Kyriba has introduced the App Studio, a low-code platform designed to solve the liquidity gridlock problem for finance teams, facilitating better financial connectivity and real-time insights.
Kyriba, a noted provider of finance and IT solution services, has unveiled its new product, Kyriba App Studio, aimed at enhancing financial connectivity and streamlining operations for CFOs and finance teams. This offering is designed to address the often-overlooked issue in the finance realm known as ‘Liquidity Gridlock’, particularly challenging during acquisitions or economic downturns.
The problem stems from fragmented data and disconnected systems that can hamper insights into an organisation’s cash positions. This can be particularly troubling during economic cycles where informed decisions need to be made quickly and decisively. Boris Lipiainen, Chief Technology and Product Officer at Kyriba, stated, “We’re helping lower the barriers to API adoption for our customers and solve these issues with GenAI and a low-code platform. This allows finance teams to create system integrations promptly, without coding expertise, in a secure environment.”
The urgency to improve forecasting capabilities is further underscored by a Gartner survey indicating that 63% of CFOs are prioritising this area. The survey highlights the necessity of real-time financial information for CFOs in intricate financial scenarios. While APIs (Application Programming Interfaces) are a well-established solution to such problems, they often require technical development work. Kyriba App Studio aims to bridge this gap, offering finance teams control over their operations without the need for coding skills. This innovation provides potentially significant gains in productivity, agility, and competitive advantage.
Felix Grevy, VP of Product, Open API and Connectivity at Kyriba, commented on the new service, stating that previously, manual efforts were needed for data mapping, monitoring tools, and API calls. “Kyriba App Studio’s innovative AI features automate these tasks,” he explained, simplifying processes that were historically cumbersome and time-consuming.
The App Studio is an enhancement to Kyriba’s Connectivity-as-a-Service (CaaS) provision, and it promises to offer several key benefits:
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Seamless Financial Connectivity: It facilitates a real-time data-driven financial ecosystem. This feature allows enterprise resource planning systems (ERPs) and any software that supports APIs to perform complex tasks such as generating and transmitting payment requests and cash forecasts. Additionally, it can retrieve financial data, like cash accounting or payment status, and convert it according to specific client requirements.
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Simplified API Adoption: The new platform simplifies integrating APIs significantly, allowing businesses to transform data requests more efficiently from ERPs and other business systems. This improvement is critical for producing better forecasts and enhancing visibility into liquidity.
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Increased Flexibility and Control: It empowers users to either schedule workflows within Kyriba or trigger them through external processes via APIs. This adaptability allows finance teams to customise processes in line with business needs, providing greater control over financial operations. Enhanced control is crucial for streamlining processes and aligning them with strategic aims, thereby reducing risk and enhancing financial governance.
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Robust Security and Compliance: With strong authentication and encryption protocols, App Studio maintains data integrity and security, aligning with compliance requirements essential for system integrations.
Kyriba’s new platform is presented as a game-changer for CFOs and treasury professionals, addressing persistent connectivity challenges within the finance sector. The company continues to lead by fostering technological advancements that enable more efficient and integrated financial operations.
Source: Noah Wire Services
