New Module Empowers CFOs and Financial Professionals to Stop Payments Fraud in its Tracks
Kyriba, the #1 provider of cloud treasury and financial management solutions, today announced the launch of a new module that enables CFOs and treasury leaders to monitor, detect and stop payments fraud in real-time. The industry first capabilities go far beyond traditional payments controls to allow users to implement custom detection screening rules to prevent suspicious payments from ever going out.
With payments fraud at an all-time high, according to the latest survey from the Association of Financial Professionals (AFP), Kyriba’s new Payments Fraud Detection module gives financial leaders the missing piece they need to protect their organizations from financial and reputational damage. The new module is a key part of Kyriba’s end-to-end financial controls that empower CFOs to lock down their organizations against fraud across application security, bank account management, payments workflows and more.
Kyriba's new fraud detection module is a powerful solution to help financial professionals, and will also be appealing to auditors, CISOs and shareholders who are all interested in knowing how treasury and technology protects our assets," said David Miller, Treasurer and SVP at Hunt Companies, a Kyriba client. “Anytime a manual process can be eliminated, you're able to reduce the risk of error and loss."
Kyriba’s new Payments Fraud Detection module, announced at the AFP 2017 Treasury and Finance Conference in San Diego, includes several capabilities for the detection and prevention of suspicious payments activity.
"The threat of payments fraud is growing rapidly for all organizations which increases operational risk and complicates compliance at scale for multinational corporations," said Kevin Permenter, Senior Research Analyst at IDC. "Kyriba is aggressively responding to a deep-seated need in the market for real-time visibility and detection of fraudulent activity."
According to a new research report by CFO.com and Kyriba, "5 Key CFO Challenges for Addressing Payments Fraud," fraud detection and monitoring was listed as the No. 1 tactic that finance teams should improve to help combat payments fraud. Fraud detection came in at 36 percent (with multiple responses allowed), followed by limited use of paper payments (26%), and automated approval workflows (24%). Additionally, only 10 percent of executives believe that most financial teams have strong processes and technologies in place to detect fraud.
"Kyriba’s new real-time fraud detection module is a significant innovation that enables our clients to stop fraud, and is an important part of our compliance and controls offering," said Jean-Luc Robert, Chairman and CEO at Kyriba. "For the first time, CFOs and treasury leaders have the capability to stop suspicious payments immediately, and report on the action with detailed audit trails ensuring their internal compliance KPIs are met."
To help financial leaders understand their risk of payments fraud, Kyriba today launched a new interactive payments fraud assessment tool that delivers a threat score based on a three-minute survey. Financial professionals can also stop by Kyriba’s booth #824 at the AFP 2017 conference today through October 18 to get a free demo and learn more.
Kyriba is the #1 provider of cloud treasury and financial management solutions. Kyriba empowers financial leaders and their teams with award-winning solutions for cash and risk management, payments and supply chain finance. Kyriba delivers a highly secure, 100% SaaS platform, superior bank connectivity and a seamlessly integrated solution set for tackling today’s most complex financial challenges. More than 1,600 companies, including many of the world’s largest organizations, rely on Kyriba to streamline key processes, protect against loss from fraud and cybercrime, and accelerate growth opportunities through improved decision support. Kyriba is headquartered in New York, with offices in San Diego, Paris, London, Tokyo, Dubai and other major locations.