requirements, which respondents expected to be the most impactful to their operations in the next three years by a large margin, to PCI-DSS, GDPR, FBAR, etc., regulations are put in place to protect against negligence and willful actions that enable fraud and other problems. While many of these regulations help protect companies and banks, complying with them takes time and resources. It is, without doubt, burdensome, and each year seems to add some weight. Regulations spur the adoption of financial technology in two ways. First, some solutions directly or indirectly streamline the compliance process. For example, networks such as SWIFT are working to ease the KYC process by allowing corporate participants to upload KYC information once to the platform instead of compiling and sending the paperwork anew for each bank. In addition, complying with any regulation that requires financial or account information, such as FBAR, is much easier with solutions that give faster, more accurate financial visibility. The second way compliance serves to push adoption forward is that some regulations have specific technical requirements that may not be possible to meet for some companies without a modern solution. These regulations are often security related. Big Data, Complexity, and Visibility Companies and, specifically, treasury departments in 2022 do not have the luxury of ignoring data. While a strong data strategy takes time to form and implement, every company should at least have a strategy in the works. For many, implementing these strategies will require technology. The ever-growing “big data,” which denotes the overwhelming amounts of data that are pouring into and through companies in increasingly varied forms, continues to prove both an immense opportunity and a challenge. Companies that harness their data are able to gain valuable insights into everything from their own operations to market behavior. However, harnessing that data effectively requires careful management, thoughtfully architected storage, and massive processing power. Meanwhile, the complexity that creates big data, coupled with any growth companies are experiencing, leads to complicated processes and difficulty achieving visibility. Many treasury teams that used to get by with manually logging into bank portals and managing cash positions on Excel are now facing more banks, more accounts, more portals to log into, more formats, and more internal information to manage. Maintaining complete visibility is vital for treasury. Without it, fraud risks are higher, compliance is more difficult, and the treasurer does not have a complete view of the situation from which to advise the organization. Yet with every expansion, every added bank account, and simply every year that passes, increasing data and complexity make it more difficult to achieve that visibility without the use of technology. With solutions that can manage and also help harness data, treasury is able to thrive and support their organizations’ long-term growth. Geopolitical Tensions and Economic Stress It should come as no surprise to most readers that 2022 and the years leading up to it have been years of some global turmoil. From pandemics to armed conflicts and from supply chain issues to soaring inflation, companies and individuals alike have had to cope with a great deal. We’ve discussed how lockdowns, fraud, and the need for scalability in these scenarios have all contributed to rapid adoption of digital processes and robust solutions. The usefulness to treasury of technological support and automation during times of any kind of upheaval, however, is worth discussing separately. When risks become realities and when economic and geopolitical events loom large, organizations need their treasurers to be ready with rapid analysis and strategic guidance. Treasury cannot do this when manual processes are delaying their cash positions, limiting their visibility to all accounts, or when any part of the process leading up to strategic advising takes too much time and manpower. Technological solutions such as those discussed in this report offer treasury margin. They automate portions of the process, reduce errors, and save staff time. This allows all members of the treasury team to continue fulfilling their roles even when there is more information to process and more factors to consider, which is often when the treasury function is most vital to the company’s ongoing success. The Treasury Technology Landscape With a variety of factors driving treasury’s interest in technology, there are quite a few relevant types of solutions. Some of them directly streamline treasury’s own operations. Others are primarily aimed at streamlining different areas of the corporation, but they impact organizational liquidity, efficiency, or security in ways that make them important to treasury’s cash and risk management goals. In this report, we will discuss the general impact of several components and innovations, from APIs to ML. We will then take some time to focus in on a few solution categories, briefly defined here: Treasury Management Systems / Treasury and Risk Management Systems (TMS/TRMS) A TMS is treasury’s core solution for its own operational needs. When a treasury department outgrows Excel, these systems offer a more robust platform for daily tasks such as cash management and positioning, visibility, accounting, and forecasting. A TMS’s benefits also extend to security, flexibility, and smoothly integrated workflows. For treasury teams that use multiple tools and need to share information with other areas, their TMS can serve as a foundation on which the other tools function and to which other areas’ solutions can connect. A TRMS, while largely comparable to the average TMS, offers deeper risk management functionality. Treasury Aggregators (TA) A TA combines the functionality of a data consolidator with that of a payment hub. These solutions are ideal for organizations with complex payment flows or banking information. They simplify data gathering and pass aggregated banking information along to any areas that need it, and they establish connections and translate payment formats, allowing for centralized and efficient payment processes. Supply Chain Finance (SCF) and Cash Conversion Cycle (CCC) Solutions SCF and CCC solutions, while they do not directly help with treasury’s own operations, can significantly improve liquidity and working capital. SCF solutions digitally empower programs that create win-win scenarios for buyers and vendors, whether by leveraging the buyer’s superior credit and third-party financing or through leveraging the buyer’s own excess capital. CCC solutions automate various portions of the cash conversion cycle, streamlining processes and, therefore, increasing the efficiency and flexibility of the company’s cash management. Since these solutions tend to cut across multiple departments and impact working capital, the treasurer is often needed as a leader to help identify the real problems and the best solutions. Enterprise Liquidity Management (ELM) A new evolution in treasury technology, ELM systems offer a comprehensive view of liquidity across the organization. These robust solutions include the base functionality of a TMS, but with far more extensive reach. From supply chain finance and payments to foreign exchange, the data showing what’s really happening to liquidity is often scattered across different departments at large corporations, making it difficult for treasury to keep close track and strategize accurately. ELM systems are built to integrate information from across the company, allowing treasury to view and manage liquidity on a comprehensive scale. The Foundations of Treasury Technology Treasury technology has a multi-decade history and is built on many individual innovations along the way. Understanding where the landscape is today, as well as where it’s going, requires a brief study of where it has come from. Data Data has a growth rate of approximately 40% year-over-year. In more recent years, this has led to “big data,” but the growth of data has been challenging and driving innovation since much earlier. From formats to connectivity and processing power, many of the things we will be discussing are built to manage the ever-increasing volumes and types of data. Cash is still king, but treasury departments are learning to value data as a particularly precious resource that allows them to protect the king effectively. Processing Power Fortunately, processing power efficiency increases at an even faster rate than data and doubles every 18 months. This allows computers and systems to keep up with and manage the masses of data. However, coupled with data growth, this rapid growth in processing power means that technology is improving, progressing, and changing at a somewhat dizzying rate. Solutions that were state-of-the-art a decade ago are typically far behind the average solutions coming out today. Connectivity Connectivity has come a very long way in the past several decades. It has moved from the mail service to teletype machines, and from teletype to host-to-host (H2H) connections and SFTP. Payment Services Directive 2 (PSD2) in Europe — a regulation requiring banks to accommodate customers wanting to access their data through third parties — was largely achieved through application programming interfaces or APIs, which has spurred their adoption worldwide and brought them into the spotlight for a new generation of connectivity. Hosting Models Hosting models for treasury technology, notably for the TMS, have seen a few iterations over the last couple of decades. Early solutions were installed onsite and hosted on the clients’ servers. These solutions, often called “on-premises solutions,” were difficult to upgrade and to maintain and faced inevitable obsoletion eventually. Application service providers, or the ASP model, attempted to solve these problems by hosting the solution with a third party tasked with maintaining it. The approach improved upgrade issues and lowered the maintenance burden on clients, but these solutions still faced obsoletion and other issues. Software-as-a-service, the SaaS model, is the current standard. These solutions are cloud-hosted and multi-tenant, purchased on a subscription basis, and are maintained and upgraded by the vendor. Since the vendors can directly and fairly easily update and rework the software over time, and since they are incentivized to do so through the subscription payment model, SaaS solutions are seen as holding onto their value for far longer than earlier types. Democratization of Technology In 2004, Texas Instruments released the TI-84 graphing calculator, selling it for around $120. This handheld calculator had significantly more processing power and RAM than the most powerful and wildly expensive computers available only 40 years before. Many of us have grown familiar in our personal lives with the experience of looking back on technology from a few years ago and marveling at how much less functionality and power that technology gave us compared to far less expensive technology available today. This applies to the corporate technology world as well. Today’s treasury solutions hold drastically more processing power and functionality than their predecessors and can be obtained for far lower costs. We call this the “democratization” of technology, as the expanded functionality coupled with affordability serve to broaden the market of the solutions. Early installed TMSs, for example, were only financially feasible for extremely large and complex organizations that desperately needed them. Today, there are comparatively powerful options that are affordable enough for a small company of less than $500M in revenue, and the market is only continuing to expand.

Delivering on-demand interactivity with Oracle applications, Kyriba for Oracle is a cloud-based solution that reduces the risk of foreign currency volatility to earnings per share and corporate value. The Cloud-based Business Model Advantage: Quick...

Delivering on-demand interactivity with Oracle applications, Kyriba for Oracle is a cloud-based solution that reduces the risk of foreign currency volatility to earnings per share and corporate value. The Cloud-based Business Model Advantage: Quick ROI and Low TCO By leveraging the Cloud-based business model, Kyriba creates two advantages: speed and low cost, without sacrificing the safety and security of your data. Kyriba is committed to keeping your confidential data safe and secure, and our processes and controls are audited annually. The Cloud-based model frees your IT personnel from the need to manage and maintain the product and updates typically associated with installed and licensed software products, and enables Kyriba to rapidly and continually add product innovations to the market. Kyriba customers experience quick returns on their investment. Up and running quickly, Kyriba provides almost immediate visibility to exposure and risk data, and access to analytics and decision support capability. Confidence in your decisions allows you to take actions to manage risk, reduce costs and gain operational efficiency. Kyriba’ Cloud-based application also provides low Total Cost of Ownership. Because Kyriba is hosted, it requires little or no redeployment during upgrades, and no IT development. You know the subscription-based outlay at the time of purchase; you also know that the cost of ownership will not spike due to upgrades, redeployment, or support during the subscription term. The Kyriba Oracle Extract Toolkit: Facilitating Set-up and Ongoing Data Aggregation Using proprietary technologies, Kyriba aggregates raw G/L data from Oracle, as well as other ERP systems, databases and spreadsheet data sources. To facilitate the process of data collection for initial enrollment and ongoing exposure management, Kyriba has created an Oracle Extract Toolkit. The Kyriba Oracle Extract Toolkit consists of software queries that capture Oracle account/entity configuration and revaluation rules and generate FX exposure data. The Kyriba Oracle Extract Toolkit gathers information about the account definitions and company information. On an on-going basis, the Kyriba Oracle Extract Toolkit provides a query used to extract summary monetary asset and liability or revenue and expense balance data from your Oracle general ledger. The Kyriba queries for Oracle are reports written in SQL*Plus, designed to be run from either the SQL*Plus command line or installed to the Oracle Applications Suite and run as concurrent programs. The programs do not create any database objects nor do they write or update any database tables or objects. The programs require read-only access to several tables and objects located in the APPS schema. If one does not already exist, Kyriba can provide scripts to create a read-only schema to access these objects. From the SQL*Plus command line, output is generated using DBMS_OUTPUT and spooled to a local pipe-delimited file. The extracted files can be manually and securely uploaded to Kyriba by any authorized user. To further maximize efficiency, frequency, time savings, error reduction, and security, while minimizing support required from IT, the extract process (both the execution of the extract query and the encryption and upload of the resulting files) can be automated. For a fully automated solution, queries can be set up within the Oracle Applications Concurrent Manager and executed ad-hoc as needed, or scheduled to run periodically. Subsequent scripts can encrypt and transport the file directly to Kyriba. An automated extraction, encryption and upload process is particularly beneficial if you have multiple data source instances or systems. For each instance of Oracle, your IT team will deploy and maintain the Kyriba Oracle Extract Toolkit queries. The query programs are the only software deployed and maintained in your environment. Kyriba Application Security Kyriba understands and appreciates the importance of keeping your highly-confidential financial data safe and secure, and simultaneously available to your authorized users on demand. We have passed the scrutiny of our discriminating customers and ensure that our standards for security and confidentiality are the maximum possible. Here are some of the elements that built confidence for our customers: Strong encryption to protect sensitive G/L data both in motion and at rest Annual SSAE 18 Type 2 audits for the Kyriba application and company processes and controls ISO 27001 certification Internet firewalls and an additional level of access protection around the production databases Application layer separation from data with application-only access Role-level access and idle disconnect IP Whitelisting, guaranteeing client access from only specific Internet addresses Continual monitoring through port scans and network intrusion detection systems Complete audit trail in application and data back-up Application hosting with AWS and Microsoft Azure Full redundancy in daily operations for Internet connectivity, failover, and load balancing Disaster recovery plan & capabilities provide for full redundancy & a production system recovery objective of 6 hours Annual third-party penetration testing and security audits Employee, contractor and data center personnel background checks Enrollment: A Simple Process The Kyriba Professional Services team will lead your IT and Treasury staff through three simple, well-defined steps including query set-up, resulting data validation, and an exposure presentation, to achieve ongoing, on-demand Oracle data aggregation and Kyriba FX exposure management. A final step automates the file extraction, encryption and upload process. On average, it takes 8-10 hours of an IT generalist’s time per ERP system enrolled in the Kyriba service. Typical enrollment resources include: A developer or resource with APPS schema access or access to a read-only schema to execute the programs to retrieve the setup information and the general ledger balances A developer or functional person (usually Treasury) who can verify Kyriba balances using native Oracle general ledger reports (Optional) A DBA or Systems Administrator, if installing the program to the Oracle Applications Suite as a concurrent program. Kyriba provides instructions for concurrent program installation During Enrollment, your IT personnel will install and execute the Kyriba Oracle Extract Toolkit. The toolkit installs in minutes and provides two components: configuration queries and a general ledger (G/L)extract query. The configuration queries derive a chart of accounts table, revaluation rules and entity structure. Next, IT, or other personnel with access rights, execute the Kyriba G/L extract query to produce a test exposure data set. Once the data is validated, you may be asked to re-run the G/L query to produce a final data set. Your IT team will spend three to six hours on this step, including runtime. During Query Result Validation, your treasury and/or accounting team members will use the sample data generated by the Kyriba G/L extract to verify monetary asset and liability or revenue and expense account information. The Kyriba Professional Services team will produce a sample data set for your review to ensure a complete data set consistent with G/L balances in Oracle. You may also provide data on outstanding hedges, and the validated balance and hedge data is uploaded to Kyriba to calculate FX exposure and support timely, data- driven risk mitigation and cost reduction decisions. This step requires approximately two hours of time/effort. During Exposure Presentation, Treasury and Kyriba Professional Services review your current workflow and systems landscape, progress to date, the future vision for the end state of rollout, and workflow and process improvements. A demonstration of the Kyriba software with your live exposure data and a discussion of how exposure visibility can help you optimize your risk management decisions complete the review. This process requires at least two hours of treasury time/effort. Automated File Extraction, Encryption and Upload Automated File Extraction, Encryption & Upload is supported through standard protocols HTTPS (e.g. via cURL) and SFTP (Secure FTP) for automating the transfer of files to a secure staging area within the Kyriba application. Kyriba has customized these protocols with syntax to enable users to transfer files to, and trigger processing within, the Kyriba application. You can deploy scripts (samples provided by Kyriba) based on the needs of your environment, which retrieve the output generated by the Kyriba G/L Extract Program, and encrypt the file(s), before transferring them over 128-bit HTTPS or SFTP to Kyriba. During your Kyriba enrollment, our Professional Services team will supply scripts as part of the toolkit and work with you to configure them for your environment. The level of effort required to automate the file transfer is subject to the complexities of your environment but is typically measured in hours, not days. The process requires a Systems Administrator, Developer and/or DBA with privileges to create or modify shell scripts to automate the process or integrate with existing processes. Benefits of Automated File Encryption and Transmission Data encrypted at rest and in motion Creation of a straight-through process from business systems/ERP to Kyriba Automates transfer of the extracted data files directly to Kyriba increasing efficiency and time savings, and reducing errors Enables more frequent processing and analysis cycles Allows coordinated transfer of files from multiple business systems Additional security through PGP encryption and IP Whitelisting Uses industry standard utilities and protocols: HTTPS file transfer and SFTP Less operational and IT overhead   Supported Versions Oracle 11i Oracle R12 Oracle and Oracle E-Business are the trademarks or registered trademarks of Oracle Corporation and/or its affiliates.   Want to learn more about how to automate seamlessly across your FX management process? Check out Kyriba's latest demo session and see how Kyriba helps its clients mitigate the effects of currency volatility and reduce hedging costs.  

Beam Suntory’s Treasury transformation modernized their operations in a decentralized environment, and with the added complexity of navigating global volatility. A dispersed team challenged by manual processes with a need to leverage a system...

Beam Suntory’s Treasury transformation modernized their operations in a decentralized environment, and with the added complexity of navigating global volatility. A dispersed team challenged by manual processes with a need to leverage a system to accommodate growth, worked with Kyriba to future proof cash and liquidity management. The interconnected ERP, TMS and Payments systems ensures business continuity, visibility and confidence in liquidity optimization today while mitigating unnecessary risk or loss for years to come. “The level of business continuity that is supported by a global, standardized Kyriba platform that is fully integrated with other existing Treasury systems has been critical to gaining efficiencies and reducing costs.” — Petar Tomicic, Manager, Domestic Treasury   Key Challenges Before Kyriba Need for timely, global visibility to cash and liquidity for expanded, optimized investment and deployment of liquidity. Ability to provide on-demand information to Financial Leadership Team, including global capabilities, enterprise wide view of cash and liquidity and centralized financial risk management. Payments globally not standardized, leading to higher costs, processing inefficiencies, more complexity managing banking systems and controls. Bank connectivity: The time to add a new bank took many months, a limiting factor in flexible, agile bank relationship management and consolidating cash visibility. Time spent by Treasury and Accounting staff on routine processes was time consuming with various manual inputs, leading to greater possibility of errors and delays in timely financial reporting. Limited FX interconnectivity between core systems including FXall trading platform, Treasury Management system, Bloomberg terminal, and SAP ERP system. Management of intercompany netting process housed in separate bank system (beholden to that bank) with limited direct connectivity, leading to increased costs and complexity when accounting for 30+ entities globally. “Kyriba’s payments platform has a vast network of banking partners and connectivity, which makes it incredibly easy to onboard or switch banking partners when necessary, with reduced internal IT costs and ultimate flexibility.” — Brad Cowan - Senior Analyst, Treasury The Solution New payment controls and real-time connectivity for a more strategic treasury. Goals of the Project Transform treasury operations with automated processes and operational efficiency, without additional headcount Optimize intercompany netting, cash, liquidity and risk management Seamlessly integrate Kyriba, SAP, Bloomberg and FXall while standardizing payments globally as a means to gain further efficiencies, cost savings, flexibility and fraud protections Support business continuity and resilience with easier cross-training of staff More centralized Treasury processes Add rigorous financial controls Positive Outcomes with Kyriba 80% productivity improvement with automated FX and MTM process with Bloomberg, FXall, and SAP all fully connected and integrated with Kyriba - 16 hours per month saved with month end accounting entries alone 50% increase in automation of accounting entries (short term investing, loans, hedging, cash accounting) 3-6x Time-to-Value Bank Connectivity: Time to add a new bank has been reduced to 1-2 months with Kyriba Consolidated standardized global payments platform with improved business continuity and reduction in implementation costs Deploying bank fee analysis module enabled greater automation and efficiency in reporting, and has assisted in reducing fees Eliminated bank dependency and optimized interconnectivity between systems leading to a significantly improved process

In this ebook, we reveal the most common types of accounting errors, breakdowns in accounting controls, system configuration issues, and process deficiencies leading to unnecessary FX risks. Hidden Accounting Impacts We hear time and...

