Citi Improves Receivables Reconciliations With HighRadius Partnership

Citi has partnered with HighRadius, a company that participated in its 2017 Fintech Challenge, to develop a sophisticated reconciliation for receivables using artificial intelligence (AI) and Machine Learning (ML). Reconciling payments received against invoices has been around for a while -- probably as long as companies received payments for good and services. It's also been the target of some massive investments in technology to develop standards and automate the processing in search of straight through processing by computers without human intervention. You'd think banks and corporations would have figured it out by now. But the challenge has been growing more intense, said Manish Kohli, global head of payments and receivables at Citi's Treasury and Trade Solutions.