New FX integration will help Kyriba clients to streamline cross-border payments and increase transparency whilst also eliminating hidden fees and providing access to lower FX rates
Kyriba, the leading provider of cloud treasury and financial management solutions, today announced it has expanded its global ecosystem by adding WorldFirst, the foreign exchange and international payments expert, as a new strategic partner. Responding to client demand for a better international payments experience and to support a growing trend for global trade, Kyriba’s partnership with WorldFirst will streamline payment processes, increase the speed and transparency of cross-border payments, and also reduce the transfer fees associated with international payments and FX transactions.
According to a recent Kyriba survey[1], the majority of financial executives are unclear about the various fees applied by banks for FX payments. 54% of respondents said they are unsure of the spread applied to their cross-border payments, while 37% said they don’t have visibility into what fees they are being charged per payment.
Survey participants also identified the top four considerations for switching to a new cross-border payments provider, including: more favourable FX rates, reduction in bank fees, better transparency and better traceability [of payments]. The new partnership with WorldFirst will address all of these requirements by making WorldFirst’s market-leading payments technology available directly through the Kyriba platform.
“With the help of highly strategic partners, Kyriba is rapidly evolving its platform to help financial executives streamline processes, reduce fees and accelerate business performance,” said Jean-Luc Robert, Chairman & CEO of Kyriba. “This integration with WorldFirst gives our clients a world-class option to simplify their FX transactions and expands our market opportunity in payments.”
As the largest treasury and finance solution with thousands of global clients, including more than 15% of US Fortune 500, Kyriba processes tens of billions of cross-border and treasury payments annually. This puts Kyriba in the unique position to provide more value to its customer base through partnerships like this.
“We are on a mission to make it easier, cheaper, and faster for businesses and individuals to move and manage money around the world,” said Jonathan Quin, CEO & Founder of WorldFirst. “We want to offer the benefits of our foreign exchange and international payments solutions to as many businesses around the world as possible, and that’s why it is exciting to be partnering with Kyriba.”
[1] The internal survey on cross-border payments was conducted in October 2018, querying 451 executives in North America, EMEA and Asia-Pacific. More than 70% of companies represented had annual revenue of more than $1B.