In this ebook, we reveal the most common types of accounting errors, breakdowns in accounting controls, system configuration issues, and process deficiencies leading to unnecessary FX risks. Hidden Accounting Impacts We hear time and time again that CFOs and Treasurers alike “don’t know what they don’t know” about their foreign currency exposure data. All too often, the first symptom of a problem shows up as a material misstatement of FX gain/loss. Usually, this is a result of what Kyriba has coined as “accounting volatility.” We use this term to describe the phenomenon of systematic, recurring inaccuracies that exist in most multicurrency ERP systems, that obscure the true magnitude of a company’s foreign currency exposure in ways that make the problem difficult to detect. In many cases, accounting volatility is reflected in the delta between hedging actions and actual FX gain/loss resulting from the underlying exposure. Background and Purpose In this ebook, Kyriba will hightlight critical issues facing treasury and accounting teams and cover shortcomings in the way companies today account for multi-currency transactions and manage the resulting foreign currency exposures. Time and again, our analysis of foreign currency exposure management processes within organizations uncovers a ticking time bomb that could (and eventually does) have material impact on a company’s financial performance and its ability to accurately reflect FX gain/loss within financial statements. Frequently, this time bomb is an undetected exposure hidden within the ERP that is masked by a variety of data integrity issues. Without adequate visibility into the source data, Treasury can only cope with/or try to manage around the problem. As a result, their decisions (even when based on sound strategies) are ineffective and even potentially counterproductive. All too often, this time bomb is detected once it’s too late. The problem ultimately surfaces in the FX gain/loss line of the income statement and the CFO is faced with foreign currency exposures that have serious economic and compliance consequences. In every case we have witnessed, the question isn’t if companies are misstating FX gains/losses, but whether how large the material impact is. Getting to the heart of the matter and preventing a disaster begins with a close examination of the ERP system(s), controls and related processes that undermine the accuracy and completeness of foreign currency exposure data. The first section of this ebook will deal specifically with the issue of accounting volatility -- a result of pervasive, self-reinforcing inaccuracies that exist in most ERP systems with regards to foreign currency -- that obscures the true magnitude of a company’s exposure in ways that make the problem difficult to detect. An examination of the processes that contribute to foreign currency exposure identification often reveals uncoordinated activities and the lack of a true process owner who has the oversight to adequately manage and drive actions throughout the entire process. In the second part of this ebook, we’ll discuss why foreign currency exposure management goes beyond Treasury and is ultimately an enterprise-wide issue. Companies that approach foreign currency exposure management from an enterprise perspective (assigning the proper ownership, authority and resources to the process) can focus their attention and energies on strategic, value-based decision making that will protect and strengthen the value of the organization. The third part of this ebook will discuss how companies can begin to transform their foreign currency management practices into enterprise-level, standard processes. The FX Exposure Management Process Owner: Starting Where the Buck Stops In almost every conversation we conduct with CFOs, Treasurers, and Accounting, a common theme emerges: an overall lack of crossfunctional coordination and collaboration within organizations with regard to activities that impact FX exposure quantification and measurement. While Treasury may be regarded as the process owner, in reality they maintain control of, and have authority over, only one piece of the puzzle. Different functional groups within an organization contribute to foreign currency exposures and their management process. The FX gain/loss line on the corporate income statement is the ultimate product for these efforts. Responsibility and accountability for that number resides with the CFO. As such, it is the CFO who assumes responsibility and accountability for the process and must ensure coordination among the contributing functional groups to ensure that this result is both accurate and acceptable within company policies. The only way to ensure the kind of cross-functional coordination required to properly manage the foreign currency exposure management process is to elevate awareness and priority of the issues throughout the enterprise. Acknowledging foreign currency exposure as an enterprise risk means assigning the proper level of oversight, accountability, and resources to the entire management process. At a strategic level, the FX business process owner must have the strategic responsibility for addressing and maintaining currency risk management decisions, processes, and policies. The FX business process owner must be able to coordinate tactical activities across multiple disciplines, and communicate effectively with Finance, Accounting, Tax, and Operations representatives from around the globe. Ultimately, they’re the stakeholder with visibility into the foreign currency exposures and management process, from data to exposure, across the enterprise. The Data Dilemma: Getting to the Source of FX Related Accounting Volatility The Challenge of Defining Exposures In most organizations, the Treasury department is accountable for managing foreign currency exposure and the related FX gain/loss. While Treasury often maintains control over the process to select hedging instruments and dictate internal risk management tactics, their ability to mitigate the effects of FX volatility depends on accurate and complete exposure data. If the data is inaccurate or incomplete, companies may execute risk mitigating actions within policy but still sustain significant FX gain/loss volatility. The real problem with foreign currency exposure data integrity issues is that they are extremely difficult to detect until a major problem has surfaced. In our experience, we frequently find off-setting errors and omissions that distort foreign currency data, falsely masking the true exposure in ways that make it difficult to isolate an anomaly and determine the source of an error. We’ve come to refer to this phenomenon as accounting volatility - a pervasive, self-reinforcing sequence of data integrity issues that become increasingly complex and intractable over time. Treasury is a customer of the accounting organization when it comes to foreign currency exposure data. Assuming that a multi-currency accounting system is in place for the enterprise, valid foreign currency exposure data is dependent upon two key premises: Multi-currency transactions have been properly recorded in the transaction currency. Accounts that are required to be revalued in accordance with ASC 830 / IAS 21 are being revalued on a periodic basis. Accounting volatility can result if multi-currency accounting entries have not been recorded appropriately, or if the revaluation process is not properly identifying accounts that should be revalued. The result in either case is a misstatement of the foreign currency gain/loss in the income statement for the organization. Either foreign currency gain/loss remains embedded within the monetary asset and liability accounts in the balance sheet, or it has been improperly recognized prematurely in the income statement. In the following section of this ebook, we will discuss these issues and provide questions that CFOs and Treasurers can ask to determine the future likelihood, and historical magnitude, of accounting volatility within their organization. Recording the Transaction One difficult-to-detect issue that has serious impact on foreign currency exposure management is the entry of the foreign currency transaction in the functional currency instead of the transaction currency. As a result, the exposure is not detectable and cannot be managed by Treasury. In addition, the foreign currency gain/loss associated with this transaction exposure is not realized incrementally with the process of account revaluation. Rather, it is realized all at once, when the transaction is cleared or settled. Another prevalent issue is the clearing and reconciliation of multi-currency account balances in functional currency instead of transaction currency. This results in invalid transaction currency balances and mismatched relationships between the transaction currency and functional currency within the ERP system. Because revaluation processes are based upon transaction currency balances, invalid balances can lead to unrealized FX gain/loss calculations and inaccurate, posted results during period-end processing. These accounting issues are evidence of a process breakdown usually attributed to employee training in the area of transaction entry. Detecting these issues requires a disciplined analytic review of the monthly foreign currency FX gain/loss for entities within the enterprise, given the foreign currency exposure relationships within each entity and changes in foreign currency rates. Intercompany Mismatches Intercompany mismatches have a significant impact on the nature, level, and complexity of a company’s foreign currency exposure. Generally, intercompany transactions are recorded in one of the functional currencies of the entities that comprise the intercompany relationship. As a rule, the intercompany account balances recorded within two entities of an intercompany relationship should net to zero on a currency-bycurrency basis. Despite this, one common source of accounting volatility is mismatched intercompany balances in which one entity has recorded an intercompany payable or receivable, while the other has either neglected to record the corresponding transaction or has recorded it inaccurately. This too is a symptom of a multi-faceted process breakdown - one in the recording of the transaction and another associated with the reconciliation process. Intercompany transactions that take place in a currency other than the functional currency of either entity creates additional exposure for the enterprise and further complicates the FX exposure management process. As described in the table at the bottom, when a third currency enters this relationship, each entity has an exposure to the transaction. There are two ways to resolve this issue and eliminate the exposure. One way is to execute two currency conversions: one entity purchases the currency, and the other entity sells the currency. Alternatively, a process must be developed to convert the third currency balance into one of the entity’s functional currencies based upon a pre-determined rate convention, followed by a single currency conversion to settle the balance. In many cases, creating an intercompany transaction in a third currency is not an acceptable business practice. Unfortunately, due to the complexity around intercompany balances, lack of visibility in transaction currency across multiple systems, multi-department responsibilities, and inadequate reporting infrastructure, it’s often unknown that this is an unacceptable business practice. ERP and Systems Configuration ERP Configuration of FX Postings Specific FX-related configuration, administration and maintenance issues in most major ERP systems add to the complexity and potential for problems with multi-currency accounting. Oracle Oracle does not define a functional currency at the company level. It is defined for a set of books. The ability to support multiple functional currencies for a company is often overlooked or misconfigured. Revaluation rules apply only in the context of a company in a set of books. If a company transacts in multiple sets of books, multiple rules may be required for the same accounts and/or currencies -- this is often overlooked or misunderstood. Revaluation processing looks at functional currency of the set of books, not the company. A non-functional transaction in a set of books with the same currency will be ignored for revaluation. SAP SAP does not define a functional currency but rather a local currency. Often times, the revaluation processes is run multiple times whenever the functional currency is different from the local currency, effectively reapplying FX adjustments. Revaluation criteria are usually managed through the use of variants (i.e. predefined parameter definitions) that are static, requiring constant manual updates to reflect current accounts and entity relationships; these updates are often overlooked. Institutions where the Controller organization is decentralized, account setup and changes in entity relationships contribute to uncoordinated revaluation criteria and the potential to either:a. Revalue some accounts b. Revalue accounts multiple times c. Revalue accounts that should not be revalued System Configuration & Maintenance Issues: Revaluation Under ASC 830 / IAS 21 Framwork As detailed previously, accounting and process issues related to transaction data quality may not be the only source of accounting volatility. In many cases, problems related to monetary asset and liability account revaluation in accordance with ASC 830 / IAS 21 guidelines contribute to unreliable FX gain/loss statements. In working with clients to set up end-to-end processes for identifying foreign currency exposure, we routinely uncover and help to resolve issues related to revaluation validity that hamper customers’ ability to properly reflect the impact of currency revaluation on their financial statements. We commonly encounter inaccurate results from improper revaluation of accounts across the enterprise, typically finding a combination of accounts that are being revalued properly, as well as accounts that are being revalued, but shouldn’t be. In most cases, companies are unaware of the problem. In either scenario, the underlying root causes of these inconsistencies can be grounded in the following factors: 1. Maintenance of the systems and processes comprising revaluation processes become inaccurate over time. SCENARIO #1 An account that should be revalued is not being revalued 1. Treasury has no visibility into this account for their exposure management process Thus, they cannot mitigate risk with regards to the underlying currency exposure 2. There is no unrealized FX gain/loss being recorded on a monthly basis The total FX gain/loss that exists within the account is sitting in the balance sheet, waiting to be realized all at once when transaction(s) making up the account balances are cleared and/or adjusted **You may encounter compliance issues as a result of this scenario 2. Initial setup of the revaluation environment within a multi-national company is complicated. SCENARIO #2 Accounts that should not be remeasured are identified for remeasurement 1. Treasury takes risks mitigating actions for these inaccurate balances (in the accounts) as part of the exposure management process An associated FX gain/loss in addition to currency conversions, hedge valuations/settlements, and the inherent cost (bank fees, forward points, and/or option premiums) associated with currency hedge transactions are recorded for the account 2. The effects of the risk mitigating currency actions have been realized with no off-setting amount that would have resulted from an underlying exposure The company will eventually discover that the account should not have been revalued and records the adjustment to reverse the recorded unrealized FX gain/loss Initial Revaluation and Process Design Setup of the revaluation environment within a multi-national organization is complicated. Initial setup requires: An understanding of the requirement to revalue monetary asset and liability accounts as prescribed by ASC 830 / IAS 21. Configuring a combination of systematic and manual processes across the accounting enterprise to accomplish the requirement. The initial configuration can be very complex, as is evident in the many different variables which must be assessed when configuration is done: Multi-system accounting environment Revaluation processes provided within each of the accounting systems that comprise the enterprise accounting framework. Each system can approach revaluation differently Revaluation dependencies on specific account setup parameters Manual processes to address accounting system deficiencies or desired business practices Centralized vs. de-centralized processes Period-end close processes Our analysis and work with companies has shown that finding the one person in the organization that understands every revaluation parameter, setting, and process is nearly impossible. The fragmentation of responsibility around this area will continue to complicate the overall revaluation framework, leading to a consistent misstatement of the FX gain/loss and an inherent ability of Treasury to successfully manage the foreign currency exposure. Maintenance of Revaluation Process Maintenance of the systems and processes comprising revaluation can often become inaccurate. Does your process include any of the following common reasons? Rapid merger and acquisition activity with lagging system integration Growth in the chart of accounts with no process for determining if accounts should be added to the revaluation list Complicated revaluation rule maintenance environment within accounting systems No common oversight, responsibility or ownership of the process – fragmentation of responsibility No periodic account review process to test effectiveness of systematic and manual revaluation processes Consistent turnover within the accounting staff, who has revaluation responsibility as part of the close process Lack of ongoing education and training Lack of consistent visibility to revaluation results and context to interpret the results Inconsistent review of FX gain/loss and not establishing a process for resolution of results outside of tolerance The Assessment of FX Risks Diagnosing Accounting Volatility: Symptoms, Questions and the Self-Assessment So far, we have discussed common foreign currency exposure data integrity issues, the role of the ERP and accounting systems administered by IT and/or Accounting, and accounting and organizational issues that contribute to the problem of accounting volatility. Next, we’ll consider the symptoms of these problems in the form of key questions that CFOs or Treasurers can pose to indicate the degree of accounting volatility within their organization. How confident is Accounting that multi-currency transactions are being recorded properly, including initial entry and clearing of the transactions? If multi-currency transactions are not being recorded or cleared properly, they can create unexpected FX gain/loss volatility. As discussed previously, if a Regional Accounting Manager records a multi-currency invoice in the local currency of the entity instead of the transaction currency, the Treasurer will have no visibility to the exposure. When the payment is cleared, the gain/loss on the transaction will unexpectedly impact the income statement. When was the last time Accounting reviewed enterprise-wide revaluation to determine if the system(s) configuration and related processes produced a result that compiled with ASC 830 / IAS 21? In the vast majority of companies that we have worked with, we have uncovered multiple ERP/accounting system setup/configuration problems and process issues which not only raise compliance concerns, but also create embedded FX gain/loss volatility that is very difficult to detect and manage. How confident is Accounting that intercompany transactions are being reconciled on a timely basis and are in balance? We commonly witness intercompany transactions that demonstrate the significant balance discrepancies discussed previously. Intercompany issues we often encounter that can cloud foreign currency exposures include: Intercompany transactions where only one side of the transaction is recorded in the GL Intercompany transactions that do not have matching balances Intercompany transactions that are not posted in the same transaction currency Intercompany transactions that are recorded in a third currency (functional currency of entity) Does Accounting perform foreign currency gain/loss analysis on a regular, monthly basis and maintain a proactive process for the resolution of exceptions? If yes, how often do they encounter unexpected results, and what is the process for investigation and resolution? If not, do they verify that the gain/loss on currency exposures is as expected and within corporate tolerance? Assessing Your Organization’s Foreign Currency Exposure Management Situation Upon addressing these key questions, you should be able to assess your company’s ability to quantify and manage foreign currency exposures. The FX Exposure Management Capability Model represented by the excerpt below, can help you determine your company’s current capabilities and define concrete goals to improve your ability to quantify and manage foreign currency exposure. We’ve developed this assessment with selections to help you identify the most applicable attributes of your FX Exposure identification and management. Once you take the assessment, the category with the most items checked will be an indicator of your company’s ability to manage foreign currency exposure. Representative extract from the Kyriba FX Exposure Assessment Foreign Currency Exposure Management: An Enterprise Issue Additional Resources Savvy corporates are adopting a roundtable approach to currency risk management. Currency has become an issue outside the halls of treasury. Modern currency aware organizations understand that currency impacts many areas of the business and that all of those areas are represented at the company’s currency roundtable. Everyone at the currency roundtable has access to accurate, complete, and timely exposure data, as well as the analytics to understand how those exposures impact their functional area -- and conversely, how decisions they make affect foreign currency exposures and the company’s overall financial performance. Currency surprises impact in obvious (and not-so-obvious ways). When a company’s revenue is regularly eroded by currency surprises it has less cash available for productive activity. That loss has ripple effects, including credit rating downgrades that raise the firm’s cost of capital and debt covenant breaches that limit its access to liquidity. Both reduce available cash and limit the organization’s ability to deliver maximum profit to shareholders. For more detail on the deeper impacts of currency surprises, check out the latest Currency Impact Report from Kyriba: Kyriba Currency Report Recommended Next Steps CFOs, Treasurers, and Accounting can turn to Kyriba FX to provide an unparalleled ability to access accurate and complete exposure data, on demand. Our platform is backed by a team of experts who continually support the currency risk management process at some of the largest organizations in the world. Put simply, teams that have identified FX related accounting to exposure management issues can rely on Kyriba to provide a solution to remediate any sources of accounting volatility and inaccuracy. In many cases, organizations choose to leverage Kyriba’s industry leading software platform to measure, monitor, and manage their currency risk management programs on an ongoing basis. About Kyriba FX Risk Management Kyriba FX Advisory Services helps treasury and finance professionals understand and manage currency impact to financial results. Organizations ranging from Amazon to Google use Kyriba FX analytics to monitor and manage the impact of currency on their business. Kyriba FX was developed as the first solution to automate foreign exchange exposure management for multinational companies, delivering unparalleled expertise and driving measurable results. To this day, Kyriba FX is focused on helping organizations quantify their foreign exchange exposure and cost-effectively insulate their company from the uncertainty of currency volatility. Whether we’re working with a Fortune 50 organization or a growing U.S. company poised to go global, we take the same approach to understanding our customer’s foreign exchange policies, processes, and objectives. Kyriba FX is a cloud based software suite that customers can deploy to cost-effectively manage their own foreign exchange exposure management process.   Want to learn more about how to automate seamlessly across your FX management process? Check out Kyriba's latest demo session and see how Kyriba helps its clients mitigate the effects of currency volatility and reduce hedging costs.

Tuesday April 25 | 11:00am ET | 4:00pm GMT | Having real-time insight into the locations of your liquidity is key to survival as financial institutions begin to unravel and the world economy continues...

Tuesday April 25 | 11:00am ET | 4:00pm GMT | Having real-time insight into the locations of your liquidity is key to survival as financial institutions begin to unravel and the world economy continues to feel like a ride at Coney Island. Join this demo webinar to learn how Kyriba helps treasury and finance professionals create agility to thrive during economic uncertainty.

Tuesday, May 2 | 11:00am ET | 4:00pm GMT | Securing budget for a treasury project during heightened volatility becomes easier when ROI can be achieved in months, not years. FX Risk management has...

Tuesday, May 2 | 11:00am ET | 4:00pm GMT | Securing budget for a treasury project during heightened volatility becomes easier when ROI can be achieved in months, not years. FX Risk management has been proven time and again to realize quick ROI gains, dramatically improving approval and success from internal stakeholders.

This eBook explores the use cases for AI in treasury management and corporate finance, as well as the barriers preventing mass adoption of the technology. These technologies are applicable in cash and liquidity management,...

This eBook explores the use cases for AI in treasury management and corporate finance, as well as the barriers preventing mass adoption of the technology. These technologies are applicable in cash and liquidity management, payments fraud detection, documentation of treasury processes, and more. AI/ML Today While artificial intelligence (AI) and machine learning (ML) have gradually worked their way into everyday life in treasury and finance, but we’ve only scratched the surface of their potential. It’s important to understand that AI and ML are not technically the same thing. While the terms are often used interchangeably, they are two distinct technologies. AI is a broader term denoting intelligent machines that can simulate human thinking capability and behavior. ML, in contrast, is an application or subset of AI that enables machines to learn from data without additional programming.1 What makes AI so powerful now, as opposed to just a few years ago? The simple answer is data. We have so much more now than ever before. Both companies and consumers are using a host of applications that generate mass amounts of data, and with the right systems in place, that data can be transformed for better decision-making. Data scientists train AI models on historical data. Next, they run new data through the trained AI model to make much more informed predictions. Such models are incredibly useful for treasury and finance, which have had to make rapid adjustments in recent years to keep organizations running. Applying AI in Treasury Management and Finance With applications proliferating across so many areas, as well as the connectivity that banks and technology providers are building through APIs, treasury and finance departments have more data at their fingertips than ever before. But processing all of that data manually is nearly impossible. That’s where AI comes in. Technology providers train AI models on data that is extracted from operational applications and placed in a central repository. These can vary and have different advantages. Data warehouses store data in hierarchal dimensions and tables. Data lakes, in contrast, store massive amounts of raw data, storing it in flat architectures to allow users more freedom for data management.2 Unlike robotic process automation, which can only replicate processes, AI models can analyze data and identify trends and patterns in a fraction of the time that humans can.3 This allows for much faster and complete conversion of raw data into meaningful information that treasury and finance departments can use. AI models can be used for various treasury functions such as cash forecasting, payments fraud detection, and working capital optimization. For example, AI can drastically improve receivables management. As noted in a recent AFP Treasury in Practice Guide, a technology company’s accounts receivable (AR) team was struggling to manually process over 2,500 monthly checks, leading to major delays. Realizing that it needed to make a change, the AR team worked with its banking partners to implement an machine learning-enabled receivables solution. The solution automated the manual gathering, consolidation and formatting process that the AR team had been doing every morning, allowing most payments to process within two days. Furthermore, over time, the machine continues to learn from exceptions, improving accuracy. It has also provided the AR team with more opportunities to increase electronic payments adoption. How Machine Learning Works for Treasury Payments Fraud Detection Modern payments fraud detection software uses AI to screen payments against historical payment data pulled from a data source. All the characteristics of payments—the payment amounts, payment types, the number of payments, where they’re going, etc.—reside within that data source. A machine then analyzes that data, which enables it to identify anomalies in future activity. A number of different models can be used to pinpoint those anomalies. One of the most effective is an isolation forest methodology. This model compares all the different variables in the data source against new payments to determine the normality of those payments. Any payment that has an unusually high abnormality rank is flagged and set aside for further review. Machine learning solutions can even show users that variable comparison, providing them with insights into how that normality/abnormality rank is calculated. Users can even set their own levels for abnormality tolerance. Companies that work in industries that are high targets for fraudulent activity might want a very low abnormality tolerance, whereas organizations that are less at risk might want to set it much higher so that minor anomalies won’t disrupt payment activity. Additionally, workflows can be embedded to swiftly resolve anomalies. Real-Time Screening, Alerts and Notifications The rise of same-day and real-time payment systems has increased the need for real-time responses to fraud attempts. Modern fraud detection software uses AI/ML to screen payments against historical payment data, pinpointing any anomalies. By providing more complete data, these solutions enable data-driven decision-making. Solutions can flag any abnormal payments, providing insights into the variables that determine payment normality. Generative Adversarial Networks The lack of data around fraud can be a problem for AI models. Training AI models can thus be challenging because the algorithms often can only learn from good payments and, at best, a handful of bad ones. Generative adversarial networks (GANs) can solve this problem. GANs are deep learning models that pit two separate neural networks against each other. One network mixes real data and synthetic data together and attempts to outwit the opposing network. By training fraud detection models on these competing networks, fraudulent transactions can be more easily identified in real data. Cash Forecasting Manual processes persist in treasury, even with the advent and evolution of technologies like AI. Many treasury departments continue to rely on Excel, even though it can produce highly inaccurate cash flow forecasts that can negatively impact the business. Organizations can increase the accuracy of their short-term cash forecasting with AI-based tools that learn from the history of cash flows and continuously improve inflow projections over time. With deeper analysis of this data, organizations can better predict cash flows by season or region, which in turn reduces efforts for key functions like accounts payable by, anticipating free cash flow closing, and adjusting the payment campaign budget. AI/ML users also can select what companies, currencies and cash flow types to include, as well as adjust the forecasting period to align on short-term payment/funding/investment decisions. With interest rates increasing, treasury teams can optimize liquidity by reducing their maximum idle cash while also minimizing the risk and cost of overdraft. Treasury will be able to determine how much of its budget it can allocate towards certain expenditures over a period of time, or whether it will need to borrow funds to make certain payments. AI tools can factor in multiple variables and errors found in historical data to better estimate cash inflows and outflows over the next seven days. This allows treasury to determine how much of its budget it can allocate towards certain expenditures over that time period, or whether it will need to borrow funds to make certain payments. Soon, as these tools accumulate more data, they will be able to make predictions on mid- and long-term horizons. Check out Kyriba's latest AI-powered cash forecasting module: Cash Management AI to see how AI in treasury management can already be used fluently for short-term cash forecasting. ChatGPT and Generative AI in Treasury Management ChatGPT has become a popular generative AI app, in part because of a $10 billion partnership with Microsoft. ChatGPT is well known for its natural language processing chatbot abilities that answer any question. Yet the real opportunity for ChatGPT and generative AI is to change the way we interact with online software applications, including online search and business applications like ERP and treasury management systems (TMS). ChatGPT can also be used within a TMS where the user gives instructions to the system using keywords or questions. With a user experience (UX) that has been optimized for natural language processing, the TMS can respond to basic queries such as “What is my exposure to the Yen?” or more complex requests, including “What caused the variance in my forecast last week?”. Treasury may also find this technology to be useful in documenting treasury processes and procedures. Documentation and how-to manuals take time and effort to compile. Fortunately, ChatGPT and similar generative AI models can do all the writing for you after being fed a minimum amount of information. Take Action The demands of today, and tomorrow, dictate that CFOs and treasurers must act. While pervasive economic hardships and rising global inflation may make it difficult for companies to justify spending on new technology, they are facing massive challenges if they don’t adjust to the pace of the modern business world. Rest assured; if your peers aren’t investing in this technology yet, they will be soon. Many companies have also stockpiled their cash reserves throughout the pandemic — now is the time to begin spending some of that cash on tech enablers, one good area to look into being AI in treasury management. Treasury teams would be wise to look for a trusted partner as they explore possible use cases of AI in treasury management. There are technology providers with teams of data experts and portfolios of treasury apps available. Many tools are already in production and require minimal effort on the part of the company. As we emerge from the pandemic—a time when companies were focused primarily on survival—the focus now needs to be on growth. As more data becomes available, growth will come from those organizations that are able to harness that data and turn it into useful applications. Others will drown in it and fall behind. With AI in treasury management to assist the human, treasury teams can ensure that they are positioning their organizations for success. Related Resources Javapoint: Difference Between Artificial Intelligence and Machine Learning TechTarget: Data Lake AFP: Identifying Value for Treasury: Automation, Machine Learning & Artificial Intelligence PYMNTS Intelligence: How Payments Automation and Digitization Can Reduce Errors and Streamline Transactions Gartner: Success With AP Invoice Automation Requires More Than Paper to Digital ERP News: Automation for Business Intelligence Kyriba: 15-Minute Guide to Payment Hubs Want to see how AI in treasury management improves cash forecasting? Join Kyriba's upcoming monthly live demo sessions. An on-demand demo session is available here.

Tuesday, April 18th | 11:00am ET | 4:00pm GMT | Securing budget for a treasury project during economic uncertainty increases the focus on defining KPIs and effectively measuring ROI. Benchmarking allows Treasurers, CFOs and...

Tuesday, April 18th | 11:00am ET | 4:00pm GMT | Securing budget for a treasury project during economic uncertainty increases the focus on defining KPIs and effectively measuring ROI. Benchmarking allows Treasurers, CFOs and Boards to better understand the value delivered from a treasury transformation project.

Nearly every company doing business beyond its own borders faces the challenge of developing cost-effective FX risk management programs, and each year corporations incur billions of dollars in currency related losses due to global...

Nearly every company doing business beyond its own borders faces the challenge of developing cost-effective FX risk management programs, and each year corporations incur billions of dollars in currency related losses due to global currency volatility. Even small organizations with modest international operations can be impacted by currency exposures if treasury fails to effectively manage foreign exchange (FX). In this eBook you will be introduced to three common manual foreign exchange profiles and examine anonymous case studies of how a company from each profile type was able to gain greater insight into currency data and exposure, improve workflows, increase overall efficiencies and withstand currency headwinds — all by modernizing and automating their FX processes. In many cases, these losses are attributable to manual, spreadsheet-based currency risk management programs and processes, which are vulnerable to human error and faulty hedging strategies — strategies that hinge on inadequate or incomplete data. Ongoing FX volatility, lack of access to accurate and timely data, and real time responsiveness to exposure and market risk changes put demands on organizations to embrace fully-automated FX risk management programs. Regardless of the sophistication or complexity of an organization, every corporation can benefit from automated FX risk management. This is true even for larger or more sophisticated companies already utilizing general treasury software or trading platforms. In fact, automated FX risk management programs can enhance the value of a trading platform, ERP(s) and other technologies. What Does Automating FX Mean? Automation involves modernizing procedures by systematizing each step of a process, eliminating the need for manual intervention along the way. Within the FX risk management programs, this may include automating processes for the data collection exposure consolidation, calculation and analysis, as well as hedge recommendation. Automation also involves seamlessly integrating multiple systems, including ERPs, trading platforms and market data providers to ensure exposures are aggregated easily and automatically with the latest technology, like APIs. At Kyrbia, we advise corporations to consider three types of FX automation when looking to enhance their FX risk management programs Data Transfer Automation to optimize the data gathering portion of FX risk management, which ensures human “touch-points” are minimized and the potential for error is reduced. Workflow Automation to identify and establish exposure benchmarks across the enterprise, ensuring consistency and eliminating currency surprises. Process Automation to introduce complete, end-to-end modernization to ensure errors are mitigated, efficiencies are maximized and risk is eliminated. The Benefits of Automated FX Risk Management Programs Although automating FX may sound intimidating, by working with the right technology and fintech provider, it can often be completed easily and quickly with quick-strike benefits. Automation eliminates the need for manual intervention, reducing the potential for costly human errors. Diminishing the need for manual involvement frees treasury professionals from having to gather data from multiple sources, giving them more time to analyze information, track exposure trends and proactively seek out other opportunities to eliminate risk. Automation transforms how treasury professionals are perceived within an organization, allowing them to be seen as resources in strategic planning. By using automated FX risk management programs, organizations also gain: Improved efficiency Significant time savings Increased FX controls Greater insights into FX exposures Reduced currency impacts to earnings Optimized FX risk management costs Managed impacts from FX risk Leveraging technology allows organizations to perform risk analytics on command, becoming less dependent on financial institutions or outsourced service providers. This provides the most flexibility, visibility, and control over an FX program while not losing time on external dependencies. By dividing the automation of foreign exchange management into three distinct profiles, we can better examine where companies stand with their current FX programs and determine what steps they need to take to achieve full automation. These three profiles are broken out by companies looking to expedite processes, create flexible & adaptable workflows, and enrich data intelligence to optimize FX risk management programs. Expedite: The “expedite” category describes corporations that are interested in incrementally improving their existing FX management programs through efficient data processing. Generally, companies that fit this profile type rely on manual processes that are vulnerable to errors. The CFO may be interested in transitioning away from a spreadsheet-reliant program and looking to automate data aggregation and facilitate in-depth exposure analyses. Adapt: Global organizations have dynamically changing exposure & risk profiles within a continuously changing foreign currency market. Organic growth, acquisitions, and restructurings can leave hedge programs frequently chasing down issues if the FX risk management program is not designed to quickly “adapt” to evolving conditions. When it comes to FX, chasing down issues ultimately puts the organization at higher risk of ineffective risk mitigation decision and negative P&L impacts. Enrich: The “enrich” category describes highly-complex organizations seeking to take advantage of efficient processes by shifting efforts to more strategic analysis. Companies in this category have optimized the blocking and tackling of operating an FX risk management program, and are now ready to leverage automation to improve data inputs and risk forecast assumptions. Hedge programs will maximize effectiveness the more hedge decisions accurately align with actual business activity. Editor’s Note Companies in each one of these profile types have distinctly different challenges and operate at varying levels of sophistication, but they all share a common trait: the need to automate their FX programs. Three Corporate Profiles, Three Automation Success Stories Every corporate environment offers unique challenges, and the following anonymous case studies illustrate how automated workflows can enhance a company’s FX risk management programs — regardless of the inherent complexities. The specifics for each company in this eBook vary— some used FX trading platforms or had previously established in-house banks. Regardless of the specifics, after modernizing their programs, each organization saw near immediate quantifiable results, including improved operational efficiencies, time savings, reduced expenses and reductions in currency-related risks. 1. Expedite: A $6 Billion Global Electronics Manufacturer Why They Automated The company relied on a manual, forecast-based, legacy balance sheet FX program requiring treasury specialists to gather spreadsheets every month from 30 entities around the globe. They consolidated the forecasts, uploading and executing the appropriate trades manually. This process took four days in total (two days for data consolidation; two for currency hedging), requiring additional steps, touch-points and manual calculations along the way – all of which amplified the potential for human error. Solution The company looked for a solution to help them design an automated program. Kyriba’s Balance Sheet FX solution offered the cutting-edge SaaS technology and back-end support needed to complement their existing forecasting processes. With Kyriba, their new FX solution enabled a streamlined data aggregation process and initial exposure analysis. This, in turn, supported the development of an end-to-end, automated workflow, which helped the FX team improve their analysis and adjustment process. The team aggregated data for all entities at a corporate level and then executed trades and hedge accounting with a seamless integrated trade execution portal. By using Kyriba's FX risk management solution, treasury could select what to trade and the trades would immediately be processed. This eliminated unnecessary steps while adding more rigid controls, reducing the likelihood of human error causing something to go wrong during the trade process. The time savings and assurances that processing errors are reduced allow the company to spend more energy on strategic analysis. Outcome Kyriba significantly improved the data aggregation and exposure calculation processes, but seeing the trend analytics and having the ability to compare datasets in the system were also vital. With their new FX risk management solution, treasurers could quickly break down exposures – by entity –and identify what drove the changes while drilling into specific accounts. This was a monumental change compared to their manual processes which did not allow for this advanced degree of reporting; nor did it offer the granular details they needed. Automation saved time and reduced the potential for error. With the click of a button, trades were moved from one system to the next. Treasury no longer needed to open different files, copy, paste and upload separately. This saved significant transaction time, which amounted to many hours saved each month due to the frequency of trades. Additional Benefits The modernized process gave the FX team more time to analyze data and identify trends. Better still, the entire process could be completed in less than a day compared to the manual process, which took about four days to complete. FX professionals could make daily adjustments in exposures, enabling them to immediately identify if – and where – the forecast was off and how to best align currency hedges. The treasury team could also lower the exposure hedge threshold while expanding the number of currency pairs tracked and traded. This helped improve the data collection to hedge execution process by 60 percent. The treasury team lowered corporate hedge thresholds to less than $200,000. 2. Adapt: A $15 Billion Consumer Goods Company Why They Automated With most of the treasury department’s efforts spent manually collecting error-prone data, company decision-makers realized they needed to upgrade their treasury infrastructure. Gathering balance sheet data alone required tapping into 38 different systems in a legacy ERP environment. This antiquated process limited opportunities for the team to focus on data analysis and risk mitigation. These issues were compounded because the company was acquiring another, smaller company at the same time. Executives tasked the FX team from the smaller company – which was already resource-challenged – with managing the post acquisition currency program. The post-acquisition balance sheet program was only hedging one-off inter-company loans and FX trades were executed over the phone. Rolling and settling hedges required constant manual intervention. Additionally, FX hedges in spreadsheets (managed by multiple employees) were an ongoing headache because the cost of wrong-way trades or over/under hedging was high. Cohesive, end-to-end automation was needed to improve efficiencies. Solution Executives recognized the need for an automated program, eliminating the risk of manual errors. The company introduced a customized backbone treasury infrastructure that drew on best practices and offered various treasury technology solutions, including a currency analytics solution, a TMS and a trading platform. For its balance sheet program, the entire hedging process was automated – including weekly collections of exposure data from local business units, ERP systems, spreadsheet uploads and user inputs. Once balances were collected, the team analyzed exposures to determine the external hedging needs. These were executed using an automated trading platform and housed in the new treasury workstation. Kyriba was chosen not only as their TMS, but the company chose its Balance Sheet FX solution to be used as a centralized FX risk center, facilitating automated data collection, exposure calculations and hedge recommendations through technology-enabled automation with the ERP systems, Kyriba TMS and trade executive portal. Within Balance Sheet FX, the team had visibility into individual entities and profit center details. Data was sourced from 38 legacy ERP systems via a weekly template (from 25 local business units) and SAP automatically pushed the data to Kyriba. Outstanding hedges were automatically transferred and uploaded to display net exposure. Kyriba then created recommended hedge actions based on the corporate policy and generated trades netted at the corporate level for all exposure balances. Trades were sent (via direct automation) for execution. Confirms were sent back to Kyriba for automated entity-hedge allocation and reconciliation.When the companies acquisition closed, Kyriba provided a strong FX risk management solution framework that made it easy to integrate the new entities. Rather than taking months to work with new entities to gather exposure data and educate new employees, the company could quickly guide entities in how to adopt FX processes and follow policies. Outcome By automating, the company revented its treasury infrastructure from the ground up. The transformation took place at the same time the small treasury team managed its day-to-day responsibilities – while the company executed six acquisitions and four divestitures. Additional Benefits The new workflow significantly reduced cumulative FX transaction net losses from$88 million to less than $2 million. The notional size of the balance sheet hedging program increased from $800 million to $2 billion. Hedge accounting documentation now saves the company $120,000 per year thanks to consolidating technology platforms. Trading fees have been reduced by more than $1.3 million in 12 months. 3. Enrich: An $8 Billion Specialty Food Company Why They Automated The company originally relied on a non-formalized, manual cash flow exposure forecasting process – one that was completed ad hoc, using numerous spreadsheets and a variety of touch-points. Data collection was inconsistent, calculations were completed manually and the potential for error was high. Across the business and reporting structures, many currency pairings were complex and represented significant risk. Reviewing spreadsheets and formulas for each forecast period was resource-intensive, requiring the treasury team to manually review each submission. Additionally, comprehensive management reporting was limited, despite the amount of time devoted to the task. Solution Prior to evaluating FX technology to address their needs, the company conducted an inventory of necessary data required to support a more formalized process and quarterly hedging cycle. The goal was to ensure – when an opportunity to hedge was identified, or the business required a hedge – the team had all the necessary data to act quickly. Once the inventory was finalized, they sought out technology that would further enhance their workflow. The company’s cash flow forecasts were integrated with Kyriba’s Balance Sheet FX reporting reflecting existing hedges, creating an initial view of net exposure by entity. After reviewing the exposure and making desired adjustments and edits, the team executed a decision process in Kyriba to recommend hedges at an entity level (applying the company’s policy-defined threshold, target ratios and level of materiality, creating a report that allocates decisions by entity, currency pair and account group). Kyriba then created trade recommendations for the company’s in-house bank, including internal and external trades, displayed within the application for review. Once recommended trades were approved, the system generated a report of external trades which are sent automatically to an integrated trade execution portal. Kyriba then received the trade confirms, allocating them back to individual entities. Outcome The new workflow empowered the company to standardize a process with currency pairs, exposure types, geographical details and entity information. With corporate-mandated standardization in place, the implementation facilitated improved reporting with complete flexibility supporting individual user-defined views. This proved to be a significant time-saver, enabling the treasury team to focus on analyzing the accuracy of the forecasts, which helped eliminate nearly all calculation errors. Additional Benefits The ability to segregate and analyze specific data sets significantly reduces the time spent on reporting. Previously, it took at least three days (per quarter) to complete; now the process takes less than six hours (including collecting and uploading data and completing board presentations). The company has seen a 50 percent increase in participation in the forecasting process. Realized increased flexibility in the reporting. The company’s new workflow offers more details on all proposed actions. The increased collaboration and visibility allowed the team to add four new entity currency pair combinations to its existing hedge program. There has also been a 50 percent improvement in corporate target hedge ratios. Conclusion Before automating, each company profiled had the potential to endure significant losses (due to human error and faulty, incomplete data). After automating, each organization – regardless of its size and complexity – saw near-immediate benefits. Most importantly, each experienced a reduction in FX-related losses, managed impact from volatility and a substantial decrease in unmanaged FX currency risk. Kyriba is committed to helping organizations improve the impact currency exposure has on corporate financial results by offering best-in-class technology and services. With Kyriba, organizations can reduce risk, reduce costs and streamline processes. Kyriba facilitates end-to-end automation, which includes direct ERP data extraction and aggregation, forecast consolidation, exposure and risk analysis generation and automated risk transfer and trade execution connectivity to banking portals and trading platforms using state-of-the-art, highly-secure SaaS solutions. If your organization is dependent on a sluggish, error-prone manual FX program, you should know adopting an end-to-end, fully-automated currency risk management program can help you achieve the kind of benefits detailed in this eBook. Kyriba has helped leading multinationals and small and mid-size companies with FX exposure, to successfully transition from manual FX programs to modernized, cost-effective programs. Want to learn more about how to automate seamlessly across your FX risk management programs? Check out Kyriba's latest demo session and see how Kyriba helps its clients mitigate the effects of currency volatility and reduce hedging costs.

