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<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Jae C. Hong/AP</span></p><p class="caption">Citi is partnering with fintech company HighRadius to launch Citi Smart Match, which automates a key money-collection process for businesses.</p></div><p></p></div></div></p><ul><li><strong>Citi is partnering with fintech company HighRadius to automate a key money-collection process for businesses.</strong></li><li><strong>The companies have launched Citi Smart Match, which applies artificial intelligence and machine learning to the process of matching open invoices to received payments - painstaking and costly task known as "cash application."</strong></li><li><strong>The new feature enhances Citi's <a href="http://www.businessinsider.com/why-the-word-network-is-so-crucial-to-citigroups-success-2017-7">crucial and highly lucrative Treasury and Trade Solutions (TTS) business</a>, which provides daily financing and cash management services thousands of multinational corporations in nearly 100 countries.</strong></li></ul><p><a href="http://www.marketsinsider.com/stocks/c-stock">Citigroup</a> is deploying robots to help massive corporations collect payments from customers, the latest enhancement to the bank's bread-and-butter business of managing the nitty gritty tasks for companies' daily cash and transactions. </p><p>Citi on Thursday announced a partnership with Houston-based financial technology company HighRadius to roll out a new feature called Citi Smart Match that applies artificial intelligence and machine learning to the process of matching open invoices to received payments - automating and streamlining the otherwise painstaking and costly task.  </p><p>It also further bolsters Citi's <a href="http://www.businessinsider.com/why-the-word-network-is-so-crucial-to-citigroups-success-2017-7">crucial and highly lucrative Treasury and Trade Solutions (TTS) business</a>, which provides daily financing and cash management services to thousands of multinational corporations in nearly 100 countries and pulled in $8.5 billion in revenues in 2017. </p><p>When businesses receive payments, they have to verify which customer the cash came came from and match the incoming cash to the correct invoice or account so they know that customer is all paid up, a process <a href="http://www.centreviews.com/2016/05/what-is-cash-application/">known as "cash application."</a> It's perhaps obvious how important it is to get this right, as a businesses' operations could quickly grind to a halt if it doesn't know with high accuracy which customers are paying their bills. It would also waste a lot of time and energy trying to collect money from customers who already paid - potentially upsetting a loyal customer in the process. </p><p>It's also gotten a lot more complicated with the proliferation of electronic payments, as money can come in from a variety of places over the Internet separate from the invoice - or a customer could send in a lump sum payment that covers multiple invoices. So cash application is often done manually by specialists within accounts receivable teams to ensure accuracy. </p><p>This is where Citi and HighRadius come in.</p><p>Citi is the day-to-day banker for many the world's largest corporations across the globe, handling an array of recurring money and payment needs.</p><p>In February, <a href="https://www.highradius.com/news/citi-ventures-pnc-make-strategic-investment-in-highradius-to-modernize-b2b-payment-industry/">Citi's venture-capital arm invested in HighRadius</a> - an enterprise software firm focused on applying AI and machine learning to the payment receivables business - and over the past six months the companies collaborated to build Citi Smart Match, which promises to automate cash application for Citi's TTS customers. </p><p>Here are some of nuts and bolts of how Citi Smart Match works and what it will be able to do:</p><ul><li> <strong>Use AI to capture data from checks:</strong> "The technology is able to learn where to look for information and how to identify it."</li><li><strong>Identify and trove through emails and email attachments for key details:</strong> "The AI learns how to identify emails containing remittance information by examining keywords and attachments. Similar to paper processing, the system can identify and extract the data fields relevant to reconciling accounts. It can do this in situations where the remittance is provided in the body of the email as well as when it is in an attached file."</li><li><strong>Organize the automated incoming stream of data:</strong> "The adoption of EDI, or Electronic Data Interchange, which can allow for full automation of account reconciliation from participating customers, specifies a number of formats for everything from invoices to debit authorizations. This will offer client a broad range of ways to organize incoming data."</li><li><strong>Build custom rules for cleaning up and formatting data so invoices are recognized and matched automatically:</strong> "Once the data is extracted, it is necessary to cleanse it so that it is easily recognizable by Client's accounting system and all the invoices are automatically matched and cleared without the analyst having to perform any manual activities. <span style="color: #222222;">The formatting and cleansing of </span><span style="color: #222222;">data can be done using a sequence of rules which transform the extracted raw data into a </span><span style="color: #222222;">format that matches open invoices and can be automatically processed by the ERP."</span><span style="color: #222222;"></span></li></ul><p>After all this, the machine-learning technology "will learn from patterns and behaviors of payments received and continually improve the matching rates over time," according to the companies.</p><p>While this may not be happy news for cash application specialists who might find their services less prized, it's good news for large businesses, which could potentially save both time and millions in costs, which could be invested elsewhere. </p><p>"By joining forces with fintechs like HighRadius, we can rapidly advance the use of new-age technologies across our global footprint and develop solutions such as Citi Smart Match, to provide tangible value to our clients' business," Manish Kohli, Global Head of Payments and Receivables in Citi's Treasury and Trade Solutions division, said in a statement.</p><p>Citi and HighRadius are currently piloting Citi Smart Match with some early adopters and expect to roll out the service more broadly in the coming weeks. </p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-people-get-wrong-about-sustainability-2018-6">NYU Stern professor on what many people get wrong about sustainability: It's not just about the environment and it actually leads to better financial performance</a></h3>        <div>                    </div>    </div>

