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We leverage Kyriba today on a global scale to capture our bank statement reporting to support cash positioning and forecasting, and to …
Overview
What is Kyriba?
Kyriba empowers CFOs, Treasurers and their IT counterparts to transform liquidity as a dynamic, real-time vehicle for growth and value creation. Kyriba is a secure, scalable SaaS platform that leverages artificial intelligence, automates payments workflows, and enables thousands of multinational…
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Popular Features
- Cash and Liquidity Management (5)8.787%
- Treasury Reporting (5)7.878%
- Bank Account Management (5)7.575%
Reviewer Pros & Cons
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Kyriba Cash management
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Product Details
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- Competitors
- Tech Details
- FAQs
What is Kyriba?
Kyriba empowers CFOs, Treasurers and their IT counterparts to transform liquidity as a dynamic, real-time vehicle for growth and value creation.
Kyriba is a secure, scalable SaaS platform that leverages artificial intelligence, automates payments workflows, and enables thousands of multinational corporations and banks to maximize growth, protect against loss from fraud and financial risk and reduce operational costs.
Kyriba states that for more than 2,500 clients worldwide, including 25% of Fortune 500 and Euro Stoxx 50 companies, their platform manages more than 1.3 billion bank transactions per year, and 250 million payments for a total value of $15 Trillion annually. Kyriba is headquartered in San Diego, with offices globally.
Kyriba Features
Treasury Management Features
- Supported: Cash and Liquidity Management
- Supported: Financial Fraud Prevention
- Supported: Treasury Management Payments
- Supported: Bank Account Management
- Supported: Treasury Risk Management
- Supported: Treasury Reporting
- Supported: Liquidity Forecasting
- Supported: Market Data
Kyriba Screenshots
Kyriba Integrations
Kyriba Competitors
Kyriba Technical Details
| Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
|---|---|
| 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, Turkish. |
Frequently Asked Questions
Reviewers rate Cash and Liquidity Management highest, with a score of 8.7.
The most common users of Kyriba are from Enterprises (1,001+ employees).
Kyriba Customer Size Distribution
| Consumers | 0% |
|---|---|
| Small Businesses (1-50 employees) | 0% |
| Mid-Size Companies (51-500 employees) | 0% |
| Enterprises (more than 500 employees) | 100% |
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Reviews and Ratings
(49)
Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Business Problems Solved
- Pros
- Cons
- Recommendations
Kyriba is a versatile treasury and financial management software that has proven to be a valuable tool for various departments within organizations. Users have praised its ability to manage bank accounts, facilitate smooth transactions, and ensure timely payment of bills. With detailed reports and daily reconciliations, Kyriba can be compared to high-end software in terms of functionality. It offers a range of services including Treasury Management and Financial Risk Management, making it an essential tool for managing financial operations.
One of the notable features of Kyriba is its supply chain finance capabilities, risk management tools, payment processing functionalities, and fraud management features. Acting as a payment hub, Kyriba connects different regions and banks within an organization, streamlining the flow of information and funds. The software automatically receives end-of-day and intraday statements, forwarding them to various teams across the company. It also handles the transformation of payment files into valid SWIFT files and sends them to main banks via SWIFT communication channels.
Although users have generally had positive experiences with Kyriba, there have been occasional issues with servers leading to blocked files and duplicate payments. Some users have also found the setup of loans in Kyriba to be less user-friendly and lacking certain options related to accruals and settlements. Additionally, managing tokens/licenses in Kyriba can be messy and confusing, often requiring multiple tables and review by the account manager.
Despite these minor drawbacks, Kyriba has become an indispensable tool for departments such as Treasury and Accounting. It helps with bank reconciliation, payment processing, cash flow analysis, and monthly bank fee monitoring. By replacing unstable homegrown treasury workstations, Kyriba provides a centralized platform for storing entitlements and banking information.
Kyriba integrates seamlessly with corporate ERPs like SAP Business One, assisting in resolving liquidity allocation, cash pooling, and interest risk management. It reduces mistakes and technical problems with bank statement integrations while improving reporting efficiency. This centralized system enhances clarity and visibility into cash management, aiding in accurate forecasting and supporting critical financial decisions.
Furthermore, Kyriba offers a range of features that simplify treasury management. It centralizes payments and deals booking, generating journal entries, reconciling accounts, and providing forecasting details. This functionality addresses various business problems for multiple units within an organization. With its ability to handle tasks such as cash positioning, cash flow forecasting, GL interface, and loan management, Kyriba has become an essential tool in different geographic regions.
