Citi meets its payments Smart Match with HighRadius
Citi’s Treasury and Trade Solutions (TTS) has teamed up with HighRadius Corporation, a software company specialising in cloud-based integrated receivables, to launch Citi Smart Match.
The bank will use HighRadius’ artificial intelligence (AI) and machine learning (ML) technology along with its own proprietary assets, for the automation of the cash application process of matching open invoices to payments received for its corporate clients. This partnership follows an investment made by Citi Ventures in HighRadius earlier this year.
“Our partnership with HighRadius demonstrates our continued engagement with fintechs,” says Manish Kohli, global head of payments and receivables, Citi’s TTS.
According to 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.
It says 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 behaviour and payment mechanisms used.
The HighRadius Integrated Receivables platform is powered by the Rivana AI Engine and Freda Virtual Assistant for Credit-to-Cash.
The firm adds that its radiusOne B2B payment network allows suppliers to digitally connect with buyers, “closing the loop” from supplier receivable processes to buyer payable processes.