Kyriba expands AI capabilities boosting liquidity performance

Kyriba has released an expanded suite of artificial intelligence (AI) capabilities for its platform. The new AI features are designed to complement Kyriba's existing facilities and enhance cash forecasting, bank connectivity, and custom report generation, building upon the platform's established capabilities in payment fraud detection and cash management.

Senior Vice President Sales, Account Management and Alliances of Kyriba, Greg Person, said that AI is "rapidly evolving" and transforming the finance industry and that chief financial officers (CFOs) are increasingly expecting AI to be integrated into their data strategies. Person added, "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."

Kyriba's expansion into AI responds to the growing expectation that AI will deliver significant results, noted Gartner. The research firm forecasted that "by 2026, 80% of large enterprise finance teams will rely on Gen AI, with significant impact in the areas of trust, risk and security management."

The new Cash Flow AI tool for Kyriba's customers uses predictive intelligence to create cash forecasts from historical cash flows. This feature provides greater flexibility to learn from seasonality and other data patterns, increasing the accuracy of liquidity projections. The GenAI tool allows customers to update existing Kyriba payment formats to meet the unique requirements of their banking partners. This accelerates time-to-market and reduces the total cost of ownership for payments, and bank-to-enterprise resource planning connectivity projects.

Moreover, Kyriba's Open Reports Studio, with its integration with Microsoft Office Copilot, allows language queries, charts building, and dynamic formatting of custom reports. Greg Person pointed out that the automation of these processes not only frees up valuable time for customers but also reduces the risk of errors in their reports.

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."

Stark further stated that advancements in AI technologies like ChatGPT and GenAI have enabled Kyriba to offer "meaningful AI solutions for the office of the CFO." This new suite of AI tools seeks to empower CFOs and finance teams with greater automation and data-driven decisions, making them pivotal players in their organisations' AI adoption and serving the ongoing digital transformation in the finance industry.