Silicon Valley Bank’s collapse is a warning for CFOs and finance leaders who are not able to offer immediate, real-time questions on impacts to their balance sheets, income statements and cash flow. View Recording

Silicon Valley Bank’s collapse is a warning for CFOs and finance leaders who are not able to offer immediate, real-time questions on impacts to their balance sheets, income statements and cash flow. View Recording

Kyriba’s Liquidity Analytics is part of the comprehensive SaaS-based Kyriba Analytics reporting platform giving CFOs and treasury the ability to identify enterprise-wide, integrated cash, coupled with debt and investment data presented with superior visualization...

Kyriba’s Liquidity Analytics is part of the comprehensive SaaS-based Kyriba Analytics reporting platform giving CFOs and treasury the ability to identify enterprise-wide, integrated cash, coupled with debt and investment data presented with superior visualization and analysis. Liquidity management across the organization becomes more strategic, insightful and faster with the latest Kyriba Analytics offering: Analyzing the Net Financial Position To gain a comprehensive understanding of the financial position of a company, it is essential to analyze the variation of net debt over time. This analysis can provide insights into how the company’s liquidity has changed over a given period and whether these changes are a cause for concern. The examination of intercompany loans across subsidiaries as part of the net debt allows analyzing the role of in-house liquidity for the group. The breakdown by currency increases visibility into the associated forex exposures prior to hedging. To counter the delays in reporting typically experienced from non-integrated, spreadsheet-based tools, Kyriba’s solution brings the treasury data and financial transaction records together intraday to calculate the net debt position. By using these resources, Liquidity Analytics offers a current picture of the organization’s financial standing, enabling the CFO to make informed decisions and take appropriate actions to manage and mitigate financial risks. Building a Solid Financial Plan Liquidity Analytics allows optimized financing from the planned evolution of working capital and capital expenses. The ability to forecast the company’s funding requirements in relation to its financial resources increases the effectiveness of planning and managing the financial operations of the company. In an economic climate that is fraught with uncertainty, it is imperative for the CFO to make contingency plans that account for various business scenarios, both those that anticipate growth and those that defend against downturns. Liquidity Analytics enables stress testing of cash inflows and outflows, thus validating the strength of the financial plan against the pressure of a volatile market. By utilizing this tool, the CFO can ensure that the company’s financial plan is resilient and can withstand a variety of potential economic scenarios. Controlling Liquidity Liquidity ratios play a crucial role in determining a company’s credit rating and subsequently its cost of debt. Liquidity Analytics provides both historical variations in liquidity and its future evolution anticipated from financial planning. This analysis encompasses not only cash and cash equivalents, but also committed credit facilities. The tool can also aid in mitigating credit risk by exercising control over the allocation of the liquidity portfolio across banks, thereby avoiding any potential concentration of funds. By ensuring that the liquidity portfolio is diversified and not concentrated in a single institution, the solution helps reduce the risk of over-reliance on any one bank, thus contributing to the financial stability of the company. Analyzing the Structure of Your Debt Portfolio Analyzing and optimizing your debt portfolio over time is crucial in order to minimize interest expenses. Liquidity Analytics expands the CFO’s effectiveness in calculating and forecasting the exposure to interest rates volatility. Future interest rate what-if combined with liquidity stress test provides an estimate of the cost of the financial plan by scenario. This analysis helps the CFO make informed decisions regarding the company’s financial operations and ensure the cost of the debt is minimized in the long term. Kyriba Analytics Reporting Platform for CFOs and Treasurers Besides Liquidity Analytics, Kyriba also offers a full suite of analytics for Cash, Payments, Risks, Compliance and Supplier Finance. Liquidity Analytics What is my net debt and my liquidity? How and when best to pay down my debt? How many “days of survival” do I have? Cash Analytics Do I have enough cash? Are my cash forecasts reliable? What is my activity with banks? Payments Analytics Where is my biggest concentration of payments? Are we sending too many wires? Which users execute payments and who approves them? Risk Analytics How much is available on my credit lines? What is my borrowing profile? What is the value of my financial assets? SCF Analytics What is my supplier participation rate? How many documents have been uploaded? Which invoices are financed? Compliance Analytics Who are the users and where are they located? Which modules can they access with which rights? What data can they access?

FX Risk Management is one of the most difficult objectives handed to a CFO’s organization. Touching not only all key areas of Treasury, Accounting & Finance, but also necessitating coordination with operations & lines...

FX Risk Management is one of the most difficult objectives handed to a CFO’s organization. Touching not only all key areas of Treasury, Accounting & Finance, but also necessitating coordination with operations & lines of business.

Kyriba Mobile securely extends core treasury and payments functions from desktops to mobile devices, allowing informed, real-time decisions on the go.

Securely access core treasury workflows anytime, anywhere Complimentary for Kyriba clients, the Kyriba Mobile application extends core treasury and payments management functionality from desktops to mobile devices, empowering CFOs and treasurers to make informed, time-sensitive financial decisions at their convenience. With the mobile app you can check balances and approve payments on the go. The app enhances the productivity of CFOs and treasurers with a range of functionality, including: Validation and approval of payments On-demand dashboards Automated cash position reporting Task management Real-time, Secure Payment Approval and Signature Kyriba Mobile app provides access to real-time, secure payment information with the same approval process as the desktop application. With Kyriba Mobile, you can: Activate push notifications on your mobile device and get notified immediately when pending payment approvals are ready Filter your payments, for example only view payments with attachments Swipe to validate and approve single and multiple payments Sign payments digitally with dual-factor controls View fraud alerts with details, including: Transaction amount and status Beneficiary names, bank account details and BIC Issuer names and last action user Issuer bank, account details and BIC Stay Informed with Kyriba Analytics Kyriba Mobile app offers the same Kyriba Analytics experience as the desktop version, delivering integrated and pre-built analytics for Kyriba Cash, Liquidity, Treasury, Risk, Compliance and Supply Chain Finance modules and data. Kyriba Mobile users can: Drill down into visuals and tables Navigate public and private views Access selection, bookmarks and insights Use natural language to find insights Personalize metrics into your data Seamless Integration: Dashboard, Online Reporting and Task Monitor With Kyriba Mobile app, you can access all Kyriba reporting dashboards and run any report from any library: With a single click, access Kyriba Mobile’s Reporting dashboard menu to view the same graphics as Kyriba’s Home and Dashboard pages Search and highlight report content for a more productive mobile user experience Manage and share tasks with Kyriba’s own taskbar (the “Task Monitor”) View color-coded status updates to easily see if tasks have successfully completed or need further attention Mobile Access Security Securely connect and login to Kyriba Mobile with: Kyriba user ID and password Dual factor authentication (SMS, TOTP, Yubikey) Single sign-on (SSO) via all major providers (Okta, ADFS) Biometrics (FaceID, finger touch ID) Supported Devices The latest version of Kyriba Mobile is supported on the following devices in both English and French: iPhone® iPad® Android™ Kyriba Mobile’s easy-to-use features garner high ratings in the major app stores: Google Play: 5.0 out of 5.0 ***** Apple App Store: 5.0 out of 5.0 *****

FX volatility is at a 20 year high, and coupled with high interest rates, the challenge of delivering predictable earnings guidance against a tightening budget has become a top priority for CFOs.

FX volatility is at a 20 year high, and coupled with high interest rates, the challenge of delivering predictable earnings guidance against a tightening budget has become a top priority for CFOs.

The scale of Lowe’s bank account environment is extremely large, with over 2000 bank accounts with 33 banking partners. Prior to Kyriba, the treasury department used a third party application for bank fee analysis,...

The scale of Lowe’s bank account environment is extremely large, with over 2000 bank accounts with 33 banking partners. Prior to Kyriba, the treasury department used a third party application for bank fee analysis, and the process was extremely cumbersome, taking 2 full days to complete, resulting in just a summary of numbers with no analytical work. "Before Kyriba, the goal of the process was just to simply get through it. No analytics...just 2 full days of pulling the data together.” Jon Korpal, Senior Treasury Analyst, Lowe’s With Kyriba’s Bank Fee Analysis, Lowe’s is able to pull reports on a macro scale to immediately identify any outliers. They now produce a complete analysis of their volumes, unit fees and total fees by account, all on a month-over-month and year-over-year breakdown. They can immediately compare services across banks and drill down to a micro-level for any out-of-policy store activity. “With Kyriba we are more easily able to zero-in on store activities. I can quickly see the stores that are generating excess fees simply because they are doing things outside of our standard policies and procedures.” Jon Korpal, Senior Treasury Analyst, Lowe’s High Turnover Requires Quick Identification of Out-of-Scope Fees The ability to quickly identify stores garnering excess bank fees is crucial in the retail environment, where employee turnover can be high. For example, a store that deposits loose change in their nightly deposit will get charged fees for doing so. If this practice is not detected and corrected right away, it is possible the employee in need of training will have moved to a different position or company by the time other software would have caught the mistake. “I’m able to get the data out of Kyriba using Bank Fee Analysis, so I’m able to spend my time focusing on the analysis side and not just trying to compile the data. I feel very confident I have visibility into everything I need to see, and it really keeps the banks honest.” Jon Korpal, Senior Treasury Analyst, Lowe’s Keeping the Banks Honest Roughly 95% of Lowe’s accounts are with 3 main banks, and every year Lowe’s performs an annual peer bank study with a third party that compiles and compares fees that Lowe’s is being charged against other companies in their peer group. Using Kyriba’s Bank Fee Analysis allows Lowe’s to feel confident in their numbers and can determine if any anomalies are a one-off issue or a more concerning trend. With all the rates going up in today’s environment, having Bank Fee Analysis, and the banks knowing we have access to the data, allows us to confidently challenge banks on fees and rates with success. Scorecard System Helps Treasury Demonstrate Kyriba’s Value to Management Lowe’s employs a scorecard system to review and analyze technology, and in evaluating Kyriba, Bank Relationship Management scored as the most valuable to Lowe’s. Treasury was able to use the efficiency and cost savings made possible through the module to demonstrate the need to management and get funding for adding Bank Fee Analysis to their Kyriba instance. About Lowe's Lowe’s grew from one small town hardware store in North Carolina to one of the largest home improvement retailers in the world, with over 1800 stores in US and Canada and $96.3 billion in annual sales.

On-Demand, On Your Time. Kyriba has elevated technology for CFO’s and Treasurers around the world. Join us for a deep dive into the NEW Kyriba Treasury, Payments & Risk Platform. With brand new User...

On-Demand, On Your Time. Kyriba has elevated technology for CFO’s and Treasurers around the world. Join us for a deep dive into the NEW Kyriba Treasury, Payments & Risk Platform. With brand new User Experiences, embedded analytics and visualizations and next wave connectivity strategy with Award Winning API’s, Kyriba is helping customers realize real-time liquidity.

In a high interest rate environment, coupled with increasing volatility, CFOs and Treasury leaders are demanding more robust and real-time controls over their liquidity. This demo webinar will demonstrate the value of Kyriba's liquidity...

In a high interest rate environment, coupled with increasing volatility, CFOs and Treasury leaders are demanding more robust and real-time controls over their liquidity. This demo webinar will demonstrate the value of Kyriba's liquidity planning solution.

Team of Four Solve “The Big Problem” at DT One William Tan, Kyriba, Neo Zi Xin and Vincent Fu, DT One The Challenge In the past, this fast growth company faced significant operational risk...

Team of Four Solve “The Big Problem” at DT One William Tan, Kyriba, Neo Zi Xin and Vincent Fu, DT One The Challenge In the past, this fast growth company faced significant operational risk issues and onerous banking processes with multiple bank accounts with multiple different banks due to its unique business model while lacking digital solutions or connectivity. A few major challenges defined “The Big Problem.” Operational risk – working capital was burdened by manual processes and required one treasury team FTE to manage cash positions and consolidate transactions, including manual consolidation of 3,000+ transactions per month from emails and spreadsheets. Flying blind – there was no single source of truth, minimal automation, no connectivity to banks, concerns for audit and regulatory requirements eclipsed challenges of posting errors to the wrong accounts. As banks were added, fees increased. Massive growth – DT One accelerated revenue growth by three times from 2017 to 2021, adding multiple new product offerings. Banking presence consequently increased 55%. Treasury now manages 100+ bank accounts with close to 30 unique banking partners. The Solution Prior to 2017, operational treasury functions were embedded in the finance function. However, following DT One’s exponential growth and international expansion, the added risk to operational cash and daily treasury operations coupled with an expanded scope of work necessitated a dedicated treasury function. In a bid to solve the problem and improve processes with a fully digitised solution, treasury determined the following objectives in advance of their RFQ process to: Improve automation and mitigate operational and regulatory risk. Reduce the staff hours spent on treasury operations. Achieve a single source of truth. Integrate and automate processes to reduce human errors, enhance checks, controls and balances as well as provide data driven analytics to the business. The strategy was put in place to improve the function of each treasury team person, advance and automate processes and fully digitise treasury technology to overcome the challenges of rapid, international growth as a company in the sophisticated and constantly evolving telecommunications space. Kyriba was selected to support the long-term growth of the company and as a SaaS solution, the finance function can scale and grow the technology as needed. The team leveraged Kyriba’s open API connectivity to gain 96% instant visibility into cash, and thus reduced idle cash by four times, gaining a yield on investment cash by two times. Best Practice and Innovation A full audit was conducted to determine the impacts of accelerated growth against the already high operational risk resulting from legacy processes and systems within the finance structure. This data guided the finance team to appoint a treasury team to manage the specialised and strategic functions around cash, liquidity and bank transactions during a rapid growth stage. A four-person treasury team was set-up with an ambition to solve “The Big Problem” and deliver more value-added services. With modern technology empowering their vision to be a strategic advisor to the business, the small but highly motivated and focussed team was able to expand their expertise and deliver advanced data analysis and decision support to the business leaders. Taking an API first approach to bank connectivity further demonstrates the best practice and innovation that solved the major problem of scalability, financial controls and strategic liquidity management for the company now and in the years to come. Bank connectivity and a consolidation of accounts’ views enabled the team to negotiate a uniform fee schedule across a single banking group despite the account location. Key Benefits Cost savings. Process efficiencies. Return on investment (ROI). Increased automation. Risk mitigated. Improved visibility. Errors reduced. Manual intervention reduced. Increased system connectivity. Future proof solution. Exceptional implementation (budget/time) – five months reduced to three months. About DT One DT One is the world’s largest network of non-cash micropayments and digital pre-pay partners. DT One’s B2B digital transfer network enables transfers for mobile top-ups, data bundles, vouchers, gift cards, utilities and a host of other prepayments, across 160+ countries. With a network of 1,800+ customers and network partners, DT One delivers smart digital connectivity solutions for over five billion mobile consumers across emerging economies, helping them maintain quality digital and social connections.

Bogged down by manual processes and lack of resources, the treasury team at Riot Games opted to level up their technology by implementing a TMS and an independent investment portal. Riot Games is a...

Bogged down by manual processes and lack of resources, the treasury team at Riot Games opted to level up their technology by implementing a TMS and an independent investment portal. Riot Games is a developer and publisher of many popular gaming titles, including League of Legends, which launched in 2009 and remains popular around the world some 13 years later. Other games launched by Riot in the past three years include Teamfight Tactics, Valorant, Legends of Runeterra and Wild Rift - a mobile version of League of Legends. Headquartered in Los Angeles, Riot Games has grown exponentially, with over 4,000 employees and 20 offices worldwide and has implemented many new systems and processes over the years to accommodate its explosive growth. Riot Games operates all over the world and collects revenue in various currencies. Due to its structure, revenue and cash go back to the developer’s publishing entities. While most of the company’s spending occurs in the US, several of its global publishing entities had built-up excess cash. Philip Giron, Treasury Manager, Riot Games, explains: “Outside of China, where we publish through our publishing partner, Tencent, we have five major publishing entities worldwide in South Korea, the Americas, the European Union, Singapore, and Japan. These reflect the main currencies we manage — US dollars, euros, Japanese yen, UK sterling, Korean won and the Singapore dollar. We also hold up to 10 additional currencies and transact in almost every single currency in the world, reflecting our global customer base.” Working across over 150 global bank accounts, the treasury team’s activity was highly manual, relying on spreadsheets and multiple banking platforms with various statement formats for reporting. “It was a long turnaround time to assemble the global cash reporting,” reveals Giron. “If the CFO wanted that information, I’d need a day to collect all the data. We wanted to make that information accessible to make data-driven strategic decisions.” Prior to implementation “It was a long turnaround time to assemble the global cash reporting. If the CFO wanted that information, I’d need a day to collect all the data. We wanted to make that information accessible to make data-driven strategic decisions.” Philip Giron, Treasury Manager, Riot Games Drawing up the Plan The Riot Games treasury team set out to implement a TMS for global operations, as well as focus on automating investments in Europe. In 2019, the treasury team of three began the treasury transformation project designed to dramatically close the gap between its limited resources and growing global responsibilities. The goal of the transformation was to eliminate as many manual processes as possible across cash reporting, investments and payments to gain more time for strategic analysis and put its excess, idle cash to work. “We attended a major North American treasury conference that is essentially the whole industry in one place, which was a great way to see all the products out there,” Giron says. “We spoke to many different providers and practitioners working in the space and eventually decided that Kyriba was the best fit for our needs.” Riot Games implemented Kyriba’s cash management, cash forecasting, bank account management, payments, and bank fee analysis modules as a phase one project. They also onboarded the independent investment portal ICD to access a broad selection of short-term investment products and efficiently research, trade and report on European investments with a streamlined, automated workflow. “We knew about ICD and felt it was a no-brainer for what we were looking for as far as a neutral portal with access to many funds goes,” Giron comments. “We also liked that there is no cost to using, setting up, or integrating ICD with our other treasury technology.” Attending the AFP Conference “We attended a major North American treasury conference that is essentially the whole industry in one place, which was a great way to see all the products out there. We spoke to many different providers and practitioners working in the space and eventually decided that Kyriba was the best fit for our needs.” Philip Giron, Treasury Manager, Riot Games Best Practices in Implementation Ensuring a solid project manager was assigned to the TMS implementation was paramount for the treasury team, who engaged Kyriba to shepherd the process and make sure milestones were met on time and on budget. The onboarding of ICD Portal followed a five-step process coordinated by the ICD team, and Riot Games was up and running with the investment portal in days. “These teams have many years of experience doing this, so it’s quite easy,” notes Giron. “The most I had to do was work with the ICD team to provide legal forms, and they handled the rest. The actual set-up process was seamless.” The TMS implementation was split into two phases to help the lean treasury team get set up with the technology in a way that didn’t negatively impact the day-to-day work. “Phase one was all about having the information readily available and uploaded in the TMS,” comments Giron. “While that sounds like a simple step, it was a long process as we have 150 bank accounts worldwide with up to 15 different banking relationships. We couldn’t just flip the switch and immediately have access to information – it was a work in progress.” The global nature of the Riot Games business meant that some of the banks it was onboarding into the TMS, particularly some Asian institutions, were not necessarily using the same banking standards or systems that, for example, its core North American banking partners were. Trying to navigate this inconsistency required delicate handling by the treasury team. “One of our biggest challenges was trying to get foreign banks, specifically China, to be amenable to our process and what we were trying to accomplish,” continues Giron. “Some banks would say that they didn’t operate with SWIFT or couldn’t work with Kyriba, but when we dug deeper and went up the chain of their organization, we found that they did have that capability.” With phase one complete, the treasury team has been able to move on to start phase two of its TMS implementation. This involves expanding the implementation beyond the US to its international subsidiaries and adding three more modules for cash accounting, multilateral netting and in-house banking. “The first phase was purely about getting all our information in one system,” confirms Giron. “Now that we’re entering phase two, we can start to execute on the tools that will help us manage the cash. This is only possible since we achieved realtime, centralized cash visibility.” The ICD implementation was somewhat more straightforward as, following the onboarding process, treasury simply had to switch on the portal. Having initially added two entities for training with ICD, treasury is now adding a third entity. Seizing Immediate Benefits Using Kyriba, month-end reporting for Riot Games has been reduced from three days to less than one hour. The treasury team has reduced excess cash globally, working closely with international finance teams, enabling it to increase its return on cash. On the short-term investments side, ICD Portal has enabled the treasury team to get in and out of trades quickly and easily. This all starts from the user interface experience at log-in, as Giron explains: “When you log in to ICD, I like that it’s streamlined and easy to navigate,” he says. “It gives me easy access to information on all the funds I want to explore. In the current uncertain investment market, having access to all of the fund’s data in one place, including ratings and fund holdings, allows me to make the most informed decision possible, and allows me to ensure compliance with our investment policy.” Having eliminated phone calls with each fund company directly, all trades using the portal are researched and executed in one place, with one ticket through clearing. “When we are executing on redemptions or purchases, I appreciate the ease of execution,” enthuses Giron. “There’s no red tape where you have to contact someone to approve it. For example, in just minutes, we rebalanced our MMF portfolio this morning through ICD. The transformation also benefits the accounting department, which uses the portal’s comprehensive transaction and valuation reports. “With ICD, the quick execution has freed up a lot of our time, as has the interface which allows for fast research of MMFs,” notes Giron. “Being a lean team, time is our most valuable resource. We have freed up more time to spend on cash forecasting, liquidity planning and investment portfolio analysis”. Through its global treasury transformation, Riot Games worked across departments to enhance reporting, eliminate excess cash outside of operational balances, reduce month-end reporting, from three days to less than a half day, and streamline short term investments to save time and optimize its portfolio for the best returns. Phase two of the TMS implementation will see the treasury team support its intercompany activity with technology for cash accounting, multilateral netting and in-house banking in order to optimize global cash balances. Beyond that, Giron can see a path for further integration to drive even greater efficiencies for the company: “Our finance and accounting teams use Oracle, so my vision would be to further integrate Oracle with ICD and Kyriba,” he concludes. “I know that integration is possible because we’ve talked to finance professionals who have done just that. If you can get computer systems and software to work to your favor, it makes life better and gives treasurers the time to focus on more strategic aspects of the job.” Most Valuable Resource “We have freed up more time to spend on cash forecasting, liquidity planning and investment portfolio analysis.” Philip Giron, Treasury Manager, Riot Games This article originally appeared in Treasury Management International (TMI) on November 28, 2022.

Thursday, March 9th 2023 - 7:00 AM (PST) | The economic volatility and downturn has highlighted the importance of cash and liquidity for businesses. It has become critical for finance leaders to have clear...

Thursday, March 9th 2023 - 7:00 AM (PST) | The economic volatility and downturn has highlighted the importance of cash and liquidity for businesses. It has become critical for finance leaders to have clear visibility into their liquidity so that they are able to proactively manage their cash lifecycle to ensure they can support evolving business requirements.

Is Your Business Ready for ISO 20022 Payments Migration? The lack of payment messaging standards around the globe has been a major issue for payment factory or payment hub modernization. The absence of standards...

