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I represent the Kyriba reseller. So I am using Kyriba in implementation of cash management, forecast, financial transactions, etc. It's centralizing the treasury payments and deals booking. Replacing manual inputs of deals and forecasts, hence saving time. Its dashboards are highly suitable for higher management to have visibility. The mobile app is an added advantage.
- Payments processing and automation.
- Forecasting
- Creation of accounting entries.
- Reconciliation automation.
- Bank connectivity
- Supply chain finance.
- Valuations of instruments.
Increased controls on payments approvals. Controls on approval workflows. No need for keeping the third party details in ERP, all included in Kyriba. Can have multiple workflows from ERP to Kyriba for payments. Fraud detection and payment screening can be done from Kyriba and it's a huge help, as we don't have any such mechanism in ERP.
Kyriba is currently being used by our Treasury team. We use Kyriba for bank reporting, cash positioning, cash accounting, and bank account management. Kyriba has increased our efficiency and has provided a centralized place for information. As a team, we no longer have to log into several bank portals and create our cash position manually. The cash position worksheet provides our team with a real-time view of positions across all banks. Our Cash Accounting team is able to create rules to automate GL entries as well.
- Cash and Liquidity Management: Kyriba's bank reporting and cash positioning modules work well for any organization with global banks. Kyriba will receive this information from each bank and create a consolidated or detailed view of your cash. You can create and send reports directly from Kyriba.
- The Intercompany Loans Module should include an option to support short/long term borrowings on a 366-day basis; this is needed when it's a leap year.
Kyriba has increased efficiency, as all imported bank transactions are matched against accounting entries and provide a full segregation of duties feature to ensure accurate recording/reconciliation.
We are currently in the implementation of several modules in Kyriba, but we are also using several modules in our day-to-day. We have the full suite purchased. It is mainly used by our corporate treasury department, but also has reporting going to accounting, and is used by our operating units just to input data for our monthly netting process. It addresses several "problems" or adds efficiency in various ways. A centralized netting system, a central location for bank account management, a central location to manage bank fees, G/L accounting of transactions into our ERP system (SAP), etc..
- For bank account statements being directly imported into Kyriba, they do a good job of this and it is nice that when it doesn't integrate properly, this gets resolved directly with Kyriba and the bank.
- For accounting, it is a dynamic system that allows you to do G/L coding and accounting entries very easily, while also working with the ERP system, so just overall a very streamlined process.
- Bank fee analysis is the one that stands out. I don't know if it's because all banks operate differently and the industry does not have standardization, but we have experienced a lot of issues to get the data into the system. Every bank transmits bank fee data differently- secure email, FTP, specific bank website, etc. Also, formats can vary by country, EDI 822 format vs. TWIST format. If there was an easier way to get this standardized or at least get the data to input properly, then there could be a value, but until then, it's too difficult.
This has increased project efficiency, minimized workload, as accounting entries are reviewed within Kyriba and transmitted directly to SAP without intervention. This only requires review after the entries are in SAP. Also, we have completed payment implementations in several regions, so our AP groups can initiate payments out of SAP and the file automatically will get transmitted securely from Kyriba to the bank. This increases bank connectivity, allows for a more secure method of transmission, and eliminates manual intervention which increases controls.
Used across whole organization as payment hub, connected to all our regions and banks
Main uses are the following:
- Reception of end of day and intraday statements, with automatic reports forwarding to different teams across the company
- Reception of payment files from AP department, batching and transforming into valid SWIFT files, then sending via SWIFT communication channel to our main banks
- Tracker for most of our financial operations (FX Spot and Forward, IRS, Inter-company Loans, etc.)
- Reception from ERP of the collection direct debit files, and automatic routing to the different banks, receiving acknowledgment messages where the status of the collections is confirmed on multiple levels (Valid/Rejected/Partially Valid)
Main business issues created by the tool are, in my humble opinion, the following:
- Sometimes Kyriba servers faces issues which leads to files apparently blocked on their way to bank. Feedback received from Support team is sometimes wrong, as they confirm files did not arrive to bank and confirm we can resubmit, then finding payments duplicated
- Loans setup is not very user friendly and doesn't include the option to add accruals and settlements
- Management of tokens/licenses is very messy, to the point of not being sure what to request when a new license is required, and account manager needing multiple tables to review a point which should be quite straight forward
- Solid infrastructure
- Strong payments tracker, keeps payment details of all transactions made years ago
- Easy to understand setup of accounts, banks, companies, etc
- Support team requires additional training
- Improve reliability of payment files status
- Simplify tokens/licenses management
Kyriba is predominantly used by the Treasury department within our organization. There are some members of the Accounting department that have access to Kyriba to gather information for journal entries posting to the general ledger. The Treasury department uses Kyriba to reconcile bank activity, process payments, create a position of cash flow for our US and Canadian transactions, monitor and maintain financial instruments and analyze monthly bank fees.