Citi is deploying robots to help the world's biggest companies collect cash from customers - boosting a key $8.5 billion business for the bank

<keyword id="6006683" type="PERSON" weightage="60" keywordseo="medha-kumari">Medha Kumari</keyword>, a <keyword id="66379" type="ORGANIZATION" weightage="60" keywordseo="National-Institute-of-Technology">National Institute of Technology</keyword> student from the western state of Bihar, recently clutched a Rs 39.5 lakh (4 million) annual package from <keyword id="99699" type="CITY" weightage="20" keywordseo="Adobe">Adobe</keyword> during the ongoing 2017 placement drive. Several students from IIT and IIM have bagged such offers from global giants like <keyword id="6355629" type="ORGANIZATION" weightage="20" keywordseo="Google">Google</keyword> and <keyword id="10387" type="ORGANIZATION" weightage="20" keywordseo="Microsoft">Microsoft</keyword> in the past, but why Kumari's story is inspiring is because she is the first girl student from her college to have made it to Adobe, and that too at the <keyword id="3947508" type="PERSON" weightage="20" keywordseo="highest-salary-package">highest salary package</keyword> offered to any NIT Patna student in the past. <br /><br />Born to a small trader Manoj Kumar Karak, Kumari is a computer science and engineering student at NIT Patna. Her mother Benu Karak is a homemaker. She had earlier bagged an annual pay package of Rs 8.75 lakh at another software company, but tried again. “Since I was expecting better pay package, I started preparing for the placement once again and it worked. The interview was quite tough but I was confident,” she says.<br /><br />Apart from Adobe, 37 companies including Tata Motors, Samsung R&amp;D Institute India, HighRadius, Hero MotoCorp, Wipro, L&amp;T Corporate (POWAI), IBM, L&amp;T Construction, Capgemini, Futures First and Amazon participated in the placement drive. Amazon became the second biggest recruiter offering five students Rs 27.5 lakh pay package each. HighRadius meanwhile made 51 offers this year, which is the biggest from a recruiter, out of which 49 students were offered Rs 7 lakh package while 2 students received annual offers of Rs 8 lakh.  It is a player in cloud-based integrated receivables software space. <br /><br />Among all these offers, Medha Kumari's salary package has been the highest for an NIT-Patna student till date, according to Samrat Mukherjee from the Training and Placement Cell at NIT Patna. <br /><br />Kumari had appeared for an online test conducted by Adobe on the institute’s campus, followed by a technical test and an interview conducted in Kolkata. 40 other students also appeared for the online test, however, she became the only student to clear all rounds and secure a job in Adobe from her college. <br /><br />The 20-year-old student is now bracing to kick-start her stint at Adobe, Noida from June 2018 as software development, implementation, and coding officer.<br />