The software assists in managing banks, accounts, signers, cash, debt, financing vehicles, and hedging efficiently and proactively. Users appreciate that Kyriba eliminates the need to log into multiple bank portals, as it consolidates all banks and transactions into one system. It simplifies cash position management by providing a real-time view across all banks through the cash position worksheet.
Kyriba also offers time-saving automation features. Users can create rules to automate general ledger entries for the Cash Accounting team, reducing manual work and improving efficiency. The software generates automatic reports for other departments, providing them with cash balance information on all accounts.
This powerful tool supports regional cash management teams in their daily operations, including cash positioning, forecasting, payments, debt management, and bank fee analysis. It serves as a central hub for consolidated Treasury functionality for regional teams and offers supplemental reporting to Finance teams.
In addition to its treasury functionalities, Kyriba is widely used by corporate treasury departments, accounting teams, and operating units. It centralizes netting, bank account management, bank fee management, and G/L accounting into one system. This consolidation of functions streamlines processes and promotes efficiency within organizations.
Overall, Kyriba's suite of tools helps address key challenges faced by users in reporting, accounting, and streamlining manual processes. With features like automated bank reconciliations and real-time liquidity positions, it improves efficiency in treasury and accounting functions. By providing clarity and visibility into cash management, Kyriba enables accurate forecasting and supports strategic business decisions. Through its centralized platform, it simplifies payment processing tasks, reduces errors, and enhances overall financial management within organizations.
Dynamic and Easy to Use: Users find Kyriba to be a dynamic system that is easy to use and helps keep their cash management in order. Several reviewers have stated that they appreciate the user-friendly interface and how it simplifies their daily tasks.
Predictive and Automatic Software: Users consider Kyriba to be a predictive and automatic software that greatly aids in treasury management. Many users have mentioned its perfect daily reconciliations and the absence of errors, which saves them time and ensures accurate financial data.
Bank Account Management Features: Users appreciate that Kyriba has features for bank account management and praise its short learning curve. Multiple reviewers mention that it effectively maintains a large multi-bank account structure, providing daily visibility to all bank account balances for Treasury and other departments.
- Inconsistent System Processing: Some users have found the system processing to be inconsistent across different modules, which has been confusing and taunting for them. This inconsistency adds complexity and makes it harder for users to navigate and understand the software.
- Poor Customer Service Responsiveness: Users have repeatedly expressed frustration with the unresponsiveness of Kyriba customer service. Many state that they rarely receive a reply within a day, causing delays in issue resolution and hindering their overall experience with the software.
- Limited Customization Options: Multiple users have encountered difficulties in customizing the software to fit their specific needs. They find it challenging to make changes to canned reports and believe that global assumptions should not be made for all users, as it restricts flexibility and customization potential within the system.
Users of Kyriba have provided several recommendations based on their experiences with the product. The most common recommendations include:
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Allocate time and budget for implementation: Users suggest being committed to the learning curve and setting aside sufficient time and resources for the implementation process, especially for larger and more complex organizations.
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Partner with banks for assistance: It is recommended to partner with banks that can provide support and guidance during the implementation process. This can help streamline the integration of Kyriba from the bank's end, ensuring a smoother transition.
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Consider number of users and roles: Users advise considering the number of users and roles within the organization when weighing the costs per user against the benefits of cross-training and having independent Kyriba users from those authorizing payments. This can help optimize efficiency and ensure proper control over financial transactions.
Overall, users highly recommend Kyriba for its ability to handle automatic systems for financial treasury, its suitability for global business needs, and its modular model that makes deployment easier. It is also suggested to talk to other customers for second opinions or tips, as well as to have a consultant to drive the implementation process effectively.
Attribute Ratings
Reviews
(1-3 of 3)Companies can't remove reviews or game the system. Here's why
Kyriba is powerful cash management software. At first we did not believe that this software would bring us so many benefits, but today we cannot stop using it. The management of the bank account is very good, it allows us to pay the bills on time, it does not slow down the transactions, it is not an expensive software, since the benefit is greater. We started using it due to the lack of software of this type, since the process was manual and a bit clumsy, Kyriba offers us a very good service, the reports are detailed and with daily reconciliations at the level of a high-end software.
