Kyriba, a treasury and financial management provider, has formed a strategic partnership with foreign exchange WorldFirst.
These companies decided to partner following client demand for improved international payment experiences and the growing trend in global trade. Together they will streamline payment processes, accelerate and boost transparency of cross-border payments and lower transfer fees around international payments and foreign exchange transactions.
In a recent study from Kyriba, it found that 54 per cent of financial executive respondents were unclear on the spread they are assessed for their cross-border payments. On top of this, 37 per cent did not know what fees they were being charged per payment.
The main reasons outlined by respondents for changing cross-border payment providers were better FX translation fees, lower bank fees, improved transparency and better traceability. This partnership between Kyriba and WorldFirst hopes to achieve all of these.
San Diego-based Kyriba is a SaaS platform which offers tools for treasury divisions to anticipate market volatility, regulation, fraud and to better leverage growth opportunities. The platform is used by over 1,600 treasury clients and is implemented across the world.
The company’s risk management solution enables an enterprise to reduce financial risk and protect against loss by providing a clearer image of global exposures, counterplay limits, achieve derivative, and hedge account, as well as make better decisions. It helps to track and manage financial exposure, optimise hedging programs, minimise operational risks, and ensure liquidity.
Kyriba chairman and CEO Jean-Luc Robert said, “With the help of highly strategic partners, Kyriba is rapidly evolving its platform to help financial executives streamline processes, reduce fees and accelerate business performance. This integration with WorldFirst gives our clients a world-class option to simplify their FX transactions and expands our market opportunity in payments.â€
Earlier this year, Kyriba formed a partnership with BlackRock which saw is solution integrated with the asset manager. Through this, CFOs and senior finance leaders will gain support no their investment through real-time visibility into global cash and liquidity.
The company recently revealed it has seen a YoY growth of 48 per cent in sales bookings for the first half of 2018 and is also on track to surpass $100m in annual revenue.
Sumeru Equity Partners recently led the $45m investment into Kryiba, and was joined by Bpifrance, Iris Captial, Daher Capital and HSBC.
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