BlackLine has teamed up with Kyriba to further enable digitalisation of the office of the chief financial officer, in order to improve collaboration between finance and treasury departments.
On the whole, BlackLine and Kyriba state the companies are focused on helping departments adapt and respond to the changing landscape by streamlining processes, enhancing data integrity, optimising cash and liquidity management, and automating repetitive work to update traditional close processes.
According to the companies, the partnership offers enhanced capabilities for mutual customers through their integrated solutions designed to accelerate bank connectivity, increase cash visibility and bring greater automation to the financial close and accounts receivable processes.
Kyriba's preconfigured bank connectors aim to simplify bank reporting and accelerate time-to-value. BlackLine's transaction matching solution can automate up to 95% of bank reconciliations and match vast transactions in minutes, the company states.
Coupled with Kyriba's re-built inventory of bank connectors, Blackline customers can streamline bank statement reporting from banks around the world, for greater efficiency in finance and accounting operations.
Mutual customers of Kyriba and BlackLine now have access to complementary solutions for bank connectivity, payments automation and intercompany accounting, ensuring value across three primary use cases:
Accelerated bank connections and increased cash visibility: Delivers faster connections to BlackLine customers through a network of pre-connected, pre-configured banks; time to onboard customers for automated reporting is drastically reduced while providing finance and accounting with timely, valuable information for accounts receivable and close processes.
Accounts receivable automation: Reduce manual activity and collect more cash using AI-powered automation across order-to-cash processes.
With intelligent automation, customer payments are automatically matched to invoices, reducing the need for lockbox services, decreasing days sales outstanding (DSO), and freeing AR team capacity to focus on value-added activities.
Financial close management: Automates data exchange with financial close technologies that continuously reconcile and verify daily and period-end cash and balance reporting.
BlackLine senior vice president of channels and alliances, Mel Zeledon, says, “Bank reconciliations are a time-consuming process and one of the top challenges BlackLine helps organisations address.
"With our new partnership, BlackLine provides Kyriba customers with market-leading solutions that fuel treasury teams with real-time, reliable and data-backed analytics to automate bank reconciliation and other key financial close and accounts receivable processes.
"At the same time, BlackLine customers can now leverage Kyriba's extensive network of global banking relationships to streamline bank connectivity."
Zeledon says, "The digitalisation of the finance and accounting tech-suite is accelerating and our partnership with Kyriba is an exciting example of how best-of-breed solutions can deliver immediate strategic benefits.
Kyriba chief revenue officer Joe Marcin says, “Kyriba unlocks rapid integration capabilities with its innovation in connectivity and has created new ecosystems of value through global partnerships.
"Coupling Kyriba's innovative treasury capabilities with BlackLines market-leading financial close and accounts receivable automation solutions is a natural evolution in financial close, analysis and reporting.
"We are excited to bring finance and treasury closer through our partnership with BlackLine and drive strategic value for the office of the CFO.