Kyriba has added artificial intelligence (AI) features to its platform that helps chief financial officers, treasurers and IT leaders optimize their liquidity.
The new AI functionality improves cash forecasting, bank connectivity-as-a-service and custom report generation, the company said in a Tuesday (April 9) press release.
These features join the platform’s existing AI-powered payment fraud detection and cash management optimization, according to the release.
“AI is rapidly evolving and transforming how the finance industry works, and CFOs expect us to support their data and AI strategy,” Greg Person, senior vice president sales, account management and alliances at Kyriba, said in the release.
The platform’s new Cash Flow AI feature allows treasury teams to incorporate more advanced data into their forecasting processes and increase the accuracy of liquidity projections, according to the release.
Its new bank connectivity feature enables Kyriba customers to use generative AI to update current Kyriba payment formats to meet the requirements of their banking partners, with no need for customization or third-party implementation, the release said.
Kyriba’s third new AI feature, custom reporting, integrates with Microsoft Office Copilot and allows customers to use natural language to query data, build charts, and dynamically format custom reports and data insights, per the release. Because it automatically incorporates Kyriba data into the reporting, this integration saves time and reduces mistakes.
“There is no AI strategy without a data strategy, and through our bank connectivity and OpenAI platform, Kyriba has built the foundation for our customers to harness their data and integrate AI into treasury, payments and working capital decisions,” Bob Stark, global head of market strategy at Kyriba, said in the release.
With the vast volumes of data available to them, today’s CFOs are increasingly assuming the role of data stewards within their business, PYMNTS reported in March. By effectively implementing AI within the finance function, they can drive strategic insights, improve forecasting accuracy and optimize cash management.
Kyriba’s announcement of new AI features comes a day after the company said that it is collaborating with J.P. Morgan’s blockchain business unit, Onyx, to streamline cross-border payments.
In that collaboration, Kyriba will use Onyx’s digital currency and blockchain technology for cross-border payments.
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