Oracle Cloud HCM Release Update 24D Recap
Cloud 24D Cloud Fusion Release Recap of key features users should know about.
October 17, 2024
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Kyriba Payments Implementation and Yardi ERP Integration
Safehold (formerly iStar) had many payments with J.P. Morgan and was seeking a more centralized payment process. Elire was tasked with implementing Kyriba’s Payments module for Safehold to meet this need. In addition to Kyriba Payments, Safehold was looking to integrate their Yardi ERP with Kyriba for Payments Factory. Elire extended their payments to ACH CCD+, ACH PPD+, and integrated J.P. Morgan Chase, U.S. Bank, Bank of America, and Goldman Sachs bank statements.
The Safehold team decided to upgrade Yardi from CSV to XML format. In record time, Elire transformed these file formats. The Elire team had to build out the structure in Kyriba to accommodate the new XML file format for both banks. There was also changeover of key personnel at Safehold during this transformation. This meant Elire had to catch new team members up on the implementation requirements.
These changes in their team and personnel reduced productivity and required re-training and additional time spent relearning the application. Knowlege transfer was challenging, but Elire has a process of training the new client team on the specific modules and processes that pertain to their business.
The Safehold team can now utilize their Kyriba TMS for J.P. Morgan and Goldman Sachs payments, eliminating the need to log into individual bank portals to initiate their payments. They now have the ability to monitor their payment status in real time with acknowledgements integrated in their TMS. Kyriba creates confirmed forecasts from the payments received from their ERP, and automatically reconciles these forecasts with the bank statement actuals received in the TMS. This allows for automated cash forecasting and further efficiencies in their business processes.
The project went live in July 2024. Elire is now implementing the Kyriba Cash Accounting module for Safehold and adding Wells Fargo bank statements, further enhancing their cash visibility and General Ledger Reconciliation. Elire is staying on for post-go-live support and will offer on-site training to the Safehold team.
Safehold (formerly iStar) is a leading real estate investment and management firm specializing in ground leases, providing innovative financing solutions to enhance property value while minimizing risk. By acquiring and managing long-term ground leases, iStar Safehold enables property owners to unlock capital and maintain control over their assets. The company’s strategic focus on urban infill locations and high-quality real estate markets positions it as a key player in the evolving landscape of commercial real estate. With a commitment to sustainability and responsible investment, iStar Safehold aims to deliver strong returns for its stakeholders while contributing positively to the communities it serves.
Cloud 24D Cloud Fusion Release Recap of key features users should know about.
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