Is Your Business Ready for ISO 20022 Payments Migration? The lack of payment messaging standards around the globe has been a major issue for payment factory or payment hub modernization. The absence of standards has resulted in expensive cross-border payments, insufficient transparency, increased fraud, and heightened security risks. Many companies have allocated extensive resources to develop local formats, yet still face a complexity that prevents them from harmonizing end-to-end processes, including payments validation and data reconciliation, for domestic and international transfers. Over the years, the adoption of the 2009 version of the ISO 20022 XML messaging standard has represented great progress. It is considered a mature format that is important for corporate payments globally. Nevertheless, companies and banks are still spending a lot of time and money supporting and maintaining local legacy formats–or even worse, proprietary formats–that pose maintenance challenges on a daily basis. Fortunately, under the joint effort of SWIFT, the European Policy Center (EPC), as well as many banks and corporations, the 2019 version of the ISO 20022 XML messaging standard could be the light at the end of the tunnel. What’s New in the Latest Version of the ISO 20022 XML? ISO 20022, first introduced in 2004, is a messaging standard that establishes a common digital language for financial data worldwide. While SWIFT has started the migration towards ISO 20022 XML messages, the standard is widely used beyond SWIFT services. Currently, most real-time payments systems are using ISO 20022, and the standard has been used for more than 10 years for SEPA Credit Transfer and Direct Debit. Additionally, ISO 20022 is used for invoicing, investment fund orders, and foreign exchange activities. ISO 20022 contains many messages and it also has yearly releases. For instance, ISO 20022 release 2009 contains the pain.001.001.03 message, the most commonly used messaging format for payment initiation. In ISO 20022 release 2019, which is the latest version, the same message has been upgraded to version 09, pain.001.001.09. When it gets adopted by a majority of organizations, the 2019 version of the ISO 20022 XML messaging standard will allow for speedy payment transactions, in part because it would eliminate complex layers of legacy payment codes. The new version provides more detailed, higher quality data, enabling better reporting, enhancing security procedures, and driving innovation by allowing financial institutions to analyze customer behaviors and design products that better fit their needs. By November 2025, SWIFT messages will be fully transitioned to ISO 20022 XML for interbank settlements. For this migration, most banks will change their infrastructure and therefore will push their corporate clients to adopt the 2019 version of the ISO 20022 XML over other local standards for payments, such as DTAZV in Germany and AFB320 in France. The process has already started in Switzerland, where SIX is promoting this format as the new Swiss standard and Credit Suisse and the Swiss National Bank are already making it available to their customers. In Europe, the EPC has announced that the new version will become the SEPA Credit Transfer format as soon as November 2023. Common Global Implementation (CGI), an initiative to simplify various payment related corporate-to-bank implementations by promoting the wider acceptance of ISO 20022 XML, has already released its specifications. Globally, this new standard will allow the transmission of rich data in a more structured manner. It will enable end-to-end tracking and reconciliation of payments, which has always been an issue with cross-border payments. Currently, over 70 countries are already in the process of adopting ISO 20022, including China, India, and Japan. Why is ISO 20022 Important to ERP-to-Bank Connectivity & Payments? With the imminent global adoption of the 2019 version of the ISO 20022 XML, organizations need to be aware of its benefits as well as its limitations, as they prepare to add it to their payment mix. For finance and IT leaders, the new standard offers a myriad of benefits in comparison to its predecessors. Adopting ISO 20022 standards helps to prevent fraud, avoid system failures, and expedite payment transactions, large and small. Use case highlights: Instant Payments: The standard enables frictionless, real-time payments by creating a global, open standard that anyone can implement on any network. Rich Data: The rich, consistent, well-structured data enabled by the new standard delivers faster transactions and helps drive innovation by allowing organizations to develop products based on customer needs. Improved Regulatory Reporting: Because the new standard requires identical formats and a higher level of detail, it creates more secure payment information that lends itself to better, faster regulatory reporting. Fraud Prevention: A standard payment format helps organizations identify fraud, including money laundering. The fact that the new format requires structured and complete addresses limits the fraud risks too. Compliance (Security Enhanced): The consistent payment format facilitates compliance with government regulatory requirements. Interoperability: The standard helps to promote interoperability for cross-border payments, improving the ability to easily exchange and make use of information. Payments Hub Upgrade: It meets the need for payment system renewal programs, ensuring alignment with global industry standardization such as SWIFT’s cross-border payments messaging migration where the MT messages will gradually be replaced by XML. Faster Reconciliation: It supports Unique End-to-end Transaction Reference (UETR) with a standardized tag, allowing the transmission of this unique id from any ERP system in a payment file to the bank and back in payment acknowledgement and bank statements. Tracking and Beneficiary Advice: The new standard improves the transmission of information through end-to-end tracking and the payment advice to the final recipients. On the flip side, while the new standard promises improved messaging interoperability between systems for the greatest number of participants, the actual experience is dependent on how individual banks set up the messaging standard internally. In other words, banks will deploy the new messaging standard differently and some workarounds will likely be necessary for seamless payment transactions. What Does it Mean for Your Organization? With so many tangible benefits the new standard can bring to the corporate payments, organizations should adopt it as soon as their banking partners offer it. However, according to a recent Celent survey, not all banks are equally prepared for ISO 20022 migration. As a result, Celent also found that many corporate clients have not been sufficiently informed by their banking partners on the forthcoming ISO 20022 changes and more importantly, what actions companies would need to take to plan for the changes. Banks* indicate time, resource, and technology constraints as major hurdles to their ISO 20022 migration. 73 percent of banks agree that technology constraints within the bank limit their ability to do more with their migration to ISO 20022.   63 percent of banks agree that budget or resource constraints limit their ability to do more with their ISO 20022 migration. Celent anticipates that the majority of banks will do just enough and be largely on time for the deadline. * Data from 51 banks surveyed across Europe Source: CELENT (2022). Survey & report: The race to ISO 20022. This lack of communication is unfortunate as corporations must also prepare their systems to send and receive the new payment format. If not, the opportunity to benefit from the richer data is lost because the extensive data in payment messages could be truncated by the end recipient due to system unreadiness and messaging incompatibility. Based on Kyriba’s experience, we foresee that it will require some effort for enterprises to get their internal systems ready for the new message format. A quick checklist includes: Cleaning up the ERP Database with More Structured Third-Party Information. As more and more countries will only allow structured addresses in cross border transfers, complete information for the beneficiaries (full names, complete addresses and even identification numbers) will become a must. SWIFT initiative, known as CBPR+ (Cross Border Payment and Reporting +), aims to provide structured addresses already in MT messages. Kyriba advised its clients to start completing the structured addresses, at least for city, zip code, and country (and for some countries, also state/province). Harmonizing the Payments Validation Workflow. As part of the workflow design, Kyriba’s recommendation to our clients is to consider implementing a fraud detection system. The rule-based and AI-powered fraud and compliance detection mechanism will remove a lot of time-consuming and error-prone manual steps to validate payments and let all stakeholders get better control over the payments processed. Creating Processes for ERP and TMS Integration and Automating End-to-end Reconciliation. By using a unique import interface, generating unique ids for each imported file, and initiating payments in formats containing these unique ids, the reconciliation process will be transformed. Acknowledgments will be integrated with a specific format (XML Pain.002.001.10) that will allow cash managers to be alerted almost immediately when a payment is rejected. With end-to-end integration, the information can be fed in real time back to ERP for quick action. How Can a Technology Partner Help? After years of working with dedication to create a vast library of proprietary formats, the Kyriba payments team sees the coming changes as a chance to get closer to global standardization. However, as a mission-critical process, any disturbance in payment processes could cause business disruption, supplier dissatisfaction, and late material deliveries. Understandably any major format change or update makes payments and IT teams apprehensive. Therefore, it pays off to understand the subject matter in advance, plan a progressive roadmap to adopt the new standard, and if needed, work with a specialist vendor to manage the whole transformation. Kyriba is always at the forefront of formats and payments innovation, with proven ability to quickly support the latest formats required by the market. Kyriba clients can already seamlessly exchange payment transaction data with Credit Suisse using the new standard. Kyriba also supports SEPA CT XML ISO 20022 version 2019, has developed the CGI standard version XML ISO 20022 version 2019 format, and is ready to support the SWIFT migration from MT to MX messages via SWIFT Interact. To illustrate the efforts it usually takes to develop payment templates, let’s deep dive into the process: All payment templates must be individually developed and tested with each bank Developers must coordinate all testing with each bank’s technical team Format typically fails first test, multiple rounds of testing are required with each format Companies must work on each bank’s timeline and time zone Average timeline from development to production is 3-6 months for a single payment format Kyriba offers its clients a pre-built and pre-tested payment format library with over 50,000 payment scenarios ready for use, covering all major banks across the globe. Based on Kyriba’s Value Engineering Projects with our clients, Kyriba clients are looking at an average saving of $100,000 from this time-consuming and labor-intensive process. If you are in the middle of the ISO 20022 XML migration or about to start the project, contact one of our payment experts today and we look forward to supporting you in your future payment journey. References Common Global Implementation (CGI) Initiative European Payments Council (2022): Guidance on the Migration to the 2019 Version of the ISO 20022-based XML Messaging Standard ISO (2020) Introduction to ISO 20022: Universal Financial Industry Message Scheme SWIFT (2022) UETR SWIFT (2022) What is ISO 20022? Sources CELENT (2022) Survey & Report: The Race to ISO 20022 The SWIFT Standards Team (2020): ISO 20022 for Dummies (5th) John Wiley & Sons, Ltd. Watch our on-demand webinar to learn more about Beam Suntory's treasury and payments transformation journey, including using the Kyriba Payment Hub for auto converting ISO 20022 XML format.

Cash is still king — but the value of cash and forecasted liquidity held or planned by the company can only be realized via cash visibility, when the treasurer knows what cash is available,...

Cash is still king — but the value of cash and forecasted liquidity held or planned by the company can only be realized via cash visibility, when the treasurer knows what cash is available, where it is held and what flows are expected in the future. However, all too often, treasurers do not have access to their organization’s full cash picture. There are many good reasons for working with multiple banks across different markets, but complex banking structures and sprawling geographical footprints can make it difficult to achieve complete cash visibility into current balances, never mind impacting the accuracy of cash and liquidity forecasting. Luckily, achieving full cash visibility over cash is not an insurmountable goal. This eBook outlines the action plan treasurers can take to gain full visibility over their cash, from gaining a clear view of current bank accounts to increasing the accuracy of the cash forecast. "More than a quarter of global cash is not visible to corporate treasury on a daily basis.” Source: PWC’s Global Treasury Benchmarking Survey   What is Cash Visibility? Cash visibility is critical to making effective decisions. Armed with clear visibility over the company’s current cash position and future liquidity flows, treasurers can: Invest cash strategically Support the CEO, CFO in strategic initiatives with the right levels of cash and liquidity Use cash management structures effectively Minimize debt and interest expense Make better informed hedging decisions Reduce bank fees Bolster treasury’s reputation within the organization Key Vocabulary Cash Visibility means knowing what cash the company currently has and where it is held. It also means being able to predict what cash the company will have in the future. Cash Budgeting generally performed by FP&A, is more focused beyond one year and has an increased emphasis on free, cash-flow guidance. The reconciliation of indirect budget-based forecasts with direct cash flow forecasts are increasingly managed quarterly. Cash Positioning is concerned with today and often the next five business days. The purpose is to manage daily liquidity to ensure shortfalls are covered and surpluses are concentrated to earn some yield on excess cash. Cash and Liquidity Forecasting typically extends cash positioning with horizons anywhere from one week to one year. Forecasting leverages multiple data sources to increase confidence in the projected liquidity balances so that better cash decisions can be made. Why is Cash Visibility Important? Cash visibility is the lifeblood of any organization. A company that has clear visibility can invest or deploy cash strategically while minimizing debt and interest expenses. Accurate visibility also increases the effectiveness of hedging decisions and enables the treasurer to mitigate their organization’s risk to exposures while supplying the CFO with funding in support of strategic initiatives. Conversely, a lack of clear visibility can result in numerous issues, including: Insufficient buffer of surplus cash to absorb unforeseen expenses Idle cash, lower returns on investments Insufficient return on cash Higher than necessary borrowing costs Unnecessary bank fees and costs Inadequate support for CFO strategic decision-making Less competitive results and less effective treasury organization as a partner for finance Related Resource Unreliable cash visibility and forecasting is the treasury issue that causes CFOs the most concern. "The top benefits of using Kyriba are the visibility that it provides, the timeliness with which it provides that visibility, and the ease of use, in that it provides it all in one simple one-stop shop.” TRISH FISHER Director, Treasury Operations, WeWork The Path to Cash Visibility Whether the treasurer is seeking to pay down external borrowing or maximize return on investments, the first step is to know what cash is currently available. But that’s not all, treasurers also need to be able to predict future liquidity flows and keep the right people informed. Achieving cash visibility is possible by using 5 definitive steps to move towards greater cash visibility and flexibility: Identify and Record Without an inventory of your banks and accounts, a complete cash visibility picture is unattainable. Prioritize and Rationalize Identify where to begin, difficult regions or banks, and determine accounts for closure. Automate Bank Connectivity and Reporting Harness the most costeffective and leading connectivity methods to access data from banks in an automated way. Generate and Streamline Cash Positioning with Liquidity Forecasting Accurately predict cash flows over the coming hours and days, and match actuals to forecasts to speed up daily reconciliation and cash application. Enhance and Optimize Future Cash Flow with Liquidity Planning The ability to see a holistic, aggregated view of cash and liquidity sources creates more accurate views and predictable free cash flow. Knowing your predictable liquidity creates a better understanding of any future liquidity shortfalls. Step One: Identify and Record Regardless of the scale and breadth of your organization’s banking and accounts structure, it is important to understand the banking landscape of all business units and subsidiaries. Whether operating in a domestic or international capacity, banking relationships. the accounts, the purpose of those accounts, and the core attributes of the bank, the accounts and their purpose all are necessary to begin a cash visibility project. This has many implications for the success of global cash visibility projects, such as: Establishing a full inventory of managed accounts, ensuring all balances are identified Ensuring the proper scope and prioritization of your project Optimization and rationalization across banks and accounts Effective comparisons and evaluations across banks for technical capabilities for connectivity, tech, regional coverage and other important services An effective bank relationship and bank account management database is the starting point for successful projects, but particularly when it comes to cash reporting. Where cash is rolling up in concentration or pooling structures, how funds are being transferred, purpose of the accounts, and even regulatory limitations all have a say in how you engage with your banking partners and the extent of cash flexibility. Step Two: Prioritize and Rationalize Bank reporting rationalization ensures accounts are identified and open for the right reasons. Often, particularly in international or more complex organizations, accounts are opened in haste to support business development and decisions. This is often necessary for statutory purposes, or to deal with an unforeseen acquisition or reorganization. However, if this situation exists, it’s possible cash and liquidity is not well defined or identified, as well. Organizations must understand and rationalize accounts, prior to moving into the next ‘step’, but this can continue throughout the project in parallel, too. The focus here is on creating a streamlined, but effective banking and account structure that fulfills treasury’s mission of safeguarding and optimizing cash, while still meeting specific business unit or subsidiary’s requirements. Bank improvements in reporting quality as well as the leading application of configuration within leading treasury management systems, creates the scenarios where previously opened, special-purpose accounts are no longer required to serve special purposes such as revenue, collections, treasury, or payables accounts. With banks being able to provide significantly improved quality of liquidity information within bank statements and other special purpose reports, and the speed of that data increasing through APIs, some companies can conduct business with one or two bank accounts per legal entity, business unit or country office. The focus here is on creating a streamlined, but effective banking and account structure that fulfills treasury’s mission of safeguarding and optimizing cash, while still meeting specific business unit or subsidiary’s requirements. Step Three: Automate Bank Connectivity and Reporting Visibility over multiple accounts requires automated bank connectivity. Companies of all sizes are often challenged in finding and implementing the right bank connectivity solution and is a critical driver of lack of visibility into cash. On the surface, bank connectivity is easy, so long as treasury teams prioritize the following: Security Automation Speed and Cost There are a variety of connectivity options to deliver security, automation and cost objectives. Yet, not all connectivity options are alike. Bank connectivity comes in a number of different forms, including: Host-to-host solutions, such as FTP, or leading practice connections using application programming interfaces (APIs) Country or region-specific protocols such as EBICS, Editran, Zengin Global cooperatives like SWIFT , which offer flexibility to manage your own connectivity or use a service provider and fully managed service bureaus The ideal connectivity solution for an organization will actually depend on factors such as bank and payment transaction volumes, bank account structures, and the location of company banks. These characteristics — in combination with what technologies the banks can (and prefer) to support — will drive the ideal connectivity choices. In practice, a combination of connectivity methods is likely the best solution to optimize costs while maintaining automation and security. Without utilizing varying connectivity methods, the company may spend more than necessary and potentially sacrifice information transparency. While managing multiple connectivity methods on your own may seem complex, connectivity-as-aservice models gives organizations faster global access to banks with pre-configured and existing connections. This coverage of the connective landscape for banks saves effort and time spelling big cost savings for the project phase as well as ongoing productive operations. When you select the right vendor to simplify bank connectivity by taking care of everything — from building connections, monitoring availability, and delivering automation all while providing new technology like APIs, organizations win and save money. Step Four: Generate and Streamline Cash Positions and Liquidity Forecasts The goal of cash positioning is to establish a realtime view of cash at any point in time and to be able to reconcile prior-day forecasts to enable the deployment of cash throughout the organization more quickly and accurately. Effective cash positioning reduces idle cash, creating opportunities to earn immediate yield while providing certainty over risk exposures that cash is exposed to. As a process, cash positioning involves gaining a real-time view of the company’s cash position at any moment in the current day(s) by consolidating a number of different sources and replacing old data with more up-to-date information. With today’s APIs gaining the real-time, near-instantaneous view of cash and liquidity is easier than ever. Within treasury technology, building the cash position typically involves combining a number of data sources: Prior-day balance — automatically downloaded from banks at the start of the day Current-day bank reporting — automatically downloaded from banks throughout the day, either at specific times (e.g., 1st or 2nd presentment) or as a constant stream of data via an API Expected payables and receivables — from the organization’s ERP and reported/cleared from bank statement details Treasury financial transactions and settlements — which are integrated within the treasury system Building a cash position is just the start. After building a cash position, it is then necessary to maintain and reconcile it. Maintaining the cash position involves updating and replacing cash flow data with more accurate information via intra-day updates from internal systems and banks. Reconciliation of the cash position is the matching of actuals to forecast flows, which is often done first thing in the morning as a part of typical treasury processes. The goal is to identify and understand surprises — for example, if a transaction did not happen yesterday then it may happen today, meaning the unreconciled variance needs to be rolled into today’s position. For many organizations, this process can be time consuming, so rules-based automation or artificial intelligence can be introduced to simplify the process. Key requirements for cash positioning include interactive dashboards and clear communication within — and outside of the treasury organizations: Interactive dashboards enable cash managers to drill down through multiple levels into any component of the cash position. Positions should be viewable by multiple dimensions in real-time by line item, bank, entity, currency, etc. Communication within and outside of treasury is critical. The treasurer, CFO and finance personnel managing subsidiaries all require cash visibility, so delivering visual and detailed reconciled cash positions is a critical outcome of daily cash positioning. Effective cash positioning and liquidity planning leads to numerous benefits for the finance organization: Keeping the CFO and the Board up to date with reliable and accurate cash position information Mobilizing cash across the organization for funding and investment purposes Enabling cash management processes such as pooling, sweeping and intercompany borrowing Optimizing interest income and expense via better informed borrowing and lending operations Reducing external borrowing by using internal cash resources effectively Step Five: Enhance, Optimize and Predict Cash and Liquidity While cash positioning can be used to predict cash flows in the coming hours and days, cash forecasting with liquidity planning information creates more accurate, longer horizons beyond weeks, extending into months, years. Cash forecasting must not only be accurate, but predictive using more historical and current data to be truly effective. Without complete confidence in projected forecasts, the cash forecast cannot support treasury in improving cash utilization. Cash forecasting is needed to help treasury invest cash over longer maturities, secure borrowing to fund operations and make more effective hedging decisions. And confidence in the cash forecast is the difference between achieving these outcomes and hoping to do so. So why do so many companies struggle to achieve an accurate forecast? Common challenges include a lack of accurate data sources, lost results from past forecasts, ineffective methodologies and a lack of alignment with performance metrics. If a forecast isn’t reliable, treasury is unable to trust it and therefore cannot use the cash forecast to make critical decisions. It is crucial to incorporate data sources from treasury, like financial transactions along with all the normal P2P and O2C cycle flows from the ERP Cash forecasting and Liquidity Planning creates future views of anticipated free cash flow and helps all of finance from FP&A to the CFO better strategic accuracy in decision-making. Identify, Find the Data Consolidate the Information Measuring Forecast Accuracy Predictive Analytics: Optimize Your Forecast Find the Data: Collaborating with Other Teams Forecasting incorporates key data points from elsewhere in the business so that effective collaboration can be administered between AP, FP&A, IT and regional controllers who own valuable forecasts data and/or administer systems to enhance forecast visibility. This collaboration is essential in making sure everyone involved knows what they are expected to provide with executive oversight to ensure that collaboration is prioritized. Consolidating Forecast Data Automating the integration of forecast data into a single system of record is the next critical factor in achieving effective forecasting. In many cases, source data may come from various ERP modules or in some cases other special purpose systems like procurement or revenue recognition/accounts receivable. In the past and in some situations, spreadsheet data to augment or provide coverage for areas or business units without systems could be a source, too. While consolidating data into a single system could be an IT-intensive exercise, best practice is to eliminate the need for internal IT resources, reducing the cost and time required to integrate systems. This can be done by having pre-built connectivity and integration through APIs provided by your treasury system. Measuring Forecast Accuracy The final piece of cash forecasting is to measure the accuracy of the cash forecast at a detailed level. Measuring forecast performance is critical to understanding how effective each line item and source of information was, offering valuable insight into where the forecast can be improved. This analysis must be done at a detailed level. For example, measuring accuracy before and after a 90-day/13- week period can hide many anomalies and offers no meaningful conclusions. Many organizations will measure week over week, while some will drill down at a daily level. Once accuracy is measured, the treasury team must implement a feedback loop to effect meaningful change. Regional controllers, for example, can only improve if presented with detailed facts. Further, standardized KPIs — that ideally would form a component of performance reviews and compensation calculations — go a long way in reinforcing desired forecast behavior. This is where commitment from the CFO will drive effective forecast performance. Optimize: Predictions for your Cash and Liquidity Once the foundation is established for forecasting your liquidity with the prior steps, the next level naturally leads to identifying the technology solution that will offer your organization and team the support and improvements for your liquidity forecasting. Technology can do more to provide value through expanding the horizon of your forecast, depth of insight, accuracy, and enhanced user experience with information already within your organization’s grasp. Through tools that leverage artificial intelligence companies today should be more advanced and be capable of: Create predictive dashboards and enhanced reporting Cash forecasts with risk models built-in Identify optimum cash cushion, draw-down levels, and investment levels Characteristics to look for when evolving and upleveling your forecasting efforts should include looking to solutions using AI-based predictive analytics for forecasting including calculations based on risk models that give treasury and FP&A teams the optimal cash cushion. Additionally, look for solutions giving you: Cash flow by level of confidence Recommendations for optimal investment strategy Predict liquidity requirements To successfully deploy an AI-driven predictive forecasting model, organizations must prepare structured and normalized historical data. Machine learning algorithms will identify patterns within the data to make predictions about when, for example, customers will actually remit payment. This AI-predicted data stream will align with other forecast data sources to deliver a more intelligent cash forecast to predict future liquidity needs. Human interaction remains important to ensure liquidity forecasting and planning aligns with internal risk policies of the team and organization. AI is a tool to complement, rather than replace, treasury teams as they execute more complex tasks and processes. In this role, AI is a critical piece in the drive to towards real-time treasury decision making and the progressions towards 24/7 liquidity management. Optimizing Cash Visibility Benefits Achieving full cash visibility takes time and effort, but the rewards are significant. Armed with a complete, accurate and up-to-date picture of the current cash position and liquidity planning flows, treasurers can: Make timely and confident decisions about activities, including investments, borrowing, cash concentration and hedging Pay down external borrowing with a clearer view of the cash available Invest strategically with a clear picture of current and future flows Reduce bank fees by closing or combining redundant bank accounts or negotiating with banks from a position of knowledge Minimize debt and interest expense by making the best use of internal cash and reducing external borrowing Gain a clearer picture of risk exposures and manage those risks more effectively Optimize planning of borrowing and lending operations Increase effectiveness of hedging by ensuring decisions are based on complete pictures of current balances and planned future transactions Cash Visibility – Final Thoughts The future of treasury technology is here and advancing rapidly; some banks have deployed their own APIs to integrate with their customers’ systems. New platforms are opening new products and services for corporate customers. One of these innovations is the movement towards real-time bank reporting. In many parts of the world, intra-day reporting happens less than twice per day, and in some cases not at all, meaning that daily cash positioning is largely driven by prior-day reporting and expectations of clearings throughout the day. Real-time bank reporting, delivered only by APIs, is the future and will be a game-changer for cash managers looking to achieve instant cash visibility into accounts. Additionally, Liquidity Planning extends the value of real-time treasury with the inclusion of cash, treasury instruments, planning information and liability information to deliver longer range strategic decisions by the CFO. Combined with real-time payments, treasury teams will be in an enviable position of not only having real-time views into bank accounts but also being able to mobilize cash domestically — and eventually cross border — within seconds. The transformation to real-time reporting will further pressure treasury teams to employ the right processes and analysis to effectively manage cash information in real time. It will be a change for those organizations that lack modern treasury technology, but an opportunity for enabled organizations to earn a competitive advantage in the utilization and deployment of cash. How Kyriba Can Help Kyriba can support you in achieving full visibility over cash. Kyriba helps organizations reduce the cost and complexity of bank connectivity — whether a company is connecting via SWIFT, using APIs, leveraging country protocol or using a combination of channels prioritizing security, automation and cost minimization. Organizations can easily keep track of signatories, manage workflows and store documents thanks to the control over all global bank accounts given by Kyriba’s bank relationship management solution. Additionally, companies can maximize the accuracy of their cash and liquidity reporting with Kyriba’s detailed and flexible variance analysis and feedback loop to forecast sources. With a full picture of current balances and future flows, you’ll be better positioned to make confident decisions about cash.   Want to learn more about how to achieve cash visibility for better cash forecasting? Check out this webinar to hear Kelkoo Group, a leading e-commerce company, shares their best practices and the payoffs of superior cash forecasting.

As we leave 2022 behind us, we find 2023 starting with both high volatility and increased expectations for managing risks. What does this vulnerability mean to treasurers? What types of outcomes should we expect...

As we leave 2022 behind us, we find 2023 starting with both high volatility and increased expectations for managing risks. What does this vulnerability mean to treasurers? What types of outcomes should we expect across the domains of credit, FX price volatility, elevated inflation, and increasing interest rates?

The IDC White Paper commissioned by Kyriba validates the emergence of a new practice area in Enterprise IT that includes risk management, payments, real-time connectivity, treasury management and working capital optimization. Download this report...

