Many companies will embark on an ERP cloud migration project in the coming years, with 70% of SAP and Oracle customers due to migrate in the next three years. Where payments are concerned, this can be a major undertaking. Companies that put their current payment processes in place some years ago will find that the payments landscape has evolved considerably since then. A few years ago, fraud prevention was not as pressing an issue as it is today, bank connectivity was more straightforward and there were far fewer payment formats to consider.
Moving on Up
When companies embark on their ERP payments project, they will need to consider what has changed and how they can use the project as a catalyst for approaching payments more strategically. In practice, that means looking at areas like fraud detection, bank connectivity and payment formats. Companies should also consider how achieving agility and scalability with their payments can boost their negotiating power with banks and how global visibility can open up opportunities to optimise cash balances and consolidate bank accounts.
Accelerating Your ERP Cloud Migration Project
The good news is that your payments project doesn’t need to be a huge investment of time and money. It is possible to accelerate your ERP cloud migration project while enhancing the value of your ERP investment.
Managing Connections and Formats
Kyriba runs the world’s largest bank connectivity service. That means Kyriba can manage all your connections and formats, enabling you to benefit from new payment innovations such as real-time payments, SWIFT gpi and fraud detection.
- Kyriba’s pre-built format library supports 45,000+ payment scenarios for 1,000 banks around the world – meaning there’s no need for you to carry out custom format
- With integrated global bank connectivity, Kyriba supports connectivity options such as SWIFT Alliance Lite2 and SWIFT Service Bureau, as well as APIs, direct bank connections and regional protocols such as EBICS, BACS and Kyriba is also compliant with SWIFT gpi.
Real-time fraud detection, fully integrated sanctions list screening and payment controls ensure all payments activity complies with your payments policy.
Digitising Payment Workflows
Kyriba enables you to put workflows in place to standardise how payments are initiated, approved and transmitted to the bank.
Supporting Bank Independence
Easily scale banks to achieve bank independence and benefit from innovation.
Supplying Innovation and Intelligence
Kyriba enables you to benefit from new payment services, formats and standards without the need for internal IT support. What’s more, you can optimise your payment decisions by taking advantage of real-time data visualisation and payment analytics.
The payments landscape has moved on considerably since most companies first implemented their current ERP payment processes. By taking a fresh look at their requirements, companies can make sure they have the fraud detection capabilities needed to counter the threats they face today. They can also position themselves to take advantage of opportunities for innovation.
That means putting in place the best fraud detection capabilities to protect the business. It also means positioning the organisation to make better use of the wide range of bank connectivity options available today, while ensuring payments can be sent to banks in the right format and with the right information attached.
The time and cost considerations of an ERP migration payments project can be significant. But by working with a specialised technology provider, companies can accelerate the project from more than 12 months to a few weeks while reducing payment connectivity and format costs by up to 80%.