Citi Ventures, PNC Make Strategic Investment in HighRadius to Modernize B2B Payment Industry
Houston, TX – February 2018 – Citi Ventures and PNC announce their strategic investment in B2B payments and receivables software industry leader, HighRadius. Banks and enterprises recognize receivables management has to address the 50 percent of B2B payments that are still handled through paper checks while positioning themselves for changes in payment and remittance processes across the globe. HighRadius has an 11-year track record of solving these problems for the world’s largest companies. Embracing the changing payments landscape, Citi Ventures and PNC have invested in HighRadius’ vision to fundamentally redefine the future of the B2B payments landscape.
As an industry leader, HighRadius sits at the nexus of several key trends in financial technology: enabling near real-time payments, artificial intelligence and cloud delivery. By developing software that incorporates these capabilities, operational silos in payment processing are dissolved and tasks that previously required experienced human judgement – further complicated by complex IT deployments – are automatically resolved. This all-inclusive payments and receivables technology is the reason more than 25 percent of the Fortune 1000 utilize HighRadius technology, including adidas, Cargill, Danone, Walmart, Johnson & Johnson, Procter & Gamble, Starbucks, Sysco, Warner Bros. and Zurich.
“The digitization, fragmentation, and atomization of payments are growing rapidly and increasing in complexity. HighRadius’ platform is purpose-built to modernize the accounts receivable function for the enterprise,” said Luis Valdich, managing director of venture investing at Citi Ventures. “We look forward to collaborating with HighRadius to revamp receivables with AI and automation technologies.”
“PNC Treasury Management has a long history of helping customers accelerate incoming payment processing while simplifying the account process through a combination of lockbox and electronic billing and collection services,” said Christopher Ward, Executive Vice President, Head of Product Management, PNC Treasury Management. “With HighRadius’ receivables-focused technology, we are able to automate cash application across all payment and remittance formats allowing them to achieve straight-through processing and capture high quality data without human intervention.”
“If cars can drive themselves, why can’t receivables be processed automatically?” asks Sashi Narahari, Founder and CEO of HighRadius. “Progressive organizations recognize they must look for new ways to incorporate technology rather than simply overseeing a race to the lowest cost resources in far flung BPO centers. With more than $500 billion in receivables processed annually, our platform improves the efficiency of existing staff using intelligent bots while fully automating labor-intensive tasks such as cash application.”
About Citi Ventures
Citi Ventures ignites change and reimagines solutions that drive economic progress for clients. Headquartered in Silicon Valley with offices in San Francisco, New York, London and Tel Aviv, Citi Ventures accelerates discovery of new sources of value by exploring, incubating and investing in new ideas, in partnership with Citi colleagues, our clients, and the innovation ecosystem. The team focuses in five key areas: Financial Services & Technology, Commerce & Payments, Data Analytics & Machine Intelligence, Security & Enterprise IT, and Marketing & Customer Experience. Citi Ventures accelerates its portfolio companies’ ability to scale through collaboration with Citi’s global businesses and industry experts. For more information visit: http://ventures.citi.com/
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
About HighRadius Corporation
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
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