2017 placement season: Adobe offers Rs 40 lakh pay package to a 20-year-old

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Citigroup</span></p><p class="caption">"We believe that it's critical to not just be watching startups, but to actually be in the game with them," Vanessa Colella, Citigroup CIO and head of Citi Ventures, recently told Business Insider.</p></div><p></p></div></div></p><ul class="summary-list"><li>Citigroup's venture arm, Citi Ventures, has put money into nearly 50 companies over the years.</li><li>Citi CIO Vanessa Colella explains what the bank looks for when investing in a startup.</li></ul><p>Earlier this year, Citigroup rolled out a partnership with Feedzai - <span>an </span><a href="https://www.businessinsider.com/citi-has-inked-a-deal-with-an-ai-powered-fintech-feedzai-2018-12">artificial-intelligence-powered fraud-detection company</a> - to bolster the bank's ability to <span>alerts clients in its Treasury and Trade Solutions business to aberrant or suspicious payments.</span></p><p><span>For a division that processes $4 trillion each day for thousands of corporations and public institutions across the world, the potential impact could be substantial, especially given the alert process has historically been rife with false positives that sap time and resources.</span></p><p><span>The partnership blossomed from an investment Citi Ventures made two years earlier in the budding startup, which is increasingly the path for fintech firms that catch the bank's eye as well as its formidable checkbook. </span><span></span></p><p><span>"</span><span>We've explored a lot of different ways of interacting with startups. We believe that it's critical to not just be watching startups, but to actually be in the game with them," Vanessa Colella, Citigroup CIO and head of Citi Ventures, <a href="https://www.businessinsider.com/vanessa-colella-citi-ventures-innovation-interview-2019-2">recently told Business Insider</a>. "We all said, it's not enough to even get front-row seats. You have to actually suit up and be in the game."</span></p><p>Other startups the bank has invested in and subsequently integrated into its own businesses recently include HighRadius, which uses machine learning to <a href="https://www.businessinsider.com/citi-smart-match-high-radius-deploying-robots-to-help-massive-corporations-collect-money-2018-7">streamline money-collection processes</a>, and Braze, which focuses on improving companies' digital engagement with customers.</p><p>Citi Ventures has put money <a href="http://www.citi.com/ventures/venture-investing/portfolio.html">into nearly 50 startups</a> so far - several which they've already exited - which fall under one of five umbrellas: <span>fintech, commerce and payment, cybersecurity, machine learning, and customer experience. </span></p><p><span>How does the bank decide which startups are right to invest in? Colella laid out her approach to Business Insider:</span></p><p>A company that's still figuring out its idea or is mainly looking for financing is unlikely to find traction with Citi Ventures.</p><p>But, if a fintech has already developed a promising solution to a client frustration, Citi is happy to invest and use its global scale and relationships to accelerate growth.</p><p>As Citi CEO Michael Corbat <a href="https://www.bloomberg.com/news/videos/2019-01-22/citigroup-s-corbat-on-the-global-economy-in-2019-video">told Bloomberg last month</a> in Davos: "Think about that fintech company that has come up with technology, it can do something well and can bring it on to our platform and touch 140 million clients around the world in 100 countries, and we can scale them on day one."<span></span></p><p><em><strong><a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">Sign up here</a><span> </span>for our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals.</strong></em></p><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/vanessa-colella-citi-ventures-innovation-interview-2019-2" data-read-more-link="" data-e2e-name="read-more-link">We spoke with Citi's innovation chief about which fintechs it wants to invest in, how its internal 'Shark Tank' judges know when to kill an idea, and why red tape helps some startups flourish</a></li><li><a href="https://www.businessinsider.com/john-hancocks-head-of-innovation-outlines-issues-holding-back-startups-2019-1" data-read-more-link="" data-e2e-name="read-more-link">The head of innovation at $483 billion insurance giant John Hancock shared an anecdote about a fax machine to highlight the gap between fintechs and finance giants</a></li><li><a href="https://www.businessinsider.com/how-jpmorgan-cio-decides-to-invest-in-fintech-startups-2018-4" data-read-more-link="" data-e2e-name="read-more-link">How JPMorgan's CIO decides which startups to partner with, which to invest in, and which to outright buy</a></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/jean-philippe-courtois-microsoft-executive-vice-president-digital-transformation-tech-intensity-davos-2019-1">A Microsoft EVP explains how every company is becoming digital - from farming to staffing</a></h3>        <div>                    </div>    </div>

