Data and software provider Accuity has partnered up with Kyriba, a provider of cloud-based treasury, payment and risk management solutions to develop a global payments sanctions screening service.
The service will flag any potential issues with payments to vendors, in a bid to limit delays, and to detect any potentially risky payments as early as possible.
It will combine Kyriba’s payment factory and centralisation and screening technologies with Accuity’s data solutions, and will be available to all Kyriba clients.
By blocking more payments to sanctioned entities, the solution is intended to help firms reduce fines for failures to block these payments.
Jacques Molgo, director of group financing and treasury at Air Liquide, an early adopter of the service, said: “Digitisation 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 organisations can avoid sanctions, and remain compliant.”
“Kyriba's alliance with Accuity gives our clients the ability to proactively pre-screen 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 and strategic partnerships at Accuity, added: “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.”
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