Kyriba and J.P. Morgan are partnering to offer real-time payment capabilities to the treasury cloud and finance provider’s clients. For Kyriba, the new offering adds to its growing line of products that enable treasurers and other finance executives “to more efficiently mobilize their global cash and liquidity.”
As in the retail world, companies are eager for faster, more efficient payments without the delays and other hurdles involved. But now new technologies are creating instant clearing and availability of funds, as well as instant reconciliation mechanisms.
With the latest partnership, Kyriba clients will be able to send payments through The Clearing House’s RTP network. TCH began actively facilitating payments in November 2017; Bank of New York Mellon (BNY Mellon) was the first bank to go live with the system. It brought on 10 more banks, including J.P. Morgan, that by year-end 2018 represented 48% of deposit accounts in the US. Real-time payments on TCH’s RTP network can be sent on demand, “simplifying the reconciliation and back office application of payments as compared to managing batch files,” J.P. Morgan said in a press release.
In the release, Sairam Rangachari, global head of Open Banking at J.P. Morgan, said Kyriba’s entrance into the real-time payments world to “broaden the payment choices available to corporate CFOs and treasurers aligns with J.P. Morgan’s open banking initiatives.”
Kyriba says integrating with J.P. Morgan “is a breakthrough for our clients who want to extend real-time payment automation to their ERP and treasury systems.”