The IDC White Paper commissioned by Kyriba validates the emergence of a new practice area in Enterprise IT that includes risk management, payments, real-time connectivity, treasury management and working capital optimization. Download this report to understand more about the emerging trends and critical areas of practice that define how leading companies can outperform in operational efficiency, technology adoption, and process maturity. Enterprise Liquidity Management: 51% of leaders can produce a consolidated view of cash and liquidity in under one hour compared to 8% of the less equipped companies; Risk Reduction: 79% of leaders have implemented very effective payment fraud prevention and 69% of them effectively hedge to protect their liquidity; Real-Time Decisions: 93% of leaders leverage real-time insights, while 85% of them have integrated data from partners and third-party members into their enterprise platforms. Situation Overview For CFOs, treasurers, and corporate boards, the COVID-19 pandemic represented a moment of clarity. Seemingly overnight, CFOs were faced with a crisis bigger in many ways than the 2008 financial crisis. In the space of days, treasurers had to shift from managing long-term strategic initiatives of the business to ensuring immediate access to cash to fund basic business operations. Corporate finance leaders long burdened by dwindling IT budgets and limited head count were forced to lean heavily on their treasury and cash management tools. Unfortunately, some treasurers were hampered greatly by their legacy software packages, thwarted by a lack of agility and visibility with their legacy software. Yet, as with all major events, CFOs are often the powerful catalyst for change. The role of the CFO was already changing, but now, because of the past year, the CFO’s environment has changed as well. Corporate finance leaders long burdened by dwindling IT budgets and limited head count were forced to lean heavily on their treasury and cash management tools. Key Pain Points for Today’s Liquidity Management Teams To better understand these changes, IDC conducted a survey of more than 800 corporate finance leaders and practitioners in August 20211 to explore the emerging importance corporate finance leaders are assigning to liquidity management, both during times of crisis and to leverage opportunities for growth. The results of the survey were compelling in many aspects including findings that strongly indicate urgency for CFOs, treasurers, and other financial leaders to design and deploy strategic initiatives to manage liquidity holistically. Effective and efficient liquidity management is among the top priorities for survey respondents2. Here are a few reasons driving increased urgency for liquidity management for treasurers and other financial leaders: Ineffective communication of key treasury/financial metrics to key stakeholders through the company. Many financial leaders struggle to gather the data needed to effectively surface the key metrics to the executive teams and board members. A major part of this issue is the relative lack of real-time access to liquidity data. The survey shows that less than 30% of treasurers can leverage treasury insights in real time. Managing points of revenue leakage including fraud and payment optimization. Given the current environment of uncertainty, financial leaders are doubling their focus on areas of revenue leakage including bank fees/changes and fraud management issues. Only 42% of leaders would characterize their ability to protect their cash/liquidity against fraud as very effective. Given the average company will experience 5–10 fraud incidents per year, the impact on liquidity/cash is immense. Fraud is not the only source of revenue leakage, according to the survey; the reduction of transaction costs and fees paid to third-party payment providers was among the top 5 priorities for treasurers seeking to improve their ability to move cash and liquidity. Managing constant regulatory changes. The regulatory landscape is in constant flux for treasury operations including VAT changes, open banking implementation, and upcoming LIBOR changes. The CFO must have the tools to cope with these regulatory shifts. It seems that CFOs understand the urgency around this as the survey shows that increasing the budget for treasury technology and tools is the number 1 priority over the next two to three years. Liquidity Management Emerges as a Practice Area The events of 2020 have forced CFOs to prioritize business resiliency and continuity by optimizing liquidity management. This will mean a greater focus on working capital management3 including sourcing external funding and providing financing for critical suppliers efficiently. Given the current economic uncertainty, cash and liquidity management have been top of mind for financial leaders. The pressure to maintain liquidity is tremendous as companies of all sizes fight to retain market position and, in some cases, simply stay alive. As a result, businesses have found themselves needing to reforecast their liquidity and cash flow more frequently (weekly or even daily). However, this is a difficult proposition for any company considering the following survey data points, according to the IDC survey of more than 800 corporate finance leaders: Enterprise liquidity management is a “practice area” for 15% of the organizations. Survey leaders are well underway to operationalizing the building blocks of enterprisewide liquidity management (see Figure 1). Only one in eight companies has extensive visibility into the company’s current cash positions (i.e., real-time view of more than 90% of cash). Less than 5% of organizations can reliably forecast cash beyond three months, with most companies being able to only reliably forecast their company’s cash position out to four weeks. Further, less than 20% of organizations can forecast their company’s liquidity beyond one month. Only half (51%) of the businesses were able to build a consolidated view of their cash and liquidity within the same day of the request. In addition to being able to forecast and reforecast quickly and efficiently, financial leaders found that they desperately needed the ability to simulate future what-if scenarios and to create plans based on those what-if scenarios4. The benefit of this capability is that business leaders can remain in lockstep around core business objectives even as the business environment changes rapidly. Unfortunately, many financial leaders don’t have the tools to support scenario planning for liquidity, and as such, they must cope with limited visibility for decision making. The most prominent area of impact is in decision making for treasurers and their executive teams. CFOs with limited visibility are slower to make decisions regarding money movement, internal funding of projects, or M&A activity. Furthermore, a lack of visibility can even impact the bottom line as companies may choose to be less aggressive in moving money into/out of the exchange markets and may opt for expensive external funding sources unnecessarily. Managing Liquidity Enterprisewide Requires Unification More and more, organizations are coming to the realization that liquidity management is not only a critical aspect of functioning in this “new normal” but also a team sport. Organizations must have a unified approach to all data, processes, and human capital related to liquidity management5. Here are the key characteristics of an enterprisewide unified liquidity management process: Centralized liquidity / cash data The centralization of liquidity data streamlines financial operation, allowing for better control for financial leaders. Centralization provides financial leaders with the opportunity to standardize cash management across all legal entities, reduce the number of bank accounts in use, and provide a more holistic view of bank or FX exposures. Deep liquidity analytics Having access to deep analytics provides users with the ability to better predict future liquidity. More importantly, it allows them the chance to find patterns or overlooked items that have business significance (e.g., identifying cash as a revenue-generating asset and monitoring bank fees and deposit rates). Partnering environment Financial line-of-business professionals are often left on an island. This is often the case for finance directors, controllers, and heads of accounting. In fact, only 20% of survey respondents have their CEO as their champion who initiates unified liquidity management initiatives. The key to executive participation goes beyond simply getting the CEO involved in liquidity management decisions. The key here is to develop a partnering environment for all operational decision makers and stakeholders. This can be exceedingly difficult without the proper tools to support partnering and collaboration across business leaders. Dedicated tools to quickly expose key liquidity metrics to all stakeholders within the business are essential. Seamless integration Data must flow between all the relevant cash functions, including treasury, accounts payable, accounts receivable, FP&A, order management, and procurement6. In addition, the data must flow outside of the finance teams as well including investors and lenders, certain government agencies, credit rating organizations, and evens to certain customers and suppliers7. Only then will financial leaders be able to gain a holistic view of the organization’s current cash/liquidity position. Real-time massive data Finance leaders need real-time information to optimize decision making, but often they must wait till the end of day/period/quarter to get an accurate and holistic view of the current state of enterprise liquidity. Today’s liquidity managers need real-time data to build accurate forecasts and market simulations8. Real time is also essential in effective communication of the business cash position between stakeholders. Follow the Leader The process of managing treasury at the corporate level is complex and ever changing. In these cases, it is not unusual for CFOs and their treasury managers to reach out to gather advice from trusted sources. Leader companies, as defined by the survey, are more likely to reach out to their fintech partners and their accounting/audit partners for guidance than their laggard counterparts9. This is an example of how leader companies create a road map for other companies to follow. Here are a few other areas where leaders are blazing a trail for other companies: Involvement of the top management: A unified liquidity management strategy, when done properly, incorporates feedback from all departments. In short, a unified liquidity management strategy demands a unified approach from top finance leaders and even from the broader business leaders. For example, sales and supply chain have a massive impact on liquidity. As such, the leadership in these areas must also move in a coordinated fashion regarding liquidity management for the business. Visibility for financial leaders and decision makers: Leaders are significantly more aware of their real-time cash availability. Over 79% of leaders were able to get >75% visibility of past liquidity compared with <20% of laggards. Over 75% of all firms can predict their cash up to four weeks reliably; however, beyond four weeks is a struggle for all firms. The logistics of cash and liquidity: All (100%) leaders are very efficient at using pooling and sweeping to manage cash and liquidity; almost no laggards are. Leaders are focused on increasing the adoption of new and existing payment systems. Keeping cash and liquidity protected: Close to 100% of leaders are effective at using business continuity and contingency planning, payment fraud protection, and hedging compared with 35–55% of laggards. Leaders are focused on greater digitalization of end-to-end payment authorization. Setting financial operation up to grow cash and liquidity: Nearly all (99%) leaders have adopted business intelligence techniques to make better decisions regarding liquidity compared with 25% of laggards. Close to 100% of leaders are effective at using business continuity and contingency planning, payment fraud protection, and hedging compared with 35–55% of laggards. Benefits of Enterprise Liquidity Management Liquidity and cash management will be important to adapt to the rapidly changing business environment going forward. Importantly, liquidity management is essential amid any rapidly changing business environment, whether it is a global crisis, supply chain disruption, shifts in a competitive environment, or rapid internal growth as seen with many technology companies. Here are the key benefits of a cohesive and unified enterprise liquidity management strategy: Improved visibility: During the height of the pandemic, business decisions needed to be made within a matter of hours. Unfortunately, in the survey, IDC found that about 50% of organizations need more than one full day to build a consolidated view of their cash and liquidity. Decisions like layoffs and supplier payments had to be made quickly, and in nearly half the cases, according to the survey data, decisions were made without a consolidated current view of cash and liquidity. Companies can’t see upcoming shortfalls or dips in cash flow, which limits their ability to invest in long-term business initiatives like digital transformation, expand into a new geographic market, migrate to a new technology platform, or broaden product and service offerings. Better risk management: Today’s financial leaders are swimming in data and are finding FX, with all its moving parts, to be particularly difficult. Speed is another area of concern for treasurers that desire the ability to move money around the clock and in real time into and out of currency markets. However, with increased speed comes the need for more powerful real-time risk management capabilities. To highlight this, liquidity risk and fraud risk, collectively, were the most important strategic commitments, for financial leaders, to pursue over the next two to three years. More effective compliance: The tax and regulatory environment is constantly changing directly and significantly impacting treasury management processes. Today’s liquidity management professionals must be proactive to understand how these will impact treasury and other financial operations today and how they may impact these operations in the future. Greater process efficiency: The role of the average liquidity management professional is rapidly changing. While cash management and cash forecasting continue to be strategic priorities, liquidity managers and CFOs must also now focus on supply chain finance, insurance, and commodities. Even amid a period of expanding roles and responsibilities, many liquidity managers find themselves working with the same number of resources. The need to do “more with less” among financial professionals represents an opportunity for financial management technology vendors. According to the IDC survey, currently, 77% of financial leaders felt they lack either skills, head count, or budget to modernize their financial operation. Greater flexibility in financing: Businesses with an enterprise liquidity operation are better able to take advantage of a wider spectrum of asset-backed debt solutions including invoice financing, lines of credit, and demand loans. The visibility and control provided by unified coordinated liquidity management allow financial leaders greater working capital options. Further, this financing flexibility also provides a boost in business resilience, which is essential in times of uncertainty. As a result, establishing a receivables financing program was the top priority to improve cash and liquidity enterprisewide. The visibility and control provided by unified coordinated liquidity management allow financial leaders greater working capital options. APIs Unify the Practice of Holistic Liquidity Management The benefits listed previously and the road map laid out in the Follow the Leader section are all predicated on the smooth and rapid flow of data between various stakeholders and their corresponding applications. Specifically, unified liquidity management demands that the data from back-office applications be made available for processing and analysis. In many ways, topics such as cash management, liquidity forecasting, and treasury management efficiency all stem from robust data management practices and tools. The importance of data management has put the spotlight on application programming interfaces (APIs) and the promise they hold when deployed properly. The survey reveals that nearly 88% of respondents consider the adoption of APIs as important or very important. Liquidity management applications exist within a spiderweb of adjacent back-office applications and external data sources. Also, the liquidity/cash management process is a collection point for data from other multiple back-office systems/processes. Working capital management is an example of a process where data must be gathered from multiple systems/processes (e.g., ERP, procurement, accounts payable, reconciliation, and inventory). This interdependency places heightened importance on the smooth flow of data between these systems. This is where application programming interfaces become essential for liquidity management teams. The value of APIs can potentially extend beyond the four walls of the organization. APIs can be leveraged to incorporate external data sources to sharpen financial agility in areas such as FX, banking payments data, credit decisioning data, and even geopolitical factors that may impact the global flow of goods. Yet, according to the survey, just three of five companies are using APIs to integrate and optimize their internal system infrastructure (e.g., ERP, TMS). Further, a similar percentage uses APIs to extract/analyze internal data for reporting/management (e.g., dashboards). Leaders are always looking to adopt technology to support efficiency and agility in treasury operations. It is one of the essential differences between leaders and their laggard counterparts. For leaders, APIs are a core element of liquidity management operation. For example, 92% of leaders consider the adoption of APIs important or very important compared with 58% of laggards. APIs from a Global Perspective Major technology and economic hubs in Europe are significantly lagging behind the global average in terms of API adoption, according to the survey data. This represents hesitancy among major European Union (EU) players to adopt APIs (see Figure 2). Data residency and data privacy initiatives within Europe have tempered the demand slightly for cloud-native financial applications. However, this is changing rapidly as initiatives like the EU-funded project Open Clouds for Research Environments (OCRE) continue to grow and aid in accelerating cloud adoption in Europe. APIs Are Only the Beginning APIs, while important, are only the beginning. They are simply pipes that allow data to flow between systems, but it is not until this flow of data is harnessed that the real power of APIs emerges. APIs can potentially form the foundation of a platform where liquidity analysis and insights are harvested and shared with key stakeholders in real time. As such, the API layer must be paired with an additional layer of software that allows for data to be analyzed and structured into actionable insights. In a sense, APIs move financial data to a larger financial operating system where financial leaders get the business-critical information they need to make liquidity management decisions in real time. Future Outlook Liquidity Management Has Changed Permanently in the Past 24 Months CFOs and treasury managers suddenly find themselves facing a new reality where liquidity management is more strategic and more critical to the business than ever before. As a result, there will be permanent changes to the finance department going forward, including: The velocity of liquidity flow data will increase. Over 50 countries have adopted some form of real-time payment schemes in the past few years, with more to come. This has dramatically increased the speed at which treasury payments can move. This increases the need for improved security and enhanced reporting tools to manage enriched data sets from real-time payment platforms. Liquidity management becomes more essential. The pandemic will force treasurers to prioritize business resiliency and continuity by optimizing liquidity management. This will mean a greater focus on working capital management including sourcing external funding and providing financing for critical suppliers efficiently. The role of the CFO continues to expand. The role of today’s CFO is rapidly changing and expanding. While cash management and cash forecasting continue to be strategic priorities, CFOs are also increasing their focus on supply chain finance, insurance, and commodities. However, many financial leaders find themselves working with the same number of resources. Today’s financial management professionals require more advanced and innovative technology to keep up with the challenge. There will be a greater focus on advanced technology. To keep pace with rapidly changing market dynamics, treasurers will require their tools to be powered/enabled by cutting-edge technologies such as machine learning (ML), big data and analytics, microservices, and enhanced application programming interfaces. Digital banking / payments will be a focus area. Payment management was critically important during the pandemic and will remain so in the post-pandemic treasury world. As a result, digital banking platforms and bank connectivity will be a strong focus area for treasurers going forward. Finance departments long burdened by dwindling IT budgets and limited head count were forced to lean heavily on their treasury and cash management tools during the recent uncertainty. Unfortunately, some finance departments were hampered greatly by their legacy technology. But the survey data reveals that this is set to change (see Figure 3). Here are a few key future technology trends that will shape enterprise liquidity management going forward: Artificial intelligence (AI) is highlighted. Financial leaders for product-centric companies often must move quickly to secure supply chain obligations and financing. Many turned to advanced technologies such as machine learning and advanced analytics to help lower the data analysis/management burden and allow for more accurate decisions regarding financial management at speed. Cloud is leading the way. The most obvious takeaway is that organizations are planning on spending more on SaaS versus traditional (on-premises, single-tenant, and managed hosted) software. IDC research shows that organizations are already seeing a shift toward the public cloud for treasury, FP&A, and accounting software, but the survey results also suggest that this trend is accelerating considering recent disruptions. Aim to bridge the gap between finance and IT: For finance leaders, the top hurdle to digital transformation is the friction between often restrictive IT/security policies and the desire of the finance department to move quickly and be more agile. In IDC’s December 2020 Worldwide C-Suite (CXO) Survey, the most common hurdle for finance leaders to effective digital transformation agenda was the IT and security leaders slowing them down. The data reveals that financial leaders feel hampered by an inability to gather and disseminate that business-critical information to the necessary stakeholders at speed. As a result, financial leaders need more tools and features geared toward agility so that they can more quickly respond to rapid market shifts. Rapid payment technologies / initiatives see growth: For liquidity management professionals, time is of the essence when it comes to making payments. As a result, there has been growing momentum around faster payment programs. Recently, several payment initiatives were introduced/expanded, including SWIFT gpi, SEPA instant payment, and same-day ACH. Enterprisewide Liquidity Key Aspect of New Normal In the past, much of the financial leader’s role was to manage rear-facing details like closing the period, reconciling GL transactions, invoice matching, or cash application. While these will always be important, the uncertainty of 2020 put more of a focus on forward-looking activities like forecast, budgeting, and planning. With the pace of change in overdrive post-2020, financial leaders are investing a large amount of time trying to anticipate and plan for the next major change in business dynamics. A larger amount of the CFO’s time must be devoted to trying to develop a financial strategy to anticipate future shifts in market dynamics. For example, prior to the event of 2020, many CFOs and financial leaders would update their cash flow and liquidity plans quarterly or on a halfyearly basis. However, the financial and regulatory landscape is shifting so quickly, due to the shock of the pandemic, that many CFOs and their teams are now updating their cash flow and liquidity plans weekly or even, in some cases, daily. This new normal requires/demands a more unified approach to financial operations to cope with the new hyperspeed pace of economic change. It is more important than ever that financial data flow freely and quickly between key departments and key financial applications. Businesses on the leading edge have heard the call and are already making the necessary changes to thrive within this new normal. In fact, the survey shows that 15% of survey leaders are already operationalizing the enterprisewide management of liquidity as a practice area cross-functionally. Prior to the event of 2020, many CFOs and financial leaders would update their cash flow and liquidity plans quarterly or on a half-yearly basis. Emerging Need of a Chief Liquidity Officer As stated previously, the importance of liquidity has increased dramatically, and the need for an enterprise liquidity management approach has grown in importance as well. When taken together, they reveal the growing need for a dedicated chief liquidity officer. This position will act as a central point of authority and accountability for a unified liquidity management approach. This position would develop, manage, and optimize a holistic liquidity management strategy to ensure alignment with overall business objectives — especially as those objectives change/evolve/shift over time. However, a business looking to add this position must also invest in the tools, skills, and resources to manage liquidity at an enterprise level including forecasting/simulation, data visualization, and dashboarding tools as well as an API-driven platform that leverages automation and artificial intelligence to quickly gather and disseminate business-critical financial data. As the demand for business resiliency and proactive liquidity management continues to grow, so too will the demand for a dedicated chief liquidity officer. As the demand for business resiliency and proactive liquidity management continues to grow, so too will the demand for a dedicated chief liquidity officer. Challenges / Opportunities Ecosystems that must be curated: Liquidity management operations require data flows from many internal and external data sources. These data sources must be constantly curated to make sure that the financial leadership has access to the latest information and cutting-edge technology advancements. Curating ecosystems around the liquidity management solution takes effort and resources from a department that is often lacking in resources. Getting buy-in: Data shows that many line-of-business financial managers (e.g., controllers, accounting managers, and treasurers) don’t have support for liquidity management operation transformation. While this was the case for line-of-business financial managers prior to the pandemic, according to the survey data, this phenomenon is still a reality for many line-of-business financial managers. Data security risks: While APIs have tremendous promise for data integration, they also have the potential to expose sensitive data when not managed properly. API keys, for example, must be handled with great care or risk giving unlimited read/write access to financial information. Conclusion The CFO’s role has evolved into a strategic business partner for the rest of the organization, and the capability that’s required to deliver actionable intelligence downstream to the decision makers at the edge of the business or the lines-of-business leaders is evolving as well. For context, IDC believes the total available market for an enterprise liquidity management software (e.g., treasury, B2B payments, corporate payments, supply chain, and receivables financing) approached $30 billion in 2020. This is a massive opportunity for vendors to step in and help the CFO as their role changes. To access data is just the beginning of the journey to enterprise liquidity management. The ever-evolving remit of the office of the CFO is to be the lightning rod for data within the business and users of that data to power coordinated, data-driven financial business decisions throughout all facets of the organization. This demands a system that is built to aggregate, analyze, and disseminate data. This need is driving the emergence of centralized intelligent financial data platforms built upon APIs and strong data management principles. This new liquidity management platform may also necessitate the emergence of a chief liquidity officer to sit at its helm. In any case, the world of liquidity management is changing rapidly, and a unified enterprisewide liquidity management approach is no longer a luxury — it is a must for today’s business environment. References n = 440 European organizations, $100mil+ revenue. Enterprise Liquidity Management Is a Focus Area for Senior Execs Among Leader Organizations: CFO, CEO, Board of Directors. In 23% of the most advanced corporates, Liquidity Management is a focus area for CEOs, whereas it mainly remains a in the hands of the treasurers for the laggards (23%) Leaders Are Focused More on Integrating Working Capital Data, While Laggards Target Transitioning to Real-time Visibility And Improving Quality of Data Common Priority. They are more focused on integrating working capital data (43% against 27% of the less equipped companies). 80% of Leaders have adopted business intelligence techniques to make better decisions regarding liquidity. Survey Readout slide 40–48% of Leaders Encounter Greater Disconnected Priorities Between Finance and IT Departments. Most Leaders (75%) have transparent and well-connected corporate finance and treasury teams compared to ~30% of Laggards. This is visibly reflected in the adoption rates across APIs for different purposes: To integrate and optimize their internal system infrastructure – 80% Leaders vs 10% Laggards. To leverage internal data for reporting – 90% Leaders vs 15% Laggards To send data to partners and others – 80% Leaders vs 27% Laggards To receive data from partners and third-party members – 85% Leaders vs 10% Laggards >90% of Corporate finance and treasury teams of Leaders can effectively leverage real-time insights compared to only 33% of Laggards. 39% of Leaders Have a Wider Set of Fintech Partners to Support Enterprise Liquidity Management Initiatives Compared to just 7% of Laggards. Source: IDC Enterprise Liquidity Management Study, sponsored by Kyriba, August 2021. Want to learn more about Enterprise Liquidity Management? You are welcome to join Kyriba's upcoming monthly live demo sessions to see the Kyriba ELM platform in action. An on-demand demo session is available here.

APIs offer a lifeline for CFOs and treasurers who are looking for both innovation and cost improvements. Although many CFOs think of APIs for finance as an expedited pathway for bank connectivity, bank connections...

APIs offer a lifeline for CFOs and treasurers who are looking for both innovation and cost improvements. Although many CFOs think of APIs for finance as an expedited pathway for bank connectivity, bank connections are just the tip of the iceberg. APIs open integration to a variety of systems, including capabilities that vastly improve cash forecasting, liquidity management and payments. APIs offer an information and processing gateway to realizing digital transformation. Unlike FTP, APIs do not require files to be sent or downloaded. Data is exchanged point to point between systems immediately, allowing for instant data transmission and eliminating substantial risk. They enable the development and use of faster, pre-built connectors to reduce implementation times and facilitate real-time payments and security. In this whitepaper, we'll explore: What APIs are and how they work for finance The different types of APIs that are available How APIs can revolutionize ERP connectivity, cash management, liquidity management, payments and more. CFOs Are Investing Billions CFOs are investing more than ever on enterprise platforms, with organizations spending an estimated $675 billion in 2022, according to Statista. Much of this investment is for organizations to move their enterprise resource planning (ERP) systems to cloud platforms, such as SAP S/4 Hana Oracle Cloud, and Microsoft Dynamics 365 leading the large corporate market. For CIOs looking to effectively support their CFO business partners, connectivity from ERP to internal and external systems and data sets remains a costly challenge, often delaying go-live dates and driving significant cost overruns. APIs open integration to a variety of systems, introducing capabilities and process automation that had not previously been possible. APIs offer an information and processing gateway to realizing digital transformation. What Is an API? An API is a program that allows mulitple pieces of software to “talk” to each other. Applications on your phone and embedded widgets on a website all use APIs to request or deliver information. Why APIs for Finance Matter Gartner research revealed that nearly 50 percent of financial leaders will incorporate a “composable financial management system” by 2024 “to deliver capabilities and outcomes that keep up with the rapid pace of business change.” APIs are enabling that change. They are transforming the way finance leaders consume data and are allowing a coupling of multiple applications that was previously impractical to support, creating a gateway to real-time business intelligence and digital solutions. Unlike file transfer protocol (FTP), APIs do not require files to be sent or downloaded. Data is exchanged point to point between the systems immediately, allowing for instant data transmission and eliminating substantial risk. They enable the development and use of faster, pre-built connectors to reduce implementation times and facilitate real-time payments and security. "With APIs for finance, your platforms evolve from being systems of record to systems of engagement,” said Bob Stark, Global Head of Market Strategy at Kyriba. “Your platform is connected with any number of internal and external systems to be continuously up to date.” Open API Platforms APIs facilitate open networks. Using developer portals, technology providers can build applications on top of the API provider’s platform. Open banking is a perfect example. The Revised Payments Services Directive (PSD2) in 2018 helped to make APIs even more relevant for corporate treasury and finance. The EU Directive requires banks to open their platforms to payment technology providers – with APIs being a leading solution to manage this compliance. Although PSD2 only applies to the European Union, similar initiatives in other regions also quickly emerged as banks in the United States and throughout APAC have recognized the opportunity to offer real-time, data-driven services to corporate clients. "The PSD2 movement has really encouraged banks to start to open APIs for corporates.” —Felix Grevy, VP of Product, Open API and Connectivity for Kyriba A common frustration among treasury and finance leaders is a lack of centralized visibility across multiple departments, liquidity and payments. Open API platforms act as a conduit between disparate teams and systems, allowing for real-time connections to apps, data, and new products and services. Open API platforms reduce manual processes, and deliver composable technology solutions, enabling corporate and bank users to inject data-driven decision-making into every financial operation. APIs for Bank Connectivity It’s important to note that banks and technology solutions providers that are managing open platforms are not replacing legacy formats like FTP and SWIFT with APIs. Instead, they are offering APIs as a complement to these formats. Following the advent of PSD2, European banks have begun using “premium” APIs, which are APIs with greater functionality. "The difference between the PSD2 APIs and premium APIs is that premium APIs are more powerful,” Grevy said. “You can retrieve balances and do instant payments. And they are much more secure, and much more appropriate for integration with an ERP or treasury management system (TMS).” Banking services optimized via API vary, some examples include: Bank Groups Branch Reporting Bank Account Groups Cash and Cash Flow Reporting However, the rollout has been slow. Most banks are not using APIs in live production yet, and many of the ones that do use APIs only offer them for certain real-time services—meaning that multiple connectivity options are needed to fully support a treasury and finance team. Furthermore, most technology vendors only offer no functionality beyond bank connectivity and can only connect one ERP to a bank. Nevertheless, API connectivity brings key advantages over a file-based approach, such as immediate response from banks, and the ability to receive new data and notifications in real-time. So while adoption may be slow and gradual, the advantages to the end user are clear. ERP Connectors ERP platforms like SAP, Oracle and MS Dynamics have major efforts to develop and embed APIs into a wide array of functions and workflows. Luckily, for IT and Finance functions arent’ required to do the heavy lift; these APIs are plug-and-play and enabling more and more core integrations and reporting capabilities. Cash Management APIs offer organizations the ability to manage cash continuously and in real-time. Rather than relying on batch reporting that is constrained to pre-determined times throughout the day, treasury teams can now access reports as needed. Receiving un-batched, real-time liquidity information greatly improves cash reconciliations, cash application, and accuracy of liquidity overall. This will, in turn, change the mechanics for best-practice cash forecasting and lead to the production of intraday liquidity products, such as hourly investing. Allowing treasury professionals to access their cash outside of previously “normal” hours not only expands the scope in which organizations can leverage their liquidity, but also allows treasury to make greater strategic contributions. APIs also allow treasury and finance to track sufficient movements in and out of the accounts throughout the day. That visibility can help organizations to make significant intraday decisions instead of end of day or overnight. Payments APIs for finance can also streamline the entire payment journey. Instead of relying on batch processes that transmit at several pre-determined times each day, APIs allow payments to be initiated from treasury management systems and ERP systems as needed—even in real time. In fact, real-time payments sometimes require APIs. Simply put, if you want payments to settle instantly, file transfers may not be the best connectivity option to choose. Using File Transfer, bank files are extracted, reformatted, encrypted, and downloaded by the treasury platform—a process that takes five to ten minutes at least. Once balances are known, the process to send and confirm a payment is another five to ten minutes at minimum. APIs, in contrast, can query a bank balance and then send a real-time payment instantly without the transfer of any files. With the rapid increase of both domestic real-time payment systems (The Clearing House’s RTP and FedNow in the U.S.) and cross-border platforms (SEPA Instant, SWIFT Go, and Nexus) APIs are a necessity for businesses who want to deliver instant payments. Leveraging APIs to utilize real-time payments not only revolutionizes the initiation and acknowledgement process, but also the ability to mitigate fraud. While the 2022 AFP Payments Fraud & Control Survey found that business email compromise scams have decreased recently, they are nevertheless still a persistent threat. Since real-time payments don’t afford users the opportunity to identify fraudulent transactions after transmission, fraud mitigation strategies must now be included in the approval process. Building APIs into the payment platform allows users to fully automate bank account validation and payment policy screening, identifying exceptions. Outliers can be flagged and set aside for review, while all other payments travel seamlessly as intended. Creating Flexible Reporting and Information Systems APIs are far more than just connectors to banks and ERPs. APIs can revolutionize the ways in which treasury and finance operate both internally and holistically. APIs offer the ability to create a flexible, custom, data warehouse that could exist within your TMS, as some treasury systems can act as a single source of record. When other systems have limited functionality, your data warehouse can fill the gaps through provision of market data, financial transaction specifics such as portfolio, project or risk-related information to deliver a quick, flexible source of weekly treasury reporting. Regardless of where your data is stored, APIs establish the means to integrate various data sources within a single repository or warehouse. Second, APIs allow treasury and finance to automate beyond task automation, which streamlines the organization’s own capabilities. APIs enable process automation, which simplifies and entire workflow like the entire payment journey. Entire systems and processes can be brought together more easily via APIs. Both automation and the extent of the functional coverage facilitate composable financial management systems. When networks of personalized systems, reports, dashboards, and efficient workstreams are enabled and integrated by APIs, treasury and finance teams can then focus on accelerating innovation and cost-reduction projects. ERPs, while critical, are not the only system requiring strong integration and the exchange of information for stronger decision-making. APIs are the glue that holds all of these components together and APIs change the efficiency and real-time capabilities for treasury and finance leaders. "CFOs and CIOs, hand in hand, are recognizing that we need APIs to bring everything together to accelerate the innovation,” Stark said. “Before APIs, the way that you’re making a composable financial system is by using custom interfaces, manual clicking and logging into systems and, if you’re lucky, a little bit of RPA. APIs are perfectly suited to improve process automation, linking multiple systems and workflows together, because they allow finance teams to build a system of multiple components.” Figure 1. Progression of Hyberautomation Initiatives Source: Gartner 2021 References Information technology (IT) spending on enterprise software worldwide, from 2009 to 2023 2022 AFP Payments Fraud and Control Survey Gartner Identifies the Top Technology Trends That CFOs Should Address Today   Interested to learn more about how APIs for finance will change the way leaders consume and act on information? Check out this webinar where Alex Yang from Bank of America, David Miller from Hunt Companies and Bob Stark from Kyriba demystify APIs' value for payments, intra-day liquidity, ERP integration, fraud detection, cryptocurrencies and more.

