Citi Ventures, PNC Invest In HighRadius To Modernize B2B Payments

Citi Ventures and PNC have invested in HighRadius, a Fintech enterprise Software-as-a-Service (SaaS) company.

Banks and enterprises recognize receivables management has to address the 50% 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% of the Fortune 1000 utilize HighRadius technology, including adidas, Cargill, Danone, Walmart, Johnson & Johnson, Procter & Gamble, Starbucks, Sysco, Warner Bros. and Zurich.

Citi Ventures venture investing managing director Luis Valdich said: “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.

“We look forward to collaborating with HighRadius to revamp receivables with AI and automation technologies.”

PNC Treasury Management executive vice president, product management head Christopher Ward said: “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.

“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.”

HighRadius founder and CEO Sashi Narahari said: “If cars can drive themselves, why can’t receivables be processed automatically?. 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 $500bn 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.”

Source: Company Press Release