Bank of America Introduces Enhanced Capabilities to Intelligent Receivables Solution
Bank of America has introduced an enhanced set of capabilities to its Intelligent Receivables solution, allowing clients to process payments and remittance data from local payment instruments in Simplified Chinese, Traditional Chinese, Korean and Thai language, in addition to English.
Intelligent Receivables is a comprehensive receivables matching service powered by artificial intelligence and machine learning technologies. It organizes incoming payment information and associated remittance details from various payment channels and sources, then matches these payments to open invoices. With nearly 100% data capture capability, the solution is able to send enriched payment information more frequently, allowing for more timely and accurate matching of payments and invoices for corporate clients.
“These latest enhancements to Intelligent Receivables are the natural evolution in the rapid migration towards a comprehensive technology-based solution that meets the unique needs of our clients who are operating in the diverse local markets across Asia Pacific,” said Venkat ES, head of Asia Treasury Product, Global Transaction Services. “They provide for great accuracy, cost efficiencies and the ability to redirect precious resources towards revenue generating activities.”
The development of the local-language and local channel recognition capabilities follow on from last year’s data deduction enhancement. Utilizing machine learning and pattern recognition, Intelligent Deductions3 captures deduction data (partial payments or claims) from payments received. It then matches and validates this information, resulting in more precise and rapid resolutions of claims and increasing recovery of payments owed.
“In Asia, many large companies with complex operations are still faced with the challenge of manually reconciling payments with open invoices. This is both time consuming and inaccurate. With these enhancements, we are providing our clients tailored solutions to meet their needs, including local language capabilities, and the ability to process transactions from local payment instruments such as the electronic bankers’ acceptance draft (eBAD) in China and promissory notes in Korea,’ said Babu Vaidyanathan, head of Asia Receivables, Global Transaction Services. “In short, we are enabling them to enjoy the benefits of a fully automated reconciliation process despite operating in a diverse set of markets.”
The Intelligent Receivables solution also offers other benefits including:
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, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 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.
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Bellerina Yeo, Bank of America
1 Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, South Korea, Singapore, Taiwan and Thailand
2 Offered via correspondent banks operating in New Zealand
3 Currently available in Australia, China, South Korea, India, Indonesia and Taiwan.