Tuesday, 24 January 2023 - 2pm GMT | 3pm CET | 9am ET | TMI showcases topical, pragmatic solutions and strategic insights for all treasury practitioners, from experienced treasurers and CFOs to those new...

Tuesday, 24 January 2023 - 2pm GMT | 3pm CET | 9am ET | TMI showcases topical, pragmatic solutions and strategic insights for all treasury practitioners, from experienced treasurers and CFOs to those new to treasury. As TMI are organising this webinar, please just add this text: Instant payments enables treasury to hold on to precious liquidity for longer, while real-time collections offer significant working capital advantages. In this webinar, Eleanor Hill (TMI) will moderate a panel including Rishi Munjal (Kyriba) and a special guest corporate speaker, who will discuss recent developments in real-time payments and what they mean for corporate companies.

"We selected Kyriba thanks to the track record they have working with fast growing tech companies that made it a safe bet. We’re implementing an advanced treasury system that can handle all our requirements...

"We selected Kyriba thanks to the track record they have working with fast growing tech companies that made it a safe bet. We’re implementing an advanced treasury system that can handle all our requirements in a scalable way, regardless of how quickly we grow." — Mahmoud Iskandarani, Director, Group Treasury, Bolt — Building the Future of Mobility The Challenge: Scalability: Ranked one of the fastest growing companies in Europe, Bolt needed a scalable treasury driven by technology to support the acceleration of the company. Mitigate Financial Risk: Reaching unicorn status in just 5 years, proper treasury management was required to mitigate financial risks and create an efficient working capital management. Strategic Decisioning: Needed a system to navigate and act on the opportunities arising from the current macro environment. The Solution: With Kyriba’s Open Format Studio, Bolt can manage the payment format process themselves to integrate new payments as expansion continues, along with: End-to-end FX management Connectivity to Bolt’s Bank via API Integration across Bolt’s internal systems – including Workday Managing intercompany lending Positive business outcomes expected from this project: Efficiency equivalent to 2 Full Time Employees. Hard and Soft cost savings of millions of Euros per year due to financial risks mitigation, automated FX, improved yields on cash, and efficient working capital management. "Kyriba’s forecasting module, their APIs and connections, as well as their partnerships will make all this possible and smoother!" About Bolt The 1st European mobility super-app, fighting for better cities and against private cars, offering a better alternative to private car ownership with flexible urban mobility – including ride-hailing, shared cars and scooters, and food and grocery delivery.

Kyriba is proud to be a continued supporter of AFP’s Treasury in Practice series, including this most recent publication, What’s Next? A Practical Guide to Prepare for Change in 2023. 2022 can be best...

Kyriba is proud to be a continued supporter of AFP’s Treasury in Practice series, including this most recent publication, What’s Next? A Practical Guide to Prepare for Change in 2023. 2022 can be best described as volatile and while 2023 offers no immediate relief, there are new practices and strategies that treasury can harness to drive financial resilience. Cash Forecasting – while the practice is not new, forecasting has evolved. Forecasting requires more data to manage multiple risk scenarios that deliver insights in real-time. Fortunately, technology has evolved – well beyond spreadsheets and treasury workstations – to simplify the modeling, presentation, and analytics of cash forecasting. Liquidity Planning – an emerging practice, liquidity planning is about surrounding your cash forecast with internal and external data to optimize investment, borrowing and working capital decisions. As organizations are increasingly being valued on EBITDA resilience, treasury can show its value by perfecting liquidity planning. Risk Management – Organizations who can protect their balance sheets, income statements and cash flow are increasingly rewarded by investors. Treasurers with the right processes and technology can quantify the impacts of risk on cash and financial statements and through data analytics can more efficiently reduce risk. Real-Time Treasury – APIs are a game changing technology for treasury, as they offer the ability to connect systems, unify data and integrate new apps in real-time. As more tech platforms embrace APIs, treasury can ready itself by modernizing processes to make quicker decisions. Soon there will be intra-day investment opportunities, more widespread use cases for instant payments, and the need for quicker decisions to be made that treasury will want to be ready for. Kyriba is a proud sponsor of the AFP Treasury in Practice series. We embrace our role in helping treasury and finance teams across the world become better informed and prepared for “next”. We hope this guide helps your team increase the resilience of your treasury and finance processes. Introduction The future is far from rosy right now. Interest rates are rising, the foreign exchange market is volatile, the war in Ukraine is ongoing, supply chains are still strained post-coronavirus pandemic, and there is a growing expectation of a coming recession. If these problems weren’t enough, other changes are imminent in 2023 — the launch of FedNow, the Fed’s real-time payment service; the new payment standard, ISO 20022, will become operational for cross-border payments; the SEC is planning more money market reform; and Libor will cease to exist at the end of June. To ready for all this uncertainty, treasurers will be actively preparing to ensure their departments remain as efficient as possible. By automating where possible, treasurers will free up time that can be spent managing the changing risks in uncertain times and helping their wider organizations adapt to the new environment. This guide highlights the main issues that will affect treasury in 2023, and identifies the key questions to ask as treasurers seek to build resilience into their organizations in the face of uncertain times. Preparing for the Future Treasury practitioners are generally not in the business of predicting the future. Rather, their role is to anticipate future scenarios, identify potential exposures, and then protect their organization’s assets by managing those exposures. To illustrate the point, there is a broad consensus that the Fed will continue to raise core interest rates throughout 2023. Treasury’s role is to understand the implications for their organizations if that happens, but also to protect their positions if the Fed defies expectations. In other words, while interest rates are likely to continue to increase, an unforeseen series of events could result in a reversal, and treasurers have to protect their organizations against all eventualities, not just the most likely. Even so, there are some events that will continue to influence the business environment in 2023 and that treasurers — and their FP&A colleagues — should build into their scenario analyses as they seek to manage risk. The Global Economy in 2023 The business environment is framed by the state of the wider economy. The decisions by central banks globally to tighten monetary policy are likely to have some significant consequences for businesses. There is already disruption in the money markets as interest rates rise around the world, and investors hold on to cash for fear of missing out on future higher returns. This might turn into a longer recession if central banks, including the Fed, overtighten monetary policy by raising interest rates too high as they seek to keep a cap on the various inflationary pressures. Market volatility and uncertainty mean that financial risks are evolving. First, company strategists are alert to a potential recession and are trying to find ways to build resilience into their planning. For many companies, this process starts with the balance sheet, whether by drawing down additional cash to act as a buffer and then identifying how best to manage that cash in a safe and liquid manner, or by paying down debt where possible to reduce interest expense. Second, we are all getting used to operating in a changed interest rate environment. As interest rates rise, risk is priced differently and some companies (and financial institutions) that have operated successfully on low interest rates may begin to struggle as the environment gets tougher, borrowing costs increase and cash flows become more difficult to manage. Third, there has been disruption in the foreign exchange market too. The macro story is one of appreciation of the U.S. dollar in 2022, overlaying a period of more general volatility as the market responds to different triggers. Fourth, there are many geopolitical factors in play. These range from the ongoing war in Ukraine, to heightened tensions in the South China Sea, to the residual impact of the pandemic. Specific Challenges for Treasury Each of these factors facing the global economy will have company-specific implications for every treasury practitioner. Every company operates within its own set of circumstances, and some will be more recession-proof than others. Companies operating internationally will face different challenges in each of the territories where they have a presence. Generally, as they plan for 2023, treasury practitioners will be focused on a series of challenges including: Boosting resilience. It will be treasurers, working with the wider finance teams, who will have to manage the company balance sheet. The aim will be to ensure the company has access to sufficient cash at all times, irrespective of the state of the economy. There may be fundraising implications, as well as the responsibility to manage the investment of cash. Managing counterparty risk. Customers and suppliers will all react to changing interest and foreign exchange rates in different ways. Most will be able to achieve a degree of resilience; some will not and consequently will have difficulties. Treasurers will use the skills and understanding of their businesses honed during the height of the pandemic to focus on managing cash flow and trying to strengthen the wider supply chain. Protecting the budget. Volatile prices, from inflation and changing exchange rates, can wreak havoc on a company’s budget. One of treasury’s core tasks is to manage any financial risks to protect the budget, particularly with respect to cash flow. Expecting the unexpected. The hardest part of treasury’s role is to prepare for unforeseeable events, whether that is a sudden reversal in interest rate movements, the impact of supply chain problems or another black swan event. Key Treasury Themes for 2023 While the headlines focus on the issues causing uncertainty in 2023, treasurers can target three objectives to maintain resilience in these uncertain times. Achieving Efficiency Improving efficiency is a constant focus, as treasurers continue to be asked to “do more with less.” During times of uncertainty the rewards from an efficiency improvement are elevated as more time becomes available to devote to recognizing, understanding and managing risk. Achieving efficiency is generally an incremental process, in which departments become more efficient over time by automating where possible and adopting new workflows to overcome particular pain points and reduce operational costs. In addition, a large treasury transformation project, such as the implementation of a new treasury management system (TMS), offers the opportunity to make significant efficiency gains all at once. There are always new opportunities to become more efficient. The task for treasurers is to identify the best way to implement them so that future opportunities can be more easily realized. Following are some opportunities you can execute now. Is the department getting the best value from its banks/vendors? It is good practice to review bank fees on a regular basis. It helps to make sure banks are not overcharging, but also can identify tasks (e.g., payment processing) that can be managed more efficiently. Other costs can be reviewed too; for example, it can be possible to negotiate lower card acquisition costs. What additional tasks can be automated? It is similarly good practice to regularly review all existing treasury processes to identify bottlenecks and unnecessary manual intervention. Automation helps to manage operational risk, by reducing the incidence of error and fraud. Automating processes will release departmental time that can be devoted to more strategic activities and allow decisions to be made based on more accurate and timely information. Can treasury improve its use of technology? One way to automate more activities is to broaden the use of existing solutions, such as the TMS, by implementing unused features. As an example, a company may use its TMS to manage its bank account activity, but still run its cash forecast on a spreadsheet. While there may be an additional cost to utilizing additional elements of a TMS, this may be outweighed by the improved efficiency and accuracy of the automated forecast, especially if the improved forecast can be used to manage liquidity more efficiently. How does treasury technology link with internal and external partners? Managing connectivity can be both time-consuming and costly, depending on the structure of departmental technology. Implementing APIs can be more efficient by simplifying connections between different systems. For companies with a small number of key customer accounts, monitoring individual DSO levels will also highlight potential problems with key customers and allow early intervention to take place. Maintaining Liquidity As part of the challenge to build resilience, treasurers will be identifying ways to maintain and improve their organization’s access to liquidity. There are three broad areas where improvements can be made, which the following questions will help you explore. Can treasury manage internal liquidity more effectively? Improving visibility of cash and enhancing the quality of cash forecasts allow treasurers to make more informed decisions on the levels of cash to hold; streamlining the use of cash, such as through automated sweeps to cash pools, ensures any cash is used to its maximum efficiency. Implementing an in-house bank structure can help to achieve both these goals. How will treasury maintain liquidity as interest rates rise? Some companies will look to pay down debt to reduce interest expenses. Others will draw down more cash to ensure liquidity should the market tighten, but will then need to manage that additional cash, perhaps by investing out along the curve once rates start to stabilize, again to potentially increase the yield on short-term cash. What opportunities are there to manage working capital more efficiently? With the threat of recession, companies have to be mindful of potential impacts along their supply chains. Monitoring general DSO levels will give warning on potential deterioration in incoming cash flow, allowing treasury to manage any associated liquidity risks. For companies with a small number of key customer accounts, monitoring individual DSO levels will also highlight potential problems with key customers and allow early intervention to take place. There may be opportunities to manage the cash conversion cycle more effectively, e.g., by paying suppliers later and accelerating cash collections. Keep in mind though that while accelerating the receipt of cash may be beneficial to one particular company, it may have adverse consequences for the supply chain as a whole. Managing Vulnerabilities Taking action to improve efficiency and maintain liquidity will make the company more resilient in the face of unforeseen events. Treasury should also work on identifying potential vulnerabilities by answering three core questions: How exposed is the business to changing market conditions? Much of the focus has been on rising interest rates; however, the foreign exchange and international commodity (notably oil and gas) markets are also volatile. One way to assess vulnerabilities is to run a series of scenario analyses, modeling outcomes in different combinations of market conditions. This process will help treasurers understand how exposed their organizations are to, for example, further increases in interest rates. With this information, treasurers can plan how best to protect against each particular risk, both in the short term and further into the future. Having an effective financial risk management policy covering all financial risks, together with management support to act when appropriate, reflects a prudent best practice. Failure to make adequate preparations may result in higher costs of doing business, ultimately reducing both revenues and profits. How can treasury become a more effective partner to the rest of the business to help identify and reduce vulnerabilities within the organization? With a deep understanding of both cash flows and risk, treasury has a good knowledge of how the wider business operates and how sensitive each part of the business is to changing market situations. By freeing up time through automation, treasury can support different business units to understand how market conditions, such as rising interest rates or changing exchange rates, can affect their operations. For example, when working with procurement, treasury can show how the supply chain can become more vulnerable as energy prices rise. Stronger companies may be in a position to support their suppliers via the implementation of a supply chain finance solution. On the sales side, treasury can help accounts receivable understand any threat to cash receipts and, for international sales, provide advice on the use of letters of credit. By engaging with the business as decisions are being made, treasury can help the company adopt solutions that will improve the management of working capital and liquidity, and identify and manage risk more effectively, collectively reducing exposure to external market volatility. Is the business prepared for planned market changes in 2023? There are some important changes that will feed through to corporate treasurers at various points during 2023. The Fed’s real-time payment system, FedNow, will launch and the process of transitioning away from Libor will be completed at the end of June. The SEC is also expected to introduce some reforms to 2a-7 money market funds, although the details have not yet been finalized. The implications of these changes are discussed in the next section. Issues to Manage in 2023 This section explores four key developments that will impact treasury management in 2023 and outlines how treasurers can take full advantage of the opportunities they provide. Real-time Payments in the U.S. The Fed’s real-time payment system, FedNow, is due to come online in 2023. It is not the first real-time payment system in the U.S., as The Clearing House’s RTP® network came online in 2017, and internationally, the ability to make real-time payments has been around for a number of years. However, it is likely that the introduction of FedNow will increase the uptake of real-time payments in the U.S., not least because it will extend the availability of real-time payment functionality to more banks. From a treasurer’s perspective, the key is to determine whether greater availability of real-time payments represents an opportunity to improve efficiency or an added vulnerability to be managed. The answer, at least initially, will vary between companies and will depend on whether they have a business case to extend their use of real-time payments. Broadly, there are some very specific use cases that encourage the use of real-time payments. For example, it may be necessary to make emergency payments to suppliers or customers when an initial ACH payment fails, and a real-time payment will be much more cost-effective than a more traditional wire. Real-time payments will also be an efficient way of making payments to casual labor outside of traditional banking hours. On the collections side, any payment linked to an instantly available good or service, such as a pay-per-view sporting event, will be irrevocable if collected by real-time payment instead of credit card. Over time, increasing numbers of companies will add real-time payments alongside more traditional payment types. As well as being continuously available, real-time payments have two key features — irrevocability and instant processing — that will alter the risk profile of payments management within the treasury department. It is therefore important that treasurers understand the implications of real-time payments, especially for liquidity and operational risk management, by asking a series of questions, including: Will banks be able to provide real-time information to feed into internal systems? Again, to obtain full benefit of real-time payments, such as to manage liquidity on an intraday basis, banks need to be able to provide data to their clients in real time. If real-time data feeds are available, how can the company access them? Most banks offer APIs to manage the flow of data with their clients; however, for companies with multiple banks, managing multiple API connections can be timeconsuming, adding cost to any project. Will internal systems and processes need to be adapted to manage real-time payments? To provide maximum benefit, systems will need to capture and process data in real time. In addition, any use of real-time payments for disbursements will need to have operational controls embedded as, once initiated, real-time payments cannot be recalled. If real-time payments are linked to another business process (e.g., the release of a shipment on receipt of payment), how will the linked business operation access the real-time data relating to the payment (e.g., how will logistics know when payment is received so a shipment can be released) or respond to a request for payment received outside regular business hours? Companies may be able to create a competitive advantage if they can react faster than their competitors to the receipt of a real-time payment. How will banks apply cut-off times for balance purposes? Their approach will affect how the timing of received and outgoing payments impacts earnings credit, for example. Companies may be able to create a competitive advantage if they can react faster than their competitors to the receipt of real-time payments. ISO 20022 - Improvements to Cross-border Payments In March 2023 (delayed from the planned November 2022 launch), ISO 20022, the new payment messaging standard goes live for cross-border payments. Over the three years following the launch, most central banks around the world expect to transition their real-time gross settlement (RTGS) systems (such as Fedwire) away from existing payment messaging standards and over to new ISO 20022 xml-based messages, which are, for payments, pain and camt message types. For all users, the potential benefits derive from the ability of new message types to carry more data along with payment or account information. Once fully operational, treasurers should be able to identify significant benefits of the transition. Cross-border payments should be more transparent because of interoperable standards offering more structured data. The same data will ease the automation of more of the disbursement and collection processes including reconciliation. In turn, these improvements to payment processing will lead to a more efficient use of liquidity. While the timing of the transition will vary by country, by acting now, treasurers can ensure their ability to take advantage of the new format as soon as possible. Here is what treasurers will want to review: How will treasury send data to their banks? With the changeover in message standards, some file formats will not be supported in the future. It is important to discuss transition plans with banks and other payment service providers. For the time being, TMS and ERP providers will still be able to process hybrid formats (e.g., BAI, XML, and JSON, which is used by many APIs) as they are used to manipulate multiple file formats. How will treasury hold data and access data held by other internal departments? Treasurers will want to work with their TMS and ERP providers to ensure any static data (e.g., data held on suppliers) is updated to be compatible with any new requirements. Failure to do so may not prevent payments from being processed, at least initially; however, it is likely to mean payment processing is less efficient than it could be as all the remittance information may not be available. How will treasury capture bank data? The new formats will hold much more data alongside standard payment information. Being able to capture that in the TMS and/or ERP will provide much wider benefits than improvements to transaction reconciliation. For example, the enriched data could be used by an AI-based cash forecast to develop more accurate forecasts, allowing treasury to streamline the use of liquidity. Money Fund Reform Following significant redemptions from prime money funds in spring 2020, the SEC has proposed a series of reforms aimed at improving the resilience of the sector. Although the proposed reforms had not been finalized at the time of writing (November 2022), the proposed introduction of swing pricing for institutional prime and tax-exempt funds would encourage a further switch from prime to government and treasury funds. As proposed, a fund that has net redemptions over a specific time period will be required to amend its net asset value for that period. Assuming the SEC adopts swing pricing in its final proposals, treasurers will need to review their use of money funds, as there will be an increased risk of a loss of principal when investing in affected funds. Most treasurers review their investment policies at least annually and evaluating the impact of money market reform will only be one part of that. More generally, treasurers will address the following questions when reviewing their investment policies (or setting one up, if their company does not already have one in place): How does the policy currently bucket cash (e.g., between operational/working capital cash, and other buckets)? Do these buckets need to be adjusted (e.g., a larger proportion of cash could be bucketed, and therefore invested, as operational cash), given the threat of recession and the rising interest rate environment? If the SEC introduces further money fund reform, how will the reforms affect the risk profile of the funds in which the company is invested? Notably, how do the reforms affect the safety and liquidity of any cash invested in affected funds? Should the company consider other investment strategies or investments, especially if it chooses to hold more cash on the balance sheet to protect against the threat of recession? For example, for non-operational cash, treasurers will look at strategies to generate an enhanced yield (reflecting the opportunity cost of holding additional cash). These may include shortening portfolio duration while interest rates are still rising and/or considering investing in non-investment grade instruments. How does volatility in the foreign exchange and commodity markets influence the short-term investment policy? The End of LIBOR Although most Libor settings ceased publication at the end of 2021, five USD Libor settings (and six synthetic settings in GBP and JPY) will continue to be published until the end of June 2023. Little new Libor business should have been written since the 2021 cut-off date, but there will still be some legacy USD Libor business to be managed, including remaining syndicated loans, term loans and intercompany loans. The amount of USD Libor outstanding by June 2023 has been estimated at $74 trillion. Most companies have started to transition away from Libor, not least by agreeing to use a new rate, such as SOFR, for any new business. While some contracts will mature before the end of June 2023, many organizations will still have outstanding legacy agreements to transition. For those who have yet to start transitioning, it is time to prepare, as external support may not be available closer to the deadline. Outstanding business can be divided into two parts: contracts agreed with partners, typically banks, and arrangements organized internally, typically intercompany loans. Both require an understanding of current exposures including all contracts that will be live after the end of June 2023. For external business, there are some key questions to ask of banks and other relevant partners: For each contract, which reference rate will apply, how will interest be calculated, and when will interest be payable? Is fallback language in place where necessary, e.g., for syndicated loans? The ARRC has published a series of best practices (https://www.newyorkfed. org/arrc/index.html). In addition, companies will have to amend any internal operations including: Does the company’s TMS provide the ability to calculate interest and value instruments using the new rate(s), whether via the upgrade of an existing solution or the adoption of a new one? How and when will any intercompany loans be transitioned to a new reference rate? Do the company’s interest rate risk management policy and procedures need to be updated? Conclusion Any changing environment offers both opportunities and threats to all organizations. The combination of volatile market environments and the impact of some significant market changes means 2023 will be interesting for corporate treasurers. Changes in the payments space, via more real-time payments and the adoption of ISO 20022, mean there are major opportunities for treasurers to press forward with automation, based on access to more data in real time. Automation should lead to decisions based on more timely and reliable information, allowing treasurers to use liquidity more efficiently. Innovations that improve operational efficiency and the use of liquidity will also make organizations stronger and better able to withstand the threats of recession and supply chain problems.

Backed by strong incentives and market-leading technology, Kyriba delivers one of the strongest and most comprehensive partner programs in the industry. Treasury and Finance Technology: An Expanding Market PartnerSURGE is a program designed to...

Backed by strong incentives and market-leading technology, Kyriba delivers one of the strongest and most comprehensive partner programs in the industry. Treasury and Finance Technology: An Expanding Market PartnerSURGE is a program designed to let Kyriba’s strategic partners share in the rapidly expanding market for world-class treasury and finance technology. The first step in that process is enrolling in Kyriba’s Partner Sales Enablement program, which offers sales certification and in-depth training to help partner teams quickly build pipeline, close their first deals, and sustain long-term success. Kyriba’s Partner Sales Enablement program helps sales professionals understand: The unique needs and challenges of cash, liquidity and risk management The business value offered by Kyriba’s market leading solution Sales Certifications Platinum Sales For sales professionals who need to understand a prospect’s core business challenges in Treasury and Payments and Kyriba’s associated value to generate leads and grow revenue. Platinum Plus Sales For sales professionals who want a deep understanding of the entire Kyriba portfolio, including Risk Management and Working Capital, as well as a prospect’s business challenges associated with Enterprise Liquidity Management. Gold Pre-Sales For pre-sales professionals who need to demonstrate the value and associated functionality of core liquidity and present Kyriba’s value proposition to separate Kyriba from the competition and win new business. Platinum Pre-Sales For pre-sales professionals who need to demonstrate the value and associated functionality of the advanced liquidity modules of Kyriba’s solution. Platinum Plus Pre-Sales For pre-sales professionals who need to demonstrate the value and associated functionality of the working capital market modules of Kyriba’s solution. Sales Onboarding and Certification Following the Certification, sales professionals will be able to identify prospects with the requisite business needs, provide a brief elevator pitch of Kyriba’s value, and successfully introduce a solution specialist to continue the sales process. Sales Certification Content Platinum Sales Certification: 3-day instructor-led training (virtual) Product focus: Treasury and Payments Topics: Domain and industry business challenges selling to the economic buyer, primary customer business drivers, competition, pricing, Kyriba’s differentiators Product focus: Treasury and Payments Platinum Plus Sales Certification: 5-day instructor-led training (virtual) Product focus: Risk and/or Working Capital Topics: Domain and industry business challenges, selling to the economic buyer, primary customer business drivers, competition, pricing, Kyriba’s differentiators Role play and hands-on exercises 15-min pitch by partner participants 1-hour demonstration of Kyriba (upon request) Prerequisite Optional; access to e-learning onboarding curriculum on market conditions and market drivers Resources As part of the partner sales certification, sales professionals will receive access to Kyriba’s: Partner Portal: Access to CRM to create and view new opportunities/contacts Content Library: Access to key sales enablement content Sales University: Knowledge base of self-paced, on-demand training courses Pre-Sales Onboarding and Certification Following the Certification, sales professionals will be able to identify prospects with the requisite business needs, provide a brief elevator pitch of Kyriba’s value, and leverage tools to demonstrate product capabilities and drive deeper discovery with prospects. Gold Pre-Sales Certification 1.5-day instructor-led training (virtual) Product focus: Treasury and Payments Demo topics include cash and liquidity management, payments 45-min demo led by partner attendee to include all modules listed above Platinum Pre-Sales Certification 3-day instructor-led training (virtual) Product focus: Treasury and Payments Demo topics include cash and liquidity management, bank relationship management, payments, payment fraud 90-min demo led by partner attendee to include all modules listed above Platinum Plus Pre-Sales Certification 5-day instructor-led training (virtual) Product focus: Treasury, Payments and Working Capital Demo topics include cash and liquidity management, bank relationship management, payments, payment fraud, debt and investments, supply chain finance 120-min demo led by partner attendee to include all modules listed above Prerequisite Optional; access to e-learning onboarding curriculum on market conditions and market drivers Resources As part of the partner sales certification, sales professionals will receive access to Kyriba’s: Partner Portal: Access to CRM to create and view new opportunities/contacts Content Library: Access to key sales enablement content Sales University: Knowledge base of self-paced, on-demand training courses Recorded Demos: Access to tool to manage customer facing demos of product capabilities Demo Scripts: Proven demonstration scripts to guide the perfect demo for each solution area

Regulatory Requirements Created Unique Challenges At the onset of the pandemic, Xcel Energy embarked on a mission to upgrade out of legacy systems and spreadsheets and into a cloud-based treasury management system to modernize...

