Thomson Reuters’ Confirmation partners with fintech startup HighRadius to expand its credit inquiry solution to new markets
Nickie Louise
Posted On September 5, 2019
Back in June, we wrote about HighRadius when the fintech startup and provider of credit-to-cash automation platform partnered with Noventis to debut secure straight-through processing for virtual card payments. Today, HighRadius announced a partnership with Thomson Reuters subsidiary, Confirmation.com, to improve the bank reference process for credit managers, and markedly expand Confirmation.com’s user base.
The solution pairs Confirmation.com’s platform, which provides users access to its network of more than 1,000 banks to facilitate bank referencing, with HighRadius’ Credit Application software. The new end-to-end solution is expected to facilitate a whole new level of automation for credit managers, aimed at improving both the efficiency and effectiveness of the bank reference process. The partnership also allows credit managers using the HighRadius Online Credit Application to connect with Confirmation’s existing global network of over 1,000 banks, including 50 of the top 100.
Founded in 2006 by Sashi Narahari, the Houston, Texas-based HighRadius is an enterprise SaaS provider for Integrated Receivables (Credit, Cash Application, EIPP, Collections, Deductions, and Payments). The company specializes in automating the order-to-cash and treasury management processes.
“Integrating Confirmation’s bank reference technology into the HighRadius Credit Cloud enables HighRadius to automate the credit process for online credit applications,” says Sayid Shabeer, Chief Product Officer at HighRadius. “I’m excited about the positive impact this partnership brings to the market.”
Business credit managers use Confirmation to drive efficiency, increase automation and improve accuracy in processing bank reference requests. Additionally, Confirmation allows business credit managers to standardize requests and archive responses electronically, while allowing financial institutions to comply with regulatory standards and increase productivity.
“This partnership will allow us to expand our credit inquiry solution to new markets,” said Mark Portanova, Vice President of Sales for the Americas. “We will enhance workflows, reporting capabilities and client authorization processes within the HighRadius platform. 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.”
As both companies continue to explore and innovate new ways to automate the credit process, this integration offers enormous benefits to their mutual customers and marks an important development for the broader credit management software market.
Confirmation, now part of Thomson Reuters, is the digital platform and global network trusted by audit firms, banks, law firms, and credit managers to quickly and securely verify financial data. Confirmation invented electronic confirmations nearly 20 years ago and continues to bring innovative products to market like its credit inquiry solution. Today, Confirmation helps 1.5 million users across 170 countries confirm more than $1 trillion in financial data every year.
