Bank of America has enhanced its accounts receivables matching solution, Bank of America Intelligent Receivables, with new forecasting capabilities and additional reporting, providing clients with insights based on historical trends and their customers’ behaviour patterns. The bank also announced that the launch of Intelligent Receivables in Brazil completed the global rollout of the product.
Intelligent Receivables combines payment information and associated remittance detail from various payment channels, whether electronic or paper-based, using artificial intelligence (AI) and advanced data capture technology. Intelligent Receivables will seek to match payments to outstanding invoices using its ability to grab data from multiple sources (including emails and attachments), thereby helping to meaningfully reduce the costs normally associated with manual processing while speeding up revenue posting.
“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 better understand their customer’s behavior around timeliness and preferred mode(s) of payment.”
Read more-
