Proactive Cash Management with NetSuite Bridge Kyriba

Background

Kyriba is a global leader in treasury finance solutions. Kyriba’s SaaS platform enables CFOs and finance teams to optimize their corporate treasury functions by delivering fully integrated cash, treasury, payment, risk management and supply chain finance solutions. NetSuite ERP customers will enjoy maximum benefits when using a 100% integrated NetSuite-Kyriba solution to deliver Proactive Treasury Management.

The NetSuite Bridge Kyriba is a bundle package that brings automated & bi-directional data exchanges between Kyriba and NetSuite for payments, cash management, cash accounting and GL reconciliation.

It allows users to avoid redundant actions on both tools and makes managing treasury easier for companies using NetSuite and Kyriba. The entire set of functionalities is provided in separate bundles (5), so it’s possible to use only part of them, and use web services.

We will focus on what Kyriba Payment Manager brings and how we can adapt it to our customer’s requirements.

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All workflows provided by the NSB. Flows from the Kyriba Payment Manager are in blue[/caption]

Kyriba Payment Manager

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Payment Manager data flows between NetSuite and Kyriba with the NSB[/caption]

The Kyriba Payment Manager works with a Saved Search in NetSuite: all new payment records will appear in a Saved Search which will be transferred to Kyriba automatically at regular intervals through a Web Service. All payments transferred to Kyriba will be flagged as “Exported To Kyriba As Payment”.

Bank details sent to Kyriba are specific to NSB: the bundle adds multiple new fields on the Vendor (Supplier) form to store bank details which will be used by Kyriba to execute payments.

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Kyriba fields tab added by the NSB on Vendor’s page[/caption]

When we install these bundles for customers, we often also provide customization to adapt the utilization of Kyriba fields to our customers’ requirements. More specifically, we create a script to automatically fill out the Kyriba custom fields. That way, we keep the process as required for the customer while still guaranteeing the functionality of the NSB.

For example, the most requested customization is the possibility to have multiple bank details for one vendor, by adding new details without replacing the previous value. This is not possible with standard Kyriba tabs brought by the bundle.

We had different cases for which we had this request, so we adapted the solution to the customer :

• In a first case, we used standard EFT Bill Payments from the “NetSuite Electronic Bank Payments“ module. The customer needed an approval workflow for bank details before payments can be generated. We adapted the solution to fit the customer’s process by copying the bank details in the Kyriba fields only after bank details are validated, to ensure a payment can only be made to approved accounts.

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Example of Bank details approval Workflow[/caption]

• In another case we extended an already existing Custom Record used for bank details with a similar validation process. We created a script to comply with the customer’s request:
  
  In order to comply with the need of our customer, a script was applied to this custom record that copies the Bank Details flagged as “Default“ onto the Kyriba fields, and removes the “Default“ checkmark on any other existing Bank Details for this vendor, to make sure there’s only one Default set of Bank Details per vendor.
  
  Also, as requested by our customer, the Bank Details flagged as “Do Not Use“ or “Hold“ will not be copied in the Kyriba fields and should they be used in Kyriba as default, then they will be removed by the script.

Conclusion

The solution provided by NetSuite Bridge Kyriba drives business performance and ROI by optimizing key financial processes related to cash and risk management, payments, real-time fraud prevention, and more.

In addition, Novutech can help to further adapt the solution to the customer’s specific needs by means of custom scripts and/or workflows. Regardless whether this is part of a new NetSuite implementation or on top of an existing, long time implemented ERP environment, we have the knowledge and the tools readily available.

For more information, see also:

• https://developer.kyriba.com/marketplace/details/kyriba-packaged-integrations-for-netsuite
• https://www.suiteapp.com/Kyriba-Proactive-Treasury-Management