HighRadius Partners with Sage To Provide End-to-End Accounts Receivable Automation

HighRadius, a fintech enterprise Software-as-a-Service (SaaS) company specializing in automating the order-to-cash and treasury management processes, today announced a new partnership with Sage. As part of the agreement, HighRadius has integrated RadiusOne A/R Suite with the Sage Intacct cloud financial management system and made it available in the Sage Intacct Marketplace.

RadiusOne A/R brings the power of enterprise-leading AI-powered solutions to midsized businesses. With simpler user experience and faster time-to-value, RadiusOne A/R offers an eInvoicing & Collections App, Cash Reconciliation App, and Credit Risk App to help mid-sized businesses leverage accounts receivable automation technology to overcome their biggest challenges in working capital optimization.

As mid-sized businesses look for sophisticated accounts receivable solutions to continuously monitor the risk of their entire customer portfolio and perform effective collections, RadiusOne A/R squarely fits into their finance digital transformation agenda. RadiusOne A/R Suite’s differentiated approach with pre-loaded configurations based on industry-specific best practices helps midsized businesses automate their accounts receivable processes in a few weeks with minimal IT intervention.

“RadiusOne A/R Suite is built to automate clerical A/R processes for mid-sized businesses and reduce the friction for supplier A/R teams to digitally collaborate with their buyers and A/P teams,” said Sayid Shabeer, Chief Product Officer, HighRadius. “This partnership allows Sage Intacct customers to unleash their full potential by integrating with market-leading accounts receivable automation solutions from HighRadius.”

“The A/R process for many midsize companies can be tedious, manual, and often very time consuming,” added Melody Williams, Sage’s Head of Business Development for Sage Intacct. “HighRadius shares our goal of streamlining and automating financial processes for our customers. This integrated solution will help our joint customers reduce errors and free their finance team to do more value-added tasks to help grow the business.”

SmartSearch makes FT list of fast-growing European firms

Leading anti-money-laundering (AML) firm SmartSearch has made the latest Financial Times’ annual list of the fastest-growing European companies for the third year running.

The FT 1000 lists the European companies that have achieved the highest compound annual growth rate in revenue from 2016 to 2019. SmartSearch is ranked at 700, off the back of an absolute growth rate of 227.2% across the period.

According to the FT, Europe’s high-growth companies are facing another year of slower progress as the pandemic continues to limit business activity in 2021. This is reflected in the qualifying compound annual growth rate for the list which was 35.5 per cent this year, slightly lower than last year’s 38.4 per cent.

However, SmartSearch’s achievement as a fintech firm is mirrored in the wider list as technology firms dominate the rankings with a total of 290.

James Dobson, marketing director at SmartSearch said: “For the third year running this is a fantastic achievement for SmartSearch and all our dedicated staff.

“It is very much a reflection of our business performance last year as 2020 was a record year for SmartSearch, driven in part by the demand for our solution in light of the coronavirus outbreak, which of course dominated everything.

“But in our sector particularly, the need for protection against criminals taking advantage of the gaps that opened up in customer onboarding security and ID verification, was acute.

“We have achieved this result through a best-in-class product but also through our commitment to outstanding customer service. We have a 98% client retention rate which has provided a firm basis for the strong growth we have experienced in recent years.

“With our client numbers rising over the 5,000 mark in 2020 and expansion into North America now at full tilt from our office in Utah, we expect to continue to rise further up the rankings.”

SmartSearch comment – New Conveyancing Task Force should look to digital onboarding

Commenting on the launch of the new Conveyancing Task Force, John Dobson, CEO at SmartSearch, said: “The launch of this new task force for the conveyancing sector is a really positive move, particularly as one of their aims is to formulate and agree due diligence procedures.

“Top of the list of priorities for the task force should be stemming the tide of money laundering and financial fraud that has swept through the property market since the outbreak of the coronavirus pandemic last year.

“There is a simple solution at their disposal which is to accelerate the move to electronic verification (EV) across the conveyancing sector for onboarding new customers and complying with Know Your Customer (KYC) guidance.

“The Government has been clear on this point in recent months in terms of backing the use of EV, because it is much more secure and accurate in providing the true identity of a would-be house buyer.

“It is high time the outmoded method of manually verifying customer ID is made obsolete in favour of a digital process which protects your business, saves time and money and stops fraud at the front door.”

Debate and research project announced

CCRMagazine and HighRadius are set to produce a new virtual-round-table debate looking at the challenges facing professionals working in the order-to-cash cycle.

The debate will be preceded by a major research project which will, in turn, focus and add value to the discussion.

Stephen Kiely, editor of CCRMagazine, said: “We were very proud, last month, to announce our new partnership with HighRadius, which we intend to bring insight and learning to the industry; this is clearly a major first step on that journey.

“Order-to-cash is now an area of intense scrutiny and interest in the wider economy, as businesses realise the importance of protecting their cash positions. But is this giving the industry additional opportunities? And is it possible for professionals to make progress even against the backdrop of current world event? These, and other key questions will be at the heart of this project.”

