Kyriba, a liquidity performance company, unveiled new Artificial Intelligence (AI) functionalities within its platform, aimed at enhancing cash forecasting, bank connectivity-as-a-service, and bespoke report creation. These additions to AI technology augment the already available features for detecting payment fraud and improving cash management.
Greg Person, Senior Vice President Sales, Account Management and Alliances at Kyriba, said, “AI is rapidly evolving and transforming how the finance industry operates, and CFOs expect us to support their data and AI strategy. Unlike others in the space, we’re able to increase 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.”
CFOs are at the forefront of AI adoption within their organisations, anticipating that this groundbreaking technology will yield practical benefits. Research by Gartner suggests that by 2026, 80% of large enterprise finance teams will employ General AI, significantly affecting trust, risk, and security management.
Kyriba’s latest AI functionalities introduce improvements in predictive analytics, AI-guided decision-making, and intelligent automation, including:
- Cash forecasting: Leveraging historical cash flow data, Kyriba clients can now generate new cash forecasts, benefiting from the system’s ability to adapt to seasonal and other data trends, thus enhancing forecast precision and reliability. This builds on Kyriba’s existing Cash Management AI tool, presenting treasury teams with an upgraded tool for integrating more complex data into their forecasting efforts to improve liquidity prediction accuracy.
- Bank connectivity: With General AI, Kyriba enables users to update existing payment formats, such as XML ISO 20022 – a standard for financial messages that fosters interoperability among financial institutions and their clients. This feature simplifies meeting the specific needs of banking partners without the need for customisation or external intervention, expediting project timelines and reducing ownership costs for payment and ERP to bank connectivity.
- Custom reporting: Integrating with Microsoft Office Copilot, Kyriba’s Open Reports Studio utilises natural language processing to interrogate data, construct charts, and dynamically format tailored reports and data insights, fully automated. This seamless integration permits users to incorporate Kyriba data into AI-enhanced reports automatically, saving time, minimising error risk, and facilitating the creation of comprehensive, accurate reports with ease.
Bob Stark, Global Head of Market Strategy at Kyriba, said, “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. ChatGPT and GenAI advancements have propelled us forward in delivering impactful AI solutions for the office of the CFO.”
