Software-as-a-Service FinTech HighRadius is collaborating with bank reference automation firm Confirmation to broaden the functionality of HighRadius' Online Credit Application solution.
According to a press release on Thursday (Sept. 5), HighRadius will integrate Confirmation, which is part of Thomson Reuters, into the HighRadius Online Credit Application portal, a solution for business credit managers to streamline credit application. The Confirmation integration will enable those credit managers to automate and accelerate bank reference request processing, connecting those professionals to Confirmation's banking network, digitizing and standardizing requests and promoting compliance.
"Integrating Confirmation's bank reference technology into the HighRadius Credit Cloud enables High Radius to automate the credit process for online credit applications," said HighRadius Chief Product Officer Sayid Shabeer in a statement.
Confirmation's VP of Sales for the Americas Mark Portanova added that the integration allows the firm "to expand our credit inquiry solution to new markets."
"We will enhance workflows, reporting capabilities and client authorization processes within the HighRadius platform," he said. "These measures will progress the traditionally slow, manual and time-consuming credit approval processes, enabling the use of Online Credit Applications as an expedited solution.”
Its partnership with Confirmation is the latest initiative by HighRadius to promote efficiency through data integration.
In March, the company announced the launch of its Collection Agency Data Exchange (CADE) tool, allowing accounts receivable teams to streamline data sharing with collection agencies, including accounts and invoice information. At the time, HighRadius said three collection agencies were participating in the integration: AG Adjustments, Altus Global Trade Solutions and D&S Global Solutions.
The companies noted that the data integrations will accelerate collections times and drive recoveries of unpaid invoices.
A month prior, HighRadius had revealed the integration of its Freeda Digital Assistant into its own accounts receivable platform, enabling AR professionals to use an artificial intelligence (AI) solution with voice and touch activation to automate a range of AR tasks.