Kyriba, the #1 provider of cloud treasury and financial management solutions, today announced it has expanded its global ecosystem by adding WorldFirst, the foreign exchange and international payments expert, as a new strategic partner to further empower financial executives.
Responding to client demand for a better international payments experience and to support a growing trend for global trade, Kyriba’s partnership with WorldFirst will streamline payment processes, increase the speed and transparency of cross-border payments, and also reduce the transfer fees associated with international payments and FX transactions.
According to a recent Kyriba survey, the majority of financial executives are unclear about the various fees applied by banks for FX payments. Fifty-four percent of respondents said they are unsure of the spread they are being assessed for their cross-border payments, while 37 percent said they don’t have visibility into what fees they are being charged per payment.
Survey participants identified the top four considerations for switching to a new cross-border payments provider, including more favorable FX translation rates, reduction in bank fees, better transparency and better traceability. The new partnership with WorldFirst will satisfy these requirements and more by deploying WorldFirst technology directly into the Kyriba platform.
“With the help of highly strategic partners, Kyriba is rapidly evolving its platform to help financial executives streamline processes, reduce fees and accelerate business performance,” said Jean-Luc Robert, Chairman & CEO of Kyriba. “This integration with WorldFirst gives our clients a world-class option to simplify their FX transactions and expands our market opportunity in payments.”
As the largest treasury and finance solution with thousands of global clients, including more than 15 percent of US Fortune 500, Kyriba processes tens of billions of cross-border and treasury payments annually. This puts Kyriba in the unique position to provide more value to its customer base through partnerships like this.
“We are on a mission to make it easier, cheaper, faster and safer for businesses and individuals to move and manage money around the world,” said Jonathan Quin, CEO & Founder of WorldFirst. “We want to offer the benefits of our foreign exchange and international payments solutions to as many businesses as possible, and that’s why it is exciting to be partnering with Kyriba.”
“We are maniacally focused on identifying, isolating and eliminating inefficiencies for our clients,” said Karthik Manimozhi, EVP Worldwide Indirect Sales. “There has never been a better time for senior leaders to consolidate operational gaps and optimize opportunities with modern technologies.”
Earlier this year, Kyriba announced a strategic partnership with BlackRock that extended the value and breadth of the Kyriba platform. The integration with BlackRock, a global leader in cash investment management, will help CFOs and senior finance leaders invest their cash based on real-time visibility into global cash and liquidity.