Treasury management firm Kyriba just landed a big client. The company announced on Tuesday (April 19) that American Express Global Business Travel (GBT) has chosen Kyriba's Payment Factory payment processing solution to facilitate payments to GBT suppliers.
“We chose Kyriba because we are impressed with their technology, and their extensive global footprint lines up well with ours,” said American Express Vice President and Lead Finance Officer Chris Stanley in a statement. “This should streamline the payment process for our suppliers, and anything that helps our suppliers ultimately helps our customers. Everyone wins.”
According to the announcement, GBT operates with business partners across 120 countries, meaning the company needs robust cross-border supplier payment solutions.
Payment Factory connects AP departments to a mechanism to initiate and approve payments and, ultimately, issue those payments to a supplier bank account. Last year, Kyriba revealed the completion of a $21 million Series C funding round led by several investors, including HSBC.
“We are delighted that American Express Global Business Travel selected Kyriba as an integrated partner for its payment requirements,” said Kyriba Chairman and CEO Jean-Luc Robert. “Kyriba enables treasurers to better minimize risk, add visibility into global accounts and offers highly valued strategic guidance to the management team."