- Kyriba is great for creating a position of cash flow. We are able to use that information to create an accurate daily cash position that is used by Management in the decision making processes. With all the bank information reporting into Kyriba we are able to easily monitor liquidity.
- Kyriba makes it easy to monitor the activity in multiple bank accounts across the organization. Having all the transactions feeding into a centralized platform saves us valuable time each morning. This also increases our visibility into each account.
- Kyriba is able to track all of our financial instruments for us. It is easy to update information for our various loans because it is all in one location. We are able to run reports at month end at the push of a button so we can reconcile our activity against the bank reports.
- Kyriba Social is a great tool to use to connect to other Kyriba users to get help on any problems. This is also where we would file a case with Kyriba for support. I have always found that when I do have to file a case for assistance the Kyriba team is quick to respond and helpful.
- One issue I have noticed is that on different modules in the system pressing "Enter" does different things. On one module it might save the data that was just entered, and on other modules it will exit you out of the screen. For instance, if I am entering a payment in the "Payments" module, hitting "Enter" will save the payment. If I am working on a loan in the "Financial Transactions" module hitting "Enter" will exit me out of the screen without saving my data. I wish it was a little more consistent across all the modules.
February 09, 2018
Kyriba is centrally used by centralized Treasury Operations, in support of entire organization, performing the following functions:
In House Bank - shadow balance tracking and reconciling
Monthly ZBA rollup of balances to one master account - create and book transactions
GL entry creation and export to GL system
GL Bank account reconciliation
Cash Forecasting support
In House Bank - shadow balance tracking and reconciling
Monthly ZBA rollup of balances to one master account - create and book transactions
GL entry creation and export to GL system
GL Bank account reconciliation
Cash Forecasting support
- Keeps our very large multi-bank account structure in balance daily, and gives daily visibility to all bank account balances for Treasury and the rest of Mercy
- GL Mapping, creation and export of GL entries, and reconciliation of ALL GL entries back to the bank accounts.
- Listens to client's suggestions and ideas, responds quickly with answers, regularly updates software based on our input. Also, they have a great Kyriba Social website where we can put in tickets for help and send in our ideas, but more importantly, share questions and ideas with the whole Kyriba client community, and provides FAQ from that dialogue for just about any question that we can think of. Great customer support and communication works well both directions.
- Implementation process is well mapped out, but flexible to the client's needs. If I'm experienced and comfortable with TMS systems, I can do a lot more of the setup work instead of paying Kyriba to do it all, but if I need Kyriba to do it all, they will. Love the training process, which works a lot like college, where they teach you a section, give you homework to do before the next training session, check your accuracy and understanding, and move on to the next section. Almost all the Kyriba implementation folks I've worked with and met with were former Treasury practitioners, so they know what we know and they how to talk to us and with their developers to give us what we need.
- Very high value for the low cost and scale-able depending on how many modules you need. Monthly fees are very reasonable, implementation fees are known up front, and you only pay for what you use, and annual volume based fees are reasonable as well. Much, much cheaper than bank fees for Information reporting, didn't require any MIS approval or assistance, and very easy to justify to upper management based on the massive labor savings.
- One of the big reasons I love Kyriba so much is TMS is all they do and they have grown consistently in the 4 years we've been with them, and are very stable. I like that their whole focus is on providing the best TMS platform on the market, and not getting off track working on other non-TMS priorities and products. In the past, many TMS systems were owned by larger conglomerates, were bought and sold multiple times, and often times support and customer service was non-existent, and coworkers were leaving the firm left and right. Many went to Kyriba. That's the main reason I started looking and found Kyriba in the first place.
- Keep working on adding content and functionality to Cash Forecasting, especially looking out 1-2 years (or more) to create a daily/weekly/monthly/annual forecast and do variance analysis.
- Improve Bank Fee module to add more variance analysis, benchmarking, and reporting. The last I looked, it mainly converted the 822 files to excel reports and did some comparison to the bank's original per item pricing, but not much more than that.
- Haven't used their BAMS module as yet, and it probably improved since the last time I looked at it, but at the time, it was pretty good but needed more work. Kyriba needs to work with the main banks to allow their BAMS forms and activity to be accepted by the banks, and ideally integrated with the banks. The big problem in this space isn't Kyriba - it's the lack of standard forms and processes within the industry for Bank Account Management. Hoping Kyriba and other TMS/BAMS providers can help drive this.
