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2014 kyriba webcast_connectivity 0722_final_ss

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Treasurers today have an increasing demand for cash visibility, improved controls, and straight through processing. Cloud solutions provide a cost-effective and easily deployed answer to these treasury needs, delivering connectivity to all your organization’s banks for both bank reporting and payment processing.

In this webinar, Kyriba discussed how organizations can securely connect with their banking partners including:

Explaining each of the different options to connect to banks such as FTP, EBICS and SWIFT
Helping design the right connectivity choices and file formats based on your organization’s banking profile
Offering tips and tricks to ensure you achieve the automation, visibility, and security that you need without overpaying for bank connectivity


Featured Speakers:
Ben Jacoby, Connectivity Expert - Kyriba Corporation
Ben Jacoby, connectivity expert at Kyriba, strategizes Bank and system connectivity options for the Kyriba TWS. His seven years at Kyriba make him one of the longest tenured Kyriba NA employees. Prior to joining the HUB team, Ben was a key resource for the Kyriba Professional Services team, providing strategy and training for over 100 Kyriba clients. Prior to joining Kyriba, Ben spent five years in corporate treasury as a practitioner.


​Bob Stark, VP Strategy - Kyriba Corporation
Bob Stark is responsible for global product strategy and market development at Kyriba. Bob is a 16 year veteran in the treasury technology industryhaving served in multiple roles at Wall Street Systems, Thomson Reuters, and Selkirk Financial Technologies including product management and strategy. Bob is a regular guest speaker at treasury conferences and an active member of the Association for Financial Professionals.

Publicada em: Economia e finanças
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2014 kyriba webcast_connectivity 0722_final_ss

