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Cloud 24D Cloud Fusion Release Recap of key features users should know about.
October 17, 2024
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Kyriba Payments for EMEA with ERP Payment Integration
Bray decided to implement Kyriba as a solution to their lack of functionality in their multiple ERPs. Bray also had the desire to add Cash Management capabilities to their treasury processes and a need to end their reliance on manual processes and Excel for their treasury management.
Bray was drawn to Kyriba due to their security controls offered and their Cash Management and Kyriba Payments capabilities. They first implemented Core Financials, then Cash Management, followed by Payments, Payments Factory, and Payment Imports, and Debt Management for their NORAM region.
In 2024, Elire was brought on to integrate Payments for their Bank of America (BOA) EMEA Payments. Their goal was to have their EMEA team utilize their Kyriba TMS for straight through processing and optimized payments. Elire trained the EMEA team on how to control and monitor payments as well. This required a revamp of payment approval process for the EMEA team so that the NORAM team didn’t receive unnecessary notifications for EMEA region.
The Elire team faced and overcame a few key challenges. Due to working with international teams, meeting scheduling was a challenge as the teams needed to collaborate across multiple global time zones. The team accommodated this difference in core working hours by hosting early or late meetings as necessary.
In the Single Euro Payments Area (SEPA) zone, accounts needed to be in the IBAN format (the IBAN format is a mix of the bank, the branch, the country, the account, and the IBAN key) to pass successfully. Bray International’s core data in Kyriba needed to be updated and configurated to add the IBAN format to be able to process payments in Europe.
The Bray team wanted the Europe team to only have payment acknowledgements for Europe payments. This required that Elire work directly with Bank of America to create a unique identifier. This allowed the team to separate North American payments from European payments so the Bray team in Europe wouldn’t see an influx of payment information that was not necessary to their work.
Go-live for EMEA Payments was at the end of July 2024. Elire continued to extend support and is now supporting Bray International as they look into implementing Kyriba’s Fraud and Compliance Module in future.
Elire configured and tested their BACS, FASTER, CHAPS, and SEPA payment formats without a single bank rejection and need for retesting. The Bray team gained 100% cash visibility, 97% productivity gains in reconciliation processes.
[I]n the first year that we were with Kyriba, we were able to deleverage almost 30% of our outstanding debt...I attribute that strictly to being able to see our cash, understanding where it needed to be and getting it to the places where it needed to be.
Founded in 1986, Bray International has over 30 years of continued success and global operations in over 40 countries. Bray is one of the premier manufacturers of flow control and automation products and accessories in the world. Throughout their history, Bray has earned a reputation of excellence by creating products of superior value and quality, providing personalized customer service and on-time delivery.
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