BlackLine and Kyriba Partner to Streamline Digitalization of the Office of the CFO

Rhea-AI Summary

BlackLine (NASDAQ: BL) has partnered with Kyriba to enhance financial close processes and accounts receivable automation. This collaboration aims to improve bank connectivity and cash visibility for mutual customers. By leveraging integrated solutions, organizations can expect reduced business-process costs, increased efficiencies, and streamlined bank reconciliations. Key offerings include accelerated bank connections, AI-powered accounts receivable automation, and enhanced financial close management. The partnership positions both companies to better serve CFOs and Treasury leaders amidst evolving financial landscapes.

Positive

• Reduction in business-process costs and increased organizational efficiencies.
• BlackLine's transaction matching solution can automate up to 95% of bank reconciliations.
• Enhanced bank connectivity through Kyriba's preconfigured bank connectors.

Negative

• None.

Joint solution accelerates bank connectivity, enabling greater financial close and accounts receivable process automation for customers

LOS ANGELES and SAN DIEGO, July 20, 2021 /PRNewswire/ -- Accounting automation software leader BlackLine, Inc. (NASDAQ: BL) and Kyriba, a global leader of cloud-based finance and IT solutions, today announced that they are joining forces to streamline the digitalization of the Office of the CFO and improve collaboration between Finance and Treasury departments.  The partnership offers enhanced capabilities for mutual customers through their integrated solutions to accelerate bank connectivity, increasing cash visibility and enabling greater automation within the financial close and accounts receivable processes. 

At a time when organizational resilience is more important than ever, Finance and Treasury leaders need their technology solutions to work more efficiently together across both the Finance and Accounting organizations, including Treasury and Risk.  BlackLine and Kyriba help companies adapt and respond to the changing landscape by streamlining processes, enhancing data integrity, optimizing cash and liquidity management, and automating repetitive work to transform traditional close processes.

"Bank reconciliations are a time-consuming process and one of the top challenges BlackLine helps organizations address.  With our new partnership, BlackLine provides Kyriba customers with market-leading solutions that fuel treasury teams with real-time, reliable and data-backed analytics to automate bank reconciliation and other key financial close and accounts receivable processes.  At the same time, BlackLine customers can now leverage Kyriba's extensive network of global banking relationships to streamline bank connectivity,'' said Mel Zeledon, senior vice president of Channels & Alliances at BlackLine.  "The digitalization of the finance and accounting tech-suite is accelerating and our partnership with Kyriba is an exciting example of how best-of-breed solutions can deliver immediate strategic benefits."

Customers that implement BlackLine alongside Kyriba are expected to see reduced business-process costs and increased organizational efficiencies.  Kyriba's preconfigured bank connectors simplify bank reporting, accelerating time-to-value for BlackLine customers.  BlackLine's transaction matching solution can automate up to 95% of bank reconciliations and match millions of transactions in minutes.  Coupled with Kyriba's robust and pre-built inventory of bank connectors, Blackline customers can streamline bank statement reporting from thousands of banks around the world, achieving unsurpassed efficiency in their finance and accounting operations.

"Kyriba unlocks rapid integration capabilities with its innovation in connectivity and has created new ecosystems of value through global partnerships," said Joe Marcin, chief revenue officer at Kyriba. "Coupling Kyriba's innovative treasury capabilities with BlackLine's market-leading financial close and accounts receivable automation solutions is a natural evolution in financial close, analysis and reporting. We are excited to bring Finance and Treasury closer through our partnership with BlackLine and drive strategic value for the Office of the CFO."

Mutual customers of Kyriba and BlackLine now have access to complementary solutions for bank connectivity, payments automation and intercompany accounting, ensuring value across three primary use cases:

1. Accelerated Bank Connections and Increased Cash Visibility: Delivers faster connections to BlackLine customers through an extensive network of pre-connected, pre-configured banks; time to onboard customers for automated reporting is drastically reduced while providing Finance and Accounting with timely, valuable information for accounts receivable and close processes.
2. Accounts Receivable Automation: Reduce manual activity and collect more cash using AI-powered automation across order-to-cash processes.  With intelligent automation, customer payments are automatically matched to invoices, reducing the need for costly lockbox services, decreasing days sales outstanding (DSO), and freeing AR team capacity to focus on value-added activities.
3. Financial Close Management: Automates data exchange with financial close technologies that continuously reconcile and verify daily and period-end cash and balance reporting.

For more information, visit www.blackline.com or www.kyriba.com or register to attend our upcoming joint webinar here.

About BlackLine:
Companies come to BlackLine (Nasdaq: BL) because their traditional manual accounting processes are not sustainable. BlackLine's cloud-based solutions and market-leading customer service help companies move to modern accounting by unifying their data and processes, automating repetitive work, and driving accountability through visibility. BlackLine provides solutions to manage and automate financial close, accounts receivable and intercompany accounting processes, helping large enterprises and midsize companies across all industries do accounting work better, faster and with more control.

Nearly 3,500 customers trust BlackLine to help them close faster with complete and accurate results.  The company is the pioneer of the cloud financial close market and recognized as the leader by customers at leading end-user review sites including Gartner Peer Insights, G2 and TrustRadius. Based in Los Angeles, BlackLine also has regional headquarters in London, Singapore and Sydney. For more information, please visit blackline.com.

About Kyriba:
Kyriba empowers CFOs, Treasurers, and their IT counterparts to transform how they optimize financial technology solutions, de-risk ERP cloud migration, and activate liquidity as a dynamic, real-time vehicle for growth and value creation. With 2,000 clients worldwide, including 25 percent of Fortune 500 and Eurostoxx 50 companies, Kyriba's pioneering Connectivity as a Service platform integrates internal applications for treasury, risk, payments and working capital with vital external sources such as banks, ERPs, trading platforms, and market data providers. As part of our Connectivity Platform, Kyriba manages more than 1.3 billion bank transactions per year, and 200 million payments into 140 countries annually.

Kyriba is a secure, scalable SaaS platform that leverages artificial intelligence, automates payments workflows, and enables thousands of multinational corporations and banks to maximize growth opportunities, protect against loss from fraud and financial risk, and reduce operational costs. Kyriba is headquartered in San Diego, with offices in Dubai, Frankfurt, London, Minsk, Paris, Shanghai, Singapore, Tokyo, Warsaw and other major locations. For more information, visit www.kyriba.com.

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SOURCE BlackLine; Kyriba

FAQ

What is the significance of the BlackLine and Kyriba partnership announced on July 20, 2021?

The partnership aims to streamline digitalization in finance and accounting, enhancing bank connectivity and automating financial processes for mutual customers.

How much of the bank reconciliation process can BlackLine automate?

BlackLine's transaction matching solution can automate up to 95% of bank reconciliations.

What benefits do customers gain from the BlackLine and Kyriba collaboration?

Customers can expect reduced costs, increased efficiencies, and improved cash visibility as a result of the integrated solutions offered by BlackLine and Kyriba.

What financial functions are enhanced through the BlackLine and Kyriba partnership?

The partnership enhances financial close management, accounts receivable automation, and bank connectivity.

What date was the BlackLine and Kyriba partnership announced?

The partnership was announced on July 20, 2021.