Software-as-a-service FinTech Kyriba has added an artificial intelligence cash-management tool to its array of cloud-based finance and information technology tools, the company announced last Thursday (Sept. 15).
The tool, called Cash Management AI, uses data science to predict cash availability “with increased speed, control and reliability,” the announcement stated, and “improves companies’ cash management and forecasting capabilities.”
“With increasing market volatility, CFOs are demanding greater accuracy and reliability from their cash forecast,” senior vice president of data analytics at Kyriba, Jean-Baptiste Gaudemet said in a prepared statement.
PYMNTS noted in a June 14 article: “If the past few years have taught us anything, it’s that financial forecasting is tough — and for treasurers especially, it’s a blend of art and science. Cash flow remains the cornerstone of a company’s health, but with pandemic impacts, changing consumer behaviors and supply chain disruptions, it has become harder to forecast it.”
Kyriba’s AI-driven services folded into its new tool include machine learning that relies upon historical data to improve the accuracy of projection. Another feature, according to Kyriba, lets users adjust confidence levels to refine calculations. Customers also get dashboards to see the latest data.
“As interest rates continue to rise, an imprecise forecast translates to underinvested cash and inefficient borrowing. Since the opportunity cost of cash is also increasing, CFOs are demanding greater confidence in their cash forecasts to optimize enterprise liquidity,” Global Head of Market Strategy at Kyriba, Bob Stark said in a prepared statement.
San Diego-based Kyriba stated in marketing materials that it has 2,500 customers in 100 countries and processes 25 million payments daily.
Kyriba’s announcement comes as FinTechs are offering a wider array of cash-management tools.
Hyosung America released a series of cash-management offerings in late July, as PYMNTS reported. Recently-released cash-management tools are aimed at end-users ranging from landlords to immigrants new to digital finance to buyers and sellers of cryptocurrency to corporate treasurers.