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Why I use Kyriba to manage our Treasury Operations
February 09, 2018

Why I use Kyriba to manage our Treasury Operations

Steve Walden | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User

Overall Satisfaction with Kyriba

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
  • 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.
  • Increased productivity - eliminated hundreds of labor hours per month booking entries, reconciling, daily balancing
  • Reduced bank fees, especially for the bank's online systems, since we don't use them as much for reporting as we did before
  • Much better visibility to cash balances, trends, variances, and a great Executive reporting tool
I've outlined all the reasons previously. Cost, Experts in TMS with one line of business, large enough to have the resources to improve, but small enough to be nimble and quick with upgrades and changes after listening to the clients.
We are a Domestic US client with no foreign banking or payments, no FX or hedging. We have several banks, but most of our 200 accounts are with one main concentration bank, and Kyriba suits our needs very well. Even though we don't use their Payment, Debt or Investment modules, I do talk with many very large multinational clients of theirs with recognizable names who use them and are very happy with these modules and all that Kyriba has to offer.

I've heard that other multinational companies with really high volumes of foreign activity have chosen other TMS vendors over Kyriba, like GTreasury and others. My guess is their Foreign capabilities are better than Kyriba, especially for very large companies. And the other TMS vendors may be larger in size, or backed by larger companies, and the clients are more comfortable with that.

I will say that as Kyriba grows even larger and gains clients and market share, and have a model with a built in monthly cashflow, and knowing they are a privately held firm, I wonder if they are a target to be purchased by a competitor or investment firm. If so, I hope they don't change how they do business.