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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%
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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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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.
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Reviews
(1-15 of 15)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.
March 25, 2022
650+ hours per month saved with Kryiba!!
Cenveo Worldwide Limited uses Kryiba to manage the daily net liquidity of the company. Kyriba exceeded our expectations with the implementation of multiple modules that allowed us to eliminate labor-intensive processes eliminating 650+ cross-function hours. With the use of Kryiba, the Treasury team has access to real-time liquidity positions without having to manage multiple bank portals. With the implementation of the payment builder module, Cenveo continues to have complete control of payments at the individual level but gained additional functionality in analytical data that was labor-intensive to extract previously. The bank fee analysis module provided Cenveo with the granular analytical data to mitigate additional fees that were not part of the contract. We are extremely satisfied not only with the Kryiba as a solution but as with the level of customer support and continued focus on exceeding the client's expectations. We look forward to building upon the modules that we have implemented to date.
- Customer Support
- Bank Connection
- Cash Forecasting
- Bank Fee Analysis
- Cash and Liquidity management
- all of our users are extremely happy with the user-friendly system; however, in some areas, a "back" button with be helpful, or not having to select "view all" would be helpful.
September 05, 2021
Demands attention and concentration but worth trying
Kyriba is a great product that has been rendering its services in the cloud treasury and financial management department. This product is known to serve services in Treasury Management and Financial Risk Management. There are so many amazing and unique features in this product like supply chain finance, risk management, payments, and fraud management. It is giving me fantastic services. Our department is satisfied with its services.
- Coming to the things going well of this amazing product then I think that the forecasting element of this product is a good aspect about it.
- This product has a primary goal and objective of empowering financial leaders along with their teams with the rightful solutions for cash and risk management.
- The reconciliation automation is also a great facet about the unique software.
- This solution works well for position a cash flow creation. Altogether, the pros of this software are endless.
- In Treasury Management, this product is used in bank reporting, cash positioning, bank account management, and even cash account management.
- There are a few downsides as well for this product like the system processing is different with different modules which are quite strange and sometimes get pretty taunting for the users.
- Also, the debt module needs improvement and should become more relevant to the overall software. This is one of the biggest cons I would say and it also needs to be fixed immediately for a better user experience.
September 08, 2020
Cash is King with Kyriba
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.
August 14, 2020
Kyriba Review
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.
April 16, 2018
Kyriba
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
April 16, 2018
Kyriba Cash Management Review
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.
April 13, 2018
Kyriba review from an international company
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.
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.
March 14, 2018
Kyriba Fan Girl
Score 9 out of 10
Vetted Review
Verified User
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 15, 2018
Great SaaS TMS and strong business partner
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
February 12, 2018
A consultant's view
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
Medium US Based Global Corporate - Automotive
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
February 09, 2018
Why I use Kyriba to manage our Treasury Operations
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.
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.