Colorado Housing and Finance Authority

Kyriba Implementation – Cash Management & Forecasting, Cash Accounting, Bank Account Management, Payments, Payments Factory, and Fraud Detection

The Colorado Housing and Finance Authority (CHFA) finances the places where people live and work. Created in 1973 by the Colorado General Assembly, CHFA strengthens communities by making loans to low-and moderate-income homebuyers, affordable multifamily rental housing developers, and small to medium–sized businesses. CHFA also provides education and technical assistance about affordable housing and economic development. CHFA is a self-sustaining public enterprise funded by issuing bonds, which are not obligations of the state.

Scope of the Project

Elire and CHFA partnered to implement Kyriba Cash Management & Forecasting, Cash Accounting, Bank Account Management, Payments, Payments Factory, and Fraud Detection. The project goal was for Elire to integrate CHFA’s STARS, Yardi, HDS, and Hydland OnBase ERPs to Kyriba for General Ledger, Posting, Payment Imports/Transformation, Payment Intelligent Routing, and document management.

Elire utilized a train-the-trainer approach to get the CHFA team up to speed, and utilized an exceptional design document, detailing every aspect of the implementation from the initial project design to go-live. Elire facilitated comprehensive end-to-end testing as well as training, confirming successful payment validation tests for every payment scenario in scope, and receiving sign-off on training sessions.

The Challenge

As with any new Kyriba Implementation, this project entailed training the CHFA team and creating and sharing documentation so that the CHFA team fully understood their Kyriba modules. Additional time spent training was required, and the Elire team decided to conduct daily trainings for each group, having them navigate the modules “hands-on” while recording the sessions for future reference. This led to better comprehension and application utilization from the entire CHFA team.

Success Delivered

The CHFA team appreciated the diverse SaaS Treasury team Elire was able to bring to take on the project. The project ended with a successful go-live, including additional payments scenarios and customized payment approvals. The project was completed on time and on budget with a go-live date of October 23rd, 2023.

The CHFA team saw improvements to their previous manual processes with the new features implemented, which included seamless payment integration with their three separate ERP’s, never-before-seen cash accounting mapping export to Sage Intacct, and highly complex access profiles, data permissions, and approval rules. The CHFA team gained greater efficiencies in their Centralized payment entry/processing, real-time payment status, saw full liquidity position visibility, and gained automated report generation to various departments.

Interested in learning more about how Elire Treasury Services can assist your team? Visit our Treasury Services Page or contact our team at [email protected].