Kyriba teams up with Onyx & Workday boosting financial management
Kyriba, a world expert in liquidity performance, has revealed an innovative first-of-its-kind partnership with Onyx, J.P. Morgan's blockchain unit. The collaboration aims to improve cash management, payments and liquidity performance for CFOs and treasurers. Simultaneously, Kyriba has announced a new alliance with Workday, to fully integrate bank reporting and bank payment connectivity for Workday Financial Management, enhancing banking agility for Workday customers.
Ara Gopal, the Global Vice President of Partnerships and Alliances at Kyriba, shared his perspective: "Today, CFOs wrestle with disconnected systems, ongoing liquidity uncertainty, and limited visibility into the financial health of their business. We are thrilled to be expanding our innovation through our latest partnership with Workday and collaboration with Onyx. Our robust partner ecosystem drives innovation and assists customers in outperforming their strategic goals by providing implementation expertise, best practices, and an expedited time-to-value."
The partnership with Onyx and J.P. Morgan has led to the utilisation of blockchain to streamline cross-border payments. Kyriba's use of Onyx's Blockchain Deposit Account product, JPM Coin, will increase end-to-end payments transparency to unprecedented levels. For the first time, customers can operate their JPM Coin Blockchain Deposit Accounts (BDAs) within Kyriba's treasury management system (TMS), allowing treasury teams to facilitate real-time cross-border transfers on a permissioned distributed ledger. Payment transparency is bolstered with real-time payments and bank reporting facilitated via J.P. Morgan's Global Payments API, accessible via the Kyriba Marketplace.
Abhinav Natarajan, Global Product Head of JPM Coin, applauded the move: "Our mutual clients can exploit blockchain technology and swiftly accomplish cross-border commerce with added certainty via the JPM Coin integration. By integrating our Blockchain Deposit Accounts into their existing TMS workflows, clients can initiate and manage real-time settlements. This exciting development marks another important step in our ongoing alliance with Kyriba."
Papa Faye, Global Head of J.P. Morgan Payments Integrated Digital Solutions, echoed this sentiment, adding that, "This collaboration with Kyriba exemplifies how J.P. Morgan's integrated digital solutions empower clients to unlock real-time treasury services, such as payments, reporting, and blockchain-based transactions. In doing so, it reduces implementation barriers, improves operational efficiencies, and allows our mutual customers to allocate resources to value-add business activities."
Additionally, Kyriba's partnership with Workday enhances banking agility for Workday's clients. Bank reporting and bank payment connectivity are now fully embedded into Workday Financial Management. This development reduces the need for IT resources to build and manage bank integrations and improves proactive monitoring of bank connectivity and file format changes.
Gopal further explained that, "Embedding Kyriba Connectivity into Workday Financials provides unprecedented access to pre-built bank connectors to the world's most important financial institutions. It helps customers reduce complexity, risk, and delays in their ERP implementations. Every CFO needs connectivity to their global banks to achieve 100% cash visibility and payment certainty so they can mobilise cash and optimise liquidity."
On top of these milestones, Kyriba has expanded its Global Partner Network to include an unprecedented breadth of partners, including CFO advisory firms, certified implementation partners, technology and independent software vendors (ISVs) and investment management firms. With over 900 certified consultants globally, Kyriba's collaborations not only deliver high-quality implementation services but also provide expertise and leading practices to help customers shorten treasury, payments and connectivity projects.
