Bank of America announced that it had enhanced its accounts receivables matching solution Bank of America Intelligent Receivables with additional reporting and new forecasting capabilities, providing clients with insights based on historical trends and customer behaviours.
The bank also announced that it had completed the global rollout of Intelligent Receivables with the product’s launch in Brazil.
Intelligent Receivables uses artificial intelligence (AI) and advanced data capture technology to bring together payment information and associated remittance detail from various payment channels, whether electronic or paper-based. With its ability to grab data from multiple sources (including emails and attachments), Intelligent Receivables will seek to match payments to outstanding invoices and thereby help to meaningfully reduce the costs usually associated with manual processing while speeding up the posting of revenue.
“The new capabilities are a natural extension of a tool that constantly interacts with data,” said Liba Saiovici, head of Global Receivables in Global Transaction Services (GTS) at Bank of America. “The new dashboards give clients a more comprehensive view into their total collections and outstanding receivables from which they can dig further to understand better their customer’s behaviour around timeliness and preferred mode(s) of payment.”
Around the world, Intelligent Receivables are increasingly being used by large and medium-sized companies in nearly all industries. Bank of America has continually improved the tool since it was launched in 2017, and last year added new language processing capabilities, including Simplified Chinese, Traditional Chinese, Korean and Thai. Portuguese is also available to support clients in Brazil.
As an indicator of client engagement, Intelligent Receivables processed ~43 million invoices[1], a ~50 per cent increase from the previous year. “The growth in adoption of Intelligent Receivables is a testament to the tool’s impact on a company’s bottom line,” said Fernando Iraola, co-head of Global Corporate Sales GTS and head of Latin America GTS at Bank of America. “We’re confident that clients will see even greater value from using the tool with its new reporting and receivables forecasting capabilities.”
