Kyriba launches AI-powered Cash Management Platform
Software-as-a-service FinTech Kyriba has added an artificial intelligence cash management tool to its range of cloud-based financial and information technology tools, the company announced last Thursday (September 15).
The tool, called Cash Management AI, uses data science to predict cash availability “with increased speed, control and reliability,” the announcement said, and “improves companies’ cash management and forecasting capabilities.”
“With increasing market volatility, CFOs demand greater accuracy and reliability from their cash forecasts,” Jean-Baptiste Gaudemet, senior vice president of data analytics at Kyriba, said in a prepared statement.
PYMNTS noted in a June 14 article: “If the past few years have taught us anything, it’s that economic forecasting is tough—and for treasurers, in particular, it’s a mixture of art and science. Cash flow remains the cornerstone of a company’s health, but with pandemic impacts, changing consumer behavior and supply chain disruptions, it has become more difficult to predict.”
Read more: JPMorgan uses AI, real-time data to make cash flow transformation a reality
Kyriba’s AI-powered services folded into the new tool include machine learning that relies on historical data to improve the accuracy of the projection. Another feature, according to Kyriba, allows users to adjust confidence levels to refine calculations. Customers also get dashboards to view the latest data.
“As interest rates continue to rise, an imprecise forecast leads to underinvested cash and ineffective borrowing. As the opportunity cost of cash also increases, CFOs require greater confidence in their cash forecasts to optimize business liquidity, said Bob Stark, Global Head of Market Strategy at Kyriba, in a prepared statement.
San Diego-based Kyriba stated in marketing materials that it has 2,500 customers in 100 countries and processes 25 million payments daily.
Kyriba’s announcement comes as FinTechs offer a wider range of cash management tools.
Hyosung America released a series of cash management offerings in late July, as PYMNTS reported. Recently released cash management tools target end users ranging from landlords to immigrants new to digital finance, to cryptocurrency buyers and sellers to corporate treasurers.
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