IVC introduced a TMS and new Payment Hub solution with Kyriba, more recently adding in-house banking and FX/Debt management, overseen by Zanders. IVC’s key aims included consolidating, centralising and automating payments within its TMS with connectivity to its main banks, and ending reliance on using online banking portals for reporting and manual payments.

IVC’s payment factory covers 20 countries and supports domestic and international payments as well as all types of internal, third party, treasury and payroll payments in standardised payment file formats that incorporate fraud detection.

The solution introduced bank communication exchanges across standard protocols like SWIFT, and can integrate all bank statement formats and generate payment formats. Introducing IHB has supported automatic identification of cash sweeps in external cash pools and allowed treasury to record movements in the IHB and ensures all intercompany transactions are settled through IHB to reduce external bank charges.

IVC’s new Kyriba payment platform centralises all aspects of global payments processing, connecting treasury technology infrastructure to banking partners. The solution acts as a bank connectivity hub, connecting treasury technology infrastructure to banking partners in a scalable and secure manner, without the need to establish and maintain costly individual connections.

Transactions between the operating entities and IVC treasury – such as netting payments, currency exchanges and internal loans and deposits – no longer need physical cash transfers as everything is settled within the company’s IHB structure, which can debit or credit subsidiaries’ accounts, in near real time. The IHB has replaced the external banks’ calculations and postings of cash pool interests, providing bank statements to the IHB entities.

Cash management at IVC has been transformed via TMS-initiated cash pooling in multiple currencies, and efficient bank-to-bank transfers are now triggered via TMS to manage cash efficiently. IVC has accurate short- and medium-term cash flow forecasting capability with variance analysis, incorporating data available in TMS and ERP. Meanwhile FX risk management has been enhanced via real time visibility and FX Netting, while integrating automatic FX hedging with seamless integration between Kyriba and the 360T platform.