Kyriba Corp. announced its partnership with Accuity, the leading provider of financial crime compliance, payments and financial counterparty know-your-customer (KYC) solutions. The partnership highlights the development of a global payments sanctions screening service that flags potential issues with payments to vendors to limit delays and provide early detection on potentially risky payments. The service will be available to all Kyriba clients.
Currently, corporates are fined hundreds of thousands of dollars per year when they fail to block payments to sanctioned entities. In 2015 alone, there were 15 OFAC enforcement actions, ranging from $23 thousand to $329 million, according to the US Department of the Treasury. The unique combination of Kyriba’s payment factory, centralization and screening capabilities matched to the Accuity market-leading data and solutions will allow treasurers to be prepared if payments are flagged against sanctions lists.
Kyriba will offer Accuity payment screening capabilities and optimized OFAC, UN and EU sanction lists. All payments generated with Kyriba or routed from an enterprise service planning (ERP) system through Kyriba can be prescreened, adding compliance to new regulatory mandates, and saving significant resources.
Among early adopters, Jacques Molgo, director of Group Financing & Treasury at Air Liquide said, “Digitization has allowed us to free up time to improve the security of our processes, meet the new regulatory requirements, and enhance investments in areas such as anti-money laundering, counter-terrorism financing, and compliance with international sanctions.”
Jean-Luc Robert, CEO and Chairman at Kyriba said, “In today’s multinational payments environment, it is critical to be empowered by technology so that organizations can avoid sanctions, and remain compliant. Kyriba’s alliance with Accuity gives our clients the ability to proactively prescreen payments, and enables our clients to avoid or better prepare for deceleration in their payments workflows, and protects the financial health of their global ecosystem.”
Florence Vicentini, Global Head of Channel Sales & Strategic Partnerships, Accuity adds, “We are proud to be working with Kyriba to offer our leading Fircosoft transaction screening capabilities to help provide increased cost savings and support for better regulatory compliance. This will ensure that corporates have a better handle on their current vendor relationships and increase efficiency across the company.”
The Kyriba and Accuity alliance adds yet another unique value proposition to protect finance and cash management leaders in a constantly changing marketplace.