April 13, 2018
Kyriba is currently used within our treasury department. However, we are also able to generate automatic reports for other departments in order to provide them with cash balances on all our accounts.
We use the system mainly for cash forecasting and analysis, reporting, bank account management and signatory management.
- Cash forecasting is very easy to use. We have been able to simplify our processes and save a lot of time which has led us to be able to spend more time on strategic analysis.
- We have many different departments using many different banking portals which the treasury department has to maintain. Kyriba lets us track all these users and portals in one place, something which we struggled to find elsewhere. This helps us save time and aides us with internal policy.
- The reporting function is great - there are so many ready made templates available to use. We have scheduled reports that are waiting in our inbox in the morning advising us on cash balances and positions, reports that are daily/weekly/monthly that are, again, automatic or can be ran on an ad hoc basis.
- The system does have a tendency to log you out whilst you are in the middle of something and does have occasional periods of "slowness". However, I believe a major update has just been implemented.
Kyriba is used across our organization for cash positioning, cashflow forecasting, GL interface and partially for loan management.
- Cash positioning
- Cash forecasting
- Connectivity with banks
- Debt module for loan tracking
- IHB module for loan tracking, schedules, accruals and interest statements
- Straight through processing for loan management
- Display of global cash balances by categories, hard to slide/dice data, limited to only setting up positions by Kyriba standards
Kyriba is currently used in the treasury area. We purchased the Cash and Liquidity module, and the Bank Account Management module and the Cash Forecasting module.
We had to replace an unstable homegrown treasury workstation, as it was requiring manual intervention every day for every task. While we do not directly interface with any ERP, as our company has grown by acquisition and we acquired many different ERPs, that remain by business unit today, we have managed to automate the main accounting function that was in place with the old system.
That system was also our storage place for entitlements and banking information. We have converted all that information over to Kyriba.
Our next implementation will be Cash Forecasting, which will replace an Excel spreadsheet being used right now.
- The Cash Accounting area of the Cash Management Module has been very well received by the very skeptical accounting team that requires it. We finally have it running just the way they want it to, with the information they requested. Win for us!
- The Bank Account Management module is addressing issues that the audit [team] had with the old system, as we are able to utilize it to give exact information, whereas the other system was limited in its scope. Another win for us.
- Love Kyriba Social! It is a great way to see what other users think. I also love being able to see all of the cases I open along with the resolutions, as sometimes the same thing happens and I can just refer to those.
- We need to have the ability to make changes to canned reports. I currently have a report that has over 20 lines that are unnecessary, but I can do nothing about it.
- Assumptions are made globally for all users. Every use has different needs/wants and global assumptions should not be made.
Kyriba is used as a previous day accounting tracking software. It generates and posts journal entries from prior day bank statements, about 10,000 entries per month. It is also used as an account reconciliation tool for accounting. It also provides forecasting detail for treasury and numerous month end reporting reports. It addresses a lot of business problems from the easy to use data for multiple business units.
- It tracks prior day reporting well.
- It generates numerous journal entries daily.
- It is a great tool for month end reports.
- It is not a robust forecast tool. Too many factors in forecasting to be super helpful. But I have not found a software package that can do it better than Excel.
- Multilayered companies can find it hard to position daily cash. The biggest constraint is timing from the banks. Kyriba could do it except bank files are not timely enough to provide value.
- Better reporting. It has nice reporting features but needs to integrate those features more withing their program.
The company I am currently working with uses Kyriba to support their regional cash management teams (daily cash positioning, forecasting, payments, debt management, etc.).
- Kyriba is a very useful tool for putting together daily cash positioning. For companies that operate regional treasury centers, each center can have their own cash positioning, including pooling arrangements where necessary. In addition to being able to analyze positions at a high level, the system allows for drilling down into the details when necessary.
- Payments are easy to process using the Kyriba tool. Templates can be set up for repetitive payments. If the volume of payments dictate they can be uploaded from an Excel spreadsheet again simplifying the process. Controls and limits can be established in the system, requiring separation of duties (input, approve, release).
- Dual administration and Security features of the system a re robust. Dual Administration requires two system administrators to be involved with critical aspects or date related details. Single Sign-On and Dual Factor Authentication is easy to establish for those organizations focused on security and control. In addition, IP address filtering can also be set up requiring that users access Kyriba only through their own VPN.
- Kyriba Suppot is outstanding. The implementation managers and the support teams are well trained, very customer focused and responsive.
