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Industry roundup: 11 June

Societe Generale and Kyriba partner on cloud treasury management solution 

Societe Generale and Kyriba have announced a strategic partnership to launch a new treasury management solution. This solution will include payment automation and fraud management functionalities and will be dedicated to the bank’s corporate clients and their subsidiaries. Fully hosted in the cloud, this solution will be based on Kyriba’s global platform and distributed by Societe Generale.  

With the objective of making daily treasury management easier for corporate clients, Kyriba and Societe Generale have pooled their expertise to offer the following functionalities: 

  • Real-time monitoring of treasury positions and provisional management of liquidity flows.
  • Payment automation (remittances).
  • Banking delegation and mandate management.
  • Enhanced fraud management.
  • Multi-bank connectivity and ERP, payment validation workflow management.

Since it is fully hosted in the cloud, this solution should offer easier implementation and seamless updates. It will be available on SG Markets, the bank’s digital client portal for corporates. Based on Kyriba’s global cloud platform, the functionalities of this solution will offer the same level of quality as those offered to the world’s largest companies, in terms of data management, cyber-security, business processes and innovation. It will be launched during the fourth quarter of 2021, starting with the French market.   

"Treasury management is a key area of focus for companies, and we believe it is essential to make this easier through simple, efficient and secure tools," said Alexandre Maymat, head of Global Transaction and Payment Services at Societe Generale. "This is even more important as we exit the current crisis and, depending on their size, some companies are poorly equipped in this area. With our open architecture model allowing us to offer our clients the best solutions on the market, it seemed natural to partner with Kyriba, whose solutions are known for their robustness and adaptability. This partnership also inaugurates other collaborations that we will be keen to develop with Kyriba to ensure we can always better anticipate and meet the needs of our clients."

"The recent crisis has underlined the need for companies to manage liquidity as closely as possible and to control and secure their payments," added Edi Poloniato, co-head, Banking Solutions at Kyriba. "We believe this joint solution will improve the way they leverage their cash and liquidity and become more resilient, more scalable and more competitive. The technological advance of Kyriba’s Active Liquidity Management Platform in terms of artificial intelligence and real-time will help those businesses to better withstand and take advantage of every opportunity offered by the market. It is also an important step in Kyriba's development, which will contribute to our growth in this market."

 

Central banks collaborate for experiment in cross-border wholesale CBDC

The Banque de France, the Swiss National Bank and the BIS Innovation Hub have announced that, together with a private sector consortium led by Accenture, they will conduct an experiment using wholesale central bank digital currencies (wholesale CBDC) for cross-border settlement. The private sector consortium includes Credit Suisse, Natixis, R3, SIX Digital Exchange and UBS.

"The Eurosystem is engaging in innovation and adapting its actions to the strong trend towards the digitalisation of payments," said Sylvie Goulard, Banque de France deputy governor. "The Banque de France is convinced of the potential benefits of wholesale central bank digital currency to provide maximum security and efficiency in financial transactions, and opened last year an experimental programme to make progress in this area. In this perspective, we are delighted to be able to conduct an important experiment - called Jura - on cross-border settlement in partnership with the Swiss National Bank and the BIS Innovation Hub."

The experiment will explore cross-border settlement with two wholesale CBDC and a French digital financial instrument on a DLT platform. It will involve the exchange of the financial instrument against a euro wholesale CBDC through a delivery versus payment (DvP) settlement mechanism and the exchange of a euro wholesale CBDC against a Swiss franc wholesale CBDC through a payment versus payment (PvP) settlement mechanism. These transactions will be settled between banks domiciled in France and in Switzerland, respectively.

"It is essential for central banks to stay on top of technological developments," said Andréa M. Maechler, member of the Governing Board of the Swiss National Bank. "The Swiss National Bank is already investigating the settlement of tokenised assets with wholesale CBDC as part of Project Helvetia. We are looking forward to expanding this analysis to a cross-border context by participating in this exciting initiative."

Project Jura expands on central bank experimentation investigating the effectiveness of wholesale CBDC for cross-border settlement. It is of exploratory nature and should not be interpreted as an indication that the Banque de France or the Swiss National Bank plan to issue wholesale CBDC.

 

FinLync selected by Citrix for treasury and finance teams

FinLync, a privately held, global fintech company focused on corporate finance and treasury, has announced that Citrix has selected its suite of SAP-certified applications to power its treasury and finance teams.

Citrix is leveraging FinLync’s technology to integrate its bank and ERP data, which will allow its corporate treasury team to benefit from real-time payments, balances, account information and status, machine learning-assisted reconciliation the same day as transactions, more certainty for urgent payments - while being protected by the latest enterprise-grade security. The multinational software company was seeking a technology solution to improve its payment lifecycle, while lowering cost and streamlining operations. 

Citrix will be leveraging FinLync’s solution suite, including Balance and Transaction Inquiry, Payments, Approvals, Status Tracker and Reconciliation applications.

"We were so struck by how different FinLync was from other offerings on the market that we pivoted to them even though we were already well into the process of selecting another solution," said Bruce Edlund, senior director and assistant treasurer at Citrix. "The ability to see where your corporation’s money is in real time is a serious game changer, and we feel confident that this technology will free our treasury team up to make even more effective, and strategic, business decisions."

Leveraging API technology, FinLync creates applications designed to solve the long-standing problems that have marked the corporate treasury and finance communities' experience with legacy treasury technology. Equipped with FinLync’s applications, treasurers and finance professionals are now able to achieve total data integration between their ERP data and bank data, all on a user intuitive platform designed for real-time technology.

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