Regulatory Requirements Created Unique Challenges At the onset of the pandemic, Xcel Energy embarked on a mission to upgrade out of legacy systems and spreadsheets and into a cloud-based treasury management system to modernize and automate its operations. “We have benefited immensely from centralization and uniformity. For the first time ever all external debt instruments are managed in the same system. It’s been nice to not have to maintain huge spreadsheets now that we transitioned to Kyriba.” Eric Gray, Director of Cash Management for Xcel Energy Goals of the Modernization Included: Reduce manual processes across treasury and finance Embrace system automation and centralization Enhance fraud protection Leverage consistent data across all entities and positions Create automated reporting that automatically feeds to general ledger Physically move cash through wire transfers This last goal fulfilled regulatory constraints that utility companies face in having to move actual cash from one entity to another as opposed to a common practice of using a virtual banking structure. This was just one of many unique requirements of Xcel Energy’s transition to operating in a regulated environment with multiple entities. Another unique requirement was Xcel Energy’s reporting needs. It was necessary to see each company’s net position both day-to-day and monthly. Kyriba enables Xcel to view each entity’s cash position inclusive of forecasted payments, fulfilling another regulatory requirement. “Xcel Energy’s treasury function has never been more centralized and automated, and there’s now a structure to scale. Modernization shouldn’t stop with an implementation; it should evolve.” Kevin Koeneman, Treasury Manager at Clearsulting Kyriba Implementation: 14 Kyriba Modules 15 integrations 4 connected reporting banks 1 connected payment bank 100+ bank accounts Big Bang Approach to Implementation With the guidance of implementation partner Clearsulting, Xcel Energy went live with Kyriba for all modules and entities on March 1, 2022. This ‘big bang’ approach enabled a simultaneous embrace of Kyriba as the system of record and the official replacement of three legacy systems. Thanks to a three month parallel implementation, Xcel Energy has performed six month-ends and two quarter-ends without issues across multiple facets of treasury. Debt and Investment Management Maintained five types of required external instruments in a centralized system: 5 commercial paper programs with authorized issuances of $3.1B USD 5 syndicated credit facilities at $3.1B USD 76 long term bond issuances at $24B Short-term bank loans Short-term investments – overnight sweep accounts and money market funds for investment of excess cash Leveraged the relationship between Kyriba and ICD to streamline management of all money market investments under one portal Reduced the need for human intervention and eliminated the risk for human data input errors through automation and reporting Intercompany Management, Payments and Customer Rebates Established 2 types of intercompany borrowing structures: In-House Banking and Utility Money Pool (UMP) Enabled seamless and compliant borrowing between holding and operating companies as well as between operating companies Leveraged multiple payment templates in Kyriba to reduce repetitive data entry and automatically sync new payments to specific intercompany positions Automated reconciliation of more than 500,000 vendor payments and customer rebates each year across five payment systems and seven different integrations Facilitated the escheatment of thousands of uncashed check payments each year as required by law About Xcel Energy Xcel Energy is a holding company that owns and operates 4 regulated utility companies, a service company, and numerous nonregulated entities, servicing 3.7 million electric customers and 2.1 million natural gas customers across 8 states in the Midwest, Southwest and Western United States.

Kyriba Analytics delivers integrated visual dashboards and pre-built data analytics for cash flow management, liquidity management, treasury and risk management, payments management and supply chain finance management modules. Kyriba Analytics goes beyond traditional reporting...

Kyriba Analytics delivers integrated visual dashboards and pre-built data analytics for cash flow management, liquidity management, treasury and risk management, payments management and supply chain finance management modules. Kyriba Analytics goes beyond traditional reporting by offering on-demand drill down, dashboard editing, and a transformed visual experience for presentation-ready information sharing. Data visualization, reporting and insights into more cross-functional information are key areas where CFOs need treasury to improve its technology solutions to match industry best practices.   Strategic Insights into Liquidity and Risk Kyriba Analytics provides treasury analytics to enable predictive decision-making in the hands of finance with AI. Dashboards for scenario analysis, apply trends, market data and past criteria to drive improved insights: Visualize cash and liquidity across your entire organization Forecast debt with flexible scenario analysis on both cash inflows and outflows for clarity against future shifts Visualize debt and risk level impacts to your profitability Support CAPEX spend and strategic decision-making for optimal ways to fund acquisitions or support funding international subsidiaries Know where debt load is and across types of instruments   Featured Highlights Interactive Analysis Dynamic visualization and drill-down analysis Uncover data relationships and trends through graphical exploration Ready to Go Instant access to standard reports and formulas out of the box Leverage pre-built KPIs, visualizations, and calculations Self-service Dashboard Build your own interactive dashboards Share your customized dashboards with your teams Fully Integrated Fully secure within Kyriba’s cloud Complete data segregation by user Empower team collaboration Treasury Analytics: Use Cases Liquidity Analytics What is my net debt and my liquidity? How and when best to pay down my debt? How many “days of survival” do I have? Cash Analytics Do I have enough cash? Is my cash forecasting reliable? What is my activity with banks? Payments Analytics Where is my biggest concentration of payments? Are we sending too many wires? Which users execute payments and who approves them? Treasury Risk Analytics How much is available on my credit lines? What is my borrowing profile? What is the value of my financial assets? SCF Analytics What is my supplier participation rate? How many documents have been uploaded? Which invoices are financed? Compliance Analytics Who are the users and where are they located? Which modules can they access with which rights? What data can they access? Why Kyriba Analytics? Traditional Reporting Analytics Advanced data visualization Self-service dashboard creation Data drill-down Variable change on-the-fly Large data volume handling Empower better collaboration across the organization

Kyriba’s Cash and Liquidity Management Solution offers Cash Management, Cash Forecasting, Liquidity Planning and Liquidity Analytics modules for CFOs and treasurers to predict cash and liquidity requirements and make data-driven liquidity decisions. The practice...

Kyriba’s Cash and Liquidity Management Solution offers Cash Management, Cash Forecasting, Liquidity Planning and Liquidity Analytics modules for CFOs and treasurers to predict cash and liquidity requirements and make data-driven liquidity decisions. The practice of cash forecasting has changed post-pandemic. CFOs and boards demand increased free cash flow necessitating greater precision in forecasting and planning. Liquidity planning has emerged as a new practice that extends beyond cash forecasting to make more informed and efficient decisions to increase the generation and preservation of cash on the balance sheet and to support the CFO plan for growth, expansion, acquisitions, and EBITDA improvement. The Kyriba Cash and Liquidity Management Solution supports integrated cash and liquidity practices with three pillar components. Cash Management For daily cash positioning and reconciliation of prior day bank transactions, including bank reporting, bank transaction tagging, and target balancing of accounts. Kyriba module: Cash Management Cash Forecasting Projecting cash surpluses and requirements days/weeks/months into the future. Forecast data is captured from internal and external sources with the ability to model simultaneous forecasts in parallel and stress-test against multiple business scenarios. Kyriba module: Liquidity Planning Liquidity Planning and Liquidity Analytics Surrounding the forecasting with investment and borrowing data to make more informed liquidity decisions. The Liquidity Plan makes the cash forecast actionable, demonstrating the impact of investing, and borrowing decisions with real-time data insights. Kyriba modules: Liquidity Planning and Liquidity Analytics The combination of these modules give treasury teams and finance leaders in treasury, FP&A, finance, procurement and accounting the platform they need to proactively manage the cash lifecycle end-to-end. The Liquidity Planning module supports cash forecasting while the Liquidity Analytics module surrounds Liquidity Planning with data and insights to make data-driven liquidity decisions. Clear identification of target liquidity levels and flexibility in reporting: To learn more about Kyriba’s Liquidity Management Solution, request a demo today.

This CFO Podcast discusses free cash flow strategies and business leadership with Dan Gardner, CFO at DT One.

*Accepting cookies will allow the podcast player to be displayed. Free Cash Flow Strategies and Business Leadership This CFO Podcast features an interview with Dan Gardner, Group CFO at DT One, an international network of non-cash micropayments and digital pre-pay partners that delivers digital connectivity solutions.   Editor's Note In this episode, Dan explains the importance of cash forecasting, or liquidity planning, how to drive value across the organization through empowering teams, and data driven business leadership. Financial technology and AI solutions are empowering finance leaders to increase efficiency and optimize growth with new data analytics. He explains how to monetize insights from data and minimize risk. When it comes to business leadership, Dan says that embracing technology unlocks results, especially for finance teams and streamlining treasury processes. “Give them the tools and the resources and the courage to be challenged by it,” he says, to “better the environment, the decision making, [and] create value for the enterprise.” Dan has a 12-year track record of creating enterprise value as a CFO. At DT One, he’s responsible for the global oversight of all finance, treasury, risk and compliance functions. He’s built smart, agile finance organizations and transforms core data into revenue generating intelligence. This CFO podcast is an excellent guide for finance leaders and CFOs who embrace thought leadership from their peers. Listen to examples of how other CFOs manage risk, drive growth, and take-on the expanding, strategic role of the CFO.

Modernizing Cash Forecasting and Liquidity Planning Cash forecasting has changed post-pandemic, with new practices emerging to predict free cash flow and liquidity more accurately and at greater speed. Kyriba has responded with a completely...

Modernizing Cash Forecasting and Liquidity Planning Cash forecasting has changed post-pandemic, with new practices emerging to predict free cash flow and liquidity more accurately and at greater speed. Kyriba has responded with a completely modernized solution to confidently extend forecasting horizons and support data-driven liquidity decisions. Reduce Reliance on Spreadsheets Treasury teams have often turned to spreadsheets for their forecasting needs to model both simple and complex reports and scenarios. Kyriba’s Liquidity Planning module is designed to be as easy as a spreadsheet with the flexibility to model forecasting complexity. Flexibility and Precision Kyriba Liquidity Planning is a new cash forecasting module to help treasury and finance make more accurate decisions for days, weeks, months and years in the future. Liquidity Planning supports cash forecasting and – when combined with Liquidity Analytics – also support liquidity planning practices. Key Features Flexibility and Configurability Model forecasts the way you want with as many iterations as you like, including top down or bottom-up presentations to support different types of forecasting in your organization. Formula-based Construction Include or exclude the data you want in each line item and summary total. Multiple, Parallel Forecasts Run multiple cash forecast cycles at once, designed with different data and assumptions. What-if Scenarios Model forecasts against various liquidity and risk scenarios. Excel-like Entry On-demand single click editing and copy/paste directly into the forecast. Submission and Review Workflow Collaborate with other users including notifications and comments. Variance Analysis Combine with Cash Analytics for detailed and drill-down on forecast variances. Load Data from anywhere Unify forecast data from ERP, spreadsheets, data lakes and other sources via API or file interface. AI-Enhanced Cash Flows Combine with Cash Management AI or other AI apps to include data-driven forecasts as part of your cash flow planning. Liquidity Analytics The Liquidity Planning module combines with Kyriba’s Liquidity Analytics module to fully support liquidity planning practices. Liquidity Analytics surrounds the cash forecast with liquidity data from the Investments and Debt modules in Kyriba, presenting through pre-built dashboards to make your forecast actionable. Together, the Liquidity Planning and Liquidity Analytics modules unify cash and liquidity data, so you have the data and insight to optimize liquidity decisions. [no_toc]

"Align Technology, along with Kyriba and Refinitiv FXall, has created a simplified hedging program with rock solid analytics. Senior Management is again confident with the FX hedging program." Laura Fisher, Financial Risk Management Challenges...

"Align Technology, along with Kyriba and Refinitiv FXall, has created a simplified hedging program with rock solid analytics. Senior Management is again confident with the FX hedging program." Laura Fisher, Financial Risk Management Challenges Data visibility, collection, and analysis were very difficult Daily Rate Environment caused complexity in analyzing results Regionalized approach resulted in multiple iterations of accounting principles and platforms, preventing visibility into FX exposures FX trades done manually over the phone, leading to rate loss and non-competitive bids Solution Moved from a daily rate to a monthly rate environment for the FX Program Integrated Kyriba FX with SAP ERP and implemented Data Integrity Analysis to validate exposure and identify inconsistencies Began scorecards for regional accountability based on actual vs. forecasted analysis Introduced trading partner FXall to provide market-best rates for trades Outcomes Streamlined data flow end-to-end and gained confidence in data, decision-making, and the FX hedging program Monthly Rate Environment with refined forecast methodology and visibility into true exposures Eliminated spreadsheets and manual input with automation and ERP integration Reduced overall cost of hedging with best-rate availability

Kyriba is a fully SWIFT-certified Application for Cash Management and Payments, offering multi-bank Connectivity-as-a-Service integrated within Kyriba’s leading liquidity management cloud platform for treasurers and CFOs. This Factsheet explains how your organization can use...

Kyriba is a fully SWIFT-certified Application for Cash Management and Payments, offering multi-bank Connectivity-as-a-Service integrated within Kyriba’s leading liquidity management cloud platform for treasurers and CFOs. This Factsheet explains how your organization can use different Kyriba services to leverage SWIFT bank connectivity.  SWIFT Alliance Lite2 for Corporates Kyriba has fully integrated SWIFT Alliance Lite2 with Kyriba’s cloud platform, enabling complete automation and straight-through processing for corporate payments. No internal IT effort is required for bank reporting, payments and other SWIFT messaging. Who Should Consider this Service? Clients who wish to maintain the administration of BICs, users and RMA keys, but also want to outsource bank format transformation and maintenance, as well as the monitoring of bank connections. SWIFT Service Bureau With SWIFT Service Bureau, clients have their own SWIFT BIC fully managed by Kyriba. While the initial investment may be slightly higher on a monthly basis than Alliance Lite2, the total cost of ownership may be much lower, depending on your connectivity profile. Kyriba also provides a unique service for corporates to migrate from any other vendor to SWIFT Service Bureau. Who Should Consider this Service? Clients with higher volumes of banks, transactions, payments, and bank accounts Clients who want a complete managed SWIFT service 22% of SWIFT Corporate BICs are managed by Kyriba 25% of Kyriba clients are using SWIFTNet Kyriba’s MT Concentrator Service For clients who want to have a quick start with bank reporting, Kyriba’s MT Concentrator service allows organizations to utilize a SWIFT BIC11 specifically provisioned for Kyriba clients. The service is priced per account, offering flexibility, cost benefits and quick onboarding for bank reporting with potential access to all SWIFT member banks. A few hundred Kyriba clients have already signed up for this service. SWIFT gpi for Corporates* SWIFT gpi improves the customer experience in cross-border payments by increasing their speed, transparency and end-to-end tracking. Hundreds of thousands of cross-border payments, are sent every day using the new SWIFT gpi standard. Kyriba is certified for SWIFT gpi for corporates. Reduce Payment Investigations With end-to-end tracking and confirmation of credit, SWIFT gpi gives you full visibility into the journey of a payment. Improve Supplier Relationships By attaching the unique tracking reference to each payment, you can provide transparency on payments and keeping the flow of trade moving. Speed Up Invoice Reconciliation Payment data carried via SWIFT gpi is unaltered, making reconciliation much easier. Achieve Greater Capital Efficiencies With money moving faster and with greater transparency, you can improve your cash forecasting and optimize your liquidity. *Source: SWIFT gpi “Naval Group is committed to maintaining the highest standards in compliance, and the new Kyriba SWIFT gpi offering helps our team to strengthen payments transparency and traceability so we can expand our position as the European leader in naval defense.” David Livi Vice President of Treasury and Financing at Naval Group

Kyriba provides treasury management solution for mortgage industry to realize greater centralized cash visibility, real-time treasury reporting, improved audit results, and regulatory compliance and control. Current Industry Challenges Cash & Capacity Finance & Treasury...

Kyriba provides treasury management solution for mortgage industry to realize greater centralized cash visibility, real-time treasury reporting, improved audit results, and regulatory compliance and control. Current Industry Challenges Cash & Capacity Finance & Treasury departments in the mortgage sector depend upon multiple banking relationships and data metrics in order to operate – those for warehouse capacity, warehouse cash, servicing lockboxes, escrow deposits, etc. This typically involves manually logging into multiple banking sites to gather reports, reconcile loan activity, compile a cash position and determine cash concentration. Market Opportunities Treasury and Capital Markets must be tactical partners in the organization and need to be prepared at all times to shift strategies and “pivot on a dime” as market opportunities or risks arise. This requires real time data that can be quickly analyzed, something that is lacking in a manual environment. Loan Level Cash & Accounting At any time, there are likely tens of thousands of loans to monitor, between funding, settlements and the servicing portfolio. Each of these loans have the potential of multiple different cash transactions – each transaction breaking down into multiple parts requiring separate journal entries. Deadlines Whether you are working against lock expirations, borrowers receiving keys for their new property, month-end timelines or bank cutoff times, there are multiple varying deadlines that need to be met on a daily, weekly and monthly basis. These deadlines need to be integrated in order to successfully maintain adequate customer service levels while also minimizing unnecessary interest expense or banking fees. Regulation The mortgage industry is highly regulated. Multiple audits can likely occur at a single time between warehouse renewals, investor due diligence, state audits and regulatory examinations. The ability to quickly reference archived data, authority levels, etc. is imperative in conducting an efficient audit. How Kyriba Can Help Kyriba's treasury management solution empowers organizations in the mortgage industry, including several Fortune 500 companies, with the capabilities to optimize cash and liquidity, reduce operational regulatory risk, and streamline management reporting to capitalize on market opportunities. Cash/Capacity/Deadlines Kyriba provides centralized, real-time visibility into cash, as well as detailed transactional activity across all bank relationships in a single, secure platform. This enables effortless cash positioning and concentration decisions, intraday and across any time horizon. Streamlined Accounting Processes Kyriba's treasury management solution automates cash and loan-level accounting across many levels, simplifying generation of journal entries, while introducing structured, reportable audit and controls to the accounting process. This saves countless hours and offers a single source of record for accounting inquiry, as well as seamless journal posting into any underlying ERP/accounting platform. Regulations Kyriba’s treasury management solution also offers standard controls and workflows concerning entitlement and authorizations, which are configurable based on internal customer policies and guidelines. Kyriba provides the ability to enforce, as well as fully report on, any modifications. Time stamps, transaction-level documentary attachment, and fully reportable audit trails enable the ability to reference current state as well as historical information. Kyriba Analytics for KPI Reporting Kyriba provides a fully integrated business intelligence solution to ensure on-demand, drill-around, data visualization to find meaningful insights within high data volumes, while delivering on KPI reporting needs.

2022 was a year to remember, with extremes in every discipline: price volatility, unabated inflation, increasing borrowing rates, new forecasting demands, and the looming hope of real-time bank reporting. As you prepare for the...

2022 was a year to remember, with extremes in every discipline: price volatility, unabated inflation, increasing borrowing rates, new forecasting demands, and the looming hope of real-time bank reporting. As you prepare for the coming year, learn what your peers are putting into practice to make their treasury more financially resilient in 2023.

The speed with which you as a seller convert receivables into cash is critical for your organization. Accelerate a cash injection into your company with Kyriba Receivables Finance solution — Kyriba’s latest working capital...

The speed with which you as a seller convert receivables into cash is critical for your organization. Accelerate a cash injection into your company with Kyriba Receivables Finance solution — Kyriba’s latest working capital solution. Turn Accounts Receivable into Cashflow Kyriba’s Receivables Finance is natively integrated with all other Kyriba Working Capital solutions, like Dynamic Discounting and Supply Chain Finance. It enables CFOs to unlock funds tied up in outstanding accounts receivable (AR), converting those assets into cash quickly. Sellers can centralize and simplify all receivables finance programs into one portal, without having to change online funding providers in order to draw down from their credit facilities. This receivable solution allows you to remain in control of the utilization and availability of receivables finance programs, yet obtain the most efficient funding sources for your receivables on a single, funder agnostic platform. How Does AR Financing Work? Kyriba provides companies with greater cash visibility, as well as the capability to finance AR in an easy, fast, and scalable manner via a multi-funders platform. Using APIs, the platform automates connectivity with the seller’s ERP system via certified ERP connectors, providing analytics on AR. The platform allows sellers to sell the receivable automatically to the associate funders and finance automatically or manually selected receivables through a direct connection with a multi-banking approach. How Does Kyriba Integrate Data? Kyriba does not aim to substitute any banks or funders into the receivables finance program from a funding perspective. Instead, we facilitate integration of data from your ERP to multiple funders’ backends, making those programs scalable. This approach aggregates all sellers’ programs into one single platform and provides our customers with a single dashboard to help them make better decisions based on their real-time positions. Full Visibility into Working Capital Management Kyriba’s dashboards provide you with a bird’s eye view of your Receivables Finance results and performance. Additionally, they can simultaneously provide you with visibility into any other discounting or trade payables programs (Dynamic Discounting, Supply Chain Finance, Confirming, etc.) managed within Kyriba. Key Features Kyriba’s Receivables Finance technology supports both pool financing and selective invoice financing programs. Companies can manage the end-to-end journey of the program, including extraction of relevant information, updating the ERP and providing detailed reporting to manage risk. The following is a breakdown of the key features of Kyriba Receivables Finance: Program set-up: Set-up is quick and painless. Receivables Finance easily adds sellers, funders and debtors, as well as credit limits, payment rules, and pricing profile. Ledger data upload/validation: Using APIs, Receivables Finance connects to the seller’s ERP to upload documents (e.g., invoices, credit notes) and update status in real time. Eligibility check and early payment processing: Receivables Finance can perform eligibility and limit checks prior to processing documents or early payment requests towards the funders. Kyriba completes the workflow by connecting to the funders and retrieving status from the drawdown requests. Payment and reconciliation: Once reconciliation of the collections is completed, Kyriba can automatically settle payments to the funder on due date, based on new ledger data. Dashboards, reports and advices: Receivables Finance features a landing page widget that makes drawdowns, early payment status, collections, limits and other functions readily available. Users can also quickly access reports and receive advice and notifications on demand or automatically, through emails or Kyriba dashboards. Seamless Integration Kyriba’s Receivables Finance solution is natively integrated with all other Kyriba Working Capital modules, as well as Kyriba Treasury, Payments, Risk Management and Connectivity. Kyriba’s Working Capital solutions provide you with access to business intelligence and reporting dashboards to drive quick and easy deep analysis of your overall financing programs.

As the world's most connected treasury platform, Kyriba has been revolutionizing the treasury and risk management landscape for the past two decades. It has established itself as the go-to authority in the field of...

As the world's most connected treasury platform, Kyriba has been revolutionizing the treasury and risk management landscape for the past two decades. It has established itself as the go-to authority in the field of treasury management systems (TMS), with a cloud-based SaaS platform and liquidity network that are unrivalled in their breadth and depth of capabilities. In this unpredictable economic climate, CFOs and Treasurers need to be able to rely on their treasury management solutions to provide stability and liquidity assurance. Kyriba facilitates this by offering its customers secure, cutting-edge enterprise connectivity solutions. Taking into consideration the challenges and the amount of resources required to build its own ERP bank connectivity , many companies have chosen to work with a technology vendor who specializes in providing Connectivity-as-a-Service. Kyriba has been trusted by over 2000 clients globally and offers the following options for connectivity: Bank Connectivity Bank APIs to world leading banks such as Bank of America, CITI, J.P. Morgan (check out Kyriba Marketplace for the full list) Direct bank (FTP) connections to over 1000 banks SWIFT Connectivity (gpi compliant) SWIFT Service Bureau SWIFT Alliance Lite2 Extensive coverage of networks (ACH, Fedwire, EBICS, BACs, EDITRAN) Statement Concentrator Regional and Country Protocols Bank Format Transformation Enterprise Connectivity Pre-built and tested connectivity for SAP, S/4HANA, Oracle ERP Cloud, Workday, MS Dynamics, NetSuite Real-time integration: cash, forecasting, payments, reporting Real-time integrations for new bank reporting Master data and GL synchronizations Eliminates batch processing Proven ROI with Kyriba Clients KKyriba’s Value Engineering team is committed to ensuring that every client derives the maximum benefit from their investment in our products and services. Our team works in close collaboration with our clients to fully comprehend how our products and services are utilized to generate value. Drawing on our extensive experience working with clients across various industries, we have developed cutting-edge tools and processes to evaluate the return on investment for each client. Our team has conducted thorough research to determine the benefits of using Connectivity-as-a-Service, and we have found that it consistently provides tangible returns on our clients' initial investments. We have found that, in most cases, the choice to use Connectivity-as-a-Service generates tangible return on investment and our clients, who choose to use Kyriba to connect to their banks instead of doing it by themselves, have seen up to 80% reduction in integration time. For example, Adobe has 125 global users manually logging into 10+ banking portals on a daily basis to process payments and statements. By choosing Kyriba’s Connectivity-as-a-Service for bank connectivity, Adobe has achieved: Centralized repository of 24 signers tracked and 8 bank letter templates maintained 4 Banks connected for bank fee statement reporting and proactive fee management FBAR reporting information generated from Kyriba Learn More about Connectivity-as-a-Service If you're interested in learning more about Connectivity-as-a-Service and the benefits it can bring to your organization, we invite you to participate in Kyriba's monthly live demo sessions. During these sessions, our team of treasury experts will provide you with a comprehensive overview of the Kyriba platform and demonstrate how it can help your treasury and finance teams optimize corporate cash and working capital, manage financial risk, and ultimately drive strategic growth and value by activating enterprise-wide liquidity. If you're unable to attend one of our live demo sessions, we also offer an on-demand demo session that you can access at any time. This session provides a detailed overview of the Kyriba platform and its various capabilities, including Connectivity-as-a-Service. At Kyriba, we are committed to providing our clients with the tools and resources they need to succeed. Request a demo today to learn more about how Kyriba can help your organization achieve its financial goals.

Kyriba Payments Solution for Insurance empowers insurance firms with a scalable connectivity and payments solution to tackle back-office system complexity, lack of workflow unification and increased fraud risk. Insurance companies are traditionally challenged by...

Kyriba Payments Solution for Insurance empowers insurance firms with a scalable connectivity and payments solution to tackle back-office system complexity, lack of workflow unification and increased fraud risk. Insurance companies are traditionally challenged by a high volume of payment activities and complex liquidity pooling structures. Such complexity becomes more challenging over time when the business expands with international or domestic mergers and acquisitions. Despite it (including claims and accounts payable) being such a business-critical process, payment processing remains inefficient, often due to siloed and obsolete home-grown back-office systems. Imagine a Typical Payment Scenario of an Insurance Firm A request is initiated in System A It is sent to System B for review and approval Next, it is sent to System C to be further processed Finally, it is uploaded to a banking portal to be executed Payment confirmation and bank statements are to be downloaded and manually transferred to multiple systems of record Multiply that scenario by thousands of payments on a daily basis, insurance companies find themselves in the following payments complexity due to a lack of end-to-end automation and visibility: Outdated back-office systems requiring extensive and costly IT support Unavoidable errors and oversights Potential money loss from undiscovered duplicate payments Increased operational risks due to potential fraud and non-compliance Lack of unified cash and account visibility with high bank fees Missed cost-saving opportunities due to reliance on wires instead of lower-cost payment services Missed yield-generating opportunities from idle cash Unable to leverage faster payment rails (e.g., RTP®) or other nascent payment methods (e.g., Zelle) to support customers’ evolving business needs Kyriba’s Payments Solution Answers to Your Challenges Kyriba is the preferred connectivity and payments solution provider by some of the largest insurance companies in the United States, including AIG, MetLife and Brighthouse Financial. Kyriba has designed a modern solution with the features insurance companies require to address their growing business needs. PAYMENTS SOLUTION PRODUCT FEATURES HIGHLIGHTS Payment Factory One centralized payments hub to manage workflows across all your back-office systems End-to-end integration with all your banking partners Straight-through processing, fraud detection (AI-powered), smart routing Bank API and real-time payments ready Bank Connectivity-as-a-Service Over 1,000 pre-built bank connectors, eliminating the need for IT to build, test or maintain bank connections A format library with over 45,000 payment scenarios ready for use API-Ready System Integration Kyriba Developer Portal with API catalogue and use cases Pre-built ERP and other real-time connectors Curated Marketplace Apps, e.g., ICD for investment, Copper for digital assets Cash Visibility and Mobility Bank account management (BAM), bank fee analysis, in-house bank/netting Cash forecasting with AI capability Interactive business intelligence dashboards A Future-proof Payments Solution for Insurance Kyriba’s awarding winning connectivity and payments solution centralizes payment workflows, automates manual tasks, enhances controls, and connects back-office systems to banks to create real-time cash visibility. To learn more, please contact us or request a demo. Our experts are ready to show you how Kyriba's connectivity and payments solution for insurance companies is the right one  for your organization.

