NEW YORK--(BUSINESS WIRE)--Citi’s Treasury and Trade Solutions has entered into a strategic partnership with HighRadius Corporation, a software company specializing in cloud-based integrated receivables to launch Citi® Smart Match. Leveraging HighRadius’ proprietary artificial intelligence (AI) and machine learning (ML) technology along with its own proprietary assets, Citi will dramatically increase the efficiency and automation of the cash application process of matching open invoices to payments received for its corporate clients. This partnership follows a strategic investment made by Citi Ventures in HighRadius earlier this year.
“Our partnership with HighRadius demonstrates our continued engagement with fintechs and the commitment to being the best for our clients. By joining forces with fintechs like HighRadius, we can rapidly advance the use of new-age technologies across our global footprint and develop solutions such as Citi® Smart Match, to provide tangible value to our clients’ business”, said Manish Kohli, Global Head of Payments and Receivables, Citi’s Treasury and Trade Solutions.
Citi® Smart Match can help clients enhance straight-through-reconciliation rates by bringing together disparate pieces of payment data and applying AI and ML enabled business logic to match payments received with expected receipts in a more efficient manner.
Corporations often experience delays in applying cash due to the difficulty in obtaining the remittance information required to reconcile invoices. Cash application can also be hindered by inconsistent payer behavior and payment mechanisms used. Many clients facing these challenges are seeking innovative solutions to:
- Automate manually intensive processes thereby reducing costs
- Decrease days-sales-outstanding (DSO), optimizing working capital; and
- Manage exceptions quickly, increasing operational efficiency
Citi’s investment in its core transaction banking infrastructure coupled with its on-the-ground presence in over 90 countries allows clients to manage their treasury operations from a single point of interaction, with global consistency. The strength of Citi’s network is demonstrated through its extensive solution offering, including Payer ID and Direct Debit capabilities, which both facilitate automated reconciliation. The addition of AI and ML to Citi’s receivables reconciliation solution suite offers a compelling proposition, allowing Citi to better serve its multinational clients across the globe.
“HighRadius is thrilled to have Citi as both a partner and an investor,” said Sashi Narahari, Founder and CEO of HighRadius. “We recently announced an investment from Citi and today we have further extended that relationship. Leveraging Citi’s extensive global network and capabilities, HighRadius will be able to offer an enhanced proposition to multinational corporations.”
Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry's most comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
HighRadius is a Fintech enterprise Software-as-a-Service (SaaS) company. The HighRadius™ Integrated Receivables platform optimizes cash flow through automation of receivables and payments processes across credit, collections, cash application, deductions, electronic billing and payment processing. Powered by the Rivana™ Artificial Intelligence Engine and Freda™ Virtual Assistant for Credit-to-Cash, HighRadius Integrated Receivables enables teams to leverage machine learning for accurate decision making and future outcomes. The radiusOne™ B2B payment network allows suppliers to digitally connect with buyers, closing the loop from supplier receivable processes to buyer payable processes. HighRadius solutions have a proven track record of optimizing cash flow, reducing days sales outstanding (DSO) and bad debt, and increasing operational efficiency so that companies may achieve strong ROI in just a few months. To learn more, please visit www.highradius.com.