Joint solution accelerates bank connectivity, enabling greater financial close and accounts receivable process automation for customers.
DigitalCFO Asia Newsroom | 3 August 2021
Accounting automation software leader BlackLine, Inc. (NASDAQ: BL) and Kyriba, a global leader of cloud-based finance and IT solutions, today announced that they are joining forces to streamline the digitalization of the Office of the CFO and improve collaboration between Finance and Treasury departments. The partnership offers enhanced capabilities for mutual customers through their integrated solutions to accelerate bank connectivity, increasing cash visibility and enabling greater automation within the financial close and accounts receivable processes.
At a time when organizational resilience is more important than ever, Finance and Treasury leaders need their technology solutions to work more efficiently together across both the Finance and Accounting organizations, including Treasury and Risk. BlackLine and Kyriba help companies adapt and respond to the changing landscape by streamlining processes, enhancing data integrity, optimizing cash and liquidity management, and automating repetitive work to transform traditional close processes.
“Bank reconciliations are a time-consuming process and one of the top challenges BlackLine helps organizations address. With our new partnership, BlackLine provides Kyriba customers with market-leading solutions that fuel treasury teams with real-time, reliable and data-backed analytics to automate bank reconciliation and other key financial close and accounts receivable processes. At the same time, BlackLine customers can now leverage Kyriba’s extensive network of global banking relationships to streamline bank connectivity,” said Mel Zeledon, senior vice president of Channels & Alliances at BlackLine. “The digitalization of the finance and accounting tech-suite is accelerating and our partnership with Kyriba is an exciting example of how best-of-breed solutions can deliver immediate strategic benefits.”
Customers that implement BlackLine alongside Kyriba are expected to see reduced business-process costs and increased organizational efficiencies. Kyriba’s preconfigured bank connectors simplify bank reporting, accelerating time-to-value for BlackLine customers. BlackLine’s transaction matching solution can automate up to 95% of bank reconciliations and match millions of transactions in minutes. Coupled with Kyriba’s robust and pre-built inventory of bank connectors, Blackline customers can streamline bank statement reporting from thousands of banks around the world, achieving unsurpassed efficiency in their finance and accounting operations.
“Kyriba unlocks rapid integration capabilities with its innovation in connectivity and has created new ecosystems of value through global partnerships,” said Joe Marcin, chief revenue officer at Kyriba. “Coupling Kyriba’s innovative treasury capabilities with BlackLine’s market-leading financial close and accounts receivable automation solutions is a natural evolution in financial close, analysis and reporting. We are excited to bring Finance and Treasury closer through our partnership with BlackLine and drive strategic value for the Office of the CFO.”
Mutual customers of Kyriba and BlackLine now have access to complementary solutions for bank connectivity, payments automation and intercompany accounting, ensuring value across three primary use cases:
- Accelerated Bank Connections and Increased Cash Visibility: Delivers faster connections to BlackLine customers through an extensive network of pre-connected, pre-configured banks; time to onboard customers for automated reporting is drastically reduced while providing Finance and Accounting with timely, valuable information for accounts receivable and close processes.
- Accounts Receivable Automation: Reduce manual activity and collect more cash using AI-powered automation across order-to-cash processes. With intelligent automation, customer payments are automatically matched to invoices, reducing the need for costly lockbox services, decreasing days sales outstanding (DSO), and freeing AR team capacity to focus on value-added activities.
- Financial Close Management: Automates data exchange with financial close technologies that continuously reconcile and verify daily and period-end cash and balance reporting.
Companies come to BlackLine (Nasdaq: BL) because their traditional manual accounting processes are not sustainable. BlackLine’s cloud-based solutions and market-leading customer service help companies move to modern accounting by unifying their data and processes, automating repetitive work, and driving accountability through visibility. BlackLine provides solutions to manage and automate financial close, accounts receivable and intercompany accounting processes, helping large enterprises and midsize companies across all industries do accounting work better, faster and with more control.
Kyriba empowers CFOs, Treasurers, and their IT counterparts to transform how they optimize financial technology solutions, de-risk ERP cloud migration, and activate liquidity as a dynamic, real-time vehicle for growth and value creation. With 2,000 clients worldwide, including 25 percent of Fortune 500 and Eurostoxx 50 companies, Kyriba’s pioneering Connectivity as a Service platform integrates internal applications for treasury, risk, payments and working capital with vital external sources such as banks, ERPs, trading platforms, and market data providers. As part of our Connectivity Platform, Kyriba manages more than 1.3 billion bank transactions per year, and 200 million payments into 140 countries annually.
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