Item: Kyriba
Rating: 8
Author: Eric Matellán

Overall Satisfaction with Kyriba

Use Cases and Deployment Scope

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

Pros and Cons

Pros

Solid infrastructure
Strong payments tracker, keeps payment details of all transactions made years ago
Easy to understand setup of accounts, banks, companies, etc

Cons

Support team requires additional training
Improve reliability of payment files status
Simplify tokens/licenses management

Return on Investment

Time spent in setup of manual payments significantly reduced thanks to Kyriba

In previous companies, the payments were processed from an AS400 based module, which required a deep technical knowledge for every action required, turning simple things like adding a bank account into a nightmare

With Kyriba, most of the processes and updates just requires a couple of clicks and copy/paste updated information

Likelihood to Recommend

Well suited:

Payment hub, managed to pay multiple thousands of payments daily without suffering delays, including payments to different continents

Router of different format files via SWIFT communication channel to multiple banks

Easy to setup approval rules, options to base the different approval colleges in the transaction type, the amount, the account, the country, etc. and to setup as approvers one single user, a group of users, tailor-made rules (one user can provide first approval and a list of specific users can provide second, but not possible the other way around, etc.)

Less appropriate:

Would not recommend Kyriba to manage your intercompany loans, not user friendly at all and competitors offers many more options

In my opinion, tool is intended for companies with a high volume of payments, if you are only going to process a few, costs are too high

Comments

Please log in to join the conversation

Erik Bratt
(Vendor Representative) commented 6 years ago
Hi Eric, thank you for feedback and positive rating. Wanted to get back to you on some of your comments: -- Re: duplicate payments, the same payment cannot be sent twice. On its way to the bank, a payment can go from the Kyriba platform to a network protocol and then to a bank server. Kyriba has a unique acknowledgement process to allow users to know exactly where their payments are. With our API strategy, we are aiming at simplifying this payment path. -- Re: loan setup, this was the case many years ago before the accounting modules were introduced for debt and other capabilities. Today, you can easily setup, track, value and create journal entries - including accruals - and settlements for loan transactions. -- Re: tokens, this used to be an issue when Kyriba was deployed in France, but is no longer the case. You get a license for the modules and users you signed up for as part of a straightforward process. Hope that was helpful. Thank you for being a Kyriba customer.

Kyriba