Kyriba’s New AI Finance Tools

Liquidity and cash management get a technology makeover.

U.S. chief financial officers find themselves in a box in 2024.

They’re making harder decisions than ever and crave more productivity on a leaner budget, but they’re reluctant to use artificial intelligence to close those management gaps.

That’s the takeaway from a new study from Coupa, an AI finance software and services company.

— According to the report, 90% of CFOs “remain concerned about hitting growth and revenue targets within the next 6-12 months.”

— Meanwhile, another 39% say their “biggest obstacle” is keeping up with AI advancements as the rate of innovation outpaces human scale and traditional process efficiency.

“CFOs are grappling with a contradicting reality,” the survey notes. “They’re eager to use AI, but don’t trust it and don’t want to risk infringing on strict privacy laws. Yet, they’re captivated by AI’s potential to transform their operations for the better.”

Kyriba Has An Idea

More AI financial software companies are beefing up their product lineup to help CFOs meet performance goals and accommodate their technology needs.

Take Kyriba, a liquidity performance specialist based in Las Vegas, Nev., who empowers CFOs, treasurers, and IT leaders to connect, protect, forecast, and optimize their liquidity. 

The company just rolled out a suite of new AI cash management tools specifically designed to boost cash forecasting, bank connectivity-as-a-service, and custom report generation. Earlier versions of the AI finance product line included capabilities for payment fraud detection and cash management optimization.

“AI is rapidly evolving and transforming how the finance industry works, and CFOs expect us to support their data and AI strategy,” says Greg Person, senior vice president of sales, account management, and alliances at Kyriba. “Unlike others in the space, we’re able to increase the predictability of cash, risk, and liquidity decisions and drive new levels of liquidity performance for our customers because our platform is designed to leverage large data sets without interruption.”

Leveraging predictive intelligence, AI-driven decision-making, and intelligent automation, Kyriba’s new products are bringing these corporate finance tools to the table for increasingly desperate CFOs.

  • Cash Forecasting: Kyriba says its customers can create new cash forecasts from historical cash flows with the flexibility to learn from seasonality and other data patterns to increase forecast accuracy and confidence. That includes incorporating more advanced data into their forecasting processes.
  • Bank Connectivity: GenAI users can now update current Kyriba payment formats, including XML ISO20022. Those financial messages allow the finance suite to interoperate between financial institutions, market infrastructures, and banking customers without any customization or third-party implementation. “This accelerates time-to-market and reduces total cost of ownership for payments and ERP to Bank connectivity projects,” Kyriba says.
  • Custom Reporting: Kyriba says the technology company’s Open Reports Studio integrates with Microsoft Office Copilot to use natural language “to query data, build charts and dynamically format custom reports and data insights with complete automation.” The real-time integration enables Kyriba users to automatically incorporate Kyriba data into AI-empowered reporting, which enables customers to free up time and reduce the risk of mistakes while quickly making a robust, accurate report.

With the new AI application release, Kyriba makes the case that streamlining company finance information is the way to go for chief financial officers.

“There is no AI strategy without a data strategy, and through our bank connectivity and OpenAPI platform, Kyriba has built the foundation for our customers to harness their data and integrate AI into treasury, payments, and working capital decisions,” notes Bob Stark, global head of market strategy, at Kyriba. “ChatGPT and GenAI advancements have helped us leap forward to deliver meaningful AI solutions for the office of the CFO.”

 

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