International Seaways

International Seaways, Inc.

Kyriba Lease Integrations and Payment Formats

Scope of the Project

International Seaways had a large number of ship leases and needed a way to accurately track and view the terms of their leases in Kyriba. Elire and International Seaways partnered to track interest rates of their leases, their schedule of lease payments, and implement new J.P. Morgan APAC payment scenarios. International Seaways was struggling to send payments out of the bank portal to countries with regulatory requirements such as Singapore, so Elire worked to streamline their payments in Kyriba and set the payment profiles and configuration in Kyriba to automatically format files.  

The Challenge

The key challenge of this project was gathering and entering the client’s sale/leaseback securities into the Kyriba application, as the client’s deal transactions were not industry standard and were unique. The TMS did not have functionality to allow configuration of the deal transactions out of the box.  

International Seaways was generating most of their payments from their Kyriba TMS and using their bank portal to generate payments, which required regulatory reporting. This hindered their centralized payment process and reduced productivity.  

Success Delivered

Elire implemented the payments requiring regulatory reporting within the Kyriba TMS, centralizing all of their payments and increasing their productivity. Elire used our experience of the financial transaction module in its entirety to develop a work-around solution for International Seaways to track their deal instruments, interest and principal schedules, as well as generate forecasts of their deal instruments onto their cash position worksheet. 

International Seaways is looking at adding more payment scenarios for other regions, as well as adding Kyriba Deal Capture, Debt & Investment position, and financial accounting with Oracle J.P. Morgan Chase international payments factory.  

The Client

International Seaways Inc. is one of the largest tanker companies in the world, providing energy transportation services for crude oil and petroleum products. Headquartered in New York, the company operates a diverse fleet of crude oil tankers, product carriers, and liquefied natural gas (LNG) vessels. International Seaways serves global energy companies, oil traders, and refineries, ensuring the safe and efficient transport of energy across the globe. With a focus on sustainability and operational excellence, the company works to enhance its fleet and expand its market reach. 

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

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