Corporate treasury and cash management solutions provider Kyriba is linking its business users to faster payments functionality through a new collaboration with Citi.
In a press release issued on Tuesday (Feb. 26), Kyriba said it is integrating with Citi via API to allow clients to access their Citi accounts directly from their treasury platform. That direct connectivity can mean faster payments, enhanced transparency and greater standardization of transactions for corporate treasurers, Kyriba said, pointing to its broader goal of connecting finance executives to global financial systems.
Kyriba noted that its global connectivity hub, which connects treasurers to those financial systems, currently processes 30 million payments and 83 million bank transactions on behalf of treasurers.
In a statement, Citi Treasury and Trade Solutions Global Head of Channel Services Mayank Mishra described the API integration as "a frictionless treasury experience."
"Through embedded APIs, our joint clients have access to a seamlessly integrated, fully digital experience, accessing their Citi accounts instantly through their preferred treasury platform," Mishra added.
"APIs represent the next generation of bank connectivity and offer robust advantages over traditional file transfer technologies," said Kyriba VP of Strategy Bob Stark in another statement. "We are excited to provide this new API integration with Citi to our clients as part of an emerging connectivity standard, which will offer new opportunities for real-time bank reporting, account management and payments."
Citi has expanded its API strategy for the corporate banking and treasury management space in recent months. Last year, the bank's Treasury and Trade Solutions (TTS) expanded its CitiConnect APIs to promote connectivity and direct integration with third parties. It also introduced the CitiConnect API developer portal, enabling clients to access API documentation and a sandbox to develop their own solutions with integrated Citi connectivity.
Kyriba has also partnered with other players in the treasury management space, including Pimkie, a women's fashion company in the MENA region, which announced in 2017 that it would be using Kyriba's reverse factoring tool.