To complete the research survey, go to: www.surveymonkey.co.uk/r/ZMC3TNC

SmartSearch reveals strongest financial results from 2020

SmartSearch, the UK’s leading anti-money laundering (AML) solution provider, has revealed 2020 was the most successful year in the company’s history, with double digit boosts in sales and profits.

The RegTech specialist, based in Ilkely West Yorkshire, was quick to react to the outbreak of the coronavirus, and subsequent rise in money laundering and financial crime, with enhanced products and new concepts to provide greater security for its customers.

Driven by increased demand for its user-friendly, ID verification system, the business saw sales rise by 13.5% over the course of the year and net profits up by almost a third at 28%.

In addition, SmartSearch brought on 840 new customers taking their total base to more than 5,000 client customers, with 45.000 users of its comprehensive, market-leading digital platform.

It was also the year that the firm, now in its tenth year, began to realise its ambitions for global growth by opening its first office outside the UK, in the U.S.

SmartSearch CEO John Dobson said that the success of the business has been down to the right combination of cutting-edge technology and exemplary customer service.

He added: “Clearly it was a year like no other and while we had been growing successfully year-on-year prior to 2020, the business really went up another level. As we said at the outbreak of coronavirus, an event of this magnitude will provide opportunities for unscrupulous criminals and professional enablers to commit fraud when collectively our guard is down.

“At SmartSearch we were able to respond to that demand very quickly and built new concept products such as the award-winning TripleCheck, which combines three highly sophisticated verification methods to set a new standard in AML security.

“But we also ensure our high standard of customer service is maintained at all times, with the focus on making the tech simple to operate for the end-user.

“The property sector has always been a prime target for money laundering and the pandemic exacerbated that because brokers and estate agents were still relying on manual ID checks when onboarding new customers, which is wide open to abuse.

“We developed the most robust and comprehensive verification system on the market, a one-stop-shop that provides a secure, digital solution. By moving to electronic verification there’s no need to meet people in person, which makes it efficient as well as covid-secure.

“By doing a smartsearch you get access to the most extensive databases in the world, with results back on individuals in just two seconds, and under three minutes for a business search.”

SmartSearch unveils Ultimate Beneficial Owner (UBO) service to cut through corporate fog

Leading anti-money laundering (AML) firm SmartSearch, has launched a new service to help businesses identify the ultimate beneficial owner (UBO) of large corporates.

The increased capability comes as SmartSearch is now integrated with Experian’s Ultimate Beneficial Owner database, and is in response to customer feedback about the frustration of trying to cut through complex corporate structures.

The new service will not only enable businesses to have greater clarity about the ownership of corporate entities they wish to do business with but will also ensure they are compliant with due diligence legislation and Know Your Business (KYB) checks.

According to John Dobson, CEO at RegTech specialists SmartSearch, increasing numbers of businesses are finding it difficult to identify the UBO of corporate bodies where multiple businesses own shares.

He said: “This is an exciting new development which will help users quickly and efficiently understand the ownership structure of a company and identify any individual with 10% or more of the share value.

“This new functionality enables organisations to streamline the identification of the UBO and meet regulatory obligations, all at the click of a button.

“We know how frustrating it is for firms who need to establish the identity of the UBO to find themselves lost in a labyrinth of multiple business names which have shares in the corporation, which may all be linked back to certain individuals or trusts.

“Now, by simply doing a smartsearch they can cut through the corporate fog and get a clear picture of the ultimate beneficial owner quickly, digitally and without the need for hard copy documents.

“Only SmartSearch has the ability to verify individuals and companies in the UK, and internationally, in a single platform via a browser or API.”

HighRadius named a leader in IDC MarketScape for accounts receivable automation software second time in a row

HighRadius, a fintech enterprise Software-as-a-Service (SaaS) company specializing in automating the order to cash and treasury management processes, today announced that IDC has named the company as a leader in both the Enterprise and the Mid-Market editions of the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Receivable Automation Applications 2020-2021 Vendor Assessments (doc #US46791520 & doc #US47032320).

The IDC MarketScape methodology is a rigorous review of a broad set of widely deployed vendors in the SaaS and Cloud-Enabled Accounts Receivable Automation Software space based on capabilities and strategy around innovation, range of services, AI-based automation, buyer/supplier collaboration, partner ecosystem, experience, and architecture.

“We have been the Order to Cash platform of choice for the world’s largest enterprises for the last several years. With an integrated SaaS platform deployed over a single code-base, each of our 200+ Fortune 1000 clients gets the latest and greatest functionality rapidly, unlike traditional, on-premise software with releases and expensive upgrades. HighRadius’ technology stack is built on a robust framework of microservices. This enables us to make a subset of our enterprise-grade functionality available for small and mid-sized businesses (SMBs) and have them up and running in under four weeks,” said Sashi Narahari, Founder and CEO of HighRadius. “In the old paradigm,  software companies had to make a bet on either serving the enterprise market or the SMB market. You could either be a monolithic ERP software or a basic SMB accounting package. Modern software companies like HighRadius are completely changing the game by delivering their software via a consumption-based model. A large enterprise can roll-out the entire platform to 100+ countries in under a year while an SMB can get a simple application up and running quickly and can activate more functionality as they grow.”

