Cloud-based financial and IT solutions provider Kyriba has set up a receivables finance module on its platform, to meet demand from corporates to accelerate cash conversion amid an increasingly tough macroeconomic environment.

US-headquartered Kyriba, which counts among its investors HSBC, BpiFrance and Banque Populaire, already offers products such as third-party funded working capital solutions, dynamic discounting and supply chain finance.

It works by connecting siloed financial environments, such third-party banking applications – including trade finance, payment and core banking systems – to corporate enterprise resource planning (ERP) systems, to enable firms to improve cash and risk management.

With Kyriba Receivables Finance, launched this week, the company says it is providing finance teams with “greater control over factoring or securitisation programmes as well as enabling selective invoice financing”.

The solution automatically pulls invoices from one or multiple ERPs, identifies eligible documents based on each funders’ criteria and dispatches them to the different financial institutions while continuously updating ERPs on both status and accounting.

By integrating all vendor programmes into a single platform, the multi-funder module allows treasurers to gain a real-time overview of their credit facilities, utilisation, limits, and programme performance.

The new product comes amid warnings that corporate insolvencies are expected to grow by 19% next year, as a maelstrom of higher energy prices, soaring interest rates and inflation batter balance sheets. “A lot of companies die despite their profitability, because they don’t have the tools to manage or inject cash into their company,” says Bob Stark, Kyriba’s vice-president of strategic marketing. “The speed at which companies can convert their receivables is essential for their survival: the faster the conversion, the less working capital required to support the business.”

This development is the latest in a series of expansions by solution providers into the increasingly busy working capital finance space. In January this year, enterprise software company SAP joined the fray after it agreed to buy a majority stake in working capital solutions provider Taulia, integrating the fintech’s offering into its ERP offering.

Shortly afterwards, San Francisco-based Taulia, which offers payables, receivables and inventory finance solutions through its digital platform, launched its own enterprise off-balance sheet receivables financing product to enable suppliers of large corporates to receive early payment on invoices.

Kyriba says that its new receivables finance module is now available for corporates, large and medium companies, as well as financial institutions in white-label solutions.