  1. 1. July 22, 2014 CONNECTIVITY IN THE CLOUD
  2. 2. 2© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. Topics we plan to discuss: 1) The Need for Bank Connectivity 2) Sorting out the Vocabulary 3) Bank Connectivity Defined • Security • Bank Formats • Methods to Connect 1) Making the right choices – which is best for you? Today’s discussion
  3. 3. 3© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. Need for Connectivity Connectivity is key to: •Gain visibility into cash & liquidity •Measure forecast accuracy •Make effective financial decisions Requirements •Secure •Automated •Monitored •No IT involvement
  4. 4. 4© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. Making Sense of Bank Connectivity Communication Protocol Formats BACS for UK FTX Ftp PESIT Security Language Content Encryption and Signatures
  5. 5. 5© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. Connectivity Vocabulary SWIFT (The Society for Worldwide Interbank Financial Telecommunication) •Network - that enables banks and corporates to securely send and receive financial messages information •Author of Formats – SWIFT advocates on behalf of financial community to standardize message formats and delivery channels Service Bureau •Service provider to manage connectivity, including SWIFT, for corporations or banks •Like a ‘connectivity’ post office. •For SWIFT – will manage all the incoming/outgoing messages and deliver them to you / pick them up from you
  6. 6. 6© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. Connectivity Vocabulary SWIFTNet •Inter-bank communication network developed and maintained by the SWIFT organization •There are over 10,000 SWIFT members – including banks and corporates SWIFTNet for Corporates •Restricted membership within SWIFTNet •Of 10,000+ SWIFT members, less than 2,000 are part of SWIFTNet for Corporates •Bank/branch may choose to be a member of SWIFTNet, but choose not to be a member of the SWIFTNet for Corporates
  7. 7. 7© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. Connectivity Vocabulary Concentrator •Service provider that receives bank statements (or payments) on behalf of a client •For SWIFT – service provider will ‘share’ their SWIFT address, meaning corporate clients do not need to be part of SWIFT to use SWIFT Protocol •Method for communicating a file/message from one system to another •FTP, EBICS, SWIFT are all examples in this context Encryption •Method to enhance security of a file/message by scrambling contents so it can be read only by those with the right encryption key to unscramble it. •Example encryption types: PGP, SMIME, DES, etc.
  8. 8. 8© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. Making Sense of Bank Connectivity Communication Protocol Formats BACS for UK FTX Ftp PESIT Security Language Content Encryption and Signatures
  9. 9. 9© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. Security Typically four components 1)Authentication • Digital Signature (e.g. 3SKEY) can be applied to payment file 1)Confidentiality • Encryption: so that only receiving party can read the file – e.g. PGP (bank industry standard), S/MIME, PKCS7, DES • Warehoused data (“data at rest”) is encrypted 1)Integrity • “Sealing” of a file: receiving party can validate if file integrity has been compromised 1)Non-repudiation • Proof of delivery: authentications/confirmations key to process
  10. 10. 10© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. Formats North America Europe “Evolving” Bank Reporting BAI2 MT940/942 XML ISO20022 CAMT 052/053 Payments EDI 820 MT101 SEPA XML ISO20022 PAIN formats Bank Fee Analysis EDI 822 TWIST BSB XML ISO20022 CAMT 086  Formats vary across geographies and for different types of transactions  Ideally, corporate treasury never has to worry about formats as systems and vendors manage this ‘on behalf of’
  11. 11. 11© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. Bank Connectivity Options 1 2 3 Host to Host Connections Domestic/Regional Networks SWIFT Concentrator Service SWIFT Alliance Lite 2 SWIFT via Service Bureau 4 5
  12. 12. 12© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL.  TMS connects directly to the bank’s servers. – Commonly referred to as “FTP” connection – Most common protocol in North America – Supports both inbound (statements) and outbound (payments) – Security dictated by bank – No restriction on format (although typically BAI / EDI) – Ideal for small number of US banks Host to Host Connection TMS Domestic Banks
  13. 13. 13© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL.  TMS connects to the regional network (e.g. EBICS or BACS) – Available for most banks within a region – Supports both inbound (statements) and outbound (payments) – Security dictated by regional network – No restriction on format (although usually regional formats) – Ideal for multiple banks or high volumes within a specific region (e.g. France, Germany) Domestic/Regional Networks TMS Regional Banks
  14. 14. 14© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL.  Client does not need to subscribe to SWIFT for own BIC; borrows use of provider's SWIFT membership – Available for ~10,000 banks within SWIFTNet – Security dictated by SWIFT – Limited message formats (FIN messages only) • Bank Reporting - MT940 and MT942 • Payments - MT101 – Ideal for low payment volumes outside of NA SWIFT Concentrator Service TMSTMS Limited message types
  15. 15. 15© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL.  Client manages their own SWIFTNet (BIC address) application – IT and Technical involvement (AL2 software installation and maintenance as well as SWIFT training for resources) – Available for ~ 2,000 banks within SWIFTNet for Corporates – Security dictated by SWIFT and Internal IT – All file/message types can be transmitted (FIN and FileACT) – Highly scalable – Ideal for global clients with low to moderate transaction volumes SWIFT Alliance Lite 2 (Client managed) Corp. ClientTMS Lower payment volumes
