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Industry roundup: 21 December

NREP selects Kyriba treasury management and payment factory platform

Kyriba has announced that NREP, a real estate innovator, developer, investor and operator in the Nordics has selected Kyriba Treasury Management and Kyriba Global Payment solutions to support its business.

Established in 2005, NREP has built up a number of customer-centric real estate businesses and products and has grown to more than 250 professionals in the core management organisation. In order to support the growth in the Nordics, NREP is centralising its treasury activities through the Kyriba Treasury Management System and all payment activity through the Kyriba Payments Network. With this project, NREP hopes to strengthen its treasury and payment processes, improve operational efficiencies, cash visibility and movements, and support decision-making. This project will enable NREP’s treasury team to have full visibility and control of all subsidiary level and supplier related payments via Kyriba’s 40k+ bank formats.

"As our business grew, we looked for a technology partner with a proven track record of helping organisations to improve treasury management processes and support secure payment centralisation," said Pekka Ruokoniemi, group treasurer at NREP. "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 our transformation needs."

Kyriba was selected based on its SaaS platform, its global coverage and scale, its ability to deliver projects rapidly and its overall proven connectivity to ERPs and banks. Using Kyriba's treasury platform and payment network, NREP 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.


Citi Fleet Card launches in the UK and Europe

Citi has launched a Fleet Card that it says offers a mobile-first experience. The solution combines a contactless-enabled card with a mobile app by The Miles Consultancy. It can be used anywhere that Visa/Mastercard is accepted and allows seamless tracking of mileage, receipts and reports. The solution is currently available in 24 countries across the UK and Europe; the app can be downloaded from Google Play and the Apple App Store.

"Traditionally, company car drivers could only choose from closed-loop fuel networks, meaning that each fuel card could only be used with a single fuel brand," commented Trudy Curtis, EMEA head of Commercial Cards at Citi Treasury and Trade Solutions. "Our solution liberates them from the hassle of carrying multiple fuel cards, and in the process not only saving time and money but also reducing fuel consumption by avoiding unnecessary detours searching for a specific fuel pump.”

The Citi Fleet Card app prompts drivers to enter mileage data rather than requiring them to input it at a point-of-sale device when paying for fuel. The app has GPS-based tracking so when a driver uses their vehicle for business (as opposed to personal) mileage, they can pre-set times on the app to record their journey, eliminating paperwork associated with documenting business travel. Cardholders benefit from 24/7 access to Citi’s award-winning, best-in-class customer service and account specialist team.

For corporates, the card delivers centralised automated reporting that uses data mining to combine multiple data sources in a single management dashboard for fleet oversight, VAT reconciliation, and payroll files. Information management tools can be seamlessly integrated into clients’ ERP systems. Programme managers have access to flexible controls for authorising card users, real-time card blocking, PIN reset and transaction notification. In addition, fleet managers no longer have to deal with multiple fuel card providers to gain coverage across the United Kingdom and Europe, bringing significant administrative savings.


US regulators propose requirement for computer security incident notification

Federal financial regulatory agencies in the US have announced a proposal that would require supervised banking organisations to promptly notify their primary federal regulator in the event of a computer security incident. In particular, alerts would be required for incidents that could result in a banking organisation's inability to deliver services to a material portion of its customer base, jeopardise the viability of key operations of a banking organisation, or impact the stability of the financial sector.

The proposed rule is intended to provide the agencies with an early warning of significant computer security incidents and would require notification as soon as possible and no later than 36 hours after a banking organisation determines that an incident has occurred.

In addition, the proposal would require service providers to notify affected banking organisations immediately when the service provider experiences computer security incidents that materially disrupt, degrade, or impair certain services they provide. Comments on the proposal must be received within 90 days of its publication in the Federal Register.

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