Citi is to use machine-learning tools from HighRadius to provide corporate clients with a more streamlined way to match payments received with expected receipts.
The application, dubbed Citi Smart Match, is designed for large or complex companies that manage a high volume of payments where the remittance information is either missing or received separately from the payment. Cash application can also be hindered by inconsistent payer behavior and payment mechanisms used, leading to an arduous reconciliation chore.
The High Radius software helps to streamline the receivables-to-cash cycle by automatically identifying payers and associated remittance data which may be sent separetly. The remittance data is extracted and used to match payments to open receivables ready for uploading to client ERP system.
Bank of America recently rolled out an equivalent HighRadius application within its global transaction services unit. For Citi, the adoption of the technoloy makes good on a strategic investment made by its Ventures Unit in 11-year old HighRadius in February this year.
“Our partnership with HighRadius demonstrates our continued engagement with fintechs and the commitment to being the best for our clients," says Manish Kohli, global head of payments and receivables at Citi. "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."