Born on the Fourth of July: HighRadius™ Freda™, World’s First Credit-to-Cash Virtual Assistant Launched

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Artificial intelligence-enabled virtual assistant to support users with information, analytics and decision-making across the Integrated Receivables platform.

HighRadius Freda - Virtual Assistant for Credit-to-Cash

HighRadius Freda - Virtual Assistant for Credit-to-Cash

Today, our Freda™ Virtual Assistant for Credit-to-Cash is potentially set to revolutionize credit and receivables operations by giving users access to all available information and data at their fingertips.

HighRadius Corporation launches Freda™, the world’s first virtual assistant for credit-to-cash. Similar to other virtual assistants, Freda processes human input and instantly looks up information or assists with daily tasks and answers both simple and highly complex questions. HighRadius™ Freda will assist credit and receivables analysts, managers and leaders with day-to-day data lookup, customer research, analytics and decision-making.

Freda is available as a text-based virtual assistant with the HighRadius™ Integrated Receivables platform and will support processes and decision-making across credit, collections, deductions, cash application, billing and payments. Click here to learn more about Freda™ Virtual Assistant for Credit-to-Cash.

Every credit and receivables team processes hundreds of thousands of transactions while analyzing data and reports across systems and tools. Consider the scenario in which an analyst has a discussion with a customer on credit limit extension. While on the call, an analyst would want to look up information on the customer’s total credit exposure and payment trends before making a credit decision. Traditionally, this would require pulling up multiple reports and worksheets to have a meaningful conversation with the customer and make an informed decision. With Freda, an analyst could simply ask, “What is the total credit exposure for Customer A,” and instantly receive a response along with links to relevant reports, analysis and information.

Freda leverages Natural Language Processing algorithms to process user questions and share relevant information. The algorithms enable Freda to understand the ‘intent’ behind virtually hundreds of thousands of questions and provide appropriate responses and associated data. Users simply type a question in the chat interface and Freda responds with the required information that may include links to data, documents and reports across the HighRadius™ Integrated Receivables platform. Freda seamlessly integrates data and information traversing credit and receivables functions, and the outcome is a highly knowledgeable, dependable colleague for every credit and receivables team.

Freda supports three major functions in everyday credit-to-cash processing. The first enables instant and quick access to basic information about receivables and payment history, customer master data plus both team and individual activity and performance. Freda responds to inquiries such as finding out a list of open invoices for a customer based on a particular ageing bucket, or figuring out when the next payment batch is due, or simply generating a list of all payment commitments which need to be followed-up on a particular day. Freda provides information that spans the credit-to-cash cycle in a ready-to-use format.

As a second function, Freda also supports quick analytics on customer and receivables data. Traditionally this would require downloading reports, exporting data to a spreadsheet and doing mathematical calculations. Freda is able to perform analysis on-the-fly using data from open A/R, customer master and payment history. For example, Freda helps managers know who their top performing collector was based on the successfully collected payment commitments, or enable an analyst to compute the total early-payment discount claimed by a customer over the last three months.

Finally, the third major function allows Freda to help analysts and managers leverage the HighRadius Rivana™ Artificial Intelligence Engine for accurate inputs in decision-making. A user could ask Freda about the probability of receiving a remittance for a payment before deciding on whether to manually handle it as an exception. In another case, collectors could ask Freda the best time to call a customer. Analysts could also use Freda to predict whether an invoice would get paid in the next 5 days, in order to determine the priority of the invoice in their follow-up queue. Freda is dynamically plugged in to the Rivana™ Artificial Intelligence Engine to handle all ad hoc predictive intelligence requests. Click here to learn more about the Rivana™ Artificial Intelligence Engine.

Commenting on the launch of Freda, Sashi Narahari, CEO and President, HighRadius, said, “The focus of technology and innovation at HighRadius has always been to empower credit and receivables teams in everyday work to achieve better outcomes. A few years back when we introduced our Artificial Intelligence-enabled Cash Application Cloud, the objective was not just to deliver all-time high payment reconciliation automation levels, but also to eliminate the manual effort involved in ‘rope-and-zone’ processes required for traditional OCR-based solutions. Today, our Freda™ Virtual Assistant for Credit-to-Cash is potentially set to revolutionize credit and receivables operations by giving users access to all available information and data at their fingertips. This would mean more productive dunning calls, better credit decision-making, faster dispute research and resolution, and easier monitoring of team productivity and performance.”

When asked if Freda would be able to answer all questions related to credit and receivable, Sashi commented, “Freda uses Artificial Intelligence to continuously learn based on interactions with users. With Machine Learning and Natural Language Processing, Freda is readily able to answer more than 7,000 different use-cases in credit and A/R. With continued exposure, Freda will only get better with time.”

About HighRadius
HighRadius is a Fintech enterprise Software-as-a-Service (SaaS) company. The HighRadius™ Integrated Receivables platform optimizes cash flow through automation of receivables and payments processes across credit, collections, cash application, deductions, electronic billing and payment processing. Powered by the Rivana™ Artificial Intelligence Engine, HighRadius™ Integrated Receivables enables teams to leverage machine learning for accurate decision making and future outcomes. The RadiusOne™ B2B payment network allows suppliers to digitally connect with buyers, closing the loop from supplier receivable processes to buyer payable processes. HighRadius solutions have a proven track record of optimizing cash flow, reducing days sales outstanding (DSO) and bad debt, and increasing operational efficiency so that companies may achieve strong ROI in just a few months.

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Tara Gallagher
@HighRadius
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