Treasury Transformation – The Trendsetting Force

Manoj Panicker – AVP – Treasury Transformation

Treasury – the nucleus of an organization

The treasury operations of a company are crucial, specifically with regard to cash liquidity, which is the most critical aspect. CFOs understand that their treasury teams must manage critical tasks such as accurate forecasting of cash flows, operational efficiency, fraud prevention, compliance, optimizing working capital, and FX risk management to maintain their organisation’s health. The performance of the treasury team directly impacts the bottom line.

The core areas of Treasury function can be broadly categorized into the following:

  • Cash Management
  • Liquidity Management
  • Risk Management
  • Capital Markets
  • Corporate Finance

Challenges in Manual Process:

As per the survey taken by Kyriba – the leading Treasury Management Solution and later got published in Global Treasurer, they observed that global treasury teams are wasting an average of 4,812 hours per year using traditional spreadsheets to manage their cash, payments and accounting operations, this leads to:

  • Lack of visibility of Cash Position
  • Redundancy of processes
  • High Banking volume
  • Lack of Speed and Quality of Cash forecasting
  • Challenges in settlement of payment in multi currencies
  • Coping up Regulatory changes
  • Non-Centralized control and efficiency

Treasury Transformation

Automating corporate treasury is becoming increasingly important as businesses look to streamline their operations and reduce costs. Automation can help improve efficiency, reduce risk, and increase visibility into financial operations.

The Wall Street Journal published a seemingly innocuous article entitle, ” Stop Using Excel, Finance Chiefs Tell Staffs” in which CFOs lamented the time their teams waste on spreadsheets, including pulling data from disparate systems, instead of engaging in more strategic initiatives. 

Kyriba TMS: Transforming Treasury Management

Treasury management has come a long way since its inception. Gone are the days when finance professionals relied on spreadsheets and manual processes to manage cash and associated risks. Today, modern treasury management systems (TMS) like Kyriba TMS have become instrumental in enabling businesses to efficiently and effectively manage their cash, liquidity, and risks. Kyriba TMS is a leading cloud-based TMS platform that is used by more than 2,000 global organizations. Let’s take a closer look at this innovative solution and how it is transforming treasury management.

What is Kyriba TMS?

Kyriba TMS is an all-in-one, cloud-based platform that helps organizations optimize their cash and liquidity management, manage financial risk, and automate their financial operations. It provides a suite of modules that support treasury management, payments, risk management, supply chain finance, and working capital optimization. Kyriba TMS integrates with a wide range of systems, including banks, ERPs, and trading platforms.

Features and Benefits of Kyriba TMS:

  1. Cash and Liquidity Management

Kyriba TMS provides real-time visibility into an organization’s cash positions across all bank accounts and currencies. The platform’s robust cash forecasting capabilities help businesses make more informed decisions about funding, investment, and liquidity management. Additionally, Kyriba TMS enables organizations to automate their cash management processes, including payments and bank account reconciliation.

  1. Risk Management

Kyriba TMS provides robust risk management capabilities to help businesses mitigate financial risk. Its treasury risk management module enables organizations to monitor and manage market, liquidity, and credit risk in real-time. It also provides tools for creating and managing financial hedging strategies.

  1. Payments

Kyriba TMS streamlines the payments process by providing a single platform to initiate, approve, and track payments. The platform supports a wide range of payment types, including bank transfers, cheques, ACH, and wire transfers. Businesses can also take advantage of the platform’s built-in fraud detection and prevention tools.

  1. Supply Chain Finance

Kyriba TMS provides supply chain finance capabilities that allow businesses to extend payment terms to suppliers while improving their working capital. The platform enables organizations to provide early payment options to their suppliers in exchange for discounts.

  1. Working Capital Optimization

Kyriba TMS provides a range of tools to help businesses optimize their working capital. The platform’s cash visibility and forecasting capabilities enable organizations to identify opportunities to improve cash flow. It also provides tools for managing accounts receivable and accounts payable.

  1. Enhanced Security

Kyriba TMS offers enhanced security features to protect businesses’ financial data. Kyriba TMS (Treasury Management System) offers a range of enhanced security features to protect sensitive financial data and prevent unauthorized access. The platform employs best-in-class security protocols and technologies to ensure maximum protection for its users. Some of the key security features of Kyriba TMS include:

  • SOC 2 Type 2 compliant
  • Redundant disaster recovery
  • Encryption, authentication and administration
  • Audit trails
  1. Kyriba Connectivity service

Kyriba’s Connectivity as a Service gives our customers a complete connectivity solution encompassing ERPs, internal financial systems, third party providers, and over 1,000 ‘out-of-the-box,’ pre-configured, pre-tested connections with financial institutions across the globe. Kyriba’s solution includes application processing interfaces (APIs) delivering real-time integration, payments and reporting.

Why Choose Kyriba TMS?

For superior decision-making support across a wide range of corporate activities and risk management techniques, Kyriba offers unmatched cash visibility. Treasury management solutions from Kyriba have a wealth of features and functionality to aid in efficient treasury/cash administration. It is the best method for maximising profitability while managing your working capital. By skilful management of cash, liquidity, payments, and financial risk, the entire company’s liquidity can be optimised.

The 5 WHYs to choose Kyriba:

  1. Integrated solution focused on Treasury and Finance.
  2. 100% SaaS – Multi tenant architecture.
  3. Connectivity – Integrated connectivity managed 100% by Kyriba
  4. Global Solution – Product interfaces in 14 languages, international support centres
  5. Security – Unique secure platform, digital signatures, encryption, multi-factor authentication, SSO, SOC 2 Type 2, ISO 27001

Finesse- Kyriba Partnership

Finesse is a renowned implementation partner for Kyriba, boasting a team of highly certified consultants who have accomplished over completed over 40 successful implementations across more than 10 countries worldwide. Leveraging their profound treasury expertise and industry know-how, Finesse adopts a meticulous approach to drive treasury transformation and pairs it with Kyriba’s innovative cloud-based treasury and financial management solution platform. Collaborating together, Finesse and Kyriba are able to support clients in optimizing their treasury processes, enhancing the precision of their cash positions and forecasts.

Conclusion

As the Treasury Automation helps treasury teams to harness more data and employ more analytics, those teams will become more strategic and capable of meeting their CFOs’ expectations. And companies will enjoy improvements in free cash flow, cash usage for working capital, productivity and efficiency, investing and borrowing performance, and reduced risk exposures.

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