Bank Statement Variants within Kyriba
Great Ajax Corp was acquired by Ellington Financial, a company that also used Kyriba. Ellington Financial required Great Ajax to export their data from their own Kyriba application to Ellington Financials’ Kyriba system. This was done in order to integrate the Great Ajax data into Ellington Financials’ ERP. Upon assessment, Elire and Great Ajax determined the data within their Kyriba application was incorrect due to broken connections between their bank and TMS. Elire was tasked with correcting four years’ worth of data and variances and migrating their data to their ERP. This involved removing incorrect transactions and sourcing correct transaction totals through the bank module, followed by troubleshooting the reason why transactions were not pushed through in the first place.
In addition to data corrections and migration, Elire worked with Great Ajax to conduct bank statement variance analysis and resolution and cash flow ledger validation. Great Ajax needed to reconcile their cash position with their bank statements, so Elire filtered out all actuals that were created manually in the cash module and compared them against the bank statement actuals. Elire then neutralized transaction totals if needed. The team worked to integrate individual transactions to match their bank statement actuals with their cash position 1:1 for an accurate data export.
Great Ajax’s bank connection keys were expiring and required renewing, which was not known ahead of time. Elire was able to renew their security keys for their bank connections. Since Elire’s expertise goes beyond bank statements and bank statement reconciliations, the team was able to renew their bank connection keys for unhindered bank statements and data transmission, preventing disruptions in their day-to-day processing.
As a result of Elire correcting their variances, Great Ajax decided to extend their Kyriba contract by an additional year rather than sunset their Kyriba application in favor us using their parent company Ellington Financials’ Kyriba system. They were happy with the results of their Cash Forecasting finally being correct and valid.
Great Ajax Corp is a leading financial services company specializing in the acquisition and management of mortgage loans. With a focus on maximizing returns for investors through careful risk management and strategic investments, Great Ajax Corp has established a strong reputation for expertise in the mortgage industry. Their innovative approach and commitment to excellence make them a trusted partner for clients seeking reliable financial solutions.
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