Financial Close and Consolidation with Oracle Cloud EPM
Oracle Cloud EPM FCCS streamlines financial consolidation, enhancing accuracy and compliance.
November 12, 2024
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Kyriba Payments Implementation
Cerner Corporation is an American supplier of health information technology services, devices, and hardware. Cerner’s products are in use at more than 27,000 facilities around the world. Cerner has more than 29,000 employees globally, with over 13,000 based in Kansas City, Missouri. In June 2022, Oracle Corporation purchased Cerner and merged to become Oracle Cerner.
Elire’s team was tasked with implementing Kyriba Payments for Oracle Cerner. Cerner partnered with the Elire team to migrate their SWIFT (Society for Worldwide Interbank Financial Telecommunications) BIC (Bank Identifier Code) to Kyriba, which required an extensive amount of SWIFT and connectivity formatting. Prior to their Kyriba Payments implementation, the Oracle Cerner team spent a significant amount of time rejecting incoming bank files. Oracle Cerner turned to Elire as a partner to meet their Connectivity as a Service needs and payments, and inbound/outbound bank requests.
The project had an aggressive four-month implementation timeline, as Oracle Cerner needed to get SWIFT BIC into Kyriba in order to meet their go-live goal which required additional resources and hands on the project. This also required Elire to coordinate the Kyriba and SWIFT teams to be on standby in order to complete the setup of the BIC, which was essential to completing the project on time.
The Oracle Cerner team can now view any payment rejections in Kyriba, adding transparency and visibility to their payments. Oracle Cerner has also seen a significant reduction in FTE hours put toward manual processing of bank file rejections and are experiencing increased automation and time saved. Overall, the implementation project was successful and achieved 88 outbound SWIFT FileAct transmissions and multiple outbound SWIFT FIN transmissions. Oracle Cerner was the recipient of the 2023 Kyriba Live Industry Recognition Award due to their achievements in implementing and utilizing Kyriba. In total, Oracle Cerner was able to protect and continue $4B/350k in annual payments value/volume with the capacity to grow. Oracle Cerner will see a five year ROI and IRR is 31.9% and 70.3% respectively with payback in less than 9 months, and a total of 930 IT hours saved annually, with 410 hours of SWIFT AL2 maintenance and 520 hours of bank connectivity maintenance saved annually. Go-live was completed on September 1st, 2022 and was on time and on budget.
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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