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Industry roundup: 14 December

Ocado selects Kyriba for TMS and global payments

Ocado Group, the UK-based online grocery retailer, has announced its selection of the Kyriba Treasury Management and Global Payment solutions. In order to support its international growth, and to further its finance transformation, Ocado is accelerating the roll out of its ERP system to centralise all payment activity through the Kyriba Payments Network and manage its treasury activities through the Kyriba Treasury Management System. With this project, Ocado is strengthening its treasury and payment controls, to improve operational efficiencies and support decision-making.

"As we progress with our ERP transformation project, we looked for a partner with a proven track record of helping organisations to accelerate finance transformation and create new value such as increased visibility on our liquidity resources," said Nick Oliver, treasury manager at Ocado. "We chose Kyriba for its ability to provide a truly integrated platform for all treasury and payment activities, including straight-through, automated, enterprise-wide, and insightful processes to support transformation needs."

Using Kyriba's treasury platform and payment network, Ocado should benefit from increased visibility on liquidity and future forecasting, greater automation of processes, deeper integration across the treasury and financial processes, as well as greater visibility on payments, and improved security through fraud detection.

“Treasurers and CFOs have come under more pressure to deliver information, often daily, to their CEOs and their boards on cash visibility and liquidity while corporate CIOs need to build greater resilience to payments fraud as they migrate their ERP platforms to the cloud," said Simon Shorthose, managing director Northern Europe at Kyriba. “We are very pleased to welcome Ocado as a new Kyriba customer. We look forward to helping them achieve optimal liquidity management to support their business growth.” 


Invoiced releases solution for integrating on-premises ERP systems 

Invoiced has announced the release of Invoiced ERP Connect, a solution for connecting on-premise ERP and accounting systems with the Invoiced A/R Cloud. The solution is free to download and available today.

While many businesses have migrated various technologies to the cloud, there are many others that use on-premise systems for the additional security, feature richness and other benefits those systems provide. Invoiced says the software provides a solution to the challenge of connecting on-premise systems with its cloud-based solution for AR automation.

Features of Invoiced ERP Connect include the following:

  • On-premise, cross-platform compatibility - Invoiced ERP Connect is a purpose-built local app for on-premise deployment and works on Windows, MacOS and Linux.
  • Safety and security - the solution securely connects with Invoiced.com, keeping IT environments safe while avoiding firewall obstacles.
  • Rich data access - the solution can be connected with dozens of endpoints for syncing invoices, customers, contacts, credit notes, payments, estimates, payment plans, and more.
  • Ease of deployment and ease of use - businesses can reduce time to deploy with the developer toolset, and manage their integrations with built-in sync monitoring and event logging.
  • File support - once using Invoiced ERP Connect, businesses can send invoice PDFs and other file attachments to Invoiced.com.
  • The solution is free for use with Invoiced, regardless of subscription plan or trial status.


Plastiq and Tipalti look to automate corporate card payments to suppliers

Plastiq, a payment solutions provider for businesses, and Tipalti, a global payables automation platform, have announced a partnership and integration to let commercial businesses to use their corporate credit cards to pay suppliers, even if the suppliers don’t accept credit cards. This partnership is designed to enable Tipalti to offer additional value to its mid-market clients by helping to increase their payment power and cash flow while also providing added convenience and greater access to card rewards and rebates.

"More businesses will be able to use their corporate cards as a funding source while both recouping their rebates and reducing risks associated with accounts payable processes while still automating workload,” commented Elliot Buchanan, CEO and co-founder of Plastiq.

Using Plastiq, Tipalti customers can free up to 30-45 days of cash flow by paying invoices with their credit cards, allowing them to allocate their cash reserves to the places they need it the most. All businesses need to do is sign up for Plastiq and use their existing cards to fund supplier payments. This partnership will also enable Tipalti’s clients to extend payment terms and earn card rewards on any type of business expense, from inventory and equipment to rent and advertising.


Capco paper explores ISO 20022 transition for banks

The adoption of the ISO 20022 standard for payments messaging was originally scheduled for last month, but SWIFT delayed migration for cross border payments and cash reporting by a year to give banks more time to manage their infrastructure change. This has given banks an opportunity to rethink and validate their transformation strategy.

A paper from Capco, ‘Six solutions to achieve ISO 20022 convergence’, explores the actions banks should consider in order to achieve long-term convergence towards a single ISO 20022 standard. The paper identifies the following key areas pointing to how banks can do this while at the same time facilitating the short-term coexistence of multiple standards to provide a workable transition:

  1. Expose payment functions as internal APIs - thereby promoting payments business capability reuse across the bank internally.
  2. Manage payment processing centrally - have a central orchestration layer and rules engine to process all payments to ensure payment processing logic is not duplicated.
  3. Take care of your rich ISO payments data - centrally store rich ISO 20022 payments data which can be analysed later to generate insights and unlock revenue generating opportunities.
  4. Enable straight-through-processing by warehousing payments centrally - warehouse payments separately in a central data store while ensuring that stalled payments can be automatically resolved and replayed to improve the STP rate.
  5. Develop central translators - centrally translate data between the different messaging standards to avoid point to point integrations.
  6. Improve the customer experience - refactor channels to migrate any bespoke message validation and routing related logic to internal APIs, improving performance and delivering a better customer experience.

“ISO20022 is not a suite of message standards, but a recipe to develop message standards for all domains in the financial industry," said Jaspreet Puri, principal consultant at Capco and author of the paper. "In principle, a bank’s long-term objective should be for one single standard approach used by all systems. However, in the interim, several standards need to coexist to respond efficiently to competitive pressures and regulatory demands."

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