Kyriba announces industry first capability, real-time payments fraud detection

Published 

New Module Empowers CFOs and Financial Professionals to Stop Payments Fraud in its Tracks

Kyriba, a provider of cloud treasury and financial management solutions, today announced the launch of a new module that enables CFOs and treasury leaders to monitor, detect and stop payments fraud in real-time. The capabilities go far beyond traditional payments controls to allow users to implement custom detection screening rules to prevent suspicious payments from ever going out.

With payments fraud at an all-time high, according to the latest survey from the Association of Financial Professionals (AFP), Kyriba’s new Payments Fraud Detection module gives financial leaders the missing piece they need to protect their organizations from financial and reputational damage. The new module is a key part of Kyriba’s end-to-end financial controls that empower CFOs to lock down their organizations against fraud across application security, bank account management, payments workflows and more.

Kyriba’s new fraud detection module is a powerful solution to help financial professionals, and will also be appealing to auditors, CISOs and shareholders who are all interested in knowing how treasury and technology protects our assets,” said David Miller, Treasurer and SVP at Hunt Companies, a Kyriba client. “Anytime a manual process can be eliminated, you’re able to reduce the risk of error and loss.”

Kyriba’s new Payments Fraud Detection module, announced at the AFP 2017 Treasury and Finance Conference in San Diego, includes several capabilities for the detection and prevention of suspicious payments activity.

  • User-Defined Fraud Detection Scenarios – Users can set up custom rules for real-time screening of questionable payments outside the purview of typical controls (e.g. international payments to a country where there is no known supplier, or first payment to a new bank account).
  • Real-Time Alerts & Notification – Users can set up real-time alerts and notifications, while also customizing a visual dashboard that enables them to view and prioritize resolution all suspicious payments based on rule, risk exposure, customized scoring and more.  
  • Fraud Resolution Workflow Management – The module supports end-to-end workflow for the resolution of outstanding suspicious payments, including how each detected payment should be managed.

“The threat of payments fraud is growing rapidly for all organizations which increases operational risk and complicates compliance at scale for multinational corporations,” said Kevin Permenter, Senior Research Analyst at IDC. “Kyriba is aggressively responding to a deep-seated need in the market for real-time visibility and detection of fraudulent activity.”

According to a new research report by CFO.com and Kyriba, “5 Key CFO Challenges for Addressing Payments Fraud,” fraud detection and monitoring was listed as the No. 1 tactic that finance teams should improve to help combat payments fraud. Fraud detection came in at 36 percent (with multiple responses allowed), followed by limited use of paper payments (26%), and automated approval workflows (24%).  Additionally, only 10 percent of executives believe that most financial teams have strong processes and technologies in place to detect fraud.

“Kyriba’s new real-time fraud detection module is a significant innovation that enables our clients to stop fraud, and is an important part of our compliance and controls offering,” said Jean-Luc Robert, Chairman and CEO at Kyriba. “For the first time, CFOs and treasury leaders have the capability to stop suspicious payments immediately, and report on the action with detailed audit trails ensuring their internal compliance KPIs are met.”   

To help financial leaders understand their risk of payments fraud, Kyriba today launched a new interactive payments fraud assessment tool that delivers a threat score based on a three-minute survey. Financial professionals can also stop by Kyriba’s booth #824 at the AFP 2017 conference today through October 18 to get a free demo and learn more.

For more information about Kyriba, visit www.kyriba.com or contact us at [email protected].

Most recent episodes

40th Annual New York Cash Exchange: What Can Treasurers Expect?

Ahead of the 40th annual New York Cash Exchange, two of TMANY’s distinguished board members, David Miller and Timothy T. Hesler, CTP, provide TMI CEO, Robin Page, with a quickfire rundown of what attendees can expect from this year’s conference. Our guests share their aspirations for the event,...

00:00

Expectation-Beating Inflation Prints Ratchet Up Pressure on Monetary Policy

Welcome to the third edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 9th May...

04:48

Making the Sustainable Transition: A Roadmap to ESG in Treasury

Over the last 18 months, Societe Generale has experienced a steady increase in requests from their corporate clients to integrate ESG features in treasury management.  Louis-David Rouyer, Philippe Pougeard, and Emmanuelle Petelle (Societe Generale) provide TMI’s Eleanor Hill with a whistlestop run...

22:24

Lift Off for Fed Rate Rises

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 5th of...

04:58

Treasury in 2022 and Beyond

Industry experts Bob Stark (Kyriba) and Sebastian di Paola (PwC) join TMI’s Editor, Eleanor Hill, to explore the very latest treasury trends – and to discuss how smart treasurers can get ahead of the game by ...

43:21

How BearingPoint Harnessed Data-Driven Forecasting with CashAnalytics and SAP

Listen back to our recent forecasting masterclass, where Group Treasurer Eveline Stam, and Conor Deegan (CashAnalytics) provided TMI’s Eleanor Hill with a comprehensive overview of how consultancy firm BearingPoint achieved company-wide cash forecasting nirvana by combining specialist solutions from...

37:14

The 3 T’s of The Future: Tech, Treasury, and Transformation

Over the past two years, an increasingly dynamic environment has not only accelerated technology development – from quantum computing to blockchain technology, and even the metaverse – but also technology adoption, bridging colleagues and breaking down silos in a remote work world. In this podcast,...

44:02

Monetary Policy Continues to Drive Markets as Ukraine Invasion Weighs on March Meetings

Welcome to the second edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 3rd of...

05:25

Tax Spotlight: How the OECD’s Two-Pillar Solution Impacts Treasury

Aaron Lee and Joseph Lee (DBS Bank) join TMI’s Eleanor Hill to discuss how the OECD’s Two-Pillar Solution aims to address the tax challenges arising from the digitalisation of the economy. Ahead of the 2023 implementation date multinational corporates will have much to consider around these reforms....

24:00

FX Connections: Bringing Transparency to Cross-Currency Payments

Cross-border activity is growing at a remarkable rate, making FX payments a hot topic for treasurers across the globe.  In this TreasuryCast episode, Eleanor Hill asks Daniela Eder and Gibran Maqsood (Barclays Corporate Banking) to provide their key action points around FX payments in 2022. Our guests...

21:00