Treasury management platform Kyriba has launched a new service through J.P. Morgan’s API which enables clients of both platforms to send real-time payments in the US.
These transactions will be completed through The Clearing House RTP network, a US banking association supporting and encouraging real-time payments.
Leveraging real-time payments will deliver faster payment transmission and acknowledgments. Additionally, payments through the network can be sent on-demand, simplifying the reconciliation and back-office application of payments compared to managing batch files.
Through this integration, Kyriba is the first treasury management provider and payments hub which gives J.P. Morgan’s corporate clients access to real-time payments.
US-based Kyriba supports businesses with their cash and risk management, payments and working capital optimisation. The company delivers a dashboard with holistic data visualisation which can transform data into actionable information.
For payments, the company empowers organisations to manage their global payment processing, complete with automated workflows, compliance tools, and payments initiation, approval and release. The company also uses real-time detection software which can uncover and prevent payments fraud whenever suspicious activity is noticed.
Kyriba processes over 83 million bank transactions, 30 million payments and 530 million ERP transactions on its clients’ behalf each month.
J.P. Morgan global head of Open Banking Sairam Rangachari said, “Kyriba’s vision to broaden the payment choices available to corporate CFOs and treasurers aligns with J.P. Morgan’s open banking initiatives. Our clients value the option to transmit real-time payments, and the API integration we have implemented with Kyriba enables these payments to be processed and confirmed within seconds.
“Together we have launched the next generation of payments technology to truly modernize the payments experience for our joint clients.”
Earlier in the year, Kyriba closed a $160m growth investment from global buyout house Bridgepoint, giving the RegTech a $1.2bn valuation. The funds are being used to support the enhancement of its product and expanding its ecosystem.
Following the close of the investment, SunBridge Partners sold its hold within Kyriba Japan, a joint venture established by the two to support treasury management in Japan.
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