The IDC report notes, “HighRadius Accounts Receivable products are infused with machine learning at multiple points including matching payments to invoices, assigning credit limits and creating and maintaining cash forecasts.” “The HighRadius Integrated Receivables Platform can handle global complexity in order to cash processes; multi-language, multi-geo business units, and ERP landscapes, while the RadiusOne A/R Suite for Midsized Businesses offers real-time credit risk monitoring with built-in credit data for proactive risk mitigation and enables faster customer onboarding and credit reviews, with online-application and automated credit scoring.”

We’ve now left the EU, but have you read the small print?

Leading UK anti-money laundering (AML) firm SmartSearch is warning businesses against ignoring European Union money laundering directives, following the UK’s departure from the EU at the start of the year.

The RegTech 100 firm, which operates globally, said that despite Brexit, the EU-wide money laundering directives have been written into UK law and still need to be adhered to. Otherwise, businesses will be exposed to enforcement action from the Financial Conduct Authority (FCA).

In addition, as part of the legislation governing the departure from the trading bloc, the UK government has stipulated that electronic verification should be used, enabling businesses to move away from manual, document-based checks.

John Dobson, CEO at SmartSearch said switching to electronic verification was the best way for businesses to ensure compliance with all the latest legislation, in the UK and EU.

He said: “We’ve now had six EU Money Laundering Directives with the last one just published a few weeks ago. As a major global financial centre, the City of London will be compliant with these regulations, as they still want to do business with the EU, which means all regulated businesses need to be compliant.

“We may have left the EU on Dec 31, but have you checked the small print? Businesses still need to be up to date with that legislation or risk fines and enforcement action from the FCA. For any business, the best way to be compliant is by switching to electronic verification for onboarding new customers and we would urge all businesses to make that switch this year.”

Dobson says that the Brexit legislation has been amended recently to clarify the provision confirming that identity can be verified electronically, which is now UK law.

He adds: “For some time now it’s been clear that documents are dead and that there is an alternative in electronic verification, which is quicker and more cost effective. It’s also less intrusive for you and your client, as well as being 100% Covid-secure because you don’t need to meet face-to-face. Faced with this third wave of coronavirus, businesses need to act fast to make the switch.

“The only way to be sure is to switch to 100% electronic verification. There is no longer any need to collect passports, driving licences and those kinds of documents to verify ID. We are entering a new era of EV, and this year is the year to make the switch.

“Only SmartSearch has the ability to verify individuals and companies in the UK, and internationally, in a single platform via a browser or API. It’s time to protect your business by doing a smartsearch, which means a fully automated electronic identity check that references multiple independent data sources to confirm multiple proofs of identity. It automatically screens the data subject against global sanction & PEP watch-lists compliant with the latest AML government regulations.”

CCR and HighRadius agree partnership

CCR and HighRadius have announced a major new partnership that will aim to bring knowledge and discussion to the industry.

The two have agreed to partner to bring a series of learning opportunities to the industry, including articles contributed by HighRadius, two research projects and virtual round-table debates, and an interview with a senior figure.

Stephen Kiely, editor of CCRMagazine, said: “Our priority will always be to bring our readers the most relevant information and analysis, so we are very proud to be working with such an important industry organisation on a on a year’s programme to do just that. I know that this will be a successful collaboration and that we will be able to continue with our mission to inform in these changing times.

“We will be starting to work towards the first research project and virtual debate very shortly, so I would encourage everyone to watch this space for further information!”

HighRadius provides a cloud-based Integrated Receivable Platform, powered by artificial intelligence. Its technology empowers organisations to reduce cycle time in the order-to-cash process and increase working capital availability by automating receivables and payments processes across credit, electronic billing and payment processing, cash application, deductions, and collections.

Find out more at www.highradius.com.

AML experts SmartSearch warn firms in property sector of increased threat of fraud in lockdown

Commenting on the latest lockdown measures, John Dobson, CEO at AML specialists SmartSearch, said: “Although in some ways it feels a lot like March 2020 all over again, there are some significant differences this time around. Not least, businesses have much more idea of what to expect and how to deal with operating in a lockdown scenario. And, crucially, sectors such as the property market will still be able to function.

“However, the order from the Government to return to working from home means once again those regulated businesses that require ID verification for customer onboarding processes, will be vulnerable to money laundering and attempts at financial fraud.

“The big shift we expect to see is many more businesses in that sector looking to electronic verification to onboard customers more securely. Not only is it more secure and quicker, it is also Covid-safe as it’s all done digitally.

“The technology is available to make a remote ID check for an individual online in less than two seconds, and a check for business in less than three minutes, with bank account checks, facial recognition and document verification to deliver additional layers of security for clients that are seriously risk averse. These are browser-based systems that can be up and running within 24 hours.

“It looks as if these restrictions will be in place for several months, so businesses need to have the systems in place to ensure they are compliant with Know Your Customer (KYC) and Know Your Business (KYB) legislation.

“A lot of firms were targeted last year and fell victim to fraudsters because ID verification processes were manual and outdated.

“This time around there’s no excuse for leaving those gaps in security wide open for exploitation by criminals, with electronic verification as the only viable alternative today.”