Citi’s Treasury and Trade Solutions (TTS) is collaborating with Software-as-a-Service (SaaS) company HighRadius Corporation to launch Citi® Smart Match. Leveraging HighRadius’ proprietary artificial intelligence (AI) and machine learning (ML) technology along with its own proprietary assets, Citi will significantly streamline the cash application process of matching open invoices to payments received for its corporate clients. The 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 is designed to improve straight-through-reconciliation rates by combining 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. Organizations regularly experience delays in applying cash due to challenges associated with obtaining remittance date necessary to reconcile invoices. In addition, the cash application process can be negatively impacted by 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
“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.”
Based on the foundation of the industry’s largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, Citi’s Treasury and Trade Solutions continues to lead the way in offering the industry’s most comprehensive range of digitally enabled treasury, trade and liquidity management solutions. The partnership with HighRadius is designed to strengthen that position and help both organizations expand their respective technological footprints globally.