- From my experience I think the initial start up could be handled better. The Referential Workbook tends to be a bit confusing at first. I think this is particularly difficult for a company that doesn't have any prior experience with a Treasury Management System.
- The reporting in Kyriba is good, but it is not great. There are standard reports that do have some flexibility. But I have run into situations where I would like more detail on a report that is not availalble. I would like to see a more robust report writer.
- It is frustrating at times when there is not functionality in the system that would be helpful and due to the Kyriba model that is somewhat difficult to achieve unless other clients are requesting the same type of enhancement. No customization!
February 09, 2018
F-M uses the following modules :
Cash/Forecasting
IHB
BAM
Debt including intercompany
The treasury management solution (TMS) is used by several geographic regions: US, Mexico, Europe & APAC Treasury operations. The system gave us an up-to-date visibility of banks, accounts, signers as well as assisted to manage cash, debt, other financing vehicles (and inclusive hedging if required) efficiently and proactively.
Cash/Forecasting
IHB
BAM
Debt including intercompany
The treasury management solution (TMS) is used by several geographic regions: US, Mexico, Europe & APAC Treasury operations. The system gave us an up-to-date visibility of banks, accounts, signers as well as assisted to manage cash, debt, other financing vehicles (and inclusive hedging if required) efficiently and proactively.
- Excellent database structure to store necessary data elements to retrieve either within the system itself through worksheets and reports or extract to Excel or other external platforms
- Easy to use and quite intuitive for treasury users
- Broad range of modules makes the system quite comprehensive for treasury organizations
- Currently the system can handle the default conversion to only one currency... it would be nice to toggle between multiple currencies; will be very helpful for global organizations
- Add an option to create user-defined reports outside of what is available as default reporting
It is used in the treasury department. It is used for cash positioning, bank account management, bank fee analysis, submitting wires, etc.
- Customer support is very helpful and answers in a timely manner.
- Kyriba makes it easy to do cash positioning.
- Through the use of the templates, wires don't take long to submit.
- Debt module could be improved.
We use Kyriba for bank account visibility across all of our subsidiaries and to track bank signers.
- Good job of establishing bank connectivity with many financial institutions
- Good reporting capabilities
- If we close a bank account in Kyriba, all signer information is lost which means we may not be able to use Kyriba for FBAR reporting
- Dashboard reporting does not seem to be available for the Bank Account Management module
- We can’t download a report with the e-mail addresses for signers (even though we entered this information), requiring us to come up with a workaround
February 15, 2018
Kyriba is used globally for the following:
- Global Cash Balances & Forecasting
- FX Deals (via FXAll) & Revaluation
- Borrowing & Investments
- GL posting for Cash & Accruals
- STP Payments
- Treasury & Finance Reporting
Kyriba allows consolidated Treasury functionality for all regional Treasury teams as well as supplemental reporting to Finance teams. Having a global platform facilitates globally standard processes, controls, and functionality.
- Flexible configuration and user friendly interface
- Integration between modules (cross-functional) and standardized templates for reporting & data exchange
- Strong partnership with clients; willing to work to understand needs and accommodate where possible
- Reporting is rigid and does not cross modules in most cases; Excel still required for some small tweaks that should be included in system reports
- Debt module has issues which prevent taking full advantage of system potential
Kyriba is used as the treasury platform that helps us with inflows and outflows from multiple banks. It addresses the issue of having to use multiple bank portals instead of Kyriba which provides us the ability to have every bank and transaction consolidated into one sole system, providing more accurate reporting abilities.
- Consolidates all banks into one concise system.
- Very convenient reporting abilities.
- Flexibility with how statements come in.
- Customer service has been a major issue for us as far as response time.
- Lack of communication as to when there are system issues.
- If systems are down, usually no timetable to get back up creating operational risk.
We currently use Kyriba's cash management suite, as well as debt, investments and fx positioning. It addresses our challenges with reporting, accounting and streamlining manual processes. It's currently only used by the treasury organization but we plan to roll it out to other areas of the business in future years. Opportunity areas include AP, accounting, etc.
- Cash positioning and forecasting. The tool is easy to use and can be tailored to your business and preferences. It's a great way to scale your cash flow forecasting process as you expand internationally.
- GL Accounting. This has been one of the biggest efficiency drivers for our team given the level of bank account transfers we have to account for.
- Interfacing with FX and Investment portals. Allows for STP for other transactional systems.
- FBAR reporting. What they call FBAR reporting today does not work for current FBAR tax reporting requirements.
- Bank Fee Analysis . The current module is overly administrative and lacks analytical functionality. I would not renew or recommend this module.
