Citi Partners with Fintech HighRadius to Launch Citi Smart Match

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:

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.

About Citi

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

About HighRadius

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180712005101/en/

Leave a Comment