Accounting automation software publisher Black line said on Tuesday (July 20) that he was working with Kyriba, which provides cloud-based finance and IT solutions to streamline digitization for CFOs and improve collaboration between finance and treasury departments.
The two companies said in a Press release that the partnership will enable mutual clients to accelerate bank connectivity, increase treasury visibility and improve the automation of 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 effectively together in finance and accounting organizations, including treasury and risk, ”said the Press release.
“BlackLine and Kyriba are helping businesses adapt and respond to the changing landscape by streamlining processes, improving data integrity, optimizing cash and liquidity management, and automating repetitive work for transforming traditional closing processes.
Companies claim that implementing their shared services will lead to lower business process costs and greater organizational efficiency. Kyriba’s bank connectors simplify bank reporting, while BlackLine’s transaction matching can quickly match millions of transactions and automate up to 95% of bank reconciliations.
“In addition to Kyriba’s robust and predefined bank connector inventory, BlackLine customers can streamline reporting on bank statements from thousands of banks around the world, achieving unmatched efficiency in their financial and accounting operations,” indicates the press release.
Even in today’s connected world, up to 40% of large accounts at major banks are unable to send or receive payments in real time, said Ginny Chappell, senior vice president of FIS , Digital Payments, to PYMNTS in a recent interview.
This conversation took place when FIS launched RealNet, its cloud-based software-as-a-service platform that enables Account-to-Account (A2A) transactions for consumers, businesses and governments on any payment rail and across borders. Chappell discussed the importance of A2A transactions in closing the payment gap in real time.