- It is a very dynamic system, it does not require training and we keep our cash management in order.
- I like that it is cloud based, because it is safe to use and results are seen quickly.
- It is a very predictive and automatic software to achieve great treasury management.
- Perfect daily reconciliations, no errors, Kyriba has bank account management features, has a short learning curve.
- I have no complaints since we started using it, it is a proactive and dedicated system in its functions, treasury management is the most proactive thing we have noticed, we know that there is similar software, but not with the same features and scalability as Kyriba.
- With Kyriba we have improved remarkably in all aspects, our finances are in order, accounts with suppliers are paid on time and we constantly follow up on accounts, our finance department is now more productive than ever now that we use Kyriba.
- Perfect for streamlining outstanding bills, cash flow is very good and there are no technical details with Kyriba.
10
We are 8 people in charge of Kyriba, since we maintain exhaustive control of all the treasury management of the company, it is a very efficient system that provides us with detailed reports, has good integration with bank statements, and improves liquidity.
8
- It is software with good artificial intelligence that improves liquidity processes, payments and any financing process.
- It is software that reduces our financial risks, boosting our growth with great security in our treasury operations.
We buy premium support to get more benefits, the response is absolutely fast, the team is trained to fix problems that arise unexpectedly, and we welcome suggestions to be more successful with Kyriba productivity.
No
Kyriba Corp has been very special with technical support, they focused their attention on us and from the beginning we have had a favorable experience, we have not had bad moments with Kyriba Corp's technical support, they are very attentive and decisive. It is an ideal service for us, it shows us the best way to have a better experience and good strategies to adapt them to our needs.
April 10, 2018
Kyriba for the Win
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.
- Definite increase in productivity, due to not having to babysit the old system through every task.
- When I presented the need for a SaaS solution to upper management, I did a time and motion study and determined that the savings were substantial.
- One of the main reasons Kyriba was chosen was that there was 24/7 support available. I was that support for the homegrown system!
- SAP Access Control, IT2 and GTreasury
12
Treasury, Accounting, AP/AR reconciliation
2
Treasury Manager-main user
Treasury Analyst-Backup
- Cash Positioning and Reporting
- GL Accounting
- Bank Account and Bank Entitlement Storage
- Auto reconciliation with SAP
- Audit Reporting
- Cash Forecasting
- Bank Account Fee Analysis
Yes
It replaced a homegrown unsupported Access based system that was down more than it was up.
- Price
- Product Features
- Product Usability
- Prior Experience with the Product
One of the most important features was that it was an Saas product with full support available.
Do not bring in the "big guns", as that is not what was needed and was really a waste of time reviewing their outrageous RFP responses.
- Implemented in-house
Yes
Change management was a major issue with the implementation
Change management is hard on everyone, especially upper management who are used to being handed what they want, when they want it, in the format "they have always gotten it in". Once I could show them that the new reporting was just as good, if not better, than the old, they came around.
Same with The GL Accounting. Accountants are pretty set in their ways and had been bamboozled into believing that what they were getting was all that was available. Once I could show them that was not true, all was well.
- Having the time tow work on the implementation. This was one part of a full time job.
- Change management.
- Perfecting reporting.
No
I do not believe it is necessary for us at this time.
No
I came upon an issue that I or they had never seen before. We were able to work together to resolve it to both of our satisfactions.
- Automated Reporting, once it is set up you can forget about it.
- GL Mapping
- Entitlement entry
- Entitlement Reporting--Too may unnecessary columns included
February 06, 2018
Works well, but requires careful administration
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.
- I don't have quantifiable figures, but we were able to shift some of the pay/receive on behalf reconciliation activity to our AP/AR teams at our shared service centers and away from treasury after creating the proper templates for them to use.
- We have increased the amount of pay on behalf activity and reduced the number of bank accounts we must maintain through use of transmissions from Kyriba.
- Quantum
One of the more attractive features of Kyriba as compared to Quantum was the knowledge that we would not need to test and install upgrades. We had a custom module in Quantum that eventually became incompatible with newer versions of the core product, so we were stuck on an older, less stable version of the system for a time before making the switch to Kyriba.
Yes
Yes
We have reported bugs from time to time. They are typically resolved fairly quickly. We have just recently reported an issue with a new payment security feature and had to provide a recording showing user settings and how the problem is occurring, and it was quickly escalated to their advanced support team.