Accounting automation software maker BlackLine said Tuesday (July 20) it is working with Kyriba, which provides cloud-based finance and IT solutions, to streamline digitization for chief financial officers and improve finance and treasury department collaboration.
The two companies said in a news release that the partnership will let mutual customers accelerate bank connectivity, increase cash visibility and improve 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 efficiently together across both the Finance and Accounting organizations, including Treasury and Risk,” the news release said.
“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.”
The companies say implementing their shared services will see reduced business process costs and more organizational efficiencies. Kyriba’s bank connectors simplify bank reporting, while BlackLine’s transaction matching can quickly match millions of transactions and automate up to 95 percent of bank reconciliations.
“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,” the release says.
Even in today’s connected world, as many as 40 percent of larger accounts at big banks are not able to send or receive real-time payments, FIS Senior Vice President, Digital Payments Ginny Chappell told PYMNTS in a recent interview.
That conversation came about as FIS launched RealNet, its cloud-based software-as-a-service platform that allows for account-to-account (A2A) transactions for consumers, businesses and governments over any payment rail and across borders. Chappell discussed the importance of A2A transactions in closing the real time payment gap.