Kyriba unveils artificial intelligence enhancements set to transform CFO capabilities and financial operations, marking a significant shift in the finance technology sector.
In a significant development that redefines the intersection of finance and technology, Kyriba, a global pioneer in liquidity performance, has unveiled a series of artificial intelligence (AI) enhancements aimed at revolutionizing the capabilities of CFOs and finance teams. Announced in Las Vegas on April 09, 2024, these new AI functionalities are set to elevate cash forecasting, bank connectivity, and custom reporting, thereby enabling greater efficiency through automation and informed decision-making.
Kyriba’s introduction of advanced AI tools marks a strategic expansion of its existing suite, which already boasts capabilities in payment fraud detection and cash management optimization. This move reflects the company’s commitment to leveraging the proliferating power of AI to fortify financial operations.
Greg Person, Senior Vice President Sales, Account Management, and Alliances at Kyriba, underscored the transformative potential of AI in the finance sector. He emphasized the platform’s unique ability to harness large datasets seamlessly, thus improving the predictability of cash, risk, and liquidity decisions. This is crucial in an era where CFOs are increasingly at the forefront of AI adoption, seeking technologies that deliver tangible benefits. According to a report by Gartner, a staggering 80% of large enterprise finance teams are expected to depend on generative AI by 2026, highlighting its impact on trust, risk, and security management.
Kyriba’s latest offerings are aimed at bolstering its predictive intelligence, AI-driven decision-making, and intelligent automation. For instance, its new Cash Flow AI tool allows for the creation of detailed cash forecasts from historical data, learning from seasonality and other patterns to enhance forecast accuracy. Such advancements are instrumental for treasury teams striving for more precise liquidity projections.
Moreover, the platform’s GenAI-enabled bank connectivity feature revolutionizes how customers update payment formats, including the XML ISO20022 standard, facilitating smoother interactions with banking partners. This not only accelerates project timelines but also substantially lowers the total cost of ownership for payment and ERP to Bank connectivity initiatives.
Additionally, Kyriba’s Open Reports Studio, integrating with Microsoft Office Copilot, empowers users to harness natural language for querying data, constructing charts, and dynamically formatting custom reports. This seamless real-time integration with Kyriba data through AI-driven reporting significantly streamlines processes, minimizes errors, and enhances report accuracy and accessibility.
Bob Stark, Global Head of Market Strategy at Kyriba, highlighted the symbiotic relationship between AI and data strategies. He pointed out how advancements in GenAI and tools like ChatGPT have propelled Kyriba to the forefront of delivering impactful AI solutions for the CFO’s office. This aligns with Kyriba’s mission to provide a secure, scalable SaaS solution that not only enhances financial performance but also boosts operational efficiency across the board.
As a trailblazer with a customer base of over 3,000 worldwide, managing more than 3.5 billion bank transactions and $15 trillion in payments annually, Kyriba’s foray into advanced AI tools sets a new benchmark. By offering unparalleled visibility and actionable insights, Kyriba is poised to significantly influence how companies navigate the intricacies of liquidity management, underscoring its pivotal role in shaping the future of finance technology.
For more details on Kyriba’s suite of AI-powered tools and innovations, interested parties are invited to explore the company’s website.
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