  16. 16. 16© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL.  TMS manages the Alliance Lite 2 service: – Integration to TMS – Proactive Connectivity Monitoring – Multiple Acknowledgements  Client’s responsibilities lessened; including need for internal IT  Alliance Lite 2 service otherwise the same  Ideal for corporates who have low/moderate volumes SWIFT Alliance Lite 2 (TMS managed) Corp. ClientTMS Lower payment volumes
  17. 17. 17© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL.  Like SWIFT AL2, TMS connects to SWIFT directly – Service Bureau = TMS manages everything. – No client involvement required / No internal SWIFT expertise needed – No restriction on formats, types of transactions – Ideal for higher number of banks / greater transaction volumes – Key to SWIFT connectivity is knowing volume of transactions that would flow through SWIFT (bank reporting indirectly; payments directly) – Making the wrong choice = you spend too much money SWIFTNet Service Bureau TMSTMS No restrictions
  18. 18. 18© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. How Do I Choose?
  19. 19. 19© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. Bank Connectivity Options 1 2 3 Host to Host Connections Domestic/Regional Networks SWIFT Concentrator Service SWIFT Alliance Lite 2 SWIFTNet Service Bureau 4 5
  20. 20. 20© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. What is your connectivity profile? Your company has banking partners based entirely in the US Bank Reporting: 5 US banks - 100 accounts Payments: 2 US banks - 100 payments per day A Best Choice Host to Host Connections Why? • Low number of banks • High number of accounts • Domestic banking relationships 1
  21. 21. 21© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. What is your connectivity profile? Your company has banking partners in the US, France, and Germany Bank Reporting: 3 Banks (US, FR, GER) - 100 Accts Payments: 3 Banks – 100 payments per day Best Choices Host to Host Connections (US) Regional Banking Network (FR, GER) Why? • EBICS doesn’t charge for transactions in FR, GER • Utilizing SWIFT outside of US would incur network traffic costs 1 B 2
  22. 22. 22© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. What is your connectivity profile? Your company has banking partners in CA and Internationally Bank Reporting: 20 accounts in CA + 20 accounts at 10 Int’l Banks Payments: 1 CA Bank – 100 payments per day Best Choices Host to Host Connections (CA) SWIFT Concentrator Service (International) Why? • Outside NA there is a low bank : account ratio (cost effective for per account pricing) • Payments only needed in CA 1 C 3
  23. 23. 23© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. What is your connectivity profile? Your company has many banking partners globally Bank Reporting: 20 banks globally – 175 accounts Payments: 2 Banks – 3 payment batches per day Best Choices SWIFT Alliance Lite 2 Host-to-Host Connections (possible for US/Canada) Why? • SWIFT Membership is recommended given # of banks + accounts • Low number of payments ideal for AL2 • Host-to-host dependent on how much domestic activity D 4 1
  24. 24. 24© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. What is your connectivity profile? Your company has many banking partners globally + initiates payments Bank Reporting: 20 banks globally – 175 accounts Payments: 10 Banks – 15 payment batches per day Best Choices SWIFTNet Service Bureau Host-to-Host Connections (possible for US/Canada) Why? • Higher payments volume makes AL2 more expensive • SWIFT membership still recommended • Host-to-host dependent on how much domestic activity E 1 5
  25. 25. 25© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL. Summary Multiple connectivity choices. FTP, regional networks, multiple SWIFT services are all required to offer optimal cost/benefit for connectivity. One solution does not fit all. Multiple connectivity choices. FTP, regional networks, multiple SWIFT services are all required to offer optimal cost/benefit for connectivity. One solution does not fit all. Analysis. Your partner can analyze your connectivity requirements and propose the most efficient and cost effective connectivity strategy to minimize costs / maximize reliability. Analysis. Your partner can analyze your connectivity requirements and propose the most efficient and cost effective connectivity strategy to minimize costs / maximize reliability. Security. You expect best-in-class data protection and authentication – including: • Industry standard file encryptions (e.g. PGP, SMIME, and DES) • Digital signature technology (e.g. SWIFT 3SKEY) • Database encryption (i.e. data at rest) Security. You expect best-in-class data protection and authentication – including: • Industry standard file encryptions (e.g. PGP, SMIME, and DES) • Digital signature technology (e.g. SWIFT 3SKEY) • Database encryption (i.e. data at rest) Monitoring. Your partner should proactively monitor bank connections and work with your banks to resolve any issues on a 24x7 basis, in every global region. Monitoring. Your partner should proactively monitor bank connections and work with your banks to resolve any issues on a 24x7 basis, in every global region.
  26. 26. 26© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL.  Download Kyriba Connectivity fact sheet at www.bit.ly/ConnFS to find out how you can connect and transact with confidence! Additional Kyriba Resource
  27. 27. 27© 2014 Kyriba Corporation. All rights reserved. PROPRIETARY & CONFIDENTIAL.  Keep in touch with Kyriba to learn more: Thanks for participating! treasury@kyriba.com twitter.com/kyribacorp kyriba.com linkedin.com/company/kyriba-corporation kyriba.com/blog

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