Kyriba, the US-based global cloud treasury and finance solutions provider, has launched payments network to provide corporations with real-time fraud detection and access to machine learning-driven payments anomalies detection
The payment network is expected to accelerate corporate ERP cloud migration projects, streamline global bank connectivity and format transformation projects.
Speaking about the solution, Janice Minter, senior treasury analyst at Amway, said, “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.”
“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 Jean-Luc Robert, chairman and CEO at Kyriba.
CFOs are demanding payments efficiencies
According to research, around 88 per cent of CFOs reported that their organisations were the victims of sophisticated payments fraud schemes.
“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 at Kyriba.
Kyriba’s payment network aims to reduce the risk of payments fraud, Stark added.
The Kyriba Payments Network is a part of Kyriba’s cloud-based Active Liquidity Network that delivers cash, liquidity, payments, working capital and risk management to enterprise CFOs.
Kyriba will be showcasing its payments network at Kyriba Live treasury and finance summit in Las Vegas, from 24-26 February.