How Citigroup's innovation chief decides which startups to invest in

<p><strong>Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to <a href="http://e.businessinsider.com/join/ci/finance-insider-social-first&amp;hash=36afac95fa844948a9f363295d512fca">get the best of Business Insider delivered direct to your inbox.</a></strong></p><p><strong>Here's where Goldman Sachs says to put your money as trade tensions heat up</strong></p><p>Trade-related headlines put the stock market at risk of more volatility.</p><p>To help its clients navigate these swings, Goldman Sachs has reiterated four of its top strategies that should keep investors on track for strong returns this year.</p><p>The recommendations are not hedges against specific risks that trade disputes create for certain companies and industries. Instead, David Kostin, the chief US equity strategist, <a href="http://www.businessinsider.com/trump-tariffs-china-trade-war-where-goldman-sachs-says-you-should-invest-2018-7">is reiterating some of his top ideas at a time when markets are vulnerable to swings based on trade-related headlines.</a></p><p><strong>One of Tesla's largest shareholders is urging Elon Musk to simmer down </strong></p><p>One of Tesla's most influential shareholders is <a href="http://www.businessinsider.com/large-tesla-shareholder-baillie-gifford-rebukes-elon-musk-urges-him-to-focus-2018-7">giving Elon Musk an earful about the turmoil surrounding him and the electric automaker in recent weeks.</a></p><p>James Anderson, partner and portfolio manager at the asset management firm, Baillie Gifford, pointed to the turmoil surrounding Musk - including the CEO's recent public rants.</p><p><a href="http://www.businessinsider.com/elon-musk-uses-twitter-to-distract-teslas-growing-problems-2018-5">Musk has lashed out</a><span> </span>at reporters and news outlets over troubling news about<span> </span><a href="http://www.businessinsider.com/tesla-model-3-production-in-2018-so-far-2018-6">Tesla Model 3 production</a><span> </span>and<span> </span><a href="http://www.businessinsider.com/tesla-employees-reveal-how-they-were-fired-2018-6">internal struggles at the company</a>. Those rants have prompted some fallout, causing<span> </span><a href="http://www.businessinsider.com/tesla-fans-and-critics-are-both-wrong-about-company-2018-7">both Musk's fans and his critics</a><span> </span>to get overheated.</p><p><strong>Wall Street's equity derivatives hiring binge continues</strong></p><p>Citigroup<span> </span><a href="http://www.businessinsider.com/citi-has-hired-quant-trading-exec-from-credit-suisse-2018-7">has hired a quant trading and derivatives exec from<span> </span>Credit Suisse,</a> the latest in the rash of equity derivatives moves across Wall Street.</p><p>Jeff Berton, formerly the head of Quantitative Investment Solutions (QIS) in the Americas at Credit Suisse, is joining Citi to run a similarly focused unit on a global scale, according to people familiar with the matter.</p><p>Berton will lead<span> </span>Citi Investment Strategies (CIS), a global team within the bank's Markets &amp; Securities Services division focused on quantitative index strategies, and he'll also be the head of exotics trading in North America, the people said.</p><p><strong>Broadcom will acquire CA Technologies for $18.9 billion</strong></p><p>Broadcom announced on Wednesday <a href="http://www.businessinsider.com/broadcom-ca-technologies-acquisition-2018-7">its intent to acquire CA Technologies, an American software company, for $18.9 billion in cash.</a></p><p>If the deal clears every hurdle and goes through, the $108 billion semiconductor company will pay $44.50 a share for CA in a deal that could go public on Wednesday, the companies say. The news represents Broadcom expanding beyond processors</p><p>News of this deal comes just four months after President Trump blocked Broadcom from acquiring Qualcomm in a $103 billion hostile takeover on national security ground</p><p><strong>Citi is deploying robots to help the world's biggest companies collect cash from customers</strong></p><p>Citigroup<span> </span>is <a href="http://www.businessinsider.com/citi-smart-match-high-radius-deploying-robots-to-help-massive-corporations-collect-money-2018-7">deploying robots to help massive corporations collect payments from customers, the latest enhancement</a> to the bank's bread-and-butter business of managing the nitty gritty tasks for companies' daily cash and transactions.</p><p>Citi on Thursday announced a partnership with Houston-based financial technology company HighRadius to roll out a new feature called Citi Smart Match that applies artificial intelligence and machine learning to the process of matching open invoices to received payments - automating and streamlining the otherwise painstaking and costly task.</p><p>It also further bolsters Citi's<span> </span>crucial and highly lucrative Treasury and Trade Solutions (TTS) business, which provides daily financing and cash management services to thousands of multinational corporations in nearly 100 countries and pulled in $8.5 billion in revenues in 2017.</p><p><strong>In markets news</strong></p><ul><li><p><a href="http://www.businessinsider.com/a-trader-who-put-a-huge-bet-on-copper-has-been-selling-down-2018-7">A trader who put a huge bet on copper has been selling down - and it could shed light on what's happening in global markets</a></p></li></ul><p> </p><section></section><section></section><section id="l-content" data-track-page-area="Post" data-post-content=""><section><section id="l-content" data-track-page-area="Post" data-post-content=""></section></section></section><section id="l-content" data-track-page-area="Post" data-post-content=""><section><article><section id="l-content" data-track-page-area="Post" data-post-content=""></section><section id="l-content" data-track-page-area="Post" data-post-content=""></section></article></section></section>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/nobel-winning-economist-says-non-competes-are-keeping-wages-down-for-all-workers-2018-6">A Nobel Prize-winning economist says 'non-competes' are keeping wages down for all workers</a></h3>        <div>                    </div>    </div>

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Citi is deploying robots to help the world's biggest companies collect cash from customers - boosting a key $8.5 billion business for the bank

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