Citi Ventures and PNC have made strategic investments in business-to-business payments and receivables software provider HighRadius. Terms were not disclosed.
HighRadius operates in an area where banks and enterprises recognise that receivables management has to address the 50% of B2B payments that are still handled through paper cheques.
The firm claims that its receivables platform optimises cash flow through automation of receivables and payments processes across credit, collections, cash application, deductions, electronic billing and payment processing.
The platform uses AI to automate tasks - such as extracting remittance data - that normally require human intervention, while a radiusOne B2B payment network allows suppliers to connect digitally with buyers.
HighRadius says that more than a quarter of the Fortune 1000 use its tech. Last year Bank of America Merrill Lynch tapped the company's technology for its new 'Intelligent Receivables' system.
Luis Valdich, MD, venture investing, Citi Ventures, says: "The digitisation, fragmentation, and atomisation of payments are growing rapidly and increasing in complexity. HighRadius' platform is purpose-built to modernise the accounts receivable function for the enterprise."