Kyriba Implementation – Bank Statements, Cash Management and Forecasting, Deal Capture, Payments, Fraud & Compliance, and BI for Payments
In September 2024, Elire partnered with Metro Nashville to implement Kyriba after an RFP process where Elire was chosen as implementation partner. The partnership focused on implementing Kyriba’s Bank Statement Reconciliation, Cash Management and Forecasting, Deal Capture, Payments, Fraud & Compliance, and BI for Payments. Elire worked to integrate Kyriba with Oracle EBS, exporting payment GL files for Metro Nashville’s debt payments which required multiple approvals. Elire transitioned all approvals to Kyriba, created a custom field in Kyriba for file names with attachments, and set up a shared folder for Oracle exports, including GL account codes and PDF file names.
In addition, Elire was tasked with connecting their Kyriba application to multiple investment platforms for better visibility into their cash position.
As a local government, Metro Nashville had LGIP investment accounts at JP Morgan, with activity reported in their concentration accounts. Transactions, funded by a JP Morgan account, were visible via wires. Elire needed to automate the beginning balance and transaction copying into Kyriba. To do this, Elire developed a rule for Kyriba to scan and identify LGIP-related transactions by specific wording. Kyriba then copies these into a separate LGIP account, simulating direct reporting for the LGIP investment account. Now, the only manual process for Metro Nashville is to add the interest to the account at month end.
The Metro Nashville team now benefits from enhanced visibility into their cash position and forecasting capabilities. They have centralized all of their debt information in one location, enabling them to manage debt maturities and interest payments automatically through Kyriba’s debt scheduler.
Additionally, they can obtain payment acknowledgements for all transactions, which are processed with First Horizon Bank. Elire assisted in selecting the appropriate payment format for First Horizon Bank and facilitated the implementation of XML payments. Elire also collaborated with First Horizon Bank to develop EDI acknowledgements, integrating EDI payment acknowledgements into Kyriba. Updating the XML payment status.
This has resulted in a 99% productivity increase and movement away from most manual processes. All bank data and investment account information is now centralized into one Treasury Management System (TMS). The level of automation achieved is unprecedented for the team. Due to the success of this project, Metro Nashville has chosen Elire for their next initiative, which involves JP Morgan payments and Kyriba advanced routing.
The Metropolitan Government of Nashville and Davidson County, often referred to as Metro Nashville, serves as the combined city-county government for Nashville, the capital of Tennessee, and its surrounding areas. Established in 1963, the merger of the city of Nashville with Davidson County created a unified government to improve efficiency and regional cooperation. Metro Nashville encompasses a diverse and vibrant community, known for its robust music scene, thriving economies, and rich cultural heritage. Metro Nashville is committed to enhancing the quality of life for its citizens through innovative solutions and strategic partnerships.
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