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Industry roundup: 7 June

GTreasury customers see treasury awards success

GTreasury, a treasury and risk management platform provider, has announced that its customers CUNA Mutual Group and Charter Hall have won at the 2021 Alexander Hamilton Awards. The annual awards, presented by Treasury & Risk, recognise companies taking leaps forward in treasury, finance, and risk management through process innovation and technology implementation.

Charter Hall, which uses GTreasury’s digital treasury ecosystem for real-time cash and liquidity management, is the Gold winner in the Liquidity Management category. One of Australia’s leading fully integrated property groups, Charter Hall’s accelerating growth had spurred increased demand for real-time cash analytics to inform its property investment decisions. Particularly as 2020 unfolded with rising uncertainty, the treasury team at Charter Hall realised that the more accurate its cash flow forecasting process could be made and the clearer that cash visibility could become, the better positioned the company would be to quickly and confidently act on critical business decisions.

Charter Hall chose to transform its liquidity management processes by implementing a scalable and automated transactional banking structure. The modernisation strategy eliminated most of the manual processes that would otherwise hinder visibility into real-time cash balances. Charter Hall was able to forecast cash flow across 45 funds - including consolidating all liquidity analysis reporting - and free up tens of millions of dollars of working capable with its new approach to liquidity management in place.

CUNA Mutual earned its Alexander Hamilton Award for Technology Excellence. The billion-dollar mutual insurance company had recently launched a new pet insurance business, but sought a more customer-friendly and cost-effective strategy for verifying and processing payments. The CUNA Mutual treasury and IT teams collaborated to develop and implement a modernised solution that could offer ongoing cost and competitive advantages across several fronts.

CUNA Mutual simplified its payments system by connecting its treasury management system with APIs that could integrate key data sources and more easily provide new technical capabilities. Doing so significantly reduced payment processing times, reduced CUNA Mutual’s bank transaction fees by 97%, and improved the customer experience by eliminating the need for microdeposits to verify accounts. Moreover, CUNA Mutual’s success transforming its payments infrastructure in its pet insurance business has provided the blueprint for more widespread deployment across other areas of its organisation.


Kyriba issues open innovation challenge to app developers

Kyriba is issuing a challenge to develop or test an application on its Open Liquidity Platform in a new open-innovation project. The winner will be given early access to the platform, and be visible by the Kyriba’s 2,500 clients.

The company says that use cases must be complementary with Kyriba's own activities in the fields of liquidity management, cash management, payment management, risk management, investment of excess liquidity or supply chain finance. The application also must integrate with those activities via APIs. The competition will take place on June 17, 2021, during VivaTech, Porte de Versailles (Paris). Free tickets will be offered to the candidates.

The winners will have early access to the platform, technical support and help with associated costs, such as validation and implementation, for example. The winning app - to be decided by a jury of senior Kyriba executives - will get go-to-market support that includes direct communication with the wide-reaching Kyriba ecosystem of customers and partners.

"We encourage developers to take the challenge and work with us," said Félix Grévy, VP Product, Open API and Connectivity at Kyriba. "This is an opportunity to develop and test your applications in real-time on one of the largest, worldwide data management platforms. We are also offering developers fast time-to-market thanks to the APIs and applications that we have already implemented; access to structured data to develop ArtificiaI or Machine Learning algorithms; and a developer portal with access to a documentation centre, support and a sandbox."


Fintainium adds Visa's real-time payment technology 

Fintainium has announced a new collaboration with Visa's real-time payments technology that adds to its existing 2020 partnership with CIT's Treasury and Payments Services business. The partnership leverages CIT's payments capabilities and Fintainium's cloud-based platform to improve financial workflows, increase management visibility and reporting, and provide outstanding payment execution, enhancing cash-flow support for small and midsize businesses. 

Through CIT, Fintainium will be able to use Visa Direct, Visa's real-time push payments platform, to add real-time capabilities to its existing technology stack. Visa Direct allows Fintainium customers to send and receive payments in real time. This flexibility means that businesses which use Fintainium can move money in real time, merchants can access cash flow daily, and consumers can receive payouts to bank accounts via eligible Visa debit cards. 

The COVID-19 pandemic has shined a new light on the already strong trend to digitise B2B accounting and payments. Fintainium's platform and end-to-end financial workflow automation tools are designed to provide businesses better visibility into cash flow, reduce administrative-accounting costs, and increase overall transparency in the payments process. The ability to streamline end-to-end workflows with the single software solution, which directly integrates with most common accounting software, aims to help businesses reduce manual processes, expenses, and risks associated with cash flow management.

The collaboration with CIT will enable Fintainium to extend Visa Direct enabled capabilities to its existing business customers and offer Fintainium's solution for B2C, B2B, and government-to-business payments.

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