Bank of America Merrill Lynch has been selected as the top financial innovator in North America by Global Finance, a monthly magazine for corporate leaders, bankers and investors. The publication also chose BofA Merrill’s Intelligent Receivables as one of its 19 top financial innovations of the past year. The awards are part of Global Finance’s The Innovators 2018 program.
The North America recognition focuses on five innovations from BofA Merrill’s Global Transaction Services (GTS) team:
“BofAML is using artificial intelligence (AI) and incorporating it as part of its customer solutions,” the magazine reads. “A product known as Intelligent Receivables is helping clients reconcile multiple payment channels. By combining AI, machine learning and optical character recognition, clients can improve straight-through reconciliation of incoming payments and post receivables significantly faster than before.”
Intelligent Receivables is designed for large, complex companies seeking to reduce costs, decrease days-sales-outstanding, and improve cash forecasting and end-user experience. Clients who have used Intelligent Receivables have experienced up to three days’ faster posting, with auto-posting rates up to 91 percent, compared to less than 20 percent for the majority of companies, according to industry data. The global solution is available to business clients in the United States, Canada, Mexico, Europe and several markets in the Asia Pacific region, and will launch in additional markets in the Asia Pacific region later this year.
“All our innovations stem from understanding and listening to what our clients tell us, and ultimately around making it easier for them to do business with us so that they can focus on growing their own companies,” said Greg Kavanaugh, head of Global Core Cash Management for GTS at BofA Merrill.
Regarding Liquidity Express, Global Finance stated “BofAML was looking for a way to give clients the flexibility to manage long and short positions, even if the client’s liquidity needs didn’t warrant a traditional notional pooling solution. The innovation enables clients with less-complex liquidity issues to manage short and long balance positions within one bank account.”
“Whether the technology is around blockchain, enhanced customer experiences or cybersecurity, the financial sector is trending toward faster, smarter and better systems that use AI and machine learning as the starting point,” the magazine stated.
Global Finance, founded in 1987, has a circulation of 50,050 and readers in 189 countries. Global Finance’s audience includes chairmen, presidents, CEOs, CFOs, treasurers and other senior financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Global Finance’s website — GFMag.com — offers analysis and articles that are the legacy of 31 years of experience in international financial markets, and provides a valuable source of data on 192 countries. Global Finance is headquartered in New York, with offices in London and Milan.
Global Finance regularly selects the top performers among banks and other providers of financial services. These awards have become the trusted standard of excellence for the global financial community.
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 47 million consumer and small business relationships with approximately 4,400 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 36 million active users, including 25 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 owners 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 more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.
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Louise Hennessy, Bank of America