Financial management and cloud treasury solutions provider Kyriba has tapped WorldFirst to streamline its payment processes.

Under the agreement, WorldFirst technology will be deployed directly into the Kyriba platform.

The collaboration is said to accelerate the way in which cross-border payments are made as well as boost transparency during the payments process.

According to Kyriba, the partnership will also lower the transfer fees for international payments and FX transactions.

Kyriba chairman and CEO Jean-Luc Robert said: “With the help of highly strategic partners, Kyriba is rapidly evolving its platform to help financial executives streamline processes, reduce fees and accelerate business performance.

“This integration with WorldFirst gives our clients a world-class option to simplify their FX transactions and expands our market opportunity in payments.”

In announcing the collaboration, Kyriba cited an internal survey that revealed that most of the financial executives are unclear about the fees applied by banks for FX payments.

Of those polled, 37% said that they do not have visibility into the payment fees.

When queried on the parameters to consider switching to a new cross-border payments provider, respondents cited more favourable FX translation rates, bank fee reduction, better transparency and traceability.

Kyriba EVP of worldwide indirect sales Karthik Manimozhi said: “We are maniacally focussed on identifying, isolating and eliminating inefficiencies for our clients.

“There has never been a better time for senior leaders to consolidate operational gaps and optimise opportunities with modern technologies.”