This episode features an interview with Ravi Narula, Chief Financial Officer of FinancialForce.

*Accepting cookies will allow the podcast player to be displayed. A CFO's Guide to Building Business Goals, Relationships, and Managing Risk This episode features an interview with Ravi Narula, Chief Financial Officer of FinancialForce, a cloud-based applications platform that accelerates business growth with customer-centric ERP, Professional Services Automation (PSA), and Customer Success solutions. Ravi has over 20 years of CFO experience, and he's helped turn several technology startups into large, mature, public companies. On this episode, Ravi describes the growing role of the CFO, company risk management, and the future of AI technology.   Editor's Note Our guest, Ravi Narula describes the growing strategic role of the CFO, how to be a better business partner to his peers, how he tackles risk management, and the future of AI technology, especially during today’s volatile economic times. Ravi’s growth mindset is simple: connect actions to goals. “Having a clear line of sight to what our long-term goals are and then connecting our short term actions to long-term goals becomes very critical,” he said. Ravi sees the value of technology adoption as a critical enabler to his finance team, and reveals the rigor behind technology investments. It’s not just about showing the value at the time of purchase, it’s also having a clear business case and roadmap to show ROI across multiple milestones for the business in the future. Ravi said, “How do we justify technology adoption and get some real hard ROI and benefits out of it? It's important that we connect some of these actions and data we get. And not only at the time of decision making, but after implementation. [We should] do an annual assessment [to look at] what can we do differently to adopt this thing even more? And not only looking at technology that is live. How many users are using it? How well accepted within the organization?” Ravi has over 20 years of CFO experience, and he’s helped turn several technology startups into large, mature, public companies. On this episode, Ravi describes the growing role of the CFO, company risk management, and the future of AI technology. This CFO podcast is an excellent guide for finance leaders and CFOs who embrace thought leadership from their peers, and who are looking for examples of how others CFOs are managing risk, driving growth, navigating the complex and expanding role of the CFO.

Kyriba is pleased to offer Platinum Support for our Treasury, Payments and Supply Chain Finance clients in need of our most advanced level of support, designed for companies that require a more tailored approach...

Kyriba is pleased to offer Platinum Support for our Treasury, Payments and Supply Chain Finance clients in need of our most advanced level of support, designed for companies that require a more tailored approach based on size, complexity and geographical footprint. Kyriba Platinum Support offers everything clients can expect from a platinum service package, including access to our Client Support Portal, a designated support account manager (SAM), monthly review meetings, and access to Kyriba’s global support centers with support provided in multiple languages. In addition, a selection of highly tailored services are offered, including dedicated advanced monitoring, functional assistance and user training, twice-a-year onsite visits, and a yearly Platform Utilization Study (PLUS) session. Enhanced Support And Case Management Kyriba Platinum Support subscribers benefit from a designated Support Account Manager (SAM), an experienced and highly-trained resource with advanced knowledge of the Kyriba application and the client’s individual Kyriba environment and processes. Every SAM provides: A higher level of proactive monitoring of their environment, including the Kyriba platform and the delivery of bank statements and payments Monitoring and proactive management of all support requests, coordinating case escalations to ensure the quickest possible resolution (cases are simultaneously submitted to the SAM and Kyriba’s general support queue for fastest possible resolution) Comprehensive KPI reports and a yearly overview of new features and enhancements Dedicated Advanced Monitoring Kyriba Platinum Support provides subscribers an invaluable service for companies wishing to outsource their monitoring functions and optimize internal resources. Dedicated Advanced Monitoring includes: Monitoring the delivery of bank statements, bank connection status and cash balance variances Payment monitoring to ensure that payments are sent and processed successfully by the banks Customized Inbound and Outbound file monitoring from/to ERPs (payments, currency exchange rates, etc.) Personalized monitoring schedule, adapted for each organization, providing proactive alerts each time a potential issue is detected, with comprehensive investigation and recommended resolutions Functional Assistance / User Training Platinum support comes with up to eight hours a month of functional assistance and/or user training, making this package particularly valuable for companies that regularly add new users. Options include: training sessions delivered via conference sharing same-day training for high-priority issues consultation via setup assistance and process documentation optimization of existing functionalities or module Bank Calls When facing issues with bank statements, Kyriba Platinum Support will call the banks on behalf of the clients and accelerate resolution (subject to thirdparty agreements). Onsite Visits Platinum support includes two onsite visits per year. These include a recap meeting and discussions of any changes required. Platform Utilization Study (PLUS): Kyriba Platinum Support includes an annual PLUS session to address your organization’s evolving structure and needs. Kyriba product experts analyzes the company’s existing configuration and provide specific recommendations to create additional workflow efficiencies. The PLUS session includes: Preliminary Q&A conference call Onsite meeting to examine current use case and any associated pain points, noting touch points with other departments and systems Detailed reporting of with findings and recommendations Why Kyriba Platinum Support? Kyriba Platinum Support addresses the specific needs of companies using Kyriba for our award-winning Treasury, Payments and Supply Chain Financing solutions, and looking for a more tailored support package, from customized monitoring and user training to an in-depth evaluation of the existing configuration: Obtain tailored support to suit the company’s specific requirements Outsource monitoring functions and optimize internal resources Access functional assistance and/or user training, ensuring that new users are fully equipped to use Kyriba effectively Benefit from recap meetings and personalized presentation of new release notes Receive annual recommendations to improve the existing configuration and increase workflow efficiency

Wednesday, November 30 | 9:00am PST | 12:00pm EST | 2022 and forecasts for 2023 reflect continued, pervasive threats to profitability and overall financial performance. The effects of higher prices, rising operating costs and...

Wednesday, November 30 | 9:00am PST | 12:00pm EST | 2022 and forecasts for 2023 reflect continued, pervasive threats to profitability and overall financial performance. The effects of higher prices, rising operating costs and FX volatility are impacting profits and the financial health of companies of all sizes and industries. Finance leaders need insights and confidence in developing mid and longer term forecasts that are more accurate, allow greater collaboration, and more flexible scenario analysis. Join Kyriba’s Thomas Gavaghan for a demonstration of Kyriba’s new, revolutionary Liquidity Forecasting solution.

This episode features an interview with Manish Sarin, CFO at Sprinklr.

*Accepting cookies will allow the podcast player to be displayed. The Holy Grail of Finance: Real Time Data, Sustainable Growth and a Solid Bottom Line Manish brings to the table more than 20 years working with high-growth technology and cybersecurity companies. Previously, he was CFO at Exabeam, EVP of Finance at ProofPoint, and led Software Strategy and Corporate Development at Hewlett-Packard. On this episode, Manish talks about collecting unstructured data from Twitter, Facebook and Reddit to grasp the public narrative around Sprinklr, using AI to predict what will happen in the quarter, and achieving the holy grail of finance, of real time data, sustainable growth, and a solid bottom line.

As market volatility and economic uncertainty continue, corporate treasurers are forced to write a new playbook for 2022 and beyond. Strong currency headwinds, continued interest rate increases, unabating inflation, a highly mobile labor market,...

As market volatility and economic uncertainty continue, corporate treasurers are forced to write a new playbook for 2022 and beyond. Strong currency headwinds, continued interest rate increases, unabating inflation, a highly mobile labor market, and the threat of supply chain disruptions are driving an unprecedented set of risk scenarios for treasury teams to manage.

This episode features an interview with Nitesh Sharan, CFO at SoundHound.

*Accepting cookies will allow the podcast player to be displayed. How to Design a Growth Narrative with AI, Technology and Talent This episode features an interview with Nitesh Sharan, CFO at SoundHound. Soundhound is the innovator in voice-enabled AI and conversational intelligence technologies. Nitesh has over 25 years of experience in financial leadership roles. He spent nearly 15 of those at Hewlett Packard where he rose to be Vice President and Assistant Treasurer. And prior to Soundhound, Nitesh served as Nike’s CFO of Global Operations and Technology. Editor's Note In this enlightening episode of "How to Design a Growth Narrative with AI, Technology, and Talent", we get the privilege of hearing from Nitesh Sharan, the current CFO at SoundHound, a frontrunner in voice-enabled AI and conversational intelligence technologies. With over two decades of experience in financial leadership roles, including significant stints at Hewlett Packard and Nike, Nitesh brings a wealth of knowledge to the table.One of the main topics Nitesh addresses is the challenge of preparing a company to go public, particularly during a pandemic. This process is inherently complex, but the added layer of uncertainty from the global health crisis has made it even more so. Nitesh shares his experiences navigating SoundHound through these uncharted waters, providing valuable insights for other leaders facing similar situations. Nitesh underscores the importance of comprehensive and realistic financial forecasting, especially when considering an IPO during such unpredictable times. A deep understanding of the company’s financial health and the potential market volatility is crucial. By developing a robust financial model that takes into account various scenarios, SoundHound was able to create a clear roadmap for going public, despite the challenging backdrop. Additionally, Nitesh shares his strategies for safeguarding a company’s finances during periods of uncertainty. He emphasizes the necessity of maintaining a strong balance sheet and having contingency plans in place. A careful balance of cost optimization and strategic investment is key, allowing a company to weather financial storms while still nurturing areas of growth. Nitesh also discusses the role of innovation and technological transformation in shaping a company’s growth narrative. As a leader in a company that thrives on innovation, he has unique insights into how technology, particularly AI, can be a game-changer across various sectors. In SoundHound's case, their focus is on voice-enabled AI and conversational intelligence technologies. Nitesh highlights how these technologies have the potential to revolutionize a wide range of industries, from education to the food industry. He envisions a future where these technologies become an integral part of our daily lives, enabling seamless interactions and transforming the way we engage with services. For instance, in education, voice AI could facilitate personalized learning experiences, with intelligent systems adapting to individual learning styles. In the food industry, voice-enabled AI could streamline ordering processes, customize food recommendations based on dietary preferences, and even aid in managing inventory and supply chains. Behind all these promising use cases is the lifeblood of any technology company - talent. Nitesh believes that attracting and retaining the right talent is crucial to stay competitive and innovate continuously. He shares his strategies for fostering a culture of innovation and engagement, where every member of the team feels valued and motivated to contribute to the company's growth. In times of uncertainty, it’s about striking a balance between financial prudence and strategic investment, embracing transformative technologies, and nurturing a talent pool that is prepared to innovate and adapt. These elements, as Nitesh highlights, are key to driving sustainable growth in the modern business landscape. Return to The Invisible Vault

Clear Need for Better Control over FX Exposures and Fees Wahl Clipper saw the opportunity to expand the value of their Microsoft Dynamics 365 ERP investment by integrating with Kyriba to support more complex...

Clear Need for Better Control over FX Exposures and Fees Wahl Clipper saw the opportunity to expand the value of their Microsoft Dynamics 365 ERP investment by integrating with Kyriba to support more complex treasury functions. With the guidance and help of RSM US, Wahl implemented Kyriba and 360T’s FX trading solutions to provide critical insight into FX spreads and trades. “Using Kyriba’s BCaaS allowed Wahl to consolidate global cash visibility into a single platform and gain control of regional cash balances previously unavailable. This provided the backbone for implementing Wahl’s physical cash settlement processing for their multilateral netting centers.”Logan Wacker, Director of RSM US “Centralizing FX at HQ has allowed us to get improved spread compression and leverage larger, fewer FX trades. The former decentralized process did not provide cost transparency resulting in additional spread, time, and other costs equating to a very inefficient process.”Director of Treasury and FP&A, Wahl Clipper Multiple Goals Increased Efficiency: Provide structure and automation to lessen time spent on manual tasks, leaving more time for strategic work. Accelerated Netting: Automate multilateral netting to reduce disconnected FX settlement processes and deliver significant visibility gains to management. Robust Controls: Strict roles and responsibilities, segregation of duties, and IT general controls to reduce errors and fraud. Lower Processing Costs: Centralizing the buying/selling of currency globally reduces trade execution price and bank fees and consolidates FX exposure reporting into a single platform. “It’s like going from a horse and carriage to a rocket ship. The key is getting buy-in. We took baby steps, and the more management sees it working, the more they are willing to scale.”Director of Treasury and FP&A, Wahl Clipper   The Solution Multilateral Netting and Treasury Automation With multilateral netting in place, Wahl business units have agreements with other business units that allow for intercompany transactions. Once these transactions are booked and exist within a regional ERP application, that’s when the netting process begins with Kyriba. On a mid-month basis, intercompany payables and receivables are collected from each business unit and matched and settled, and disputes are resolved. It is then reported - exactly what is needed to buy, exactly what is needed to sell, and what the overall currency needs are across the globe for those participants. “The visibility that Kyriba provides senior management at Wahl for making decisions on our global cash position is phenomenal. Each sub updates their cash forecast via Kyriba on a weekly basis. HQ can make timely decisions to accelerate collections, delay disbursements, and better manage cash as a corporate resource.” What’s New at Wahl Clipper Cash Forecasting Fall 2022: Launched a 13 week global rolling cash forecast through Kyriba. The data is made available from Kyriba into PowerBI, which is used by Wahl Headquarters to make strategic decisions on balances, collections and disbursements. About Wahl Clipper A world leader in professional and personal hair clipping products, Wahl does business in 165 countries and operates six manufacturing facilities and 11 sales offices around the world.

Wednesday, November 9nd | 9:00am PT | 12:00pm ET | FX volatility has hit major global currencies, rather than just a handful of emerging markets, which is resulting in the largest magnitude of FX...

Wednesday, November 9nd | 9:00am PT | 12:00pm ET | FX volatility has hit major global currencies, rather than just a handful of emerging markets, which is resulting in the largest magnitude of FX related headwinds ever seen since global FX impact data has been tracked.

“As a health IT company, we go through extreme efforts to be in compliance and protected. Upgrading and maintaining our own SWIFT BIC would be a continuous drain on IT resources, and our executives...

“As a health IT company, we go through extreme efforts to be in compliance and protected. Upgrading and maintaining our own SWIFT BIC would be a continuous drain on IT resources, and our executives quickly approved the Kyriba solution.” — Leonard Nick, Assistant Treasurer, Oracle Cerner Out of Compliance and Running Out of Time Cerner’s Treasury built an in-house, custom solution to manage the company’s large data volumes, and they implemented SWIFT Alliance Lite2 to support all bank communications, including prior and current-day bank statements, payroll, and vendor/expense payments. Late in 2021, Cerner Treasury uncovered that their IT infrastructure was out of compliance with SWIFT’s Customer Security Control framework. Financial systems were at risk, with the large M&A deal with Oracle, Cerner Treasury needed a reliable and efficient solution to move global payments. Key Challenges Immediate and urgent need to comply with SWIFT standards and reduce reputational risk and threats of financial impact and loss; costs of maintaining SWIFT AL2 would drain IT resources 410 hours per year on maintenance, token management and the lengthy certificate renewal process $4B Payments bottleneck with a lack of a scalable, payments hub for the extensive network of partner banks Limited capabilities for enhanced bank reporting and accelerated visibility to cash Highly manual and redundant tasks with more costly operations, creating potential challenges to M&A activities, Day 1 readiness, and the Oracle acquisition closing Solution: Migrate to Kyriba Service Bureau & Transform Treasury’s Role The Cerner SWIFT BIC was migrated to the Kyriba Service Bureau, and the Cerner Treasury team focused on creating a unified Treasury and Finance Liquidity reporting environment with: Faster bank connectivity through Open APIs. A Payments Hub to consolidate and create a consistent and automated file and payment instruction pathway. ERP integration for reporting to and from related systems. SWIFT BIC / Kyriba automation facilitates bank communication via the Service Bureau while having the full SWIFT BIC functionality option to expand to additional bank transactions, vendor and client real-time secure communication. In this new, fully connected environment, full SWIFT Alliance Lite2 and continuous automation is still available and not sacrificed while data flows from ERP, Payroll, HR and Treasury solutions. All integration points established with Cerner’s ERP are still in place, facilitating the current payment automation and new investment capabilities. Productivity Gains of 930 Hours and ROI Payback in less than 9 Months Positive business outcomes expected from this project: Protected and continued $4B/350k in annual payments value/volume with capacity to grow Protect free cash flows and low operational costs, key to Oracle acquisition 5 year ROI and IRR is 31.9% and 70.3% respectively, payback in less than 9 months 930 IT hours saved annually (410 hours of SWIFT AL2 maintenance, 520 hours of bank connectivity maintenance)

Global Economic and Geo-Political uncertainty brings new risks to business continuity. We can qualify by known risks and unknown risk. There is no task more challenging than planning for the unknown. Business continuity can...

Global Economic and Geo-Political uncertainty brings new risks to business continuity. We can qualify by known risks and unknown risk. There is no task more challenging than planning for the unknown. Business continuity can be impacted by several challenges from personnel to cash-flow and credit worthiness. As finance professionals, being able to measure the risk can help strengthen your scenarios as you navigate through uncertainty.

Discover new technology solutions and strategies designed to help you be more cash-smart. Given the growing enterprise exposure to inflation and potential recession, rising interest rates, and skyrocketing currency volatility and hedging costs, CFOs...

Discover new technology solutions and strategies designed to help you be more cash-smart. Given the growing enterprise exposure to inflation and potential recession, rising interest rates, and skyrocketing currency volatility and hedging costs, CFOs and their treasury teams are rethinking strategies to optimize their finances. And treasurers in particular are experiencing new challenges when it comes to managing cash and liquidity as once again ‘Cash is King’.

Kyriba supports derivative and hedge accounting for ASC and IFRS compliance, including mark-to-market for valuations and automated posting of derivative & hedge accounting entries to your ERP.

Kyriba provides comprehensive solutions for FX exposure management, mark-to-market, and  derivative and hedge accounting to support corporate hedging programs and facilitate regulatory compliance. The solutions allows fast, automated valuation postings across your entire portfolio, saving you time and speeding up your financial close. Kyriba's Risk Management solution offers regulatory compliance for FASB, IAS, ASC, and IFRS derivative accounting standards. With a team of FX experts, Kyriba offers FX Advisory Services to help you navigate complex regulatory standards with ease. Kyriba's solutions are built to meet the depth and complexity that modern organizations require for hedging and accounting. Kyriba's FX Risk Management solution also seamlessly integrates with its cash management, liquidity forecasting, payments and analytics with global bank connectivity coverage. With Kyriba, you no longer need to rely on multiple systems to achieve your hedging goals. The cloud-based SaaS platform simplifies the support for your hedging program, but offers premium product performance, managed upgrades and eliminates IT dependencies. Kyriba's in-house developed accounting engine generates structured accounting entries, full audit trails, and automates financial reporting and controls. This ensures that your accounting processes are efficient, accurate, and comply with regulatory standards. Kyriba automates the mark-to-market process to calculate valuations for all derivatives. The valuation engine allows clients to run valuations across their entire portfolio whenever needed during the month. Valuations use market rates and curves from Kyriba’s Market Data service, while market information can also be accessed from third-party platforms. Kyriba’s audit logs and information storage offer complete transparency to the valuation process. Watch this video to get an overview. If you are interested to learning more about how to automate seamlessly across your FX management process? Check out Kyriba's latest demo session and see how Kyriba helps its clients mitigate the effects of currency volatility and reduce hedging costs.

After the announced divestiture, Exelon and Constellation Energy each required a modernized Treasury Management System to run their businesses autonomously, reduce cost and transform operations.

After the announced divestiture, Exelon and Constellation Energy each required a modernized Treasury Management System to run their businesses autonomously, reduce cost and transform operations.

“With ICD and Kyriba bringing real-time treasury to the next level, our organization is able to make investment decisions based on up-to-date account data, fund availability and market data. From one platform we can...

“With ICD and Kyriba bringing real-time treasury to the next level, our organization is able to make investment decisions based on up-to-date account data, fund availability and market data. From one platform we can then complete fund transfer to any accounts, creating efficiency like never before.” David Miller Treasurer & SVP, Hunt Companies Constantly challenged with new data and reporting requirements to support the business, treasury organizations are turning to modern technologies for greater visibility, accuracy, and speed. By leveraging Kyriba’s API, ICD creates a seamless, end-to-end workflow for clients to gain control over their liquidity management and investment processes. Key Challenges to Treasury Multiple platforms and logins to manage investments Lack of unified view of cash positions Separate reporting and analysis based on unsynchronized data Operational risks from manual trade and payment processes Manual processes to fix issues Benefits of Real-time Treasury SSO connectivity from Kyriba’s workflow map as part of treasurer’s day to day Enhanced decision making with real time data Automated trade settlement to reduce manual processes Reduced operational and financial risks through process automation Daily automated sweeps to maximize return on surplus cash ICD is treasury’s trusted, independent portal provider of money market funds and other short-term Investments. Its exceptional service and intuitive technology makes it easy for organizations to access and participate in the money markets. “Ensuring efficiency, security and streamlined workflows have been the cornerstone of ICD’s commitment to our clients. With single sign-on and deep integration with Kyriba, our joint clients limit risk and add efficiencies to their cash and liquidity management processes.” Sebastian Ramos EVP, Global Trading and Products, ICD Lastest update: Hunt Companies was recognized in December 2022 with a 2023 Alexander Hamilton Award for liquidity management, using ICD Portal for its short-term investments, and the ICD and Kyriba API integration for real-time visibility into liquidity.

Kyriba’s clients in the oil and natural gas industries range from production equipment manufacturing, exploration, and extraction to pipeline transportation. We help these companies through our industry expertise and leading solutions. While no two...

Kyriba’s clients in the oil and natural gas industries range from production equipment manufacturing, exploration, and extraction to pipeline transportation. We help these companies through our industry expertise and leading solutions. While no two companies are the same, many of our clients in the sector share many common treasury and finance requirements. Kyriba provides the capabilities to effectively manage liquidity, debt, investment, cash, payments, and FX risk, enabling executives to make more informed decisions. Enterprise Liquidity Oil and gas companies need comprehensive views of their liquidity. Kyriba enables clients to achieve 100% cash visibility and reduce reliance on borrowing, transforming liquidity into a strategic asset. Managing Multiple Entities Kyriba’s oil and gas clients commonly have multiple subsidiaries and business lines across the globe, often in emerging markets with limited banking infrastructure. This drives cash pooling, netting, in-house banking, and intercompany requirements. Kyriba fully supports multi-entity businesses, offering a host of services for parent and subsidiary treasury management. Our clients seamlessly connect automatically to their relationship banks, ERPs, and other systems, eliminating file uploads and manually-generated reporting and reconciliations. Cash Flow Forecasting Increasing cash forecasting horizons and improving accuracy is a key requirement in the oil and gas sector. With typically tight profit margins and volatility across many areas, minimizing idle cash and getting the surplus invested or available has become increasingly important. Kyriba consolidates forecast data and measures forecast accuracy to increase confidence in your cash projections. FX Risk Management Operating in many different countries means handling many currencies. Kyriba’s FX Risk Management, creates confidence in expanding identification and aggregation of FX exposures and risk mitigation capabilities to manage impacts to earnings. Kyriba gives support to a full end-to-end solution for exposures, trading and post-trade activities. Global Payments Commanding so many operations also places a heavy burden on oil and gas treasury departments in terms of payments. Kyriba’s Payments Hub manages AP and AR payments, while maintaining robust format transformation for communication with banks and other institutions. Debt and Interest Rate Hedging Higher debt loads are common in the industry. With interest rates on the rise, treasury teams must enable effective interest rate hedging programs. Kyriba supports debt and interest rate derivative position keeping, automates mark to market, and delivers regulatory compliance including hedge accounting support. Efficiency and Productivity As with other industries, CFOs and treasurers in oil and gas are focused on improving the efficiency and productivity of the treasury function. From optimizing bank accounts, to bank relationship management, and through automation of manual tasks to improve operational controls, Kyriba delivers productivity to the financial team, enabling less time spent on treasury and more time allocated to business intelligence and strategic insight.

Kyriba clients and Liquidity Excellence Award winners tell all, and it is clear: Organizations around the world have experienced a revolutionary transformation with Kyriba, constantly evolving and modernizing treasury processes and systems. And we...

Kyriba clients and Liquidity Excellence Award winners tell all, and it is clear: Organizations around the world have experienced a revolutionary transformation with Kyriba, constantly evolving and modernizing treasury processes and systems. And we are not close to being done.

For companies with complex funding, procurement, FX, or cash and liquidity management activities, managing these without technology is challenging to say the least. Kyriba’s In-House Banking solution gives organizations the control to create optimal...

For companies with complex funding, procurement, FX, or cash and liquidity management activities, managing these without technology is challenging to say the least. Kyriba’s In-House Banking solution gives organizations the control to create optimal concentration, pooling, intercompany, and netting arrangements to access more liquidity faster and more cost-effectively. With Kyriba's In-House Banking solution, you are able to provide internal banking services to all your business units. Our flexible data structure allows you to customize your accounts, entities, structures, and workflows based on your business needs. We give our clients efficient cash concentration, cash pooling with support for multi-currency pools, regulated and non-regulated structures, and multi-tier netting hierarchies. Benefits of Using Kyriba In-House Banking Solution Kyriba allows you to increase cash visibility and control with a full-featured In-House Banking module that creates greater access to cash pools and reduces costs overall in the procurement and receivables cycles. Our clients transition from point-in-time and end-of-month balances to real-time visibility into liquidity. This allows for better forecasting and more informed decision-making. Our IHB solution delivers efficiency through reductions in physical bank accounts and consolidated reporting across regional treasury or finance transactional centers. Whether your pooling or cash concentration is managed directly by the bank or in-house, Kyriba’s application automatically posts and tracks IHB movements from physical and notional pooling structures Key Features of Kyriba In-House Banking Solution Pooling and Concentration Our capabilities increase visibility and benefits of centralized cash in real-time, creating a streamlined, efficient dashboard with views into all your global cash. In-house banking transactions are created from cash or non-cash transactions. POBO (payments-on-behalf-of) Arrangements: The in-house bank executes payments for operating companies and debits to those companies’ intercompany accounts. ROBO (receipt-on-behalf-of) Arrangements: The in-house bank’s bank account receives payments for operating companies and credits to their intercompany accounts. Real-time Reporting and Tracking View all in-house bank’s balances by subsidiary and currency pair, when applicable. Affiliates can inquire on their internal and external balances, account and interest statements, and internal deals. Intercompany Loans Kyriba users enjoy advanced intercompany loan features, providing organizations the ability to track and account for structured loan arrangements with flexible, principal and interest terms and scheduling of loan events. Full accounting is automated to the general ledger and includes accruals and amortizations as well. Interest Calculations Arm’s length interest rate structures are managed between holding companies and subsidiaries to allow for the calculation of interest income or interest expense of the positions held within the IHB. Interest is calculated based on market or internal interest schedules with dynamic flexibility to support intricate interest arrangements. Different rates are used for different subsidiaries, while separate rates are also used for debit and credit balances. Multilateral Netting Automation Accompanying multilateral netting modules that work in conj