Bank of America’s Complete AP Helps Transform a Company’s Accounts Payable
Bank of America is launching Complete AP to help companies digitize and automate their accounts payable departments. The solution can be integrated into almost any existing enterprise technology with minimal interruption. Through Complete AP, a company can realize an often longstanding objective to digitally transform their treasury back office with ease and speed.
“Many companies overlook their treasury back-offices as a place to find efficiencies or target for technology investments, prioritizing instead the more visible revenue-generating initiatives of their business. With Bank of America Complete AP, however, a company can quickly see results from reduced manual processing and human error, while also improving employee and vendor satisfaction,” said Brad Garfield, Global Head of Commercial Card Product in Global Transaction Services at Bank of America.
Bank of America Complete AP captures and digitizes supplier invoices, routing them for coding and approval via an online portal. A company using the product has full visibility and control into invoices and payments, leveraging organized queues, alerts and audit to keep the approval process on track. Once the company’s AP team selects an invoice for payment, Complete AP transacts the payment via a virtual card, ACH, or check in accordance with the supplier’s preference
Complete AP is not solely a technology innovation, but rather a holistic AP solution. Complete AP’s servicing team manages communications on behalf of the client, helping suppliers enroll in the payment network, make changes to their preferences, or manage research and support inquiries.
“Among the many things the pandemic has highlighted is the central role that digital solutions play in a company’s business continuity plans,” said Stephanie Wolf, head of Global Financial Institutions, Governments and Business Banking in Global Transaction Services at Bank of America. “Complete AP could be the perfect solution for a company looking to advance its digital transformation and reduce friction caused by manual invoice processes and paper-based payments.”
Companies that could benefit from Bank of America Complete AP would include those that have a dispersed back office and a desire to centralize accounts payable, and are currently processing more than 200 invoices per month with more than 75 percent of total payments sent via check.
Bank of America Complete AP is the latest development in the bank’s goal to digitize the client experience. Other recent investments include the expansion of a suite APIs for payments and foreign exchange, a cross-border payments tracker and enablement of real-time payments on The Clearing House’s RTP® network.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 40 million active users, including approximately 31 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
“Bank of America” is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2021 Bank of America Corporation. All rights reserved.
Louise Hennessy, Bank of America