Prevent Vendor Fraud in Kyriba
Embed Trustpair natively into Kyriba to be equipped with the ultimate safety net for your payments where fraudulent cases are immediately rejected.
Account Validation in Kyriba
This native Kyriba connector enables finance and accounting teams to verify vendor bank account ownership prior to processing payment campaigns. By guaranteeing 100% reliable payments, Trustpair facilitates accurate financial forecasting and avoids losing money through fraud or error.
Seamlessly integrated into the Kyriba interface to reinforce payment security. With a setup as simple as an on/off button, Trustpair can be deployed in Kyriba within the fraud detection module in just one day.
Start protecting your company from payment fraud today!
Benefits of using Trustpair in Kyriba
Easy Setup and Time Saving
Make your Treasury Management System 100% safe in just one day with Trustpair's straightforward installation. It's as simple as toggling an on/off button within Kyriba's Fraud Detection module.
Streamlined Payment Campaigns Processing
Streamline payment validation by effortlessly sorting through vendors, and focus on high-risk profiles only. Relive your financial team from the stress of potentially paying fraudulent vendors.
A Reinforced Fraud Module in Kyriba
Trustpair connector is accessible within Kyriba's interface enabling efficient fraud detection and prevention without disrupting your existing processes.
Key features of Kyriba
Payment Control and Monitoring
- Validate payments created within Kyriba as well as those originating from an ERP and sent to Kyriba via SFTP.
- Receive real-time alerts on unusual amounts discrepancies through payment history data analysis
Vendor Identification and Management
- List vendors showcasing anomalies or those flagged as unfavorable and get immediate visibility on potential risks and better vendor management.
- Leverage fuzzy matching to accurately identify vendors within the Trustpair database using company name references.
Custom Alerts and Rules Setup
- Tailor alerts to your specific needs, ensuring you are promptly notified about crucial payment activities and vendor statuses.
- Establish rules to permit or block payments based on Trustpair’s vendor risk evaluation.
- Define alert rules and customize who should be informed depending on the vendor situation.
Benefit from GIACT network
Our customers integrated Trustpair into Kyriba
Discover how finance teams successfully automate and streamline their account validation processes in Kyriba.
"Trustpair gives us more reliability and peace of mind. The financial director is more serene when it comes to approving the transfer order."
"With Trustpair’s verification methodology, it's no longer just a consistency check but an exact confirmation of the validity of the third party: there is no longer any risk."
"With Trustpair, we are able to automatically and quickly monitor our third parties and ensure the security of that very data over the long term."
“I would definitely recommend Trustpair to finance departments. It makes adding and modifying beneficiaries more reliable, without resorting to manual processes that are cumbersome, time-consuming and fallible.”
“The control process is simplified with the Trustpair solution, the Finance Department is reassured and, above all, it no longer needs to waste time performing manual checks to verify a supplier's bank details.”
"Trustpair adapts very well to the specifics of our market and our way of working. Several features are developed as we work together. That's a real plus."
"Trustpair has become more than a reflex; it has become an obligation. The team no longer validates an IBAN unless Trustpair has confirmed it to us."
More international data sources integrated within Trustpair
FAQ
Frequently asked questions
Kyriba is a Treasury and cash Management System (TMS) created in France in the early 2000s.
This connector is based on Trustpair API and permits payment signatories and treasurers to have the Trustpair evaluation in their Kyriba environment before and when validating the payments file. It ensures that the transaction sent to the bank is going to the correct beneficiary.
Having a control on the TMS level in addition to the control on the ERP level permits to avoid internal fraud as payment files can be intercepted and modified during the transport from ERP to TMS.
B2B payment fraud takes many forms: CEO scams, phishing, supplier fraud, etc. To summarize, it’s all the ways fraudsters can embezzle funds from a company. Scammers are more and more innovative, often resorting to sophisticated cybercrime.
One of the most common ways is using identity theft to change banking information and have money sent to fraudulent bank accounts. Thieves can use vendors or even employees to change banking credentials.
This type of fraud is difficult to detect: that’s why it’s crucial to have an automated solution like Trustpair that checks bank account ownership.
A variety of factors or vulnerabilities within the financial structure or system can lead to such a situation within Treasury or cash Management System (TMS) solutions. Here are some common ways it can happen:
- Unauthorized Access: If unauthorized individuals gain access to the TMS, they can initiate fraudulent transactions or alter payment instructions.
- Internal Fraud: Employees with malicious intent and access to the TMS could alter payment details, redirecting funds to unauthorized accounts.
- Insufficient Controls: Lack of proper controls and checks within the TMS could allow fraudulent transactions to go unnoticed or unverified.
- Phishing Attacks: Phishing emails or messages could trick authorized users into revealing sensitive credentials which can then be used to access the TMS and commit fraud.
- Man-in-the-Middle Attacks: Attackers could intercept and alter communications between the TMS and other systems (e.g., ERPs or banks) to redirect payments or manipulate transaction details.
- Supplier Impersonation: Fraudsters could impersonate legitimate suppliers and provide altered banking details, leading to payments being sent to fraudulent accounts.
- Insufficient Verification: Lack of robust verification mechanisms for altering payment details or approving new suppliers could lead to fraudulent transactions.
- Outdated Software: Running outdated or unpatched versions of TMS software could leave the system vulnerable to known security exploits.
- Lack of Monitoring and Alerts: Insufficient monitoring of transactions and lack of real-time alerts for unusual activity can delay the detection of fraudulent activity, allowing insecure situations to continue over a prolonged period which in turn can adversely affect financial forecasting.
Implementing robust security measures, maintaining up-to-date software, enforcing strict access controls, and utilizing best-of-breed solutions like the Trustpair connector for Kyriba can help mitigate these risks and secure the organization’s financial transactions within the TMS.
Within Kyriba, as payments are proposed, the Trustpair connector evaluates them based on pre-defined rules and alerts on any discrepancies or anomalies, such as a sudden large amount of transaction to be sent to a regularly paid vendor or payments to unknown vendors. This evaluation aids in preventing fraudulent payments and ensuring the integrity of your financial transactions, thereby promoting better liquidity management.