Order-to-cash Software-as-a-Service company HighRadius is addressing organizations' collections struggles with a new data exchange solution.
The company said in a press release on Thursday (Feb. 28) that it is rolling out the Collection Agency Data Exchange (CADE) tool, a way for accounts receivable teams to streamline data sharing with collection agencies. The solution facilitates movement of accounts and invoice data to third-party collections firms, allowing companies that are using the HighRadius Collection Cloud solution to place accounts for collection electronically.
The solution links businesses to three collections agency partners, including AG Adjustments, Altus Global Trade Solutions and D&S Global solutions, from directly within the HighRadius platform.
"Friction in collections harms everyone involved," said HighRadius Vice President of Business Development Bill Weiss in a statement. "By automating and accelerating the process, HighRadius frees us enterprises to do what they do best: increase the bottom line."
HighRadius' Collections Cloud solution deploys machine learning to automate and streamline the accounts receivable process. By connecting with collection agencies directly, those collections firms can also automatically obtain the data they need to pursue unpaid invoices.
Altus Global Trade Solutions SVP of Business Development Sam Fensterstock said clients' biggest point of friction "is in placing collection accounts in a timely manner," adding that manual collection of data "is an extremely time-consuming process."
In another statement, D&S Global Solutions VP Sales Aaron Nelson said the integration accelerates collection turnaround time, while Altus EVP of Sales Bryan Clancy added that the automation and integration "drive increased recoveries."
Last month, HighRadius announced the integration of its Freeda Digital Assistant into its accounts receivable platform. The technology is an artificial intelligence tool that allows AR professionals to use voice or touch activation to initiate automated processing, including call note logging, follow-up scheduling and information gathering.