Global cloud treasury and finance firm Kyriba has introduced the Kyriba Payments Network to deal with the developing chief financial officer (CFO) mandate to streamline payments and fight payments fraud, the company said in a press release on Wednesday (Feb. 19).
Kyriba’s new payments network protects businesses with real-time fraud and payments deviation detection powered by machine learning. Businesses can also hasten ERP cloud migration initiatives and simplify global bank connectivity.
“Kyriba simplified bank connectivity and centralized payments processes during a significant treasury and finance transformation project,” said Janice Minter, senior treasury analyst at Amway. “With hundreds of banks and nearly a million payments per month, Kyriba streamlined our treasury operations, helped us reduce risk by 10x and eliminated more than half of our payments banks, making the team more efficient and effective to support the enterprise.”
Research indicates that 88 percent of CFOs said their companies fell prey to elaborate payments fraud tactics.
“CIOs are challenged with finding ways to accelerate ERP projects and reduce payments transformation costs against a larger backdrop of increasing payments fraud and keeping up with market innovations, such as real-time payments,” said Kyriba Chairman and Chief Executive Officer Jean-Luc Robert. “CFOs, in partnership with the c-suite and their boards, are demanding payments efficiencies.”
The Kyriba Payments Network is a central component of the company’s cloud-based Active Liquidity Network that offers CFOs a way to manage cash, liquidity, payments, working capital and risk management. Kyriba will showcase its network at Kyriba Live Treasury & Finance Summit in Las Vegas, Feb. 24-26.
“Corporate CIOs and CFOs are scrambling to build greater resilience to payments fraud as they migrate their ERP platforms to the cloud,” said Bob Stark, senior strategist, Kyriba. “Our clients choose Kyriba to reduce the risk of payments fraud, just as they rely on Kyriba to manage liquidity and currency risk.”
In May, Kyriba announced that joint customers of Kyriba and JPMorgan will have access to real-time payments in the U.S. via an API that loops into The Clearing House’s RTP network.