Citi's Treasury and Trade Solutions has boosted its invoice and payment-matching application for corporate clients with artificial intelligence (AI) and machine learning (ML) technology provided by software company HighRadius. The Smart Match platform matches open invoices with payments received for corporate clients, while HighRadius's AI/ML capabilities aim to increase the efficiency and automation of the cash application process. Earlier this year, Citi Ventures made a strategic investment in HighRadius, which specialises in cloud-based integrated receivables.
According to Citi, the use of new AI and ML technologies within Smart Match can help clients improve straight-through reconciliation rates by creating a more efficient matching system. In its statement, the bank explains that 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.
It says that 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.
Sashi Narahari, founder and CEO of HighRadius, commented: “HighRadius is thrilled to have Citi as both a partner and an investor. 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."
Online repository of simple, fast & robust APIs that just work
Citi launch their API Developer Portal as APIs are starting to dominate cash and treasury system and service delivery
AI and automation can be very dangerous, even in corporate treasury department
Distruction of the very fabric of society and loads of jobs is too much
How AI will improve treasurer-bank engagement
Alenka Grealish, Senior Analyst, Celent explains how use of artificial intelligence is changing corporate treasurer-bank relationship