• Thu. May 23rd, 2024

Finance innovation, agility with Kyriba blockchain and Workday reach

Kyriba has announced the release of a new solution with Onyx, J.P. Morgan’s blockchain business unit, and a partnership with Workday to improve cash management, payments and liquidity performance for CFOs and treasurers.

These efforts also aim to embed bank reporting connectivity for Workday Financial Management and help Workday customers achieve greater banking agility.

Together with Onyx’s Blockchain Deposit Account product, JPM Coin, Kyriba will aim to leverage the power of blockchain and the efficiency of real-time payment processing to increase end-to-end payment transparency.

Through this partnership, customers will operate their JPM Coin Blockchain Deposit Accounts (BDAs) within Kyriba’s treasury management system (TMS), enabling treasury teams to facilitate real-time cross-border transfers on a permissioned ledger.

The cross-border payment solution will constitute real-time payments and bank reporting through J.P. Morgan’s Global Payments API, available within the Kyriba Marketplace.

“Today, CFOs struggle with disconnected systems, ongoing liquidity uncertainty and limited visibility into the financial health of their business,” said Ara Gopal, global vice president of partnerships and alliances at Kyriba.

“Kyriba is committed to cultivating the industry’s strongest partner ecosystem and we are thrilled to be extending our innovation through our latest partnership with Workday and collaboration with Onyx,” he added.

Abhinav Natarajan, global product head of JPM Coin, also commented on the news: “Our mutual clients can leverage blockchain technology and conduct cross-border commerce with speed, transparency and added certainty through the JPM Coin integration.

“By integrating our Blockchain Deposit Accounts into their existing TMS workflows, clients can initiate and manage real-time settlements, unlocking the potential of 24/7 money movement. This is an exciting step in our ongoing collaboration with Kyriba.”

Specifically, Workday customers will be able to reduce reliance on IT resources to manage bank integrations and address bank connectivity and file format changes. They will gain access to pre-built connectivity and formats for over 250 global banks, including access to Kyriba’s development library of 50,000 pre-tested payment format scenarios, helping accelerate customer time to value.

Kyriba has also expanded its Global Partner Network, featuring a breadth of partners among CFO advisory firms, certified implementation partners, technology and independent software vendors (ISVs) and investment management firms, including Deloitte, PwC, Accenture, AWS, BlackRock and more.

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