- GL Reconciliation. This module does not work without fully integrating with the GL, including internal AP modules. We dropped this module during our initial contract term.
February 06, 2018
Kyriba is used in the treasury department of our US-based organization. It replaced Excel spreadsheets with an integrated cloud treasury management system.
- Uses the cloud as a SaaS system. We did not have to buy software, which would need upgrades and have version issues.
- Core strengths are cash management, bank communications, and reporting.
- The system also now has a Bank Account Administration module which we are implementing.
- Implementation consistency could have been improved. They swapped out many project managers and technical folks.
February 06, 2018
Kyriba is used primarily by the treasury department to manage cash in North America and Europe. It allows us to manage our cash pooling and pay/receive on behalf activities and to generate GL entries for our pool headers.
- Receive and integrate bank activity and apply it automatically according to terms you define. We are able to manage around 90% of our transactions without any manual intervention.
- Generate and send payment files to banks, enhancing security by managing the approval process and allowing us to limit the number of users who need to sign into separate eBanking applications.
- Customize solutions for our particular cash management structure. We use multiple cash pools across the globe and Kyriba is able to handle the large number of intercompany relationships and inter-pool settlements with relative ease.
- User administration is very complex and not entirely intuitive. Access and data permission profiles must be carefully structured in order to maintain secure access, and separate user groups and approval rules and profiles also have to be maintained. If something goes wrong, it's not always easy to tell where the problem lies.
- The ability to set up private reports and restrict others from even viewing them makes administration difficult. If a user with private reports leaves the company unexpectedly, even with full administrative rights I can't see reports they may have created that may be needed by their replacement.
- Configuration of the reconciliation terms, account setup, and mapping rules is scattered across several modules and it's not always intuitive to understand where changes are needed. For example, there are "mapping rules" in more than one place and it can take some time to find the right place to make adjustments.
Kyriba primarily helps us automate daily bank reconciliations. It has significantly improved our efficiency in treasury and accounting.
- Bank reconciliations (daily) - the GL reconciliation engine is exception based and efficient, saving us many hours each month.
- Cash position - we converted from excel, so the efficiency improvements have been huge. The kyriba interface is very professional and user-friendly.
- As the company has grown, sometimes the personalized attention to customer issues has been a little slower.
- Flexible reporting is an add-on charge - it would be nice if this were standard functionality.
Kyriba Scorecard Summary
What is Kyriba?
Kyriba offers cloud treasury and financial management solutions. Kyriba aims to empower financial leaders and their teams with solutions for cash and risk management, payments and supply chain finance. According to the vendor, Kyriba delivers a highly secure, 100% SaaS enterprise platform, superior bank connectivity and a seamlessly integrated solution set for tackling today’s most complex financial challenges.
Thousands of companies, including many of the world’s largest organizations, use Kyriba to streamline key processes, protect against loss from fraud and cybercrime, and accelerate growth opportunities through improved decision support. Kyriba is headquartered in New York, with offices in San Diego, Paris, London, Tokyo, Dubai and other major locations.
For more information, visit www.kyriba.com.
Thousands of companies, including many of the world’s largest organizations, use Kyriba to streamline key processes, protect against loss from fraud and cybercrime, and accelerate growth opportunities through improved decision support. Kyriba is headquartered in New York, with offices in San Diego, Paris, London, Tokyo, Dubai and other major locations.
For more information, visit www.kyriba.com.
Categories: Financial Risk Management, Treasury Management
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Kyriba Integrations
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Kyriba Customer Size Distribution
| Consumers | 0% | |
| Small Businesses (1-50 employees) | 0% | |
| Mid-Size Companies (51-500 employees) | 0% | |
| Enterprises (> 500 employees) | 100% |
Kyriba Support Options
| Paid Version | |
|---|---|
| Phone | |
| Live Chat | |
| Forum/Community | |
| FAQ/Knowledgebase | |
| Social Media | |
| Video Tutorials / Webinar |
Kyriba Technical Details
| Deployment Types: | SaaS |
|---|---|
| Operating Systems: | Unspecified |
| Mobile Application: | Apple iOS, Android, 8587750882 |
| Supported Countries: | All |
| Supported Languages: | Arabic, English, French, German, Spanish, Italian, Chinese, Polish, Portuguese, Japanese, Russian, Romanian, Serbian. |
Frequently Asked Questions
What are Kyriba's top competitors?
What is Kyriba's best feature?
Reviewers rate Support Rating highest, with a score of 9.7.
Who uses Kyriba?
The most common users of Kyriba are Enterprises from the Insurance industry.